tickdelta
tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

DELLDell Technologies

Technology · Computer Hardware · NYSE

Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence (“AI”) era. 10-K, Item 1

DELL quote by TradingView
Employees
97,000
Headquarters
Round Rock, TX
CEO
Michael S. Dell
Next results
around Nov 24, 2026
Compare with peers → Embed
All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)17.19Sales (ttm)151.2BNet income (ttm)11.4BSales growth+18.8%EPS growth+36.1%Sales Q/Q+57.7%
Free cash flow8.6BGross margin19.8%Oper. margin9.4%Net margin7.5%FCF margin5.7%ROEn/m
ROA8.9%R&D / sales2.8%Dividend2.10Debt/Eqn/mCurr. ratio0.96Cash11.6B
Op. cash flow (ttm)12.2BEBITDA11.2BEBITDA margin9.8%Net debt31.4BQuick ratio0.84Interest cover5.22
Payout ratio24.2%Tax rate18.3%Stock pay / sales0.6%Shares out.652.0MShares Y/Y-5.0%Book / share-2.19
Cash / share17.74Sales / share231.90Asset turnover1.19Inventory turns8.70Days sales out.57Sales 3Y CAGR+3.5%
Sales 5Y CAGR+5.5%EPS 3Y CAGR+39.0%EPS 5Y CAGR+6.3%Employees97,000Sales / employee1.6M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Debt rose 33%$29.8B → $39.5B · Short-term + long-term debt at year end
  • Free cash flow rose 358%$1.9B → $8.6B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +18.8%+8.1% → +18.8% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

DELL against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
DELLPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+18.8%27th of 75 · median +14.1%
Net margin
7.5%61st of 75 · median 19.1%
Free cash flow margin
5.7%63rd of 71 · median 22.3%
DELL and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
DELL Dell Technologies$151.2B +18.8%19.8%7.5%-5.7%-
MU Micron Technology$133.2B +256%80.7%63.8%61.4%44.3%0.02
AVGO Broadcom$89.1B +23.9%68.8%42.9%38.4%44.2%0.60
ACN Accenture$74.2B +6.5%32.0%11.3%26.5%15.7%0.32
ORCL Oracle Corporation$71.8B +17.3%-26.4%28.3%-40.0%1.88
IBM IBM$69.9B +7.6%58.0%16.0%31.4%21.0%1.99

From $101.2B of sales to $5.6B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $21.9BRevenue to Cost of revenue: $79.3BGross profit to Operating profit: $4.7BGross profit to Operating expenses: $17.2BOperating profit to Net profit: $3.7BOperating profit to Tax: $981.0MOther income to Net profit: $1.9BOperating expenses to R&D: $2.6BOperating expenses to SG&A: $14.7B Revenue: $101.2B Revenue$101.2B +17% Y/Y Gross profit: $21.9B · 22% margin Gross profit$21.9B22% margin +9% Y/Y Cost of revenue: $79.3B · 78% of revenue Cost of revenue$79.3B78% of revenue Operating profit: $4.7B · 5% margin Operating profit$4.7B5% margin +26% Y/Y Other income: $1.9B · 2% of revenue Other income$1.9B2% of revenue Operating expenses: $17.2B · 17% of revenue Operating expenses$17.2B17% of revenue Net profit: $5.6B · 5% margin Net profit$5.6B5% margin +71% Y/Y Tax: $981.0M · 1% of revenue Tax$981.0M1% of revenue R&D: $2.6B · 3% of revenue R&D$2.6B3% of revenue SG&A: $14.7B · 14% of revenue SG&A$14.7B14% of revenue

