Common-Size Income Statement
Quarterly Data
Paying user area
Try for free
Dell Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2019
- Return on Equity (ROE) since 2019
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Dell Technologies Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Dell Technologies Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01).
The common-size income statement reveals a dynamic period for the company, spanning from May 2020 to November 2024, with some projections into 2026. A significant shift in the revenue mix between products and services is observed, alongside fluctuations in profitability and expense management.
- Revenue Mix
- Products consistently represented the majority of net revenue, starting at 73.24% in May 2020 and peaking at 82.73% in October 2022. However, a gradual decline is evident, falling to 75.06% by November 2024. Conversely, services revenue as a percentage of net revenue increased from 26.76% in May 2020 to a high of 30.97% in February 2023, before decreasing to 24.94% in November 2024. This suggests a strategic shift, or perhaps a response to market conditions, impacting the relative contribution of each segment.
- Cost of Net Revenue
- The cost of net revenue remained relatively stable as a percentage of net revenue, fluctuating between approximately 58% and 70% throughout the analyzed period. A notable increase occurred in April 2021, reaching 76.70%, and again in January 2026, reaching 81.71%. These increases correlate with periods of lower gross margin.
- Gross Margin
- Gross margin exhibited volatility. It began at 31.30% in May 2020, decreased to a low of 18.29% in February 2023, and then recovered to 20.71% in November 2024. The decline in gross margin in late 2022 and early 2023 appears linked to the increased cost of net revenue and potentially shifts in the product/service mix.
- Operating Expenses
- Operating expenses, encompassing selling, general, and administrative, and research and development, demonstrated a consistent pattern. They initially decreased as a percentage of net revenue, reaching a low of 14.32% in October 2021, before gradually increasing to 15.86% in November 2024. Research and development expenses remained relatively stable, generally between 2% and 6% of net revenue.
- Operating Income
- Operating income as a percentage of net revenue showed significant fluctuations. It peaked at 8.34% in January 2021, declined to a low of 3.96% in October 2021, and then rose to 9.02% in August 2025. This volatility is influenced by both gross margin trends and operating expense management.
- Net Income
- Net income followed a similar trajectory to operating income, with a peak of 14.71% in October 2021 and a low near 0% in January 2022. The company experienced positive net income throughout most of the period, with a notable increase in the latter half of the analyzed timeframe, reaching 6.77% in November 2024. Income from discontinued operations contributed positively to net income in some periods, particularly between July 2021 and November 2024.
- Interest and Other, Net
- Interest and other expenses exhibited variability, sometimes representing a significant deduction from operating income. A substantial positive impact was observed in October 2021 (13.25%), likely due to a one-time gain, while negative impacts were seen in January 2022 (-5.92%) and February 2023 (-1.06%).
- Income Tax
- The income tax expense/benefit fluctuated considerably, ranging from a benefit of -2.22% in December 2020 to an expense of 2.63% in May 2020. These fluctuations are likely tied to changes in pre-tax income and applicable tax rates.
Overall, the company demonstrated resilience through periods of economic uncertainty. The increasing contribution of services revenue, coupled with efforts to manage operating expenses, appears to be contributing to improved profitability in the more recent periods analyzed. However, continued monitoring of cost of revenue and gross margin is warranted.