Dell Technologies Inc. (DELL) Income Statement
DELL FY2026 at a glance
Fiscal year ended January 31, 2026 · U.S. dollarsDELL revenue and net income
Where DELL's revenue goes
FY2026Each bar shows an amount and its share of revenue. DELL kept 5.2% of revenue as net income.
DELL profit margins
DELL growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +18.8% | +3.5% | +5.5% | +8.4% |
| Gross profit | +6.9% | +0.0% | +2.4% | +10.5% |
| Operating income | +35.4% | +13.5% | +18.0% | — |
| Net income | +29.3% | +34.5% | +12.8% | — |
| EPS (diluted) | +26.0% | +9.7% | +4.7% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DELL quarterly EPS vs estimates
Dell beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 24, 2026 (estimate $6.41).
DELL income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113.54B | $95.57B | $88.42B | $102.30B | $101.20B | $86.67B | $84.81B | $90.62B | $79.04B | $62.16B |
| Cost of revenue | $90.83B | $74.32B | $67.36B | $79.61B | $79.31B | $66.53B | $64.18B | $65.57B | $58.50B | $48.52B |
| Gross profit | $22.71B | $21.25B | $21.07B | $22.69B | $21.89B | $20.14B | $20.64B | $25.05B | $20.54B | $13.65B |
| Research & development | $3.14B | $3.06B | $2.80B | $2.78B | $2.58B | $2.46B | $2.45B | $4.60B | $4.38B | $2.64B |
| Sales, general & admin | $11.12B | $11.53B | $12.34B | $14.14B | $14.56B | $14.00B | $15.20B | $19.69B | $19.00B | $13.16B |
| Total operating expenses | $14.26B | $15.01B | $15.66B | $16.91B | $17.23B | $16.45B | $18.27B | $25.24B | $22.95B | $16.04B |
| Operating income | $8.45B | $6.24B | $5.41B | $5.77B | $4.66B | $3.69B | $2.37B | −$191.0M | −$2.42B | −$2.39B |
| Interest income | $279.0M | $160.0M | $305.0M | $2.55B | $1.26B | $54.0M | $160.0M | $313.0M | $207.0M | $1.71B |
| Interest expense | $1.56B | $1.41B | $1.50B | $1.22B | $1.54B | $2.05B | $2.40B | $2.62B | $2.52B | $1.80B |
| Income before taxes | $7.26B | $5.05B | $4.09B | $3.23B | $5.92B | $2.35B | −$51.0M | −$2.36B | −$4.77B | −$4.49B |
| Income taxes | $1.33B | $472.0M | $715.0M | $803.0M | $981.0M | $101.0M | −$572.0M | −$180.0M | −$1.84B | −$1.42B |
| Net income | $5.94B | $4.59B | $3.39B | $2.44B | $5.56B | $3.25B | $4.62B | −$2.31B | −$2.85B | −$1.17B |
| EBITDA | $11.85B | $9.59B | $8.89B | $8.93B | $12.02B | $9.79B | $8.49B | $8.00B | $6.38B | $2.59B |
| EPS (diluted) | $10.07 | $7.99 | $7.13 | $7.62 | $8.46 | $7.99 | $7.35 | $6.71 | $4.76 | −$3.18 |
| Gross margin | 20.0% | 22.2% | 23.8% | 22.2% | 21.6% | 23.2% | 24.3% | 27.6% | 26.0% | 22.0% |
| Operating margin | 7.4% | 6.5% | 6.1% | 5.6% | 4.6% | 4.3% | 2.8% | −0.2% | −3.1% | −3.8% |
| Net margin | 5.2% | 4.8% | 3.8% | 2.4% | 5.5% | 3.7% | 5.4% | −2.5% | −3.6% | −1.9% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.97B | $43.84B | $33.38B | $27.00B | $29.78B | $23.38B | $23.81B | $24.37B | $25.03B | $22.24B | $22.32B | $22.25B |
| Cost of revenue | $37.14B | $36.06B | $26.65B | $21.41B | $24.33B | $18.44B | $18.32B | $19.06B | $19.71B | $17.39B | $17.00B | $17.10B |
| Gross profit | $9.83B | $7.78B | $6.73B | $5.59B | $5.45B | $4.94B | $5.49B | $5.31B | $5.31B | $4.85B | $5.32B | $5.15B |
| Research & development | $1.11B | $983.0M | $797.0M | $752.0M | $785.0M | $808.0M | $773.0M | $745.0M | $780.0M | $763.0M | $716.0M | $692.0M |
