DELL Dell Technologies Inc.

Overview and Growth

Dell Technologies Inc. generated $113.54B of revenue in fiscal 2026, with net income of $5.94B and an operating cash inflow of $11.19B. The $113.54B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 18.8% from $95.57B in fiscal 2025, increasing the company’s operating scale. On a per-share basis, diluted EPS was $8.68, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 36.1% from $6.38 in fiscal 2025, showing how the earnings change reached shareholders on a per-share basis. Asset turnover was 1.12x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $22.71B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 20.0%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $8.15B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 7.2%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $5.94B, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 5.2% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $7.26B of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 6.4%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $1.33B, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 18.3% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

At period end, the $101.29B asset base was financed through $103.76B of liabilities and -$2.47B of equity. The company reported negative equity of -$2.47B, a capital deficit that reduces its ability to absorb losses through book equity. Current assets were $57.60B against $63.27B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.91x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Reported cash and equivalents were $11.53B, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 18.2%, excluding receivables and other current assets. Total debt was $31.50B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-assets relationship was 31.1%, comparing borrowing with the total asset balance. Liabilities represented 102.4% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 11.4%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $11.19B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.88x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $2.63B, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 23.5% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $8.55B of positive free cash flow for the period. The free-cash-flow margin was 7.5%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 8.4%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Jan 30, 2026. Analysis generated Sep 24, 2026.