Dell Technologies
DELL · NYSEElectronic Computers · Fiscal year ends Jan 29
Dell Technologies reported revenue of $114B in the fiscal year ended Jan 2026, up 18.8% from the year before. Operating income was $8.1B, an operating margin of 7.2%, and net income was $5.9B. Operating cash flow of $11.2B less capital expenditure of $2.6B left free cash flow of $8.6B. Net debt was $20B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $101B | $102B | $88.4B | $95.6B | $114B |
| Cost of revenue | $79.3B | $79.6B | $67.4B | $74.3B | $90.8B |
| Gross profit | $21.9B | $22.7B | $21.1B | $21.3B | $22.7B |
| Research & development | $2.6B | $2.8B | $2.8B | $3.1B | $3.1B |
| Selling, general & admin | $14.7B | $14.1B | $12.9B | $12B | $11.4B |
| Operating income | $4.7B | $5.8B | $5.4B | $6.2B | $8.1B |
| Interest expense | $1.5B | $1.2B | $1.5B | $1.4B | $1.6B |
| Pre-tax income | $5.9B | $3.2B | $4.1B | $5B | $7.3B |
| Income tax | $981M | $803M | $715M | $472M | $1.3B |
| Net income | $5.6B | $2.4B | $3.4B | $4.6B | $5.9B |
| Diluted EPS | – | 3.24 | 4.60 | 6.38 | 8.68 |
| Diluted shares | 791M | 753M | 736M | 720M | 684M |
Balance sheet
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $9.5B | $8.6B | $7.4B | $3.6B | $11.5B |
| Receivables | $12.9B | $12.5B | $9.3B | $10.3B | $17.6B |
| Inventory | $5.9B | $4.8B | $3.6B | $6.7B | $10.4B |
| Current assets | $45B | $42.4B | $36B | $36.2B | $57.6B |
| Net PP&E | $5.4B | $6.2B | $6.4B | $6.3B | $6.7B |
| Goodwill | $19.8B | $19.7B | $19.7B | $19.1B | $19.5B |
| Total assets | $92.7B | $89.6B | $82.1B | $79.7B | $101B |
| Payables | $27.1B | $18.6B | $19.2B | $20.8B | $33.6B |
| Deferred revenue | $14.3B | $15.5B | $15.3B | $13.7B | $13.3B |
| Current liabilities | $56.2B | $51.7B | $48.4B | $46.5B | $63.3B |
| Short-term debt | $5.8B | $6.6B | $7B | $5.2B | $8B |
| Long-term debt | $21.1B | $23B | $19B | $19.4B | $23.5B |
| Total liabilities | $94.3B | $92.6B | $84.3B | $81.1B | $104B |
| Shareholders' equity | −$1.7B | −$3.1B | −$2.2B | −$1.5B | −$2.5B |
| Backlog (remaining obligations) | $42B | $40B | $40B | $38B | $82B |
Cash flow
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $10.3B | $3.6B | $8.7B | $4.5B | $11.2B |
| Capital expenditure | $2.8B | $3B | $2.8B | $2.7B | $2.6B |
| Free cash flow | $7.5B | $562M | $5.9B | $1.9B | $8.6B |
| Depreciation & amortisation | $4.6B | $3.2B | $3.3B | $3.1B | $3B |
| Stock-based compensation | $1.6B | $931M | $878M | $785M | $723M |
| Acquisitions | $16M | $70M | $126M | $0 | $84M |
| Share buybacks | $1.5B | $2.9B | $2.1B | $2.6B | $6B |
| Dividends paid | $0 | $964M | $1.1B | $1.3B | $1.5B |
| Dividend per share | – | 1.32 | 1.48 | 1.78 | 2.10 |
Key ratios
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.1% | −13.6% | 8.1% | 18.8% |
| Operating income growth (YoY) | – | 23.9% | −6.2% | 15.3% | 30.7% |
| EPS growth (YoY) | – | – | 42.0% | 38.7% | 36.1% |
| Gross margin | 21.6% | 22.2% | 23.8% | 22.2% | 20.0% |
| Operating margin | 4.6% | 5.6% | 6.1% | 6.5% | 7.2% |
| Net margin | 5.5% | 2.4% | 3.8% | 4.8% | 5.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.8% | 15.2% | 16.0% | 18.8% | 21.4% |
| Free cash flow margin | 7.4% | 0.5% | 6.7% | 2.0% | 7.5% |
| Cash conversion (CFO ÷ net income) | 1.85x | 1.46x | 2.56x | 0.98x | 1.88x |
| Receivable days | 47 | 45 | 39 | 39 | 57 |
| Inventory days | 27 | 22 | 20 | 33 | 42 |
| Payable days | 125 | 85 | 104 | 102 | 135 |
| Interest cover | 3.02x | 4.72x | 3.60x | 4.47x | 5.22x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $17.5B | $21B | $18.6B | $20.9B | $20B |
| Current ratio | 0.80x | 0.82x | 0.74x | 0.78x | 0.91x |
Recent filings
More in Electronic Computers
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.