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Dell Technologies Inc. DELL

Technology  —  Computer Hardware
562.89 26.87 5.01% as of 25 Sep
Market cap
$348.7B
P/E
32.4×
S&P 500 Member Dividend Champion (5y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Dell Technologies Inc. (DELL) Financial Analysis

Updated · Covers results through Q2 FY2027 · How this is made

Snapshot

Dell Technologies recorded revenue of $113.5 billion in FY2026, compared with $95.6 billion in FY2025. Operating income was $8.1 billion in FY2026, net income was $5.9 billion in FY2026, and diluted EPS was $8.68 in FY2026.

In Q2 FY2027, revenue was $47.0 billion, gross profit was $9.8 billion, operating income was $5.4 billion, and net income was $4.1 billion. Diluted EPS reached $6.34 in Q2 FY2027. Revenue in the TTM to Q2 FY2027 was $151.2 billion, while net income in the TTM to Q2 FY2027 was $11.4 billion.

Growth

Revenue grew 18.8% in FY2026 against FY2025, reaching $113.5 billion in FY2026. Revenue compound annual growth was 3.53% in FY2023–FY2026 and 5.55% in FY2021–FY2026. Diluted EPS grew 36.1% in FY2026 against FY2025 to $8.68 in FY2026; its compound annual growth was 38.9% in FY2023–FY2026 and 15.5% in FY2021–FY2026.

Free cash flow rose 357.6% in FY2026 against FY2025 to $8.6 billion in FY2026. Free cash flow compound annual growth was 147.8% in FY2023–FY2026 and −1.72% in FY2021–FY2026. Revenue increased 57.7% in Q2 FY2027 against Q2 FY2026, while diluted EPS increased 272.9% over the same period. Free cash flow declined −47.2% in Q2 FY2027 against Q2 FY2026.

Profitability

Gross margin was 20.0% in FY2026, a change of −2.2 percentage points in FY2025–FY2026 and −3.2 percentage points in FY2021–FY2026. Operating margin was 7.18% in FY2026, increasing by 0.7 percentage points in FY2025–FY2026 and 2.9 percentage points in FY2021–FY2026. Pre-tax margin was 6.40% in FY2026, up 1.1 percentage points in FY2025–FY2026 and 3.7 percentage points in FY2021–FY2026.

Net margin was 5.23% in FY2026, increasing by 0.4 percentage points in FY2025–FY2026 and 1.2 percentage points in FY2021–FY2026. Return on assets was 6.56% in FY2026, and return on invested capital was 53.5% in FY2026. Return on equity was −307.8% in FY2026, alongside shareholders’ equity of −$2.5 billion in FY2026. Industry-median profitability figures are not reported.

Balance sheet

Total debt was $23.5 billion in FY2026, compared with $19.4 billion in FY2025. Cash and short-term investments were $11.5 billion in FY2026, compared with $3.6 billion in FY2025. Net debt was $12.0 billion in FY2026, compared with $15.7 billion in FY2025.

Shareholders’ equity was −$2.5 billion in FY2026, while book value per share was −$3.66 in FY2026. Working capital was −$5.7 billion in FY2026. In Q2 FY2027, the current ratio was 1.0× and debt to equity was −18.2×. Net debt was $14.4 billion in Q2 FY2027, an increase of $2.4 billion in Q2 FY2027 against Q1 FY2027.

Cash flow & capital return

Operating cash flow was $11.2 billion in FY2026, rising 147.4% in FY2026 against FY2025. Capital expenditure was $2.6 billion in FY2026, compared with $2.7 billion in FY2025. Free cash flow was $8.6 billion in FY2026 and represented 144.1% of net income in FY2026.

Dell Technologies paid dividends of $1.5 billion in FY2026 and conducted net share repurchases of $6.4 billion in FY2026. Capital returned to shareholders was $7.9 billion in FY2026, and capital returned to shareholders over FY2022–FY2026 was $23.4 billion. Weighted average shares were 675.0 million shares in FY2026, while the share count changed −9.27% in FY2021–FY2026. Free cash flow was $986.0 million in Q2 FY2027.

Valuation

As of September 24, 2026, market capitalisation was $345.7 billion and the P/E was 30.9×. The P/E was higher than its five-year median of 13.7× as of September 24, 2026, over the five fiscal years to FY2026; it was 2.3× its five-year median as of September 24, 2026.

The P/S was 2.3× as of September 24, 2026, higher than its five-year median of 0.7× and ten-year median of 0.3×. EV/Sales was 2.4× as of September 24, 2026, higher than its five-year median of 0.8× and ten-year median of 0.6×. EV/Cash flow was 42.1× as of September 24, 2026, higher than its five-year median of 12.0× and ten-year median of 10.8×. P/B was not meaningful: earnings or book value are negative as of September 24, 2026. Industry-median valuation figures are not reported.

What changed since last quarter

Revenue was $47.0 billion in Q2 FY2027, increasing 7.14% in Q2 FY2027 against Q1 FY2027 and 57.7% in Q2 FY2027 against Q2 FY2026. Diluted EPS was $6.34 in Q2 FY2027, increasing 21.0% in Q2 FY2027 against Q1 FY2027 and 272.9% in Q2 FY2027 against Q2 FY2026.

Gross margin was 20.9% in Q2 FY2027, increasing by 3.2 percentage points in Q2 FY2027 against Q1 FY2027 and 2.6 percentage points in Q2 FY2027 against Q2 FY2026. Operating margin was 11.5% in Q2 FY2027, increasing by 3.1 percentage points sequentially and 5.5 percentage points from a year earlier. Free cash flow was $986.0 million in Q2 FY2027, declining −68.4% sequentially and −47.2% from a year earlier. No management explanation for these changes is reported.

Open questions

  • What factors drove the changes in quarterly revenue and profitability?
  • What accounts for the decline in free cash flow in the latest quarter?
  • How are debt, liquidity and negative shareholders’ equity expected to interact with capital-return activity?
  • What explains the difference between gross-margin direction and operating-margin direction?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.