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:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2019
- Net Profit Margin since 2019
- Price to Sales (P/S) 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: 2025-10-31), 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
- The net revenue exhibited fluctuations over the analyzed periods. From early 2019 to early 2022, revenue generally increased with occasional declines, peaking notably around the first quarter of 2022. Following this peak, revenue declined sharply through mid-2023 but rebounded strongly by late 2025, reaching the highest levels in the dataset. Product revenue showed a similar pattern of increase until early 2022, followed by a significant downturn in 2023 and subsequent recovery towards the end of the period. Service revenue remained relatively stable with minor oscillations, contributing consistently around 5,000 to 6,000 million dollars across quarters with no pronounced long-term trend.
- Cost of Net Revenue and Gross Margin
- Cost of net revenue tracked closely with revenue trends, rising steadily until early 2022 before sharply decreasing during 2023 and then increasing again alongside revenue recovery by late 2025. The gross margin demonstrated volatility with peaks around early 2020 and again in late 2021 to early 2022, indicating periods of improved profitability. However, gross margin declined substantially in mid-2023 but recovered moderately during late 2024 and 2025, suggesting fluctuations in cost control or pricing power.
- Operating Expenses
- Operating expenses, comprising selling, general and administrative costs and research and development, generally decreased from 2019 into 2021, reflecting possible cost management efforts or shifts in business strategy. Thereafter, these expenses stabilized with minor fluctuations through 2025. Research and development expenses remained relatively consistent without drastic changes, whereas selling, general, and administrative expenses showed a more noticeable decline in the 2021 period and continued a slight downward trend thereafter.
- Operating Income
- Operating income showed significant improvement from mid-2019 through early 2022, with notable peaks in late 2021 and early 2022. Despite some volatility, operating income generally sustained positive growth, reflecting enhanced operational efficiency or increased profitability. Mid-2023 experienced a dip, but the overall trend through late 2025 was upward, with operating income attaining some of the highest figures in the dataset.
- Interest and Other, Net
- This line item demonstrated considerable fluctuations, with periods of negative and positive impact on financial results. Notably, there were substantial positive spikes in late 2020 and 2021, likely related to non-recurring items or other income components. In other periods, the figures were negative, reducing income before taxes. This volatility indicates the financial results were influenced by factors beyond core operations, such as financing activities or one-time gains or losses.
- Income Before Income Taxes and Net Income
- Income before taxes remained positive for most of the periods, with sharp increases during late 2020 and 2021, coinciding with favorable operating income and extraordinary interest income. It declined in 2022 and early 2023 but showed recovery afterward. Net income from continuing operations and net income attributable to the company showed a similar pattern, with pronounced spikes around 2020-2021, followed by a decline in 2023, and recovery by late 2025. Income taxes showed variable charges with some periods reporting benefits, contributing to fluctuations in net income.
- Profitability and Earnings Quality
- The overall profitability improved over the long term, as evidenced by rising operating income and net income in several periods. The presence of substantial non-operating gains at times introduced volatility but did not overshadow the positive trajectory of core operations. Margins varied but trended upward during key intervals, suggesting effective management of costs relative to revenues.
- Summary
- The financial trajectory reflects periods of growth interrupted by temporary downturns, with recovery phases indicating resilience. Product revenues and related costs showed more volatility compared to services, which remained stable. Operating expenses decreased over time, supporting improved operating income. Non-operating factors contributed volatility especially during 2020-2021. Overall, financial health indicators point towards a strengthening earnings capacity and management effectiveness despite external or cyclical challenges within the observed timeframe.