Dell Technologies Inc. DELL

Technology SIC 3571 - Electronic Computers NAICS Manufacturing › Computer and Electronic Product Manufacturing › Computer and Peripheral Equipment Manufacturing › Electronic Computer Manufacturing derived 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. These solutions range from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes. With our extensive portfolio and commitment to innovation, we design, deploy, and support secure, integrated solutions that extend from the edge to the core to the cloud. We deliver AI-optimized, software-defined, and cloud native infrastructure solutions across a broad partner ecosystem to help customers address evolving information technology ("IT") needs, drive outcomes, and capture growth as customer spending priorities evolve.

Last close 456.44 2026-10-23
Market cap $296.23B estimated share count
52-week range 110.22 - 595.51

Valuation FY2025 figures against the last close

P/S2.6x
P/E52.6x
P/FCF34.6x
EV/EBITDA28.3x
Dividend yield0.5%
Diluted EPS8.68

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Foreign countries
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 63.1B (55.6%) 56% United States Foreign countries, FY2025: 50.4B (44.4%) 44% Foreign countries FY2024 United States, FY2024: 51B (53.4%) 53% Foreign countries, FY2024: 44.6B (46.6%) 47% FY2023 United States, FY2023: 44B (49.7%) 50% Foreign countries, FY2023: 44.4B (50.3%) 50%
Region FY2025FY2024FY2023
United States $63.14B $51.01B $43.99B
Foreign countries $50.40B $44.55B $44.44B

