Dell Technologies Inc.

Name: Dell Technologies Inc. financial statements and ratios
Creator: Annalist

DELL · NYSE · Technology, computer hardware · United States · US GAAP · Fiscal year ends January

Latest report: Q2 FY2027, the quarter ended 31 July 2026, released 8 September 2026. Snapshot FY2027Q2_a77ba24a.

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Overview

Revenue, quarter

+57.7% year on year

Operating income, quarter

+204% year on year

Net income, quarter

+255% year on year

Diluted EPS, quarter

+273% year on year

Operating margin, last 4 quarters

+2.7pp year on year

Return on invested capital, last 4 quarters

+16.5pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 31 July 2026 was US$47.0 billion, 57.7% higher than in the same quarter a year earlier.
Weakenedin Q2 FY2027 · stated since Q3 FY2025
Rule: Revenue against a year earlier · Sources 10-Q 2026-07
History of this finding, 10 records
1. Q2 FY2027 WeakenedRevenue for the quarter ended 31 July 2026 was US$47.0 billion, 57.7% higher than in the same quarter a year earlier.Recorded from FY2027Q2_e3f18b6d · data update
2. Q1 FY2027 StrengthenedRevenue for the quarter ended 1 May 2026 was US$43.8 billion, 87.5% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2026 StrengthenedRevenue for the quarter ended 30 January 2026 was US$33.4 billion, 39.5% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2026 WeakenedRevenue for the quarter ended 31 October 2025 was US$27.0 billion, 10.8% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2026 StrengthenedRevenue for the quarter ended 1 August 2025 was US$29.8 billion, 19.0% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2026 WeakenedRevenue for the quarter ended 2 May 2025 was US$23.4 billion, 5.1% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2025 WeakenedRevenue for the quarter ended 31 January 2025 was US$23.9 billion, 7.2% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2025 NewRevenue for the quarter ended 1 November 2024 was US$24.4 billion, 9.5% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q2 FY2025 NewRevenue for the quarter ended 2 August 2024 was US$25.0 billion.Reconstructed · initial
Net income attributable to the company was US$4.1 billion, 255.1% higher than in the same quarter a year earlier.
Weakenedin Q2 FY2027 · stated since Q2 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-07
History of this finding, 12 records
1. Q2 FY2027 WeakenedNet income attributable to the company was US$4.1 billion, 255.1% higher than in the same quarter a year earlier.Recorded from FY2027Q2_e3f18b6d · data update
2. Q1 FY2027 StrengthenedNet income attributable to the company was US$3.4 billion, 256.3% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2026 StrengthenedNet income attributable to the company was US$2.3 billion, 47.4% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2026 ConfirmedNet income attributable to the company was US$1.5 billion, 31.7% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2026 NewNet income attributable to the company was US$1.2 billion, 31.2% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
7. Q1 FY2026 NewNet income attributable to the company was US$965 million, 3.2% lower than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
9. Q4 FY2025 StrengthenedNet income attributable to the company was US$1.5 billion, 26.7% higher than in the same quarter a year earlier.Reconstructed · data update
10. Q3 FY2025 NewNet income attributable to the company was US$1.2 billion, 11.7% higher than in the same quarter a year earlier.Reconstructed · data update
11. Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
12. Q2 FY2025 NewNet income attributable to the company was US$887 million.Reconstructed · initial
The operating margin over the last 4 quarters was 9.4%, 2.7 percentage points higher than a year earlier.
Strengthenedin Q2 FY2027 · stated since Q2 FY2026
Rule: Operating margin against a year earlier · Sources 10-Q 2025-10, 10-K 2026-01, 10-Q 2026-05 and 2 more
History of this finding, 10 records
1. Q2 FY2027 StrengthenedThe operating margin over the last 4 quarters was 9.4%, 2.7 percentage points higher than a year earlier.Recorded from FY2027Q2_e3f18b6d · data update
2. Q1 FY2027 StrengthenedThe operating margin over the last 4 quarters was 7.9%, 1.3 percentage points higher than a year earlier.Reconstructed · data update
3. Q4 FY2026 WeakenedThe operating margin over the last 4 quarters was 7.2%, 0.7 percentage points higher than a year earlier.Reconstructed · data update
4. Q3 FY2026 ConfirmedThe operating margin over the last 4 quarters was 6.9%, 0.9 percentage points higher than a year earlier.Reconstructed · data update
5. Q2 FY2026 NewThe operating margin over the last 4 quarters was 6.7%, 0.8 percentage points higher than a year earlier.Reconstructed · data update
6. Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
7. Q1 FY2026 ConfirmedThe operating margin over the last 4 quarters was 6.7%.Reconstructed · data update
8. Q4 FY2025 ConfirmedThe operating margin over the last 4 quarters was 6.5%.Reconstructed · data update
9. Q3 FY2025 ConfirmedThe operating margin over the last 4 quarters was 6.0%.Reconstructed · data update
10. Q2 FY2025 NewThe operating margin over the last 4 quarters was 5.9%.Reconstructed · initial
Return on invested capital over the last 4 quarters was 39.8%, against 23.3% a year earlier.
Strengthenedin Q2 FY2027 · stated since Q4 FY2026
Rule: Return on invested capital against a year earlier · Sources 10-Q 2025-08, 10-Q 2026-07, 10-Q 2025-10 and 4 more
History of this finding, 10 records
1. Q2 FY2027 StrengthenedReturn on invested capital over the last 4 quarters was 39.8%, against 23.3% a year earlier.Recorded from FY2027Q2_e3f18b6d · data update
2. Q1 FY2027 StrengthenedReturn on invested capital over the last 4 quarters was 31.8%, against 21.8% a year earlier.Reconstructed · data update
3. Q4 FY2026 NewReturn on invested capital over the last 4 quarters was 25.5%, against 24.0% a year earlier.Reconstructed · data update
4. Q4 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q3 FY2026 NewReturn on invested capital over the last 4 quarters was 22.7%, against 23.1% a year earlier.Reconstructed · data update
6. Q3 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
7. Q2 FY2026 ConfirmedReturn on invested capital over the last 4 quarters was 23.3%.Reconstructed · data update
8. Q1 FY2026 ConfirmedReturn on invested capital over the last 4 quarters was 21.8%.Reconstructed · data update
9. Q4 FY2025 ConfirmedReturn on invested capital over the last 4 quarters was 24.0%.Reconstructed · data update
10. Q3 FY2025 NewReturn on invested capital over the last 4 quarters was 23.1%.Reconstructed · initial
Free cash flow over the last 4 quarters was US$8.6 billion, and operating cash flow was 1.1 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin Q2 FY2027 · stated since Q3 FY2025
Rule: Free cash flow · Sources 10-Q 2025-08, 10-Q 2025-10, 10-K 2026-01 and 2 more
History of this finding, 8 records
1. Q2 FY2027 WeakenedFree cash flow over the last 4 quarters was US$8.6 billion, and operating cash flow was 1.1 times net income attributable to the company.Recorded from FY2027Q2_e3f18b6d · data update
2. Q1 FY2027 StrengthenedFree cash flow over the last 4 quarters was US$9.4 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
3. Q4 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$8.6 billion, and operating cash flow was 1.9 times net income attributable to the company.Reconstructed · data update
4. Q3 FY2026 WeakenedFree cash flow over the last 4 quarters was US$4.4 billion, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · data update
5. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$4.9 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
6. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$3.6 billion, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · data update
7. Q4 FY2025 WeakenedFree cash flow over the last 4 quarters was US$1.9 billion, and operating cash flow was 1.0 times net income attributable to the company.Reconstructed · data update
8. Q3 FY2025 NewFree cash flow over the last 4 quarters was US$2.8 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · initial
Net debt was US$22.9 billion at 31 July 2026, 1.3 times EBITDA over the last 4 quarters.
Strengthenedin Q2 FY2027 · stated since Q2 FY2025
Rule: Net debt or net cash · Sources 10-Q 2026-07, 10-Q 2025-08, 10-Q 2025-10 and 2 more
History of this finding, 9 records
1. Q2 FY2027 StrengthenedNet debt was US$22.9 billion at 31 July 2026, 1.3 times EBITDA over the last 4 quarters.Recorded from FY2027Q2_e3f18b6d · data update
2. Q1 FY2027 ConfirmedNet debt was US$19.6 billion at 1 May 2026, 1.4 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q4 FY2026 WeakenedNet debt was US$20.0 billion at 30 January 2026, 1.8 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q3 FY2026 StrengthenedNet debt was US$21.7 billion at 31 October 2025, 2.1 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q2 FY2026 ConfirmedNet debt was US$20.5 billion at 1 August 2025, 2.1 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q1 FY2026 ConfirmedNet debt was US$21.1 billion at 2 May 2025, 2.2 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q4 FY2025 StrengthenedNet debt was US$20.9 billion at 31 January 2025, 2.2 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q3 FY2025 ConfirmedNet debt was US$19.8 billion at 1 November 2024, 2.2 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q2 FY2025 NewNet debt was US$20.0 billion at 2 August 2024.Reconstructed · initial

