• Press Release

      March 02, 2023

      Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2023 Financial Results

  • Story Highlights

    • Record full-year revenue of $102.3 billion, up 1%, and fourth quarter revenue of $25 billion, down 11%
    • Record full-year operating income of $5.8 billion, up 24%, and record non-GAAP operating income of $8.6 billion, up 11%
    • Full-year diluted earnings per share at $3.24, and non-GAAP diluted earnings per share at $7.61
    • Announcing a 12% increase in annual cash dividend to $1.48 per common share

  • March 02, 2023 —  

    Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2023 fourth quarter and full year. Revenue for the year was a record $102.3 billion, up 1% over fiscal year 2022. The company generated record operating income of $5.8 billion, up 24% over the prior year, and record non-GAAP operating income of $8.6 billion, up 11%. For the full year, net income from continuing operations was $2.4 billion and non-GAAP net income was $5.7 billion. Cash flow from operations was $3.6 billion. Full-year diluted earnings per share from continuing operations was $3.24, and non-GAAP diluted earnings per share was $7.61.

    Fourth quarter revenue was $25 billion, down 11%. Operating income was $1.2 billion, representing 4.7% of revenue, and non-GAAP operating income was $2.2 billion, representing 8.7% of revenue. Net income from continuing operations for the quarter was $606 million, and non-GAAP net income was $1.3 billion. Cash flow from operations for the quarter was $2.7 billion. Diluted earnings per share from continuing operations was $0.84, and non-GAAP diluted earnings per share was $1.80.

    Dell ended the quarter with remaining performance obligations of $40 billion, deferred revenue of $30.3 billion and recurring revenue of approximately $5.6 billion, up 12% year-over-year. Cash and investments were $10.2 billion, and $3.8 billion was returned to shareholders in fiscal year 2023 through share repurchases and dividends. The company will increase its annual cash dividend by 12% to $1.48 per common share, with $0.37 per common share for the first quarterly distribution payable on May 5 to shareholders of record as of April 25.

    Fourth Quarter and Full Year Fiscal 2023 Financial Results


    Three Months Ended




    Fiscal Year Ended




    February 3,  2023


    January 28, 2022




    February 3, 2023


    January 28, 2022




    (in millions, except per share amounts and percentages; unaudited)

    Total net revenue

    $  25,039


    $  27,992




    $  102,301


    $  101,197



    Operating income

    $  1,189


    $  1,609




    $  5,771


    $  4,659



    Net income (loss) from continuing operations

    $  606


    $  (29)




    $  2,422


    $  4,942



    Earnings per share - diluted

    $  0.84


    $  (0.04)




    $  3.24


    $  6.26















    Non-GAAP net revenue

    $  25,039


    $  28,000




    $  102,301


    $  101,229



    Non-GAAP operating income

    $  2,170


    $  2,191




    $  8,637


    $  7,785



    Non-GAAP net income

    $  1,322


    $  1,390




    $  5,727


    $  4,924



    Non-GAAP earnings per share - diluted

    $  1.80


    $  1.72




    $  7.61


    $  6.22




    Fiscal year 2023 and its fourth quarter had an extra week compared to the prior corresponding periods.

    Information about Dell Technologies’ use of non-GAAP financial information is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year-over-year unless otherwise noted.

    Operating segments summary

    Infrastructure Solutions Group delivered record revenue of $38.4 billion for the full year, up 12% versus the prior year, and record operating income of $5 billion, up 35% versus the prior year. Fourth quarter revenue was $9.9 billion, up 7% year-over-year and its eighth consecutive quarter of year-over-year growth. Servers and networking revenue for the fourth quarter was $4.9 billion, up 5%. Storage revenue was a record $5 billion, up 10%. Operating income was a record $1.5 billion, up 40% and approximately 15.6% of Infrastructure Solutions Group revenue.

    Client Solutions Group delivered revenue of $58.2 billion for the full year, down 5% versus the prior year, and operating income of $3.8 billion, down 12% versus the prior year. Fourth quarter revenue was $13.4 billion, down 23% year-over-year. Commercial revenue for the fourth quarter was $10.7 billion, down 17%, and Consumer revenue was $2.7 billion, down 40%. Operating income was $671 million, down 42% and approximately 5% of Client Solutions Group revenue. 

