Dell Technologies (DELL) Q3 FY2026 earnings: revenue $27.0 billion, up 10.8% on the year

Dell Technologies Inc. (DELL) reported revenue of $27.0 billion for Q3 FY2026, the quarter ended 31 October 2025, up 10.8% on the same quarter a year earlier. Net income was $1.5 billion, up 31.7% on the year, and diluted earnings per share $2.28. The figures are the company's own, from the 10-Q it filed with the SEC on 9 December 2025.

Revenue

$27.0 billion

+10.8% on the year · -9.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

7.8%

7.1% a year earlier

Q4 FY2024Q3 FY2026

Net income

$1.5 billion

+31.7% on the year · +33.0% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$2.28

+39.0% on the year · +34.1% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 raised, 1 lowered, 3 new.

Quarter revenue up 11% to record: Revenue rose 11% from $24.4 billion a year earlier. Management described it as record third-quarter revenue of $27.0 billion.
Diluted EPS up 39%, non-GAAP up 17%: GAAP diluted EPS was $2.28, up 39%. Non-GAAP diluted EPS was $2.59, up 17%, which management described as a record third-quarter figure.
ISG revenue up 24%: ISG revenue was $14.1 billion, up 24%. Servers and networking rose 37% to $10.1 billion within ISG.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	27,005	29,776	24,366	-9.3%	+10.8%
Cost of revenue	21,412	24,329	19,006	-12.0%	+12.7%
Gross profit	5,593	5,447	5,360	+2.7%	+4.3%
Gross margin	20.7%	18.3%	22.0%
Research and development	752	785	745	-4.2%	+0.9%
Selling, general and administrative	2,722	2,889	2,894	-5.8%	-5.9%
Operating income	2,119	1,773	1,721	+19.5%	+23.1%
Operating margin	7.8%	6.0%	7.1%
Interest expense	396	399	321	-0.8%	+23.4%
Pre-tax income	1,941	1,440	1,445	+34.8%	+34.3%
Income tax	393	276	275	+42.4%	+42.9%
Effective tax rate	20.2%	19.2%	19.0%
Net income	1,548	1,164	1,175	+33.0%	+31.7%
Net margin	5.7%	3.9%	4.8%
Diluted EPS	$2.28	$1.70	$1.64	+34.1%	+39.0%

$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	1,172	2,543	1,553	-53.9%	-24.5%
Capital expenditure	669	675	639	-0.9%	+4.7%
Free cash flow	503	1,868	914	-73.1%	-45.0%
Free cash flow margin	1.9%	6.3%	3.8%
Cash from investing	-617	-655	-524
Cash from financing	857	-1,465	-315
Depreciation and amortisation	756	762	765	-0.8%	-1.2%
Share-based compensation	165	179	198	-7.8%	-16.7%
Buybacks	1,247	940	429	+32.7%	+190.7%
Dividends paid	351	366	312	-4.1%	+12.5%
Dividend per share	$0.53	$0.53	$0.45	0.0%	+18.0%
Diluted shares, weighted	680m	686m	717m	-0.9%	-5.2%
Shares outstanding at period end	667m	675m	702m	-1.2%	-5.0%

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

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	-2,620	-2,766	-2,285
Non-controlling interest	0.0	0.0	95.0
Debt	31,243	28,689	25,022	+8.9%	+24.9%
Operating lease liabilities	517	549	563	-5.8%	-8.2%
Other liabilities	58,339	62,704	58,556	-7.0%	-0.4%
Total liabilities and equity	87,479	89,176	81,951	-1.9%	+6.7%
Fixed assets	6,538	6,458	6,327	+1.2%	+3.3%
Goodwill	19,358	19,336	19,243	+0.1%	+0.6%
Intangible assets	4,628	4,748	5,147	-2.5%	-10.1%
Investments	1,760	1,596	1,312	+10.3%	+34.1%
Cash and equivalents	9,569	8,145	5,225	+17.5%	+83.1%
Receivables	11,721	15,023	11,189	-22.0%	+4.8%
Inventory	6,949	7,211	6,652	-3.6%	+4.5%
Other assets	26,956	26,659	26,856	+1.1%	+0.4%
Total assets	87,479	89,176	81,951	-1.9%	+6.7%

Questions

What was Dell Technologies' revenue in Q3 FY2026?

