greeksoup/ stock research
Stock research / United States / DELL / FY2026

Dell Technologies (DELL) FY2026 results: revenue $113.5 billion, up 18.8% on the year

Dell Technologies Inc. (DELL) reported revenue of $113.5 billion for fiscal 2026, the year ended 30 January 2026, up 18.8% on the year before. Net income was $5.9 billion, up 29.3%, and diluted earnings per share $8.68. The figures are the company's own, from the 10-K it filed with the SEC on 16 March 2026.

Revenue
$113.5 billion
+18.8% on the year
FY2019FY2026
Operating margin
7.2%
6.5% a year earlier
FY2019FY2026
Net income
$5.9 billion
+29.3% on the year
FY2019FY2026
Diluted EPS
$8.68
+36.1% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new, 1 kept.

  • Record full-year revenue, up 19%: Full-year net revenue was a record $113.5 billion, up 19%, the company reported for fiscal 2026.
  • Record EPS and non-GAAP EPS: Full-year GAAP diluted EPS was $8.68, up 36%, and non-GAAP diluted EPS was $10.30, up 27%. Both were recorded as full-year highs.
  • ISG revenue up 73% in quarter: Infrastructure Solutions Group revenue was a record in the fourth quarter, up 73%, and rose 40% for the year. ISG operating income was $2.9 billion, up 41%.
  • AI server orders and shipments: The company closed more than $64 billion of AI-optimized server orders in the year and shipped more than $25 billion during it.
  • Record backlog entering FY27: Management said the company enters fiscal 2027 with record backlog.
Read the Q4 FY2026 earnings call summary

From this 10-K

Dell Technologies designs, makes, sells and supports technology that runs from client devices and peripherals to servers, networking and storage, delivered from the edge to the core to the cloud. It operates in over 170 countries with corporate headquarters in Round Rock, Texas, and its financial year ends in late January. There are two business units, which are also the reportable segments: Infrastructure Solutions Group and Client Solutions Group. Customers can buy outright or take utility, subscription, as-a-Service, lease and loan models, so they pay up front or over time.

Dell Technologies Inc., the 10-K for 2026

Dell Technologies designs, makes, sells and supports technology that runs from client devices and peripherals to servers, networking and storage, delivered from the edge to the core to the cloud. It operates in over 170 countries with corporate headquarters in Round Rock, Texas, and its financial year ends in late January. There are two business units, which are also the reportable segments: Infrastructure Solutions Group and Client Solutions Group. Customers can buy outright or take utility, subscription, as-a-Service, lease and loan models, so they pay up front or over time.

Infrastructure Solutions Group

The group sells infrastructure aimed at artificial intelligence, machine learning, data analytics and multicloud environments, built to run workloads in public and private clouds and on-premises, alongside software, peripherals and services including consulting, configuration, support and deployment. From the fourth quarter of fiscal 2026 it splits servers and networking into two product categories because of the scale of the AI business, so the categories are AI-optimised servers, traditional servers and networking, and storage. AI-optimised servers handle compute-intensive work including model training, fine-tuning and inference. Traditional servers support general-purpose and mission-critical workloads, with networking alongside them. Storage spans primary, unstructured and data protection offerings delivered through all-flash, purpose-built, software-defined and hyper-converged platforms. Approximately 65% of the group's revenue comes from customers in the Americas.

Client Solutions Group

The group sells branded personal computers, meaning notebooks, desktops and workstations, and branded peripherals including displays, docking stations, keyboards, mice and webcam and audio devices, plus third-party software and peripherals, with configuration, support, deployment and extended warranty services. The commercial portfolio addresses IT modernisation and hybrid work, while the consumer portfolio runs from everyday computing and connectivity to high-end consumer and gaming machines, and on-device AI features across the range. Approximately 60% of the group's revenue comes from customers in the Americas.