Records before Q2 FY2027 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: Dell labelled its 10-Qs for the quarters to 5 May and 4 August 2023 as full fiscal years, and Annalist took the labels: fiscal 2024 ended on 4 August 2023 with revenue of US$43.9 billion, and its fourth quarter showed minus US$22.3 billion. The quarters now follow the dates of the filings: fiscal 2024 runs to 2 February 2024 with revenue of US$88.4 billion, and its fourth quarter is US$22.3 billion. The quarters of fiscal 2021, around the spin-off of VMware, now come from one set of filings each. Its dividend per share of fiscal 2024 is now 1.48, where 0.74 for half a year was published, and its first 2 quarters show 0.37 each; 2 fourth quarters derived from the figures of 2 filings, minus 0.37 for fiscal 2024, are no longer published. Records 3, 5, 6, 7, 8, 9, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 25, 28, 32, 34, 52, 56, 61, 63, 66, 73, 76, 88 and 100 cite figures that the correction changed. Correction of 22 October 2026: Changes against a year earlier compared 2 figures of different bases where a stock split, a spin-off or a restatement came between the 2 periods. 19 growth values of Dell changed, among them net income growth for the fourth quarter of fiscal 2025, 32.2% before the correction and 23.7% on one basis. Records 2, 14 and 23 compare net income of 2 bases; on one basis net income rose 83.1% in the second quarter of fiscal 2025, 12.5% in the third and 23.7% in the fourth.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents27 documents, latest Form 10-Q, period ended 31 July 2026List

DownloadsExcel workbook · JSON

SnapshotFY2027Q2_a77ba24a

Corporate Events

Restatement30 March 2023
Restated revenue for fiscal 2021 from US$94.2 billion to US$86.7 billion.
Source 10-K 2023-02
Sales of businesses for cash28 January 2022
Received US$4.0 billion from sales of businesses in fiscal 2022.
Source 10-K 2024-02
Spin-off1 November 2021
Completed the spin-off of VMware, Inc.
Source 8-K 2021-10
Discontinued operations29 January 2021
Reported discontinued operations for fiscal 2021, with net income of US$1.3 billion from them.
Source 10-K 2023-02

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2027

Form 10-Q, period ended 31 July 2026, filed 8 September 2026. Changes are against the previous report, and each figure shows its period.

