Dell vs Ford: Revenue, Profit and Business Model
Dell reported $113.5B of revenue in FY2026 and $5.9B of net income. Ford reported $187.3B of revenue in FY2025 and a net loss of $8.2B.
Latest financial snapshot
Financial summary
Dell
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.
Ford
Ford's numbers show a profitable truck and fleet business funding an expensive EV reset. FY2025 revenue rose 1.2% to $187.267B, but Ford posted an $8.162B net loss as Model e lost $4.806B at EBIT and the company took charges tied to its December 2025 decision to cancel some EV programs. Ford Pro earned $6.843B of EBIT. In Q2 2026, revenue fell 4% to $48.3B on lower wholesale volumes and aluminum shortages linked to supplier Novelis, and the $1.3B net loss included $3.6B of charges for exiting the BlueOval SK battery joint venture. Adjusted EBIT still rose 17% to $2.5B, adjusted free cash flow was $2.1B, and liquidity exceeded $43B.
Revenue and profit by year
Dell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $113.5B | $5.9B | 5.2% | +18.8% | Source |
| FY2025 | $95.6B | $4.6B | 4.8% | +8.1% | Source |
| FY2024 | $88.4B | $3.4B | 3.8% | -13.6% | Source |
| FY2023 | $102.3B | $2.4B | 2.4% | +1.1% | Source |
| FY2022 | $101.2B | $5.6B | 5.5% | — | Source |
Ford
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $187.3B | -$8.2B | -4.4% | +1.2% | Source |
| FY2024 | $185B | $5.9B | 3.2% | +5.0% | Source |
| FY2023 | $176.2B | $4.3B | 2.5% | +11.5% | Source |
| FY2022 | $158.1B | -$2B | -1.3% | +15.9% | Source |
| FY2021 | $136.3B | $17.9B | 13.2% | +7.2% | Source |
| FY2020 | $127.1B | -$1.3B | -1.0% | -18.4% | Source |
| FY2019 | $155.9B | $84M | 0.1% | -2.8% | Source |
| FY2018 | $160.3B | $3.7B | 2.3% | +2.3% | Source |
| FY2017 | $156.8B | $7.8B | 4.9% | +3.3% | Source |
| FY2016 | $151.8B | $4.6B | 3.0% | — | Source |
Where the revenue comes from
Dell
- Client SolutionsMajor
Revenue from commercial and consumer PCs, workstations, peripherals, and related support.
- Infrastructure SolutionsMajor
Revenue from servers, storage, networking, AI infrastructure, and data-center systems.
- Services, Support, and Financing
Supporting
Revenue from warranties, support contracts, deployment, managed services, and financing tied to hardware and infrastructure sales.
Ford
- Ford Blue~54%
Combustion and hybrid Ford and Lincoln retail vehicles generated $101.019B of FY2025 revenue.
- Ford Pro~35%
Commercial vehicles, fleet services, telematics, charging, and related customer relationships generated $66.286B of FY2025 revenue.
- Ford Model e~4%
Electric vehicles, EV technologies, and related software generated $6.670B of FY2025 revenue while remaining loss-making.
- Ford Credit and Other~7%
Vehicle financing, leasing, and other corporate activities complete Ford's consolidated revenue base.
Business model and strategy
Dell
How it makes money
Dell makes money by selling hardware plus attached services and financing. The Infrastructure Solutions Group sells AI-optimized servers built around Nvidia (and some AMD) accelerators, traditional PowerEdge servers, networking and storage to enterprises, cloud service providers and governments; in Q2 fiscal 2027 ISG produced $31.8 billion of revenue and $4.8 billion of operating income.
Growth strategy
Dell's growth strategy has three parts. First, win AI infrastructure share by shipping GPU-dense, liquid-cooled rack systems (PowerEdge XE servers with Nvidia Blackwell-generation GPUs) to neoclouds, sovereign AI programs and large enterprises, packaged as the Dell AI Factory.
Competitive advantage
Dell's edge is breadth and scale in enterprise relationships. It can sell a customer everything from 10,000 laptops to a liquid-cooled GPU cluster with storage, networking, deployment and financing under one contract, and support it worldwide.
Ford
How it makes money
Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. Ford Blue sells gas and hybrid retail vehicles such as the F-150, Bronco, Explorer, and Maverick ($101.0B of FY2025 revenue).
Growth strategy
After its December 2025 EV reset, Ford is concentrating capital on trucks, hybrids, and higher-margin services rather than large first-generation battery-electric programs.
Competitive advantage
Ford's clearest moat is the F-Series truck franchise, the best-selling pickup line in the U.S. every year since 1977, combined with Ford Pro's position in commercial vans and Super Duty trucks. Fleet customers buy vehicles, service, parts, telematics, and financing from one supplier, and Ford's upfitter, dealer, and mobile-service network is hard for EV startups or importers to replicate.
Questions about Dell vs Ford
Which company has higher revenue — Dell Technologies Inc. or Ford Motor Company?
Dell Technologies Inc. reported $113.5B (FY2026), while Ford Motor Company reported $187.3B (FY2025). By last reported revenue, Ford Motor Company is the larger business, with Dell Technologies Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Dell Technologies Inc. vs Ford Motor Company?
Dell Technologies Inc.'s market capitalisation stands at $360.0B, while Ford Motor Company's is $48.0B. Dell Technologies Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ford Motor Company.
Which is more financially efficient — Dell Technologies Inc. or Ford Motor Company?
Dell Technologies Inc. generates $1.17M / employee in revenue per employee, while Ford Motor Company generates $1.11M / employee. Dell Technologies Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Dell Technologies Inc. and Ford Motor Company make money?
Dell Technologies Inc. and Ford Motor Company generate revenue in fundamentally different ways. Dell Technologies Inc.: Dell makes money by selling hardware plus attached services and financing. Ford Motor Company: Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit.
Which company is valued higher relative to revenue — Dell Technologies Inc. or Ford Motor Company?
On a price-to-sales (P/S) basis, Dell Technologies Inc. trades at 3.2x P/S and Ford Motor Company at 0.3x P/S. Dell Technologies Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Ford Motor Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Dell Technologies Inc. bigger than Ford Motor Company?
By last reported revenue, Ford Motor Company ($187.3B (FY2025)) is the larger company compared to Dell Technologies Inc. ($113.5B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Dell vs Ford overview