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Dell

Dell's server and storage business overtook its PCs in fiscal 2026

Infrastructure Solutions Group revenue rose 39.5% to $60.8B in the year to Jan 30, 2026, passing its PC business. Net revenue rose 18.8% to $113.5B.

Prepared from SEC filings · Latest annual report: 10-K for FY2026 (filed Mar 16, 2026) · Latest quarter: 10-Q for the quarter ended Jul 31, 2026 (filed Sep 8, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2026, which ended Jan 30, 2026, Dell (NYSE: DELL) took in $113.5B of net revenue (up 18.8% on fiscal 2025); net income to Dell was $5.9B (up 29.3%). The most recent quarter, ended Jul 31, 2026, brought net revenue of $47.0B, up 57.7% year over year, with net income of $4.1B. Infrastructure Solutions Group was the biggest single line by segment: 54% of fiscal 2026 net revenue. Sources: 10-K for fiscal 2026 (filed Mar 16, 2026) and 10-Q for the quarter ended Jul 31, 2026 (filed Sep 8, 2026).

Net revenue$113.5BFY2026 · +18.8% vs FY2025
Net income to Dell$5.9BFY2026 · +29.3% vs FY2025
Operating cash flow$11.2BFY2026 · +147.4% vs FY2025
Cash & equivalents$11.6Bat Jul 31, 2026 · +0.4% vs FY2026 end
Total debt$34.5Bat Jul 31, 2026 · +9.4% vs FY2026 end
Diluted shares684MFY2026 avg · −5.0% vs FY2025
Net revenue and net income to Dell, three fiscal yearsBy fiscal year, $bn
Net revenueNet income to Dell
Net revenue and net income to Dell by fiscal yearNet revenue FY2024: $88.4B88.4Net income to Dell FY2024: $3.4B3.4FY2024Net revenue FY2025: $95.6B95.6Net income to Dell FY2025: $4.6B4.6FY2025Net revenue FY2026: $113.5B113.5Net income to Dell FY2026: $5.9B5.9FY2026

Source: 10-K FY2026, filed Mar 16, 2026

Quarterly net revenue: fiscal 2027 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2026FY2027
Quarterly net revenue, fiscal 2027 vs 2026FY2026 Q1: $23.4B23.4FY2027 Q1: $43.8B43.8Q1FY2026 Q2: $29.8B29.8FY2027 Q2: $47.0B47.0Q2

Source: 10-Q filed Jun 9, 2026 · 10-Q filed Sep 8, 2026

How it makes money

FY2026 total by categoryInfrastructure Solutions Group: $60.8B (54%)Client Solutions Group: $51.0B (45%)Other: $1.7B (2%)$113.5BFY2026 total

By segment, FY2026

  • LineAmountSharevs FY2025
  • Infrastructure Solutions Group$60.8B54%+39.5%
  • Client Solutions Group$51.0B45%+5.4%
  • Other$1.7B2%−51.7%

Source: 10-K FY2026, XBRL breakdown

Infrastructure Solutions Group was 54% of FY2026 revenue and Client Solutions Group 45%. About 56% of revenue came from the United States.

By segment: three-year mixShare of the total each fiscal year
Infrastructure Solutions GroupClient Solutions GroupOther

Source: 10-K FY2026

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2027 (May to Jul 2026) compared with Q2 FY2026 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2027Q2 FY2026

Company

Net revenue
$47.0B Q2 FY2027
$29.8B Q2 FY2026
57.7% increase
Net income
$4.1B Q2 FY2027
$1.2B Q2 FY2026
255.1% increase

Source: Dell 10-Q for the quarter ended Jul 31, 2026, filed Sep 8, 2026

By segment

Infrastructure Solutions Group
$31.8B Q2 FY2027
$16.8B Q2 FY2026
89.2% increase
Client Solutions Group
$15.0B Q2 FY2027
$12.5B Q2 FY2026
20.2% increase

Source: Dell 10-Q for the quarter ended Jul 31, 2026, filed Sep 8, 2026

  • Cash & equivalents $11.6B at Jul 31, 2026, vs $11.5B at FY2026 end.
  • Total debt $34.5B at Jul 31, 2026, vs $31.5B at FY2026 end.
  • Operating cash flow, first 6 months of fiscal 2027: $6.3B vs $5.3B a year earlier.

The bull case and the bear case

The bull case

  • Infrastructure Solutions Group revenue rose 39.5% in FY2026 to $60.8B. 10-K, FY2026
  • Net revenue in the quarter ended Jul 31, 2026 was $47.0B, up 57.7% on a year earlier, and net income rose 255.1% to $4.1B. 10-Q, quarter ended Jul 31, 2026
  • Operating cash flow rose to $11.2B in FY2026 from $4.5B. 10-K, FY2026
  • Diluted shares fell 5.0% in FY2026. 10-K, FY2026

The bear case

  • Client Solutions Group, the PC business, grew 5.4% in FY2026, far slower than servers. 10-K, FY2026
  • Total debt was $34.5B at Jul 31, 2026, up from $31.5B at the end of FY2026 and $24.6B a year before that. 10-Q, quarter ended Jul 31, 2026
  • Net income was $5.9B in FY2026 on $113.5B of revenue, a thin margin for the size of the business. 10-K, FY2026
  • The 10-K lists competition, supply of components such as GPUs and memory, and customer concentration in AI servers among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Dell Technologies sells servers, storage and networking for data centers, including AI-optimized servers, and PCs, monitors and related services for businesses and consumers.

