Common-Size Income Statement
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Dell Technologies Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2019
- Total Asset Turnover since 2019
- Price to Earnings (P/E) since 2019
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Dell Technologies Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
- Revenue Composition
- The percentage of net revenue derived from products fluctuated moderately over the periods, initially ranging between 73% and 80%, with a notable decline beginning around May 2023 followed by some recovery by August 2025. Services, conversely, showed an inverse pattern, generally increasing in share up to February 2023 before trending downward towards August 2025. This indicates a shifting balance between products and services revenue contributions over time.
- Cost of Revenue
- Total cost of net revenue as a percentage of net revenue increased steadily from about 69% in early 2019 to over 81% by August 2025. This indicates rising relative costs associated with generating revenue. Within this, product costs exhibited cyclical increases and decreases but overall rose sharply towards the latest periods, while service costs increased more modestly but showed a rising trend that peaked before declining slightly near the end of the range.
- Gross Margin
- Gross margin as a percentage of net revenue showed a declining trend from early 2019 levels above 31%, dropping significantly beginning in mid-2020 and then stabilizing between 20% and 24% thereafter. This reduction corresponds with rising costs and suggests margin compression over the observed intervals.
- Operating Expenses
- Operating expenses, including selling, general and administrative (SG&A) and research and development (R&D), decreased as a percentage of net revenue from 28-29% in 2019 to a low near 12% by late 2025. SG&A expenditures notably declined more than R&D, which remained relatively steady around 2.5%-3.5%, indicative of cost management efforts that predominantly affected administrative and selling functions.
- Operating Income
- Operating income as a percentage of net revenue exhibited an improvement trend, increasing from roughly 2-3% in early periods to peaks above 9% by early 2025. The increase reflects the combined effect of declining operating expenses partially offsetting margin compression caused by cost of revenue increases.
- Interest and Other, Net
- Interest and other net costs fluctuated across periods with an unusual spike to positive 13.25% in October 2021, otherwise generally maintained at small negative values around -1% to -3%. The volatility here suggests occasional one-time or irregular transactions impacting this line item.
- Income Before Taxes and Income Taxes
- Income before tax followed a broadly positive trajectory, improving from slight losses or low positive levels in early periods to above 8% in early 2025. Income tax expense showed variability but generally reduced net pre-tax income modestly. Occasional tax benefits appeared early on but diminished in later periods, with tax rates remaining modestly negative as a percentage of net revenue.
- Net Income and Profitability
- Net income attributable to the company fluctuated significantly, influenced partly by income from discontinued operations in some quarters, with peaks up to approximately 14.7% in late 2021 but mostly stabilizing between 1% and 6% in other periods. The overall pattern reflects variability in profitability alongside operational performance, with a tendency toward moderate profitability in the latter periods.
- Summary of Trends
- The data indicates that while revenue composition shifted slightly toward services at times, product revenue remains the dominant component. Rising costs of revenue have exerted downward pressure on gross margins; however, operating expense control has offset some of this impact, resulting in improved operating income margins. Net income shows variability, with some quarters impacted by irregular items, but profitability has generally stabilized at moderate levels. The fluctuations in interest and other income suggest occasional non-recurring items affecting net earnings.