Dell Technologies Inc. (DELL) Cash Flow Statement
Where DELL’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $11.19B +147.4% vs FY2025
- Capital expenditures
- $2.63B 2.3% of revenue
- Free cash flow
- $8.55B 7.5% margin
- Returned to shareholders
- $7.47B 87% of free cash flow
- Change in cash
- $7.89B cash at year-end $11.71B
Cash from operations
$11.19B
Capital expenditures
−$2.63B
Investments (net)
+$49.0M
Acquisitions & other
+$529.0M
Dividends
−$1.46B
Share buybacks (net)
−$6.01B
Net borrowing (repayment)
+$6.48B
Other financing
−$478.0M
Currency & other
+$226.0M
Change in cash
$7.89B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DELL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DELL cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.37BFY2017 | $11.19BFY2026 | +18.8%/yr | |
| Capital expenditures | $906.0MFY2017 | $2.63BFY2026 | +12.6%/yr | |
| Free cash flow | $1.46BFY2017 | $8.55BFY2026 | +21.7%/yr | |
| Free cash flow margin | 2.4%FY2017 | 7.5%FY2026 | +5.2 pts | |
| Operating cash flow / net income | 2.65FY2020 | 1.88FY2026 | −0.77 | |
| Stock-based compensation | $398.0MFY2017 | $723.0MFY2026 | +6.9%/yr | |
| Dividends paid | $2.13BFY2019 | $1.46BFY2026 | −5.3%/yr | |
| Share buybacks (net) | $1.42BFY2017 | $6.01BFY2026 | +17.4%/yr | |
| Capex / revenue | 1.5%FY2017 | 2.3%FY2026 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DELL cash flow by activity
OperatingInvestingFinancingChange in cash
DELL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DELL cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.94B | $4.58B | $3.37B | $2.42B | $2.42B | $3.50B | $3.50B | −$2.18B | −$2.93B | −$1.16B |
| Depreciation & amortization | $3.03B | $3.12B | $3.30B | $3.16B | $3.16B | $5.39B | $5.39B | $7.75B | $8.63B | $4.73B |
| Stock-based compensation | $723.0M | $785.0M | $878.0M | $931.0M | $931.0M | $1.61B | $1.61B | $918.0M | $835.0M | $398.0M |
| Change in working capital | $843.0M | −$4.21B | $605.0M | −$3.19B | −$3.19B | $1.39B | $1.39B | $1.08B | $2.15B | $1.84B |
| Other non-cash items | $654.0M | $245.0M | $518.0M | $244.0M | $6.99B | −$487.0M | −$2.60B | −$575.0M | −$1.85B | −$3.44B |
| Cash from operating activities | $11.19B | $4.52B | $8.68B | $3.56B | $10.31B | $11.41B | $9.29B | $6.99B | $6.84B | $2.37B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.63B | −$2.65B | −$2.76B | −$3.00B | −$3.00B | −$2.08B | −$2.08B | −$1.50B | −$1.21B | −$906.0M |
| Investments (net) | $49.0M | −$2.21B | −$2.78B | −$3.02B | $99.0M | −$460.0M | $316.0M | $5.72B | −$2.88B | −$31.26B |
| Acquisitions & other investing | $529.0M | $2.65B | $2.76B | $3.00B | $4.21B | $2.08B | −$2.92B | −$831.0M | $1.22B | $926.0M |
| Cash from investing activities | −$2.06B | −$2.21B | −$2.78B | −$3.02B | $1.31B | −$460.0M | −$4.69B | $3.39B | −$2.88B | −$31.24B |
| Financing activities | ||||||||||
| Dividends paid | −$1.46B | −$1.27B | −$1.07B | −$964.0M | −$964.0M | — | — | −$2.13B | — | — |
