Filing Flows

Filing Flows › Companies › Dell Technologies › Cash flow

Dell Technologies cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$986M in Q2 FY27 · $8.6B over twelve months

Operating cash flow$2.2B
Capital spending−$1.2B
Free cash flow+$986M
Cash / net income0.5×
Cash conversion cycle-25 days

Analysis

In Q2 FY27, Dell Technologies generated $2.2B of operating cash flow and spent $1.2B on capital projects, leaving free cash flow of $986M.

Over the twelve months to Jul 31, 2026, operating cash flow was $12.2B; the largest uses were buybacks ($8.5B), capital spending ($3.6B), dividends ($1.6B); besides operations, cash came from net borrowing (+) / repaid (−) ($5.7B); the cash balance rose by $3.4B.

Operating cash flow was $2.2B against net income of $4.1B — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$6.2B, payables +$4.5B, receivables +$2.9B.

Its cash conversion cycle was -25 days (receivables 47 + inventory 45 − payables 116): suppliers fund its working capital.

Free cash flow

Dell Technologies: free cash flow by quarterDell Technologies: free cash flow by quarter$914MQ3 FY25−$150MQ4 FY25$2.2BQ1 FY26$1.9BQ2 FY26$503MQ3 FY26$4.0BQ4 FY26$3.1BQ1 FY27$986MQ2 FY27
Operating cash flow less capital spending.
Dell Technologies: operating cash flow against capital spendingDell Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$1.6B$639MQ3 FY25$585M$735MQ4 FY25$2.8B$568MQ1 FY26$2.5B$675MQ2 FY26$1.2B$669MQ3 FY26$4.7B$721MQ4 FY26$4.1B$963MQ1 FY27$2.2B$1.2BQ2 FY27
Latest (Q2 FY27): Operating cash flow $2.2B, Capital spending $1.2B.

Capital allocation, year by year

Dell Technologies: where the cash came from (up) and went (down), by fiscal yearDell Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $10.3BFY22: Net borrowing −$6.3BFY22: Shares issued $62.0MFY22: Asset sales $4.0BFY22: Capital spending −$2.8BFY22: Acquisitions −$16.0MFY22: Buybacks −$1.5B$14.3BFY22FY23: Operating cash flow $3.6BFY23: Net borrowing $2.7BFY23: Shares issued $5.0MFY23: Capital spending −$3.0BFY23: Acquisitions −$70.0MFY23: Buybacks −$2.9BFY23: Dividends −$964M$6.2BFY23FY24: Operating cash flow $8.7BFY24: Net borrowing −$3.5BFY24: Shares issued $10.0MFY24: Capital spending −$2.8BFY24: Acquisitions −$126MFY24: Buybacks −$2.1BFY24: Dividends −$1.1B$8.7BFY24FY25: Operating cash flow $4.5BFY25: Net borrowing −$1.3BFY25: Shares issued $1.0MFY25: Capital spending −$2.7BFY25: Buybacks −$2.6BFY25: Dividends −$1.3B$4.5BFY25FY26: Operating cash flow $11.2BFY26: Net borrowing $6.5BFY26: Shares issued $5.0MFY26: Asset sales $533MFY26: Capital spending −$2.6BFY26: Acquisitions −$84.0MFY26: Buybacks −$6.0BFY26: Dividends −$1.5B$18.2BFY26
Over these 5 years operating cash flow totalled $38.3B; the largest uses were buybacks ($15.1B) and capital spending ($13.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$11.6B
Debt$34.5B
Net debt$22.9B
Due within a year$8.0B

Dell Technologies funds itself: free cash flow was $8.6B over the last twelve months, and $11.6B of cash and investments stands against $34.5B of debt ($8.0B due within a year, 1.4× covered by cash).

Dell Technologies: debt maturities by year (FY26)Dell Technologies: debt maturities by year (FY26)$8.0BYear 1$3.0BYear 2$2.6BYear 3$3.9BYear 4$1.8BYear 5$12.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $11.6B of cash and investments now.

Where the cash came from and went

Dell Technologies: sources (+) and uses (−) of cash, Q2 FY27Dell Technologies: sources (+) and uses (−) of cash, Q2 FY27Buybacks−$3.8BNet borrowing (+) / repaid (−)$3.4BOperating cash flow$2.2BCapital spending−$1.2BDividends−$405MOther investing−$98.0MOther financing−$32.0MExchange rates−$22.0MTaxes on employees’ shares−$18.0MCash drawn (+) / kept (−)$16.0M
Dell Technologies: sources (+) and uses (−) of cash, TTM to Q2 FY27Dell Technologies: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$12.2BBuybacks−$8.5BNet borrowing (+) / repaid (−)$5.7BCapital spending−$3.6BCash drawn (+) / kept (−)−$3.4BDividends−$1.6BTaxes on employees’ shares−$588MOther investing−$124MExchange rates$82.0MOther financing−$82.0M

From profit to cash

Dell Technologies: net income to operating cash flow, Q2 FY27Dell Technologies: net income to operating cash flow, Q2 FY27Net income$4.1BDepreciation & amortization$754MStock-based pay$184MDeferred taxes−$22.0MOther non-cash−$67.0MReceivables$2.9BInventory−$6.2BPayables$4.5BDeferred revenue$2.4BOther operating capital$265MOperating cash flow$2.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY274745116-25
Q1 FY274532100-22
Q4 FY26403098-28
Q3 FY264530109-34
Q2 FY26382799-34
Q1 FY263935114-40
Q4 FY254133110-36
Q3 FY254230114-41

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$2.2B−$1.2B−$3.8B−$405M$3.4B—$16.0M$986M
Q1 FY27$4.1B−$963M−$1.6B−$464M−$323M—−$47.0M$3.1B
Q4 FY26$4.7B−$721M−$1.8B−$346M$111M—−$2.0B$4.0B
Q3 FY26$1.2B−$669M−$1.2B−$351M$2.5B$4.0M−$1.4B$503M
Q2 FY26$2.5B−$675M−$940M−$366M−$152M—−$438M$1.9B
Q1 FY26$2.8B−$568M−$2.0B−$396M$4.0B—−$4.0B$2.2B
Q4 FY25$585M−$735M−$734M−$311M−$331M—$1.6B−$150M
Q3 FY25$1.6B−$639M−$429M−$312M$480M—−$733M$914M

Dell Technologies: income statement and cash flow

Dell Technologies, Q2 FY27: revenue $47.0B (+58% year over year), operating margin 11.5%. The chart follows the revenue to costs, profit and cash.

Dell Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.