How do Dell Technologies and Western Digital compare by revenue?

Dell Technologies reported revenue of $27.0B in Q3 2026, while Western Digital reported $3.0B in Q2 2026. Dell Technologies is 9.0× larger by last-quarter revenue.

Which is growing revenue faster, Dell Technologies or Western Digital?

Dell Technologies's latest revenue grew 10.8% year-over-year, versus 31.5% for Western Digital. Western Digital is growing faster on a YoY basis.

Which has a higher gross margin, Dell Technologies or Western Digital?

Dell Technologies's gross margin is 20.7% vs Western Digital's 45.7%. Western Digital converts more of each revenue dollar into gross profit.

Which has a higher net margin, Dell Technologies or Western Digital?

Dell Technologies's net margin is 5.7% vs Western Digital's 61.1%. Western Digital has the higher bottom-line margin.

What is the 2-year revenue CAGR for Dell Technologies vs Western Digital?

Over the trailing 8 quarters, Dell Technologies compounded revenue at roughly 8.5% per year, versus -6.6% for Western Digital. Dell Technologies has the faster medium-term growth trajectory.

Where does this DELL vs WDC data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of Dell Technologies (DELL) and Western Digital (WDC), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

Dell Technologies is the larger business by last-quarter revenue ($27.0B vs $3.0B, roughly 9.0× Western Digital). Western Digital runs the higher net margin — 5.7% vs 61.1%, a 55.3% gap on every dollar of revenue. On growth, Western Digital posted the faster year-over-year revenue change (31.5% vs 10.8%). Over the past eight quarters, Dell Technologies's revenue compounded faster (8.5% CAGR vs -6.6%).

Dell TechnologiesDELLEarnings & Financial Report

NYSE · Information Technology · Technology Hardware, Storage & Peripherals

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.

Western DigitalWDCEarnings & Financial Report

Nasdaq · Information Technology · Technology Hardware, Storage & Peripherals

Western Digital Corporation, doing business as WD, is an American data storage company headquartered in San Jose, California. Established in 1970, the company is one of the world's largest manufacturers of hard disk drives (HDDs).

DELL vs WDC — Head-to-Head

Bigger by revenue

DELL

9.0× larger

$27.0B

$3.0B

Growing faster (revenue YoY)

WDC

+20.7% gap

31.5%

10.8%

Higher net margin

WDC

55.3% more per $

61.1%

5.7%

Faster 2-yr revenue CAGR

DELL

Annualised

8.5%

-6.6%

Income Statement — Q3 2026 vs Q2 2026

Metric	DELL	WDC
Revenue	$27.0B	$3.0B
Net Profit	$1.5B	$1.8B
Gross Margin	20.7%	45.7%
Operating Margin	7.8%	30.1%
Net Margin	5.7%	61.1%
Revenue YoY	10.8%	31.5%
Net Profit YoY	36.7%	254.2%
EPS (diluted)	$2.28	$4.73

Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.

Revenue

DELL

WDC

Q1 26	—	$3.0B
Q4 25	$27.0B	$2.8B
Q2 25	$23.4B	$-1.2B
Q1 25	—	$2.3B
Q4 24	$24.4B	$4.3B
Q3 24	$25.0B	$4.1B
Q2 24	$22.2B	$3.8B
Q1 24	$22.3B	$3.5B

Net Profit

DELL

WDC

Q1 26	—	$1.8B
Q4 25	$1.5B	$1.2B
Q2 25	$965.0M	$282.0M
Q1 25	—	$520.0M
Q4 24	$1.1B	$594.0M
Q3 24	$846.0M	$493.0M
Q2 24	$960.0M	$39.0M
Q1 24	$1.2B	$135.0M

Gross Margin

DELL

WDC

Q1 26	—	45.7%
Q4 25	20.7%	43.5%
Q2 25	21.1%	—
Q1 25	—	39.8%
Q4 24	21.8%	35.4%
Q3 24	21.2%	37.9%
Q2 24	21.6%	35.9%
Q1 24	23.8%	29.0%

Operating Margin

DELL

WDC

Q1 26	—	30.1%
Q4 25	7.8%	28.1%
Q2 25	5.0%	—
Q1 25	—	33.1%
Q4 24	6.8%	19.9%
Q3 24	5.4%	18.1%
Q2 24	4.1%	5.7%
Q1 24	6.7%	7.9%

Net Margin

DELL

WDC

Q1 26	—	61.1%
Q4 25	5.7%	41.9%
Q2 25	4.1%	-24.4%
Q1 25	—	22.7%
Q4 24	4.6%	13.9%
Q3 24	3.4%	12.0%
Q2 24	4.3%	1.0%
Q1 24	5.2%	3.9%

EPS (diluted)

DELL

WDC

Q1 26	—	$4.73
Q4 25	$2.28	$3.07
Q2 25	$1.37	$0.72
Q1 25	—	$1.42
Q4 24	$1.58	$1.63
Q3 24	$1.17	$1.35
Q2 24	$1.32	$0.15
Q1 24	$1.82	$0.34

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.

