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Dell Technologies (DELL) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Mar 16, 2026
Dell Technologies (DELL) reported revenue of $33.4B for the fourth quarter fiscal 2026 (Q4 FY26), +39% from a year earlier and +24% from the quarter before. Operating margin was 9.3%, net earnings $2.3B (6.8% of revenue).
Dell Technologies, Q4 FY26: revenue $33.4B (+40% year over year), operating margin 9.3%, net earnings $2.3B, operating cash flow $4.7B. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.4B | +24% | +39% |
| Gross profit | $6.7B | +20% | +19% |
| Operating profit | $3.1B | +46% | +43% |
| Net earnings | $2.3B | +46% | +47% |
| Operating cash flow | $4.7B | +299% | +699% |
| Free cash flow | $4.0B | +686% | — |
What changed
Revenue was $33.4B in Q4 FY26, up 39% year over year and up 24% from the previous quarter. Products was the largest line at 83% of revenue.
Gross margin was 20.2%, down 3.6 points from Q4 FY25. Operating profit was $3.1B, a 9.3% margin (up 0.2 points year over year). Of the extra revenue versus Q4 FY25, 10% reached operating profit, above the 9% margin then. Operating expenses grew 3% against revenue growth of 39%. Net earnings were $2.3B, up 47% year over year. The effective tax rate was 19.3%.
Operating cash flow was $4.7B (up 699% year over year), 207% of net earnings. Non-cash charges added back $0.77B of depreciation and amortization and $0.19B of share-based compensation. Working capital and other items added $1.5B. Capital expenditures of $0.72B left free cash flow of $4.0B.
Questions
What was Dell Technologies' revenue in the fourth quarter fiscal 2026?
Dell Technologies (DELL) reported revenue of $33.4B for the fourth quarter fiscal 2026 (Q4 FY26), +39% from a year earlier and +24% from the quarter before.
Was Dell Technologies profitable in the fourth quarter fiscal 2026?
Operating profit was $3.1B (9.3% of revenue) and net earnings $2.3B.
Source: Dell Technologies 10-K on SEC EDGAR.