Dell Technologies (DELL) Financials

$124.98 -0.39 (-0.31%)

Closing price 09/12/2025 03:59 PM Eastern

Extended Trading

$125.12 +0.14 (+0.12%)

As of 09/12/2025 07:59 PM Eastern

Annual Income Statements for Dell Technologies

This table shows Dell Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2015	1/29/2016	2/3/2017	2/2/2018	2/1/2019	1/31/2020	1/29/2021	1/28/2022	2/3/2023	2/2/2024	1/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-1,221	-1,104	-1,167	-2,849	-27,363	4,616	3,250	5,563	2,442	3,388	4,592
Consolidated Net Income / (Loss)	-1,221	-1,104	-1,158	-2,926	-27,234	5,529	3,505	5,707	2,422	3,372	4,576
Net Income / (Loss) Continuing Operations	-1,108	-1,168	-3,074	-2,926	-27,234	521	2,245	4,942	2,422	3,372	4,576
Total Pre-Tax Income	-1,215	-1,286	-4,494	-4,769	-27,414	-51	2,346	5,923	3,225	4,087	5,048
Total Operating Income	-316	-514	-2,390	-2,416	-25,244	2,366	3,685	4,659	5,771	5,411	6,237
Total Gross Profit	8,896	8,387	13,649	20,537	0.00	20,639	20,140	21,891	22,686	21,069	21,250
Total Revenue	54,142	50,911	62,164	79,040	0.00	169,630	86,670	101,197	102,301	88,425	95,567
Operating Revenue	54,142	50,911	62,164	79,040	-	169,630	86,670	101,197	102,301	88,425	95,567
Total Cost of Revenue	45,246	42,524	48,515	58,503	0.00	8,807	66,530	79,306	79,615	67,356	74,317
Operating Cost of Revenue	45,246	42,524	48,515	58,503	-	119,545	66,530	79,306	79,615	67,356	74,317
Total Operating Expenses	9,212	8,901	16,039	22,953	25,244	36,546	16,455	17,232	16,915	15,658	15,013
Selling, General & Admin Expense	8,292	7,850	13,403	18,569	20,640	15,819	14,000	14,655	14,136	12,857	11,952
Research & Development Expense	920	1,051	2,636	4,384	4,604	2,454	2,455	2,577	2,779	2,801	3,061
Total Other Income / (Expense), net	-899	-772	-2,104	-2,353	-2,170	-2,417	-1,339	1,264	-2,546	-1,324	-1,189
Other Income / (Expense), net	-899	-772	-2,104	-2,353	-2,170	-2,417	-1,339	1,264	-2,546	-1,324	-1,189
Income Tax Expense	-107	-118	-1,420	-1,843	-180	-572	101	981	803	715	472
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	9.00	-77	129	913	255	144	-20	-16	-16
Basic Earnings per Share	-	-	($5.83)	($3.98)	($0.01)	-	-	-	$3.33	$4.71	$6.51
Weighted Average Basic Shares Outstanding	-	-	776.36M	768.94M	718.53M	739.47M	762.67M	760.40M	731.20M	713.79M	697.84M
Diluted Earnings per Share	-	-	($5.84)	($4.01)	($0.13)	-	-	-	$3.24	$4.60	$6.38
Weighted Average Diluted Shares Outstanding	-	-	776.36M	768.94M	718.53M	739.47M	762.67M	760.40M	731.20M	713.79M	697.84M
Weighted Average Basic & Diluted Shares Outstanding	-	-	776.36M	768.94M	718.53M	739.47M	762.67M	760.40M	731.20M	713.79M	697.84M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	$1.32	$1.48	$1.78

This table shows Dell Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	2/3/2023	5/5/2023	8/4/2023	11/3/2023	2/2/2024	5/3/2024	8/2/2024	11/1/2024	1/31/2025	5/2/2025	8/1/2025
Net Income / (Loss) Attributable to Common Shareholders	614	583	462	1,006	1,337	997	887	1,132	1,654	965	1,164
Consolidated Net Income / (Loss)	606	578	455	1,004	1,335	992	882	1,127	1,653	965	1,164
Net Income / (Loss) Continuing Operations	606	578	455	1,004	1,335	992	882	1,127	1,653	965	1,164
Total Pre-Tax Income	923	705	714	1,180	1,488	592	1,039	1,392	2,120	1,083	1,440
Total Operating Income	1,189	1,069	1,165	1,486	1,691	965	1,392	1,668	2,307	1,165	1,773
Total Gross Profit	5,756	5,018	5,387	5,148	5,516	4,851	5,361	5,307	5,826	4,937	5,447
Total Revenue	25,039	20,922	22,934	22,251	22,318	22,244	25,026	24,366	23,931	23,378	29,776
Operating Revenue	25,039	20,922	22,934	22,251	22,318	22,244	25,026	24,366	23,931	23,378	29,776
Total Cost of Revenue	19,283	15,904	17,547	17,103	16,802	17,393	19,665	19,059	18,105	18,441	24,329
Operating Cost of Revenue	19,283	15,904	17,547	17,103	16,802	17,393	19,665	19,059	18,105	18,441	24,329
Total Operating Expenses	4,567	3,949	4,222	3,662	3,825	3,886	3,969	3,639	3,519	3,772	3,674
Selling, General & Admin Expense	3,772	3,261	3,517	2,970	3,109	3,123	3,189	2,894	2,746	2,964	2,889
Research & Development Expense	795	688	705	692	716	763	780	745	773	808	785
Total Other Income / (Expense), net	-266	-364	-451	-306	-203	-373	-353	-276	-187	-82	-333
Other Income / (Expense), net	-266	-364	-451	-306	-203	-373	-353	-276	-187	-82	-333
Income Tax Expense	317	127	259	176	153	-400	157	265	467	118	276
Net Income / (Loss) Attributable to Noncontrolling Interest	-8.00	-5.00	-7.00	-2.00	-2.00	-5.00	-5.00	-5.00	-1.00	0.00	0.00
Basic Earnings per Share	$0.84	$0.81	$0.64	$1.39	$1.87	$1.41	$1.25	$1.61	$2.35	$1.39	$1.72
Weighted Average Basic Shares Outstanding	731.20M	727.24M	723.43M	711.60M	713.79M	709.30M	702.38M	700.46M	697.84M	678.85M	672.37M
Diluted Earnings per Share	$0.84	$0.79	$0.63	$1.36	$1.82	$1.37	$1.23	$1.58	$2.31	$1.37	$1.70
Weighted Average Diluted Shares Outstanding	731.20M	727.24M	723.43M	711.60M	713.79M	709.30M	702.38M	700.46M	697.84M	678.85M	672.37M
Weighted Average Basic & Diluted Shares Outstanding	731.20M	727.24M	723.43M	711.60M	713.79M	709.30M	702.38M	700.46M	697.84M	678.85M	672.37M