Metric	DELL	WDC
Cash + ST InvestmentsLiquidity on hand	$9.6B	$2.0B
Total DebtLower is stronger	$31.2B	$4.7B
Stockholders' EquityBook value	$-2.6B	$7.1B
Total Assets	$87.5B	$15.6B
Debt / EquityLower = less leverage	—	0.65×

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Cash + ST Investments

DELL

WDC

Q1 26	—	$2.0B
Q4 25	$9.6B	$2.0B
Q2 25	$7.7B	$2.1B
Q1 25	—	$3.5B
Q4 24	$5.2B	$2.3B
Q3 24	$4.5B	$1.7B
Q2 24	$5.8B	$1.9B
Q1 24	$7.4B	$1.9B

Total Debt

DELL

WDC

Q1 26	—	$4.7B
Q4 25	$31.2B	$4.7B
Q2 25	$28.8B	$4.7B
Q1 25	—	$7.3B
Q4 24	$25.0B	$7.4B
Q3 24	$24.5B	$7.4B
Q2 24	$25.5B	$7.4B
Q1 24	$26.0B	$7.8B

Stockholders' Equity

DELL

WDC

Q1 26	—	$7.1B
Q4 25	$-2.6B	$5.9B
Q2 25	$-3.0B	$5.3B
Q1 25	—	$5.2B
Q4 24	$-2.3B	$12.1B
Q3 24	$-2.9B	$11.6B
Q2 24	$-2.8B	$10.8B
Q1 24	$-2.4B	$10.1B

Total Assets

DELL

WDC

Q1 26	—	$15.6B
Q4 25	$87.5B	$14.4B
Q2 25	$86.9B	$14.0B
Q1 25	—	$16.4B
Q4 24	$82.0B	$25.5B
Q3 24	$82.7B	$24.8B
Q2 24	$80.2B	$24.2B
Q1 24	$82.1B	$23.8B

Debt / Equity

DELL

WDC

Q1 26	—	0.65×
Q4 25	—	0.80×
Q2 25	—	0.89×
Q1 25	—	1.42×
Q4 24	—	0.61×
Q3 24	—	0.64×
Q2 24	—	0.69×
Q1 24	—	0.77×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.

Metric	DELL	WDC
Operating Cash FlowLast quarter	$1.2B	—
Free Cash FlowOCF − Capex	$503.0M	—
FCF MarginFCF / Revenue	1.9%	—
Capex IntensityCapex / Revenue; lower = less reinvestment burden	2.5%	—
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	0.76×	—
TTM Free Cash FlowTrailing 4 quarters	$4.3B	—

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Operating Cash Flow

DELL

WDC

Q1 26	—	—
Q4 25	$1.2B	$672.0M
Q2 25	$2.8B	$746.0M
Q1 25	—	$508.0M
Q4 24	$1.6B	$403.0M
Q3 24	$1.3B	$34.0M
Q2 24	$1.0B	$366.0M
Q1 24	$1.5B	$58.0M

Free Cash Flow

DELL

WDC

Q1 26	—	—
Q4 25	$503.0M	$599.0M
Q2 25	$2.2B	$675.0M
Q1 25	—	$379.0M
Q4 24	$914.0M	$287.0M
Q3 24	$658.0M	$-62.0M
Q2 24	$447.0M	$250.0M
Q1 24	$806.0M	$-39.0M

FCF Margin

DELL

WDC

Q1 26	—	—
Q4 25	1.9%	21.3%
Q2 25	9.5%	-58.5%
Q1 25	—	16.5%
Q4 24	3.8%	6.7%
Q3 24	2.6%	-1.5%
Q2 24	2.0%	6.6%
Q1 24	3.6%	-1.1%

Capex Intensity

DELL

WDC

Q1 26	—	—
Q4 25	2.5%	2.6%
Q2 25	2.4%	-6.2%
Q1 25	—	5.6%
Q4 24	2.6%	2.7%
Q3 24	2.7%	2.3%
Q2 24	2.7%	3.1%
Q1 24	3.3%	2.8%

Cash Conversion

DELL

WDC

Q1 26	—	—
Q4 25	0.76×	0.57×
Q2 25	2.90×	2.65×
Q1 25	—	0.98×
Q4 24	1.37×	0.68×
Q3 24	1.58×	0.07×
Q2 24	1.09×	9.38×
Q1 24	1.32×	0.43×

Financial Flow Comparison

Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.