Dell Technologies Inc.
Financial Performance
Dell Revenue & Financials
Revenue
$113.5B (FY2026)
Market Cap
$360B
Net Income
$5.9B
Employees
97,000
What is Dell's revenue?
Dell had $113.5B in revenue for fiscal year 2026, up 18.8% from 2025. Net income was $5.9B.
- Latest revenue
- $113.5B (FY2026)
- Year-over-year
- +18.8%
- Growth rate (CAGR)
- 5% over 6 years
- Peak revenue
- $113.5B (FY2026)
- Years of data
- 7
- Employees
- 97,000
Financial Analysis
Dell's fiscal year ends in late January or early February. Revenue fell from $102.3 billion in fiscal 2023 to $88.4 billion in fiscal 2024 as post-pandemic PC demand faded, then recovered to $95.6 billion in fiscal 2025 and a record $113.5 billion in fiscal 2026, when net income reached $5.94 billion, operating cash flow topped $11 billion and $7.5 billion was returned to shareholders. Fiscal 2027 has accelerated: Q1 revenue was $43.8 billion (up 88%) and Q2 revenue was $47.0 billion (up 58%), with Q2 diluted EPS of $6.34. In September 2026 Dell raised full-year fiscal 2027 guidance to about $192 billion in revenue and $25.50 in non-GAAP EPS. The balance sheet still carries debt from the 2016 EMC deal, though leverage has fallen through the VMware spin-off and cash generation. Dell Technologies is a massive American multinational technology company, commanding a market valuation that frequently exceeds $80 billion.
Revenue Trend Analysis
YoY Change
+18.8%
6-Year CAGR
+5%
Peak Year
2026
Trend
Consistent Growth
Dell Technologies Inc. has 7 full fiscal year figures on this page, compounding at +5% annually over 6 years. The most recent year saw a 18.8% increase versus the prior year. Annual revenue peaked in fiscal year 2026 at $113.5B. Of 6 comparable year-over-year steps, 5 showed growth and 1 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2026 | $113.5B | $8.1Bfiling | $5.9B | +18.8% | sec.gov Record FY2026 revenue of $113.5B (+19%) and net income of $5.936B for the year ended January 30, 2026; operating cash flow above $11B. |
| FY2025 | $95.6B | $6.2Bfiling | $4.6B | +8.1% | data.sec.gov FY2025 revenue was $95.567B and net income was $4.592B. |
| FY2024 | $88.4B | $5.4Bfiling | $3.4B | -13.6% | data.sec.gov FY2024 revenue was $88.425B and net income was $3.388B. |
| FY2023 | $102.3B | $5.8Bfiling | $2.4B | +1.1% | data.sec.gov FY2023 revenue was $102.301B as PC demand normalized after pandemic-era strength. |
| FY2022 | $101.2B | $4.7B | $5.6B | +16.8% | Dell Technologies Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-03-25) Fiscal year ended 2022-01-28. |
| FY2021 | $86.7B | $3.7Bfiling | $3.3B | +2.2% | Dell Technologies Inc. annual report (SEC EDGAR, filed 2022-03-24) Fiscal year ended 2021-01-29. Figure as presented in the annual report filed 2022-03-24. |
| FY2020 | $84.8B | $2.4B | $4.6B | — | Dell Technologies Inc. annual report (SEC EDGAR, filed 2022-03-24) Fiscal year ended 2020-01-31. Figure as presented in the annual report filed 2022-03-24. |
Click any row to see year details.
Dell Technologies Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2026ended Jan 30, 2026 | $11.2B | $2.6B | $101.3B | $103.8B | -$2.5B | $8.6B | Form 10-K |
| FY2025ended Jan 31, 2025 | $4.5B | $2.7B | $79.7B | $81.1B | -$1.5B | $1.9B | Form 10-K |
| FY2024ended Feb 2, 2024 | $8.7B | $2.8B | $82.1B | $84.3B | -$2.2B | $5.9B | Form 10-K |
| FY2023ended Feb 3, 2023 | $3.6B | $3B | $89.6B | $92.6B | -$3.1B | $562M | Form 10-K |
| FY2022ended Jan 28, 2022 | $10.3B | $2.8B | $92.7B | $94.3B | -$1.7B | $7.5B | Form 10-K |
| FY2021ended Jan 29, 2021 | $11.4B | $2.1B | $123.4B | $115.4B | $2.5B | $9.3B | Form 10-K |
| FY2020ended Jan 31, 2020 | $9.3B | $2.6B | $118.9B | $115.1B | -$1.6B | $6.7B | Form 10-K |
Keep researching Dell
Dell Revenue and Financial FAQ
What are Dell Technologies Inc.'s annual net revenues and operating earnings?
Dell Technologies Inc. reported revenue of $113.5 billion for fiscal year 2026, up from $95.6 billion in fiscal 2025.
How are Dell's revenues divided between ISG and CSG?
Client Solutions Group (CSG) generates approximately 52% to 55% of net revenues (~$48B to $50B), while Infrastructure Solutions Group (ISG) generates roughly 45% to 48% (~$40B to $44B), with ISG growing rapidly driven by AI server demand.
How much annual free cash flow does Dell Technologies generate?
Dell generates strong and dependable annual cash flow from operations of $7.0 billion to $8.5 billion and free cash flow of approximately $5.0 billion to $6.0 billion, funding large shareholder capital returns and core debt reduction.
What is Dell's capital return policy regarding dividends and share repurchases?
Dell commits to returning over 80% of adjusted free cash flow to shareholders, paying a growing quarterly cash dividend (yielding ~1.5% to 2.0%) with planned 10%+ annual dividend increases through 2028, supplemented by multi-billion-dollar share repurchase programs.
How did Dell manage its debt following the 2016 EMC acquisition and 2021 VMware spin-off?
After taking on over $50 billion in debt to acquire EMC, Dell executed an aggressive deleveraging campaign. The tax-free spin-off of VMware in November 2021 generated a special dividend that allowed Dell to pay down billions in core debt, achieving an investment-grade credit rating (Baa2/BBB).
What is Dell's AI server backlog and shipment growth trajectory?
Dell's AI-optimized server shipments surged past $10 billion in annualized run-rate in 2024, with its contracted AI server backlog exceeding $3.8 billion to $4.5 billion, anchored by orders from cloud AI hyperscalers, sovereign governments, and enterprise clients.
What was the financial impact of the 2013 go-private transaction and 2018 relisting?
Michael Dell and Silver Lake Partners took Dell private in 2013 for $24.4 billion to restructure operations away from short-term public earnings scrutiny. In December 2018, Dell returned to public trading on the NYSE, creating tens of billions in equity value.
What is Dell Technologies' market capitalization on the New York Stock Exchange?
Dell Technologies (NYSE: DELL) trades with a market capitalization generally ranging between $85 billion and $115 billion, ranking among the premier enterprise IT infrastructure giants in the S&P 500.
Did Dell go private?
Yes, in 2013, Michael Dell partnered with private equity firm Silver Lake to execute a massive $24.4 billion leveraged buyout, taking Dell private to aggressively restructure the struggling company away from Wall Street's scrutiny. They returned to the public market in 2018.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Dell Revenue & Financials." CorpDigest, https://corpdigest.com/company/dell/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Dell reported $113.5B in revenue (FY2026).</strong><br>Source: <a href="https://corpdigest.com/company/dell/financials" target="_blank" rel="noopener">CorpDigest — Dell financials</a></div>Related Financial Audits
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