Company profile
SEC EDGAR ↗- Industry
- Electronic Computers
- Listed
- NYSE: DELL
- Incorporated
- TX
- Headquarters
- Round Rock, TX
- Fiscal year end
- Dec 31
Financials
FY2026- Revenue
- $113.5B
- Net income
- $5.94B
- Total assets
- $101.3B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $113.5B | $5.94B | $101.3B |
| FY2025 | $95.6B | $4.58B | $79.7B |
| FY2024 | $88.4B | $3.37B | $82.1B |
| FY2023 | $102.3B | $2.42B | $89.6B |
| FY2022 | $101.2B | $5.71B | $92.7B |
| FY2021 | $86.7B | $3.25B | $123.4B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Money Machine · Business Model
Dell Got Paid Before It Paid Its Suppliers. The Trick Was Born of Being Broke.
The legend says Dell engineered negative working capital from day one. The filings say otherwise: the cash conversion cycle didn't go negative until 1998, hit -18 days by 2000, and the whole thing started because a kid with $1,000 couldn't afford to mass-produce.
8 min
The Money Machine · Business Model
Dell Took Itself Private to Hide the Thing It Was Already Doing.
The legend says Dell's direct model was its moat. By the time it went private in 2013 for ~$24.9 billion, Dell ran 140,000-plus channel partners generating about 35% of its commercial revenue — through the very middlemen the direct model was built to delete.
8 min
The Distribution Rebellion · Moat & Competition
Dell Tried Retail in 1992, Lost $36M, Fled in 1994 — and Now Sells Through Partners Again
The legend says Dell never used retail and never wavered. It did both. Dell entered stores in 1992-93, posted a $36M loss, and fled the shelf in 1994 - and today a substantial and growing share of its revenue runs through the very channel partners the model was built to delete.
7 min
The Founder Doctrine · People & Control
Michael Dell Has Spent a Decade Buying One Thing Back: Control
In 2013 Michael Dell took his company private in a $24.4 billion LBO. Every capital move since — $45.9 billion of EMC debt, a non-IPO return to public markets, the VMware spin — points the same direction. He isn't optimizing returns. He's defending ownership, and he holds 45.7% to prove it.
8 min
The Founder Doctrine · Decision Forks
How Michael Dell Won His Buyout: A Rewritten Voting Standard and $350M More on the Table
The legend says a founder bet everything and outfoxed Carl Icahn to take Dell private. The filings say something colder: the first vote failed, the board rewrote the voting standard mid-fight, and the deal only closed after Icahn's revolt forced at least $350M more onto the table.
8 min
The Turnaround · Decision Forks
Dell's $67B EMC Deal Ran on ~$40B of Debt — and VMware Got Monetized Twice to Pay It Down
The Dell-EMC deal is sold as a $67B turnaround. It was a leveraged bet: ~$40B of debt absorbed behind a private-company shield, then VMware monetized twice — first to deleverage in 2018, then handed off to Broadcom's $61B check in 2023.
8 min