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Dell Technologies (DELL) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Dec 9, 2025
Dell Technologies (DELL) reported revenue of $27.0B for the third quarter fiscal 2026 (Q3 FY26), +11% from a year earlier and -9% from the quarter before. Operating margin was 7.8%, net earnings $1.5B (5.7% of revenue).
Dell Technologies, Q3 FY26: revenue $27.0B (+11% year over year), operating margin 7.8%, net earnings $1.5B, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $27.0B | -9% | +11% |
| Gross profit | $5.6B | +3% | +4% |
| Operating profit | $2.1B | +20% | +23% |
| Net earnings | $1.5B | +33% | +32% |
| Operating cash flow | $1.2B | -54% | -25% |
| Free cash flow | $503M | -73% | -45% |
What changed
Revenue was $27.0B in Q3 FY26, up 11% year over year and down 9% from the previous quarter. Products was the largest line at 79% of revenue. Products added $3.0B year over year (up 16%), 112% of the total change. Services declined 5%.
Gross margin was 20.7%, down 1.3 points from a year earlier. Operating profit was $2.1B, a 7.8% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, above the 7% margin then. Operating expenses fell 5% while revenue rose 11%. Net earnings were $1.5B, up 32% year over year. The effective tax rate was 20.2%.
Operating cash flow was $1.2B (down 25% year over year), 76% of net earnings. Non-cash charges added back $0.76B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $1.3B. Capital expenditures of $0.67B left free cash flow of $0.50B.
Questions
What was Dell Technologies' revenue in the third quarter fiscal 2026?
Dell Technologies (DELL) reported revenue of $27.0B for the third quarter fiscal 2026 (Q3 FY26), +11% from a year earlier and -9% from the quarter before.
Was Dell Technologies profitable in the third quarter fiscal 2026?
Operating profit was $2.1B (7.8% of revenue) and net earnings $1.5B.
Source: Dell Technologies 10-Q on SEC EDGAR.