Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Dell Technologies Inc., profitability ratios (quarterly data)
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).
- Gross Profit Margin
- The gross profit margin exhibits a clear declining trend from May 2020 through October 2022, dropping from around 31.46% to approximately 21.42%. After this period, there is a gradual recovery observed with margins increasing slightly until February 2024, reaching around 23.6%. However, beyond this point, the margin declines again, ending near 20.8% by the final period in October 2025. Overall, this pattern suggests initial margin compression followed by a mild recovery and then renewed pressure.
- Operating Profit Margin
- Operating profit margin shows an improving trend over the entire period. Starting at around 3.01% in May 2020, it steadily rises with minor fluctuations, reaching close to 6.93% by October 2025. This consistent upward movement indicates enhanced operational efficiency or effective cost management despite fluctuations in gross profit margin.
- Net Profit Margin
- The net profit margin displays considerable variability across quarters. Beginning at about 4.85% in May 2020, it dips notably to a low near 1.74% in October 2022, followed by a general upward trend thereafter, reaching about 5.01% by October 2025. This suggests that profitability at the net level faced headwinds mid-period but improved towards the end of the timeline, possibly reflecting improved control over expenses or other income elements.
- Return on Equity (ROE)
- Data for return on equity is sparse, with early periods showing extremely high values (275.31% in October 2020) followed by a decreasing trend through mid-2021 to 75.81%. Later values are missing, limiting comprehensive trend analysis. The initial exceedingly high figures may indicate accounting anomalies or one-time effects impacting equity returns.
- Return on Assets (ROA)
- Return on assets starts at 3.71% in May 2020 and shows a gradual overall increase, despite some fluctuations. After a dip in early 2023, it rises steadily, reaching almost 5.96% by October 2025. This upward movement indicates improving efficiency in utilizing assets to generate earnings.
Return on Sales
Return on Investment
Gross Profit Margin
Dell Technologies Inc., gross profit margin calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Gross margin | 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) | |||||||
| Net revenue | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | 20.80% | 21.12% | 22.06% | 22.24% | 22.23% | 22.51% | 23.07% | 23.60% | 23.38% | 23.36% | 22.57% | 22.18% | 21.42% | 20.92% | 21.40% | 21.63% | 24.59% | 27.13% | 29.32% | 31.22% | 31.42% | 31.49% | 31.46% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 46.91% | 46.68% | 46.63% | 46.52% | 46.21% | 45.96% | 45.59% | 45.03% | 44.13% | 43.45% | 43.18% | 43.06% | 43.31% | 43.31% | 43.32% | 43.02% | 41.78% | 41.01% | 39.88% | 38.78% | |||||||
| Arista Networks Inc. | — | — | — | — | 64.34% | 64.24% | 64.09% | 64.13% | 64.41% | 64.01% | 62.94% | 61.95% | 60.76% | 60.18% | 60.27% | 61.07% | 61.82% | 62.77% | 63.64% | 63.80% | 63.95% | 63.87% | 63.72% | |||||||
| Cisco Systems Inc. | — | — | 64.85% | 64.94% | 65.24% | 65.13% | 64.92% | 64.73% | 64.65% | 64.22% | 63.69% | 62.73% | 61.99% | 61.92% | 62.23% | 62.55% | 63.14% | 63.30% | 63.73% | 64.02% | 63.94% | 64.17% | 64.07% | |||||||
| Super Micro Computer Inc. | — | — | 10.08% | 11.06% | 11.27% | 12.44% | 13.20% | 13.75% | 15.97% | 16.39% | 17.44% | 18.01% | 18.23% | 17.80% | 16.78% | 15.40% | 14.22% | 13.68% | 14.18% | 15.03% | 15.14% | 16.03% | 15.91% | |||||||
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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross marginQ3 2026
+ Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (5,593 + 5,447 + 4,937 + 5,678)
÷ (27,005 + 29,776 + 23,378 + 23,931)
= 20.80%
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue exhibits a generally fluctuating pattern over the observed periods, with several notable peaks and troughs. An initial increase is observed from May 2020 through January 2021, reaching a peak at 26,112 million USD. Following this peak, revenue experienced variability with intermittent declines and recoveries, notably dropping to around 20,922 million USD by May 2023 but rebounding again towards late 2025. The highest recorded revenue occurred in August 2025 at 29,776 million USD, signaling significant revenue growth towards the end of the period analyzed.