Swipe sideways for the whole flow →

From $102.3B of sales to $2.4B of profit

FY2023, from the 10-K income statement and revenue by product
Products to Revenue: $79.2BServices to Revenue: $23.1BRevenue to Gross profit: $22.7BRevenue to Cost of revenue: $79.6BGross profit to Operating profit: $5.8BGross profit to Operating expenses: $16.9BOperating profit to Net profit: $2.4BOperating profit to Tax & other: $3.3BOperating expenses to R&D: $2.8BOperating expenses to SG&A: $14.1B Products: $79.2B · 77% Products$79.2B77% Services: $23.1B · 23% Services$23.1B23% Revenue: $102.3B Revenue$102.3B +1% Y/Y Gross profit: $22.7B · 22% margin Gross profit$22.7B22% margin +4% Y/Y Cost of revenue: $79.6B · 78% of revenue Cost of revenue$79.6B78% of revenue Operating profit: $5.8B · 6% margin Operating profit$5.8B6% margin +24% Y/Y Operating expenses: $16.9B · 17% of revenue Operating expenses$16.9B17% of revenue Net profit: $2.4B · 2% margin Net profit$2.4B2% margin −56% Y/Y Tax & other: $3.3B · 3% of revenue Tax & other$3.3B3% of revenue R&D: $2.8B · 3% of revenue R&D$2.8B3% of revenue SG&A: $14.1B · 14% of revenue SG&A$14.1B14% of revenue

Swipe sideways for the whole flow →

From $88.4B of sales to $3.4B of profit

FY2024, from the 10-K income statement and revenue by product
Products to Revenue: $64.4BServices to Revenue: $24.1BRevenue to Gross profit: $21.1BRevenue to Cost of revenue: $67.4BGross profit to Operating profit: $5.4BGross profit to Operating expenses: $15.7BOperating profit to Net profit: $3.4BOperating profit to Tax & other: $2.0BOperating expenses to R&D: $2.8BOperating expenses to SG&A: $12.9B Products: $64.4B · 73% Products$64.4B73% Services: $24.1B · 27% Services$24.1B27% Revenue: $88.4B Revenue$88.4B −14% Y/Y Gross profit: $21.1B · 24% margin Gross profit$21.1B24% margin −7% Y/Y Cost of revenue: $67.4B · 76% of revenue Cost of revenue$67.4B76% of revenue Operating profit: $5.4B · 6% margin Operating profit$5.4B6% margin −6% Y/Y Operating expenses: $15.7B · 18% of revenue Operating expenses$15.7B18% of revenue Net profit: $3.4B · 4% margin Net profit$3.4B4% margin +39% Y/Y Tax & other: $2.0B · 2% of revenue Tax & other$2.0B2% of revenue R&D: $2.8B · 3% of revenue R&D$2.8B3% of revenue SG&A: $12.9B · 15% of revenue SG&A$12.9B15% of revenue

Swipe sideways for the whole flow →

From $95.6B of sales to $4.6B of profit

FY2025, from the 10-K income statement and revenue by product
Products to Revenue: $71.4BServices to Revenue: $24.1BRevenue to Gross profit: $21.2BRevenue to Cost of revenue: $74.3BGross profit to Operating profit: $6.2BGross profit to Operating expenses: $15.0BOperating profit to Net profit: $4.6BOperating profit to Tax & other: $1.6BOperating expenses to R&D: $3.1BOperating expenses to SG&A: $12.0B Products: $71.4B · 75% Products$71.4B75% Services: $24.1B · 25% Services$24.1B25% Revenue: $95.6B Revenue$95.6B +8% Y/Y Gross profit: $21.2B · 22% margin Gross profit$21.2B22% margin +1% Y/Y Cost of revenue: $74.3B · 78% of revenue Cost of revenue$74.3B78% of revenue Operating profit: $6.2B · 7% margin Operating profit$6.2B7% margin +15% Y/Y Operating expenses: $15.0B · 16% of revenue Operating expenses$15.0B16% of revenue Net profit: $4.6B · 5% margin Net profit$4.6B5% margin +36% Y/Y Tax & other: $1.6B · 2% of revenue Tax & other$1.6B2% of revenue R&D: $3.1B · 3% of revenue R&D$3.1B3% of revenue SG&A: $12.0B · 13% of revenue SG&A$12.0B13% of revenue

