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 (quarterly data)
US$ in millions
3 months ended:
May 1, 2026
Jan 30, 2026
Oct 31, 2025
Aug 1, 2025
May 2, 2025
Jan 31, 2025
Nov 1, 2024
Aug 2, 2024
May 3, 2024
Feb 2, 2024
Nov 3, 2023
Aug 4, 2023
May 5, 2023
Feb 3, 2023
Oct 28, 2022
Jul 29, 2022
Apr 29, 2022
Jan 28, 2022
Oct 29, 2021
Jul 30, 2021
Apr 30, 2021
Jan 29, 2021
Oct 30, 2020
Jul 31, 2020
May 1, 2020
Products
38,105)
27,616)
21,255)
23,935)
17,599)
18,049)
18,290)
18,954)
16,127)
16,149)
16,233)
16,935)
15,036)
19,038)
18,938)
20,810)
20,464)
22,469)
20,979)
18,895)
17,487)
19,784)
17,352)
16,737)
16,038)
Services
5,737)
5,763)
5,750)
5,841)
5,779)
5,882)
6,076)
6,072)
6,117)
6,169)
6,018)
5,999)
5,886)
6,001)
5,783)
5,615)
5,652)
5,523)
5,445)
5,296)
5,103)
6,328)
6,130)
5,996)
5,859)
Net revenue
43,842)
33,379)
27,005)
29,776)
23,378)
23,931)
24,366)
25,026)
22,244)
22,318)
22,251)
22,934)
20,922)
25,039)
24,721)
26,425)
26,116)
27,992)
26,424)
24,191)
22,590)
26,112)
23,482)
22,733)
21,897)
Products
(32,852)
(23,618)
(18,279)
(21,044)
(15,116)
(14,924)
(15,488)
(16,029)
(13,721)
(13,393)
(13,546)
(14,002)
(12,375)
(15,748)
(15,601)
(17,671)
(17,009)
(19,265)
(17,833)
(15,692)
(14,434)
(15,424)
(13,789)
(13,330)
(12,804)
Services
(3,208)
(3,031)
(3,133)
(3,285)
(3,325)
(3,329)
(3,518)
(3,636)
(3,672)
(3,609)
(3,557)
(3,545)
(3,529)
(3,535)
(3,413)
(3,315)
(3,323)
(3,109)
(3,057)
(3,024)
(2,892)
(2,541)
(2,432)
(2,247)
(2,240)
Cost of net revenue
(36,060)
(26,649)
(21,412)
(24,329)
(18,441)
(18,253)
(19,006)
(19,665)
(17,393)
(17,002)
(17,103)
(17,547)
(15,904)
(19,283)
(19,014)
(20,986)
(20,332)
(22,374)
(20,890)
(18,716)
(17,326)
(17,965)
(16,221)
(15,577)
(15,044)
Gross margin
7,782)
6,730)
5,593)
5,447)
4,937)
5,678)
5,360)
5,361)
4,851)
5,316)
5,148)
5,387)
5,018)
5,756)
5,707)
5,439)
5,784)
5,618)
5,534)
5,475)
5,264)
8,147)
7,261)
7,156)
6,853)
Selling, general, and administrative
(3,143)
(2,841)
(2,722)
(2,889)
(2,964)
(2,746)
(2,894)
(3,189)
(3,123)
(3,109)
(2,970)
(3,517)
(3,261)
(3,772)
(3,268)
(3,543)
(3,553)
(3,398)
(3,838)
(3,761)
(3,658)
(4,579)
(4,772)
(4,761)
(4,886)
Research and development
(983)
(797)
(752)
(785)
(808)
(773)
(745)
(780)
(763)
(716)
(692)
(705)
(688)
(795)
(677)
(626)
(681)
(611)
(650)
(697)
(619)
(1,391)
(1,360)
(1,259)
(1,265)
Operating expenses
(4,126)
(3,638)
(3,474)
(3,674)
(3,772)
(3,519)
(3,639)
(3,969)
(3,886)
(3,825)
(3,662)
(4,222)
(3,949)
(4,567)
(3,945)
(4,169)
(4,234)
(4,009)
(4,488)
(4,458)
(4,277)
(5,970)
(6,132)
(6,020)
(6,151)
Operating income
3,656)
3,092)
2,119)
1,773)
1,165)
2,159)
1,721)
1,392)
965)
1,491)
1,486)
1,165)
1,069)
1,189)
1,762)
1,270)
1,550)
1,609)
1,046)
1,017)
987)
2,177)
1,129)
1,136)
702)
Interest and other, net
292)
(293)
(178)
(333)
(82)
(187)
(276)
(353)
(373)
(203)
(306)
(451)
(364)
(266)
(1,308)
(635)
(337)
(1,657)
3,501)
(292)
(288)
(545)
273)
(636)
(566)
Income before income taxes
3,948)
2,799)
1,941)
1,440)
1,083)
1,972)
1,445)
1,039)
592)
1,288)
1,180)
714)
705)
923)
454)
635)
1,213)
(48)
4,547)
725)
699)
1,632)
1,402)
500)
136)
Income tax (expense) benefit
(510)
(540)
(393)
(276)
(118)
(440)
(275)
(157)
400)
(130)
(176)
(259)
(127)
(317)
(213)
(129)
(144)
19)
(864)
