Dell Technologies said net revenue for Fiscal 2025 increased 8%, with an increase in ISG net revenue partially offset by decreases in Corporate and other and CSG net revenue. The company said the ISG increase was driven by growth in its servers and networking offerings.

10-KAnnual reportFiled Mar 25, 2025Period of report Jan 31, 2025Summary published (UTC) Oct 11, 2026

Key points

AI summary

Dell Technologies said net revenue for Fiscal 2025 increased 8%, with an increase in ISG net revenue partially offset by decreases in Corporate and other and CSG net revenue. The company said the ISG increase was driven by growth in its servers and networking offerings.
Dell Technologies said operating income for Fiscal 2025 increased 15% to $6.2 billion, and non-GAAP operating income increased 8% to $8.5 billion. The company said gross margin percentage declined 160 basis points to 22.2%, driven by a shift in mix towards AI-optimized server offerings and a competitive CSG pricing environment.
Dell Technologies said cash provided by operating activities was $4.5 billion for Fiscal 2025 and $8.7 billion for Fiscal 2024. The company said profitability drove cash flow, with working capital serving as a partial offset due to higher inventory, accounts receivable, and accounts payable levels driven by AI.
Dell Technologies said debt principal as of January 31, 2025 decreased $1.4 billion to $24.8 billion, driven primarily by net repayments of DFS debt and Senior Notes. The company said cash and cash equivalents decreased $3.7 billion in Fiscal 2025.

Key figures

Fiscal year ended January 31, 2025

Revenue: $95.6B
Operating income: $6.2B
Net income: $4.6B
EPS: $6.38
Gross profit: $21.3B
Operating cash flow: $4.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual net revenue up 8%, ISG servers and networking growth

Dell Technologies said net revenue for Fiscal 2025 increased 8%, with an increase in ISG net revenue partially offset by decreases in Corporate and other and CSG net revenue. The company said the ISG increase was driven by growth in its servers and networking offerings.

Source · Based on the MD&A text of the filing

Operating income up 15%, gross margin percentage down

Dell Technologies said operating income for Fiscal 2025 increased 15% to $6.2 billion, and non-GAAP operating income increased 8% to $8.5 billion. The company said gross margin percentage declined 160 basis points to 22.2%, driven by a shift in mix towards AI-optimized server offerings and a competitive CSG pricing environment.

Source · Based on the MD&A text of the filing

Operating cash flow $4.5 billion

Dell Technologies said cash provided by operating activities was $4.5 billion for Fiscal 2025 and $8.7 billion for Fiscal 2024. The company said profitability drove cash flow, with working capital serving as a partial offset due to higher inventory, accounts receivable, and accounts payable levels driven by AI.

Source · Based on the MD&A text of the filing

Debt principal $24.8 billion, cash $3.7 billion down

Dell Technologies said debt principal as of January 31, 2025 decreased $1.4 billion to $24.8 billion, driven primarily by net repayments of DFS debt and Senior Notes. The company said cash and cash equivalents decreased $3.7 billion in Fiscal 2025.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.