Dell Technologies Inc. Q2 FY2025 results: revenue $25.0 billion, up 9.1% on the year

Dell Technologies Inc. (DELL) reported revenue of $25.0 billion for Q2 FY2025, the quarter ended 2 August 2024, up 9.1% on the same quarter a year earlier. Net income was $846 million, up 83.1% on the year, and diluted earnings per share $1.17. The figures are the company's own, from the 10-Q it filed with the SEC on 10 September 2024.

Revenue$25.0 billionup 9.1%

Net income$846 millionup 83.1%

Diluted EPS$1.17

QuarterQ2 FY2025ended 2 August 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2025	Q1 FY2025	A year earlier	Change on the year
Revenue	25,026	22,244	n/a	n/a
Cost of revenue	19,715	17,438	n/a	n/a
Gross profit	5,311	4,806	n/a	n/a
Gross margin	21.2%	21.6%	n/a
Research and development	780	763	n/a	n/a
Selling, general and administrative	3,189	3,123	n/a	n/a
Operating income	1,342	920	n/a	n/a
Operating margin	5.4%	4.1%	n/a
Interest expense	387	343	n/a	n/a
Pre-tax income	989	547	n/a	n/a
Income tax	148	-408	n/a	n/a
Effective tax rate	15.0%	-74.6%	n/a
Net income	846	960	n/a	n/a
Net margin	3.4%	4.3%	n/a
Diluted EPS	$1.17	$1.32	n/a	n/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

Line	Q2 FY2025	Q1 FY2025	A year earlier	Change on the year
Operating cash flow	1,340	1,043	n/a	n/a
Capital expenditure	682	596	n/a	n/a
Free cash flow	658	447	n/a	n/a
Free cash flow margin	2.6%	2.0%	n/a
Depreciation and amortisation	784	800	n/a	n/a
Share-based compensation	191	210	n/a	n/a
Buybacks	725	700	n/a	n/a
Dividends paid	316	336	n/a	n/a
Dividend per share	$0.45	$0.45	n/a	n/a
Diluted shares, weighted	724m	727m	n/a	n/a
Shares outstanding at period end	705m	710m	n/a	n/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

Line	Q2 FY2025	Q1 FY2025	A year earlier	Change on the year
Total assets	82,687	80,190	n/a	n/a
Cash and equivalents	4,550	5,830	n/a	n/a
Receivables	11,391	8,563	n/a	n/a
Inventory	5,953	4,782	n/a	n/a
Goodwill	19,654	19,640	n/a	n/a
Long-term debt	24,522	25,480	n/a	n/a
Borrowings, as the company tags them	24,744	25,705	n/a	n/a
Operating lease liabilities	581	520	n/a	n/a
Shareholders' equity	-2,894	-2,822	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	22,251	22,318	22,244	25,026	24,366	23,931	23,378	29,776	27,005	33,379	43,842	46,971
Cost of revenue	17,103	16,946	17,438	19,715	19,059	18,105	18,441	24,329	21,412	26,649	36,060	37,141
Gross profit	5,148	5,372	4,806	5,311	5,307	5,678	4,937	5,447	5,593	6,730	7,782	9,830
Gross margin	23%	24%	22%	21%	22%	24%	21%	18%	21%	20%	18%	21%
R&D	692	716	763	780	745	773	808	785	752	797	983	1,109
SG&A	2,970	3,109	3,123	3,189	2,894	2,746	2,964	2,889	2,722	2,841	3,143	3,336
Operating income	1,486	1,547	920	1,342	1,668	2,159	1,165	1,773	2,119	3,092	3,656	5,385
Operating margin	7%	7%	4%	5%	7%	9%	5%	6%	8%	9%	8%	11%
Interest expense	371	373	343	387	321	343	354	399	396	411	391	400
Pre-tax income	1,180	1,344	547	989	1,392	2,120	1,083	1,440	1,941	2,799	3,948	5,131
Tax rate	15%	10%	-75%	15%	19%	22%	11%	19%	20%	19%	13%	19%
Net income	1,006	1,210	960	846	1,132	1,533	965	1,164	1,548	2,259	3,438	4,133
Net margin	5%	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 flow	2,152	1,533	1,043	1,340	1,553	585	2,796	2,543	1,172	4,674	4,081	2,225
Capital expenditure	704	727	596	682	639	735	568	675	669	721	963	1,239
Free cash flow	1,448	806	447	658	914	-150	2,228	1,868	503	3,953	3,118	986
Buybacks	702	878	700	725	429	734	1,980	940	1,247	1,847	1,628	3,796
Dividends paid	266	261	336	316	312	311	396	366	351	346	464	405
Shares outstanding	715m	705m	710m	705m	702m	696m	683m	675m	667m	652m	649m	640m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-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 2 August 2024, filed 10 September 2024, accession 0001571996-24-000090: the filing on EDGAR. All of Dell Technologies Inc.'s filings: EDGAR company page.

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