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

Employees: 97,000
Headquarters: Round Rock, TX
CEO: Michael S. Dell
Next results: around Nov 24, 2026

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DELL and 9 peers, year by year

The 9 Technology companies closest to DELL in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
DELL Dell Technologies	FY2026	$113.5B	+18.8%	20.0%	7.2%	5.2%	7.5%	n/m	n/m
MU Micron Technology	FY2026	$133.2B	+256%	80.7%	74.6%	63.8%	44.3%	61.4%	0.02
AVGO Broadcom	FY2025	$63.9B	+23.9%	67.8%	39.9%	36.2%	42.1%	28.4%	0.80
ACN Accenture	FY2026	$74.2B	+6.5%	-	15.4%	11.3%	15.7%	26.5%	0.32
ORCL Oracle Corporation	FY2026	$67.4B	+17.3%	-	30.6%	25.4%	−35.2%	40.2%	3.05
IBM IBM	FY2025	$67.5B	+7.6%	58.2%	-	15.7%	17.9%	32.4%	2.07
CSCO Cisco	FY2026	$63.3B	+11.8%	64.5%	24.3%	21.0%	20.2%	26.4%	0.59
INTC Intel	FY2025	$52.9B	−0.5%	34.8%	−4.2%	−0.5%	−9.4%	−0.2%	0.41
HPQ HP Inc.	FY2025	$55.3B	+3.2%	20.6%	5.7%	4.6%	5.1%	n/m	n/m
SMCI Supermicro	FY2026	$39.1B	+77.8%	10.8%	7.1%	5.7%	−17.8%	15.4%	0.28

Revenuepeer median $63.9B

Sales growthpeer median +11.8%

Gross marginpeer median 58.2%

Operating marginpeer median 19.8%

Net marginpeer median 15.7%

FCF marginpeer median 15.7%

Return on equitypeer median 27.5%

Debt / equitypeer median 0.50

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2017 to FY2026

Revenue as reported in the 10-K.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	$62.2B	$79.0B	$90.6B	$84.8B	$86.7B	$101.2B	$102.3B	$88.4B	$95.6B	$113.5B
MU Sep	$20.3B	$30.4B	$23.4B	$21.4B	$27.7B	$30.8B	$15.5B	$25.1B	$37.4B	$133.2B
AVGO Nov	$17.6B	$20.8B	$22.6B	$23.9B	$27.4B	$33.2B	$35.8B	$51.6B	$63.9B	-
ACN Aug	$36.2B	$41.0B	$43.2B	$44.3B	$50.5B	$61.6B	$64.1B	$64.9B	$69.7B	$74.2B
ORCL May	$37.8B	$39.4B	$39.5B	$39.1B	$40.5B	$42.4B	$50.0B	$53.0B	$57.4B	$67.4B
IBM Dec	$79.1B	$79.6B	$57.7B	$55.2B	$57.4B	$60.5B	$61.9B	$62.8B	$67.5B	-
CSCO Jul	$48.0B	$49.3B	$51.9B	$49.3B	$49.8B	$51.6B	$57.0B	$53.8B	$56.7B	$63.3B
INTC Dec	$62.8B	$70.8B	$72.0B	$77.9B	$79.0B	$63.1B	$54.2B	$53.1B	$52.9B	-
HPQ Oct	$52.1B	$58.5B	$58.8B	$56.6B	$63.5B	$62.9B	$53.7B	$53.6B	$55.3B	-
SMCI Jun	$2.5B	$3.4B	$3.5B	$3.3B	$3.6B	$5.2B	$7.1B	$15.0B	$22.0B	$39.1B
Peer median	$37.8B	$41.0B	$43.2B	$44.3B	$49.8B	$51.6B	$53.7B	$53.1B	$56.7B	$67.4B