- Gross Margin
- Gross margin displays some degree of volatility with oscillations throughout the timeframe. Early data from May 2020 to January 2021 shows an upward trend, with a peak gross margin of 8,147 million USD in January 2021. Post this peak, there is a visible decline, dropping around mid-2023 to approximately 5,018 million USD, followed by slight recoveries and dips over subsequent quarters. The gross margin shows a modest increase towards the end of the dataset, reaching 5,593 million USD in October 2025. Overall, the gross margin trends do not strictly correlate with net revenue fluctuations but reflect some lagging and intermittent changes.
- Gross Profit Margin Percentage
- The gross profit margin percentage reveals a downward trend across the majority of the periods analyzed. It starts relatively high at approximately 31.46% in May 2020, then decreases steadily to the range of 20-23% by late 2022 onward. Some gradual improvements are seen around early 2023, with a slight increase peaking near 23.6% in February 2024, but this is followed by a renewed downtrend reaching roughly 20.8% again by October 2025. This decline in profit margin percentage over time suggests rising costs or pricing pressures impacting profitability despite net revenue growth in later periods.
- Overall Assessment
- Over the timeline observed, net revenue shows cyclical behavior with a strong increase by the final periods, indicating the company’s ability to grow or recover revenue streams. Gross margin in absolute terms fluctuates but does not consistently track net revenue increases, suggesting variable cost controls. The consistent decline in gross profit margin percentage raises concerns regarding the company’s cost of goods sold increasing relative to revenues or downward pricing pressures affecting profitability. The combination of rising revenues but declining profit margins underscores the potential need for strategic focus on cost management and pricing optimization in future periods.
Operating Profit Margin
Dell Technologies Inc., operating profit margin calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Operating income | 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) | |||||||
| Net revenue | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | 6.93% | 6.72% | 6.66% | 6.53% | 5.93% | 5.81% | 5.69% | 5.89% | 5.39% | 5.54% | 5.45% | 5.64% | 5.88% | 5.12% | 4.99% | 4.60% | 5.26% | 5.51% | 5.72% | 5.46% | 4.00% | 3.71% | 3.01% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 31.97% | 31.87% | 31.81% | 31.76% | 31.51% | 31.27% | 30.98% | 30.76% | 29.82% | 29.23% | 29.16% | 29.41% | 30.29% | 30.53% | 30.93% | 30.90% | 29.78% | 28.79% | 27.32% | 25.24% | |||||||
| Arista Networks Inc. | — | — | — | — | 42.88% | 43.14% | 42.27% | 42.05% | 42.11% | 41.23% | 40.01% | 38.52% | 37.29% | 36.12% | 35.71% | 34.86% | 33.69% | 32.55% | 31.56% | 31.37% | 30.79% | 30.76% | 30.72% | |||||||
| Cisco Systems Inc. | — | — | 22.12% | 20.76% | 20.30% | 18.98% | 19.37% | 22.64% | 24.95% | 27.21% | 27.17% | 26.37% | 25.89% | 26.10% | 26.91% | 27.09% | 27.36% | 27.09% | 26.98% | 25.76% | 25.60% | 25.93% | 26.23% | |||||||
| Super Micro Computer Inc. | — | — | 4.40% | 5.70% | 6.09% | 7.42% | 8.23% | 8.08% | 9.72% | 9.40% | 9.65% | 10.68% | 10.64% | 10.39% | 8.75% | 6.45% | 4.52% | 3.27% | 3.20% | 3.48% | 2.79% | 2.85% | 2.52% | |||||||
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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (2,119 + 1,773 + 1,165 + 2,159)
÷ (27,005 + 29,776 + 23,378 + 23,931)
= 6.93%
2 Click competitor name to see calculations.
The quarterly financial performance exhibits several notable trends in operating income, net revenue, and operating profit margin over the given time frame.
