Dell Technologies cash flow statement

In fiscal 2026, Dell Technologies's operations generated $11.19bn of cash; it spent $2.63bn on capital projects, leaving free cash flow of $8.55bn. It returned $1.46bn in dividends and $6.01bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Dell Technologies: cash flow statement, annual
Fiscal year	2015Jan 2015	2016Jan 2016	2017Feb 2017	2018Feb 2018	2019Feb 2019	2020Jan 2020	2021Jan 2021	2022Jan 2022	2023Feb 2023	2024Feb 2024	2025Jan 2025	2026Jan 2026	LTMJul 2026
Cash from operations	2.6	2.2	2.4	6.8	7.0	9.3	11.4	10.3	3.6	8.7	4.5	11.2	12.2
Depreciation and amortisation	3.0	2.9	4.9	8.6	7.7	6.1	5.4	4.6	3.2	3.3	3.1	3.0	3.0
Stock-based pay	0.1	0.1	0.4	0.8	0.9	1.3	1.6	1.6	0.9	0.9	0.8	0.7	0.7
Capital spending	0.5	0.5	0.7	1.2	1.5	2.6	2.1	2.8	3.0	2.8	2.7	2.6	3.6
Free cash flow	2.1	1.7	1.7	5.6	5.5	6.7	9.3	7.5	0.6	5.9	1.9	8.6	8.6
Free cash flow after stock pay	2.0	1.6	1.3	4.8	4.6	5.5	7.7	5.9	−0.4	5.0	1.1	7.8	7.8
Dividends paid	—	—	0.0	0.0	2.1	0.0	0.0	0.0	1.0	1.1	1.3	1.5	1.6
Share buybacks	—	—	0.6	0.7	14.1	0.0	0.2	1.5	2.9	2.1	2.6	6.0	8.5
Shares issued	—	0.0	4.4	0.0	—	—	—	—	—	0.0	0.0	0.0	—

US$ millions unless shown otherwise. Fiscal quarters.

Dell Technologies: cash flow statement, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Jan 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Oct 2025	2026 Q4Jan 2026	2027 Q1May 2026	2027 Q2Jul 2026
Cash from operations	1,553	585	2,796	2,543	1,172	4,674	4,081	2,225
Depreciation and amortisation	765	774	738	762	756	773	758	754
Stock-based pay	198	186	190	179	165	189	189	184
Capital spending	639	735	568	675	669	721	963	1,239
Free cash flow	914	−150	2,228	1,868	503	3,953	3,118	986
Free cash flow after stock pay	716	−336	2,038	1,689	338	3,764	2,929	802
Shares issued	0	0	—	—	4	0	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: DELL vs HPQ AAPL vs DELL DELL vs HPE

More: Technology Hardware, Storage & Peripherals stocks compared, Technology sector, rankings of US companies

Figures from Dell Technologies's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dell Technologies.