Dell Technologies Announces Second Quarter Fiscal 2022 Financial Results

  • 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


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 ended


Six months ended




July 29, 2022

July 30, 2021


July 29, 2022

July 30, 2021



In millions, except per share amounts and percentages; unaudited

Total net revenue


26, 425 $





52,541 $


12 %

Operating income


1,270 $




2,820 $




41 %

Net income from continuing operations


506 $



1,575 $




22 %

Earnings per share diluted


0.68 $



2.06 $






25 %

Non-GAAP net revenue


26,425 $



52,541 $




12 %

Non-GAAP operating income


1,952 $



4,087 $




12 %

Non-GAAP net income


1,266 $





2,700 $




22 %

Non-GAAP earnings per share – diluted


1.68 $



3.52 $






24 %


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.

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.”

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