This table details how cash moves in and out of Dell Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2015	1/29/2016	2/3/2017	2/2/2018	2/1/2019	1/31/2020	1/29/2021	1/28/2022	2/3/2023	2/2/2024	1/31/2025
Net Change in Cash & Equivalents	-1,051	1,178	2,940	4,546	-3,949	-89	5,033	-5,102	-1,188	-1,387	-3,688
Net Cash From Operating Activities	2,551	2,162	2,367	6,843	6,991	9,291	11,407	10,307	3,565	8,676	4,521
Net Cash From Continuing Operating Activities	2,551	2,162	2,367	6,843	6,991	9,291	11,407	10,307	3,565	8,676	4,521
Net Income / (Loss) Continuing Operations	-1,221	-1,104	-1,158	-2,926	-2,181	5,529	3,505	5,707	2,422	3,372	4,576
Consolidated Net Income / (Loss)	-1,221	-1,104	-1,158	-2,926	-2,181	5,529	3,505	5,707	2,422	3,372	4,576
Depreciation Expense	2,977	2,872	4,938	8,634	7,746	6,143	5,390	4,551	3,156	3,303	3,123
Non-Cash Adjustments To Reconcile Net Income	478	421	-1,474	1,589	1,674	2,200	1,521	-1,508	1,892	1,487	1,238
Changes in Operating Assets and Liabilities, net	264	-86	-207	-454	-248	-4,581	991	1,557	-3,905	514	-4,416
Net Cash From Investing Activities	-355	-321	-31,236	-2,875	3,389	-4,686	-460	1,306	-3,024	-2,783	-2,215
Net Cash From Continuing Investing Activities	-355	-321	-31,236	-2,875	3,389	-4,686	-460	1,306	-3,024	-2,783	-2,215
Purchase of Property, Plant & Equipment	-478	-482	-699	-1,367	-1,497	-2,576	-2,082	-2,796	-3,003	-2,756	-2,652
Acquisitions	-73	0.00	-37,609	-658	-971	-2,466	-424	-16	-70	-126	0.00
Purchase of Investments	-27	-27	-778	-4,389	-925	-181	-338	-414	-108	-172	-125
Sale and/or Maturity of Investments	15	7.00	1,173	3,878	6,612	497	169	513	116	226	382
Other Investing Activities, net	175	85	-220	-339	-	40	28	62	41	45	180
Net Cash From Financing Activities	-3,094	-496	31,785	403	-14,329	-4,604	-5,950	-16,609	-1,625	-7,094	-5,815
Net Cash From Continuing Financing Activities	-3,094	-496	31,785	403	-14,329	-4,604	-5,950	-16,609	-1,625	-7,094	-5,815
Repayment of Debt	-6,060	-5,960	-17,813	-12,312	-11,555	-22,188	-21,189	-28,238	-9,864	-11,355	-10,634
Repurchase of Common Equity	0.00	0.00	-1,322	-723	-14,075	-8.00	-241	-1,496	-2,883	-2,080	-2,588
Payment of Dividends	0.00	0.00	0.00	-724	-2,549	-3,547	-1,363	-2,240	-964	-1,072	-1,275
Issuance of Debt	2,938	5,466	46,873	14,415	13,045	20,481	16,391	20,425	12,479	7,775	9,258
Issuance of Common Equity	28	0.00	4,586	132	805	658	452	334	5.00	10	1.00
Other Financing Activities, net	0.00	-2.00	-539	-385	-	0.00	0.00	-5,394	-398	-372	-577
Effect of Exchange Rate Changes	-153	-167	24	175	-	-90	36	-106	-104	-186	-179
Cash Interest Paid	724	585	1,575	2,192	2,347	2,500	2,279	1,825	1,169	1,438	1,304
Cash Income Taxes Paid	557	264	978	924	747	1,414	1,421	1,257	1,208	1,379	555

This table details how cash moves in and out of Dell Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	2/3/2023	5/5/2023	8/4/2023	11/3/2023	2/2/2024	5/3/2024	8/2/2024	11/1/2024	1/31/2025	5/2/2025	8/1/2025
Net Change in Cash & Equivalents	3,670	-967	723	-202	-941	-1,545	-1,291	733	-1,585	4,034	438
Net Cash From Operating Activities	2,714	1,777	3,214	2,152	1,533	1,043	1,340	1,553	585	2,796	2,543
Net Cash From Continuing Operating Activities	2,714	1,777	3,214	2,152	1,533	1,043	1,340	1,553	585	2,796	2,543
Net Income / (Loss) Continuing Operations	606	578	455	1,004	1,335	992	841	1,127	1,653	965	1,164
Consolidated Net Income / (Loss)	606	578	455	1,004	1,335	992	841	1,127	1,653	965	1,164
Depreciation Expense	854	809	831	822	841	800	784	765	774	738	762
Non-Cash Adjustments To Reconcile Net Income	541	533	395	268	291	434	424	362	18	364	394
Changes in Operating Assets and Liabilities, net	713	-143	1,533	58	-934	-1,183	-709	-701	-1,860	729	223
Net Cash From Investing Activities	-796	-684	-605	-825	-669	-456	-557	-524	-678	-88	-655
Net Cash From Continuing Investing Activities	-796	-684	-605	-825	-669	-456	-557	-524	-678	-88	-655
Purchase of Property, Plant & Equipment	-759	-701	-624	-704	-727	-596	-682	-639	-735	-568	-675
Purchase of Investments	-7.00	-15	-98	-30	-29	-39	-25	-19	-42	-97	-28
Sale and/or Maturity of Investments	17	19	108	23	76	119	97	121	45	31	28
Other Investing Activities, net	23	13	9.00	13	10	60	53	13	54	13	20
Net Cash From Financing Activities	1,513	-2,002	-1,827	-1,446	-1,819	-2,077	-2,032	-315	-1,391	1,237	-1,465
Net Cash From Continuing Financing Activities	1,513	-2,002	-1,827	-1,446	-1,819	-2,077	-2,032	-315	-1,391	1,237	-1,465
Repayment of Debt	-1,768	-3,703	-3,428	-2,689	-1,535	-3,512	-2,919	-3,229	-974	-2,343	-1,117
Repurchase of Common Equity	-165	-240	-260	-702	-878	-700	-725	-429	-734	-1,980	-940
Payment of Dividends	-236	-276	-269	-266	-261	-336	-316	-312	-311	-396	-366
Issuance of Debt	3,700	2,521	2,134	2,249	871	2,992	1,941	3,680	645	6,308	962
Other Financing Activities, net	-18	-306	-6.00	-42	-18	-521	-14	-25	-17	-352	-5.00
Effect of Exchange Rate Changes	239	-58	-59	-83	14	-55	-42	19	-101	89	15

