Dell Finishes FY 2023 with a Record Revenue

Dell's fiscal year 2023, which ended February 3, 2023, was marked by record revenue and a significant decline in income. Quarterly results, on the other hand, brought a significant revenue decline and positive profit numbers.

Revenue for the year was a record $102.3 billion, up 1% over the fiscal year 2022. The company generated a record operating income of $5.8 billion, up 24% over the prior year. For the full year, net income from continuing operations was $2.4 billion, down 51%. Cash flow from operations was $3.6 billion. Full-year diluted earnings per share from continuing operations was $3.24.

Fourth quarter revenue was $25 billion, down 11%. Operating income was $1.2 billion, representing 4.7% of revenue. Net income from continuing operations for the quarter was $606 million. Cash flow from operations for the quarter was $2.7 billion. Diluted earnings per share from continuing operations was $0.84.

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 the 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.