Dell Technologies Inc.
Explore Dell Technologies Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
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Dell Technologies Inc.
Explore Dell Technologies Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$113.5B
▲ 28.4% vs FY2024 ($88.4B)
Source: Annual report / company filing
Dell Technologies Inc. reported $113.5B in revenue for fiscal year 2025. This represents a growth of 28.4% compared to the 2024 figure of $88.4B.
Forty years later, Dell Technologies generates in annual revenue13.5B in annual revenue, making that seed capital one of the highest-return early investments in American technology history. Dell went public in 1988, became the world's largest PC maker by 2001, went private again in 2013 in a $24.4 billion leveraged buyout that Michael Dell engineered with Silver Lake Partners, and then re-emerged as a public company in 2018 after absorbing EMC Corporation — a $67 billion acquisition completed in 2016 that remains one of the largest technology deals ever executed. Revenue fell from $102 billion in fiscal 2023 to $113.5B in fiscal FY2025, reflecting a cyclical correction in both enterprise hardware spending and consumer PC demand following the pandemic-era surge. With 120,000 employees and a $45 billion market capitalization, Dell is not a high-multiple growth story — it is a capital-allocation and operational efficiency story. Revenue peaked at $102.3 billion in fiscal 2023 before falling to $113.5B in fiscal FY2025 — a $13.8 billion decline driven by a simultaneous correction in enterprise server spending and PC demand following two years of pandemic-driven overconsumption. Net income of $3.2 billion on $113.5B in revenue puts the net margin at roughly 3.6%. 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 2013 private equity buyout, structured at $24.4 billion with Silver Lake Partners, was a bet that the company needed to transform away from PC dependency while shielded from quarterly earnings pressure.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $113.5B | — | +28.4% |
| FY2024 | $88.4B | $3.2B | -13.6% |
| FY2023 | $102.3B | — | +1.1% |
| FY2022 | $101.2B | — | +7.4% |
| FY2021 | $94.2B | — | +2.2% |
| FY2020 | $92.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.