This table presents Dell Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/29/2016	2/3/2017	2/2/2018	2/1/2019	1/31/2020	1/29/2021	1/28/2022	2/3/2023	2/2/2024	1/31/2025
Total Assets	45,122	118,206	124,193	111,820	118,861	123,415	92,735	89,611	82,126	79,746
Total Current Assets	23,573	30,773	40,328	36,138	36,868	43,567	45,033	42,351	35,984	36,229
Cash & Equivalents	6,322	9,474	13,942	9,676	9,302	9,508	9,477	8,607	7,366	3,633
Note & Lease Receivable	2,915	3,222	3,919	4,398	4,895	5,148	5,089	5,281	4,643	5,304
Accounts Receivable	4,887	9,420	11,721	12,371	12,484	10,846	13,043	12,860	9,343	10,298
Inventories, net	1,619	2,538	2,678	3,649	3,281	3,403	5,898	4,776	3,622	6,716
Other Current Assets	3,497	4,144	5,881	6,044	6,906	9,810	11,526	10,827	11,010	9,610
Other Current Nonoperating Assets	4,333	-	-	-	-	4,852	-	-	0.00	668
Plant, Property, & Equipment, net	1,649	5,653	5,390	5,259	6,055	4,833	5,415	6,209	6,432	6,336
Total Noncurrent Assets	19,900	81,780	78,475	70,423	75,938	75,015	42,287	41,051	39,710	37,181
Long-Term Investments	114	3,802	4,163	1,005	864	1,334	1,839	1,518	1,316	1,496
Noncurrent Note & Lease Receivables	2,177	2,651	3,724	4,224	4,848	5,790	6,232	6,078	5,877	5,927
Goodwill	8,406	38,910	39,920	40,089	41,691	20,028	19,770	19,676	19,700	19,120
Intangible Assets	8,577	35,053	28,265	22,270	18,107	9,115	7,461	6,468	5,701	4,988
Other Noncurrent Operating Assets	626	1,364	2,403	2,835	10,428	6,733	6,985	7,311	7,116	5,650
Total Liabilities & Shareholders' Equity	45,122	118,206	124,193	111,820	118,861	123,415	92,735	89,611	82,126	79,746
Total Liabilities	43,550	98,966	106,324	111,566	115,077	115,390	94,315	92,636	84,258	81,133
Total Current Liabilities	25,310	38,135	45,839	44,972	52,456	54,132	56,219	51,654	48,354	46,527
Short-Term Debt	2,981	6,329	7,873	4,320	7,737	6,357	5,823	6,573	6,982	5,204
Accounts Payable	12,881	14,422	18,334	19,213	20,065	23,033	28,557	20,665	19,226	20,832
Accrued Expenses	4,217	7,119	8,026	8,495	9,773	7,166	7,578	8,874	6,828	6,597
Current Deferred Revenue	3,632	10,265	11,606	12,944	14,881	13,201	14,261	15,542	15,318	13,673
Other Current Nonoperating Liabilities	1,599	-	-	-	-	4,375	-	-	0.00	221
Total Noncurrent Liabilities	18,240	60,831	60,485	66,594	62,621	61,258	38,096	40,982	35,904	34,606
Long-Term Debt	10,650	43,061	43,998	49,201	44,319	32,865	21,131	23,015	19,012	19,363
Noncurrent Deferred Revenue	4,089	8,431	9,210	11,066	12,919	12,391	13,312	14,744	13,827	12,292
Other Noncurrent Operating Liabilities	3,501	9,339	7,277	6,327	5,383	3,923	3,653	3,223	3,065	2,951
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,466	19,009	17,485	-942	3,155	7,553	-1,580	-3,025	-2,132	-1,387
Total Preferred & Common Equity	1,466	13,243	11,719	-5,765	-1,574	2,479	-1,685	-3,122	-2,227	-1,482
Total Common Equity	1,466	13,243	11,719	-5,765	-1,574	2,479	-1,685	-3,122	-2,227	-1,482
Common Stock	5,727	20,199	19,889	16,114	16,091	16,849	7,898	8,424	8,926	9,119
Retained Earnings	-3,937	-5,609	-6,860	-21,349	-16,891	-13,751	-8,188	-6,732	-4,453	-1,160
Treasury Stock	0.00	-752	-1,440	-63	-65	-305	-964	-3,813	-5,900	-8,502
Accumulated Other Comprehensive Income / (Loss)	-324	-595	130	-467	-709	-314	-431	-1,001	-800	-939
Noncontrolling Interest	0.00	5,766	5,766	4,823	4,729	5,074	105	97	95	95

This table presents Dell Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	4/29/2022	7/29/2022	10/28/2022	5/5/2023	8/4/2023	11/3/2023	5/3/2024	8/2/2024	11/1/2024	5/2/2025	8/1/2025
Total Assets	88,406	88,775	85,172	84,094	85,658	83,264	80,190	82,687	81,951	86,869	89,176
Total Current Assets	41,376	42,262	38,787	37,392	38,999	36,987	34,627	37,543	38,035	42,925	45,512
Cash & Equivalents	6,654	5,507	4,909	7,631	8,364	8,298	5,830	4,550	5,225	7,700	8,145
Note & Lease Receivable	4,796	4,860	4,915	5,013	4,807	4,540	4,660	4,968	5,001	5,381	5,952
Accounts Receivable	11,968	13,626	11,634	9,783	10,755	10,106	8,563	11,391	11,189	9,785	15,023
Inventories, net	6,277	5,883	6,172	4,016	3,584	3,381	4,782	5,953	6,652	7,415	7,211
Other Current Assets	11,681	12,386	11,157	10,949	11,047	10,662	10,792	10,681	9,306	12,644	9,181
Other Current Nonoperating Assets	-	-	-	-	442	-	-	-	662	0.00	0.00
Plant, Property, & Equipment, net	5,516	5,772	5,847	6,261	6,252	6,222	6,237	6,300	6,327	6,383	6,458
Total Noncurrent Assets	41,514	40,741	40,538	40,441	40,407	40,055	39,326	38,844	37,589	37,561	37,206
Long-Term Investments	1,868	1,520	1,534	1,399	1,331	1,294	1,293	1,302	1,312	1,591	1,596
Noncurrent Note & Lease Receivables	6,111	6,059	6,271	5,966	6,049	6,012	5,941	6,124	5,849	6,042	6,071
Goodwill	19,598	19,505	19,366	19,661	19,640	19,616	19,640	19,654	19,243	19,315	19,336
Intangible Assets	7,217	6,972	6,728	6,269	6,060	5,907	5,538	5,374	5,147	4,868	4,748
Other Noncurrent Operating Assets	6,720	6,685	6,639	7,146	7,327	7,226	6,914	6,390	6,038	5,745	5,455
Total Liabilities & Shareholders' Equity	88,406	88,775	85,172	84,094	85,658	83,264	80,190	82,687	81,951	86,869	89,176
Total Liabilities	90,761	91,530	88,540	87,018	88,335	85,834	82,913	85,484	84,141	89,893	91,942
Total Current Liabilities	53,059	54,789	52,007	46,825	50,942	48,877	47,734	52,033	49,500	50,422	54,862
Short-Term Debt	5,925	6,647	6,767	5,470	6,961	6,498	6,098	6,711	5,612	4,845	7,154
Accounts Payable	26,207	26,608	23,219	18,390	21,221	20,724	20,586	24,095	23,400	25,349	27,463
Accrued Expenses	6,598	6,810	7,915	7,438	6,586	6,449	6,016	6,374	6,490	6,321	6,486
Current Deferred Revenue	14,329	14,724	14,106	15,527	16,174	15,206	15,034	14,853	13,787	13,907	13,759
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	211	0.00	0.00
Total Noncurrent Liabilities	37,702	36,741	36,533	40,193	37,393	36,957	35,179	33,451	34,641	39,471	37,080
Long-Term Debt	21,197	20,287	20,562	22,962	20,177	20,119	19,382	17,811	19,410	23,936	21,535
Noncurrent Deferred Revenue	13,074	13,301	12,983	14,168	14,138	13,847	13,116	12,859	12,424	12,413	12,422
Other Noncurrent Operating Liabilities	3,431	3,153	2,988	3,063	3,078	2,991	2,681	2,781	2,807	3,122	3,123
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-2,355	-2,755	-3,368	-2,924	-2,677	-2,570	-2,723	-2,797	-2,190	-3,024	-2,766
Total Preferred & Common Equity	-2,462	-2,860	-3,469	-3,023	-2,772	-2,664	-2,822	-2,894	-2,285	-3,024	-2,766
Total Common Equity	-2,462	-2,860	-3,469	-3,023	-2,772	-2,664	-2,822	-2,894	-2,285	-3,024	-2,766
Common Stock	7,777	8,005	8,216	8,339	8,554	8,742	8,606	8,782	8,951	8,957	9,132
Retained Earnings	-7,369	-7,106	-7,102	-6,430	-6,249	-5,519	-4,001	-3,478	-2,669	-567	231
Treasury Stock	-2,446	-3,054	-3,663	-4,064	-4,320	-5,064	-6,622	-7,334	-7,747	-10,488	-11,419
Accumulated Other Comprehensive Income / (Loss)	-424	-705	-920	-868	-757	-823	-805	-864	-820	-926	-710
Noncontrolling Interest	107	105	101	99	95	94	99	97	95	0.00	0.00

