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Dell Technologies (DELL) FY2023 results: revenue $102.3 billion, up 1.1% on the year

Dell Technologies Inc. (DELL) reported revenue of $102.3 billion for fiscal 2023, the year ended 3 February 2023, up 1.1% on the year before. Net income was $2.4 billion, down 56.1%, and diluted earnings per share $3.24. The figures are the company's own, from the 10-K it filed with the SEC on 30 March 2023.

Revenue
$102.3 billion
+1.1% on the year
FY2016FY2023
Operating margin
5.6%
4.6% a year earlier
FY2016FY2023
Net income
$2.4 billion
-56.1% on the year
FY2016FY2023
Diluted EPS
$3.24
-53.8% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue102,301101,19786,670+1.1%
Cost of revenue79,61579,30666,530+0.4%
Gross profit22,68621,89120,140+3.6%
Gross margin22.2%21.6%23.2%
Research and development2,7792,5772,455+7.8%
Selling, general and administrative14,13614,65514,000-3.5%
Operating income5,7714,6593,685+23.9%
Operating margin5.6%4.6%4.3%
Interest expense1,2221,5422,052-20.8%
Pre-tax income3,2255,9232,346-45.6%
Income tax803981101-18.1%
Effective tax rate24.9%16.6%4.3%
Net income2,4425,5633,250-56.1%
Net margin2.4%5.5%3.7%
Diluted EPS$3.24$7.02$4.22-53.8%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow3,56510,30711,407-65.4%
Capital expenditure3,0032,7962,082+7.4%
Free cash flow5627,5119,325-92.5%
Free cash flow margin0.5%7.4%10.8%
Cash from investing-3,0241,306-460
Cash from financing-1,625-16,609-5,950
Depreciation and amortisation3,1564,5515,390-30.7%
Share-based compensation9311,6221,609-42.6%
Buybacks2,8831,496241+92.7%
Dividends paid9640.00.0
Dividend per share$1.32n/an/a
Diluted shares, weighted753m791m767m-4.8%
Shares outstanding at period end716m757m753m-5.4%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity-3,122-1,6852,479
Non-controlling interest97.01055,074-7.6%
Redeemable equityn/a0.0472
Debt29,58826,95439,222+9.8%
Operating lease liabilities630720897-12.5%
Other liabilities62,41866,64175,271-6.3%
Total liabilities and equity89,61192,735123,415-3.4%
Fixed assets6,2095,4154,833+14.7%
Goodwill19,67619,77020,028-0.5%
Intangible assets6,4687,4619,115-13.3%
Investments1,5181,8391,334-17.5%
Cash and equivalents8,6079,4779,508-9.2%
Receivables12,48212,91210,731-3.3%
Inventory4,7765,8983,402-19.0%
Other assets29,87529,96364,464-0.3%
Total assets89,61192,735123,415-3.4%

10-K for the year ended 3 February 2023, filed 30 March 2023: the filing.