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Dell Technologies Inc. (DELL) Q2 FY2027 Financial Statements: Revenue $46.97B, Net income $4.13B

CIK 0001571996 · NYSE · Latest period: Q2 FY2027 (ended 2026-07-31, 10-Q accession 0001571996-26-000046) · Annual report: FY2026 10-K (filed 2026-03-16, accession 0001571996-26-000008) · Next expected filing: 10-Q ~2026-12-08

More for Dell Technologies: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ2 FY2027

Published

Dell Technologies reported $46.97 billion in revenue for Q2 FY2027, the quarter ended July 31, 2026, up 57.7% from a year earlier, and net income of $4.13 billion, up 255.1%. Most of that growth came from the Infrastructure Solutions Group, whose revenue was $31.78 billion, up 89.2%, and within it AI-optimized server sales of $16.40 billion, up 99.8%. Operating income was $5.38 billion, up 203.7%, growing faster than revenue as operating expenses rose more slowly than sales and pricing lifted the gross margin rate, and diluted EPS was $6.34, up 272.9%.

MetricAmountvs. year ago
Revenue$46,971,000,000up 57.7%
Net income$4,133,000,000up 255.1%
Diluted EPS$6.34up 272.9%
Operating income$5,385,000,000up 203.7%
ISG revenue$31,782,000,000up 89.2%
AI-optimized server revenue$16,401,000,000up 99.8%

About this file

TickerDELL
CIK0001571996
CompanyDell Technologies Inc.
Business typetechnology
Schema templatestandard operating company (revenue, margins, balance sheet, cash flow), with the two reportable segments carried alongside
Reporting currencyUSD
Converted to USDno
Unitsactual dollars (not millions)

DELL annual income statement, balance sheet and cash flow

FY2026FY2025FY2024
Fiscal year202620252024
LabelFY2026FY2025FY2024
Period start2025-02-012024-02-032023-02-04
Period end2026-01-302025-01-312024-02-02
Period typefiscal yearfiscal yearfiscal year
Source accession0001571996-26-0000080001571996-26-0000080001571996-26-000008
Income statement
Products revenue90,405,000,00071,420,000,00064,353,000,000
Services revenue23,133,000,00024,147,000,00024,072,000,000
Total net revenue113,538,000,00095,567,000,00088,425,000,000
Cost of products revenue78,057,000,00060,162,000,00053,116,000,000
Cost of services revenue12,774,000,00014,155,000,00014,240,000,000
Total cost of revenue90,831,000,00074,317,000,00067,356,000,000
Gross profit22,707,000,00021,250,000,00021,069,000,000
Selling general and administrative11,416,000,00011,952,000,00012,857,000,000
Research and development3,142,000,0003,061,000,0002,801,000,000
Total operating expenses14,558,000,00015,013,000,00015,658,000,000
Operating income8,149,000,0006,237,000,0005,411,000,000
Interest and other net-886,000,000-1,189,000,000-1,324,000,000
Income before income taxes7,263,000,0005,048,000,0004,087,000,000
Income tax expense1,327,000,000472,000,000715,000,000
Net income5,936,000,0004,576,000,0003,372,000,000
Net income attributable to dell technologies5,936,000,0004,592,000,0003,388,000,000
Basic EPS8.796.514.71
Diluted EPS8.686.384.6
Basic shares675,000,000705,000,000720,000,000
Diluted shares684,000,000720,000,000736,000,000
Balance sheet
Cash and cash equivalents11,528,000,0003,633,000,000
Accounts receivable net17,585,000,00010,298,000,000
Short term financing receivables net8,458,000,0005,304,000,000
Inventories10,437,000,0006,716,000,000
Total current assets57,602,000,00036,229,000,000
Property plant and equipment net6,676,000,0006,336,000,000
Goodwill19,547,000,00019,120,000,000
Intangible assets net4,533,000,0004,988,000,000
Total assets101,286,000,00079,746,000,000
Short term debt7,990,000,0005,204,000,000
Accounts payable33,630,000,00020,832,000,000
Short term deferred revenue13,334,000,00013,673,000,000
Total current liabilities63,269,000,00046,527,000,000
Long term debt23,513,000,00019,363,000,000
Long term deferred revenue13,596,000,00012,292,000,000
Total liabilities103,756,000,00081,133,000,000
Total equity attributable to dell technologies-2,470,000,000-1,482,000,000
Noncontrolling interests095,000,000
Total equity-2,470,000,000-1,387,000,000
Total debt31,503,000,00024,567,000,000
Cash flow
Depreciation and amortization3,029,000,0003,123,000,0003,303,000,000
Stock based compensation723,000,000785,000,000878,000,000
Operating cash flow11,185,000,0004,521,000,0008,676,000,000
Capital expenditures-2,633,000,000-2,652,000,000-2,756,000,000
Investing cash flow-2,055,000,000-2,215,000,000-2,783,000,000
Repurchases of common stock-6,014,000,000-2,588,000,000-2,080,000,000
Dividends paid-1,459,000,000-1,275,000,000-1,072,000,000
Financing cash flow-1,464,000,000-5,815,000,000-7,094,000,000
Free cash flow8,552,000,0001,869,000,0005,920,000,000
Segments
Infrastructure solutions group
Net revenue60,826,000,00043,593,000,00033,885,000,000
Operating income7,111,000,0005,579,000,0004,286,000,000
Ai optimized servers net revenue24,683,000,0009,286,000,0001,873,000,000
Traditional servers and networking net revenue19,512,000,00017,850,000,00015,751,000,000
Storage net revenue16,631,000,00016,457,000,00016,261,000,000
Client solutions group
Net revenue50,984,000,00048,393,000,00048,916,000,000
Operating income2,833,000,0002,972,000,0003,712,000,000
Commercial net revenue44,062,000,00040,844,000,00039,814,000,000
Consumer net revenue6,922,000,0007,549,000,0009,102,000,000
Reportable segment net revenue111,810,000,00091,986,000,00082,801,000,000
Corporate and other
Net revenue1,728,000,0003,581,000,0005,624,000,000
Operating income47,000,000-22,000,000-120,000,000
Reportable segment operating income9,944,000,0008,551,000,0007,998,000,000