- Operating Income
- Operating income shows considerable volatility across quarters, with several peaks and troughs. Initial figures start moderately and then increase significantly around the beginning of 2021, reaching a high point in January 2021. Following this peak, it declines and fluctuates, with subsequent peaks occurring intermittently through 2022 and 2023. A strong upward trend is visible towards the end of the timeline, particularly from late 2024 into early 2025, indicating improved profitability during these periods despite interim fluctuations.
- Net Revenue
- Net revenue displays a generally upward trend with periodic fluctuations. The values increase steadily from mid-2020 to early 2022, followed by a minor decline and stabilization around late 2022 and 2023. After a dip in mid-2023, net revenue begins to rise again significantly toward the end of the timeline, reaching the highest point in late 2025. This pattern suggests resilience in sales performance with some cyclical variability.
- Operating Profit Margin
- The operating profit margin reveals a consistent and gradual improvement throughout the periods analyzed. Starting around 3% in mid-2020, the margin increments steadily, surpassing 5% by mid-2021 and continuing upward to approximately 6.9% by late 2025. This sustained increase indicates enhanced operational efficiency or cost management leading to better profitability per unit of revenue.
Overall, the financial data reflects a company that experiences cyclical shifts in income and revenue but progressively improves profitability over time. The gradual increase in operating profit margin combined with revenue growth suggests strengthening operational leverage and a positive outlook in earnings quality and efficiency.
Net Profit Margin
Dell Technologies Inc., net profit margin calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income attributable to Dell Technologies Inc. | 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) | |||||||
| Net revenue | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | 5.01% | 4.77% | 4.72% | 4.81% | 4.49% | 4.41% | 4.04% | 3.63% | 2.92% | 2.03% | 2.01% | 2.39% | 1.74% | 5.07% | 5.49% | 5.50% | 6.83% | 3.92% | 4.21% | 3.45% | 2.64% | 2.29% | 4.85% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 26.92% | 24.30% | 24.30% | 24.30% | 23.97% | 26.44% | 26.31% | 26.16% | 25.31% | 24.68% | 24.49% | 24.56% | 25.31% | 25.71% | 26.41% | 26.58% | 25.88% | 25.00% | 23.45% | 21.73% | |||||||
| Arista Networks Inc. | — | — | — | — | 39.73% | 40.89% | 40.72% | 40.73% | 40.29% | 39.01% | 37.64% | 35.62% | 33.97% | 32.48% | 31.24% | 30.87% | 29.63% | 29.55% | 29.54% | 28.52% | 28.30% | 27.72% | 27.48% | |||||||
| Cisco Systems Inc. | — | — | 17.90% | 17.97% | 17.60% | 16.96% | 17.73% | 19.18% | 21.88% | 23.49% | 23.40% | 22.13% | 20.89% | 21.26% | 22.00% | 22.91% | 23.28% | 22.94% | 22.44% | 21.26% | 20.92% | 21.09% | 21.76% | |||||||
| Super Micro Computer Inc. | — | — | 3.77% | 4.77% | 5.34% | 6.94% | 7.55% | 7.69% | 8.88% | 7.92% | 8.29% | 8.98% | 8.93% | 8.70% | 7.38% | 5.49% | 3.96% | 3.00% | 2.89% | 3.14% | 2.69% | 2.71% | 2.56% | |||||||
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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income attributable to Dell Technologies Inc.Q3 2026
+ Net income attributable to Dell Technologies Inc.Q2 2026
+ Net income attributable to Dell Technologies Inc.Q1 2026
+ Net income attributable to Dell Technologies Inc.Q4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (1,548 + 1,164 + 965 + 1,533)
÷ (27,005 + 29,776 + 23,378 + 23,931)
= 5.01%
2 Click competitor name to see calculations.
The financial data presents several important trends in the company's quarterly performance over the covered periods.
