10-KPeriod: FY2026

Dell Technologies Inc. Annual Report, Year Ended Jan 30, 2026

Filed March 16, 2026For Securities:DELL

Summary

Dell Technologies reported a strong fiscal year 2026, demonstrating significant growth in net revenue, up 19%, largely driven by a 40% surge in the Infrastructure Solutions Group (ISG). This growth was particularly fueled by a remarkable 166% increase in AI-optimized servers, reflecting robust customer demand for AI infrastructure. The Client Solutions Group (CSG) also showed resilience, with a 5% increase in net revenue driven by commercial offerings, indicating a positive PC refresh cycle. The company's profitability saw substantial improvements, with operating income increasing by 31% year-over-year, supported by disciplined cost management and revenue growth, despite a slight decline in gross margin percentage due to the product mix shift towards AI-optimized servers. Dell Technologies continues to focus on its long-term strategy of providing essential technology solutions for the data and AI era. The company's solid cash flow generation, significant share repurchases, and a substantial increase in the quarterly dividend rate signal a commitment to returning value to shareholders. With substantial authorization remaining on its share repurchase program and strategic investments in emerging technologies, Dell Technologies appears well-positioned to capitalize on future growth opportunities, particularly in the AI sector.

Financial Highlights

56 data points
Beta

Revenue

$113.54B

20.0% Gross Margin

Net Income

$5.94B

5.2% Net Margin

EPS (Diluted)

$8.68

Total Assets

$101.29B

Cash & Equivalents

$11.53B

Free Cash Flow

$8.55B

Financial Statements
Beta
Revenue$113.54B
Cost of Revenue$90.83B
Gross Profit$22.71B
R&D Expenses$3.14B
SG&A Expenses$11.42B
Operating Expenses$14.56B
Operating Income$8.15B
Net Income$5.94B
EPS (Basic)$8.79
EPS (Diluted)$8.68
Shares Outstanding (Basic)675.00M
Shares Outstanding (Diluted)684.00M

Key Highlights

  • 1Net revenue increased by 19% to $113.5 billion, driven by strong performance in both Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG).
  • 2ISG net revenue grew 40% to $60.8 billion, with AI-optimized servers revenue up 166%, highlighting significant demand in the AI market.
  • 3CSG net revenue increased 5% to $50.9 billion, driven by commercial offerings, indicating a healthy PC refresh cycle.
  • 4Operating income rose 31% to $8.1 billion, showcasing improved profitability and effective cost management.
  • 5The company generated $11.2 billion in cash flow from operations, a 147% increase year-over-year.
  • 6Dell Technologies announced a 20% increase in its quarterly dividend rate, reflecting confidence in future financial performance.
  • 7The company repurchased approximately 54 million shares of Class C Common Stock for $6.0 billion during Fiscal 2026, underscoring its commitment to capital return.

Frequently Asked Questions

Dell Technologies' revenue growth in Fiscal 2026 was primarily driven by a substantial increase in demand for AI-optimized servers within the Infrastructure Solutions Group (ISG), which saw a 166% revenue increase. The traditional servers and networking offerings also contributed positively to ISG's growth. In the Client Solutions Group (CSG), commercial offerings performed well, indicating a strong PC refresh cycle, leading to an 8% increase in commercial revenue.

Dell Technologies demonstrated disciplined cost management throughout Fiscal 2026, leading to a significant 31% increase in operating income. While gross margin percentage saw a slight decline due to a product mix shift towards AI-optimized servers (which typically have lower initial margins), overall operating expenses as a percentage of net revenue decreased due to strong revenue growth and efficiency initiatives. This combination of revenue growth and cost control improved overall profitability.

Dell Technologies is strategically focused on providing technology solutions for the data and AI era. Its vision is to be the most essential technology partner, and it is investing in AI-optimized infrastructure, including servers, storage, and networking solutions, to meet evolving customer needs. The company is also actively evaluating strategic investments through its venture capital arm, Dell Technologies Capital, in emerging technology areas relevant to its business to complement its existing portfolio and drive future innovation and growth.

Dell Technologies is committed to returning capital to shareholders through multiple avenues. This includes a significant share repurchase program, with approximately $15.2 billion authorized remaining as of January 30, 2026. The company also pays a quarterly cash dividend, which was recently increased by 20% starting in Fiscal 2027, reflecting confidence in its financial stability and future cash generation.