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Side-by-side financial comparison of Dell Technologies (DELL) and Marathon Petroleum (MPC). Click either name above to swap in a different company.
Marathon Petroleum is the larger business by last-quarter revenue ($32.6B vs $27.0B, roughly 1.2× Dell Technologies). Dell Technologies runs the higher net margin — 5.7% vs 4.7%, a 1.0% gap on every dollar of revenue. On growth, Dell Technologies posted the faster year-over-year revenue change (10.8% vs -1.7%). Marathon Petroleum produced more free cash flow last quarter ($1.9B vs $503.0M). Over the past eight quarters, Dell Technologies's revenue compounded faster (8.5% CAGR vs -0.2%).
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.
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
DELL vs MPC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $27.0B | $32.6B |
| Net Profit | $1.5B | $1.5B |
| Gross Margin | 20.7% | 11.4% |
| Operating Margin | 7.8% | 8.3% |
| Net Margin | 5.7% | 4.7% |
| Revenue YoY | 10.8% | -1.7% |
| Net Profit YoY | 36.7% | 313.7% |
| EPS (diluted) | $2.28 | $4.99 |
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.
| Q4 25 | $27.0B | $32.6B | ||
| Q3 25 | — | $34.8B | ||
| Q2 25 | $23.4B | $33.8B | ||
| Q1 25 | — | $31.5B | ||
| Q4 24 | $24.4B | $33.1B | ||
| Q3 24 | $25.0B | $35.1B | ||
| Q2 24 | $22.2B | $37.9B | ||
| Q1 24 | $22.3B | $32.7B |
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | $965.0M | $1.2B | ||
| Q1 25 | — | $-74.0M | ||
| Q4 24 | $1.1B | $371.0M | ||
| Q3 24 | $846.0M | $622.0M | ||
| Q2 24 | $960.0M | $1.5B | ||
| Q1 24 | $1.2B | $937.0M |
| Q4 25 | 20.7% | 11.4% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | 21.1% | 11.2% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | 21.8% | 7.8% | ||
| Q3 24 | 21.2% | 8.4% | ||
| Q2 24 | 21.6% | 10.5% | ||
| Q1 24 | 23.8% | 9.5% |
| Q4 25 | 7.8% | 8.3% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | 5.0% | 6.5% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | 6.8% | 3.4% | ||
| Q3 24 | 5.4% | 3.8% | ||
| Q2 24 | 4.1% | 6.7% | ||
| Q1 24 | 6.7% | 5.5% |
| Q4 25 | 5.7% | 4.7% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | 4.1% | 3.6% | ||
| Q1 25 | — | -0.2% | ||
| Q4 24 | 4.6% | 1.1% | ||
| Q3 24 | 3.4% | 1.8% | ||
| Q2 24 | 4.3% | 4.0% | ||
| Q1 24 | 5.2% | 2.9% |
| Q4 25 | $2.28 | $4.99 | ||
| Q3 25 | — | $4.51 | ||
| Q2 25 | $1.37 | $3.96 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | $1.58 | $1.30 | ||
| Q3 24 | $1.17 | $1.87 | ||
| Q2 24 | $1.32 | $4.33 | ||
| Q1 24 | $1.82 | $2.58 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $9.6B | $3.7B |
| Total DebtLower is stronger | $31.2B | $30.5B |
| Stockholders' EquityBook value | $-2.6B | $17.3B |
| Total Assets | $87.5B | $84.0B |
| Debt / EquityLower = less leverage | — | 1.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.6B | $3.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | $7.7B | $1.7B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | $5.2B | $3.2B | ||
| Q3 24 | $4.5B | $5.1B | ||
| Q2 24 | $5.8B | $8.5B | ||
| Q1 24 | $7.4B | $7.6B |
| Q4 25 | $31.2B | $30.5B | ||
| Q3 25 | — | $31.2B | ||
| Q2 25 | $28.8B | $26.8B | ||
| Q1 25 | — | $26.8B | ||
| Q4 24 | $25.0B | $24.4B | ||
| Q3 24 | $24.5B | $24.1B | ||
| Q2 24 | $25.5B | $24.0B | ||
| Q1 24 | $26.0B | $24.8B |
| Q4 25 | $-2.6B | $17.3B | ||
| Q3 25 | — | $17.1B | ||
| Q2 25 | $-3.0B | $16.6B | ||
| Q1 25 | — | $16.4B | ||
| Q4 24 | $-2.3B | $17.7B | ||
| Q3 24 | $-2.9B | $18.9B | ||
| Q2 24 | $-2.8B | $21.3B | ||
| Q1 24 | $-2.4B | $22.9B |
| Q4 25 | $87.5B | $84.0B | ||
| Q3 25 | — | $83.2B | ||
| Q2 25 | $86.9B | $78.5B | ||
| Q1 25 | — | $81.6B | ||
| Q4 24 | $82.0B | $78.9B | ||
| Q3 24 | $82.7B | $79.8B | ||
| Q2 24 | $80.2B | $85.2B | ||
| Q1 24 | $82.1B | $85.5B |
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | 1.61× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.38× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 1.08× |
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 | $1.2B | $3.1B |
| Free Cash FlowOCF − Capex | $503.0M | $1.9B |
| FCF MarginFCF / Revenue | 1.9% | 5.8% |
| Capex IntensityCapex / Revenue | 2.5% | 3.6% |
| Cash ConversionOCF / Net Profit | 0.76× | 2.00× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $3.1B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | — | $-64.0M | ||
| Q4 24 | $1.6B | $2.2B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $1.0B | $3.2B | ||
| Q1 24 | $1.5B | $1.5B |
| Q4 25 | $503.0M | $1.9B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $2.2B | $1.9B | ||
| Q1 25 | — | $-727.0M | ||
| Q4 24 | $914.0M | $1.4B | ||
| Q3 24 | $658.0M | $1.0B | ||
| Q2 24 | $447.0M | $2.8B | ||
| Q1 24 | $806.0M | $947.0M |
| Q4 25 | 1.9% | 5.8% | ||
| Q3 25 | — | 4.8% | ||
| Q2 25 | 9.5% | 5.8% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | 3.8% | 4.2% | ||
| Q3 24 | 2.6% | 2.9% | ||
| Q2 24 | 2.0% | 7.3% | ||
| Q1 24 | 3.6% | 2.9% |
| Q4 25 | 2.5% | 3.6% | ||
| Q3 25 | — | 2.7% | ||
| Q2 25 | 2.4% | 2.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 2.6% | 2.4% | ||
| Q3 24 | 2.7% | 1.9% | ||
| Q2 24 | 2.7% | 1.3% | ||
| Q1 24 | 3.3% | 1.8% |
| Q4 25 | 0.76× | 2.00× | ||
| Q3 25 | — | 1.90× | ||
| Q2 25 | 2.90× | 2.17× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.37× | 5.95× | ||
| Q3 24 | 1.58× | 2.71× | ||
| Q2 24 | 1.09× | 2.14× | ||
| Q1 24 | 1.32× | 1.64× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DELL
| Products | $21.3B | 79% |
| Storage | $4.0B | 15% |
| Consumer | $1.9B | 7% |
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
