Sunday 1 November 2026 Export DELL’s income statement to Excel — free account

Dell Technologies Inc.

Dell Technologies Inc.’s revenue for fiscal 2026 (year ended January 2026) was $113.5 billion, up 18.8% from fiscal 2025.

Revenue: +57.8%
EPS: +277.1%
Free cash flow: −47.2%
Total debt: +20.7%

Quarter to July 2026, against a year earlier

424.30 51.21 −10.77%

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Market cap: $302.3B
P/E: 24.3×
Fwd P/E: 17.5×
Dividend yield: 0.57%
F-score: 7/9
Altman Z: 1.81
Beneish M: −2.18
Dividend safety: 78/100

Overview Business Profile Earnings & Analysis Segments Filings

Dell Technologies Inc. (DELL) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2026: revenue by segment, and margins
Infrastructure Solutions Group	60,826	53.57%
Client Solutions Group	50,984	44.90%
Other, not broken out	1,728	1.52%
Gross margin		20.00%
Operating margin		7.18%
Pre-tax margin		6.40%

Revenue by product or service $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Products	90,405 79.63%	71,420 74.73%	64,353 72.78%	79,250 77.47%	79,830 78.89%	67,744 78.16%	67,607 79.71%	70,707 78.02%	60,898 77.05%	51,057 82.13%
Services	23,133 20.37%	24,147 25.27%	24,072 27.22%	23,051 22.53%	21,367 21.11%	18,926 21.84%	17,208 20.29%	19,914 21.98%	18,142 22.95%	11,107 17.87%
Revenue	113,538	95,567	88,425	102,301	101,197	86,670	84,815	90,621	79,040	62,164

Gross profit by product or service $m, and margin

	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Infrastructure Solutions Group	60,826 53.57%	43,593 45.62%	33,885 38.32%	38,356 37.49%	34,366 33.96%	33,002 38.08%	34,367 40.52%	36,720 40.52%	30,917 39.12%	22,070 35.50%	—	—
Client Solutions Group	50,984 44.90%	48,393 50.64%	48,916 55.32%	58,213 56.90%	61,464 60.74%	48,387 55.83%	45,855 54.06%	43,196 47.67%	39,218 49.62%	36,509 58.73%	35,877 70.47%	39,634 73.20%
Other businesses	—	—	—	—	5,388 5.32%	5,382 6.21%	4,823 5.69%	1,676 1.85%	1,704 2.16%	1,153 1.85%	382 0.75%	342 0.63%
VMware, Inc.	—	—	—	—	—	—	—	9,741 10.75%	8,485 10.74%	3,543 5.70%	0 0.00%	0 0.00%
Enterprise Solutions Group	—	—	—	—	—	—	—	—	—	—	14,978 29.42%	14,714 27.18%
Other, not broken out	1,728 1.52%	3,581 3.75%	5,624 6.36%	5,732 5.60%	—	—	—	—	—	—	—	—
Eliminations	—	—	—	—	—	—	—	(712) (0.79%)	(1,284) (1.62%)	(1,111) (1.79%)	(326) (0.64%)	(548) (1.01%)
Revenue	113,538	95,567	88,425	102,301	101,197	86,670	84,815	90,621	79,040	62,164	50,911	54,142

Operating income by segment $m, and margin

	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Infrastructure Solutions Group	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Client Solutions Group	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other businesses	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
VMware, Inc.	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Enterprise Solutions Group	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
United States	63,140 55.61%	51,014 53.38%	43,986 49.74%	49,201 48.09%	46,752 46.20%	42,009 48.47%	40,338 47.56%	42,803 47.23%	38,528 48.74%	30,966 49.81%	24,309 47.75%	25,099 46.36%
Foreign countries	50,398 44.39%	44,553 46.62%	44,439 50.26%	53,100 51.91%	54,445 53.80%	44,661 51.53%	44,477 52.44%	47,818 52.77%	40,512 51.26%	31,198 50.19%	26,602 52.25%	29,043 53.64%
Revenue	113,538	95,567	88,425	102,301	101,197	86,670	84,815	90,621	79,040	62,164	50,911	54,142

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
AI-optimized server backlog	Q3 FY2026	$18.4B	—	—
AI-optimized server orders	Q2 FY2027	$60.9B	—	—
Remaining performance obligations	Q2 FY2027	$132.0B	$44.0B	+200.00%

	Q2 FY2027	Q1 FY2027	Q4 FY2026	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019
AI-optimized server backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
AI-optimized server orders	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.