Dell Technologies vs HP
Dell Technologies reported revenue of $113.5 billion in fiscal 2026, 2.1 times HP's $55.3 billion in fiscal 2025. Dell Technologies' revenue grew 18.8% in its latest year, and HP's grew 3.2%. Dell Technologies had an operating margin of 7.2%, against 5.7% at HP. Free cash flow was $8.6 billion at Dell Technologies and $2.8 billion at HP. Their fiscal years end in different months (January 30 and October 31), so the periods don't line up exactly.
Side by side
| Dell Technologies | HP | |
|---|---|---|
| Latest fiscal year | FY2026, Jan 30, 2026 | FY2025, Oct 31, 2025 |
| Revenue | $113.5B | $55.3B |
| Revenue growth | 18.8% | 3.2% |
| Revenue growth a year, last 5 years | 5.5% | −0.5% |
| Gross margin | 20.0% | 20.6% |
| Operating margin | 7.2% | 5.7% |
| Net margin | 5.2% | 4.6% |
| Free cash flow | $8.6B | $2.8B |
| Free cash flow margin | 7.5% | 5.1% |
| Return on capital | 36.0% | 55.3% |
| Net debt to EBITDA | 1.8x | 1.5x |
| Dividends and buybacks | $7.5B | $1.9B |
| Change in diluted share count | −5.0% | −3.6% |
| Last close | $467.09 | $34.09 |
| P/E at the last close | 27.2× | 13.1× |
| Insider trades, last 12 months | sold $3.1 billion | sold $6.4 million |
| Piotroski F-score | 7 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Dell TechnologiesHP
Operating margin
Percent of revenue
Dell TechnologiesHP
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Dell TechnologiesHP
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Dell Technologies and HP pages.