DELL quarterly income statement, balance sheet and cash flow

Q2 FY2027Q2 FY2026
LabelQ2 FY2027Q2 FY2026
Period start2026-05-022025-05-03
Period end2026-07-312025-08-01
Period typethree monthsthree months
Source accession0001571996-26-0000460001571996-26-000046
Income statement
Products revenue41,112,000,00023,935,000,000
Services revenue5,859,000,0005,841,000,000
Total net revenue46,971,000,00029,776,000,000
Cost of products revenue33,990,000,00021,044,000,000
Cost of services revenue3,151,000,0003,285,000,000
Total cost of revenue37,141,000,00024,329,000,000
Gross profit9,830,000,0005,447,000,000
Selling general and administrative3,336,000,0002,889,000,000
Research and development1,109,000,000785,000,000
Total operating expenses4,445,000,0003,674,000,000
Operating income5,385,000,0001,773,000,000
Interest and other net-254,000,000-333,000,000
Income before income taxes5,131,000,0001,440,000,000
Income tax expense998,000,000276,000,000
Net income4,133,000,0001,164,000,000
Basic EPS6.411.72
Diluted EPS6.341.7
Basic shares645,000,000678,000,000
Diluted shares652,000,000686,000,000
Balance sheet
Cash and cash equivalents11,569,000,000
Accounts receivable net22,918,000,000
Short term financing receivables net12,805,000,000
Inventories21,290,000,000
Total current assets80,547,000,000
Property plant and equipment net7,417,000,000
Goodwill19,448,000,000
Intangible assets net4,347,000,000
Total assets127,393,000,000
Short term debt8,481,000,000
Accounts payable49,723,000,000
Short term deferred revenue14,761,000,000
Total current liabilities83,703,000,000
Long term debt25,985,000,000
Long term deferred revenue14,957,000,000
Total liabilities128,820,000,000
Total equity-1,427,000,000
Total debt34,466,000,000
Cash flow
Operating cash flow2,225,000,0002,543,000,000
Capital expenditures-1,239,000,000-675,000,000
Investing cash flow-1,337,000,000-655,000,000
Repurchases of common stock-3,796,000,000-940,000,000
Dividends paid-405,000,000-366,000,000
Financing cash flow-882,000,000-1,465,000,000
Free cash flow986,000,0001,868,000,000
Source accession0001571996-26-0000390001571996-26-000039
Segments
Infrastructure solutions group
Net revenue31,782,000,00016,800,000,000
Operating income4,781,000,0001,470,000,000
Ai optimized servers net revenue16,401,000,0008,208,000,000
Traditional servers and networking net revenue10,531,000,0004,736,000,000
Storage net revenue4,850,000,0003,856,000,000
Client solutions group
Net revenue15,034,000,00012,503,000,000
Operating income1,142,000,000803,000,000
Commercial net revenue13,192,000,00010,781,000,000
Consumer net revenue1,842,000,0001,722,000,000
Reportable segment net revenue46,816,000,00029,303,000,000
Corporate and other
Net revenue155,000,000473,000,000
Operating income6,000,00011,000,000
Reportable segment operating income5,923,000,0002,273,000,000

