Dell Technologies DELL
Bought back $6.0B of its own shares, 8.3× what it paid in stock
XBRL, latest 10-KNew shares against shares bought back
Dilution: new shares, stock pay and buybacks · S-3 and 424B, 3 years; 10-K
Shares offered
Since Nov 15, 2023: no share offering; also 2 notes offerings, 1 debt shelf.
Every offering filingDiluted shares: 684.00M in the year to Jan 30, 2026 2026 -5.0%2025 -2.2%2024 -2.3%2023 -4.8%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. How
Where the cash came from and where it went
FY2024 to FY2026, from the cash flow statements in the 10-Ks, added up
The same cash, step by step
Came from
| Operating cash flow | $24.4B |
| Debt raised | $32.0B |
| Shares sold | $16.0M |
Went to
| Capital spending | $8.0B |
| Acquisitions | $210.0M |
| Buybacks | $10.7B |
| Dividends | $3.8B |
| Debt repaid | $30.3B |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$3.4B |
Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.
Where the operating cash went, year by year
FY2017 to FY2026 · cash flow statements, 10-K XBRL
| Fiscal year | Operating cash | Capital spending | Acquisitions | Buybacks | Dividends | Debt repaid |
|---|---|---|---|---|---|---|
| Jan 30, 2026 | $11.2B | $2.6B | $84.0M | $6.0B | $1.5B | $8.5B |
| Jan 31, 2025 | $4.5B | $2.7B | - | $2.6B | $1.3B | $10.6B |
| Feb 2, 2024 | $8.7B | $2.8B | $126.0M | $2.1B | $1.1B | $11.2B |
| Feb 3, 2023 | $3.6B | $3.0B | $70.0M | $2.9B | $964.0M | $9.8B |
| Jan 28, 2022 | $10.3B | $2.8B | $16.0M | $1.5B | - | $26.7B |
| Jan 29, 2021 | $11.4B | $2.1B | - | $241.0M | - | $20.9B |
| Jan 31, 2020 | $9.3B | $2.6B | $3.0M | $8.0M | - | $22.1B |
| Feb 1, 2019 | $7.0B | $1.5B | - | $14.1B | $2.1B | $11.5B |
| Feb 2, 2018 | $6.8B | $1.2B | $658.0M | $724.0M | - | $12.3B |
| Feb 3, 2017 | $2.4B | $699.0M | $37.6B | $611.0M | - | $17.0B |
| Added up | $75.2B | $21.9B 29% of operating cash | $38.6B 51% of operating cash | $30.7B 41% of operating cash | $6.9B 9% of operating cash | $150.6B 200% of operating cash |
Each bar is one fiscal year; its colours add up to what the cash flow statement says the company spent on each line, and the line across it is that year's operating cash flow. Spending above the line was paid from new debt, shares sold or cash on hand. A bar part links to the 10-K it comes from. A line the company did not report is left out, not estimated, so the shares are of operating cash only and can add up to more or less than 100%. Debt repaid is the gross amount, so refinanced debt is counted each time it is repaid. A reading aid, not a grade: Tickdelta does not say whether a split was good. Banks and insurers are left out.
Buybacks, dividends and share count
Year by year · XBRL, each 10-K
| Fiscal year to | Buybacks | Dividends | Diluted shares |
|---|---|---|---|
| Jan 30, 2026 | $6.0B | $1.5B | 684.00M |
| Jan 31, 2025 | $2.6B | $1.3B | 720.00M |
| Feb 2, 2024 | $2.1B | $1.1B | 736.00M |
| Feb 3, 2023 | $2.9B | $964.0M | 753.00M |
| Jan 28, 2022 | $1.5B | $0 | 791.00M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividendsCommonStock; sbc = ShareBasedCompensation; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
Dividend per share, year by year
Dividends · declared per share, each 10-K; cash paid, cash flow statement
Declared since the 10-K: Jul 31, 2026 $0.63May 1, 2026 $0.63
| Fiscal year to | Per share | Against year before | Cash paid out |
|---|---|---|---|
| Jan 30, 2026 | $2.10 | ▲+18.0% | $1.5B |
| Jan 31, 2025 | $1.78 | ▲+20.3% | $1.3B |
| Feb 2, 2024 | $1.48 | ▲+12.1% | $1.1B |
| Feb 3, 2023 | $1.32 | - | $964.0M |
Dividend per share as the company tagged it (CommonStockDividendsPerShareDeclared), from the latest 10-K that reports each year, so a stock split is already in it. A change is left blank when the year before is missing or the jump is more than five times.
Buybacks month by month, and what is left to buy
Share buybacks · 10-Q, Part II Item 2, latest 4 quarters
“As of January 30, 2026, our Board of Directors authorized the repurchase of up to $20 billion of Class C Common Stock and on February 26, 2026 authorized an additional $10 billion of Class C Common Stock for repurchase.”
10-Q, Part II Item 2
“Following the February 26, 2026 approval, we had approximately $15.2 billion of authorized shares remaining for repurchase under the program.”
10-Q, Part II Item 2
The monthly table could not be read from the text of these 10-Qs: open the latest 10-Q, Part II Item 2.
What the 10-Ks show for each CEO's years
Each CEO's years · the CEO of each fiscal year as named in the proxy's pay versus performance table
Michael S. Dell
- Operating cash flow
- $11.2B
- Capital spending
- $2.6B
- Acquisitions
- $84.0M
- Buybacks
- $6.0B
- Dividends
- $1.5B
- Stock-based pay
- $723.0M
- Diluted shares since FY2025
- -5.0%
- Revenue since FY2025
- +19%
- Debt since FY2025
- +$9.7B
- CEO pay (reported)
- $3.4M
Sources
The cash flow statement, dividends per share and diluted share count in each 10-K's XBRL; Part II Item 2 of each 10-Q for monthly buybacks; offering prospectuses (S-3, 424B) for new shares; Form D data sets for private raises.
Also
CEO pay: what the CEO was paid over the same years.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/DELL/export.csv") into a cell.