Dell Technologies Inc.DELL

Dell Technologies Inc. Financial Overview 2022–2026

Updated Jul 10, 2026

A 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

+18.8% YoY

FY2026

NI

$5.94B

+29.7% YoY

FY2026

EPS

$8.79

+35.0% YoY

FY2026

OCF

$11.19B

+147.4% YoY

FY2026

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All DELL Financial Metrics(61)

Recent SEC Filings

Dell Technologies Inc. 8-K Report, Corporate Update (Sep 10, 2026)

Dell Technologies Inc. (DELL) has announced the details of a significant debt offering through an 8-K filing on September 10, 2026. The company, along with Dell International L.L.C. and EMC Corporation, will issue a total of $5 billion in senior notes across four tranches with varying maturities and interest rates, maturing in 2029, 2031, 2033, and 2037. These notes will be jointly and severally guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc. The offering is managed by a syndicate of major financial institutions, including Barclays Capital Inc., BofA Securities, Inc., and others. The primary purpose of this debt issuance is to refinance existing debt, specifically the outstanding 4.900% First Lien Notes due 2026, with any remaining proceeds allocated for general corporate purposes, potentially including further debt reduction. The company has set public offering prices for each tranche slightly below par, reflecting current market conditions. The closing of this offering is anticipated on September 15, 2026, pending standard closing conditions.

Dell Technologies Inc. 8-K Report, Financial Results (Sep 1, 2026)

Dell Technologies Inc. (DELL) has filed an 8-K report on September 1, 2026, to announce its financial results for the fiscal quarter ended July 31, 2026. The primary information for investors is contained within the press release furnished as Exhibit 99.1, detailing the company's operational performance and financial condition. Investors should note that this information is furnished and not considered "filed" for Section 18 liability purposes, nor is it automatically incorporated by reference into other 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.

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