6changes1threshold crossed

Changes in This Report 6

WeakenedRevenue Against a Year Earlier10-Q 2026-07
Revenue for the quarter ended 31 July 2026 was US$47.0 billion, 57.7% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2027
Revenue for the quarter ended 1 May 2026 was US$43.8 billion, 87.5% higher than in the same quarter a year earlier.
WeakenedNet Income Against a Year Earlier10-Q 2026-07
Net income attributable to the company was US$4.1 billion, 255.1% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2027
Net income attributable to the company was US$3.4 billion, 256.3% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-07
The operating margin over the last 4 quarters was 9.4%, 2.7 percentage points higher than a year earlier.
Earlier record, Q1 FY2027
The operating margin over the last 4 quarters was 7.9%, 1.3 percentage points higher than a year earlier.
StrengthenedReturn on Invested Capital Against a Year Earlier10-Q 2026-07
Return on invested capital over the last 4 quarters was 39.8%, against 23.3% a year earlier.
Earlier record, Q1 FY2027
Return on invested capital over the last 4 quarters was 31.8%, against 21.8% a year earlier.

2 more changes

WeakenedFree Cash Flow10-Q 2026-07
Free cash flow over the last 4 quarters was US$8.6 billion, and operating cash flow was 1.1 times net income attributable to the company.
Earlier record, Q1 FY2027
Free cash flow over the last 4 quarters was US$9.4 billion, and operating cash flow was 1.5 times net income attributable to the company.
StrengthenedNet Debt or Net Cash10-Q 2026-07
Net debt was US$22.9 billion at 31 July 2026, 1.3 times EBITDA over the last 4 quarters.
Earlier record, Q1 FY2027
Net debt was US$19.6 billion at 1 May 2026, 1.4 times EBITDA over the last 4 quarters.

Thresholds Crossed 1

WeakenedAltman Z'' Zone
The Altman Z'' score for fiscal 2026 was 0.26, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 1.93x, FFO to debt 40.2% · Q2 FY2027

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 1.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 40.2% of that debt. Debt to EBITDA is within the modest band of the S&P standard volatility table and FFO to debt within the intermediate band. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2026.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the modest band is number 2 of 6, and a higher number means more debt against earnings.
Newin Q2 FY2027 · first stated
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-07, 10-Q 2025-08, 10-Q 2025-10 and 2 more
History of this finding, 12 records
1. Q2 FY2027 NewLease-adjusted debt was 1.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 40.2% of that debt. Debt to EBITDA is within the modest band of the S&P standard volatility table and FFO to debt within the intermediate band. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2026.Recorded from FY2027Q2_fa8ab586 · methodology
2. Q2 FY2027 RetiredThe finding changed to the modest band.Recorded from FY2027Q2_fa8ab586 · methodology
3. Q1 FY2027 ConfirmedLease-adjusted debt was 2.2 times adjusted EBITDA over the 4 quarters ended 1 May 2026, and funds from operations equalled 35.4% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Recorded from FY2027Q2_fa8ab586 · methodology
4. FY2026 ConfirmedLease-adjusted debt was 2.7 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 29.4% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Recorded from FY2027Q2_e3f18b6d · data update
5. Q1 FY2027 ConfirmedLease-adjusted debt was 2.2 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 35.4% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
6. Q4 FY2026 ConfirmedLease-adjusted debt was 2.7 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 28.6% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
7. Q3 FY2026 ConfirmedLease-adjusted debt was 2.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 26.4% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
8. Q2 FY2026 ConfirmedLease-adjusted debt was 2.7 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 28.2% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
9. Q1 FY2026 ConfirmedLease-adjusted debt was 2.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 27.4% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
10. Q4 FY2025 ConfirmedLease-adjusted debt was 2.4 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 33.7% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
11. Q3 FY2025 ConfirmedLease-adjusted debt was 2.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 32.0% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
12. FY2024 NewLease-adjusted debt was 2.7 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 26.2% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Last 4 Quarters to Q2 FY2027