Swipe sideways for the whole flow →

From $113.5B of sales to $5.9B of profit

FY2026, from the 10-K income statement and revenue by product
Products to Revenue: $90.4BServices to Revenue: $23.1BRevenue to Gross profit: $22.7BRevenue to Cost of revenue: $90.8BGross profit to Operating profit: $8.1BGross profit to Operating expenses: $14.6BOperating profit to Net profit: $5.9BOperating profit to Tax & other: $2.2BOperating expenses to R&D: $3.1BOperating expenses to SG&A: $11.4B Products: $90.4B · 80% Products$90.4B80% Services: $23.1B · 20% Services$23.1B20% Revenue: $113.5B Revenue$113.5B +19% Y/Y Gross profit: $22.7B · 20% margin Gross profit$22.7B20% margin +7% Y/Y Cost of revenue: $90.8B · 80% of revenue Cost of revenue$90.8B80% of revenue Operating profit: $8.1B · 7% margin Operating profit$8.1B7% margin +31% Y/Y Operating expenses: $14.6B · 13% of revenue Operating expenses$14.6B13% of revenue Net profit: $5.9B · 5% margin Net profit$5.9B5% margin +29% Y/Y Tax & other: $2.2B · 2% of revenue Tax & other$2.2B2% of revenue R&D: $3.1B · 3% of revenue R&D$3.1B3% of revenue SG&A: $11.4B · 10% of revenue SG&A$11.4B10% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • R&D
  • Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 3
  • !
    Net margin below the peer median7.5% vs 19.1%
  • !
    Gross margin down over 5 years23.2% → 20.0%
  • !
    A profit in 7 of 10 years
Net margin, FY2017 to FY2026: -1.9% → 5.2%

Balance sheet

1 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 5.2× interest expense
  • !
    Equity below zeroDebt $42.9B, equity −$1.4B
  • !
    Current ratio below 1Current ratio 0.96
  • !
    Net debt over 3 years of free cash flow$31.4B net debt, 3.7 years
Debt / equity at each year end, FY2017 to FY2026: 3.78 → 18.39
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$8.6B last year
  • ✓
    Share count down over 5 years−10.8%
  • ✓
    Dividend per share up over 3 years$1.32 → $2.10
  • ✓
    Cash from operations above net income$11.2B vs $5.9B
Free cash flow, FY2017 to FY2026: 1.7B → 8.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Jul 31, 2026
Debt: $42.9B Debt$42.9B Long-term debt: $34.5B · 80% Long-term debt$34.5B · 80% Short-term debt: $8.5B · 20% Short-term debt$8.5B · 20% Next 12 months: $4.5B · 10% Next 12 months$4.5B · 10% Year 2: $3.7B · 9% Year 2$3.7B · 9% Year 3: $3.9B · 9% Year 3$3.9B · 9% Year 4: $1.8B · 4% Year 4$1.8B · 4%

The debt note's own lines, 2026-01-30

Line, as the company names itKindRateFixed or floatingAmount
Senior Notes (Unsecured Debt)Secured3.38–8.35%not stated$21.6B
DFS Debt (Secured Debt)Secured–not stated$9.1B
Legacy Notes (Unsecured Debt)Secured5.40–7.10%not stated$952.0M
Other––not stated$99.0M

From the debt note in the 10-K's XBRL (0001571996-26-000008), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 113.5B Net income 5.9B
FY2017 revenue 62.2B · Revenues, 0001571996-19-000008 FY2017 net income -1.2B · NetIncomeLoss, 0001571996-19-000008 62.2B FY2017 FY2018 revenue 79.0B · Revenues, 0001571996-20-000017 FY2018 net income -2.8B · NetIncomeLoss, 0001571996-20-000017 79.0B FY2018 FY2019 revenue 90.6B · Revenues, 0001571996-21-000007 FY2019 net income -2.3B · NetIncomeLoss, 0001571996-21-000007 90.6B FY2019 FY2020 revenue 84.8B · Revenues, 0001571996-22-000009 FY2020 net income 4.6B · NetIncomeLoss, 0001571996-22-000009 84.8B FY2020 FY2021 revenue 86.7B · Revenues, 0001571996-23-000007 FY2021 net income 3.2B · NetIncomeLoss, 0001571996-23-000007 86.7B FY2021 FY2022 revenue 101.2B · Revenues, 0001571996-24-000036 FY2022 net income 5.6B · NetIncomeLoss, 0001571996-24-000036 101.2B FY2022 FY2023 revenue 102.3B · Revenues, 0001571996-25-000034 FY2023 net income 2.4B · NetIncomeLoss, 0001571996-25-000034 102.3B FY2023 FY2024 revenue 88.4B · Revenues, 0001571996-26-000008 FY2024 net income 3.4B · NetIncomeLoss, 0001571996-26-000008 88.4B FY2024 FY2025 revenue 95.6B · Revenues, 0001571996-26-000008 FY2025 net income 4.6B · NetIncomeLoss, 0001571996-26-000008 95.6B FY2025 FY2026 revenue 113.5B · Revenues, 0001571996-26-000008 FY2026 net income 5.9B · NetIncomeLoss, 0001571996-26-000008 113.5B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