This table displays calculated financial ratios and metrics derived from Dell Technologies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2015	1/29/2016	2/3/2017	2/2/2018	2/1/2019	1/31/2020	1/29/2021	1/28/2022	2/3/2023	2/2/2024	1/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-5.97%	22.10%	27.15%	-100.00%	0.00%	-48.91%	16.76%	1.09%	-13.56%	8.08%
EBITDA Growth	0.00%	-9.37%	-56.72%	442.84%	-608.87%	130.97%	26.99%	35.39%	-39.08%	15.81%	10.57%
EBIT Growth	0.00%	-5.84%	-249.46%	-6.12%	-474.84%	99.81%	4,700.00%	152.47%	-45.55%	26.73%	23.51%
NOPAT Growth	0.00%	-62.66%	-364.98%	-1.09%	-944.87%	109.37%	112.92%	10.24%	11.49%	3.01%	26.64%
Net Income Growth	0.00%	9.58%	-4.89%	-152.68%	-830.76%	120.30%	-36.61%	62.82%	-57.56%	39.22%	35.71%
EPS Growth	0.00%	0.00%	0.00%	31.34%	96.76%	0.00%	0.00%	0.00%	0.00%	41.98%	38.70%
Operating Cash Flow Growth	0.00%	-15.25%	9.48%	189.10%	2.16%	32.90%	22.77%	-9.64%	-65.41%	143.37%	-47.89%
Free Cash Flow Firm Growth	0.00%	0.00%	-666.78%	104.57%	-605.26%	91.84%	3,694.76%	-82.47%	-66.43%	192.84%	-43.56%
Invested Capital Growth	0.00%	0.00%	784.78%	-7.36%	-12.85%	5.99%	-64.99%	-12.09%	16.93%	-7.65%	15.97%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	1.76%	-100.00%	888.90%	-54.79%	-12.08%	23.76%	-2.99%	1.72%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	24.48%	-475.34%	161.18%	-82.74%	130.17%	18.47%	8.07%	10.33%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	16.25%	-911.96%	99.69%	-94.02%	114.88%	43.08%	16.04%	19.73%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	23.37%	-4,171.40%	117.02%	-90.19%	113.12%	-11.70%	21.19%	7.75%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-16.90%	-1,243.56%	148.89%	-91.18%	114.62%	33.30%	27.58%	12.13%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	95.04%	0.00%	0.00%	0.00%	26.56%	22.67%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	50.66%	-9.49%	14.01%	26.21%	-21.27%	-9.61%	-11.98%	-17.33%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-55.45%	-375.53%	92.79%	-17.75%	124.06%	-92.29%	-15.18%	-16.29%
Invested Capital Q/Q Growth	0.00%	0.00%	-5.50%	0.40%	-3.66%	-4.47%	-63.12%	-62.95%	-6.17%	5.02%	11.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.43%	16.47%	21.96%	25.98%	0.00%	12.17%	23.24%	21.63%	22.18%	23.83%	22.24%
EBITDA Margin	3.35%	3.23%	1.15%	4.89%	0.00%	3.59%	8.93%	10.35%	6.24%	8.36%	8.55%
Operating Margin	-0.58%	-1.01%	-3.84%	-3.06%	0.00%	1.39%	4.25%	4.60%	5.64%	6.12%	6.53%
EBIT Margin	-2.24%	-2.53%	-7.23%	-6.03%	0.00%	-0.03%	2.71%	5.85%	3.15%	4.62%	5.28%
Profit (Net Income) Margin	-2.26%	-2.17%	-1.86%	-3.70%	0.00%	3.26%	4.04%	5.64%	2.37%	3.81%	4.79%
Tax Burden Percent	100.49%	85.85%	25.77%	61.35%	99.34%	-10,841.18%	149.40%	96.35%	75.10%	82.51%	90.65%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.31%	16.56%	24.90%	17.49%	9.35%
Return on Invested Capital (ROIC)	0.00%	-11.93%	-5.63%	-3.29%	0.00%	3.73%	11.44%	25.87%	28.42%	28.24%	34.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-45.29%	-2.96%	-7.05%	0.00%	12.87%	11.35%	41.29%	17.53%	22.30%	28.55%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-128.53%	-5.50%	-12.48%	0.00%	270.12%	47.92%	151.23%	-133.61%	-159.01%	-294.57%
Return on Equity (ROE)	0.00%	-140.46%	-11.13%	-15.77%	-300.55%	273.85%	59.36%	177.10%	-105.19%	-130.77%	-260.07%
Cash Return on Invested Capital (CROIC)	0.00%	-211.93%	-165.01%	4.36%	-24.46%	-2.08%	107.70%	38.74%	12.82%	36.20%	19.70%
Operating Return on Assets (OROA)	0.00%	-2.85%	-5.50%	-3.93%	0.00%	-0.04%	1.94%	5.48%	3.54%	4.76%	6.24%
Return on Assets (ROA)	0.00%	-2.45%	-1.42%	-2.41%	0.00%	4.79%	2.89%	5.28%	2.66%	3.93%	5.65%
Return on Common Equity (ROCE)	0.00%	-130.99%	-7.86%	-10.61%	-98.74%	-497.72%	4.55%	21.82%	-109.80%	-135.64%	-274.12%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-75.31%	-8.74%	-24.97%	472.40%	-351.27%	141.39%	-338.69%	-77.58%	-151.41%	-308.77%
Net Operating Profit after Tax (NOPAT)	-221	-360	-1,673	-1,691	-17,671	1,656	3,526	3,887	4,334	4,464	5,654
NOPAT Margin	-0.41%	-0.71%	-2.69%	-2.14%	0.00%	0.98%	4.07%	3.84%	4.24%	5.05%	5.92%
Net Nonoperating Expense Percent (NNEP)	0.00%	33.36%	-2.67%	3.76%	25.70%	-9.14%	0.09%	-15.42%	10.89%	5.94%	5.94%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	16.32%	18.71%	24.39%
Cost of Revenue to Revenue	83.57%	83.53%	78.04%	74.02%	0.00%	5.19%	76.76%	78.37%	77.82%	76.17%	77.76%
SG&A Expenses to Revenue	15.32%	15.42%	21.56%	23.49%	0.00%	9.33%	16.15%	14.48%	13.82%	14.54%	12.51%
R&D to Revenue	1.70%	2.06%	4.24%	5.55%	0.00%	1.45%	2.83%	2.55%	2.72%	3.17%	3.20%
Operating Expenses to Revenue	17.01%	17.48%	25.80%	29.04%	0.00%	21.54%	18.99%	17.03%	16.53%	17.71%	15.71%
Earnings before Interest and Taxes (EBIT)	-1,215	-1,286	-4,494	-4,769	-27,414	-51	2,346	5,923	3,225	4,087	5,048
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,815	1,645	712	3,865	-19,668	6,092	7,736	10,474	6,381	7,390	8,171
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	20.65	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.20	0.59	0.40	0.28	0.68	0.76
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	7.22	15.75	7.23	11.90	17.86	15.80
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.25%	1.74%	1.72%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	13.85%	6.35%	13.82%	8.41%	5.60%	6.33%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	1.96	1.76	5.32	3.98	2.96	5.13	5.23
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.48	0.98	0.55	0.48	0.88	0.96
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	13.23	11.00	5.35	7.62	10.54	11.27
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	36.28	9.45	15.07	19.07	18.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	48.66	24.14	14.40	11.22	17.45	16.29
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	12.10	8.67	7.46	5.43	13.63	8.98	20.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	2.56	9.62	24.88	13.62	28.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	8.67	2.57	2.90	210.71	13.76	4.89	-17.06	-9.78	-12.19	-17.71
Long-Term Debt to Equity	0.00	6.77	2.24	2.46	193.70	11.71	4.10	-13.37	-7.61	-8.92	-13.96