DELL year-to-date income statement and cash flow

First six months of FY2027
LabelFirst six months of FY2027
Period start2026-01-31
Period end2026-07-31
Period typesix months
Source accession0001571996-26-000046
Income statement
Products revenue79,217,000,000
Services revenue11,596,000,000
Total net revenue90,813,000,000
Cost of products revenue66,842,000,000
Cost of services revenue6,359,000,000
Total cost of revenue73,201,000,000
Gross profit17,612,000,000
Selling general and administrative6,479,000,000
Research and development2,092,000,000
Total operating expenses8,571,000,000
Operating income9,041,000,000
Interest and other net38,000,000
Income before income taxes9,079,000,000
Income tax expense1,508,000,000
Net income7,571,000,000
Basic EPS11.7
Diluted EPS11.58
Basic shares647,000,000
Diluted shares654,000,000
Cash flow
Depreciation and amortization1,512,000,000
Stock based compensation373,000,000
Operating cash flow6,306,000,000
Capital expenditures-2,202,000,000
Investing cash flow-2,404,000,000
Repurchases of common stock-5,424,000,000
Dividends paid-869,000,000
Financing cash flow-3,836,000,000
Free cash flow4,104,000,000
Segments
Infrastructure solutions group
Net revenue60,791,000,000
Operating income7,836,000,000
Ai optimized servers net revenue32,533,000,000
Traditional servers and networking net revenue19,074,000,000
Storage net revenue9,184,000,000
Client solutions group
Net revenue29,643,000,000
Operating income2,312,000,000
Commercial net revenue26,212,000,000
Consumer net revenue3,431,000,000
Reportable segment net revenue90,434,000,000
Corporate and other
Net revenue379,000,000
Operating income16,000,000
Reportable segment operating income10,148,000,000
Prior year comparative
LabelFirst six months of FY2026
Period start2025-02-01
Period end2025-08-01
Period typesix months
Source accession0001571996-26-000046
Income statement
Products revenue41,534,000,000
Services revenue11,620,000,000
Total net revenue53,154,000,000
Cost of products revenue36,160,000,000
Cost of services revenue6,610,000,000
Total cost of revenue42,770,000,000
Gross profit10,384,000,000
Selling general and administrative5,853,000,000
Research and development1,593,000,000
Total operating expenses7,446,000,000
Operating income2,938,000,000
Interest and other net-415,000,000
Income before income taxes2,523,000,000
Income tax expense394,000,000
Net income2,129,000,000
Basic EPS3.11
Diluted EPS3.07
Basic shares685,000,000
Diluted shares694,000,000
Cash flow
Depreciation and amortization1,500,000,000
Stock based compensation369,000,000
Operating cash flow5,339,000,000
Capital expenditures-1,243,000,000
Investing cash flow-743,000,000
Repurchases of common stock-2,920,000,000
Dividends paid-762,000,000
Financing cash flow-228,000,000
Free cash flow4,096,000,000
Segments
Infrastructure solutions group
Net revenue27,117,000,000
Operating income2,468,000,000
Ai optimized servers net revenue10,090,000,000
Traditional servers and networking net revenue9,175,000,000
Storage net revenue7,852,000,000
Client solutions group
Net revenue25,012,000,000
Operating income1,456,000,000
Commercial net revenue21,827,000,000
Consumer net revenue3,185,000,000
Reportable segment net revenue52,129,000,000
Corporate and other
Net revenue1,025,000,000
Operating income26,000,000
Reportable segment operating income3,924,000,000

