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: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 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).
An analysis of the profitability metrics reveals a divergence between gross margin performance and overall operational efficiency. While the gross profit margin has experienced a long-term contraction, the operating and net profit margins have demonstrated a significant upward trajectory in the latter half of the analyzed period.
- Gross Profit Margin
- A sustained downward trend is evident over the long term. Starting at 29.32% in April 2021, the margin declined sharply to approximately 21% by early 2022. After a period of relative stability between 22% and 23.6% from 2022 through early 2024, a secondary decline commenced, reaching a low of 19.07% in January 2026 before a slight recovery to 19.80% in July 2026.
- Operating Profit Margin
- Operating efficiency has improved markedly, particularly after November 2024. For several years, the margin fluctuated within a narrow band between 4.60% and 5.89%. However, a period of accelerated growth began in 2025, with the margin climbing steadily from 6.53% in November 2024 to a peak of 9.43% by July 2026, suggesting successful cost management or a shift toward higher-margin operational activities.
- Net Profit Margin
- The net profit margin exhibited significant volatility in the early stages, hitting a trough of 1.74% in October 2022. Following this low, a consistent recovery trend emerged. From February 2023, the margin rose steadily, breaking the 4% threshold in May 2024 and continuing an upward climb to reach 7.53% by July 2026.
- Return on Assets (ROA)
- ROA patterns closely mirror those of the net profit margin. After a decline to 2.15% in October 2022, the ratio entered a growth phase. A notable acceleration is observed from January 2026 (5.86%) to July 2026, where ROA peaked at 8.93%, indicating increased efficiency in utilizing assets to generate earnings.
- Return on Equity (ROE)
- Available data for return on equity shows a sharp contraction during the initial three quarters of the series, falling from 114.54% in April 2021 to 75.81% by October 2021.
The overall trend suggests that while the cost of goods sold has pressured gross margins, the organization has successfully optimized its operating expenses and bottom-line profitability, resulting in stronger net returns and improved asset utilization over time.
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Return on Sales
Return on Investment
Gross Profit Margin
Dell Technologies Inc., gross profit margin calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Gross margin | 9,830) | 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) | |||||||
| Net revenue | 46,971) | 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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | 19.80% | 19.07% | 20.00% | 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% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 48.65% | 47.86% | 47.33% | 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% | |||||||
| Arista Networks Inc. | — | — | — | — | 63.00% | 63.54% | 64.06% | 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% | |||||||
| Cisco Systems Inc. | — | — | 64.52% | 64.33% | 64.81% | 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% | |||||||
| Lumentum Holdings Inc. | — | — | 41.67% | 37.71% | 33.44% | 30.59% | 27.96% | 23.86% | 20.39% | 18.33% | 18.50% | 20.38% | 23.79% | 28.17% | 32.20% | 36.36% | 39.14% | 42.78% | 46.05% | 45.74% | 46.14% | 46.56% | |||||||
| Super Micro Computer Inc. | — | — | 10.82% | 8.39% | 8.02% | 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% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 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).
1 Q2 2027 Calculation
Gross profit margin = 100
× (Gross marginQ2 2027
+ Gross marginQ1 2027
+ Gross marginQ4 2026
+ Gross marginQ3 2026)
÷ (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
= 100 × (9,830 + 7,782 + 6,730 + 5,593)
÷ (46,971 + 43,842 + 33,379 + 27,005)
= 19.80%
2 Click competitor name to see calculations.
The analysis of gross profit margins reveals a significant cyclical fluctuation followed by a period of margin erosion that coincides with an exponential surge in net revenue.
- Initial Margin Contraction (2021-2022)
- A sharp downward trend is observed beginning in April 2021, where the gross profit margin was at its peak of 29.32%. Over the subsequent fifteen months, the margin contracted steadily, reaching a trough of 20.92% by July 29, 2022. This period represents the most rapid decline in profitability efficiency within the analyzed timeframe.
- Stabilization and Recovery Phase (2022-2024)
- Following the July 2022 low, a period of moderate recovery is evident. The gross profit margin improved incrementally, peaking at 23.60% on February 2, 2024. This recovery suggests a period of stabilization in cost structures or a strategic shift toward higher-margin revenue streams.
