NYSE: DELL
Dell Technologies Inc.CIK 0001571996 · SIC 3571 · Electronic Computers
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Dell's AI server boom drives revenue up 57.7% to $47.0B, net income up 255.1%
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Dell raises shareholder proposal bar to $1M or 3% stake plus 67% solicitation requirement
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Dell completes redomestication from Delaware to Texas, imposing 3% threshold for derivative suits
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Silver Lake converts 3.4M Dell Class B shares to Class C common stock over ten trading days
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Dell raises $3B through senior notes offering with rates up to 5.25%
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Dell raises $3B through senior notes offering with maturities through 2037
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Dell refinances credit facility with new $6B revolving agreement maturing 2031
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Dell Q1 revenue surges 88% to $43.8B on AI server boom; memory cost inflation emerges
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Dell Technologies announces Q1 FY2026 financial results for quarter ended May 1, 2026
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Dell discloses routine Class B to Class C share conversion by Silver Lake entities
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DELL: revenue $113.5B, net income $5.94B. Dell adds debt, cuts 11K jobs amid AI server backlog surge and direct-sales shift
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DELL: revenue $29.8B, net income $1.16B. Dell's AI server boom drives 31.2% cash flow surge
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Latest financial statements
From 10-Q filed Sep 8, 2026 (period ending Jul 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(in millions, except per share amounts; unaudited)
| Description | Three months ended July 31, 2026 | Three months ended August 1, 2025 | Six months ended July 31, 2026 | Six months ended August 1, 2025 |
|---|---|---|---|---|
| Net revenue: | ||||
| Products | 41,112 | 23,935 | 79,217 | 41,534 |
| Services | 5,859 | 5,841 | 11,596 | 11,620 |
| Total net revenue | 46,971 | 29,776 | 90,813 | 53,154 |
| Cost of net revenue: | ||||
| Products | 33,990 | 21,044 | 66,842 | 36,160 |
| Services | 3,151 | 3,285 | 6,359 | 6,610 |
| Total cost of net revenue | 37,141 | 24,329 | 73,201 | 42,770 |
| Gross margin | 9,830 | 5,447 | 17,612 | 10,384 |
| Operating expenses: | ||||
| Selling, general, and administrative | 3,336 | 2,889 | 6,479 | 5,853 |
| Research and development | 1,109 | 785 | 2,092 | 1,593 |
| Total operating expenses | 4,445 | 3,674 | 8,571 | 7,446 |
| Operating income | 5,385 | 1,773 | 9,041 | 2,938 |
| Interest and other, net | (254) | (333) | 38 | (415) |
| Income before income taxes | 5,131 | 1,440 | 9,079 | 2,523 |
| Income tax expense | 998 | 276 | 1,508 | 394 |
| Net income | 4,133 | 1,164 | 7,571 | 2,129 |
| Earnings per share: | ||||
| Basic | 6.41 | 1.72 | 11.70 | 3.11 |
| Diluted | 6.34 | 1.70 | 11.58 | 3.07 |
| Weighted-average shares outstanding: | ||||
| Basic | 645 | 678 | 647 | 685 |
| Diluted | 652 | 686 | 654 | 694 |
Condensed Consolidated Statements of Financial Position (Unaudited)
(in millions; unaudited)
| Description | July 31, 2026 | January 30, 2026 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 11,569 | 11,528 |
| Accounts receivable, net of allowance of $56 and $77 | 22,918 | 17,585 |
| Short-term financing receivables, net of allowance of $186 and $121 | 12,805 | 8,458 |
| Inventories | 21,290 | 10,437 |
| Other current assets | 11,965 | 9,594 |
| Total current assets | 80,547 | 57,602 |
| Property, plant, and equipment, net | 7,417 | 6,676 |
| Long-term investments | 2,679 | 1,730 |
| Long-term financing receivables, net of allowance of $128 and $92 | 7,625 | 5,822 |
| Goodwill | 19,448 | 19,547 |
| Intangible assets, net | 4,347 | 4,533 |
| Other non-current assets | 5,330 | 5,376 |
| Total assets | 127,393 | 101,286 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 8,481 | 7,990 |
| Accounts payable | 49,723 | 33,630 |
| Accrued and other | 10,738 | 8,315 |
| Short-term deferred revenue | 14,761 | 13,334 |
| Total current liabilities | 83,703 | 63,269 |
| Long-term debt | 25,985 | 23,513 |
| Long-term deferred revenue | 14,957 | 13,596 |
| Other non-current liabilities | 4,175 | 3,378 |
| Total liabilities | 128,820 | 103,756 |
| Commitments and contingencies (Note 10) | ||
| Shareholders’ equity (deficit): | ||
| Common stock and capital in excess of $0.01 par value | 9,277 | 9,457 |
| Treasury stock at cost | (20,010) | (14,533) |
| Retained earnings | 10,065 | 3,325 |
| Accumulated other comprehensive loss | (759) | (719) |
| Total shareholders' equity (deficit) | (1,427) | (2,470) |
| Total liabilities and shareholders' equity | 127,393 | 101,286 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions; unaudited)
| Description | Six months ended July 31, 2026 | Six months ended August 1, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 7,571 | 2,129 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,512 | 1,500 |
| Stock-based compensation expense | 373 | 369 |
| Deferred income taxes | 23 | (127) |
| Other, net (a) | (454) | 389 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (5,428) | (4,574) |
| Financing receivables | (6,404) | (569) |
| Inventories | (10,940) | (615) |
| Other assets and liabilities | 761 | 612 |
| Accounts payable | 16,203 | 6,615 |
| Deferred revenue | 3,089 | (390) |
| Change in cash from operating activities | 6,306 | 5,339 |
| Cash flows from investing activities: | ||
| Purchases of investments | (335) | (125) |
| Sales of equity and other investments | 90 | 59 |
| Capital expenditures and capitalized software development costs | (2,202) | (1,243) |
| Divestitures of businesses and assets, net | — | 533 |
| Other | 43 | 33 |
| Change in cash from investing activities | (2,404) | (743) |
| Cash flows from financing activities: | ||
| Repurchases of common stock | (5,424) | (2,920) |
| Repurchases of common stock for employee tax withholdings | (555) | (357) |
| Payments of dividends and dividend equivalents | (869) | (762) |
| Proceeds from debt | 6,851 | 7,270 |
| Repayments of debt | (3,805) | (3,424) |
| Debt-related costs and other, net | (34) | (35) |
| Change in cash from financing activities | (3,836) | (228) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (35) | 104 |
| Change in cash, cash equivalents, and restricted cash | 31 | 4,472 |
| Cash, cash equivalents, and restricted cash at beginning of the period | 11,706 | 3,819 |
| Cash, cash equivalents, and restricted cash at end of the period | 11,737 | 8,291 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share amounts; unaudited); (in millions; unaudited). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