How much did Dell spend on capital expenditures last quarter?

Dell spent $1.2 billion on purchases of property and equipment in the quarter ended July 31, 2026, up 84% from the same quarter a year earlier. Over its latest four reported quarters it spent $3.6 billion.

Did Dell's capital spending exceed its operating cash flow?

No. In the quarter ended July 31, 2026 capital spending was 56% of Dell's $2.2 billion of operating cash flow, leaving free cash flow of $1.0 billion.

What is Dell's free cash flow?

$1.0 billion in the quarter ended July 31, 2026, and $8.6 billion over the latest four reported quarters, against $4.9 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.

Did Dell borrow to fund its spending?

Dell's long-term debt rose by $2.4 billion over the quarter ended July 31, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.

How does Dell's capital spending compare with its depreciation?

In the quarter ended July 31, 2026 Dell spent 1.6 times its depreciation and amortization of $0.8 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.

Is this Dell's AI spending?

No. These are Dell's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Systems and power equipmentDELLFilings through September 8, 2026

Dell capital spending

In the quarter ended July 31, 2026, Dell spent $1.2 billion on capital equipment, 56% of its $2.2 billion of operating cash flow and up 84% from a year earlier. Free cash flow was $1.0 billion, and long-term debt rose by $2.4 billion.

Next report: November 23, 2026. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through September 8, 2026

Dell’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Dell capital spending, filings through September 8, 2026.

Dell, quarter ended July 31, 2026

56%

Share of operating cash flow

Below 100%: covered by operations

Capital spending, quarter: $1.2B; +83.6% against the same quarter a year earlier
Free cash flow, quarter: $986.0M; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $3.6B; +37.3% against the four quarters before
Long-term debt, change: +$2.4B; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 1.6×; Capital spending as a multiple of the quarter’s depreciation and amortization

Spending against cash flow

$ billion, quarterly

Dell, quarterly capital spending and operating cash flow through Jul 2026

Jul 2026Capital spending $1.2BOperating cash flow $2.2BFree cash flow $986.0M

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

Dell’s quarterly capital spending has been above the same quarter a year earlier for two consecutive quarters, and Jul 2026 was the highest quarter in the 46-quarter record held here. Over the latest four quarters it generated $12.2 billion from operations and spent $3.6 billion, leaving $8.6 billion of free cash flow against $4.9 billion over the four before.

Financing the build

The five hyperscalers combined

Dell, sources and uses of cash by quarter through Jul 2026

$ billion, quarterly. Sources above the axis, uses below.

Jul 2026Operating cash flow $2.2BLong-term debt issued $4.4BShort-term borrowing, net $0.0MCapital spending $1.2BFinance-lease principal $0.0MLong-term debt repaid $1.0BReturned to shareholders $4.2B

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Nov 2024 Q3 FY2025	Jan 2025 Q4 FY2025	May 2025 Q1 FY2026	Aug 2025 Q2 FY2026	Oct 2025 Q3 FY2026	Jan 2026 Q4 FY2026	May 2026 Q1 FY2027	Jul 2026 Q2 FY2027
Operating cash flow	1,553	585	2,796	2,543	1,172	4,674	4,081	2,225
Long-term debt issued	3,680	645	6,308	962	6,502	1,232	2,465	4,386
Short-term borrowing, net	0	0	0	0	0	0	0	0
Stock issued	0	0	0	1	4	0	0	0
Capital spending	639	735	568	675	669	721	963	1,239
Finance-lease principal	0	0	0	0	0	0	0	0
Long-term debt repaid	3,200	976	2,310	1,114	3,977	1,121	2,788	1,017
Share repurchases	429	734	1,980	940	1,247	1,847	1,628	3,796
Dividends	312	311	396	366	351	346	464	405
Free cash flow	914	(150)	2,228	1,868	503	3,953	3,118	986
Net long-term debt issued	480	(331)	3,998	(152)	2,525	111	(323)	3,369
Returned to shareholders	741	1,045	2,376	1,306	1,598	2,193	2,092	4,201
Outside funding needed	(173)	1,195	148	(562)	1,095	(1,760)	(1,026)	3,215
Change in cash	—	—	—	—	—	—	—	—
Interest expense	321	343	354	400	396	411	391	400
Stock-based compensation	198	186	190	179	165	189	189	184

Millions of dollars, outflows positive as reported in the cash flow statement.

