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.
Paying user area
Try for free
Dell Technologies Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2019
- Return on Assets (ROA) since 2019
- Debt to Equity since 2019
- Price to Earnings (P/E) since 2019
- Price to Sales (P/S) since 2019
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Dell Technologies Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Dell Technologies Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Revenue Trends
- Net revenue demonstrates fluctuations across the quarters, with a notable peak occurring around January 2022 at approximately $27.99 billion. Products revenue shows variability, peaking significantly at $23.94 billion in August 2025 after a decline in mid-2023. Services revenue remains relatively stable with minor fluctuations, generally maintaining a range between $5.1 billion and $6.2 billion over the periods.
- Cost of Net Revenue
- Cost of net revenue aligns closely with net revenue trends, peaking in January 2025 at around $24.37 billion before rising sharply to $24.33 billion in August 2025. Product costs comprise the majority of this cost, with a steep increase observable in August 2025, indicating higher production or procurement expenses. Service costs remain comparatively stable, reflecting moderate increases consistent with service revenue trends.
- Gross Margin
- Gross margin exhibits significant variability, with peaks near January 2021 and January 2025, coinciding with higher net revenue periods. The margin appears compressed during mid-2023 with a low near $4.85 billion, suggesting pressured profitability during that time. Overall, gross margins fluctuate between approximately $4.85 billion and $8.15 billion, indicating periodic shifts in cost efficiency or pricing power.
- Operating Expenses
- Operating expenses, combining selling, general and administrative (SG&A) and research and development (R&D) costs, show a declining trend starting around 2019 and especially marked reductions from early 2021 onward. SG&A expenses decrease from over $5 billion to approximately $2.9 billion in mid-2025, while R&D remains relatively stable around $0.6 to $0.8 billion. This reduction in operating expenses suggests an efficiency drive or restructuring efforts during recent quarters.
- Operating Income
- Operating income shows considerable improvement over the periods, increasing from a low of approximately $0.5 billion in early 2019 to peaks above $2.2 billion in January 2025. This positive trend indicates strengthening core profitability, potentially driven by improved gross margins and tighter control over operating expenses despite fluctuating revenue.
- Interest and Other, Net
- This item displays significant volatility, with notable positive spikes such as $3.5 billion in October 2021 and negative values in several other quarters. The inconsistency in this line impacts pre-tax income substantially and suggests variability from non-operational sources such as debt servicing costs, asset sales, or other one-time items.
- Income Before Income Taxes and Income Tax Expense
- Income before taxes generally aligns with operating income trends but is affected by fluctuations in interest and other expenses. Peaks of over $4.5 billion and $2.0 billion occur in late 2021 and early 2025, respectively. Income tax expense exhibits inconsistent patterns, occasionally showing benefits or unusually high charges, contributing to variability in net income outcomes.
- Net Income
- Net income demonstrates substantial variation across the quarters. Notable peaks include $4.2 billion in August 2019 and nearly $3.9 billion in October 2021, followed by periods of more moderate earnings. The data suggests some quarters benefited from extraordinary items or tax effects, as reflected in disparities between operating income and net income. Overall, net income shows resilience despite revenue and cost fluctuations.
- Divisional Contributions and Non-controlling Interests
- Net income attributable to the company closely follows total net income trends, indicating limited impact from non-controlling interests, which remain relatively minor and stable. Discontinued operations contribute significantly around early 2021, reflecting a one-time gain evident in that period's net income.
- Summary and Insights
- The financial data reveals a company managing revenue variability with strategic cost control, particularly in operating expenses. Gross margins experience pressure in certain quarters, highlighting operational challenges possibly linked to cost inflation or competitive pricing environments. Improved operating income over time indicates successful operational management despite these challenges. Volatility in non-operating items such as interest and other income/expense significantly influences pre-tax and net income, suggesting exposure to financial or investment-related volatility. The stable contributions from services complement the more fluctuating product revenues, providing some revenue stream diversification. The presence of discontinued operations in early 2021 points to portfolio adjustments during the observed periods.