Common-Size Income Statement
Quarterly Data
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Dell Technologies Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Selected Financial Data since 2019
- Current Ratio since 2019
- Total Asset Turnover since 2019
- Price to Earnings (P/E) since 2019
- Analysis of Debt
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Dell Technologies Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-05-01), 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 financial trajectory reveals a significant structural transition in revenue composition and cost management. A steady migration toward product-centric revenue is observed, which has exerted downward pressure on gross margins, although this has been countered by aggressive reductions in operating expenditures.
- Revenue Mix Evolution
- Product revenue increased from 73.24% of net revenue in May 2020 to 86.91% by May 2026. Conversely, service revenue decreased from 26.76% to 13.09% over the same period. This shift indicates a diminishing reliance on service-based income in favor of product sales.
- Gross Margin Compression
- Gross margins experienced a consistent decline, falling from 31.30% in early 2020 to 17.75% by May 2026. This compression is primarily driven by the increasing cost of net revenue, which rose from 68.70% to 82.25%. Specifically, product-related costs increased from 58.47% to 74.93% of net revenue, outweighing the efficiency gains seen in service costs, which declined from 10.23% to 7.32%.
- Operating Expense Optimization
- A marked improvement in operational efficiency is evident. Total operating expenses decreased from 28.09% of net revenue in May 2020 to 9.41% by May 2026. The primary driver was the reduction in selling, general, and administrative expenses, which dropped from 22.31% to 7.17%. Research and development expenses also saw a reduction, moving from 5.78% to 2.24%.
- Profitability Trends
- Operating income margins showed a general upward trend over the long term, increasing from 3.21% to 8.34%. Despite the erosion of gross margins, the significant reduction in overhead costs allowed for expanded operating profitability. Net income attributable to the company followed a similar positive trajectory, rising from 0.65% to 7.84% of net revenue by the end of the observed period.