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Dell Technologies (DELL) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Sep 8, 2026 · Dell Technologies (DELL) Q2 FY27 earnings results →
Q2 FY27 Revenue up 58% year over year to $47.0B · 9¢ of every $1 of revenue kept as net profit · operating margin 11.5%
Dell Technologies made $47.0B in Q2 FY27 (+58% Y/Y): Products $41.1B, Services $5.9B. Operating margin 11.5%, net earnings $4.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 8, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $47.0B in Q2 FY27, up 58% year over year and up 7% from the previous quarter. Products was the largest line at 88% of revenue. Products added $17.2B year over year (up 72%), 100% of the total change.
Gross margin was 20.9%, up 2.6 points from Q2 FY26. Operating profit was $5.4B, a 11.5% margin (up 5.5 points year over year). Of the extra revenue versus Q2 FY26, 21% reached operating profit, above the 6% margin then. Operating expenses grew 21% against revenue growth of 58%. The fastest-growing cost line was Research & development (+41%). Net earnings were $4.1B, up 255% year over year. The effective tax rate was 19.5%.
Operating cash flow was $2.2B (down 13% year over year), 54% of net earnings. Non-cash charges added back $0.75B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $2.8B. Capital expenditures of $1.2B left free cash flow of $1.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Sep 8, 2026 | $47.0B | +58% | 11.5% | $4.1B | $2.2B |
| Q1 FY27 | 10-Q | Jun 9, 2026 | $43.8B | +88% | 8.3% | $3.4B | $4.1B |
| Q4 FY26 | 10-K | Mar 16, 2026 | $33.4B | +40% | 9.3% | $2.3B | $4.7B |
| Q3 FY26 | 10-Q | Dec 9, 2025 | $27.0B | +11% | 7.8% | $1.5B | $1.2B |
| Q2 FY26 | 10-Q | Sep 8, 2025 | $29.8B | +19% | 6.0% | $1.2B | $2.5B |
| Q1 FY26 | 10-Q | Jun 10, 2025 | $23.4B | +5% | 5.0% | $965M | $2.8B |
| Q4 FY25 | 10-K | Mar 25, 2025 | $23.9B | +7% | 9.0% | $1.5B | $585M |
Charts
In supply chains and themes
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- CNXN — 12% of its revenue · Stated in 10-K (sentence) · source
- HIVE · Stated in 10-K (named, share not stated) · source
- SCSC · Stated in 10-K (named, share not stated) · source
Buys from
- INTC — 19% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- PLUS · Stated in 10-K (named, share not stated) · source
About Dell Technologies
Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence (“AI”) era. These solutions range from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes. With our extensive portfolio and commitment to innovation, we design, deploy, and support secure, integrated solutions that extend from the edge to the core to the cloud. We deliver AI-optimized, software-defined, and cloud native infrastructure solutions across a broad partner ecosystem to help customers address evolving information technology (“IT”) needs, drive outcomes, and capture growth as customer spending priorities evolve.
In its own words, from its 10-K, filed Mar 16, 2026.
Dell Technologies against its Electronic Computers peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +58% against the peers' median +36%. Operating margin: 11.5% against the peers' median 10.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DELL Dell Technologies | Q2 FY27 | $47.0B | +58% | 11.5% |
| AAPL Apple | Q4 FY26 | $114.5B | +12% | 31.1% |
| SMCI Super Micro Computer | Q1 FY27 | $19.9B | +298% | 10.4% |
| OMCL Omnicell | Q3 2026 | $308M | -0.9% | 4.9% |
| OSS One Stop Systems | Q3 2026 | $12.6M | +36% | -6.6% |
| SCKT Socket Mobile | Q3 2026 | $3.4M | +9% | -19.0% |
Source: Dell Technologies 10-Q on SEC EDGAR · CIK 1571996 · Electronic Computers
Guidance and outlook
13F: who owns DELL and who is buying
More on DELL
- How Dell Technologies makes money: revenue by segment
- Dell Technologies next earnings date and what analysts expect
- Dell Technologies stock forecast, price target and fair value
- Who owns Dell Technologies stock: holders, funds and Congress trades
- Dell Technologies guidance and outlook
- Is Dell Technologies a takeover target? LBO and rumors
- Dell Technologies recalls, complaints and regulation
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results
- Dell Technologies guidance history: guided vs reported
- Dell Technologies gross margin by quarter
- Dell Technologies operating margin by quarter
- Dell Technologies net income by quarter
- Dell Technologies free cash flow by quarter
- Dell Technologies R&D spending by quarter
- Dell Technologies capital expenditures by quarter
- Dell Technologies Products revenue by quarter
- Dell Technologies Services revenue by quarter