Dell Technologies (DELL) reported revenue of $27.0 billion for Q3 FY2026, the quarter ended 31 October 2025, up 10.8% on the same quarter a year earlier.

How much did Dell Technologies earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.5 billion, up 31.7% on the year, and diluted earnings per share $2.28.

When did Dell Technologies report Q3 FY2026 results?

Dell Technologies filed its 10-Q for the quarter ended 31 October 2025 with the SEC on 9 December 2025.

Quarterly results, the last 20 quarters

	Q3 FY2022 †	Q4 FY2022 †	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	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	26,424	27,992	26,116	26,425	24,721	25,039	20,922	22,934	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	20,890	22,374	20,332	20,986	19,014	19,283	15,842	17,547	17,050	16,946	17,393	19,665	19,006	18,253	18,441	24,329	21,412	26,649	36,060	37,141
Gross profit	5,534	5,618	5,784	5,439	5,707	5,756	5,080	5,416	5,201	5,372	4,851	5,361	5,360	5,678	4,937	5,447	5,593	6,730	7,782	9,830
Gross margin	21%	20%	22%	21%	23%	23%	24%	24%	23%	24%	22%	21%	22%	24%	21%	18%	21%	20%	18%	21%
R&D	650	611	681	626	677	795	688	705	692	716	763	780	745	773	808	785	752	797	983	1,109
SG&A	3,838	3,398	3,553	3,543	3,268	3,772	3,261	3,517	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	1,046	1,609	1,550	1,270	1,762	1,189	1,131	1,194	1,539	1,547	965	1,392	1,721	2,159	1,165	1,773	2,119	3,092	3,656	5,385
Operating margin	4%	6%	6%	5%	7%	5%	5%	5%	7%	7%	4%	6%	7%	9%	5%	6%	8%	9%	8%	11%
Interest expense	406	287	265	298	272	387	405	352	371	373	343	387	321	343	354	399	396	411	391	400
Pre-tax income	4,547	-48.0	1,213	635	454	923	767	743	1,233	1,344	592	1,039	1,445	1,972	1,083	1,440	1,941	2,799	3,948	5,131
Tax rate	19%	n/a	12%	20%	47%	34%	18%	35%	15%	10%	-68%	15%	19%	22%	11%	19%	20%	19%	13%	19%
Net income	3,843	2.0	1,072	511	245	614	637	489	1,052	1,210	997	887	1,175	1,533	965	1,164	1,548	2,259	3,438	4,133
Net margin	15%	0%	4%	2%	1%	2%	3%	2%	5%	5%	4%	4%	5%	6%	4%	4%	6%	7%	8%	9%
Diluted EPS	$4.87	n/a	$1.37	$0.68	$0.33	$0.86	$0.79	$0.63	$1.36	$1.66	$1.37	$1.23	$1.64	$2.15	$1.37	$1.70	$2.28	$3.37	$5.24	$6.34
Operating cash flow	3,251	3,093	-269	724	396	2,714	1,777	3,214	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	799	740	690	807	747	759	701	624	704	727	596	682	639	735	568	675	669	721	963	1,239
Free cash flow	2,452	2,353	-959	-83.0	-351	1,955	1,076	2,590	1,448	806	447	658	914	-150	2,228	1,868	503	3,953	3,118	986
Buybacks	18.0	628	1,436	689	622	182	240	260	702	878	700	725	429	734	1,980	940	1,247	1,847	1,628	3,796
Dividends paid	0.0	0.0	248	242	238	236	276	269	266	261	336	316	312	311	396	366	351	346	464	405
Shares outstanding	767m	757m	747m	734m	718m	716m	729m	724m	715m	705m	710m	705m	702m	696m	683m	675m	667m	652m	649m	640m
Filing	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 31 October 2025, filed 9 December 2025: the filing.