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Dell vs Roche: Revenue, Profit and Business Model

Dell reported $113.5B of revenue in FY2026 and $5.9B of net income. Roche reported ~$76B of revenue in FY2025 and ~$15.5B 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

Roche

Latest revenue
~$76B (FY2025)
Net income
~$15.5B
Net margin
20.3%
Revenue growth
-1.0% a year, FY2021–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.

Roche

Roche's 2025 group sales were ~$73.8 billion (CHF 61.5 billion), up 7% at constant exchange rates but only 2% in Swiss francs. Core operating profit grew 13% CER to ~$26.2 billion (CHF 21.8 billion), core EPS was CHF 19.46, and IFRS net income jumped to ~$16.6 billion (CHF 13.8 billion) from ~$11 billion (CHF 9.2 billion) in 2024, when impairments depressed profit. In H1 2026 core operating margin widened 1.7 points to 39.0%, while a strong franc pushed reported sales down 2%. The board raised the dividend to CHF 9.80, the 39th consecutive increase, and guided for mid-single-digit CER sales growth and high-single-digit core EPS growth in 2026.

Revenue and profit by year

Dell

Dell revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2026$113.5B$5.9B5.2%+18.8%Source
FY2025$95.6B$4.6B4.8%+8.1%Source
FY2024$88.4B$3.4B3.8%-13.6%Source
FY2023$102.3B$2.4B2.4%+1.1%Source
FY2022$101.2B$5.6B5.5%—Source
Full Dell financials

Roche

Roche revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025~$76B~$15.5B20.3%+1.5%Source
FY2024~$74.9B~$9.9B13.3%+3.2%Source
FY2023~$72.5B~$13.8B19.0%-8.2%Source
FY2022~$79B~$14.9B18.9%-0.1%Source
FY2021~$79B~$16.7B21.2%—Source
Full Roche financials

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.

Roche

  • Prescription medicines
  • Biologics and oncology drugs
  • Diagnostic instruments
  • Diagnostic reagents and tests
  • Sequencing and molecular diagnostics
  • Clinical data and companion diagnostics

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.

Dell business model in full

Roche

How it makes money

Roche makes money in two ways. The Pharmaceuticals Division (~$57.2 billion (CHF 47.7 billion) in 2025) sells patented medicines, mostly biologics, in oncology, neuroscience, immunology, ophthalmology and haemophilia; top growth drivers in 2025 were Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo.

Growth strategy

Roche is building a cardiovascular, renal and metabolic franchise through acquisitions of Carmot Therapeutics (2023, $2.7 billion upfront) and 89bio (2025, up to about $3.5 billion), the petrelintide partnership with Zealand Pharma, and a new Innovation Center in Boston opened in September 2026.

Competitive advantage

Roche's edge comes from three things: scale in both drugs and diagnostics, a long-horizon ownership structure, and a federated R&D model. The Hoffmann and Oeri family pool holds the majority of voting shares, which shields management from takeover pressure.

Roche business model in full

Questions about Dell vs Roche

Which company has higher revenue — Dell Technologies Inc. or F. Hoffmann-La Roche AG?

Dell Technologies Inc. reported $113.5B (FY2026), while F. Hoffmann-La Roche AG reported ~$76B (FY2025). By last reported revenue, Dell Technologies Inc. is the larger business, with F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG?

Dell Technologies Inc.'s market capitalisation stands at $360.0B, while F. Hoffmann-La Roche AG's is $355.0B. Dell Technologies Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to F. Hoffmann-La Roche AG.

Which is more financially efficient — Dell Technologies Inc. or F. Hoffmann-La Roche AG?

Dell Technologies Inc. generates $1.17M / employee in revenue per employee, while F. Hoffmann-La Roche AG generates $674k / 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 F. Hoffmann-La Roche AG make money?

Dell Technologies Inc. and F. Hoffmann-La Roche AG generate revenue in fundamentally different ways. Dell Technologies Inc.: Dell makes money by selling hardware plus attached services and financing. F. Hoffmann-La Roche AG: Roche makes money in two ways.

Which company is valued higher relative to revenue — Dell Technologies Inc. or F. Hoffmann-La Roche AG?

On a price-to-sales (P/S) basis, Dell Technologies Inc. trades at 3.2x P/S and F. Hoffmann-La Roche AG at 4.7x P/S. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG?

By last reported revenue, Dell Technologies Inc. ($113.5B (FY2026)) is the larger company compared to F. Hoffmann-La Roche AG (~$76B (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 Roche overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.