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 1.9 years of adjusted EBITDA; a year of funds from operations equals 40.2% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.93x1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	40.2%30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202228 Jan 2022	FY20233 Feb 2023	FY20242 Feb 2024	FY202531 Jan 2025	FY202630 Jan 2026	Q2 FY2027latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost						est.
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes						est.
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	intermediate	significant	intermediate	intermediate	intermediate	est.modest
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	significant	significant	significant	intermediate	significant	est.intermediate
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA						est.
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt						est.
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt						est.
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt						est.
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)						est.
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)						est.
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)	n/a					est.
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense	n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202228 Jan 2022	FY20233 Feb 2023	FY20242 Feb 2024	FY202531 Jan 2025	FY202630 Jan 2026	Q2 FY2027latest quarter
Total debt	$27.0bn	$29.6bn	$26.0bn	$24.6bn	$31.5bn	$34.5bn
Operating lease liabilities	$1.0bn	$890m	$829m	$758m	$727m	$805m
Lease-adjusted debt	$28.0bn	$30.5bn	$26.8bn	$25.3bn	$32.2bn	$35.3bn
EBIT	$4.7bn	$5.8bn	$5.4bn	$6.2bn	$8.1bn	$14.3bn
Depreciation and amortisation	$4.6bn	$3.2bn	$3.3bn	$3.1bn	$3.0bn	$3.0bn
Goodwill impairment	$0	$0	$0	$0	$0	$0
Share-based compensation	$1.6bn	$931m	$878m	$785m	$723m	$727m
Operating lease cost	$335m	$283m	$291m	$293m	$239m	$239m
Adjusted EBITDA	$11.2bn	$10.1bn	$9.9bn	$10.4bn	$12.1bn	$18.3bn
Cash interest	−$1.8bn	−$1.2bn	−$1.4bn	−$1.3bn	−$1.4bn	−$1.6bn
Lease interest	−$33.6m	−$33.0m	−$41.2m	−$40.8m	−$35.2m	−$41.6m
Cash taxes	−$1.3bn	−$1.2bn	−$1.4bn	−$555m	−$1.3bn	−$2.4bn
Funds from operations	$8.1bn	$7.7bn	$7.0bn	$8.5bn	$9.5bn	$14.2bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.74x, Debt due within 12 months $8.5bn · Q2 FY2027

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 1.7 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin Q2 FY2027 · stated since Q1 FY2026
Rule: Liquidity cover · Sources 10-Q 2026-07, 10-Q 2025-08, 10-Q 2025-10 and 2 more
History of this finding, 13 records
1. Q2 FY2027 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.7 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2027Q2_fa8ab586 · methodology
2. Q2 FY2027 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.7 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2027Q2_fa8ab586 · methodology
3. Q2 FY2027 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.5 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2027Q2_e3f18b6d · data update
4. Q1 FY2027 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q4 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. Q3 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q1 FY2026 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q1 FY2026 RetiredThe finding changed to sources of cash that cover the uses.Reconstructed · data update
10. Q4 FY2025 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
11. Q4 FY2025 RetiredThe finding changed to sources of cash that fall short of the uses.Reconstructed · data update
12. Q3 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
13. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q2 FY2027

Sources	Amount
Cash and short-term investments	$11.6bn
Operating cash flow	$12.2bn
Sources	$23.7bn

Uses	Amount
Debt due within 12 months	$8.5bn
Capital expenditure	$3.6bn
Dividends paid	$1.6bn
Uses	$13.6bn

Liquidity cover 1.74x

Debt Maturities at 30 January 2026

Principal due by fiscal year, US dollars

FY2027	FY2028	FY2029	FY2030	FY2031	After FY2031	Total
$8.0bn	$3.0bn	$2.6bn	$3.9bn	$1.8bn	$12.5bn	$31.8bn

By Fiscal Year

Ratio	FY202228 Jan 2022	FY20233 Feb 2023	FY20242 Feb 2024	FY202531 Jan 2025	FY202630 Jan 2026	Q2 FY2027latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule						n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −0.7%, Operating cash flow to EBITDA 0.70x · Q2 FY2027