Sales growth, FY2017 to FY2026

Revenue against the fiscal year before.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	+21.1%	+27.1%	+14.7%	+1.7%	+2.2%	+16.8%	+1.1%	−13.6%	+8.1%	+18.8%
MU Sep	+63.9%	+49.5%	−23.0%	−8.4%	+29.3%	+11.0%	−49.5%	+61.6%	+48.9%	+256%
AVGO Nov	+33.2%	+18.2%	+8.4%	+5.7%	+14.9%	+21.0%	+7.9%	+44.0%	+23.9%	-
ACN Aug	+5.7%	+13.3%	+5.4%	+2.6%	+14.0%	+21.9%	+4.1%	+1.2%	+7.4%	+6.5%
ORCL May	+1.8%	+4.2%	+0.3%	−1.1%	+3.6%	+4.8%	+17.7%	+6.0%	+8.4%	+17.3%
IBM Dec	−1.0%	+0.6%	−3.1%	−4.4%	+3.9%	+5.5%	+2.2%	+1.4%	+7.6%	-
CSCO Jul	−2.5%	+2.8%	+5.2%	−5.0%	+1.0%	+3.5%	+10.6%	−5.6%	+5.3%	+11.8%
INTC Dec	+5.7%	+12.9%	+1.6%	+8.2%	+1.5%	−20.2%	−14.0%	−2.1%	−0.5%	-
HPQ Oct	+7.9%	+12.3%	+0.5%	−3.6%	+12.0%	−0.9%	−14.6%	−0.3%	+3.2%	-
SMCI Jun	+11.7%	+35.2%	+4.2%	−4.6%	+6.5%	+46.1%	+37.1%	+110%	+46.6%	+77.8%
Peer median	+5.7%	+12.9%	+1.6%	−3.6%	+6.5%	+5.5%	+4.1%	+1.4%	+7.6%	+17.3%

Gross margin, FY2017 to FY2026

Gross profit / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	22.0%	26.0%	27.6%	24.3%	23.2%	21.6%	22.2%	23.8%	22.2%	20.0%
MU Sep	41.5%	58.9%	45.7%	30.6%	37.6%	45.2%	−9.1%	22.4%	39.8%	80.7%
AVGO Nov	48.2%	51.5%	55.2%	56.6%	61.4%	66.5%	68.9%	63.0%	67.8%	-
ACN Aug	-	-	-	-	-	-	-	-	-	-
ORCL May	60.9%	61.7%	-	-	-	-	-	-	-	-
IBM Dec	46.7%	46.4%	54.6%	55.9%	54.9%	54.0%	55.4%	56.7%	58.2%	-
CSCO Jul	63.0%	62.0%	62.9%	64.3%	64.0%	62.5%	62.7%	64.7%	64.9%	64.5%
INTC Dec	62.3%	61.7%	58.6%	56.0%	55.4%	42.6%	40.0%	32.7%	34.8%	-
HPQ Oct	-	-	-	-	-	19.5%	21.4%	22.1%	20.6%	-
SMCI Jun	14.1%	12.8%	14.2%	15.8%	15.0%	15.4%	18.0%	13.8%	11.1%	10.8%
Peer median	48.2%	58.9%	54.9%	56.0%	55.2%	45.2%	40.0%	32.7%	39.8%	64.5%

Operating margin, FY2017 to FY2026

Operating income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	−3.8%	−3.1%	−0.2%	2.8%	4.3%	4.6%	5.6%	6.1%	6.5%	7.2%
MU Sep	28.9%	49.3%	31.5%	14.0%	22.7%	31.5%	−37.0%	5.2%	26.1%	74.6%
AVGO Nov	13.4%	24.6%	15.2%	16.8%	31.0%	42.8%	45.2%	26.1%	39.9%	-
ACN Aug	14.4%	14.4%	14.6%	14.7%	15.1%	15.2%	13.7%	14.8%	14.7%	15.4%
ORCL May	34.2%	33.7%	34.3%	35.6%	37.6%	25.7%	26.2%	29.0%	30.8%	30.6%
IBM Dec	-	-	-	-	-	-	-	-	-	-
CSCO Jul	24.9%	25.0%	27.4%	27.6%	25.8%	27.1%	26.4%	22.6%	20.8%	24.3%
INTC Dec	28.8%	32.9%	30.6%	30.4%	24.6%	3.7%	0.2%	−22.0%	−4.2%	-
HPQ Oct	6.5%	6.6%	6.6%	6.1%	8.4%	7.2%	6.4%	7.1%	5.7%	-
SMCI Jun	3.8%	2.8%	2.8%	2.6%	3.5%	6.5%	10.7%	8.1%	5.7%	7.1%
Peer median	19.6%	24.8%	21.3%	15.7%	23.6%	20.5%	12.2%	11.4%	17.7%	24.3%