Financial Leverage	0.00	2.84	1.85	1.77	4.11	20.98	4.22	3.66	-7.62	-7.13	-10.32
Leverage Ratio	0.00	28.70	7.85	6.53	13.02	57.13	20.52	33.54	-39.60	-33.30	-46.00
Compound Leverage Factor	0.00	28.70	7.85	6.53	13.02	57.13	20.52	33.54	-39.60	-33.30	-46.00
Debt to Total Capital	0.00%	89.66%	71.97%	74.38%	99.53%	93.22%	83.01%	106.23%	111.39%	108.93%	105.98%
Short-Term Debt to Total Capital	0.00%	19.61%	9.22%	11.29%	8.03%	13.86%	13.45%	22.95%	24.74%	29.26%	22.45%
Long-Term Debt to Total Capital	0.00%	70.05%	62.74%	63.09%	91.49%	79.37%	69.56%	83.28%	86.64%	79.67%	83.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.70%	8.74%	8.82%	11.19%	9.60%	11.74%	0.41%	0.37%	0.40%	0.41%
Common Equity to Total Capital	0.00%	9.64%	19.30%	16.80%	-10.72%	-2.82%	5.25%	-6.64%	-11.75%	-9.33%	-6.39%
Debt to EBITDA	0.00	8.29	69.37	13.42	-2.72	8.55	5.07	2.57	4.64	3.52	3.01
Net Debt to EBITDA	0.00	4.37	47.95	8.17	-2.18	6.88	3.67	1.49	3.05	2.34	2.38
Long-Term Debt to EBITDA	0.00	6.47	60.48	11.38	-2.50	7.28	4.25	2.02	3.61	2.57	2.37
Debt to NOPAT	0.00	-37.88	-29.52	-30.67	-3.03	31.43	11.12	6.93	6.83	5.82	4.35
Net Debt to NOPAT	0.00	-20.00	-20.41	-18.67	-2.42	25.29	8.05	4.02	4.49	3.88	3.44
Long-Term Debt to NOPAT	0.00	-29.60	-25.74	-26.02	-2.78	26.76	9.32	5.44	5.31	4.26	3.42
Altman Z-Score	0.00	0.00	0.00	0.00	-0.98	1.24	0.77	1.29	1.22	1.42	1.77
Noncontrolling Interest Sharing Ratio	0.00%	6.74%	29.32%	32.73%	67.15%	281.75%	92.34%	87.68%	-4.39%	-3.72%	-5.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.93	0.81	0.88	0.80	0.70	0.80	0.80	0.82	0.74	0.78
Quick Ratio	0.00	0.56	0.63	0.69	0.59	0.51	0.47	0.49	0.52	0.44	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-6,393	-49,019	2,240	-11,317	-924	33,208	5,821	1,954	5,722	3,230
Operating Cash Flow to CapEx	560.66%	548.73%	350.67%	500.59%	467.00%	360.68%	547.89%	368.63%	118.71%	314.80%	170.48%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.13	0.76	0.65	0.00	1.47	0.72	0.94	1.12	1.03	1.18
Accounts Receivable Turnover	0.00	10.42	8.69	7.48	0.00	13.65	7.43	8.47	7.90	7.97	9.73
Inventory Turnover	0.00	26.27	23.34	22.43	0.00	2.54	19.91	17.05	14.92	16.04	14.38
Fixed Asset Turnover	0.00	30.87	17.03	14.32	0.00	29.99	15.92	19.75	17.60	13.99	14.97
Accounts Payable Turnover	0.00	3.30	3.55	3.57	0.00	0.45	3.09	3.07	3.23	3.38	3.71
Days Sales Outstanding (DSO)	0.00	35.04	42.00	48.81	0.00	26.74	49.13	43.08	46.21	45.82	37.51
Days Inventory Outstanding (DIO)	0.00	13.90	15.64	16.27	0.00	143.60	18.34	21.40	24.47	22.75	25.39
Days Payable Outstanding (DPO)	0.00	110.56	102.71	102.18	0.00	813.92	118.22	118.72	112.83	108.08	98.37
Cash Conversion Cycle (CCC)	0.00	-61.63	-45.07	-37.10	0.00	-643.58	-50.76	-54.23	-42.15	-39.51	-35.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	6,033	53,379	49,448	43,094	45,674	15,992	14,058	16,438	15,180	17,604
Invested Capital Turnover	0.00	16.88	2.09	1.54	0.00	3.82	2.81	6.74	6.71	5.59	5.83
Increase / (Decrease) in Invested Capital	0.00	6,033	47,346	-3,931	-6,354	2,580	-29,682	-1,934	2,380	-1,258	2,424
Enterprise Value (EV)	0.00	0.00	0.00	0.00	84,594	80,585	85,120	55,985	48,608	77,925	92,101
Market Capitalization	0.00	0.00	0.00	0.00	35,735	33,337	51,194	40,242	29,048	60,518	72,568
Book Value per Share	$0.00	$0.83	$16.88	$15.23	($7.50)	($2.16)	$3.31	($2.21)	($4.36)	($3.13)	($2.12)
Tangible Book Value per Share	$0.00	($8.82)	($77.39)	($73.39)	($88.66)	($84.10)	($35.56)	($37.85)	($40.87)	($38.83)	($36.53)
Total Capital	0.00	15,203	68,630	69,740	53,775	55,840	47,247	25,374	26,563	23,862	23,180
Total Debt	0.00	13,631	49,390	51,871	53,521	52,056	39,222	26,954	29,588	25,994	24,567
Total Long-Term Debt	0.00	10,650	43,061	43,998	49,201	44,319	32,865	21,131	23,015	19,012	19,363
Net Debt	0.00	7,195	34,139	31,579	42,840	41,890	28,380	15,638	19,463	17,312	19,438
Capital Expenditures (CapEx)	455	394	675	1,367	1,497	2,576	2,082	2,796	3,003	2,756	2,652
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-5,078	-12,482	-13,767	-14,190	-17,153	-13,716	-14,840	-11,337	-12,754	-8,727
Debt-free Net Working Capital (DFNWC)	0.00	1,244	-1,033	2,362	-4,514	-7,851	-4,208	-5,363	-2,730	-5,388	-5,094
Net Working Capital (NWC)	0.00	-1,737	-7,362	-5,511	-8,834	-15,588	-10,565	-11,186	-9,303	-12,370	-10,298
Net Nonoperating Expense (NNE)	1,000	744	-515	1,235	9,563	-3,873	21	-1,820	1,912	1,092	1,078
Net Nonoperating Obligations (NNO)	0.00	4,461	34,139	31,579	42,840	41,890	7,967	15,638	19,463	17,312	18,991
Total Depreciation and Amortization (D&A)	3,030	2,931	5,206	8,634	7,746	6,143	5,390	4,551	3,156	3,303	3,123
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-9.97%	-20.08%	-17.42%	0.00%	-10.11%	-15.83%	-14.66%	-11.08%	-14.42%	-9.13%
Debt-free Net Working Capital to Revenue	0.00%	2.44%	-1.66%	2.99%	0.00%	-4.63%	-4.86%	-5.30%	-2.67%	-6.09%	-5.33%
Net Working Capital to Revenue	0.00%	-3.41%	-11.84%	-6.97%	0.00%	-9.19%	-12.19%	-11.05%	-9.09%	-13.99%	-10.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.01)	$3.21	$2.20	$0.00	$0.00	$0.00	$6.51
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	1.54B	1.53B	1.43B	1.47B	1.51B	760.40M	731.20M	713.79M	697.84M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.07)	$3.04	$2.13	$0.00	$0.00	$0.00	$6.38
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	1.54B	1.53B	1.43B	1.47B	1.51B	760.40M	731.20M	713.79M	697.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.21	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	1.54B	1.53B	1.43B	1.47B	1.51B	760.40M	731.20M	713.79M	697.84M
Normalized Net Operating Profit after Tax (NOPAT)	-221	-360	-1,673	-1,691	-17,671	1,656	3,526	3,887	4,334	4,464	5,654
Normalized NOPAT Margin	-0.41%	-0.71%	-2.69%	-2.14%	0.00%	0.98%	4.07%	3.84%	4.24%	5.05%	5.92%
Pre Tax Income Margin	-2.24%	-2.53%	-7.23%	-6.03%	0.00%	-0.03%	2.71%	5.85%	3.15%	4.62%	5.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	-24.74%	-9.36%	64.15%	38.89%	39.25%	39.80%	31.79%	27.86%
Augmented Payout Ratio	0.00%	0.00%	-114.16%	-49.45%	-61.04%	64.30%	45.76%	65.46%	158.84%	93.48%	84.42%