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 0.7% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2027 · stated since Q1 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-08, 10-Q 2026-07, 10-Q 2025-10 and 2 more
History of this finding, 12 records
1. Q2 FY2027 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 0.7% of average total assets.Recorded from FY2027Q2_fa8ab586 · methodology
2. Q2 FY2027 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 0.7% of average total assets.Recorded from FY2027Q2_e3f18b6d · data update
3. Q1 FY2027 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.Reconstructed · data update
4. Q4 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.8% of average total assets.Reconstructed · data update
5. Q3 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.2% of average total assets.Reconstructed · data update
6. Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.1% of average total assets.Reconstructed · data update
7. Q1 FY2026 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.1% of average total assets.Reconstructed · data update
8. Q1 FY2026 RetiredThe finding changed to earnings backed by cash.Reconstructed · data update
9. Q4 FY2025 NewNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 0.1% of average total assets.Reconstructed · data update
10. Q4 FY2025 RetiredThe finding changed to earnings led by accruals.Reconstructed · data update
11. Q3 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.5% of average total assets.Reconstructed · data update
12. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.2% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202228 Jan 2022	FY20233 Feb 2023	FY20242 Feb 2024	FY202531 Jan 2025	FY202630 Jan 2026	Q2 FY2027latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' 0.26, Beneish −2.16 · Piotroski 6 of 9 · Last 4 quarters 0.84 at Q2 FY2027 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 0.26, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Weakenedin FY2026 · stated since FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-07, 10-K 2026-01
History of this finding, 3 records
1. FY2026 WeakenedThe Altman Z'' score for fiscal 2026 was 0.26, below the distress threshold of 1.10.Reconstructed · data update
2. FY2025 WeakenedThe Altman Z'' score for fiscal 2025 was minus 0.39, below the distress threshold of 1.10.Reconstructed · data update
3. FY2024 NewThe Altman Z'' score for fiscal 2024 was minus 0.75, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2026 was minus 2.16, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2026 · stated since FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2026-01, 10-Q 2026-07
History of this finding, 3 records
1. FY2026 WeakenedThe Beneish M-score for fiscal 2026 was minus 2.16, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.35, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 3.05, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2026 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, no common equity issued and margin higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2026 · stated since FY2024
Rule: Piotroski F-score · Sources 10-K 2025-01, 10-K 2026-01, 10-Q 2026-07
History of this finding, 3 records
1. FY2026 ConfirmedThe Piotroski F-score for fiscal 2026 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, no common equity issued and margin higher than a year earlier.Reconstructed · data update
2. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were operating cash flow above net income, long-term debt to assets lower than a year earlier, no common equity issued and margin higher than a year earlier.Reconstructed · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were current ratio higher than a year earlier, no common equity issued and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202228 Jan 2022	FY20233 Feb 2023	FY20242 Feb 2024	FY202531 Jan 2025	FY202630 Jan 2026	Q2 FY2027latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone	distress zone	distress zone	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

0.26Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 0.26 is in the distress zone of the model, below 1.10. The largest part is operating profit, at 0.54; working capital below zero lowers the score by 0.37 and negative equity by 0.02.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.056	6.560	−0.367
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.033	3.260	0.107
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.080	6.720	0.541
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	−0.024	1.050	−0.025
Score			0.256

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2026

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.16Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.16 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.437	0.920	1.322
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.112	0.528	0.587
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.784	0.404	0.317
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.188	0.892	1.060
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.004	0.115	0.115
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.804	−0.172	−0.138
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.052	4.679	−0.242
Leverage indexDebt against total assets, against a year earlier.	1.037	−0.327	−0.339
Score			−2.159

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2026

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 1.71 means a probability of a misstatement 1.71 times the average rate in the Dechow sample: 0.63% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.099	0.790	−0.078
Change in receivables / average total assetsThe growth of receivables against average assets.	0.081	2.518	0.203
Change in inventories / average total assetsThe growth of stock against average assets.	0.041	1.191	0.049
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.820	1.979	1.623
Change in cash salesThe growth of sales collected in cash.	0.123	0.171	0.021
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.009	−0.932	−0.008
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−5.055
Probability of a misstatement			0.63%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2026