- Net Income Attributable to Dell Technologies Inc.
- Net income exhibits significant fluctuations across quarters. Initially, there is a notable increase from 143 million USD to a peak of 3843 million USD within the first eight quarters. This spike is followed by a sharp decline, with values dropping to single or low triple-digit millions in subsequent quarters, showing volatility. In recent quarters, net income stabilizes somewhat, fluctuating within a moderate range roughly between 462 million and 1548 million USD. This suggests episodic factors influencing profitability, possibly related to market conditions or one-time events.
- Net Revenue
- Net revenue displays a generally upward trend with some variability. Starting around 21,897 million USD, it rises consistently over several quarters, reaching peaks close to 29,776 million USD. There are periods of slight decline or plateau, specifically notable between the quarters corresponding to May 2023 and Nov 2023, where revenue dips to a low point around 20,922 million USD before recovering. The overall pattern indicates growth in underlying sales or business volume despite some periodic contractions.
- Net Profit Margin
- The net profit margin shows variability but also an upward tendency over time. Early margins range from approximately 2.29% to 6.83%, with marked dips followed by recoveries. In the middle and later periods, the margin stabilizes mostly within a 2.0% to 5.0% band, with an upward trend toward the end, approaching 5%. This suggests improved operational efficiency or better cost control contributing to more consistent profitability relative to revenue.
Overall, the company's revenue growth is evident with some intermittent declines, while net income is more volatile but appears to stabilize at moderate levels in recent quarters. Profit margins have generally improved or held steady, indicating potentially enhanced profitability management. These dynamics highlight a business experiencing growth challenges tempered by improvements in profitability metrics.
Return on Equity (ROE)
Dell Technologies Inc., ROE calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income attributable to Dell Technologies Inc. | 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) | |||||||
| Total Dell Technologies Inc. stockholders’ equity (deficit) | (2,620) | (2,766) | (3,024) | (1,482) | (2,285) | (2,894) | (2,822) | (2,404) | (2,664) | (2,772) | (3,023) | (3,122) | (3,469) | (2,860) | (2,462) | (1,685) | 8,954) | 4,825) | 3,487) | 2,479) | 883) | (419) | (1,614) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 75.81% | 78.28% | 114.54% | 131.10% | 275.31% | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 151.91% | 150.81% | 145.66% | 144.03% | 164.59% | 152.84% | 135.31% | 136.18% | 156.08% | 157.22% | 151.74% | 167.77% | 196.96% | 171.46% | 151.24% | 139.79% | 150.07% | 135.04% | 110.31% | 96.54% | |||||||
| Arista Networks Inc. | — | — | — | — | 28.19% | 29.83% | 29.93% | 28.54% | 28.82% | 29.20% | 29.11% | 28.91% | 29.22% | 29.18% | 28.46% | 27.68% | 26.56% | 25.84% | 22.46% | 21.13% | 20.30% | 19.70% | 19.60% | |||||||
| Cisco Systems Inc. | — | — | 22.04% | 21.73% | 21.32% | 20.18% | 20.75% | 22.70% | 26.47% | 29.06% | 30.04% | 28.44% | 27.12% | 27.25% | 28.56% | 29.70% | 29.72% | 29.94% | 26.69% | 25.66% | 25.41% | 25.89% | 27.42% | |||||||
| Super Micro Computer Inc. | — | — | 12.15% | 16.64% | 18.04% | 23.16% | 24.16% | 21.28% | 20.59% | 23.80% | 28.29% | 32.45% | 33.21% | 31.80% | 27.33% | 20.00% | 14.41% | 10.53% | 9.77% | 10.20% | 8.65% | 8.32% | 7.88% | |||||||
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).