| Sales, general & admin | $3.25B | $3.04B | $2.79B | $2.72B | $2.89B | $2.96B | $2.75B | $2.89B | $3.19B | $3.12B | $2.95B | $2.97B |
| Total operating expenses | $4.36B | $4.13B | $3.58B | $3.42B | $3.67B | $3.71B | $3.33B | $3.64B | $3.97B | $3.89B | $3.83B | $3.66B |
| Operating income | $5.47B | $3.66B | $3.15B | $2.17B | $1.77B | $1.23B | $2.16B | $1.67B | $1.34B | $965.0M | $1.49B | $1.49B |
| Interest income | — | $81.0M | $96.0M | $178.0M | $77.0M | $31.0M | $33.0M | $35.0M | $42.0M | $54.0M | $92.0M | $88.0M |
| Interest expense | $254.0M | $391.0M | $411.0M | $396.0M | $399.0M | $361.0M | $344.0M | $328.0M | $387.0M | $359.0M | $374.0M | $372.0M |
| Income before taxes | $5.13B | $3.95B | $2.80B | $1.94B | $1.44B | $1.08B | $1.97B | $1.39B | $989.0M | $592.0M | $1.29B | $1.18B |
| Income taxes | $998.0M | $510.0M | $540.0M | $393.0M | $276.0M | $118.0M | $440.0M | $265.0M | $148.0M | −$400.0M | $130.0M | $176.0M |
| Net income | $4.13B | $3.44B | $2.26B | $1.55B | $1.16B | $965.0M | $1.53B | $1.13B | $846.0M | $997.0M | $1.16B | $1.01B |
| EBITDA | $6.23B | $5.10B | $3.98B | $3.09B | $2.60B | $2.18B | $3.09B | $2.48B | $2.16B | $1.75B | $2.50B | $2.37B |
| EPS (diluted) | $6.76 | $4.63 | $3.61 | $2.59 | $2.32 | $1.55 | $2.68 | $2.15 | $1.89 | $1.27 | $2.20 | $1.88 |
| Gross margin | 20.9% | 17.8% | 20.2% | 20.7% | 18.3% | 21.1% | 23.0% | 21.8% | 21.2% | 21.8% | 23.8% | 23.1% |
| Operating margin | 11.6% | 8.3% | 9.4% | 8.0% | 6.0% | 5.3% | 9.1% | 6.8% | 5.4% | 4.3% | 6.7% | 6.7% |
| Net margin | 8.8% | 7.8% | 6.8% | 5.7% | 3.9% | 4.1% | 6.4% | 4.6% | 3.4% | 4.5% | 5.2% | 4.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DELL's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DELL financial results
In fiscal year 2026 (ended January 31, 2026), Dell reported revenue of $113.5 billion, up 18.8% from the year before. It had net income of $5.9 billion (up 29.3%), a net profit margin of 5.2%. Diluted earnings per share came to $10.07. Over five years revenue grew at an average rate of 5.5% a year.
See the DELL stock overview for the latest quote and news, or the DELL chart for price history and technical indicators.
DELL income statement FAQ
What is Dell's annual revenue?
Dell reported total revenue of $113.5 billion for fiscal year 2026, which ended on January 31, 2026. That was up 18.8% from $95.6 billion the previous year.
Is Dell profitable?
Yes. Dell reported net income of $5.9 billion in fiscal 2026, a net profit margin of 5.2%; its operating margin was 7.4%.
What is Dell's gross margin?
Dell's gross margin was 20.0% in fiscal 2026: for every $100 of revenue, Dell kept $20 after the direct cost of its products and services.
How much does Dell spend on research and development?
Dell spent $3.1 billion on research and development in fiscal 2026, 2.8% of revenue.
How fast is Dell growing?
Revenue grew 5.5% a year on average over the last five fiscal years, from $86.7 billion to $113.5 billion.
What are Dell's earnings per share?
Dell earned $10.07 per diluted share in fiscal 2026, compared with $7.99 a year earlier.
When will Dell report its next earnings?
Dell is expected to report results for the quarter ending October 31, 2026 on November 24, 2026.
When does Dell's fiscal year end?
Dell's fiscal year ends in January. The latest annual report covers the year ended January 31, 2026 and was filed on March 16, 2026.