| Share repurchases & issuance (net) | −$6.01B | −$3.17B | −$2.45B | −$3.28B | −$3.28B | −$1.60B | −$1.60B | −$14.49B | −$1.83B | −$1.42B |
| Net borrowing (repayment) | $6.48B | −$1.31B | −$3.47B | $2.65B | −$6.30B | −$4.53B | −$1.64B | $1.57B | $2.16B | $29.90B |
| Shares issued | $5.0M | $1.0M | $10.0M | $5.0M | $334.0M | $452.0M | $658.0M | $803.0M | $0 | $0 |
| Other financing | −$478.0M | −$64.0M | −$109.0M | −$39.0M | $8.58B | −$270.0M | −$3.37B | −$74.0M | $78.0M | $3.34B |
| Cash from financing activities | −$1.46B | −$5.82B | −$7.09B | −$1.62B | −$1.62B | −$5.95B | −$5.95B | −$14.33B | $403.0M | $31.82B |
| Summary | ||||||||||
| Net change in cash | $7.89B | −$3.69B | −$1.39B | −$1.19B | −$1.19B | $5.03B | $5.03B | −$4.14B | $4.55B | $2.94B |
| Cash at end of period | $11.71B | $3.82B | $7.51B | $8.89B | $8.89B | $15.18B | $15.18B | $10.24B | $14.38B | $9.83B |
| Free cash flow | $8.55B | $1.87B | $5.92B | $562.0M | $7.51B | $9.32B | $9.32B | $5.49B | $5.63B | $1.46B |
| Free cash flow margin | 7.5% | 2.0% | 6.7% | 0.5% | 7.4% | 10.8% | 11.0% | 6.1% | 7.1% | 2.4% |
| Capex / revenue | 2.3% | 2.8% | 3.1% | 2.9% | 3.0% | 2.4% | 2.5% | 1.7% | 1.5% | 1.5% |
| Operating cash flow / net income | 1.88 | 0.99 | 2.57 | 1.47 | 4.26 | 3.25 | 2.65 | — | — | — |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $4.13B | $3.44B | $2.26B | $1.55B | $1.16B | $965.0M | $1.65B | $1.13B | $804.0M | $992.0M | $1.16B | $1.00B |
| Depreciation & amortization | $754.0M | $758.0M | $773.0M | $756.0M | $762.0M | $738.0M | $774.0M | $765.0M | $784.0M | $800.0M | $841.0M | $822.0M |
| Stock-based compensation | $184.0M | $189.0M | $189.0M | $165.0M | $179.0M | $190.0M | $186.0M | $198.0M | $191.0M | $210.0M | $203.0M | $227.0M |
| Change in working capital | −$2.76B | $38.0M | $1.22B | −$1.46B | $94.0M | $985.0M | −$2.07B | −$623.0M | −$655.0M | −$856.0M | −$910.0M | $108.0M |
| Other non-cash items | −$89.0M | −$342.0M | $232.0M | $160.0M | $344.0M | −$82.0M | $46.0M | $86.0M | $216.0M | −$103.0M | $241.0M | −$9.0M |
| Cash from operating activities | $2.23B | $4.08B | $4.67B | $1.17B | $2.54B | $2.80B | $585.0M | $1.55B | $1.34B | $1.04B | $1.53B | $2.15B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.24B | −$963.0M | −$721.0M | −$669.0M | −$675.0M | −$568.0M | −$735.0M | −$639.0M | −$682.0M | −$596.0M | −$727.0M | −$704.0M |
| Investments (net) | −$122.0M | −$123.0M | $90.0M | $25.0M | −$655.0M | −$88.0M | −$678.0M | −$524.0M | −$557.0M | −$456.0M | −$669.0M | −$825.0M |
| Acquisitions & other investing | $24.0M | $19.0M | −$64.0M | $27.0M | $675.0M | $568.0M | $735.0M | $639.0M | $682.0M | $596.0M | $727.0M | $704.0M |
| Cash from investing activities | −$1.34B | −$1.07B | −$695.0M | −$617.0M | −$655.0M | −$88.0M | −$678.0M | −$524.0M | −$557.0M | −$456.0M | −$669.0M | −$825.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$405.0M | −$464.0M | −$346.0M | −$351.0M | −$366.0M | −$396.0M | −$311.0M | −$312.0M | −$316.0M | −$336.0M | −$261.0M | −$266.0M |