DELL trailing twelve month income statement and cash flow

Twelve months ended July 31, 2026
LabelTwelve months ended July 31, 2026
Period start2025-08-02
Period end2026-07-31
Period typetrailing twelve months
Source accession0001571996-26-000046
Income statement
Total net revenue151,197,000,000
Total cost of revenue121,262,000,000
Gross profit29,935,000,000
Selling general and administrative12,042,000,000
Research and development3,641,000,000
Total operating expenses15,683,000,000
Operating income14,252,000,000
Interest and other net-433,000,000
Income before income taxes13,819,000,000
Income tax expense2,441,000,000
Net income11,378,000,000
Cash flow
Operating cash flow12,152,000,000
Capital expenditures-3,592,000,000
Depreciation and amortization3,041,000,000
Stock based compensation727,000,000
Dividends paid-1,566,000,000
Repurchases of common stock-8,518,000,000
Free cash flow8,560,000,000

Adjustments

Value
Splits appliednone
ADR ration/a
FXNone. Dell Technologies reports in U.S. dollars, so no translation was required.

Notes

  • Figures are taken from Dell Technologies' Annual Report on Form 10-K for fiscal 2026 (accession 0001571996-26-000008, filed March 16, 2026) and its Quarterly Report on Form 10-Q for the quarter ended July 31, 2026 (accession 0001571996-26-000046, filed September 8, 2026). All statements in both filings are presented in millions; figures here are stated in actual dollars.
  • Dell's fiscal year is the 52- or 53-week period ending on the Friday nearest January 31. Fiscal 2026 ended January 30, 2026 and fiscal 2027 will end January 29, 2027; both are 52-week years. Because the statements label only period end dates, each period's start date shown here is the day after the preceding period ended.
  • The 10-K presents three fiscal years of income statement and cash flow data (fiscal 2026, 2025 and 2024) but only two balance sheets (January 30, 2026 and January 31, 2025). Fiscal 2024 therefore carries no balance sheet in this record.
  • The 10-Q presents its statements of cash flows for the six months only. The three-month cash flow figures shown for the July 31, 2026 and August 1, 2025 quarters are taken from the second-quarter fiscal 2027 earnings release furnished as Exhibit 99.1 to the Form 8-K dated September 1, 2026 (accession 0001571996-26-000039), and the cash flow blocks of those two quarters are cited to that accession. That release condenses the reconciliation of net income to operating cash flow into a single line, so quarterly depreciation and stock-based compensation are not separately available.
  • Free cash flow shown here is operating cash flow less capital expenditures (Dell's capital expenditure line also covers capitalized software development costs). It is a straightforward derivation and is not the company's own non-GAAP 'adjusted free cash flow' measure.
  • The trailing-twelve-month block is derived: fiscal 2026 plus the first six months of fiscal 2027 less the first six months of fiscal 2026. It covers August 2, 2025 through July 31, 2026 and is not a period either filing reports on its own.
  • No balance sheet as of August 1, 2025 appears in these filings (the 10-Q's comparative balance sheet column is the January 30, 2026 fiscal year end), so the year-ago quarter carries income statement, segment and cash flow figures only.
  • Total debt is short-term debt plus long-term debt from the balance sheet, which equals the total debt carrying value disclosed in the debt note: $34,466 million at July 31, 2026, $31,503 million at January 30, 2026 and $24,567 million at January 31, 2025.
  • Total equity is negative in every period shown. Dell has repurchased far more stock than it has issued, treasury stock stood at $20.0 billion at July 31, 2026, which puts the company in a shareholders' deficit even as retained earnings have turned positive.
  • Fiscal 2025 and fiscal 2024 net income includes a net loss attributable to non-controlling interests in SecureWorks Corp., so net income attributable to Dell Technologies Inc. ($4,592 million and $3,388 million) is slightly higher than consolidated net income. Earnings per share is struck on the attributable figure. SecureWorks was sold on February 3, 2025, so there is no non-controlling interest from fiscal 2026 onward.
  • Segment figures are the company's own reportable-segment measures: Infrastructure Solutions Group and Client Solutions Group. Segment operating income excludes Corporate and other, amortization of intangible assets, stock-based compensation expense and other corporate expenses, so the two segments' operating income does not sum to consolidated operating income; the reconciling items are disclosed in the segment note.
  • Effective in the quarter ended January 30, 2026 Dell began splitting its servers and networking offerings into AI-optimized servers and traditional servers and networking; the fiscal 2026 10-K presents fiscal 2025 and fiscal 2024 on that same basis, and those are the figures carried here. Segment revenue and operating income totals were not restated.
  • Dell Technologies Inc. changed its jurisdiction of incorporation from Delaware to Texas effective July 1, 2026. The change does not affect share counts, par value or the presentation of equity; the same Class A, B and C common stock remains outstanding at $0.01 par value.
  • Share counts are weighted-average shares as printed in the filings, in millions: 652 million diluted for the quarter ended July 31, 2026 and 684 million diluted for fiscal 2026.