- Revenue Expansion and Margin Compression (2024-2026)
- A divergence occurs between absolute gross profit and the gross profit margin percentage starting in mid-2024. While net revenue grew aggressively—rising from $22.24 billion in February 2024 to $46.97 billion by July 31, 2026—the gross profit margin declined consistently from 23.07% to 19.80%. Consequently, although the absolute gross margin reached a record high of $9.83 billion in the final period, the percentage of revenue retained as gross profit reached its lowest point in the dataset.
The data indicates that the significant expansion in business scale during the final quarters was accompanied by a decrease in marginal profitability. This suggests that the costs associated with the rapid increase in revenue grew at a faster rate than the revenue itself, leading to overall margin compression despite the substantial increase in absolute profit dollars.
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Operating Profit Margin
Dell Technologies Inc., operating profit margin calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating income | 5,385) | 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) | |||||||
| Net revenue | 46,971) | 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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | 9.43% | 7.94% | 7.18% | 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% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 33.17% | 32.64% | 32.38% | 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% | |||||||
| Arista Networks Inc. | — | — | — | — | 43.14% | 42.79% | 42.82% | 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% | |||||||
| Cisco Systems Inc. | — | — | 24.27% | 23.36% | 22.75% | 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% | |||||||
| Lumentum Holdings Inc. | — | — | 17.41% | 9.53% | 1.18% | -4.94% | -10.95% | -20.72% | -27.02% | -31.60% | -31.93% | -25.08% | -20.39% | -13.31% | -6.55% | -0.24% | 5.12% | 11.34% | 17.71% | 17.46% | 30.10% | 31.28% | |||||||
| Super Micro Computer Inc. | — | — | 7.09% | 4.48% | 3.68% | 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% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 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).
1 Q2 2027 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2027
+ Operating incomeQ1 2027
+ Operating incomeQ4 2026
+ Operating incomeQ3 2026)
÷ (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
= 100 × (5,385 + 3,656 + 3,092 + 2,119)
÷ (46,971 + 43,842 + 33,379 + 27,005)
= 9.43%
2 Click competitor name to see calculations.
The operating performance exhibits a distinct transition from a period of relative stability and slight margin compression to a phase of significant expansion in both absolute profitability and efficiency. For the first several years of the analyzed period, the operating profit margin remained constrained, fluctuating within a narrow band primarily between 4.60% and 5.89%.
- Operating Profit Margin Trends
- A gradual decline was observed from April 2021 (5.72%) to a trough in January 2022 (4.60%). Following this low point, the margin stabilized, maintaining a baseline around 5.5% through early 2024. A sustained upward trend began in May 2024, with the margin climbing steadily from 5.81% to reach a peak of 9.43% by July 2026. This represents a substantial increase in operational efficiency over the latter half of the period.
- Revenue and Income Correlation
- Net revenue showed moderate volatility between 2021 and 2024, generally hovering between 20 billion and 28 billion USD. During this timeframe, operating income followed a similar non-linear path, reflecting a tight correlation between top-line results and operating profit. However, starting in August 2025, a decoupling occurred where operating income began to grow at a rate significantly exceeding that of net revenue, indicating strong operating leverage.
- Accelerated Growth Phase
- The period from January 2026 to July 2026 is characterized by an aggressive expansion in profitability. Net revenue surged from 33.3 billion USD to 46.9 billion USD, while operating income grew more rapidly from 3.09 billion USD to 5.38 billion USD. This acceleration resulted in the operating profit margin expanding by 2.25 percentage points in just six months, moving from 7.18% to 9.43%.
The data indicates that the company successfully transitioned its cost structure to better capture value from increasing revenues. The shift from a sub-6% margin environment to one exceeding 9% suggests a fundamental improvement in operational scale or a shift toward higher-margin product and service offerings in the final quarters of the analysis.
