Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Dell Technologies Inc., consolidated income statement

US$ in millions

12 months ended:	Jan 30, 2026	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021
Products	90,405)	71,420)	64,353)	79,250)	79,830)	69,911)
Services	23,133)	24,147)	24,072)	23,051)	21,367)	24,313)
Net revenue	113,538)	95,567)	88,425)	102,301)	101,197)	94,224)
Products	(78,057)	(60,162)	(53,316)	(66,029)	(67,224)	(55,347)
Services	(12,774)	(14,155)	(14,240)	(13,586)	(12,082)	(9,460)
Cost of net revenue	(90,831)	(74,317)	(67,556)	(79,615)	(79,306)	(64,807)
Gross margin	22,707)	21,250)	20,869)	22,686)	21,891)	29,417)
Selling, general, and administrative	(11,416)	(11,952)	(12,857)	(14,136)	(14,655)	(18,998)
Research and development	(3,142)	(3,061)	(2,801)	(2,779)	(2,577)	(5,275)
Operating expenses	(14,558)	(15,013)	(15,658)	(16,915)	(17,232)	(24,273)
Operating income	8,149)	6,237)	5,211)	5,771)	4,659)	5,144)
Investment income, primarily interest	256)	160)	305)	100)	42)	54)
Gain (loss) on investments, net	254)	177)	47)	(206)	569)	582)
Interest expense	(1,560)	(1,394)	(1,501)	(1,222)	(1,542)	(2,389)
Foreign exchange	(95)	(112)	(199)	(265)	(221)	(127)
Gain on disposition of businesses and assets	236)	—)	—)	—)	3,968)	—)
Legal settlement, net	—)	—)	—)	(894)	—)	—)
Other	23)	(20)	24)	(59)	(1,552)	406)
Interest and other, net	(886)	(1,189)	(1,324)	(2,546)	1,264)	(1,474)
Income before income taxes	7,263)	5,048)	3,887)	3,225)	5,923)	3,670)
Income tax expense	(1,327)	(472)	(692)	(803)	(981)	(165)
Net income from continuing operations	5,936)	4,576)	3,195)	2,422)	4,942)	3,505)
Income from discontinued operations, net of income taxes	—)	—)	—)	—)	765)	—)
Net income	5,936)	4,576)	3,195)	2,422)	5,707)	3,505)
Net (income) loss attributable to non-controlling interests	—)	16)	16)	20)	(144)	(255)
Net income attributable to Dell Technologies Inc.	5,936)	4,592)	3,211)	2,442)	5,563)	3,250)

Based on: 10-K (reporting date: 2026-01-30), 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).

The financial performance presented demonstrates fluctuating revenue and profitability over the analyzed period. Net revenue initially increased from 2021 to 2023, peaking at US$102.301 billion, before declining significantly in 2024 to US$88.425 billion. A substantial recovery is then observed in 2025 and 2026, with net revenue reaching US$113.538 billion. Gross margin remained relatively stable between approximately US$20.869 billion and US$29.417 billion throughout the period, though it experienced a dip in 2024 alongside the revenue decline. Operating income also mirrored this trend, with increases in 2025 and 2026.

Revenue Composition: Products consistently represent the largest portion of net revenue, although its contribution decreased in 2024 before recovering. Services revenue has remained more stable, fluctuating between approximately US$21.367 billion and US$24.313 billion, indicating a consistent demand for these offerings. The relative proportion of services revenue to total revenue appears to be increasing slightly over time.
Cost Structure: Cost of net revenue generally increased with revenue, peaking in 2022 and 2026, and decreasing in 2024. Operating expenses exhibited a consistent downward trend from 2021 to 2026, suggesting improved cost management. However, the decrease in operating expenses was not sufficient to offset the revenue decline in 2024, impacting overall profitability.
Profitability Analysis: Operating income experienced volatility, mirroring the fluctuations in net revenue. Net income attributable to Dell Technologies Inc. followed a similar pattern, increasing from US$3.250 billion in 2021 to US$5.563 billion in 2022, declining to US$2.442 billion in 2023, and then recovering to US$5.936 billion in 2026. The impact of discontinued operations was notable in 2022, contributing US$765 million to net income.
Non-Operating Items: Investment income and gains/losses on investments contributed varying amounts to overall income. Interest expense remained relatively consistent, decreasing slightly over the period. Foreign exchange fluctuations resulted in losses in each year, though these losses were relatively small compared to other income statement items. A significant gain on the disposition of businesses and assets was recorded in 2022, and a smaller gain was recorded in 2026. A substantial legal settlement impacted results in 2023.
Tax Rate: The effective tax rate varied considerably across the years, ranging from approximately 4.5% in 2021 to 28.8% in 2026. This fluctuation likely reflects changes in the tax environment and the geographic distribution of income.

Overall, the financial performance demonstrates a cyclical pattern, with periods of growth followed by decline and subsequent recovery. The company appears to be managing its operating expenses effectively, but revenue fluctuations significantly impact profitability. The influence of non-operating items, such as investment gains and legal settlements, also contributes to the overall financial results.

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Dell Technologies Inc. (NYSE:DELL)

Income Statement