Net margin, FY2017 to FY2026

Net income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	−1.9%	−3.6%	−2.5%	5.4%	3.7%	5.5%	2.4%	3.8%	4.8%	5.2%
MU Sep	25.0%	46.5%	27.0%	12.5%	21.2%	28.2%	−37.5%	3.1%	22.8%	63.8%
AVGO Nov	9.6%	58.8%	11.9%	11.1%	23.4%	34.6%	39.3%	11.4%	36.2%	-
ACN Aug	9.5%	9.9%	11.1%	11.5%	11.7%	11.2%	10.7%	11.2%	11.0%	11.3%
ORCL May	25.0%	9.1%	28.1%	25.9%	34.0%	15.8%	17.0%	19.8%	21.7%	25.4%
IBM Dec	7.3%	11.0%	16.3%	10.1%	10.0%	2.7%	12.1%	9.6%	15.7%	-
CSCO Jul	20.0%	0.2%	22.4%	22.7%	21.3%	22.9%	22.1%	19.2%	18.0%	21.0%
INTC Dec	15.3%	29.7%	29.2%	26.8%	25.1%	12.7%	3.1%	−35.3%	−0.5%	-
HPQ Oct	4.9%	9.1%	5.4%	5.0%	10.3%	5.0%	6.1%	5.2%	4.6%	-
SMCI Jun	2.7%	1.4%	2.1%	2.5%	3.1%	5.5%	9.0%	7.7%	4.8%	5.7%
Peer median	9.6%	9.9%	16.3%	11.5%	21.2%	12.7%	10.7%	9.6%	15.7%	21.0%

Free cash flow, FY2017 to FY2026

Cash from operations minus capital spending.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	$1.7B	$5.6B	$5.5B	$6.7B	$9.3B	$7.5B	$562.0M	$5.9B	$1.9B	$8.6B
MU Sep	$3.4B	$8.5B	$3.4B	$83.0M	$2.4B	$3.1B	−$6.1B	$121.0M	$1.7B	$59.0B
AVGO Nov	$5.5B	$8.2B	$9.3B	$11.6B	$13.3B	$16.3B	$17.6B	$19.4B	$26.9B	-
ACN Aug	$4.5B	$5.4B	$6.0B	$7.6B	$8.4B	$8.8B	$9.0B	$8.6B	$10.9B	$11.6B
ORCL May	$12.1B	$13.7B	$12.9B	$11.6B	$13.8B	$5.0B	$8.5B	$11.8B	−$394.0M	−$23.7B
IBM Dec	$13.5B	$11.9B	$12.5B	$15.6B	$10.7B	$9.1B	$12.7B	$12.4B	$12.1B	-
CSCO Jul	$12.9B	$12.8B	$14.9B	$14.7B	$14.8B	$12.7B	$19.0B	$10.2B	$13.3B	$12.8B
INTC Dec	$10.3B	$14.3B	$16.9B	$21.6B	$10.7B	−$9.4B	−$14.3B	−$15.7B	−$4.9B	-
HPQ Oct	$3.3B	$4.0B	$4.0B	$3.7B	$5.8B	$3.7B	$3.0B	$3.2B	$2.8B	-
SMCI Jun	−$125.6M	$59.5M	$237.7M	−$74.7M	$64.9M	−$486.0M	$626.8M	−$2.6B	$1.5B	−$7.0B
Peer median	$5.5B	$8.5B	$9.3B	$11.6B	$10.7B	$5.0B	$8.5B	$8.6B	$2.8B	$11.6B

FCF margin, FY2017 to FY2026

Free cash flow / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	2.7%	7.1%	6.1%	7.9%	10.8%	7.4%	0.5%	6.7%	2.0%	7.5%
MU Sep	16.8%	28.0%	14.6%	0.4%	8.8%	10.1%	−39.4%	0.5%	4.5%	44.3%
AVGO Nov	31.1%	39.5%	41.0%	48.6%	48.5%	49.1%	49.2%	37.6%	42.1%	-
ACN Aug	12.3%	13.2%	13.9%	17.2%	16.6%	14.3%	14.0%	13.3%	15.6%	15.7%
ORCL May	32.0%	34.7%	32.6%	29.6%	34.0%	11.8%	17.0%	22.3%	−0.7%	−35.2%
IBM Dec	17.1%	14.9%	21.6%	28.2%	18.7%	15.0%	20.5%	19.8%	17.9%	-
CSCO Jul	26.9%	26.0%	28.7%	29.7%	29.6%	24.7%	33.4%	19.0%	23.5%	20.2%
INTC Dec	16.5%	20.1%	23.5%	27.7%	13.6%	−14.9%	−26.3%	−29.5%	−9.4%	-
HPQ Oct	6.3%	6.8%	6.8%	6.6%	9.2%	5.9%	5.5%	5.9%	5.1%	-
SMCI Jun	−5.1%	1.8%	6.8%	−2.2%	1.8%	−9.4%	8.8%	−17.4%	7.0%	−17.8%
Peer median	16.8%	20.1%	21.6%	27.7%	16.6%	11.8%	14.0%	13.3%	7.0%	15.7%