Uncertainties

  • Fiscal 2027 first-quarter results are not presented as a separate column in either filing, so no discrete first-quarter period is reported here; the six-month view is carried as the year-to-date block instead.
  • Quarterly cash flow detail is limited to the lines the earnings release prints (operating, investing and financing totals, capital expenditures, buybacks and dividends). Depreciation and amortization and stock-based compensation are available only for the six-month and full-year periods.
  • Period start dates are inferred from the end date of the immediately preceding period as printed in these filings rather than being stated outright by the company.
  • Fiscal 2024 has no balance sheet in this record because the fiscal 2026 10-K presents only two balance sheet columns.

Company details

Value
NameDell Technologies Inc.
TickerDELL
CIK0001571996
ExchangeNYSE
StateTexas
IncorporationTexas
SIC3571
OfficeTechnology
IndustryElectronic Computers

Fiscal period

FY2027
Fiscal year2027
Fiscal periodQ2
TagFY27Q2
Period end2026-07-31
Form10-Q
Accession0001571996-26-000046
Fiscal year end0129
Sourcefacts

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionUrlSource
annualno10-K2026FYFY262026-01-302026-03-160001571996-26-000008https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/0001571996-26-000008-index.htmreported
quarterlyyes10-Q2027Q2FY27Q22026-07-312026-09-080001571996-26-000046https://www.sec.gov/Archives/edgar/data/1571996/000157199626000046/0001571996-26-000046-index.htmfacts

FAQ · Dell Technologies financial statements

How much revenue did Dell report in Q2 FY2027?

Dell Technologies reported $46.97 billion in revenue for Q2 FY2027, the quarter ended July 31, 2026. That is up 57.7% from $29.78 billion in the same quarter a year earlier.

How much did Dell earn in Q2 FY2027?

Dell Technologies earned net income of $4.13 billion in Q2 FY2027, up 255.1% from $1.16 billion a year earlier. Diluted earnings per share were $6.34, against $1.70 in the year-ago quarter.

How big is Dell's AI server business?

Dell Technologies sold $16.40 billion of AI-optimized servers in Q2 FY2027, up 99.8% from $8.21 billion a year earlier. Those sales sit inside the Infrastructure Solutions Group, whose total revenue for the quarter was $31.78 billion.

What was Dell's operating income in Q2 FY2027?

Dell Technologies posted operating income of $5.38 billion in Q2 FY2027, up 203.7% from $1.77 billion a year earlier. Operating income grew faster than revenue because operating expenses rose more slowly than sales and pricing lifted the gross margin rate.

Where can I get Dell Technologies Inc. (DELL) financial data in machine-readable form?

Ticker Scout publishes Dell Technologies Inc.'s financial statements as JSON at https://tickerscout.ai/dell/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/dell/narrative.md and https://tickerscout.ai/dell/events.md. Dell Technologies Inc.'s SEC CIK is 0001571996. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Dell Technologies Inc. (DELL) next file with the SEC?

Dell Technologies Inc. (DELL) is expected to file its next Form 10-Q with the SEC on or around December 8, 2026. That date is a projection rather than a company-announced date: it is derived from Dell Technologies Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2027, the period ended 2026-07-31, SEC accession 0001571996-26-000046.

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How this page was built

This page was built from three of Dell Technologies Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names four such gaps.

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