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2026	FY2025
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Not met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Not met	Not met
Margin higher than a year earlier	Not met	Not met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 31 July 2026	8 Sep 2026	10-Q:0001571996-26-000046
Form 10-Q, period ended 1 May 2026	9 Jun 2026	10-Q:0001571996-26-000030
Form 10-K, period ended 30 January 2026	16 Mar 2026	10-K:0001571996-26-000008
Form 10-Q, period ended 31 October 2025	9 Dec 2025	10-Q:0001571996-25-000127
Form 10-Q, period ended 1 August 2025	8 Sep 2025	10-Q:0001571996-25-000102
Form 10-Q, period ended 2 May 2025	10 Jun 2025	10-Q:0001571996-25-000063
Form 10-K, period ended 31 January 2025	25 Mar 2025	10-K:0001571996-25-000034
Form 10-Q, period ended 1 November 2024	10 Dec 2024	10-Q:0001571996-24-000143
Form 10-Q, period ended 2 August 2024	10 Sep 2024	10-Q:0001571996-24-000090
Form 10-Q, period ended 3 May 2024	11 Jun 2024	10-Q:0001571996-24-000062
Form 10-K, period ended 2 February 2024	25 Mar 2024	10-K:0001571996-24-000036
Form 10-Q, period ended 3 November 2023	8 Dec 2023	10-Q:0001571996-23-000046
Form 10-Q, period ended 4 August 2023	12 Sep 2023	10-Q:0001571996-23-000032
Form 10-Q, period ended 5 May 2023	12 Jun 2023	10-Q:0001571996-23-000019
Form 10-K, period ended 3 February 2023	30 Mar 2023	10-K:0001571996-23-000007
Form 10-Q, period ended 28 October 2022	5 Dec 2022	10-Q:0001571996-22-000044
Form 10-Q, period ended 29 July 2022	1 Sep 2022	10-Q:0001571996-22-000031
Form 10-Q, period ended 29 April 2022	6 Jun 2022	10-Q:0001571996-22-000021
Form 10-K, period ended 28 January 2022	24 Mar 2022	10-K:0001571996-22-000009
Form 10-Q, period ended 29 October 2021	3 Dec 2021	10-Q:0001571996-21-000063
Form 8-K, period ended 29 October 2021	1 Nov 2021	8-K:0001193125-21-315488
Form 10-Q, period ended 30 July 2021	3 Sep 2021	10-Q:0001571996-21-000040
Form 10-Q, period ended 30 April 2021	7 Jun 2021	10-Q:0001571996-21-000026
Form 10-K, period ended 29 January 2021	26 Mar 2021	10-K:0001571996-21-000007
Form 10-Q, period ended 30 October 2020	7 Dec 2020	10-Q:0001571996-20-000051
Form 10-Q, period ended 31 July 2020	4 Sep 2020	10-Q:0001571996-20-000045
Form 10-Q, period ended 1 May 2020	8 Jun 2020	10-Q:0001571996-20-000034

Checks

365344 of 365 checks passed, 21 warnings

Fiscal calendar68 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year141 of 160 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Revenue, FY2021: $94,224m against $86,670m

Cost of revenue, FY2021: $64,807m against $66,530m

Gross profit, FY2021: $29,417m against $20,140m

Research and development expense, FY2021: $5,275m against $2,455m

Selling, general and administrative expense, FY2021: $18,998m against $14,000m

Operating income, FY2021: $5,144m against $3,685m

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity26 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure26 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities25 of 26 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

29 Jan 2021: $2,223m against $1,225m

Debt maturities5 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

29 Jan 2021: $48,480m against $39,222m

Quarters and 9 months15 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit32 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share5 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,825
Proven by a check	47.0%, 857 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	18.4%, 336 values
Values withheld	0
Restated figures tracked	166
Changes compared on one basis	23
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Dell Technologies Inc., snapshot dell/FY2027Q2_a77ba24a (as of FY2027 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2027Q2_a77ba24a · dataset SHA-256 a77ba24a0975b500ed4578be7959d1a9d86e0ecd041425d44bb752928feb8c15 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json