Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2024 Financial Results

ROUND ROCK, Texas, Feb. 29, 2024 — (PRNewswire) —  

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Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2024 fourth quarter and full year. Fourth quarter revenue was $22.3 billion, down 11% year over year. Operating income was $1.5 billion and non-GAAP operating income was $2.1 billion, up 25% and down 1% year over year, respectively. Cash flow from operations was $1.5 billion. Diluted earnings per share was $1.59, and non-GAAP diluted earnings per share was $2.20, up 89% and 22% year over year, respectively.

Revenue for the year was $88.4 billion, down 14% from fiscal year 2023. Operating income was $5.2 billion and non-GAAP operating income was $7.7 billion, down 10% and 11% year over year, respectively. Cash flow from operations for the full year was $8.7 billion. Full-year diluted earnings per share was $4.36, and non-GAAP diluted earnings per share was $7.13, up 35% and down 6% year over year, respectively. 

Cash and investments were $9.0 billion, and Dell reached its core leverage target of 1.5x exiting the fiscal year. Dell is increasing its annual cash dividend by 20% to $1.78 per common share, with $0.445 per common share for the first quarterly distribution payable on May 3 to shareholders of record as of April 23.

"We generated $8.7 billion in cash flow from operations this fiscal year, returning $7 billion to shareholders since Q1 FY23," said Yvonne McGill, chief financial officer, Dell Technologies. "We're optimistic about FY25 and are increasing our annual dividend by 20% – a testament to our confidence in the business and ability to generate strong cash flow."

Fourth Quarter Fiscal 2024 Financial Results


Three Months Ended




Fiscal Year Ended




February 2,
2024


February 3,
2023


Change


February 2,
2024


February 3,
2023


Change


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













Net revenue

$         22,318


$          25,039


(11) %


$         88,425


$        102,301


(14) %

Operating income

$           1,491


$            1,189


25 %


$           5,211


$            5,771


(10) %

Net income

$           1,158


$               606


91 %


$           3,195


$            2,422


32 %

Earnings per share - diluted

$             1.59


$              0.84


89 %


$             4.36


$              3.24


35 %













Non-GAAP operating income

$           2,139


$            2,170


(1) %


$           7,678


$            8,637


(11) %

Non-GAAP net income

$           1,610


$            1,322


22 %


$           5,245


$            5,727


(8) %

Adjusted free cash flow

$           1,010


$            2,267


(55) %


$           5,607


$            1,533


266 %

Non-GAAP earnings per share - diluted

$             2.20


$              1.80


22 %


$             7.13


$              7.61


(6) %


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.


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