The balance sheet

The five hyperscalers combined

Dell, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Jul 2026Net debt $20.2BGross debt $34.5B

Net debtNet cashGross debt

Dell balance sheet, millions of US dollars
Millions of dollars	Nov 2024 Q3 FY2025	Jan 2025 Q4 FY2025	May 2025 Q1 FY2026	Aug 2025 Q2 FY2026	Oct 2025 Q3 FY2026	Jan 2026 Q4 FY2026	May 2026 Q1 FY2027	Jul 2026 Q2 FY2027
Cash and equivalents	5,225	3,633	7,700	8,145	9,569	11,528	11,578	11,569
Short-term investments	—	—	—	—	—	—	—	—
Long-term investments	1,312	1,496	1,591	1,596	1,760	1,730	2,484	2,679
Cash and investments	6,537	5,129	9,291	9,741	11,329	13,258	14,062	14,248
Long-term debt	19,410	19,363	23,936	21,535	23,849	23,513	23,611	25,985
Current debt	5,612	5,204	4,845	7,154	7,394	7,990	7,550	8,481
Gross debt	25,022	24,567	28,781	28,689	31,243	31,503	31,161	34,466
Net debt	18,485	19,438	19,490	18,948	19,914	18,245	17,099	20,218
Property and equipment, net, as reported	6,327	6,336	6,383	6,458	6,538	6,676	6,945	7,417
Accumulated depreciation	7,478	7,760	8,265	8,559	8,718	8,167	8,500	8,752
Inventory	6,652	6,716	7,415	7,211	6,949	10,437	15,052	21,290
Inventory days	32 days	34 days	37 days	27 days	30 days	36 days	38 days	52 days
Total assets	81,951	79,746	86,869	89,176	87,479	101,286	114,913	127,393
Shareholders’ equity	(2,285)	(1,482)	(3,024)	(2,766)	(2,620)	(2,470)	(1,404)	(1,427)
Interest expense	321	343	354	400	396	411	391	400
Effective interest cost	5.1%	5.6%	4.9%	5.6%	5.1%	5.2%	5.0%	4.6%
Stock-based compensation	198	186	190	179	165	189	189	184
Shares outstanding, millions	702	696	683	675	667	652	649	640

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

Where the revenue is

Across the companies

Dell, Infrastructure Solutions Group segment revenue (bars) and operating income (line), by fiscal quarter

$ billion, quarterly

Jul 2026Infrastructure Solutions Group segment revenue $31.8BOperating income $4.8B

Infrastructure Solutions Group segment revenueOperating income

Infrastructure Solutions Group segment: $31.8B of revenue in Jul 2026, $4.8B of operating income (15.0% margin). Members read: StatementBusinessSegmentsAxis=InfrastructureSolutionsGroupMember.

Dell, AI-optimized servers and networking revenue, by fiscal quarter

$ billion, quarterly

Jul 2026AI-optimized servers and networking revenue $16.4B

AI-optimized servers and networking revenue

AI-optimized servers and networking: $16.4B of revenue in Jul 2026. Revenue only. Members read: ProductOrServiceAxis=AIOptimizedServersAndNetworkingMember.

Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.

