News summary

  • Record second quarter revenue of $26.4 billion, up 9%, driven by continued growth across client and infrastructure business units
  • Operating income up 25% at $1.3 billion, and non-GAAP operating income up 4% at $2 billion
  • Diluted earnings per share of $0.68 and non-GAAP diluted earnings per share of $1.68


Full story

Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2023 second quarter. Revenue was a second quarter record of $26.4 billion, up 9%, driven by growth across Client Solutions Group (CSG) and Infrastructure Solutions Group (ISG). Operating income was $1.3 billion, up 25%, representing 4.8% of revenue, and non-GAAP operating income was $2 billion, up 4%, representing 7.4% of revenue. Net income from continuing operations was $506 million and non-GAAP net income was $1.3 billion. Diluted earnings per share was $0.68, and non-GAAP diluted earnings per share was $1.68.

Second Quarter Fiscal 2023 Financial Results

Three Months EndedSix Months Ended
July 29, 2022July 30, 2021ChangeJuly 29, 2022July 30, 2021Change
(in millions, except per share amounts and percentages; unaudited)
Total net revenue$          26,425$           24,1919 %$          52,541$          46,78112 %
Operating income$            1,270$             1,01725 %$            2,820$            2,00441 %
Net income from continuing operations$                506$                629(20) %$            1,575$            1,28822 %
Earnings per share – diluted$               0.68$               0.80(15) %$              2.06$              1.6525 %
Non-GAAP net revenue$          26,425$          24,1999 %$          52,541$          46,79712 %
Non-GAAP operating income$            1,952$            1,8684 %$            4,087$            3,63812 %
Non-GAAP net income$            1,266$            1,1669 %$            2,700$            2,22122 %
Non-GAAP earnings per share – diluted$               1.68$              1.4814 %$              3.52$              2.8324 %

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.

Operating segments summary

Client Solutions Group delivered second quarter record revenue of $15.5 billion, up 9% year-over-year. Commercial revenue was $12.1 billion, a 15% increase year-over-year, and Consumer revenue was $3.3 billion, down 9% year-over-year. Focus on the commercial market continues to drive differentiated share results, with share gains in 34 of the last 38 quarters.1 Operating income was $1 billion, or approximately 6.3% of Client Solutions Group revenue. 

Key areas of innovation:

  • Precision 7865 Tower delivers on 25 years of commercial workstation innovation, supporting demanding, multi-application workloads.
  • Alienware m15 R5 launches as the most powerful 17-inch AMD Advantage™ gaming laptop.
  • New commercial devices for hybrid work are available, including the Latitude 9330, the world’s first laptop with a collaboration touchpad that lets users mute, turn video on/off, screen share and chat.
  • This year’s rollout of premium laptops continues with the launch of the XPS 13 and reveal of the versatile XPS 2-in-1.

Infrastructure Solutions Group delivered record second quarter revenue of $9.5 billion, up 12% and its sixth consecutive quarter of year-over-year growth. Storage revenue was $4.3 billion, up 6%, with growth across the portfolio and demand strength in high-end storage and our marquee mid-range product PowerStore, which has now grown every quarter since its launch. Servers and networking revenue was $5.2 billion, up 16% year-over-year. Operating income was $1 billion or approximately 11% of Infrastructure Solutions Group revenue.

Key areas of innovation:

The largest release in PowerStore history and new PowerMaxOS10 software are now available, delivering more than 500 new Dell storage software advancements that help customers drive faster insights, achieve better multicloud data control and increase cyber resiliency.

  • PowerProtect Cyber Recovery vault purchases grew 30% year-over-year, as customers seek multiple layers of protection from ransomware and other sophisticated threats.
  • Dell Validated Design for Analytics – Data Lakehouse, consisting of Dell’s end-to-end ISG portfolio, provides secure access to reliable, quality data, so users can run analytics, AI, ML and other data-driven workloads.
  • T-Mobile and Dell Technologies join forces to pair a private 5G network with Dell edge-computing technologies, so data can be processed, stored and acted upon at locations like large business campuses, factories or universities. 

Dell Technologies ended the quarter with remaining performance obligations of $41 billion, up 2% year-over-year, deferred revenue of $28 billion, and cash and investments of $7.1 billion. Recurring revenue for the second quarter was approximately $5.2 billion, up 8% year-over-year. APEX annual recurring revenue is now over $1 billion, with second quarter orders growth of 78% year-over-year.

Executive Quotes:

  • “We continued to execute well in an increasingly challenging environment with record second quarter revenue of $26.4 billion, up 9%,” said Jeff Clarke, vice chairman and co-chief operating officer, Dell Technologies. “We also advanced our long-term strategy – growing the core while innovating for our customers and enabling their opportunities in the data era.”
  • “We delivered strong CSG and ISG growth and profitability – with revenue up 12% and 9% respectively – although we observed more cautious customer behavior as the quarter progressed,” said Chuck Whitten, co-chief operating officer, Dell Technologies. “Customers continue to prioritize advanced technology solutions to compete and succeed in the years ahead, and we are confident in our long-term opportunities.”
  • “Another quarter of record revenue, together with our operating income of $1.3 billion and non-GAAP operating income of $2 billion, affirms our industry strength and competitive position,” said Tom Sweet, chief financial officer, Dell Technologies. “We remain focused on what we can control, staying flexible and opportunistic, and delivering revenue and EPS growth with strong free cash flow to our shareholders over time.”

Conference call information

As previously announced, the Company will hold a conference call to discuss its performance and financial guidance on Aug. 25, 2022, at 4:30 p.m. CDT. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to guidance may be downloaded from The conference call will be broadcast live over the internet can be accessed at

For those unable to listen to the live broadcast, the final remarks and presentation with guidance will be available following the broadcast, and an archived version will be available at the same location for one year.

Customer Highlights Blog

Read our quarterly blog from Bill Scannell, Dell Technologies president of Global Sales & Customer Operations, to learn more about how we are helping customers with their digital transformations:

Environmental, Social and Governance (ESG)

Our Environmental, Social and Governance (ESG) efforts focus on driving positive impact for people and our planet while delivering long-term value for our stakeholders. The FY22 ESG report was published June 30, 2022, and the Company held a conference call to discuss on July 21. ESG resources can be accessed at

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