DELL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue113.5B
FY2017: 62.2BFY2018: 79.0BFY2019: 90.6BFY2020: 84.8BFY2021: 86.7BFY2022: 101.2BFY2023: 102.3BFY2024: 88.4BFY2025: 95.6BFY2026: 113.5B FY2018FY2020FY2022FY2024FY2026
Net income5.9B
FY2017: -1.2BFY2018: -2.8BFY2019: -2.3BFY2020: 4.6BFY2021: 3.2BFY2022: 5.6BFY2023: 2.4BFY2024: 3.4BFY2025: 4.6BFY2026: 5.9B FY2018FY2020FY2022FY2024FY2026
Free cash flow8.6B
FY2017: 1.7BFY2018: 5.6BFY2019: 5.5BFY2020: 6.7BFY2021: 9.3BFY2022: 7.5BFY2023: 562.0MFY2024: 5.9BFY2025: 1.9BFY2026: 8.6B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)8.68
FY2017: -FY2018: -FY2019: -FY2020: 6.03FY2021: 4.22FY2022: -FY2023: 3.24FY2024: 4.60FY2025: 6.38FY2026: 8.68 FY2018FY2020FY2022FY2024FY2026
Dividend per share2.10
FY2017: -FY2018: -FY2019: -FY2020: -FY2021: -FY2022: -FY2023: 1.32FY2024: 1.48FY2025: 1.78FY2026: 2.10 FY2018FY2020FY2022FY2024FY2026
Diluted shares684.0M
FY2017: -FY2018: -FY2019: -FY2020: 751.0MFY2021: 767.0MFY2022: 791.0MFY2023: 753.0MFY2024: 736.0MFY2025: 720.0MFY2026: 684.0M FY2018FY2020FY2022FY2024FY2026

Revenue by business segment

year to Jan 30, 2026
RevenueSharevs year before
Infrastructure Solutions Group 60.8B53.6% +39.5%
Client Solutions 51.0B44.9% +5.4%

10-K 0001571996-26-000008, segment and revenue notes (XBRL).

Revenue by product or service

year to Jan 30, 2026
RevenueSharevs year before
Products 90.4B79.6% +26.6%
Services 23.1B20.4% -4.2%

10-K 0001571996-26-000008, segment and revenue notes (XBRL).

Revenue by region

year to Jan 30, 2026
RevenueSharevs year before
U.S. 63.1B55.6% +23.8%
Non-US 50.4B44.4% +13.1%