Dell has two reportable segments. Infrastructure Solutions Group sells AI-optimized servers, traditional servers and networking, and storage, with related services. Client Solutions Group sells commercial and consumer PCs, workstations, displays and peripherals, with related services.

It sells directly and through channel partners. Its fiscal year ends on the Friday nearest January 31, so fiscal 2026 means the year to Jan 30, 2026.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Dell's latest 10-K. Read the original for the full list.

  1. CompetitionPC, server and storage markets are competitive, and prices can fall quickly.
  2. ComponentsIt depends on a few suppliers for key parts such as processors, GPUs and memory, whose price and availability can change.
  3. AI demandAI server sales depend on large orders from a limited number of customers and can be lumpy.
  4. Economy and IT spendingBusiness and consumer spending on technology rises and falls with the economy.
  5. International and tradeTariffs, trade rules and currency moves affect costs and sales.
  6. DebtIt carries significant debt, which brings interest costs and limits.
  7. Cyber and controlCyberattacks are a listed risk, and its founder and CEO controls a large share of the voting power.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2024FY2025FY2026
Net revenue$88.4B$95.6B$113.5B
Net income to Dell$3.4B$4.6B$5.9B
Operating cash flow$8.7B$4.5B$11.2B
Cash & equivalents (year end)$7.4B$3.6B$11.5B
Total debt (year end)$26.0B$24.6B$31.5B
Diluted shares736M720M684M
  • Net revenue: Sales of servers, storage, networking, PCs and related services.
  • Net income to Dell: Net income attributable to Dell Technologies.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term and long-term debt, including the debt that funds Dell's customer financing, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Other covers businesses outside the two segments and items Dell doesn't allocate to them.
  • Net income is the amount attributable to Dell Technologies.
  • Total debt is short-term borrowings plus current and long-term debt at carrying value, as tagged in the filing.

Recent filings

FormFiledPeriod
10-QSep 8, 2026Jul 31, 2026
10-QJun 9, 2026May 1, 2026
DEF 14AMay 15, 2026Jun 25, 2026
10-KMar 16, 2026Jan 30, 2026

Latest filings

  1. Oct 214:37 PM ET

    8-K

    Dell files an 8-K on director or officer changes

    Dell filed a Form 8-K on Oct 21, 2026 at 4:37 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).

  2. Oct 195:06 PM ET

    Form 4

    Dell director SL SPV-2, L.P. reports a other acquisition or disposition of 21,486 shares

    The filing reports 21,486 shares in an other acquisition or disposition (code J).

  3. Oct 195:03 PM ET

    Form 4

    Dell director Silver Lake Partners IV, L.P. reports a other acquisition or disposition of 18,986 shares

    The filing reports 18,986 shares in an other acquisition or disposition (code J).

  4. Oct 195:00 PM ET

    Form 4

    Dell director Silver Lake Partners V DE (AIV), L.P. reports a other acquisition or disposition of 11,119 shares

    The filing reports 11,119 shares in an other acquisition or disposition (code J).

  5. Oct 194:09 PM ET

    Form 4

    Dell Chief Accounting Officer Richard Troy Sharp reports 146 shares withheld for taxes

    The filing reports 146 shares withheld to pay the exercise price or tax (code F).

All Dell filings notes →

Common questions about Dell

How does Dell make money?

In fiscal 2026, net revenue totaled $113.5B. Infrastructure Solutions Group was 54% of FY2026 revenue and Client Solutions Group 45%. About 56% of revenue came from the United States. Source: 10-K for fiscal 2026, filed Mar 16, 2026.

What was Dell's revenue in fiscal 2026?

Net revenue came to $113.5B in the year ended Jan 30, 2026. Going back two years, it was $88.4B in fiscal 2024 and $95.6B in fiscal 2025, so the latest year was up 18.8%. Source: 10-K for fiscal 2026, filed Mar 16, 2026.

Is Dell profitable?

Yes, by US accounting rules (GAAP): net income to Dell was $5.9B in fiscal 2026, up 29.3% from $4.6B a year earlier. For the quarter ended Jul 31, 2026, net income was $4.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Mar 16, 2026.

What did Dell report in its latest quarterly filing?

The 10-Q for the quarter ended Jul 31, 2026 shows net revenue of $47.0B, against $29.8B in the same quarter a year before (up 57.7%), and net income of $4.1B, against $1.2B (up 255.1%). Source: 10-Q for the quarter ended Jul 31, 2026, filed Sep 8, 2026.

How much cash and debt does Dell have?

On Jul 31, 2026, cash and cash equivalents stood at $11.6B and total debt at $34.5B. Total debt here is short-term and long-term debt, including the debt that funds Dell's customer financing, at carrying value. Source: 10-Q filed Sep 8, 2026.

What are the main risks Dell lists?

Item 1A of the fiscal 2026 10-K (filed Mar 16, 2026) sets out the risks. Grouped, they fall into 7 areas: Competition; components; AI demand; economy and IT spending; international and trade; debt; cyber and control. To start with the first: PC, server and storage markets are competitive, and prices can fall quickly. Source: 10-K, Item 1A Risk Factors.

Where do these Dell numbers come from?

Two filings Dell made with the SEC: its fiscal 2026 10-K, filed Mar 16, 2026, and its 10-Q for the quarter ended Jul 31, 2026, filed Sep 8, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in DELL
The editor holds no position in Dell (DELL). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell DELL from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold DELL, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
DellFY2026$113.5B+18.8%$5.9B
AppleAAPLFY2025$416.2B+6.4%$112.0B
CiscoCSCOFY2026$63.3B+11.8%$13.3B
OracleORCLFY2026$67.4B+17.3%$17.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.