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.

Dell Technologies Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	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	5,763)	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	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	(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	(3,031)	(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	(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	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	(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	(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	(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	3,092)	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	(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	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	(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	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	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	—)	—)	—)	—)	1)	5)	5)	5)	2)	2)	7)	5)	8)	4)	5)	3)	1)	(45)	(49)	(51)	(116)	(49)	(51)	(39)
Net income attributable to Dell Technologies Inc.	2,259)	1,548)	1,164)	965)	1,533)	1,175)	887)	997)	1,160)	1,006)	462)	583)	614)	245)	511)	1,072)	2)	3,843)	831)	887)	1,227)	832)	1,048)	143)

Overall, the financial performance presented demonstrates considerable fluctuation over the analyzed period. Net revenue initially increased from May 2020 to January 2022, experienced a dip, and then showed a significant surge towards the end of the period. Profitability, as indicated by gross margin and net income, also exhibited volatility, with notable peaks in late 2021 and early 2024. A detailed examination of individual components reveals specific trends and potential areas of interest.

Revenue Composition: Products consistently represent the larger portion of net revenue, though the gap between product and service revenue narrowed over time. Service revenue demonstrated steady growth, particularly from May 2020 to August 2023, before stabilizing. The relative stability of service revenue may indicate a successful diversification strategy. A substantial increase in product revenue is observed in the final periods analyzed.
Cost of Revenue and Gross Margin: Cost of net revenue generally tracked with revenue increases, but at a higher rate, impacting gross margin. Gross margin peaked in the October 2021 period, then declined before recovering significantly in the final periods. The increase in gross margin towards the end of the period suggests improved cost management or pricing strategies, coinciding with the revenue surge.
Operating Expenses: Selling, general, and administrative expenses, and research and development expenses remained relatively stable throughout the period, with some seasonal fluctuations. Operating expenses as a percentage of revenue decreased in later periods, contributing to the improved operating income. The consistent investment in research and development suggests a commitment to innovation.
Profitability: Operating income showed significant variability, mirroring the trends in revenue and gross margin. A substantial increase in operating income is evident in the latter half of the analyzed period. Net income followed a similar pattern, with a particularly strong performance in the October 2021 and final periods. Interest and other expenses, net, introduced further fluctuations, with a large positive impact in the October 2021 period and negative impacts in other periods.
Net Income Attributable to Dell Technologies Inc.: Net income attributable to Dell Technologies Inc. generally followed the trend of overall net income, with minor adjustments due to non-controlling interests. The impact of non-controlling interests remained relatively small throughout the period. The final periods demonstrate a strong recovery and growth in net income attributable to the company.

In conclusion, the financial performance exhibited cyclical patterns with a clear upward trend in the most recent quarters. The company appears to have successfully managed costs and leveraged its service offerings to enhance profitability. The significant revenue and income growth in the final periods warrants further investigation to determine the sustainability of these trends.

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Dell Technologies Inc. (NYSE:DELL)

Income Statement Quarterly Data

Income Statement
Quarterly Data