Common-Size Income Statement
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Dell Technologies Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2019
- Return on Assets (ROA) since 2019
- Current Ratio since 2019
- Price to Earnings (P/E) since 2019
- Aggregate Accruals
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Dell Technologies Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
- Revenue Composition
- The proportion of net revenue derived from products showed some fluctuation, starting at 75.87% in 2020, decreasing slightly to 74.2% in 2021, then increasing to 78.89% in 2022, followed by a decline to 72.78% in 2024 before a partial recovery to 74.73% in 2025. Conversely, services revenue demonstrated an inverse trend, beginning at 24.13%, rising to 27.22% in 2024, and settling at 25.27% in 2025, indicating a relative shift between product and service contributions over the years.
- Cost of Net Revenue and Gross Margin
- Cost of net revenue as a percentage of total revenue increased significantly from -68.6% in 2020 to a peak of -78.37% in 2022, indicating rising costs associated with revenue generation. This contributed to a sharp drop in gross margin from 31.4% in 2020 to 21.63% in 2022. Subsequently, gross margin showed a moderate recovery, reaching 23.6% in 2024 but slightly declining again to 22.24% in 2025. The higher cost ratios for products compared to services reflect differential cost structures between these segments.
- Operating Expenses
- Operating expenses, comprising Selling, General, and Administrative (SG&A) and Research and Development (R&D), declined steadily as a percentage of net revenue. SG&A reduced notably from -23.13% in 2020 to -12.51% in 2025, indicating improved operational efficiencies or cost management. R&D expenses also decreased from -5.42% to around -3.2%, reflecting a substantial reduction in relative research investments over the period.
- Profitability Measures
- Operating income increased consistently, starting at 2.85% of net revenue in 2020 and reaching 6.53% in 2025. This upward trend was supported by reduced operating expenses despite pressures on gross margin. Net income attributable to Dell Technologies Inc. showed variability, peaking at 5.5% in 2022, dipping to 2.39% in 2023, and then recovering to 4.81% by 2025. The fluctuations in net income mirror the operational performance and other financial items affecting the bottom line.
- Other Financial Items
- Interest expense as a percentage of net revenue decreased over time from -2.9% in 2020 to -1.46% in 2025, which likely contributed favorably to net income. Investment income and gains on investments exhibited minor fluctuations without a clear trend. One-time items such as gain on disposition of businesses in 2022 (3.92%) and a legal settlement loss in 2023 (-0.87%) indicate occasional impacts outside normal operations. The foreign exchange impact remained minor and slightly negative throughout.
- Income Taxes and Net Income
- Income tax expense shifted from a positive 6% in 2020 (likely a tax benefit) to negative values from 2021 onward, stabilizing around -0.78% and improving slightly to -0.49% in 2025. This pattern suggests changes in tax provisioning or rates over the years. Net income from continuing operations experienced rise and fall cycles consistent with operating and non-operating income, with a notable dip in 2023 followed by recovery. Overall, net income reflects stable profitability amid varying economic conditions and internal expense management efforts.