Dell vs McDonald's: Revenue, Profit and Business Model
Dell reported $113.5B of revenue in FY2026 and $5.9B of net income. McDonald's reported $26.9B of revenue in FY2025 and $8.6B of net income.
Latest financial snapshot
Dell
- Latest revenue
- $113.5B (FY2026)
- Net income
- $5.9B
- Net margin
- 5.2%
- Revenue growth
- +2.9% a year, FY2022–FY2026
McDonald's
- Latest revenue
- $26.9B (FY2025)
- Net income
- $8.6B
- Net margin
- 31.9%
- Revenue growth
- +1.0% a year, FY2016–FY2025
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.
McDonald's
McDonald's corporate revenue ($26.885 billion in 2025, up 3.7%) is a fraction of the roughly $139 billion that customers spend across the system, because franchised restaurant sales are not booked as company revenue. What the company does book is mostly franchise rent and royalties, which explains net income of $8.563 billion in 2025 and operating margins well above typical restaurant operators. In Q2 2026, revenue rose 4% (2% in constant currency) to about $7.1 billion, diluted EPS was $3.32 ($3.38 adjusted), and systemwide sales grew 5% to $37 billion. The company returns most free cash flow through dividends, which it has raised every year since 1976, and share buybacks.
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 |
McDonald's
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $26.9B | $8.6B | 31.9% | +3.7% | Source |
| FY2024 | $25.9B | $8.2B | 31.7% | +1.7% | Source |
| FY2023 | $25.5B | $8.5B | 33.2% | +10.0% | Source |
| FY2022 | $23.2B | $6.2B | 26.6% | -0.2% | Source |
| FY2021 | $23.2B | $7.5B | 32.5% | +20.9% | Source |
| FY2020 | $19.2B | $4.7B | 24.6% | -10.1% | Source |
| FY2019 | $21.4B | $6B | 28.2% | +0.5% | Source |
| FY2018 | $21.3B | $5.9B | 27.9% | -6.8% | Source |
| FY2017 | $22.8B | $5.2B | 22.8% | -7.3% | Source |
| FY2016 | $24.6B | $4.7B | 19.0% | — | 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.
McDonald's
- Franchise rent and royalties~45%
Franchise rent and royalties
- Company-operated restaurants~25%
Company-operated restaurants
- Licensing and delivery economics~15%
Licensing and delivery economics
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.
McDonald's
How it makes money
About 95% of McDonald's restaurants are owned and operated by franchisees or developmental licensees. The corporation makes money in three main ways: (1) rent, because it owns or leases the land and buildings at many franchised sites and charges franchisees rent, often tied to a percentage of sales; (2) royalties, a percentage of each restaurant's monthly sales;
Growth strategy
McDonald's growth plan, branded Accelerating the Arches, rests on marketing, core menu (burgers, chicken, coffee), and the 3 D's: digital, delivery, and drive-thru. The company targets roughly 50,000 restaurants worldwide by the end of 2027, with China, other developmental licensed markets, and the U.S. contributing the largest number of openings.
Competitive advantage
McDonald's advantage is scale that rivals cannot easily copy: more than 45,000 restaurants, control of prime real estate at many franchised sites, a long-tenured franchisee base that funds most store capital, and a supply chain that buys beef, potatoes, chicken, and packaging at volumes few chains match.
Questions about Dell vs McDonald's
Which company has higher revenue — Dell Technologies Inc. or McDonald's Corporation?
Dell Technologies Inc. reported $113.5B (FY2026), while McDonald's Corporation reported $26.9B (FY2025). By last reported revenue, Dell Technologies Inc. is the larger business, with McDonald's Corporation 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 McDonald's Corporation?
Dell Technologies Inc.'s market capitalisation stands at $360.0B, while McDonald's Corporation's is $175.7B. Dell Technologies Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to McDonald's Corporation.
Which is more financially efficient — Dell Technologies Inc. or McDonald's Corporation?
Dell Technologies Inc. generates $1.17M / employee in revenue per employee, while McDonald's Corporation generates $179k / 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 McDonald's Corporation make money?
Dell Technologies Inc. and McDonald's Corporation generate revenue in fundamentally different ways. Dell Technologies Inc.: Dell makes money by selling hardware plus attached services and financing. McDonald's Corporation: About 95% of McDonald's restaurants are owned and operated by franchisees or developmental licensees.
Which company is valued higher relative to revenue — Dell Technologies Inc. or McDonald's Corporation?
On a price-to-sales (P/S) basis, Dell Technologies Inc. trades at 3.2x P/S and McDonald's Corporation at 6.5x P/S. McDonald's Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Dell Technologies Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Dell Technologies Inc. bigger than McDonald's Corporation?
By last reported revenue, Dell Technologies Inc. ($113.5B (FY2026)) is the larger company compared to McDonald's Corporation ($26.9B (FY2025)). 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 McDonald's overview