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How Dell Technologies (DELL) makes money

Dell Technologies (DELL) made $47.0B of revenue in the second quarter fiscal 2027 (Q2 FY27), +58% from a year earlier. Products brought in $41.1B (88%); Services brought in $5.9B (12%). Of every dollar of revenue, 21¢ was left as gross profit, 11¢ was left as operating profit, 9¢ was left as net earnings.

Drawing the Sankey…

Dell Technologies revenue by segment, Q2 FY27Dell Technologies revenue by segment, Q2 FY27Products$41.1BServices$5.9B
Dell Technologies: revenue by line, Q4 FY25 to Q2 FY27Dell Technologies: revenue by line, Q4 FY25 to Q2 FY27ProductsServicesProducts: $41.1B latest$41.1BServices: $5.9B latest$5.9BQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Services went from 25% of revenue in Q4 FY25 to 12% in Q2 FY27, the largest shift in the mix.
Dell Technologies revenue by quarterDell Technologies revenue by quarter$23.9BQ4 FY25$23.4BQ1 FY26$29.8BQ2 FY26$27.0BQ3 FY26$33.4BQ4 FY26$43.8BQ1 FY27$47.0BQ2 FY27
Dell Technologies: where each dollar of revenue goesDell Technologies: where each dollar of revenue goesCost of revenue79¢Gross profit21¢Operating expenses9¢Operating profit11¢Income tax2¢Net earnings9¢Operating cash flow5¢Free cash flow2¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Products$41.1B87.5%+8%+72%
Services$5.9B12.5%+2%+0.3%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$47.0B100.0%
Cost of revenue$37.1B79.1%
Gross profit$9.8B20.9%
Operating expenses$4.4B9.5%
Operating profit$5.4B11.5%
Income tax$998M2.1%
Net earnings$4.1B8.8%
Operating cash flow$2.2B4.7%
Free cash flow$986M2.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$47.0B+58%
Q1 FY27$43.8B+88%
Q4 FY26$33.4B+40%
Q3 FY26$27.0B+11%
Q2 FY26$29.8B+19%
Q1 FY26$23.4B+5%
Q4 FY25$23.9B+7%

From Dell Technologies' 10-Q filed Sep 8, 2026 (on EDGAR).

Questions

How does Dell Technologies make money?

Dell Technologies (DELL) made $47.0B of revenue in the second quarter fiscal 2027 (Q2 FY27), +58% from a year earlier. Products brought in $41.1B (88%); Services brought in $5.9B (12%). Of every dollar of revenue, 21¢ was left as gross profit, 11¢ was left as operating profit, 9¢ was left as net earnings.

What is Dell Technologies' biggest business?

Products: $41.1B in the second quarter fiscal 2027, 88% of revenue, +72% from a year earlier.

What is Dell Technologies' profit margin?

Net earnings were $4.1B, 8.8% of revenue, in the second quarter fiscal 2027; the operating margin was 11.5%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.