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Dell Technologies (NYSE:
DELL) announces financial results for its fiscal 2023 fourth quarter and full year. Revenue for the year was a record $102.3 billion, up 1% over fiscal year 2022. The company generated record operating income of $5.8 billion, up 24% over the prior year, and record non-GAAP operating income of $8.6 billion, up 11%. For the full year, net income from continuing operations was $2.4 billion and non-GAAP net income was $5.7 billion. Cash flow from operations was $3.6 billion. Full-year diluted earnings per share from continuing operations was $3.24, and non-GAAP diluted earnings per share was $7.61.
Fourth quarter revenue was $25 billion, down 11%. Operating income was $1.2 billion, representing 4.7% of revenue, and non-GAAP operating income was $2.2 billion, representing 8.7% of revenue. Net income from continuing operations for the quarter was $606 million, and non-GAAP net income was $1.3 billion. Cash flow from operations for the quarter was $2.7 billion. Diluted earnings per share from continuing operations was $0.84, and non-GAAP diluted earnings per share was $1.80.
Dell ended the quarter with remaining performance obligations of $40 billion, deferred revenue of $30.3 billion and recurring revenue of approximately $5.6 billion, up 12% year-over-year. Cash and investments were $10.2 billion, and $3.8 billion was returned to shareholders in fiscal year 2023 through share repurchases and dividends. The company will increase its annual cash dividend by 12% to $1.48 per common share, with $0.37 per common share for the first quarterly distribution payable on May 5 to shareholders of record as of April 25.
Fourth Quarter and Full Year Fiscal 2023 Financial Results
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| Three Months Ended |
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| Fiscal Year Ended |
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| February 3,
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| January 28,
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| Change |
| February 3,
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| January 28,
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| Change |
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| (in millions, except per share amounts and percentages; unaudited) | ||||||||||
Total net revenue | $ 25,039 |
| $ 27,992 |
| (11) % |
| $ 102,301 |
| $ 101,197 |
| 1 % |
Operating income | $ 1,189 |
| $ 1,609 |
| (26) % |
| $ 5,771 |
| $ 4,659 |
| 24 % |
| Net income (loss) from continuing operations | $ 606 |
| $ (29) |
| NM |
| $ 2,422 |
| $ 4,942 |
| (51) % |
| Earnings per share - diluted | $ 0.84 |
| $ (0.04) |
| NM |
| $ 3.24 |
| $ 6.26 |
| (48) % |
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| Non-GAAP net revenue | $ 25,039 |
| $ 28,000 |
| (11) % |
| $ 102,301 |
| $ 101,229 |
| 1 % |
| Non-GAAP operating income | $ 2,170 |
| $ 2,191 |
| (1) % |
| $ 8,637 |
| $ 7,785 |
| 11 % |
| Non-GAAP net income | $ 1,322 |
| $ 1,390 |
| (5) % |
| $ 5,727 |
| $ 4,924 |
| 16 % |
| Non-GAAP earnings per share - diluted | $ 1.80 |
| $ 1.72 |
| 5 % |
| $ 7.61 |
| $ 6.22 |
| 22 % |
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| Fiscal year 2023 and its fourth quarter had an extra week compared to the prior corresponding periods. | |||||||||||
| Information about Dell Technologies' use of non-GAAP financial information is provided under "Non-GAAP Financial Measures" below. All comparisons in this press
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