(96)
(40)
(289)
(521)
599)
46)
Net income from continuing operations
3,438)
2,259)
1,548)
1,164)
965)
1,532)
1,170)
882)
992)
1,158)
1,004)
455)
578)
606)
241)
506)
1,069)
(29)
3,683)
629)
659)
1,343)
881)
1,099)
182)
Income from discontinued operations, net of income taxes
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
30)
205)
251)
279)
—)
—)
—)
—)
Net income
3,438)
2,259)
1,548)
1,164)
965)
1,532)
1,170)
882)
992)
1,158)
1,004)
455)
578)
606)
241)
506)
1,069)
1)
3,888)
880)
938)
1,343)
881)
1,099)
182)
Net (income) loss attributable to non-controlling interests
The financial performance over the analyzed period is characterized by an initial phase of volatility, a mid-term contraction, and a subsequent phase of aggressive revenue and profit growth. Net revenue exhibits a cyclical pattern, peaking in early 2022, dipping to a low in May 2023, and then accelerating sharply toward the end of the period, reaching a high of 43,842 million US dollars by May 2026.
Revenue Composition and Growth
Revenue is heavily driven by Product sales, which demonstrate significant volatility and growth. Product revenue grew from 16,038 million US dollars in May 2020 to 38,105 million US dollars by May 2026. In contrast, Services revenue remained remarkably stagnant, fluctuating within a narrow band between 5,103 million and 6,328 million US dollars. The overall revenue acceleration observed from August 2024 onward is almost exclusively attributable to the Products segment.
Gross Margin and Cost Management
Gross margins have fluctuated in alignment with revenue shifts. A peak in gross margin was observed in January 2021 at 8,147 million US dollars, followed by a decline to a period low of 4,851 million US dollars in May 2024. However, a recovery is evident in the final quarters, with the gross margin climbing to 7,782 million US dollars by May 2026. The cost of net revenue closely tracks product sales, indicating a variable cost structure primarily tied to hardware volume.
Operating Expense Trends
A consistent trend of operational leaness is observable in the selling, general, and administrative (SG&A) expenses. These costs decreased from 4,886 million US dollars in May 2020 to a range between 2,722 million and 3,143 million US dollars in the latter years. Research and development (R&D) expenses also saw a reduction from early 2020 levels, stabilizing between 600 million and 983 million US dollars for the majority of the period, suggesting a shift in cost allocation or increased efficiency in operational spending.
Operating and Net Profitability
Operating income shows a strong upward trajectory, rising from 702 million US dollars in May 2020 to 3,656 million US dollars by May 2026. Net income exhibits higher volatility than operating income due to fluctuations in interest and other net items and tax benefits. A significant anomaly is noted in October 2021, where net income spiked to 3,888 million US dollars, driven by a non-operational gain in the interest and other net category of 3,501 million US dollars. Excluding this outlier, the underlying trend shows steady growth in net income attributable to the parent company, ending at 3,438 million US dollars in May 2026.
