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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
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| Three Months Ended |
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| Fiscal Year Ended |
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| February 2,
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| February 3,
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| February 2,
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| February 3,
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| (in millions, except per share amounts and percentages; unaudited) | ||||||||||
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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 % |
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| 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) % |
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| 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. |
