Dell Technologies reported net income of approximately $3.2 billion for fiscal year 2024, down from $2.4 billion the prior year on an adjusted basis, though headline results were affected by non-cash charges. The company's Infrastructure Solutions Group drove strong operating income growth as AI server margins outpaced the weaker Client Solutions Group, which faced PC demand softness and rising component costs.
Earnings of Dell
Net income (USD billions) from 1988 through FY2024. Red points mark loss years. Dell reported heavy losses in the years following the EMC acquisition due to acquisition-related amortization and restructuring charges.
Annual Earnings Of Dell
| Fiscal Year | Net Income (USD) | YoY Change |
|---|---|---|
| FY2015 | −$1.1B | Loss |
| FY2016 | −$1.0B | Loss |
| FY2017 | −$3.0B | Deeper loss (EMC charges) |
| FY2018 | −$2.3B | Loss (amortization) |
| FY2019 | −$2.3B | Loss (amortization) |
| FY2020 | $4.6B | Recovery |
| FY2021 | $3.3B | −28.3% |
| FY2022 | $5.6B | +69.7% |
| FY2023 | $2.4B | −57.1% |
| FY2024 | $3.2B | +33.3% |
Note: FY2017–FY2019 losses reflect large non-cash amortization charges from the $67 billion EMC acquisition. FY2020 turnaround includes a gain on the partial IPO of VMware. Dell's reported GAAP net income is heavily influenced by acquisition accounting and non-recurring items.
Dell P/E Ratio
| Fiscal Year | P/E Ratio | Note |
|---|---|---|
| FY2015 | N/M | Net loss / Private |
| FY2016 | N/M | Net loss / Private |
| FY2017 | N/M | Net loss |
| FY2018 | N/M | Net loss |
| FY2019 | N/M | Net loss (re-listed Dec 2018) |
| FY2020 | 8.9x | Profit recovery |
| FY2021 | 12.4x | Lower earnings |
| FY2022 | 5.4x | Peak earnings, depressed multiple |
| FY2023 | 15.2x | Sharp earnings drop |
| FY2024 | 14.1x | Earnings recovery |