What sits outside the segments

Corporate and other holds businesses that have been divested or are no longer actively sold. VMware Resale covered standalone VMware offerings until the company terminated its distribution agreement on 25 March 2024, after Broadcom acquired VMware in November 2023 and changed its route to market, though it still supports customers who bought resale offerings earlier and still embeds certain VMware products in its VxRail solution, which is reported in Infrastructure Solutions. Secureworks, a cybersecurity provider, was acquired by Sophos, an affiliate of Thoma Bravo, on 3 February 2025.

Payment solutions

Dell Payment Solutions offers utility, subscription, as-a-Service, lease, loan and immediate pay options matched to how a customer wants to consume and finance technology. These arrangements are typically multiyear and generate recurring revenue across their term, which the company defines as revenue from hardware and software maintenance, operating leases, subscription, as-a-Service and usage-based offerings. Dell Financial Services originates, collects and services customer receivables behind them.

Making and selling

The company owns manufacturing plants in the United States, Malaysia, China, Brazil, India, Poland and Ireland, and also uses contract manufacturers worldwide, buying components from suppliers and selling them on to the manufacturer. Its own process covers assembly, software installation, functional testing and quality control, with burn-in on completed units, production reliability audits and failure tracking, under a quality management system certified to ISO 9001. Sales go directly to customers and through value-added resellers, system integrators, distributors and retailers, with a field sales force and dedicated account teams for the largest enterprises and public institutions; other sales channels generated approximately 40% of net revenue in fiscal 2026. Storage sales are typically stronger in the fourth quarter, sales in the Americas in the second and fourth quarters and sales in Europe, the Middle East and Africa in the fourth.

People

At 30 January 2026 the company had approximately 97,000 employees. Through fiscal 2026 it reduced overall headcount through employee reorganisations, limits on external hiring and other cost actions taken alongside its business modernisation work.

From Dell Technologies' annual report on Form 10-K for the year ended 30 January 2026. The filing

Written from the 10-K filed 16 March 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue113,53895,56788,425+18.8%
Cost of revenue90,83174,31767,356+22.2%
Gross profit22,70721,25021,069+6.9%
Gross margin20.0%22.2%23.8%
Research and development3,1423,0612,801+2.6%
Selling, general and administrative11,41611,95212,857-4.5%
Operating income8,1496,2375,411+30.7%
Operating margin7.2%6.5%6.1%
Interest expense1,5601,3941,501+11.9%
Pre-tax income7,2635,0484,087+43.9%
Income tax1,327472715+181.1%
Effective tax rate18.3%9.4%17.5%
Net income5,9364,5923,388+29.3%
Net margin5.2%4.8%3.8%
Diluted EPS$8.68$6.38$4.60+36.1%
$ 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow11,1854,5218,676+147.4%
Capital expenditure2,6332,6522,756-0.7%
Free cash flow8,5521,8695,920+357.6%
Free cash flow margin7.5%2.0%6.7%
Cash from investing-2,055-2,215-2,783
Cash from financing-1,464-5,815-7,094
Depreciation and amortisation3,0293,1233,303-3.0%
Share-based compensation723785878-7.9%
Buybacks6,0142,5882,080+132.4%
Dividends paid1,4591,2751,072+14.4%
Dividend per share$2.10$1.78$1.48+18.0%
Diluted shares, weighted684m720m736m-5.0%
Shares outstanding at period end652m696m705m-6.3%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity-2,470-1,482-2,227
Non-controlling interest0.095.095.0
Debt31,50324,56725,994+28.2%
Operating lease liabilities481522576-7.9%
Other liabilities71,77256,04457,651+28.1%
Total liabilities and equity101,28679,74682,089+27.0%
Fixed assets6,6766,3366,432+5.4%
Goodwill19,54719,12019,700+2.2%
Intangible assets4,5334,9885,701-9.1%
Investments1,7301,4961,316+15.6%
Cash and equivalents11,5283,6337,366+217.3%
Receivables17,58510,2989,343+70.8%
Inventory10,4376,7163,622+55.4%
Other assets29,25027,15928,609+7.7%
Total assets101,28679,74682,089+27.0%

10-K for the year ended 30 January 2026, filed 16 March 2026: the filing.