Dell Technologies
Dell Technologies margins
Profitability and cash generation as a share of revenue.
Gross margin
%
Operating margin
%
Net margin
%
EBITDA margin
%
Operating cash flow margin
%
Free cash flow margin
%
Capex / revenue
%
SBC / revenue
%
Quarterly data
| Fiscal period | Ended | Gross margin% | Operating margin% | Net margin% | EBITDA margin% | Operating cash flow margin% | Free cash flow margin% | Capex / revenue% | SBC / revenue% |
|---|---|---|---|---|---|---|---|---|---|
| FY 2027 Q2 | Jul 31, 2026 | 20.93% | 11.46% | 8.8% | 13.07% | 4.74% | 2.1% | 2.64% | 0.39% |
| FY 2027 Q1 | May 1, 2026 | 17.75% | 8.34% | 7.84% | 10.07% | 9.31% | 7.11% | 2.2% | 0.43% |
| FY 2026 Q4 | Jan 30, 2026 | 20.16% | 9.26% | 6.77% | 11.58% | 14% | 11.84% | 2.16% | 0.57% |
| FY 2026 Q3 | Oct 31, 2025 | 20.71% | 7.85% | 5.73% | 10.65% | 4.34% | 1.86% | 2.48% | 0.61% |
| FY 2026 Q2 | Aug 1, 2025 | 18.29% | 5.95% | 3.91% | 8.51% | 8.54% | 6.27% | 2.27% | 0.6% |
| FY 2026 Q1 | May 2, 2025 | 21.12% | 4.98% | 4.13% | 8.14% | 11.96% | 9.53% | 2.43% | 0.81% |
| FY 2025 Q4 | Jan 31, 2025 | 23.73% | 9.02% | 6.41% | 12.26% | 2.44% | -0.63% | 3.07% | 0.78% |
| FY 2025 Q3 | Nov 1, 2024 | 21.78% | 6.85% | 4.65% | 9.99% | 6.37% | 3.75% | 2.62% | 0.81% |
| FY 2025 Q2 | Aug 2, 2024 | 21.22% | 5.36% | 3.38% | 8.5% | 5.35% | 2.63% | 2.73% | 0.76% |
| FY 2025 Q1 | May 3, 2024 | 21.61% | 4.14% | 4.32% | 7.73% | 4.69% | 2.01% | 2.68% | 0.94% |
| FY 2024 Q4 | Feb 2, 2024 | 24.07% | 6.93% | 5.42% | 10.7% | 6.87% | 3.61% | 3.26% | 0.91% |
| FY 2024 Q3 | Nov 3, 2023 | 23.14% | 6.68% | 4.52% | 10.37% | 9.67% | 6.51% | 3.16% | 1.02% |
| FY 2023 Q4 | Feb 3, 2023 | 22.99% | 4.75% | 2.45% | 8.16% | 10.84% | 7.81% | 3.03% | 0.91% |
| FY 2023 Q3 | Oct 28, 2022 | 23.09% | 7.13% | 0.99% | 10.49% | 1.6% | -1.42% | 3.02% | 0.95% |
| FY 2023 Q2 | Jul 29, 2022 | 20.58% | 4.81% | 1.93% | 7.62% | 2.74% | -0.31% | 3.05% | 0.89% |
| FY 2023 Q1 | Apr 29, 2022 | 22.15% | 5.94% | 4.1% | 8.71% | -1.03% | -3.67% | 2.64% | 0.89% |
| FY 2022 Q4 | Jan 28, 2022 | 20.07% | 2.01% | 0.01% | 4.98% | 11.05% | 8.41% | 2.64% | 0.77% |
| FY 2022 Q3 | Oct 29, 2021 | 28.38% | 4.75% | 13.53% | 9.13% | 11.45% | 8.64% | 2.81% | 1.66% |
| FY 2022 Q2 | Jul 30, 2021 | 30.57% | 5.25% | 3.18% | 10% | 6.6% | 4.18% | 2.42% | 1.91% |
| FY 2022 Q1 | Apr 30, 2021 | 31.27% | 5.62% | 3.62% | 10.68% | 9.14% | 6.59% | 2.55% | 1.78% |
| FY 2021 Q4 | Jan 29, 2021 | 22.87% | 9.01% | 5.08% | 14.7% | 24.34% | 22.27% | 2.06% | 1.61% |
| FY 2021 Q3 | Oct 30, 2020 | 30.92% | 4.81% | 3.54% | 10.6% | 12.75% | 10.71% | 2.04% | 1.86% |
| FY 2021 Q2 | Jul 31, 2020 | 31.48% | 5% | 4.61% | 10.89% | 14.66% | 12.26% | 2.4% | 1.82% |
| FY 2021 Q1 | May 1, 2020 | 31.3% | 3.21% | 0.65% | 9.22% | -3.64% | -6.19% | 2.55% | 1.69% |