1 Q3 2026 Calculation
ROE = 100
× (Net income attributable to Dell Technologies Inc.Q3 2026
+ Net income attributable to Dell Technologies Inc.Q2 2026
+ Net income attributable to Dell Technologies Inc.Q1 2026
+ Net income attributable to Dell Technologies Inc.Q4 2025)
÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 100 × (1,548 + 1,164 + 965 + 1,533)
÷ -2,620 = —
2 Click competitor name to see calculations.
The financial data reveals several key trends in the company’s profitability, equity position, and return on equity (ROE) over the analyzed periods.
- Net Income Attributable to Shareholders
- The net income displays significant volatility across quarters. Starting from a moderate level, it experiences sharp increases at certain points, notably reaching a peak of 3843 million US dollars in the October 29, 2021 quarter. However, this is followed by an immediate drastic decline to 2 million in the subsequent quarter (January 28, 2022), indicating possible extraordinary items or one-time effects impacting earnings. After this extreme fluctuation, net income stabilizes somewhat but remains variable, exhibiting moderate gains and dips in the subsequent periods, ultimately registering values in the range of approximately 500 to 1500 million US dollars. The trend suggests recurring earnings but with notable irregularities potentially linked to operational or market factors.
- Total Stockholders’ Equity (Deficit)
- The total equity position of the company shows considerable fluctuations over time. Starting with a substantial negative value of -1614 million US dollars, equity improves progressively over the 2020 and 2021 periods, reaching a positive peak of 8954 million in the quarter ending October 29, 2021. Despite this strong improvement, equity abruptly reverses thereafter, turning negative again and descending progressively through several quarters, hitting values as low as -3469 million. In recent quarters, equity remains negative, fluctuating around -2000 to -3000 million, indicating ongoing challenges related to liabilities or accumulated deficits exceeding assets. This pattern of significant swings highlights potential volatility in capital structure, possibly reflecting debt issuance, share repurchases, or asset revaluations.
- Return on Equity (ROE)
- ROE data is only available for a limited timeframe and shows an extremely high and unstable trend. The reported percentages include a spike to 275.31% at one point followed by lower but still high percentages like 131.1%, 114.54%, 78.28%, and 75.81%. These elevated values are likely driven by the low or negative equity base in preceding periods, inflating the ROE metric. The lack of subsequent ROE data and the irregular equity values suggest difficulty in deriving consistent profitability measures in relation to shareholder equity during this timeframe.
- Overall Insights
- The company’s financial figures reflect a pattern of significant volatility in profitability and equity levels. The sharp rise and fall in net income indicate episodic earning events, while the oscillation in equity from negative to positive and back reveals fluctuating financial stability. The extremely high and variable ROE further underscores the impact of equity volatility on profitability ratios. These trends suggest ongoing financial restructuring or operational challenges that may influence short-term performance metrics and capital structure consistency.