10-K 0001571996-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue62.2B79.0B90.6B84.8B86.7B101.2B102.3B88.4B95.6B113.5B
Cost of revenue48.5B58.5B65.6B64.2B66.5B79.3B79.6B67.4B74.3B90.8B
Gross profit13.6B20.5B25.1B20.6B20.1B21.9B22.7B21.1B21.2B22.7B
R&D2.6B4.4B4.6B2.5B2.5B2.6B2.8B2.8B3.1B3.1B
SG&A13.4B18.6B20.6B15.8B14.0B14.7B14.1B12.9B12.0B11.4B
Operating income-2.4B-2.4B-191.0M2.4B3.7B4.7B5.8B5.4B6.2B8.1B
Interest expense1.8B2.4B2.5B2.3B2.1B1.5B1.2B1.5B1.4B1.6B
Pretax income-4.5B-4.8B-2.4B-51.0M2.3B5.9B3.2B4.1B5.0B7.3B
Income tax-1.4B-1.8B-180.0M-572.0M101.0M981.0M803.0M715.0M472.0M1.3B
Net income-1.2B-2.8B-2.3B4.6B3.2B5.6B2.4B3.4B4.6B5.9B
EPS (diluted)---6.034.22-3.244.606.388.68
Diluted shares---751.0M767.0M791.0M753.0M736.0M720.0M684.0M
Depreciation & amortization4.9B8.6B7.7B6.1B5.4B4.6B3.2B3.3B3.1B3.0B
EBITDA2.5B6.2B7.6B8.5B9.1B9.2B8.9B8.7B9.4B11.2B
Gross margin22.0%26.0%27.6%24.3%23.2%21.6%22.2%23.8%22.2%20.0%
Operating margin-3.8%-3.1%-0.2%2.8%4.3%4.6%5.6%6.1%6.5%7.2%
Net margin-1.9%-3.6%-2.5%5.4%3.7%5.5%2.4%3.8%4.8%5.2%
Revenue growth-+27.1%+14.7%-6.4%+2.2%+16.8%+1.1%-13.6%+8.1%+18.8%
EPS growth-----30.0%--+42.0%+38.7%+36.1%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash9.5B13.9B9.7B9.3B9.5B9.5B8.6B7.4B3.6B11.5B
Short-term investments2.0B2.2B0-------
Receivables9.9B11.7B12.4B12.5B10.7B12.9B12.5B9.3B10.3B17.6B
Inventory2.5B2.7B3.6B3.3B3.4B5.9B4.8B3.6B6.7B10.4B
Current assets31.9B40.3B36.1B36.9B43.6B45.0B42.4B36.0B36.2B57.6B
Property & equipment5.7B5.4B5.3B6.1B4.8B5.4B6.2B6.4B6.3B6.7B
Goodwill38.9B39.9B40.1B21.2B20.0B19.8B19.7B19.7B19.1B19.5B
Total assets119.7B124.2B111.8B118.9B123.4B92.7B89.6B82.1B79.7B101.3B
Accounts payable14.4B18.3B19.2B20.1B21.6B27.1B18.6B19.2B20.8B33.6B
Current liabilities38.2B45.8B45.0B52.5B54.1B56.2B51.7B48.4B46.5B63.3B
Total debt55.7B59.7B57.8B59.8B45.6B32.8B36.2B33.0B29.8B39.5B
Total liabilities98.9B106.3B111.6B115.1B115.4B94.3B92.6B84.3B81.1B103.8B
Shareholders' equity14.8B11.7B-5.8B-1.6B2.5B-1.7B-3.1B-2.2B-1.5B-2.5B
Retained earnings-4.1B-6.9B-21.3B-16.9B-13.8B-8.2B-6.7B-4.5B-1.2B3.3B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow2.4B6.8B7.0B9.3B11.4B10.3B3.6B8.7B4.5B11.2B
Capital spending699.0M1.2B1.5B2.6B2.1B2.8B3.0B2.8B2.7B2.6B
Free cash flow1.7B5.6B5.5B6.7B9.3B7.5B562.0M5.9B1.9B8.6B
Stock-based pay (added back)398.0M835.0M918.0M1.3B1.6B1.6B931.0M878.0M785.0M723.0M
Dividends paid002.1B000964.0M1.1B1.3B1.5B
Buybacks611.0M724.0M14.1B8.0M241.0M1.5B2.9B2.1B2.6B6.0B
Acquisitions37.6B658.0M-130.0M3.0M-2.2B16.0M70.0M126.0M084.0M
Debt raised46.9B14.4B13.0B20.5B16.4B20.4B12.5B7.8B9.3B15.0B
Debt repaid17.0B12.3B11.5B22.1B20.9B26.7B9.8B11.2B10.6B8.5B
Investing cash flow-31.2B-2.9B3.4B-4.7B-460.0M1.3B-3.0B-2.8B-2.2B-2.1B
Financing cash flow31.8B403.0M-14.3B-4.6B-6.0B-16.6B-1.6B-7.1B-5.8B-1.5B
Dividend per share------1.321.481.782.10

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)398.0M835.0M918.0M1.3B1.6B1.6B931.0M878.0M785.0M723.0M
Stock-based pay / revenue0.6%1.1%1.0%1.5%1.9%1.6%0.9%1.0%0.8%0.6%
Operating lease cost---510.0M348.0M335.0M283.0M291.0M293.0M239.0M
Operating lease cash paid---501.0M523.0M459.0M306.0M300.0M271.0M260.0M
Right-of-use assets---1.8B1.1B871.0M725.0M707.0M660.0M640.0M
Operating lease liabilities---1.8B1.2B1.0B890.0M829.0M758.0M727.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on DELL in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/DELL/export.csv") into a cell.