What the asset base is made of

Across the hyperscalers

Dell, property and equipment at cost by class, by fiscal quarter

$ billion at quarter end

Jul 2026Servers and network equipment $4.1BLand and buildings $3.2BSoftware $2.2BOther $6.8B

Servers and network equipmentMachinery and equipmentLand and buildingsSoftwareOther

Dell property and equipment by class, millions of US dollars
Millions of dollars	Nov 2024 Q3 FY2025	Jan 2025 Q4 FY2025	May 2025 Q1 FY2026	Aug 2025 Q2 FY2026	Oct 2025 Q3 FY2026	Jan 2026 Q4 FY2026	May 2026 Q1 FY2027	Jul 2026 Q2 FY2027
Servers and network equipment	3,383	3,651	3,744	3,896	4,042	3,849	3,949	4,072
Land and buildings	2,816	2,838	2,894	2,963	3,052	3,134	3,151	3,182
Software	2,336	2,403	2,451	2,485	2,528	2,083	2,128	2,150
Other	5,270	5,204	5,559	5,673	5,634	5,777	6,217	6,765
Classes combined	13,805	14,096	14,648	15,017	15,256	14,843	15,445	16,169
Property and equipment, gross, as reported	13,805	14,096	14,648	15,017	15,256	14,843	15,445	16,169
Accumulated depreciation	7,478	7,760	8,265	8,559	8,718	8,167	8,500	8,752
Share of the balance the classes explain	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Gross cost before depreciation, by the classes the company reports.Servers and network equipment are 25.2% of the classes combined at Jul 2026. Classes read: Computer Equipment, Customer Contract, Internal Use Software, Land and Building, Other Machinery and Equipment.

Largest customers

Share of revenue or receivables, as disclosed

Period	Customer	Benchmark	Share	Filing
Year to Jan 2026	One Customer	Revenue	12.0%	10-K

Dell does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 1 customer labels seen in filings since 2023.

Debt issued

The ledger across all companies

Dell bonds, notes, term loans and facilities since 2024
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Sep 9, 2026	Registered notes	4 tranches, 2029 to 2037	5.10 to 5.90%	5,000	High: term sheet	FWP
Jun 11, 2026	Registered notes	3 tranches, 2031 to 2037	4.75 to 5.25%	3,000	High: term sheet	FWP
Jun 10, 2026	Other obligation not counted	—	—	6,000	Low: one amount read from the filing text	8-K
Sep 22, 2025	Registered notes	4 tranches, 2029 to 2036	4.15 to 5.10%	4,500	High: term sheet	FWP
Mar 26, 2025	Registered notes	4 tranches, 2028 to 2035	4.75 to 5.50%	4,000	High: term sheet	FWP
Oct 8, 2024	Notes	—	—	800	Low: one amount read from the filing text	8-K
Oct 1, 2024	Registered notes	2 tranches, 2030 to 2035	4.35 to 4.85%	1,500	High: term sheet	FWP
Mar 4, 2024	Registered notes	1 tranche, 2034 to 2034	5.40%	1,000	High: term sheet	FWP

In 2026 Dell has priced $8.0B of notes and term loans in 3 filings, with $6.0B of facilities and obligations listed but not counted. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side

Dell, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter

$ billion, quarterly

Jul 2026Remaining performance obligations $132.0BQuarterly revenue $47.0B

Remaining performance obligationsQuarterly revenue

Dell contracted revenue, millions of US dollars
Millions of dollars	Nov 2024 Q3 FY2025	Jan 2025 Q4 FY2025	May 2025 Q1 FY2026	Aug 2025 Q2 FY2026	Oct 2025 Q3 FY2026	Jan 2026 Q4 FY2026	May 2026 Q1 FY2027	Jul 2026 Q2 FY2027
Revenue	24,366	23,931	23,378	29,776	27,005	33,379	43,842	46,971
Remaining performance obligations	37,000	38,000	49,000	44,000	51,000	82,000	97,000	132,000
Backlog over trailing revenue	0.4×	0.4×	0.5×	0.4×	0.5×	0.7×	0.7×	0.9×
Deferred revenue, current	13,787	13,673	13,907	13,759	12,649	13,334	13,193	14,761
Deferred revenue	26,211	25,965	26,320	26,181	25,108	26,930	27,452	29,718