Return on equity, FY2017 to FY2026

Net income / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	−7.9%	−24.3%	n/m	n/m	131.1%	n/m	n/m	n/m	n/m	n/m
MU Sep	27.3%	43.8%	17.6%	6.9%	13.3%	17.4%	−13.2%	1.7%	15.8%	61.4%
AVGO Nov	8.3%	46.0%	10.8%	11.2%	25.8%	50.6%	58.7%	8.7%	28.4%	-
ACN Aug	38.5%	39.2%	33.2%	30.0%	30.2%	31.1%	26.7%	25.7%	24.6%	26.5%
ORCL May	17.5%	7.7%	50.9%	83.9%	n/m	n/m	n/m	120.3%	60.8%	40.2%
IBM Dec	32.7%	52.0%	45.3%	27.1%	30.4%	7.5%	33.3%	22.1%	32.4%	-
CSCO Jul	14.5%	0.3%	34.6%	29.6%	25.7%	29.7%	28.4%	22.7%	21.7%	26.4%
INTC Dec	13.8%	28.2%	27.2%	25.8%	20.8%	7.9%	1.6%	−18.9%	−0.2%	-
HPQ Oct	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	-
SMCI Jun	8.6%	5.5%	7.6%	7.9%	10.2%	20.0%	32.5%	21.3%	16.6%	15.4%
Peer median	16.0%	33.7%	30.2%	26.5%	25.7%	20.0%	28.4%	21.7%	23.2%	26.5%

Debt / equity, FY2017 to FY2026

Total debt / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	3.78	5.10	n/m	n/m	18.39	n/m	n/m	n/m	n/m	n/m
MU Sep	0.60	0.14	0.16	0.16	0.14	0.12	0.28	0.26	0.22	0.02
AVGO Nov	0.87	0.66	1.32	1.72	1.59	1.74	1.63	1.00	0.80	-
ACN Aug	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.04	0.16	0.32
ORCL May	1.08	1.31	2.58	5.93	16.08	n/m	n/m	9.98	4.53	3.05
IBM Dec	2.66	2.72	2.97	3.32	3.09	2.54	2.79	2.20	2.07	-
CSCO Jul	0.51	0.59	0.73	0.38	0.28	0.24	0.19	0.68	0.60	0.59
INTC Dec	0.38	0.35	0.37	0.45	0.40	0.41	0.47	0.50	0.41	-
HPQ Oct	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	-
SMCI Jun	0.21	0.14	0.03	0.03	0.09	0.42	0.15	0.09	0.02	0.28
Peer median	0.55	0.47	0.55	0.42	0.34	0.41	0.28	0.59	0.50	0.32

EPS (diluted), FY2017 to FY2026

Diluted earnings per share, on today's share count after splits.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
DELL Jan	-	-	-	$6.03	$4.22	-	$3.24	$4.60	$6.38	$8.68
MU Sep	$4.41	$11.51	$5.51	$2.37	$5.14	$7.75	−$5.34	$0.70	$7.59	$74.33
AVGO Nov	$0.40	$2.84	$0.64	$0.63	$1.50	$2.65	$3.30	$1.23	$4.77	-
ACN Aug	$5.44	$6.34	$7.36	$7.89	$9.16	$10.71	$10.77	$11.44	$12.15	$13.56
ORCL May	$2.24	$0.85	$2.97	$3.08	$4.55	$2.41	$3.07	$3.71	$4.34	$5.83
IBM Dec	$6.14	$9.52	$10.56	$6.23	$6.35	$1.80	$8.14	$6.43	$11.17	-
CSCO Jul	$1.90	$0.02	$2.61	$2.64	$2.50	$2.82	$3.07	$2.54	$2.55	$3.33
INTC Dec	$1.99	$4.48	$4.71	$4.94	$4.86	$1.94	$0.40	−$4.38	−$0.06	-
HPQ Oct	$1.48	$3.26	$2.07	$1.98	$5.36	$2.98	$3.26	$2.81	$2.65	-
SMCI Jun	$0.13	$0.09	$0.14	$0.16	$0.21	$0.53	$1.14	$1.92	$1.68	$3.26
Peer median	$1.99	$3.26	$2.97	$2.64	$4.86	$2.65	$3.07	$2.54	$4.34	$5.83

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out DELL and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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