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Dell Technologies Inc. Q3 FY2024 results: revenue $22.3 billion, down 10.0% on the year

Dell Technologies Inc. (DELL) reported revenue of $22.3 billion for Q3 FY2024, the quarter ended 3 November 2023, down 10.0% on the same quarter a year earlier. Net income was $1.0 billion, up 310.6% on the year, and diluted earnings per share $1.36. The figures are the company's own, from the 10-Q it filed with the SEC on 8 December 2023.

Revenue$22.3 billiondown 10.0%
Net income$1.0 billionup 310.6%
Diluted EPS$1.36
QuarterQ3 FY2024ended 3 November 2023

The quarter, against the one before and a year earlier

LineQ3 FY2024Quarter beforeA year earlierChange on the year
Revenue22,251n/an/an/a
Cost of revenue17,103n/an/an/a
Gross profit5,148n/an/an/a
Gross margin23.1%n/an/a
Research and development692n/an/an/a
Selling, general and administrative2,970n/an/an/a
Operating income1,486n/an/an/a
Operating margin6.7%n/an/a
Interest expense371n/an/an/a
Pre-tax income1,180n/an/an/a
Income tax176n/an/an/a
Effective tax rate14.9%n/an/a
Net income1,006n/an/an/a
Net margin4.5%n/an/a
Diluted EPS$1.36n/an/an/a

$ million except per share. Free 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 and capital returned

LineQ3 FY2024Quarter beforeA year earlierChange on the year
Operating cash flow2,152n/an/an/a
Capital expenditure704n/an/an/a
Free cash flow1,448n/an/an/a
Free cash flow margin6.5%n/an/a
Depreciation and amortisation822n/an/an/a
Share-based compensation227n/an/an/a
Buybacks702n/an/an/a
Dividends paid266n/an/an/a
Dividend per share$0.37n/an/an/a
Diluted shares, weighted740mn/an/an/a
Shares outstanding at period end715mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2024Quarter beforeA year earlierChange on the year
Total assets83,264n/an/an/a
Cash and equivalents8,298n/an/an/a
Inventory3,381n/an/an/a
Goodwill19,616n/an/an/a
Long-term debt26,617n/an/an/a
Borrowings, as the company tags them26,860n/an/an/a
Operating lease liabilities588n/an/an/a
Shareholders' equity-2,664n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2024Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027Q2 FY2027
Revenue22,25122,31822,24425,02624,36623,93123,37829,77627,00533,37943,84246,971
Cost of revenue17,10316,94617,43819,71519,05918,10518,44124,32921,41226,64936,06037,141
Gross profit5,1485,3724,8065,3115,3075,6784,9375,4475,5936,7307,7829,830
Gross margin23%24%22%21%22%24%21%18%21%20%18%21%
R&D6927167637807457738087857527979831,109
SG&A2,9703,1093,1233,1892,8942,7462,9642,8892,7222,8413,1433,336
Operating income1,4861,5479201,3421,6682,1591,1651,7732,1193,0923,6565,385
Operating margin7%7%4%5%7%9%5%6%8%9%8%11%
Interest expense371373343387321343354399396411391400
Pre-tax income1,1801,3445479891,3922,1201,0831,4401,9412,7993,9485,131
Tax rate15%10%-75%15%19%22%11%19%20%19%13%19%
Net income1,0061,2109608461,1321,5339651,1641,5482,2593,4384,133
Net margin5%5%4%3%5%6%4%4%6%7%8%9%
Diluted EPS$1.36$1.66$1.32$1.17$1.58$2.15$1.37$1.70$2.28$3.33$5.24$6.34
Operating cash flow2,1521,5331,0431,3401,5535852,7962,5431,1724,6744,0812,225
Capital expenditure7047275966826397355686756697219631,239
Free cash flow1,448806447658914-1502,2281,8685033,9533,118986
Buybacks7028787007254297341,9809401,2471,8471,6283,796
Dividends paid266261336316312311396366351346464405
Shares outstanding715m705m710m705m702m696m683m675m667m652m649m640m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 3 November 2023, filed 8 December 2023, accession 0001571996-23-000046: the filing on EDGAR. All of Dell Technologies Inc.'s filings: EDGAR company page.

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