DELL Financials Dell Technologies

12 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 5.5% per year over the past 5 years.
Net income has grown faster than revenue (12.8% vs 5.5% per year).
Operating margin has expanded, at 7.2% in the latest year.
Free cash flow has declined 1.7% per year over the past 5 years.

Financial health

Total debt ($31.5B) exceeds cash ($11.5B); net debt is $20.0B.
Total debt has grown slower than revenue (-4.3% vs 5.5% per year).
Operating income covered interest expense 5.2× in the latest year.
Total debt is 2.8× EBITDA.

Shareholder returns

Dividends have been paid for 4 consecutive years, consuming 24.6% of earnings and 17.1% of free cash flow.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2026	$113.5B	$5.9B	20.0%	7.2%	$8.6B	$31.5B	$11.5B
2025	$95.6B	$4.6B	22.2%	6.5%	$1.9B	$24.6B	$3.6B
2024	$88.4B	$3.4B	23.8%	6.1%	$5.9B	$26.0B	$7.4B
2023	$102.3B	$2.4B	22.2%	5.6%	$562M	$29.6B	$8.6B
2022	$101.2B	$5.7B	21.6%	4.6%	$7.5B	$27.0B	$9.5B
2021	$86.7B	$3.3B	23.2%	4.3%	$9.3B	$39.2B	$9.5B
2020	$84.8B	$4.6B	24.3%	2.8%	$6.7B	$52.1B	$9.3B
2019	$90.6B	-$2.3B	27.6%	-0.2%	$5.5B	$53.5B	$9.7B
2018	$79.0B	-$2.8B	26.0%	-3.1%	$5.6B	$51.9B	$13.9B
2017	$62.2B	-$1.2B	22.0%	-3.8%	$1.7B	$49.4B	$9.5B
2016	—	-$1.1B	—	—	$1.7B	$13.6B	$6.3B
2015	—	-$1.2B	—	—	$2.1B	—	$5.4B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
May '26	$43.8B	$3.4B	17.8%	8.3%	$3.1B	$31.2B	$11.6B
Jan '26	$33.4B	$2.3B	20.2%	9.3%	$4.0B	$31.5B	$11.5B
Oct '25	$27.0B	$1.5B	20.7%	7.8%	$503M	$31.2B	$9.6B
Aug '25	$29.8B	$1.2B	18.3%	6.0%	$1.9B	$28.7B	$8.1B
May '25	$23.4B	$965M	21.1%	5.0%	$2.2B	$28.8B	$7.7B
Jan '25	$23.9B	$1.5B	23.7%	9.0%	-$150M	$24.6B	$3.6B
Nov '24	$24.4B	$1.2B	22.0%	7.1%	$914M	$25.0B	$5.2B
Aug '24	$25.0B	$887M	21.4%	5.6%	$658M	$24.5B	$4.5B
May '24	$22.2B	$997M	21.8%	4.3%	$447M	$25.5B	$5.8B
Feb '24	$22.3B	$1.2B	24.1%	6.9%	$806M	$26.0B	$7.4B
Nov '23	$22.3B	$1.1B	23.4%	6.9%	$1.4B	$26.6B	$8.3B
Aug '23	$22.9B	$489M	23.6%	5.2%	$2.6B	$27.1B	$8.4B
May '23	$20.9B	$583M	24.0%	5.1%	$1.1B	$28.4B	$7.6B
Feb '23	$25.0B	$614M	23.0%	4.7%	$2.0B	$29.6B	$8.6B
Oct '22	$24.7B	$245M	23.1%	7.1%	-$351M	$27.3B	$4.9B
Jul '22	$26.4B	$511M	20.6%	4.8%	-$83M	$26.9B	$5.5B
Apr '22	$26.1B	$1.1B	22.1%	5.9%	-$959M	$27.1B	$6.7B
Jan '22	$28.0B	$2M	20.1%	5.7%	$2.4B	$27.0B	$9.5B
Oct '21	$26.4B	$3.8B	20.9%	4.0%	$2.5B	$48.0B	$22.4B
Jul '21	$24.2B	$831M	22.6%	4.2%	$1.1B	$43.6B	$11.7B

Valuation over time

How the market has priced DELL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 10.8× (Mar '23) to 44.7× (Jun '26).
The price-to-sales ratio has risen from 0.3× (Mar '23) to 2.3× (Jun '26).
The dividend yield has fallen from 3.7% (Mar '23) to 0.5% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is DELL growing its revenue and profit?

Over the past 5 years, Dell Technologies's revenue has grown 5.5% per year, and net income grown 12.8% per year. These are computed facts, not advice.

How much debt does DELL have?

As of FY2026, Dell Technologies reported $31.5B of total debt against $11.5B of cash; operating income covered interest expense 5.2×.

What is DELL's profit margin?

In FY2026, gross margin was 20.0%, operating margin 7.2%, and net margin 5.2%.

What is DELL's P/E ratio?

As of Jun '26, Dell Technologies traded at a price-to-earnings ratio of about 44.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.