At Jul 2026 Dell carried $132.0B of remaining performance obligations, 0.9× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined

Dell, depreciation of property and equipment (bars) and capital spending (line), by fiscal year

$ billion, annual

FY2026Depreciation of property and equipment $2.2BCapital spending $2.6B

Depreciation of property and equipmentCapital spending

Dell capital spending and depreciation by fiscal year, millions of US dollars
Millions of dollars	FY2019 Feb 2019	FY2020 Jan 2020	FY2021 Jan 2021	FY2022 Jan 2022	FY2023 Feb 2023	FY2024 Feb 2024	FY2025 Jan 2025	FY2026 Jan 2026
Capital spending	1,497	2,576	2,082	2,796	3,003	2,756	2,652	2,633
Depreciation of property and equipment	1,300	1,100	1,300	1,600	1,800	2,000	2,100	2,200
Capex to depreciation	1.2×	2.3×	1.6×	1.7×	1.7×	1.4×	1.3×	1.2×
Amortization of intangibles	6,100	3,000	2,100	1,600	1,000	800	700	500
Depreciation and amortization, as reported	7,746	6,143	5,390	4,551	3,156	3,303	3,123	3,029
Property and equipment, net, as reported	5,259	6,055	4,833	5,415	6,209	6,432	6,336	6,676
Property and equipment, gross	13,607	14,627	11,884	12,306	13,092	13,617	14,096	14,843

Dell reports depreciation of property and equipment separately only in its annual 10-K, so this section runs by fiscal year as filed.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Nov 2024 Q3 FY2025	Jan 2025 Q4 FY2025	May 2025 Q1 FY2026	Aug 2025 Q2 FY2026	Oct 2025 Q3 FY2026	Jan 2026 Q4 FY2026	May 2026 Q1 FY2027	Jul 2026 Q2 FY2027
Revenue	24,366	23,931	23,378	29,776	27,005	33,379	43,842	46,971
Operating cash flow	1,553	585	2,796	2,543	1,172	4,674	4,081	2,225
Capital spending	639	735	568	675	669	721	963	1,239
Free cash flow	914	(150)	2,228	1,868	503	3,953	3,118	986
Depreciation and amortization	765	774	738	762	756	773	758	754
Long-term debt	19,410	19,363	23,936	21,535	23,849	23,513	23,611	25,985
First filed / release date	Dec 10, 2024	Mar 25, 2025	Jun 10, 2025	Sep 8, 2025	Dec 9, 2025	Mar 16, 2026	Jun 9, 2026	Sep 8, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Dell spend on capital expenditures last quarter?: Dell spent $1.2 billion on purchases of property and equipment in the quarter ended July 31, 2026, up 84% from the same quarter a year earlier. Over its latest four reported quarters it spent $3.6 billion.
Did Dell's capital spending exceed its operating cash flow?: No. In the quarter ended July 31, 2026 capital spending was 56% of Dell's $2.2 billion of operating cash flow, leaving free cash flow of $1.0 billion.
What is Dell's free cash flow?: $1.0 billion in the quarter ended July 31, 2026, and $8.6 billion over the latest four reported quarters, against $4.9 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
Is Dell's capital spending still rising?: Yes. Dell's quarterly capital spending has been above the same quarter a year earlier for two consecutive quarters, and Jul 2026 was the highest quarter in its 46-quarter record on this site. The latest four quarters' spending is 37% above the four before.
Did Dell borrow to fund its spending?: Dell's long-term debt rose by $2.4 billion over the quarter ended July 31, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
How does Dell's capital spending compare with its depreciation?: In the quarter ended July 31, 2026 Dell spent 1.6 times its depreciation and amortization of $0.8 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
Is this Dell's AI spending?: No. These are Dell's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

SEC filing history Full financials on thetrading.tools Compare with Super Micro