This table displays calculated financial ratios and metrics derived from Dell Technologies' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	2/3/2023	5/5/2023	8/4/2023	11/3/2023	2/2/2024	5/3/2024	8/2/2024	11/1/2024	1/31/2025	5/2/2025	8/1/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	363.51%	-19.89%	-13.21%	-9.99%	-10.87%	6.32%	9.12%	9.51%	7.23%	5.10%	18.98%
EBITDA Growth	127.24%	-21.92%	12.04%	55.68%	31.06%	-11.03%	14.76%	7.74%	24.26%	30.82%	20.79%
EBIT Growth	2,022.92%	-41.88%	12.44%	159.91%	61.21%	-22.41%	38.52%	17.97%	42.47%	82.94%	38.59%
NOPAT Growth	-30.69%	-35.84%	-26.64%	35.18%	94.34%	83.27%	53.71%	6.81%	18.57%	-35.80%	21.29%
Net Income Growth	60,500.00%	-45.93%	-10.08%	316.60%	120.30%	65.22%	84.84%	12.25%	23.82%	-2.72%	31.97%
EPS Growth	0.00%	-42.34%	-7.35%	312.12%	116.67%	67.09%	85.71%	16.18%	26.92%	0.00%	38.21%
Operating Cash Flow Growth	-12.25%	760.59%	343.92%	443.43%	-43.52%	-41.31%	-58.31%	-27.83%	-61.84%	168.07%	89.78%
Free Cash Flow Firm Growth	-152.26%	-97.43%	-85.02%	-79.74%	273.52%	280.81%	-111.42%	-100.89%	-122.53%	-91.63%	406.03%
Invested Capital Growth	16.93%	1.43%	-16.49%	-17.48%	-7.65%	-5.12%	10.81%	9.61%	15.97%	5.32%	1.95%
Revenue Q/Q Growth	1.29%	-16.44%	9.62%	-2.98%	0.30%	-0.33%	12.51%	-2.64%	-1.79%	-2.31%	27.37%
EBITDA Q/Q Growth	38.18%	-14.80%	2.05%	29.58%	16.33%	-36.73%	31.63%	21.66%	34.17%	-37.08%	20.92%
EBIT Q/Q Growth	103.30%	-23.62%	1.28%	65.27%	26.10%	-57.53%	80.80%	40.75%	52.30%	-48.92%	32.96%
NOPAT Q/Q Growth	-16.54%	12.27%	-15.29%	70.31%	19.99%	19.82%	-28.95%	18.34%	33.20%	-42.29%	38.06%
Net Income Q/Q Growth	151.45%	-4.62%	-21.28%	120.66%	32.97%	-17.53%	-11.94%	34.01%	46.67%	-41.62%	20.62%
EPS Q/Q Growth	154.55%	-5.95%	-20.25%	115.87%	33.82%	0.00%	-11.36%	35.04%	46.20%	-40.69%	24.09%
Operating Cash Flow Q/Q Growth	585.35%	-34.52%	80.87%	-33.04%	-28.76%	-31.96%	28.48%	15.90%	-62.33%	377.95%	-9.05%
Free Cash Flow Firm Q/Q Growth	-107.49%	140.23%	454.90%	21.20%	-35.87%	-11.72%	-116.64%	90.55%	-1,522.06%	132.96%	445.54%
Invested Capital Q/Q Growth	-6.17%	0.24%	-13.07%	0.91%	5.02%	4.21%	1.53%	-0.18%	11.11%	-6.46%	-1.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.99%	23.98%	23.49%	23.14%	24.72%	21.61%	21.22%	21.78%	24.35%	21.12%	18.29%
EBITDA Margin	7.10%	7.24%	6.74%	9.00%	10.44%	6.06%	7.08%	8.85%	12.09%	7.79%	7.40%
Operating Margin	4.75%	5.11%	5.08%	6.68%	7.58%	4.14%	5.36%	6.85%	9.64%	4.98%	5.95%
EBIT Margin	3.69%	3.37%	3.11%	5.30%	6.67%	2.46%	3.95%	5.71%	8.86%	4.63%	4.84%
Profit (Net Income) Margin	2.42%	2.76%	1.98%	4.51%	5.98%	4.29%	3.36%	4.63%	6.91%	4.13%	3.91%
Tax Burden Percent	65.66%	81.99%	63.73%	85.08%	89.72%	174.59%	85.04%	80.96%	77.97%	89.10%	80.83%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	34.34%	18.01%	36.27%	14.92%	10.28%	-74.59%	14.96%	19.04%	22.03%	10.90%	19.17%
Return on Invested Capital (ROIC)	20.92%	24.86%	19.26%	32.40%	38.02%	40.36%	27.74%	34.37%	43.82%	26.75%	30.47%
ROIC Less NNEP Spread (ROIC-NNEP)	19.92%	23.29%	17.70%	31.02%	37.03%	36.91%	26.05%	33.10%	43.02%	26.37%	29.04%
Return on Net Nonoperating Assets (RNNOA)	-151.85%	-167.67%	-120.25%	-198.07%	-264.08%	-246.82%	-169.78%	-243.78%	-443.80%	-173.64%	-196.34%
Return on Equity (ROE)	-130.94%	-142.81%	-101.00%	-165.67%	-226.05%	-206.46%	-142.04%	-209.40%	-399.98%	-146.89%	-165.88%
Cash Return on Invested Capital (CROIC)	12.82%	21.55%	40.12%	42.20%	36.20%	35.46%	24.04%	25.47%	19.70%	27.75%	32.67%
Operating Return on Assets (OROA)	4.14%	3.79%	3.34%	5.74%	6.87%	2.69%	4.31%	6.50%	10.46%	5.36%	5.71%
Return on Assets (ROA)	2.72%	3.11%	2.13%	4.88%	6.16%	4.69%	3.67%	5.26%	8.16%	4.78%	4.62%
Return on Common Equity (ROCE)	-136.68%	-148.38%	-104.72%	-171.11%	-234.47%	-213.70%	-147.02%	-217.72%	-421.57%	-149.42%	-168.77%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-63.88%	-67.82%	-99.21%	0.00%	-126.58%	-136.77%	-178.60%	0.00%	-150.43%	0.00%
Net Operating Profit after Tax (NOPAT)	781	876	742	1,264	1,517	1,606	1,141	1,350	1,799	1,038	1,433
NOPAT Margin	3.12%	4.19%	3.24%	5.68%	6.80%	7.22%	4.56%	5.54%	7.52%	4.44%	4.81%
Net Nonoperating Expense Percent (NNEP)	1.00%	1.57%	1.56%	1.37%	0.99%	3.45%	1.68%	1.27%	0.80%	0.39%	1.43%
Return On Investment Capital (ROIC_SIMPLE)	2.94%	-	-	5.26%	6.36%	-	-	5.91%	7.76%	4.03%	5.53%
Cost of Revenue to Revenue	77.01%	76.02%	76.51%	76.86%	75.28%	78.39%	78.78%	78.22%	75.66%	78.88%	81.71%
SG&A Expenses to Revenue	15.06%	15.59%	15.34%	13.35%	13.93%	14.04%	12.74%	11.88%	11.47%	12.68%	9.70%
R&D to Revenue	3.18%	3.29%	3.07%	3.11%	3.21%	3.43%	3.12%	3.06%	3.23%	3.46%	2.64%
Operating Expenses to Revenue	18.24%	18.87%	18.41%	16.46%	17.14%	17.47%	15.86%	14.93%	14.70%	16.13%	12.34%
Earnings before Interest and Taxes (EBIT)	923	705	714	1,180	1,488	547	989	1,392	2,120	1,083	1,440
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,777	1,514	1,545	2,002	2,329	1,347	1,773	2,157	2,894	1,821	2,202
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.28	0.33	0.41	0.54	0.68	0.99	0.79	0.98	0.76	0.68	0.85
Price to Earnings (P/E)	11.90	16.59	19.98	18.58	17.86	24.80	18.27	22.43	15.80	14.48	17.87
Dividend Yield	3.25%	3.07%	2.68%	2.10%	1.74%	1.25%	1.59%	1.30%	1.72%	1.97%	1.52%
Earnings Yield	8.41%	6.03%	5.00%	5.38%	5.60%	4.03%	5.47%	4.46%	6.33%	6.91%	5.60%
Enterprise Value to Invested Capital (EV/IC)	2.96	3.15	3.88	4.61	5.13	6.87	5.75	6.97	5.23	5.19	6.51
Enterprise Value to Revenue (EV/Rev)	0.48	0.53	0.59	0.73	0.88	1.20	0.99	1.18	0.96	0.88	1.04
Enterprise Value to EBITDA (EV/EBITDA)	7.62	8.71	9.08	9.75	10.54	15.30	12.59	14.92	11.27	9.94	11.74
Enterprise Value to EBIT (EV/EBIT)	15.07	19.10	19.88	18.92	19.07	28.81	22.81	26.21	18.25	15.44	17.74
Enterprise Value to NOPAT (EV/NOPAT)	11.22	13.80	15.94	18.09	17.45	22.16	17.63	21.06	16.29	16.17	19.00
Enterprise Value to Operating Cash Flow (EV/OCF)	13.63	9.25	6.86	6.76	8.98	13.53	15.05	20.21	20.37	13.63	14.09
Enterprise Value to Free Cash Flow (EV/FCFF)	24.88	14.71	8.80	9.88	13.62	18.87	25.16	28.64	28.52	19.19	20.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-9.78	-9.72	-10.14	-10.36	-12.19	-9.36	-8.77	-11.43	-17.71	-9.52	-10.37
Long-Term Debt to Equity	-7.61	-7.85	-7.54	-7.83	-8.92	-7.12	-6.37	-8.86	-13.96	-7.92	-7.79
