Dell Technologies Inc.DELL
Dell Technologies Inc. Financial Overview 2022–2026
Updated Jul 10, 2026A staggering 757% surge in AI-optimized server sales during Q1 FY2027 fundamentally redefines Dell Technologies. The enterprise hardware provider has successfully pivoted from a legacy PC and traditional storage vendor into a high-growth AI infrastructure architect. This strategic shift ultimately reversed a significant macroeconomic slump, driving total net revenue to a record $113.5 billion in FY2026. Alongside this operational transformation, management consistently prioritized capital returns, steadily shrinking the outstanding share count from 0.76 billion shares in FY2022 down to 0.65 billion shares by the close of FY2026.
The financial leverage behind this AI adoption is severe. During FY2026, the Infrastructure Solutions Group expanded by 40% to hit $60.8 billion, overtaking the legacy Client Solutions Group. This top-line momentum pushed operating income up 31% to $8.1 billion and sparked a 147% increase in operating cash flow to $11.2 billion, which directly funded $6.0 billion in stock buybacks. The market aggressively rewarded this structural turnaround. At the close of FY2025, Dell traded at $103.60 with a 16.2x P/E ratio and a $72.1 billion market cap. By the end of FY2026, the stock climbed to $114.44, yet the valuation multiple actually compressed to 13.2x earnings as bottom-line profitability growth vastly outpaced the share price appreciation.
Recent Developments (Q4 2026 and Q2 2027)
Dell sustained its explosive growth in Q1 2027, driving total net revenue up 88% year-over-year to $43.8 billion. This acceleration was anchored by the Infrastructure Solutions Group, which expanded 181% to $29.0 billion. The Client Solutions Group also posted a 17% increase to $14.6 billion. This scale pushed operating income up 214% to $3.7 billion. Strategically, the company fortified its balance sheet by securing a new $6 billion credit facility and issuing $3 billion in senior unsecured notes. Structurally, Dell completed a corporate redomestication from Delaware to Texas on July 1, 2026.
Bulls point to a 20% dividend increase and a 46% jump in operating cash flow to $4.1 billion as proof of sustainable cash generation. Bears warn that gross margin percentages continue contracting due to the AI hardware mix, presenting profitability risks. Shares trade at a rich 44.0x earnings as of June 9, 2026.
What to watch: gross margin percentage trends; impact of new Texas bylaws on shareholder proposals.
Rev
$113.54B
FY2026
NI
$5.94B
FY2026
EPS
$8.79
FY2026
OCF
$11.19B
FY2026
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Dell Technologies Inc. 8-K Report, Rights Modification (Jul 6, 2026)
Dell Technologies Inc. (DELL) has filed an 8-K report detailing amendments to its bylaws, effective July 2, 2026. These changes implement Section 21.373 of the Texas Business Organizations Code, which significantly alters the requirements for shareholders submitting proposals at company meetings. Under the new bylaws, a shareholder or group of shareholders must meet stringent criteria to submit a proposal. This includes holding shares with a market value of at least $1 million or 3% of outstanding voting shares, continuously holding these shares for at least six months prior to the meeting, retaining ownership through the meeting's duration, and soliciting support from holders of at least 67% of the voting power. These amendments are designed to streamline the shareholder proposal process and ensure that proposals are brought forth by substantial, long-term investors.
Dell Technologies Inc. 8-K Report, Rights Modification (Jul 1, 2026)
Dell Technologies Inc. (DELL) has officially completed its "Redomestication" from Delaware to Texas, effective July 1, 2026. This strategic move, approved by stockholders at the 2026 annual meeting, primarily impacts the legal jurisdiction governing the company's internal affairs, shifting from Delaware law to Texas law. Importantly, this change does not alter Dell's headquarters, business operations, management, assets, liabilities, or stock listing on the NYSE under the symbol "DELL." Shareholder rights and equity awards remain substantially the same, with existing shares automatically converting to Texas corporate stock. However, a notable change for shareholders is the adoption of Texas Business Organizations Code provisions that require a shareholder or group to own at least 3% of outstanding shares to initiate derivative proceedings against directors or officers. The company also reported the results of its 2026 annual meeting, confirming the election of its director nominees, the ratification of PricewaterhouseCoopers LLP as its independent auditor for fiscal year 2027, and advisory approval of executive compensation. The overwhelming shareholder support for the redomestication, particularly from Class A and Class B common stock holders, underscores the confidence in this transition. Investors should note the new threshold for initiating derivative lawsuits as a key takeaway from the shift in corporate domicile.
Dell Technologies Inc. 8-K Report, Unregistered Securities Sale (Jun 17, 2026)
Dell Technologies Inc. (DELL) has reported the unregistered sale of equity securities, specifically the conversion of Class B common stock into Class C common stock. Between June 1 and June 12, 2026, a total of 3,438,364 shares of Class C common stock were issued upon the conversion of an equivalent number of Class B shares held by entities affiliated with Silver Lake. This conversion was executed under the company's certificate of incorporation, which allows for one-to-one conversion of Class B into Class C shares, either optionally or automatically upon certain transfers. These issuances were made without registration, in reliance on the Section 3(a)(9) exemption under the Securities Act of 1933. Following these conversions as of June 15, 2026, Dell Technologies had 325,046,693 shares of Class C common stock outstanding and 44,351,394 shares of Class B common stock outstanding. This transaction represents a change in the capital structure regarding share classes but does not alter the total equity value or the dividend and liquidation rights per share, as both classes carry identical rights in these aspects. Investors should note that this is a conversion within existing share classes and not the issuance of new equity to external parties, therefore not diluting ownership percentages for existing holders of Class C stock.
Dell Technologies Inc. 8-K Report, Material Agreement (Jun 16, 2026)
Dell Technologies Inc. (DELL) announced on June 16, 2026, through its wholly-owned subsidiaries Dell International L.L.C. and EMC Corporation, the completion of a substantial public offering of senior unsecured notes. The offering comprises $1,000,000,000 of 4.750% Senior Notes due 2031, $750,000,000 of 5.000% Senior Notes due 2034, and $1,250,000,000 of 5.250% Senior Notes due 2037, totaling $3 billion in new debt. These notes are guaranteed jointly and severally by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc. They are senior unsecured obligations, ranking equally with existing and future senior indebtedness. The offering was made under a shelf registration statement. The covenants within the indenture impose limitations on certain corporate actions, including creating liens, asset disposals, and sale-leaseback transactions, which are customary for investment-grade debt. This issuance provides Dell with significant liquidity and extends its debt maturity profile.
Dell Technologies Inc. 8-K Report, Corporate Update (Jun 12, 2026)
Dell Technologies Inc. (DELL) announced on June 11, 2026, through an 8-K filing, the execution of an underwriting agreement to issue and sell a significant aggregate principal amount of senior notes across three tranches: $1 billion of 4.750% Senior Notes due 2031, $750 million of 5.000% Senior Notes due 2034, and $1.25 billion of 5.250% Senior Notes due 2037. This move represents a substantial capital raise for the company and its subsidiaries, Dell International L.L.C. and EMC Corporation, who are the issuers of these notes. The notes will be jointly and severally guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc., providing an additional layer of assurance to investors. The net proceeds from this offering are designated for general corporate purposes, which may include the repayment of existing debt. This indicates a potential strategy to optimize Dell's capital structure, possibly by refinancing higher-cost debt or extending its maturity profile. Investors should note that the offering is subject to customary closing conditions and is expected to close on June 16, 2026. The transaction has been registered with the SEC on Form S-3ASR.
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