Dell Technologies Inc. designs, develops, manufactures, markets, sells, and supports various comprehensive and integrated solutions, products, and services in the Americas, Europe, the Middle East, Asia, and internationally. The company operates through Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) segments. The ISG segment provides modern and traditional storage solutions, including all-flash, purpose-built, hyper-converged infrastructure, software-defined storage, and general-purpose and AI-optimized servers. This segment also offers networking products and services comprising wide area network infrastructure, data center and edge networking switches, and cables and optics that help its business customers to transform and modernize their infrastructure and complementing its server and storage solutions; and software, peripherals, and services, including consulting and support, and deployment. The CSG segment provides notebooks, desktops, and workstations and branded peripherals that include displays, docking stations, keyboards, mice, webcam and audio devices, and third-party software and peripherals; and configuration, and extended warranties services. The company is involved in originating, collecting, and servicing customer financing arrangements and offers payment and consumption solutions and services, such utility, subscription, as-a-service, leases, and loans, as well as fixed-term leases and loans. It serves enterprises, governmental agencies and other public institutions, educational institutions, healthcare organizations, small and medium-sized businesses, and consumers. The company was formerly known as Denali Holding Inc. and changed its name to Dell Technologies Inc. in March 2013. Dell Technologies Inc. was founded in 1984 and is headquartered in Round Rock, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $113.5B | $11.9B | $5.9B | $8.6B | -240.3% | 18.8% | 29.3% |
| 2025 | $95.6B | $9.6B | $4.6B | $1.9B | -309.9% | 8.1% | 35.5% |
| 2024 | $88.4B | $8.9B | $3.4B | $5.9B | -152.1% | -13.6% | 38.7% |
| 2023 | $102.3B | $7.7B | $2.4B | $562M | -78.2% | - | - |
| 2022 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 102,301 | 88,425 | 95,567 | 113,538 |
| Operating Revenue | - | 102,301 | 88,425 | 95,567 | 113,538 |
| Cost Of Revenue | - | 79,615 | 67,356 | 74,317 | 90,831 |
| Gross Profit | - | 22,686 | 21,069 | 21,250 | 22,707 |
| Operating Expense | - | 16,915 | 15,136 | 14,594 | 14,261 |
| Research And Development | - | 2,779 | 2,801 | 3,061 | 3,142 |
| Selling General And Administration | - | 14,136 | 12,335 | 11,533 | 11,119 |
| Total Expenses | - | 96,530 | 82,492 | 88,911 | 105,092 |
| Operating Income | - | 5,771 | 5,933 | 6,656 | 8,446 |
| Total Operating Income As Reported | - | 5,771 | 5,411 | 6,237 | 8,149 |
| EBITDA | - | 7,662 | 8,891 | 9,585 | 11,852 |
| Normalized EBITDA | - | 9,027 | 9,565 | 9,939 | 11,754 |
| EBIT | - | 4,506 | 5,588 | 6,462 | 8,823 |
| Interest Income | - | 100 | 329 | 160 | 279 |
| Interest Expense | - | 1,281 | 1,501 | 1,414 | 1,560 |
| Net Interest Income | - | -1,181 | -1,172 | -1,254 | -1,281 |
| Other Non Operating Income Expenses | 20 | -59 | -44 | - | - |
| Other Income Expense | - | -1,365 | -674 | -354 | 98 |
| Interest Income Non Operating | - | 100 | 329 | 160 | 279 |
| Interest Expense Non Operating | - | 1,281 | 1,501 | 1,414 | 1,560 |
| Net Non Operating Interest Income Expense | - | -1,181 | -1,172 | -1,254 | -1,281 |
| Pretax Income | - | 3,225 | 4,087 | 5,048 | 7,263 |
| Tax Provision | - | 803 | 715 | 472 | 1,327 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -339.88 | -117.95 | -33.10 | 17.91 |
| Net Income Continuous Operations | - | 2,422 | 3,372 | 4,576 | 5,936 |
| Net Income From Continuing And Discontinued Operation | - | 2,442 | 3,388 | 4,592 | 5,936 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,442 | 3,388 | 4,592 | 5,936 |
| Net Income | - | 2,442 | 3,388 | 4,592 | 5,936 |
| Net Income Common Stockholders | - | 2,442 | 3,388 | 4,592 | 5,936 |
| Net Income Including Noncontrolling Interests | - | 2,422 | 3,372 | 4,576 | 5,936 |
| Normalized Income | - | 3,467.12 | 3,944.05 | 4,912.90 | 5,855.91 |
| Diluted NI Availto Com Stockholders | - | 2,442 | 3,388 | 4,592 | 5,936 |
| Basic Average Shares | - | 734 | 706.34 | 696.13 | 662.69 |
| Diluted Average Shares | - | 753 | 706.34 | 719.75 | 683.87 |
| Reconciled Depreciation | - | 3,156 | 3,303 | 3,123 | 3,029 |
| Reconciled Cost Of Revenue | - | 79,615 | 67,356 | 74,317 | 90,831 |
| Total Unusual Items | - | -1,365 | -674 | -354 | 98 |
| Total Unusual Items Excluding Goodwill | - | -1,365 | -674 | -354 | 98 |
| Minority Interests | - | 20 | 16 | 16 | 0 |
| Net Income Discontinuous Operations | 765 | 0 | 0 | - | - |
| Special Income Charges | - | -894 | -522 | -419 | -61 |
| Gain On Sale Of Business | - | 0 | 0 | 0 | 236 |
| Other Special Charges | 1,572 | 894 | -68 | - | - |
| Restructuring And Mergern Acquisition | - | - | 522 | 419 | 297 |
| Gain On Sale Of Security | - | -471 | -152 | 65 | 159 |
| Average Dilution Earnings | -7 | 0 | 0 | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Dell Technologies Inc.this co. | DELL | $274.2B | 46.18β discount | -110.99 | -240.3% | 24.82 |
| International Business Machines Corporation | IBM | $283.6B | 26.78 | 8.69 | 32.4% | 19.36 |
| KLA Corporation | KLAC | $278.4B | 68.54 | 59.33 | 86.6% | 52.88 |
| Texas Instruments Incorporated | TXN | $277.9B | 55.57 | 17.08 | 30.7% | 34.99 |
| Marvell Technology, Inc. | MRVL |
| - |
| - |
| - |
| - |
| - |
| - |
| $276.8B |
| 103.67 |
| 19.35 |
| 18.7% |
| 61.45 |
| Sandisk Corporation | SNDK | $260.6B | -158.80 | 28.28 | -17.8% | -208.42 |
| QUALCOMM Incorporated | QCOM | $255.7B | 46.14 | 12.06 | 26.1% | 17.75 |
| Palo Alto Networks, Inc. | PANW | $227.6B | 200.71 | 29.09 | 14.5% | 116.26 |
| Seagate Technology Holdings plc | STX | $209.5B | 142.62 | -462.49 | -324.3% | 102.45 |
| Peer Median | - | 62.06 | 18.21 | 22.4% | 43.93 | |