Financial Leverage	-7.62	-7.20	-6.79	-6.38	-7.13	-6.69	-6.52	-7.37	-10.32	-6.59	-6.76
Leverage Ratio	-39.60	-32.68	-32.11	-28.37	-33.30	-29.09	-30.75	-34.71	-46.00	-29.07	-30.89
Compound Leverage Factor	-39.60	-32.68	-32.11	-28.37	-33.30	-29.09	-30.75	-34.71	-46.00	-29.07	-30.89
Debt to Total Capital	111.39%	111.46%	110.94%	110.69%	108.93%	111.97%	112.87%	109.59%	105.98%	111.74%	110.67%
Short-Term Debt to Total Capital	24.74%	21.44%	28.46%	27.02%	29.26%	26.80%	30.89%	24.58%	22.45%	18.81%	27.60%
Long-Term Debt to Total Capital	86.64%	90.02%	82.49%	83.67%	79.67%	85.17%	81.98%	85.01%	83.53%	92.93%	83.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.37%	0.39%	0.39%	0.39%	0.40%	0.44%	0.45%	0.42%	0.41%	0.00%	0.00%
Common Equity to Total Capital	-11.75%	-11.85%	-11.33%	-11.08%	-9.33%	-12.40%	-13.32%	-10.01%	-6.39%	-11.74%	-10.67%
Debt to EBITDA	4.64	4.77	4.43	3.89	3.52	3.63	3.38	3.38	3.01	3.35	3.20
Net Debt to EBITDA	3.05	3.26	2.85	2.49	2.34	2.61	2.57	2.50	2.38	2.27	2.11
Long-Term Debt to EBITDA	3.61	3.86	3.30	2.94	2.57	2.76	2.46	2.62	2.37	2.78	2.40
Debt to NOPAT	6.83	7.56	7.78	7.23	5.82	5.25	4.74	4.77	4.35	5.44	5.17
Net Debt to NOPAT	4.49	5.16	5.00	4.62	3.88	3.79	3.61	3.52	3.44	3.69	3.42
Long-Term Debt to NOPAT	5.31	6.11	5.79	5.46	4.26	4.00	3.44	3.70	3.42	4.53	3.88
Altman Z-Score	1.13	1.16	1.11	1.22	1.31	1.52	1.39	1.64	1.65	1.48	1.63
Noncontrolling Interest Sharing Ratio	-4.39%	-3.90%	-3.68%	-3.28%	-3.72%	-3.51%	-3.51%	-3.97%	-5.40%	-1.72%	-1.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.82	0.80	0.77	0.76	0.74	0.73	0.72	0.77	0.78	0.85	0.83
Quick Ratio	0.52	0.48	0.47	0.47	0.44	0.40	0.40	0.43	0.41	0.45	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,599	643	3,570	4,327	2,775	2,450	-408	-39	-625	206	1,124
Operating Cash Flow to CapEx	357.58%	253.50%	515.06%	305.68%	210.87%	175.00%	196.48%	243.04%	79.59%	492.25%	376.74%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.12	1.13	1.07	1.08	1.03	1.09	1.09	1.14	1.18	1.16	1.18
Accounts Receivable Turnover	7.90	8.93	7.68	8.39	7.97	9.78	8.29	8.82	9.73	10.54	7.68
Inventory Turnover	14.92	14.61	15.16	14.62	16.04	15.71	14.94	14.59	14.38	12.36	12.16
Fixed Asset Turnover	17.60	16.49	15.57	15.10	13.99	14.36	14.63	14.97	14.97	15.33	15.90
Accounts Payable Turnover	3.23	3.37	3.00	3.18	3.38	3.55	3.14	3.32	3.71	3.28	3.10
Days Sales Outstanding (DSO)	46.21	40.88	47.53	43.53	45.82	37.31	44.01	41.36	37.51	34.63	47.52
Days Inventory Outstanding (DIO)	24.47	24.98	24.08	24.96	22.75	23.24	24.43	25.01	25.39	29.54	30.02
Days Payable Outstanding (DPO)	112.83	108.25	121.66	114.83	108.08	102.95	116.06	109.99	98.37	111.23	117.57
Cash Conversion Cycle (CCC)	-42.15	-42.39	-50.05	-46.34	-39.51	-42.41	-47.63	-43.61	-35.48	-47.07	-40.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,438	16,478	14,324	14,455	15,180	15,634	15,873	15,844	17,604	16,466	16,182
Invested Capital Turnover	6.71	5.94	5.95	5.70	5.59	5.59	6.08	6.20	5.83	6.03	6.33
Increase / (Decrease) in Invested Capital	2,380	233	-2,828	-3,063	-1,258	-844	1,549	1,389	2,424	832	309
Enterprise Value (EV)	48,608	51,892	55,587	66,638	77,925	107,443	91,322	110,501	92,101	85,499	105,379
Market Capitalization	29,048	32,391	38,049	49,519	60,518	88,987	72,555	91,921	72,568	66,009	86,431
Book Value per Share	($4.36)	($4.13)	($3.81)	($3.68)	($3.13)	($3.95)	($4.08)	($3.25)	($2.12)	($4.33)	($4.07)
Tangible Book Value per Share	($40.87)	($39.60)	($39.15)	($38.96)	($38.83)	($39.23)	($39.37)	($37.98)	($36.53)	($38.99)	($39.55)
Total Capital	26,563	25,508	24,461	24,047	23,862	22,757	21,725	22,832	23,180	25,757	25,923
Total Debt	29,588	28,432	27,138	26,617	25,994	25,480	24,522	25,022	24,567	28,781	28,689
Total Long-Term Debt	23,015	22,962	20,177	20,119	19,012	19,382	17,811	19,410	19,363	23,936	21,535
Net Debt	19,463	19,402	17,443	17,025	17,312	18,357	18,670	18,485	19,438	19,490	18,948
Capital Expenditures (CapEx)	759	701	624	704	727	596	682	639	735	568	675
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11,337	-11,594	-13,346	-13,690	-12,754	-12,839	-12,329	-11,078	-8,727	-10,352	-10,341
Debt-free Net Working Capital (DFNWC)	-2,730	-3,963	-4,982	-5,392	-5,388	-7,009	-7,779	-5,853	-5,094	-2,652	-2,196
Net Working Capital (NWC)	-9,303	-9,433	-11,943	-11,890	-12,370	-13,107	-14,490	-11,465	-10,298	-7,497	-9,350
Net Nonoperating Expense (NNE)	175	298	287	260	182	651	300	223	146	73	269
Net Nonoperating Obligations (NNO)	19,463	19,402	17,001	17,025	17,312	18,357	18,670	18,034	18,991	19,490	18,948
Total Depreciation and Amortization (D&A)	854	809	831	822	841	800	784	765	774	738	762
Debt-free, Cash-free Net Working Capital to Revenue	-11.08%	-11.94%	-14.26%	-15.02%	-14.42%	-14.31%	-13.42%	-11.79%	-9.13%	-10.71%	-10.19%
Debt-free Net Working Capital to Revenue	-2.67%	-4.08%	-5.32%	-5.92%	-6.09%	-7.81%	-8.47%	-6.23%	-5.33%	-2.74%	-2.16%
Net Working Capital to Revenue	-9.09%	-9.71%	-12.76%	-13.05%	-13.99%	-14.60%	-15.78%	-12.20%	-10.78%	-7.75%	-9.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.84	$0.81	$0.64	$1.39	$1.87	$1.36	$1.19	$1.61	$2.35	$1.39	$1.72
Adjusted Weighted Average Basic Shares Outstanding	731.20M	727.24M	723.43M	711.60M	713.79M	709.30M	702.38M	700.46M	697.84M	678.85M	672.37M
Adjusted Diluted Earnings per Share	$0.84	$0.79	$0.63	$1.36	$1.82	$1.32	$1.17	$1.58	$2.31	$1.37	$1.70
Adjusted Weighted Average Diluted Shares Outstanding	731.20M	727.24M	723.43M	711.60M	713.79M	709.30M	702.38M	700.46M	697.84M	678.85M	672.37M
Adjusted Basic & Diluted Earnings per Share	$0.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	731.20M	727.24M	723.43M	711.60M	713.79M	709.30M	702.38M	700.46M	697.84M	678.85M	672.37M
Normalized Net Operating Profit after Tax (NOPAT)	781	876	742	1,264	1,517	644	1,141	1,350	1,799	1,038	1,433
Normalized NOPAT Margin	3.12%	4.19%	3.24%	5.68%	6.80%	2.90%	4.56%	5.54%	7.52%	4.44%	4.81%
Pre Tax Income Margin	3.69%	3.37%	3.11%	5.30%	6.67%	2.46%	3.95%	5.71%	8.86%	4.63%	4.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.80%	51.37%	54.20%	39.61%	31.79%	31.69%	29.79%	30.02%	27.86%	29.35%	28.67%
Augmented Payout Ratio	158.84%	138.74%	121.49%	91.34%	93.48%	102.80%	105.71%	96.96%	84.42%	114.38%	113.19%