    Key areas of innovation:

    • Dell expanded its leading server portfolio with new PowerEdge servers, which improve energy and cost efficiency and make systems more intelligent with up to 2.9x greater AI inferencing across data centers, large-scale public clouds, telecom and edge locations.
    • Dell expanded its technology ecosystem and solutions, including Dell Telecom Infrastructure Blocks for Red Hat, to accelerate theoption of open, cloud-native technologies in the telecommunications industry.
    • Dell launched offerings for hybrid work, including:
      • The UltraSharp 6K Monitor with intelligent and secure collaboration, better sharpness and higher contrast as the world’s first 6K resolution monitor with IPS black panel technology. 
      • The Dell Premier Collaboration Keyboard, the world’s first keyboard certified by Zoom, with dedicated touch controls to easily manage Zoom calls.

    Executive Quotes:

    • “In FY23, we accelerated our innovation agenda, drove share gains and delivered strong profitability in a challenging environment – resulting in record revenue of $102.3 billion, record operating income and record ISG revenue of $38.4 billion,” said Chuck Whitten, co-chief operating officer, Dell Technologies. “The long-term trends are in our favor, as data increases exponentially and we continue to help customers navigate the complexities of hybrid work, multicloud and edge..” 
    • "Our end-to-end portfolio is a proven competitive advantage in this changing environment,” said Jeff Clarke, vice chairman and co-chief operating officer, Dell Technologies. “In ISG we had our eighth consecutive quarter of growth in the fourth quarter with revenue of $9.9 billion, record profitability, and record storage revenue of $5 billion. In CSG, we are focusing on the most profitable segments of the PC market to outperform the industry. We are poised to capture growth even as customer spending priorities shift.”
    • We continue to deliver for our customers and meet our capital return commitments by taking a disciplined approach to managing our business,” said Tom Sweet, chief financial officer, Dell Technologies. “We returned approximately $3.8 billion of capital to our shareholders in FY23 and are increasing our annual dividend by 12% in FY24, reflecting our confidence in our long-term business model and ability to generate and grow our cash flow over time.” 

    Dell Technologies World

    Join us May 22-25 for Dell Technologies World, the company’s flagship event that brings together the latest trends, technology and thought leaders. During the event, customers and partners will explore the connected ecosystem of IT infrastructure, applications, devices and security along with our Dell APEX and multicloud solutions that give customers greater flexibility to scale IT to meet business needs and transform their ideas into the innovations that shape our future. Register here.

    Conference call information

    As previously announced, the Company will hold a conference call to discuss its performance and financial guidance on March 2, 2023, at 3:30 p.m. CST. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to financial guidance may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet and can be accessed at


    For those unable to listen to the live broadcast, the final remarks and presentation with financial guidance will be available following the broadcast, and an archived version will be available at the same location for one year.

    Environmental, Social and Governance (ESG)

    Our Environmental, Social and Governance (ESG) efforts focus on driving positive impact for people and our planet while delivering long-term value for our stakeholders. Explore our ESG resources at


  • About Dell Technologies

    Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry’s broadest and most innovative technology and services portfolio for the data era.

  • Copyright © 2023 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners. 

    Non-GAAP Financial Measures:

    This press release presents information about Dell Technologies’ non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to non-controlling interests, non-GAAP net income attributable to Dell Technologies Inc. - basic, non-GAAP net income attributable to Dell Technologies Inc. - diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, and non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

    Special Note on Forward-Looking Statements:

    Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes.

    Dell Technologies’ results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: risks and uncertainties relating to our spin-off of VMware, Inc., including the potential effects on our business of the transaction; the effects of the COVID-19 pandemic; competitive pressures; Dell Technologies’ reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies’ ability to achieve favorable pricing from its vendors; adverse global economic conditions and instability in financial markets; Dell Technologies’ execution of its growth, business and acquisition strategies; the success of Dell Technologies’ cost efficiency measures; Dell Technologies’ ability to manage solutions and products and services transitions in an effective manner; Dell Technologies’ ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies’ foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies’ product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies’ sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; weak economic conditions and the effect of additional regulation on Dell Technologies’ financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies’ ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies’ infrastructure; Dell Technologies’ ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings, including the risk associated with final court approval of the recently announced litigation settlement; compliance requirements of changing environmental and safety laws or other laws; the effect of armed hostilities, terrorism, natural disasters, and public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; Dell Technologies’ dependence on the services of Michael Dell and key employees; Dell Technologies’ level of indebtedness; the effect of the transition from LIBOR as a reference rate to calculate interest rates under our variable-rate indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies’ quarterly cash dividend policy and dividend rate.

    This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies’ annual report on Form 10-K for the fiscal year ended January 28, 2022, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

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