As the company reported it, from the “SEGMENT INFORMATION - Schedule of Disaggregation of Net Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $113.54B$95.57B$88.42B$102.30B$101.20B$86.67B$84.81B$90.62B$79.04B$62.16B
Cost of revenue $90.83B$74.32B$67.36B$79.61B$79.31B$66.53B$64.18B$65.57B$58.50B$48.52B
Gross profit $22.71B$21.25B$21.07B$22.69B$21.89B$20.14B$20.64B$25.05B$20.54B$13.65B
R&D $3.14B$3.06B$2.80B$2.78B$2.58B$2.46B$2.45B$4.60B$4.38B$2.64B
SG&A $11.42B$11.95B$12.86B$14.14B$14.65B$14.00B$15.82B$20.64B$18.57B$13.40B
Total operating expenses $14.56B$15.01B$15.66B$16.91B$17.23B$16.45B$18.27B$25.24B$22.95B$16.04B
Operating income $8.15B$6.24B$5.41B$5.77B$4.66B$3.69B$2.37B-$191.0M-$2.42B-$2.39B
Interest expense $1.56B$1.39B$1.50B$1.22B$1.54B$2.05B$2.33B$2.49B$2.41B$1.75B
Pre-tax income $7.26B$5.05B$4.09B$3.23B$5.92B$2.35B-$51.0M-$2.36B-$4.77B-$4.49B
Income tax $1.33B$472.0M$715.0M$803.0M$981.0M$101.0M$572.0M$180.0M$1.84B$1.42B
Net income $5.94B$4.58B$3.37B$2.42B$5.71B$3.25B$4.62B-$2.31B-$2.85B-$1.17B
EPS, basic 8.796.514.713.33—4.376.38———
EPS, diluted 8.686.384.603.24—4.226.03———
Shares, diluted (wtd. avg.) 684.0M720.0M736.0M753.0M791.0M767.0M751.0M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $11.53B$3.63B$7.37B$8.61B$10.08B$15.18B$7.12B$10.24B$14.38B$9.83B
Short-term investments ————————$2.19B$1.98B
Receivables $17.59B$10.30B$9.34B$12.48B$12.91B$10.73B$12.48B$12.37B$11.18B$9.42B
Inventory $10.44B$6.72B$3.62B$4.78B$5.90B$3.40B$3.28B$3.65B$2.68B$2.54B
Total current assets $57.60B$36.23B$35.98B$42.35B$45.03B$43.57B$36.87B$36.14B$38.96B$30.77B
Property, plant and equipment $6.68B$6.34B$6.43B$6.21B$5.42B$4.83B$6.05B$5.26B$5.39B$5.65B
Goodwill $19.55B$19.12B$19.70B$19.68B$19.77B$20.03B$21.16B$40.09B$39.92B$38.91B
Other intangibles $4.53B$4.99B$5.70B$6.47B$7.46B$9.12B$18.11B$22.27B$28.27B$35.05B
Total assets $101.29B$79.75B$82.13B$89.61B$92.73B$123.42B$118.86B$111.82B$122.28B$118.21B
Accounts payable $33.63B$20.83B$19.23B$18.60B$27.14B$21.57B$20.07B$19.21B$18.33B$14.42B
Short-term debt $7.99B$5.20B$6.98B$6.57B$5.82B$6.36B$7.74B$4.32B$7.87B$6.33B
Total current liabilities $63.27B$46.53B$48.35B$51.65B$56.22B$54.13B$52.46B$44.97B$45.89B$38.13B
Long-term debt $23.51B$19.36B$19.01B$23.02B$21.13B$32.87B$44.32B$49.20B$44.00B$43.06B
Total liabilities $103.76B$81.13B$84.26B$92.64B$94.31B$115.39B$115.08B$111.57B$106.91B$98.97B
Retained earnings $3.33B-$1.16B-$4.45B-$6.73B-$8.19B-$13.75B-$16.89B-$21.35B-$9.25B-$5.61B
Total equity -$2.47B-$1.48B-$2.13B-$3.02B-$1.58B$7.55B$3.15B-$942.0M$17.48B$20.58B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $11.19B$4.52B$8.68B$3.56B$10.31B$11.41B$9.29B$6.99B$6.84B$2.37B
Depreciation and amortisation $3.03B$3.12B$3.30B$3.16B$4.55B$5.39B$6.14B$7.75B$8.63B$4.94B
Stock-based compensation $723.0M$785.0M$878.0M$931.0M$1.62B$1.61B$1.26B$918.0M$835.0M$398.0M
Capital expenditure $2.63B$2.65B$2.76B$3.00B$2.80B$2.08B$2.58B$1.50B$1.21B$699.0M
Investing cash flow -$2.06B-$2.21B-$2.78B-$3.02B$1.31B-$460.0M-$4.69B$3.39B-$2.88B-$31.24B
Financing cash flow -$1.46B-$5.82B-$7.09B-$1.62B-$16.61B-$5.95B-$4.60B-$14.33B$403.0M$31.79B
Dividends paid $1.46B$1.27B$1.07B$964.0M$0$0$0$2.13B$0$0
Buybacks $6.01B$2.59B$2.08B$2.88B$1.50B$241.0M$8.0M$14.07B$688.0M$611.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-226734.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -50B 0 50B 100B 150B Revenue, FY2016: 62.2B Gross profit, FY2016: 13.6B Net income, FY2016: -1.2B Revenue, FY2017: 79B Gross profit, FY2017: 20.5B Net income, FY2017: -2.8B Revenue, FY2018: 90.6B Gross profit, FY2018: 25.1B Net income, FY2018: -2.3B Revenue, FY2019: 84.8B Gross profit, FY2019: 20.6B Net income, FY2019: 4.6B Revenue, FY2020: 86.7B Gross profit, FY2020: 20.1B Net income, FY2020: 3.2B Revenue, FY2021: 101.2B Gross profit, FY2021: 21.9B Net income, FY2021: 5.7B Revenue, FY2022: 102.3B Gross profit, FY2022: 22.7B Net income, FY2022: 2.4B Revenue, FY2023: 88.4B Gross profit, FY2023: 21.1B Net income, FY2023: 3.4B Revenue, FY2024: 95.6B Gross profit, FY2024: 21.2B Net income, FY2024: 4.6B Revenue, FY2025: 113.5B Gross profit, FY2025: 22.7B Net income, FY2025: 5.9B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $62.16B $79.04B $90.62B $84.81B $86.67B $101.20B $102.30B $88.42B $95.57B $113.54B
Gross profit $13.65B $20.54B $25.05B $20.64B $20.14B $21.89B $22.69B $21.07B $21.25B $22.71B
Net income -$1.17B -$2.85B -$2.31B $4.62B $3.25B $5.71B $2.42B $3.37B $4.58B $5.94B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder rights changed Item 3.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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