Dell vs Nestlé: Revenue, Profit and Business Model
Dell reported $113.5B of revenue in FY2026 and $5.9B of net income. Nestlé reported ~$107.9B of revenue in FY2025 and ~$10.8B of net income.
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.
Nestlé
Nestlé's sales have shrunk in Swiss franc terms since 2022, from ~$113 billion (CHF 94.4 billion) to ~$107 billion (CHF 89.5 billion) in 2025, largely because of a strong franc and disposals, even as organic growth stayed positive (3.5% in 2025). Net profit fell to ~$10.8 billion (CHF 9.0 billion) in 2025 and the underlying trading operating profit (UTOP) margin was 16.1%, while free cash flow reached ~$11 billion (CHF 9.2 billion). In the first half of 2026, sales were ~$51.7 billion (CHF 43.1 billion) with 3.6% organic growth and 1.5% real internal growth (RIG). Net profit dropped 31.4% to ~$4.2 billion (CHF 3.5 billion), but the UTOP margin recovered to 16.4% and free cash flow rose to ~$4.08 billion (CHF 3.4 billion).
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 |
Nestlé
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$107.9B | ~$10.8B | 10.0% | -2.0% | Source |
| FY2024 | ~$110.1B | ~$13.1B | 11.9% | -1.7% | Source |
| FY2023 | ~$112B | ~$13.5B | 12.0% | -1.5% | Source |
| FY2022 | ~$113.7B | ~$11.1B | 9.8% | +8.4% | Source |
| FY2021 | ~$105B | ~$20.3B | 19.3% | — | 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.
Nestlé
- Powdered and Liquid Beverages28.1%
Largest 2025 annual report category, including coffee and beverage brands such as Nescafé and Nespresso.
- PetCare20.6%
Purina-led pet care portfolio and one of Nestlé's key global growth engines.
- Nutrition and Health Science16.0%
Infant, medical, and health-science nutrition products.
- Prepared Dishes and Cooking Aids11.3%
Includes cooking aids, prepared meals, and brands such as Maggi.
- Milk Products and Ice Cream10.8%
Dairy and ice cream products, with portfolio changes under review.
- Confectionery9.7%
Chocolate and confectionery brands such as KitKat in most markets.
- Water3.5%
Water brands including premium and regional water products.
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.
Nestlé
How it makes money
Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Growth strategy
Under Philipp Navratil, Nestlé is pursuing what it calls RIG-led growth: driving volume rather than price increases. It is putting more money behind four core businesses (Coffee, Petcare, Nutrition, Food & Snacks) and growth platforms that it says make up about 30% of sales. It is also reshaping the portfolio.
Competitive advantage
Nestlé's edge is the combination of global brands with local manufacturing and distribution. It runs a large worldwide factory and R&D network, holds leading positions in instant coffee and pet food, and can invest more in marketing and innovation than most rivals. Its Fuel for Growth cost programme is targeting ~$2.4 billion (CHF 2 billion) of savings by end-2026 to fund that brand investment.
Questions about Dell vs Nestlé
Which company has higher revenue — Dell Technologies Inc. or Nestlé S.A.?
Dell Technologies Inc. reported $113.5B (FY2026), while Nestlé S.A. reported ~$107.9B (FY2025). By last reported revenue, Dell Technologies Inc. is the larger business, with Nestlé S.A. 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 Nestlé S.A.?
Dell Technologies Inc.'s market capitalisation stands at $360.0B, while Nestlé S.A.'s is $295.1B. Dell Technologies Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Nestlé S.A..
Which is more financially efficient — Dell Technologies Inc. or Nestlé S.A.?
Dell Technologies Inc. generates $1.17M / employee in revenue per employee, while Nestlé S.A. generates $399k / 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 Nestlé S.A. make money?
Dell Technologies Inc. and Nestlé S.A. generate revenue in fundamentally different ways. Dell Technologies Inc.: Dell makes money by selling hardware plus attached services and financing. Nestlé S.A.: Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Which company is valued higher relative to revenue — Dell Technologies Inc. or Nestlé S.A.?
On a price-to-sales (P/S) basis, Dell Technologies Inc. trades at 3.2x P/S and Nestlé S.A. at 2.7x P/S. Dell Technologies Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nestlé S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Dell Technologies Inc. bigger than Nestlé S.A.?
By last reported revenue, Dell Technologies Inc. ($113.5B (FY2026)) is the larger company compared to Nestlé S.A. (~$107.9B (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 Nestlé overview