Dell Technologies Inc. (DELL) financials

NYSE · Technology · Computer Hardware · 97,000 employees · CEO Michael Saul Dell

Price: $424.16 -10.80%
Market cap: $270B
Enterprise value: $293B
Last report: Q2 '27 filed 2026-09-08
Next report: 2026-11-24 EPS est. $6.56

Revenue (TTM)$151B+49.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)9.6%+2.8 pp vs a year agoOperating income $14.4B

Net income (TTM)$11.4B+137.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$8.56B+76.1% vs a year agoCapex $3.59B

Diluted EPS (TTM)$17.23+153.4% vs a year agoSum of the last 4 quarters

Net cash-$22.9B-8.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $270B
Revenue: $151B
Revenue growth: +71%
Profit margin: 7.5%
P/E: 24.3×
P/S: 1.8×
EV / EBITDA: 15.9×
Free cash flow: $8.56B
Net income: $11.4B
Revenue estimate: $195B
Earnings: 2026-11-24
Dividend: $2.42

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-01): revenue beat by 4.6%, EPS beat by 43.4%Revenue $47B vs $44.9B expected (+4.6%); EPS $7.04 vs $4.91 (+43.4%).
Revenue growth accelerating: 57.7% year on yearQ2 '27 revenue $47B, against an average of 39.4% over the four quarters before.
Operating margin 9.6% (TTM), +2.8 pp on a year agoOperating income grew 111.4% while revenue grew 49.2%.
Capex 2.4% of revenue (a year ago 2.6%)$3.59B invested in the last 4 quarters (+37.3% on a year earlier). Free cash flow $8.56B = 75.2% of net income.
Returned $9.73B to shareholders = 113.6% of free cash flowBuybacks $8.16B (a year earlier $4.48B), dividends $1.57B, stock-based pay $543M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 7.1% in a year652M diluted shares in Q2 '27, 702M a year earlier.
Net debt $22.9BCash + short-term investments $11.6B, debt incl. leases $34.5B; a year ago net debt $21.2B.

Last quarter: Q2 '27

Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '27	Year ago	Change
Revenue	$47B	$29.8B	+57.7%
Gross margin	20.9%	18.3%	+2.6 pp
Operating income	$5.47B	$1.77B	+208.6%
Operating margin	11.6%	6.0%	+5.7 pp
Net income	$4.13B	$1.16B	+255.1%
Diluted EPS	$6.34	$1.70	+272.9%
Operating cash flow	$2.23B	$2.54B	-12.5%
Capex	$1.24B	$675M	+83.6%
Free cash flow	$986M	$1.87B	-47.2%
R&D	$1.11B	$785M	+41.3%
Stock-based compensation	$0	$179M	-100.0%

Reported vs consensus

2026-09-01

	Actual	Consensus	vs consensus
Revenue	$47B	$44.9B	+4.6%
EPS (as estimated)	$7.04	$4.91	+43.4%

From the report of 2026-09-01 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '27	y/y	Share	TTM	TTM y/y	12 quarters
Other Segments	$46.8B	+59.8%	99.7%	$150B	+5.6%
Corporate, Non-Segment	$155M	-67.2%	0.3%	$1.08B	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '27

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Infrastructure Solutions Group	–	–	$4.78B	+225.2%	–	–	$12.5B
Client Solutions	–	–	$1.14B	+42.2%	–	–	$3.69B
All other segments	–	–	–	–	–	–	–
Corporate (unallocated)	–	–	$6M	-45.5%	–	–	$37M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $12.2B
Capex: -$3.59B
Buybacks: -$8.16B
Dividends: -$1.57B
Acquisitions: -$84M
Net debt issued: $5.68B
Stock-based compensation: $543M
Free cash flow: $8.56B
Returned to shareholders / FCF: 113.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	24.3×	13.5×	7.7× – 18.3×
EV / EBITDA	15.9×	7.8×	5.0× – 9.7×
EV / Sales	1.9×	0.8×	0.5× – 1.0×
Price / FCF	31.5×	23.8×	5.7× – 55.2×
Price / Book	-191.7×	–	–
FCF yield	3.2%	8.5%	1.8% – 17.5%
Return on invested capital	22.8%	11.9%	9.2% – 15.0%
Return on equity	-574.6%	-222.1%	-330.1% – -78.2%

