Dell Technologies Inc. Revenue in 2024

Dell Technologies Inc. reported $88.4B in revenue for fiscal year 2024. This represents a decline of 13.6% compared to the 2023 figure of $102.3B.

Revenue peaked at $102.3 billion in fiscal 2023 before falling to $88.4 billion in fiscal 2024 — a $13.8 billion decline driven by a simultaneous correction in enterprise server spending and PC demand following two years of pandemic-driven overconsumption. That volatility is structural in Dell's business: both hardware segments are highly cyclical, with enterprises and consumers deferring purchases during periods of uncertainty and catching up during recoveries. Net income of $3.2 billion on $88.4 billion in revenue puts the net margin at roughly 3.6%. For a hardware business with significant supply chain complexity, that is a workable margin rather than a comfortable one. The $45 billion market capitalization implies a price-to-earnings multiple in the mid-teens, reflecting the market's view of Dell as a value stock rather than a growth stock. The EMC acquisition debt has weighed on the balance sheet for years, constraining the buyback capacity that Michael Dell and the board have used as their primary capital return mechanism. The VMware spinoff in 2021 generated significant proceeds and reduced consolidated leverage meaningfully. The Infrastructure Solutions Group — servers, storage, networking — is the segment investors watch most closely because AI infrastructure investment is driving enterprise data center expansion faster than any other technology cycle in recent memory. Demand for AI-optimized servers represents a potential cyclical tailwind that could reverse the fiscal 2024 revenue decline faster than the normal enterprise refresh cycle would suggest.