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Side-by-side financial comparison of Cisco (CSCO) and Dell Technologies (DELL). Click either name above to swap in a different company.
Dell Technologies is the larger business by last-quarter revenue ($27.0B vs $15.3B, roughly 1.8× Cisco). Cisco runs the higher net margin — 20.7% vs 5.7%, a 15.0% gap on every dollar of revenue. On growth, Dell Technologies posted the faster year-over-year revenue change (10.8% vs 9.7%). Cisco produced more free cash flow last quarter ($1.5B vs $503.0M). Over the past eight quarters, Cisco's revenue compounded faster (9.9% CAGR vs 8.5%).
Cisco Systems, Inc. is an American multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products.
Dell Technologies Inc. is an American multinational technology company that has been headquartered in Round Rock, Texas since 1994. It was formed as a result of the September 2016 merger of Dell and EMC Corporation.
CSCO vs DELL — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.3B | $27.0B |
| Net Profit | $3.2B | $1.5B |
| Gross Margin | 65.0% | 20.7% |
| Operating Margin | 24.6% | 7.8% |
| Net Margin | 20.7% | 5.7% |
| Revenue YoY | 9.7% | 10.8% |
| Net Profit YoY | 30.8% | 36.7% |
| EPS (diluted) | $0.80 | $2.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $15.3B | — | ||
| Q4 25 | $14.9B | $27.0B | ||
| Q3 25 | $14.7B | — | ||
| Q2 25 | $14.1B | $23.4B | ||
| Q1 25 | $14.0B | — | ||
| Q4 24 | $13.8B | $24.4B | ||
| Q3 24 | $13.6B | $25.0B | ||
| Q2 24 | $12.7B | $22.2B |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | $965.0M | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.7B | $1.1B | ||
| Q3 24 | $2.2B | $846.0M | ||
| Q2 24 | $1.9B | $960.0M |
| Q1 26 | 65.0% | — | ||
| Q4 25 | 65.5% | 20.7% | ||
| Q3 25 | 63.2% | — | ||
| Q2 25 | 65.6% | 21.1% | ||
| Q1 25 | 65.1% | — | ||
| Q4 24 | 65.9% | 21.8% | ||
| Q3 24 | 64.4% | 21.2% | ||
| Q2 24 | 65.1% | 21.6% |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 22.6% | 7.8% | ||
| Q3 25 | 21.0% | — | ||
| Q2 25 | 22.6% | 5.0% | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 17.0% | 6.8% | ||
| Q3 24 | 19.2% | 5.4% | ||
| Q2 24 | 17.2% | 4.1% |
| Q1 26 | 20.7% | — | ||
| Q4 25 | 19.2% | 5.7% | ||
| Q3 25 | 17.4% | — | ||
| Q2 25 | 17.6% | 4.1% | ||
| Q1 25 | 17.4% | — | ||
| Q4 24 | 19.6% | 4.6% | ||
| Q3 24 | 15.8% | 3.4% | ||
| Q2 24 | 14.8% | 4.3% |
| Q1 26 | $0.80 | — | ||
| Q4 25 | $0.72 | $2.28 | ||
| Q3 25 | $0.64 | — | ||
| Q2 25 | $0.62 | $1.37 | ||
| Q1 25 | $0.61 | — | ||
| Q4 24 | $0.68 | $1.58 | ||
| Q3 24 | $0.54 | $1.17 | ||
| Q2 24 | $0.46 | $1.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.8B | $9.6B |
| Total DebtLower is stronger | $24.6B | $31.2B |
| Stockholders' EquityBook value | $47.7B | $-2.6B |
| Total Assets | $123.4B | $87.5B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.8B | — | ||
| Q4 25 | $15.7B | $9.6B | ||
| Q3 25 | $16.1B | — | ||
| Q2 25 | $15.6B | $7.7B | ||
| Q1 25 | $16.9B | — | ||
| Q4 24 | $18.7B | $5.2B | ||
| Q3 24 | $17.9B | $4.5B | ||
| Q2 24 | $18.8B | $5.8B |
| Q1 26 | $24.6B | — | ||
| Q4 25 | $24.6B | $31.2B | ||
| Q3 25 | $24.6B | — | ||
| Q2 25 | $25.1B | $28.8B | ||
| Q1 25 | $20.1B | — | ||
| Q4 24 | $20.1B | $25.0B | ||
| Q3 24 | $20.1B | $24.5B | ||
| Q2 24 | $20.1B | $25.5B |
| Q1 26 | $47.7B | — | ||
| Q4 25 | $46.9B | $-2.6B | ||
| Q3 25 | $46.8B | — | ||
| Q2 25 | $45.9B | $-3.0B | ||
| Q1 25 | $45.5B | — | ||
| Q4 24 | $45.3B | $-2.3B | ||
| Q3 24 | $45.5B | $-2.9B | ||
| Q2 24 | $45.8B | $-2.8B |
| Q1 26 | $123.4B | — | ||
| Q4 25 | $121.1B | $87.5B | ||
| Q3 25 | $122.3B | — | ||
| Q2 25 | $119.8B | $86.9B | ||
| Q1 25 | $121.4B | — | ||
| Q4 24 | $123.3B | $82.0B | ||
| Q3 24 | $124.4B | $82.7B | ||
| Q2 24 | $123.0B | $80.2B |
| Q1 26 | 0.52× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.44× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.8B | $1.2B |
| Free Cash FlowOCF − Capex | $1.5B | $503.0M |
| FCF MarginFCF / Revenue | 10.0% | 1.9% |
| Capex IntensityCapex / Revenue | 1.8% | 2.5% |
| Cash ConversionOCF / Net Profit | 0.57× | 0.76× |
| TTM Free Cash FlowTrailing 4 quarters | $12.2B | $4.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.1B | $2.8B | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $3.7B | $1.6B | ||
| Q3 24 | $3.7B | $1.3B | ||
| Q2 24 | $4.0B | $1.0B |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $2.9B | $503.0M | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.8B | $2.2B | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $3.4B | $914.0M | ||
| Q3 24 | $3.5B | $658.0M | ||
| Q2 24 | $3.8B | $447.0M |
| Q1 26 | 10.0% | — | ||
| Q4 25 | 19.4% | 1.9% | ||
| Q3 25 | 27.4% | — | ||
| Q2 25 | 26.8% | 9.5% | ||
| Q1 25 | 14.5% | — | ||
| Q4 24 | 24.9% | 3.8% | ||
| Q3 24 | 25.9% | 2.6% | ||
| Q2 24 | 29.9% | 2.0% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.2% | 2.5% | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 1.8% | 2.4% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.6% | 2.6% | ||
| Q3 24 | 1.5% | 2.7% | ||
| Q2 24 | 1.3% | 2.7% |
| Q1 26 | 0.57× | — | ||
| Q4 25 | 1.12× | 0.76× | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 1.63× | 2.90× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.35× | 1.37× | ||
| Q3 24 | 1.73× | 1.58× | ||
| Q2 24 | 2.11× | 1.09× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSCO
| Networking | $8.3B | 54% |
| Services | $3.7B | 24% |
| Security | $2.0B | 13% |
| Collaboration | $1.1B | 7% |
| Observability | $277.0M | 2% |
DELL
| Products | $21.3B | 79% |
| Storage | $4.0B | 15% |
| Consumer | $1.9B | 7% |