Analysts

Consensus target $564.65 (+33.1%)
range $289.00 – $735.00 · rating Buy

Strong buy0

Buy24

Hold19

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$195B	+71.4%	$25.91	+198.5%	16.4×	15
FY2028	$235B	+20.9%	$30.99	+19.6%	13.7×	8
FY2029	$264B	+12.1%	$35.39	+14.2%	12.0×	5
FY2030	$298B	+13.2%	$45.78	+29.4%	9.3×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 324 figures Dell Technologies Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$49.7B	$27.5B	+81.1%	$33.6B	$20.8B	+61.4%
Accounts Receivable, after Allowance for Credit Loss, Current	$22.9B	$15B	+52.6%	$17.6B	$10.3B	+70.8%
Accounts Receivable, Allowance for Credit Loss	$56M	$83M	-32.5%	$77M	$63M	+22.2%
Accrued Liabilities, Current	$10.7B	$6.49B	+65.6%	$8.32B	$6.6B	+26.0%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$8.75B	$8.56B	+2.3%	$8.17B	$7.76B	+5.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$759M	-$710M	-6.9%	-$719M	-$939M	+23.4%
Advertising Expense	–	–	–	$700M	$800M	-12.5%
Amortization of Intangible Assets	$100M	$100M	0.0%	$500M	$700M	-28.6%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	–	1M	0	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$184M	$179M	+2.8%	$723M	$785M	-7.9%
Assets	$127B	$89.2B	+42.9%	$101B	$79.7B	+27.0%
Assets, Current	$80.5B	$45.5B	+77.0%	$57.6B	$36.2B	+59.0%
Assets, Fair Value Disclosure	$7.44B	$4.82B	+54.2%	$8.29B	$881M	+840.9%
Capitalized Computer Software, Amortization	–	–	–	$290M	$325M	-10.8%
Capitalized Computer Software, Net	$526M2026-01-30	$623M	-15.6%	$526M	$623M	-15.6%
Cash and Cash Equivalents, at Carrying Value	$11.6B	$8.15B	+42.0%	$11.5B	$3.63B	+217.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$11.7B	$8.29B	+41.6%	$11.7B	$3.82B	+206.5%
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations	-$16M	$438M	-103.7%	$7.89B	-$3.69B	+313.9%
Common Stock, Dividends, Per Share, Declared	$0.63	$0.53	+20.0%	$2.10	$1.78	+18.0%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	8.8B	8.8B	0.0%	8.8B	8.8B	0.0%
Common Stock, Shares, Issued	852M	843M	+1.1%	844M	834M	+1.2%
Common Stock, Shares, Outstanding	640M	675M	-5.2%	652M	696M	-6.3%
Common Stocks, Including Additional Paid in Capital	$9.28B	$9.13B	+1.6%	$9.46B	$9.12B	+3.7%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$4.08B	$1.38B	+195.9%	$6.15B	$4.45B	+38.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$2.19B2026-01-30	$1.41B	+55.3%	$6.15B	$4.44B	+38.6%
Contract with Customer, Liability	$29.7B	$26.2B	+13.5%	$26.9B	$26B	+3.7%
Contract with Customer, Liability, Current	$14.8B	$13.8B	+7.3%	$13.3B	$13.7B	-2.5%
Contract with Customer, Liability, Noncurrent	$15B	$12.4B	+20.4%	$13.6B	$12.3B	+10.6%
Contract with Customer, Liability, Revenue Recognized	$5.01B	$5.11B	-2.1%	$20.1B	$21.2B	-5.3%
Contractual Obligation, to be Paid, Remainder of Fiscal Year	$22.4B	–	–	–	–	–
Cost of Goods Sold, Sales-type Lease	$3.24B	$178M	+1,722.5%	$798M	$1.7B	-53.1%
Cost of Revenue	$37.1B	$24.3B	+52.7%	$90.8B	$74.3B	+22.2%
Current Federal Tax Expense (Benefit)	–	–	–	$299M	-$84M	+456.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$924M	$785M	+17.7%
Current Income Tax Expense (Benefit)	–	–	–	$1.39B	$680M	+104.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$164M	-$21M	+881.0%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$281M	–	–	$228M2024-02-02	$279M	-18.3%
Debt Instrument, Unamortized Discount (Premium), Net	$109M2026-05-01	$113M	-3.5%	$112M	$110M	+1.8%
Debt Issuance Costs, Net	$143M2026-05-01	$137M	+4.4%	$148M	$111M	+33.3%
Debt Securities, Available-for-sale	$82M	$7M	+1,071.4%	$77M	$8M	+862.5%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$3M2026-01-30	$24M	-87.5%	$3M	$24M	-87.5%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$45M2026-01-30	$27M	+66.7%	$45M	$27M	+66.7%
Debt Securities, Available-for-sale, Amortized Cost	$119M2026-01-30	$11M	+981.8%	$119M	$11M	+981.8%
Debt Securities, Held-to-maturity	$832M2026-01-30	$739M	+12.6%	$832M	$739M	+12.6%
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	$1.8B	$1.03B	+74.8%	$1.07B	$1.01B	+6.1%
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss	$300M	$284M	+5.6%	$263M	$261M	+0.8%
Debt Securities, Held-to-maturity, Fair Value	$2.58B	$1.58B	+64.0%	$1.64B	$1.49B	+10.3%
Debt, Current	$8.48B	$7.15B	+18.5%	$7.99B	$5.2B	+53.5%
DebtSecuritiesAvailableForSaleAndHeldToMaturityAmortizedCostBeforeAllowanceForCreditLoss	$951M2026-01-30	$750M	+26.8%	$951M	$750M	+26.8%
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedGain	$1.07B2026-01-30	$1.03B	+4.0%	$1.07B	$1.03B	+4.0%
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedLoss	$308M2026-01-30	$288M	+6.9%	$308M	$288M	+6.9%
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue	$2.67B	$1.58B	+68.4%	$1.72B	$1.5B	+14.8%
Deferred Compensation Plan Assets	$269M2026-05-01	$238M	+13.0%	$274M	$244M	+12.3%
Deferred Costs, Current	$2.53B2026-01-30	$4.13B	-38.7%	$2.53B	$4.13B	-38.7%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$51M	-$220M	+76.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$19M	$24M	-179.2%
Deferred Income Tax Expense (Benefit)	–	–	–	-$60M	-$208M	+71.2%
Deferred Income Taxes and Tax Credits	-$22M	$129M	-117.1%	-$60M	-$208M	+71.2%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$10M	-$12M	+183.3%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-05-01, 10-K 2026-01-30, 10-Q 2025-10-31, 10-Q 2025-08-01, 10-Q 2025-05-02, 10-K 2025-01-31, 10-Q 2024-11-01, 10-Q 2024-08-02

Data as of 2026-11-01