Key Financial Trends

Dell Technologies has shown a positive earnings trend over the past four years, with consolidated net income increasing substantially from a loss position of $1 million in Q4 2022 to over $1.16 billion in Q2 2026. Revenue growth is also evident, with Q2 revenue rising from approximately $26.4 billion in 2022 to $29.8 billion in Q2 2026. The company maintains strong operational cash flow, supporting investments and shareholder returns.

Consistent revenue growth, reaching $29.78 billion in Q2 2026 from $26.43 billion in Q2 2022, indicating expanding business operations.
Net income rose to $1.16 billion in Q2 2026 from a loss of $1 million in Q4 2022, showing improved profitability.
Strong net cash provided by continuing operating activities ($2.54 billion in Q2 2026), supporting operational health.
Significant gross profit of $5.45 billion in Q2 2026, consistent with revenue growth and cost management.
Consistent dividend payments with quarterly dividends increasing from $0.32 to $0.525 per share, indicating shareholder value focus.
Investments in property, plant, and equipment (approx. $600-$750 million per quarter) show commitment to infrastructure but weigh on cash.
Repurchases of common equity are a negative cash flow item but demonstrate active capital return strategies.
Increase in accounts receivable and inventory levels over time, signaling expansion but potential risk of working capital tied up.
Decreasing total common equity from nearly $9 billion in 2022 to negative equity (-$2.77 billion in Q2 2026), primarily due to treasury stock and accumulated comprehensive loss.
Overall debt levels remain high, with combined short-term and long-term debt exceeding $28 billion in Q2 2026, indicating leverage risk.

In summary, Dell Technologies demonstrates a recovery into sustained profitability and steady revenue growth, supported by healthy operational cash flows. However, negative common equity and substantial debt call for continued monitoring of financial leverage and capital structure. Investors should weigh the improving profitability and cash generation against the elevated leverage and negative equity metrics.

09/13/25 01:25 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Dell Technologies' Financials

When does Dell Technologies' financial year end?

According to the most recent income statement we have on file, Dell Technologies' fiscal year ends in January. Their fiscal year 2025 ended on January 31, 2025.

How has Dell Technologies' net income changed over the last 10 years?

Dell Technologies' net income appears to be on a downward trend, with a most recent value of $4.58 billion in 2025, falling from -$1.22 billion in 2015. The previous period was $3.37 billion in 2024. Find out what analysts predict for Dell Technologies in the coming months.

What is Dell Technologies' operating income?

Dell Technologies' total operating income in 2025 was $6.24 billion, based on the following breakdown:

Total Gross Profit: $21.25 billion
Total Operating Expenses: $15.01 billion

How has Dell Technologies' revenue changed over the last 10 years?

Over the last 10 years, Dell Technologies' total revenue changed from $54.14 billion in 2015 to $95.57 billion in 2025, a change of 76.5%.

How much debt does Dell Technologies have?

Dell Technologies' total liabilities were at $81.13 billion at the end of 2025, a 3.7% decrease from 2024, and a 86.3% increase since 2016.

How much cash does Dell Technologies have?

In the past 9 years, Dell Technologies' cash and equivalents has ranged from $3.63 billion in 2025 to $13.94 billion in 2018, and is currently $3.63 billion as of their latest financial filing in 2025.

How has Dell Technologies' book value per share changed over the last 10 years?

Over the last 10 years, Dell Technologies' book value per share changed from 0.00 in 2015 to -2.12 in 2025, a change of -211.6%.

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This page (NYSE:DELL) was last updated on 9/13/2025 by MarketBeat.com Staff

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