| Share repurchases & issuance (net) | −$3.80B | −$1.63B | −$1.47B | −$1.27B | −$945.0M | −$2.33B | −$751.0M | −$454.0M | −$739.0M | −$1.22B | −$896.0M | −$744.0M |
| Net borrowing (repayment) | $3.37B | −$323.0M | $111.0M | $2.52B | −$152.0M | $4.00B | −$331.0M | $480.0M | −$976.0M | — | — | −$435.0M |
| Shares issued | $0 | $0 | $0 | $4.0M | $0 | $0 | $0 | $0 | $1.0M | $0 | $2.0M | $4.0M |
| Other financing | −$50.0M | −$539.0M | −$390.0M | −$52.0M | −$2.0M | −$33.0M | $2.0M | −$29.0M | −$2.0M | −$520.0M | −$664.0M | −$5.0M |
| Cash from financing activities | −$882.0M | −$2.95B | −$2.09B | $857.0M | −$1.47B | $1.24B | −$1.39B | −$315.0M | −$2.03B | −$2.08B | −$1.82B | −$1.45B |
| Summary | ||||||||||||
| Net change in cash | −$184.0M | $47.0M | $1.97B | $1.44B | $438.0M | $4.03B | −$1.58B | $733.0M | −$1.29B | −$1.54B | −$941.0M | −$202.0M |
| Cash at end of period | $11.57B | $11.75B | $11.71B | $9.73B | $8.29B | $7.85B | $3.82B | $5.40B | $4.67B | $5.96B | $7.51B | $8.45B |
| Free cash flow | $986.0M | $3.12B | $3.95B | $503.0M | $1.87B | $2.23B | −$150.0M | $914.0M | $658.0M | $447.0M | $806.0M | $1.45B |
| Free cash flow margin | 2.1% | 7.1% | 11.8% | 1.9% | 6.3% | 9.5% | −0.6% | 3.8% | 2.6% | 2.0% | 3.6% | 6.5% |
| Capex / revenue | 2.6% | 2.2% | 2.2% | 2.5% | 2.3% | 2.4% | 3.1% | 2.6% | 2.7% | 2.7% | 3.3% | 3.2% |
| Operating cash flow / net income | 0.54 | 1.19 | 2.07 | 0.76 | 2.18 | 2.90 | 0.35 | 1.38 | 1.67 | 1.05 | 1.32 | 2.14 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DELL cash generation
In fiscal 2026 (ended January 31, 2026), Dell generated $11.2 billion of cash from operations (up 147.4%) and spent $2.6 billion on capital expenditures, leaving free cash flow of $8.6 billion, 7.5% of revenue. It returned $7.5 billion to shareholders through dividends ($1.5 billion) and net share buybacks ($6.0 billion). Cash and equivalents rose by $7.9 billion over the year.
Related: DELL income statement, DELL balance sheet, DELL dividend history. See the DELL stock overview for the latest quote and news.
DELL cash flow FAQ
What is Dell's free cash flow?
Dell's free cash flow was $8.6 billion in fiscal 2026: $11.2 billion of operating cash flow minus $2.6 billion of capital expenditures It was $1.9 billion a year earlier..
How much cash does Dell generate from operations?
Dell generated $11.2 billion of cash from operating activities in fiscal 2026, 1.88 times its net income of $5.9 billion.
How much does Dell spend on capital expenditures?
Dell spent $2.6 billion on capital expenditures in fiscal 2026, 2.3% of revenue, compared with $2.7 billion the year before.
How much stock does Dell buy back?
Dell spent $6.0 billion on net share repurchases in fiscal 2026.
How much does Dell pay in dividends?
Dell paid $1.5 billion in dividends in fiscal 2026, 17.1% of free cash flow.