Common-Size Income Statement
Quarterly Data
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Dell Technologies Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2019
- Current Ratio since 2019
- Total Asset Turnover since 2019
- Price to Sales (P/S) since 2019
- Analysis of Debt
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Dell Technologies Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
- Revenue Composition
- Over the observed quarters, the percentage of net revenue derived from products experienced fluctuations but remained the dominant contributor, generally ranging between approximately 71% and 80%. There was a notable peak around early 2022 with product revenue share surpassing 80%, followed by a decline in mid-2023 before stabilizing near 75%. Conversely, services exhibited an inverse pattern, varying between roughly 19% and 28%, indicating some shift in revenue mix with services gaining relative importance particularly in 2023.
- Cost of Net Revenue
- The cost associated with products as a percentage of net revenue showed a general increasing trend from near -59% in 2019 to levels around -63% to -64% during 2021 and 2022, before some moderation in later quarters. Services cost similarly increased in magnitude, moving from about -9.3% to a peak near -16.9% in early 2023, then slightly receded. Overall, total cost of net revenue rose notably from around -69% to a peak near -79% in 2021-2022, indicating pressure on cost structures during this period.
- Gross Margin
- Gross margin as a percentage of net revenue declined significantly from above 31% in 2019 to a trough near 20% in late 2021, corresponding with the increase in cost of net revenue. Some recovery is evident post-2021, fluctuating mostly between 21% and 24% in 2023 and early 2024, although it remains below earlier years’ levels. These changes suggest periods of margin compression and some recovery later on.
- Operating Expenses
- Operating expenses, composed mainly of selling, general and administrative (SG&A) and research and development (R&D) expenses, displayed a notable downward trend as a percentage of net revenue. SG&A expenses decreased from near -23% in 2019 to approximately -11% to -15% in recent quarters, implying improved cost management or increased operational efficiency. R&D expenses as a percentage of revenue also declined from about -5.4% to a range between -2.2% and -3.5%, reflecting potentially lower investment intensity relative to revenue or efficiency gains.
- Operating Income
- Operating income showed improvement over time, rising from low single digits around 2.5% of revenue in 2019 to notable peaks above 9.5% in early 2025. Despite some fluctuations, the general trend is upward, reflecting better operational profitability linked to lower operating expenses and some stabilization in gross margin.
- Interest and Other, Net
- This item was volatile with occasional positive spikes such as a large positive impact around late 2021, but mostly remained a modest negative cost ranging between approximately -0.8% to -3.2%. The volatility suggests irregular non-operating income or expense effects over the periods.
- Income Before Taxes
- Income before income taxes generally followed the upward operating income trend, progressing from slightly negative or near zero in early periods to highs exceeding 8% of net revenue by early 2025. This indicates improving overall profitability before tax effects.
- Income Tax Expense (Benefit)
- The income tax expense as a percentage of net revenue was irregular, with some quarters showing tax benefits that slightly offset pre-tax profits and others reflecting tax expenses near -2%. The variability suggests fluctuating effective tax rates influenced by timing, jurisdictional factors, or discrete tax events.
- Net Income
- Net income attributable to the company exhibited considerable volatility, with a strong spike in mid-2021 where it peaked above 14% of net revenue, primarily driven by exceptional items or operational performance. Outside of this spike, net income broadly tracked improvements in operating income and pre-tax income, rising from approximately 1.3% in 2019 to peaks above 6% in 2024 and 2025, signifying strengthened bottom-line profitability.
- Summary of Financial Trends
- The data reveal a transitional profile with product revenue maintaining dominance but services growing in relative contribution. Cost pressures increased during 2020-2022, compressing gross margins, though some recovery ensued afterward. Enhanced cost control of operating expenses supported stronger operating and net income margins in recent quarters. Volatility in interest and tax expenses contributed to occasional fluctuations in profitability measures. Overall, the company demonstrated improved profitability metrics over the analyzed timeframe despite intermittent margin compression phases.