Income Statement
Quarterly Data
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.
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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., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Net Revenue Trend
- Net revenue demonstrated a general upward trend with variability across quarters. The revenue increased steadily from May 2019 through early 2022, peaking around January 2022 at nearly 28 billion USD. Following this peak, a declining trend is notable with revenues tapering down gradually towards May 2025, settling closer to 23 billion USD.
- Product Revenue and Cost
- Product revenue fluctuated significantly over the period, with a peak in January 2021 exceeding 19 billion USD, followed by notable volatility and decline, reaching below 16 billion USD in mid-2023 and stabilizing slightly above 17 billion USD by early 2025. Correspondingly, costs of products maintained a consistently high negative value, indicating substantial expenses linked to product sales. Despite occasional increases in product revenue, gross margins related to products appear pressured, reflecting possible cost management challenges or pricing pressures.
- Services Revenue and Cost
- Service revenues were relatively stable compared to products, ranging between 5 billion and 6 billion USD with slight increases and decreases across quarters but no dramatic swings. Costs associated with services also remained broadly consistent, slightly trending downward in later periods. This stability contributed to a steadier contribution to the gross margin from the services segment.
- Gross Margin and Profitability
- The gross margin showed growth until early 2020, peaking around 8.1 billion USD in January 2020. However, from 2021 onwards, gross margins experienced variability with periods of decline and recovery, ultimately showing a downward tendency towards 2025, reaching around 4.9 billion USD by early 2025. This fluctuation points to challenges in maintaining profitability, potentially due to rising costs or competitive pressures affecting sales prices.
- Operating Expenses
- Operating expenses, including selling, general and administrative (SG&A) and research and development (R&D), generally decreased from 2019 through 2025. SG&A expenses saw a significant reduction after early 2021, declining from over 5 billion USD levels to around 2.7 to 3 billion USD by early 2025. Similarly, R&D expenses were halved after January 2021 compared to previous values but showed a slight upward adjustment in recent periods, hovering near 700 to 800 million USD. This cost control effort likely supported stabilization of operating income despite revenue pressures.
- Operating Income
- Operating income exhibited considerable variability, with a peak in early 2021 around 2.2 billion USD, followed by fluctuating quarters generally above 1 billion USD. While some quarters experienced declines, the overall operating profit remained positive, indicating effective management of operating costs in the face of revenue volatility.
- Interest and Other Income/Expenses
- Interest and other net items showed significant volatility, including both large positive and negative swings. Some quarters recorded unusually high positive figures, likely reflecting one-time gains, while other periods reported substantial expenses impacting pre-tax income variability. This inconsistency introduced notable noise into overall profitability.
- Income Before Taxes and Net Income
- Income before income taxes followed a somewhat irregular pattern with strong positive spikes, particularly in late 2021, exceeding 4 billion USD, followed by a return to lower but generally positive levels in subsequent quarters. Net income attributable to the company reflected this volatility, with peaks aligned with pre-tax income surges and troughs in periods of lower pre-tax income. Despite swings, net income remained positive mostly, demonstrating underlying profitability.
- Taxation Impact
- Income tax expense varied across quarters with occasional benefits and expenses, but no persistent pattern. The tax impact sometimes materially influenced net income outcomes, especially during quarters with unusual pre-tax results.
- Attribution to Non-controlling Interests
- Net income attributable to non-controlling interests was generally modest but persistent through all quarters. This indicates a small, steady share of earnings assigned to other stakeholders beyond the company.
- Summary of Financial Trajectory
- Overall, the data reveal a company with fluctuating revenue streams that experienced a peak in early 2022 followed by a gradual decline. Profitability was subject to variability influenced by operating efficiency and one-time financial impacts related to interest and other net items. Cost management, particularly in SG&A and R&D, improved over time, likely cushioning operating income against revenue pressures. The consistent positive net income attributable to shareholders suggests sustained core profitability, albeit with challenges in maintaining top-line growth.