Return on Assets (ROA)
Dell Technologies Inc., ROA calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income attributable to Dell Technologies Inc. | 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) | |||||||
| Total assets | 87,479) | 89,176) | 86,869) | 79,746) | 81,951) | 82,687) | 80,190) | 82,089) | 83,264) | 85,658) | 84,094) | 89,611) | 85,172) | 88,775) | 88,406) | 92,735) | 135,677) | 122,678) | 121,752) | 123,415) | 118,948) | 121,276) | 120,236) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | 5.96% | 5.42% | 5.25% | 5.76% | 5.15% | 4.90% | 4.52% | 3.91% | 3.20% | 2.22% | 2.32% | 2.73% | 2.15% | 6.11% | 6.50% | 6.00% | 5.00% | 3.08% | 3.28% | 2.63% | 2.04% | 1.73% | 3.71% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 31.18% | 29.95% | 29.37% | 27.94% | 25.68% | 30.75% | 29.75% | 28.55% | 27.51% | 28.28% | 28.40% | 27.45% | 28.29% | 29.63% | 29.07% | 26.38% | 26.97% | 26.32% | 22.63% | 18.06% | |||||||
| Arista Networks Inc. | — | — | — | — | 18.60% | 19.67% | 20.86% | 20.31% | 20.74% | 21.18% | 21.69% | 20.98% | 20.96% | 20.88% | 20.11% | 19.96% | 18.90% | 17.77% | 15.27% | 14.66% | 14.43% | 13.99% | 13.82% | |||||||
| Cisco Systems Inc. | — | — | 8.53% | 8.32% | 8.17% | 7.57% | 7.62% | 8.29% | 9.85% | 13.29% | 13.75% | 12.38% | 11.76% | 11.79% | 12.36% | 12.57% | 12.94% | 12.54% | 11.87% | 10.86% | 10.88% | 10.60% | 11.01% | |||||||
| Super Micro Computer Inc. | — | — | 5.51% | 7.48% | 10.72% | 14.85% | 13.09% | 11.73% | 11.84% | 13.55% | 14.96% | 17.42% | 18.39% | 18.81% | 13.45% | 8.90% | 5.98% | 4.67% | 4.56% | 4.99% | 4.56% | 4.67% | 4.65% | |||||||
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).
1 Q3 2026 Calculation
ROA = 100
× (Net income attributable to Dell Technologies Inc.Q3 2026
+ Net income attributable to Dell Technologies Inc.Q2 2026
+ Net income attributable to Dell Technologies Inc.Q1 2026
+ Net income attributable to Dell Technologies Inc.Q4 2025)
÷ Total assets
= 100 × (1,548 + 1,164 + 965 + 1,533)
÷ 87,479 = 5.96%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in net income, total assets, and return on assets (ROA) over the observed periods.
- Net Income Attributable to Dell Technologies Inc.
- The net income values show considerable volatility across the quarters. Initially, the figures fluctuate at lower levels, with values ranging roughly between 100 and 1000 million USD. A significant spike is observable around the quarter ending October 29, 2021, when net income jumps sharply to approximately 3,843 million USD. This spike is followed by a steep decline in the subsequent quarter to a minimal value near 2 million USD, indicating an extraordinary event or financial adjustment affecting earnings in those periods. Subsequent quarters show moderate recovery and stabilization with net income generally ranging between 400 to 1,500 million USD, exhibiting some upward tendency towards the latter quarters, with values peaking again above 1,500 million USD.
- Total Assets
- Total assets present a downward trend overall. Starting from approximately 120 billion USD in early 2020, assets mostly decline over time with some fluctuations. A notable sharp drop occurs around the quarter ending January 28, 2022, where assets fall drastically to approximately 92.7 billion USD from a previous high of about 135.7 billion USD. After this decline, asset values stabilize between roughly 80 billion and 89 billion USD, showing moderate oscillations without a clear upward or downward trajectory in the later periods.
- Return on Assets (ROA)
- The ROA percentage exhibits a general upward trend, indicating improved efficiency in asset utilization over time. Beginning at 3.71% in the earliest period, ROA declines slightly in the middle of the series, falling to a low around 1.73% to 2.04%. Afterwards, there is a progressive increase starting in early 2022, reaching a peak of approximately 6.5% and maintaining elevated levels around 5% to 6% for several quarters. Although there are some minor declines in subsequent periods, overall ROA remains higher and more stable in the latter half of the timeline compared to the earlier periods.
In summary, the financial data indicate that net income has experienced significant fluctuations, including a one-time extraordinary spike and subsequent stabilization. Total assets have demonstrated a clear downward trend, particularly marked by a substantial decrease around early 2022. Meanwhile, return on assets shows a positive trend, improving from lower mid-cycle rates to higher and more consistent performance levels in later quarters. This suggests a trend of enhanced asset efficiency despite the reduction in total asset base.