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Net Profit Margin
Dell Technologies Inc., net profit margin calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income attributable to Dell Technologies Inc. | 4,133) | 3,438) | 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) | |||||||
| Net revenue | 46,971) | 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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | 7.53% | 6.28% | 5.23% | 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% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 27.62% | 27.15% | 27.04% | 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% | |||||||
| Arista Networks Inc. | — | — | — | — | 38.37% | 38.32% | 38.99% | 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% | |||||||
| Cisco Systems Inc. | — | — | 20.95% | 19.69% | 18.76% | 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% | |||||||
| Lumentum Holdings Inc. | — | — | -230.10% | 17.68% | 11.95% | 6.11% | 1.57% | -29.87% | -36.98% | -40.70% | -40.21% | -24.91% | -18.52% | -12.62% | -7.45% | -2.02% | 1.56% | 6.61% | 11.61% | 11.04% | 22.57% | 23.68% | |||||||
| Super Micro Computer Inc. | — | — | 5.71% | 3.70% | 3.11% | 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% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 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).
1 Q2 2027 Calculation
Net profit margin = 100
× (Net income attributable to Dell Technologies Inc.Q2 2027
+ Net income attributable to Dell Technologies Inc.Q1 2027
+ Net income attributable to Dell Technologies Inc.Q4 2026
+ Net income attributable to Dell Technologies Inc.Q3 2026)
÷ (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
= 100 × (4,133 + 3,438 + 2,259 + 1,548)
÷ (46,971 + 43,842 + 33,379 + 27,005)
= 7.53%
2 Click competitor name to see calculations.
The overall trajectory of the net profit margin is characterized by three distinct phases: an initial period of volatility, a prolonged recovery, and a subsequent phase of rapid expansion.
- Volatility and Margin Compression (2021–2023)
- Between April 2021 and May 2023, the net profit margin exhibited significant fluctuation. After reaching a peak of 6.83% in October 2021, the margin experienced a sharp contraction, reaching a low of 1.74% in October 2022. This period was marked by inconsistent net income levels despite relatively stable net revenues, suggesting increased operating costs or pricing pressures during this timeframe.
- Stabilization and Gradual Recovery (2023–2025)
- Beginning in November 2023, a consistent upward trend in profitability emerged. The net profit margin rose steadily from 2.92% to 5.01% by October 2025. This recovery phase is characterized by a gradual alignment of net income growth with revenue, indicating improved cost management and a return to baseline profitability levels.
- Revenue Expansion and Margin Acceleration (2026)
- The most significant growth occurred in the first half of 2026. The net profit margin accelerated from 5.23% in January 2026 to a period high of 7.53% by July 2026. This expansion is strongly correlated with a substantial increase in net revenue, which surged from approximately 33.3 billion in January 2026 to nearly 47 billion by July 2026, resulting in a disproportionate increase in net income to 4.13 billion.
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Return on Equity (ROE)
Dell Technologies Inc., ROE calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income attributable to Dell Technologies Inc. | 4,133) | 3,438) | 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) | |||||||
| Total Dell Technologies Inc. stockholders’ equity (deficit) | (1,427) | (1,404) | (2,470) | (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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 75.81% | 78.28% | 114.54% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 119.91% | 115.10% | 133.55% | 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% | |||||||
| Arista Networks Inc. | — | — | — | — | 27.33% | 27.59% | 28.39% | 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% | |||||||
| Cisco Systems Inc. | — | — | 26.38% | 24.47% | 23.21% | 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% | |||||||
| Lumentum Holdings Inc. | — | — | -149.34% | 14.79% | 29.72% | 14.41% | 2.28% | -50.02% | -59.93% | -62.62% | -57.09% | -30.10% | -20.86% | -15.19% | -9.71% | -2.39% | 1.85% | 7.67% | 10.61% | 9.71% | 19.05% | 20.88% | |||||||
| Super Micro Computer Inc. | — | — | 15.40% | 16.47% | 12.48% | 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% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 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).
1 Q2 2027 Calculation
ROE = 100
× (Net income attributable to Dell Technologies Inc.Q2 2027
+ Net income attributable to Dell Technologies Inc.Q1 2027
+ Net income attributable to Dell Technologies Inc.Q4 2026
+ Net income attributable to Dell Technologies Inc.Q3 2026)
÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 100 × (4,133 + 3,438 + 2,259 + 1,548)
÷ -1,427 = —
2 Click competitor name to see calculations.
An analysis of the financial performance indicates a significant structural shift in the balance sheet alongside fluctuating profitability. While net income remains consistently positive throughout the observed period, the stockholders' equity position undergoes a transition from a positive balance to a persistent deficit.
