Dell Technologies (DELL) FY2021 results: revenue $86.7 billion, up 2.2% on the year
Dell Technologies Inc. (DELL) reported revenue of $86.7 billion for fiscal 2021, the year ended 29 January 2021, up 2.2% on the year before. Net income was $3.2 billion, down 29.6%, and diluted earnings per share $4.22. The figures are the company's own, from the 10-K it filed with the SEC on 26 March 2021.
Revenue
$86.7 billion
+2.2% on the year
FY2015FY2021
Operating margin
4.3%
2.8% a year earlier
FY2015FY2021
Net income
$3.2 billion
-29.6% on the year
FY2015FY2021
Diluted EPS
$4.22
-30.0% on the year
FY2015FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
86,670
84,815
90,621
+2.2%
Cost of revenue
66,530
64,176
65,568
+3.7%
Gross profit
20,140
20,639
25,053
-2.4%
Gross margin
23.2%
24.3%
27.6%
Research and development
2,455
2,454
4,604
+0.0%
Selling, general and administrative
14,000
15,819
20,640
-11.5%
Operating income
3,685
2,366
-191
+55.7%
Operating margin
4.3%
2.8%
-0.2%
Interest expense
2,052
2,334
2,488
-12.1%
Pre-tax income
2,346
-51.0
-2,361
Income tax
101
-572
-180
Effective tax rate
4.3%
n/a
n/a
Net income
3,250
4,616
-2,310
-29.6%
Net margin
3.7%
5.4%
-2.5%
Diluted EPS
$4.22
$6.03
-$6.04
-30.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
11,407
9,291
6,991
+22.8%
Capital expenditure
2,082
2,576
1,497
-19.2%
Free cash flow
9,325
6,715
5,494
+38.9%
Free cash flow margin
10.8%
7.9%
6.1%
Cash from investing
-460
-4,686
3,389
Cash from financing
-5,950
-4,604
-14,329
Depreciation and amortisation
5,390
6,143
7,746
-12.3%
Share-based compensation
1,609
1,262
918
+27.5%
Buybacks
241
8.0
14,075
+2,912.5%
Dividends paid
0.0
0.0
2,134
Diluted shares, weighted
767m
751m
n/a
+2.1%
Shares outstanding at period end
753m
743m
719m
+1.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,479
-1,574
-5,765
Non-controlling interest
5,074
4,729
4,823
+7.3%
Redeemable equity
472
629
1,196
-25.0%
Debt
39,222
52,056
53,521
-24.7%
Operating lease liabilities
897
1,360
0.0
-34.0%
Other liabilities
75,271
61,661
58,045
+22.1%
Total liabilities and equity
123,415
118,861
111,820
+3.8%
Fixed assets
4,833
6,055
5,259
-20.2%
Goodwill
20,028
21,159
40,089
-5.3%
Intangible assets
9,115
18,107
22,270
-49.7%
Investments
1,334
864
1,005
+54.4%
Cash and equivalents
9,508
9,302
9,676
+2.2%
Receivables
10,731
12,484
12,371
-14.0%
Inventory
3,402
3,281
3,649
+3.7%
Other assets
64,464
47,609
17,501
+35.4%
Total assets
123,415
118,861
111,820
+3.8%
10-K for the year ended 29 January 2021, filed 26 March 2021: the filing.