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Dell Technologies DELL Operating margin

Operating margin at other companies

HP logo
HPHPQ
5.3%-1.0pp
NetApp logo
NetAppNTAP
24.2%+3.8pp
Amazon logo
AmazonAMZN
11.5%+0.5pp
Super Micro Computer, Inc. logo
Super Micro Computer, Inc.SMCI
4.5%-1.6pp
Hewlett Packard Enterprise logo
Hewlett Packard EnterpriseHPE
3.8%+2.0pp
Celestica logo
CelesticaCLS
8.6%+2.6pp

Other financials

Income statement

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Revenue$43.8B+87.5%
Gross profit$7.8B+57.6%
Operating income$3.7B+214%
Net income$3.4B+256%
EPS (diluted)$5.24+282%

Balance sheet

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Cash & equivalents$11.6B+50.4%
Total debt$31.9B+7.9%
Total equity-$1.4B+53.6%
Total assets$114.91B+32.3%

Cash flow

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Operating cash flow$4.1B+46.0%
CapEx$963.0M+69.5%
Free cash flow$3.1B+40.0%

Valuation

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Market cap$271.76B+106%
Enterprise value$292.09B+78.0%
P/E32.3×+3.4×
P/S+0.7×

Profitability

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Gross margin19.1%-3.0pp
Net margin6.3%+1.6pp

Returns & leverage

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Return on equity138%
Debt / equity5.6×
Current ratio0.9×+0.1×

Where this comes from

Calculated from Dell Technologies’s reported figures.

Based on trailing twelve months.

The official record: Dell Technologies’s 10-Q, filed June 9, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Dell Technologies's operating margin?
Dell Technologies (DELL) reported operating margin of 7.9% in Q1 2026.
How has Dell Technologies's operating margin changed year-over-year?
Dell Technologies's operating margin increased by 19.3% year-over-year, from 6.7% to 7.9%.
What is the long-term trend for Dell Technologies's operating margin?
Over 4 years (2022 to 2026), Dell Technologies's operating margin has grown at a 12.6% compound annual growth rate (CAGR), from 17.1% to 27.5%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.