Dell Technologies (DELL) Financials

Below are the most notable takeaways from Dell Technologies’ quarterly results, focusing on the last four years of data and the latest four quarters provided (Q4 2026 through Q1 2026). The bullets are organized with potential positives first, then neutral points, and finally any negatives.

• Revenue strength in the latest quarter: Q4 2026 revenue reached about $33.38B, signaling a strong top line in the most recent period.
• Solid gross profitability: Total gross profit of $6.73B on $33.38B in revenue yields about a 20% gross margin, indicating stable profitability at the gross level.
• Robust operating cash flow: Net cash from continuing operating activities in Q4 2026 was $4.674B, underscoring strong cash generation from core operations.
• Strong net income on a quarterly basis: Net income attributable to common shareholders in Q4 2026 was $2.259B, reflecting solid profitability in the quarter.
• Healthy earnings per share (EPS): Basic EPS of $3.37 and diluted EPS of $3.33 in Q4 2026, supported by about 645.7M shares outstanding, point to solid quarterly earnings per share.
• Consistent dividend per share: Cash dividend per share remains at $0.525, providing a predictable return to shareholders.
• Liquidity position and cash balance: Cash and cash equivalents were about $9.57B in the latest reported quarter (Q3 2026), with a positive net cash change of roughly $1.97B in Q4 2026, signaling solid liquidity and favorable cash flow dynamics.
• Debt financing activity provides liquidity: Issuance of debt in Q4 2026 (~$1.23B) adds liquidity to support operations and potential investments while maintaining ongoing leverage management.
• Stable near-term shares outstanding: Weighted-average basic shares outstanding around 645.7M (Q4 2026) and similar levels across prior quarters, suggesting a relatively steady share count base.
• Moderate R&D spend relative to revenue: R&D expense for Q4 2026 was about $0.797B (roughly 2.4% of revenue), a typical level for strategic product development and innovation, with no obvious immediate impact on near-term profitability.
• Balance sheet context is mixed: Dell’s asset base has grown to roughly $87B–$88B in the latest periods, with liabilities also sizable, which provides scale but offers limited clarity on risk without deeper debt and liquidity metrics.
• Leverage note in latest period: Dell’s Q3 2026 balance sheet shows total assets of about $87.48B against total liabilities of about $90.10B, yielding an equity position near -$2.62B, a potential red flag on leverage and capital structure.