- Net Income Trends
- Net income exhibits notable volatility, characterized by a peak of US$ 3,843 million in October 2021, followed by a sharp decline to US$ 2 million in January 2022. A recovery phase is observed starting in 2023, with earnings trending upward to reach US$ 4,133 million by July 2026.
- Stockholders' Equity Position
- A critical shift occurs in January 2022, where stockholders' equity moves from a positive US$ 8,954 million in October 2021 to a deficit of US$ 1,685 million. This negative equity position persists through the remainder of the analyzed timeframe, reaching its lowest point of US$ 3,469 million in October 2022 before gradually narrowing to a deficit of US$ 1,427 million by July 2026.
- Return on Equity (ROE) Interpretation
- ROE values are only provided for the initial three quarters, showing a downward trend from 114.54% to 75.81%. The subsequent absence of ROE data coincides with the transition to negative stockholders' equity. In a financial context, when equity is negative while net income remains positive, the ROE calculation becomes mathematically distorted or not meaningful, which explains the lack of reported percentages from January 2022 onward.
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Return on Assets (ROA)
Dell Technologies Inc., ROA calculation (quarterly data)
| Jul 31, 2026 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income attributable to Dell Technologies Inc. | 4,133) | 3,438) | 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) | |||||||
| Total assets | 127,393) | 114,913) | 101,286) | 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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | 8.93% | 7.32% | 5.86% | 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% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 33.64% | 33.03% | 31.05% | 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% | |||||||
| Arista Networks Inc. | — | — | — | — | 17.05% | 17.18% | 18.05% | 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% | |||||||
| Cisco Systems Inc. | — | — | 10.23% | 9.52% | 8.98% | 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% | |||||||
| Lumentum Holdings Inc. | — | — | -94.90% | 6.26% | 5.24% | 2.44% | 0.61% | -11.07% | -13.18% | -14.13% | -13.90% | -8.42% | -5.72% | -4.38% | -2.84% | -0.84% | 0.65% | 2.67% | 4.78% | 4.49% | 10.65% | 11.70% | |||||||
| Super Micro Computer Inc. | — | — | 7.45% | 5.32% | 3.12% | 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% | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 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).
1 Q2 2027 Calculation
ROA = 100
× (Net income attributable to Dell Technologies Inc.Q2 2027
+ Net income attributable to Dell Technologies Inc.Q1 2027
+ Net income attributable to Dell Technologies Inc.Q4 2026
+ Net income attributable to Dell Technologies Inc.Q3 2026)
÷ Total assets
= 100 × (4,133 + 3,438 + 2,259 + 1,548)
÷ 127,393 = 8.93%
2 Click competitor name to see calculations.
The analysis of profitability ratios reveals a volatile but ultimately upward trajectory in Return on Assets (ROA) over the observed period. The ROA experienced three distinct phases: an initial period of expansion, a mid-term contraction, and a final phase of accelerated growth.
- Initial Asset Efficiency and Volatility
- Between April 2021 and April 2022, ROA generally trended upward, peaking at 6.50%. This growth was characterized by significant fluctuations in net income, including a substantial spike in October 2021. Notably, the increase in ROA during early 2022 occurred alongside a significant reduction in total assets, which declined from a peak of 135,677 million USD in October 2021 to 88,406 million USD by April 2022, suggesting a period of asset optimization or restructuring.
- Profitability Contraction and Stagnation
- A marked decline in asset productivity is observed starting in July 2022, with ROA dropping to 2.15% by October 2022. From late 2022 through August 2023, ROA remained suppressed, fluctuating within a narrow band between 2.22% and 2.73%. This period was defined by a sharp decrease in net income while total assets remained relatively stable, fluctuating between 80,190 million USD and 89,611 million USD, indicating a temporary misalignment between asset deployment and earnings generation.
- Sustained Recovery and Performance Acceleration
- Beginning in November 2023, a consistent and accelerating upward trend in ROA is evident. The ratio climbed from 3.20% in November 2023 to 8.93% by July 2026. While total assets began to increase again after January 2025—rising from 79,746 million USD to 127,393 million USD—the growth in net income significantly outpaced asset expansion. Net income grew from 1,006 million USD in late 2023 to 4,133 million USD by July 2026, leading to a substantial improvement in the overall efficiency of asset utilization.
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