| FY 2020 Q4 | Jan 31, 2020 | 31.97% | 2.98% | 1.7% | 9.37% | 14.6% | 11.98% | 2.62% | 1.56% |
| FY 2020 Q3 | Nov 1, 2019 | 31.19% | 3.66% | 2.18% | 10.2% | 7.97% | 5.66% | 2.32% | 1.41% |
| FY 2020 Q2 | Aug 2, 2019 | 31.35% | 2.22% | 14.62% | 8.63% | 14.04% | 12.01% | 2.02% | 1.29% |
| FY 2020 Q1 | May 3, 2019 | 31.03% | 2.51% | 1.34% | 9.89% | 3.11% | 0.33% | 2.78% | 1.2% |
| FY 2019 Q4 | Feb 1, 2019 | 29.82% | 1.39% | -1.25% | 9.53% | 9.92% | 8.68% | 1.25% | 1.04% |
| FY 2019 Q3 | Nov 2, 2018 | 26.43% | -1.58% | -3.9% | 7.14% | 3.71% | 2.37% | 1.33% | 1.14% |
| FY 2019 Q2 | Aug 3, 2018 | 26.69% | -0.06% | -2.18% | 8.36% | 11.48% | 10.22% | 1.26% | 0.94% |
| FY 2019 Q1 | May 4, 2018 | 27.52% | -0.72% | -2.98% | 8.25% | 5.43% | 4.15% | 1.28% | 0.93% |
| FY 2018 Q4 | Feb 2, 2018 | 26.35% | -1.46% | -2.33% | 8.31% | 14.27% | 12.86% | 1.41% | 0.93% |
| FY 2018 Q3 | Nov 3, 2017 | 26.33% | -2.72% | -4.78% | 8.18% | 8.28% | 6.54% | 1.74% | 1.13% |
| FY 2018 Q2 | Aug 4, 2017 | 24.92% | -5.07% | -4.9% | 6.03% | 9.41% | 7.77% | 1.64% | 1.08% |
| FY 2018 Q1 | May 5, 2017 | 24.15% | -8.42% | -7.49% | 4% | 1.35% | -0.03% | 1.38% | 1.13% |
| FY 2017 Q4 | Feb 3, 2017 | 22.57% | -8.31% | -1.18% | 1.86% | 3.37% | 1.96% | 1.4% | 1.07% |
| FY 2017 Q3 | Oct 28, 2016 | 24% | -9.31% | -12.7% | 0.39% | -1.66% | -2.78% | 1.12% | 0.92% |
| FY 2017 Q2 | Jul 29, 2016 | 17.85% | 0.48% | 4.39% | 5.3% | 14.39% | 13.3% | 1.1% | 0.15% |
| FY 2017 Q1 | Apr 29, 2016 | 19.29% | -1.28% | 0.44% | 4.24% | -0.5% | -1.24% | 0.73% | 0.11% |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
FCF subtracts reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Acquisitions and noncash lease additions are excluded. EPS and weighted shares are not summed across quarters. Annual figures use annual reports.
The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.
Market prices: Yahoo Finance · DELL, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- Gross margin
- Gross profit / revenue × 100. Uses revenue − reported cost of revenue when gross profit is absent.
- Operating margin
- Operating income / revenue × 100. Uses reported operating income, or reported pretax income less the complete nonoperating income/expense total when both are available.
- Net margin
- Reported net income / revenue × 100.
- EBITDA margin
- (Operating income + reported depreciation and amortization) / revenue × 100. An EBITDA proxy, not adjusted EBITDA.
- Operating cash flow margin
- Operating cash flow / revenue × 100.
- Free cash flow margin
- Free cash flow / revenue × 100. Reflects the selected reported capex scope and the SBC option.
- Capex / revenue
- Reported cash capital investment / revenue × 100. Uses PPE purchases or, when those are not separately tagged, the broader productive-assets total.
- SBC / revenue
- Reported share-based compensation / revenue × 100.