The Grey Box Shifter Dell is still swinging the axe through FY26, chopping 11,000 roles and shrinking its workforce by 27 per cent from FY23 to FY26.
This latest trim was flagged in US Securities and Exchange Commission filings, with Reuters first clocking the move and the paperwork doing the grim confirmation.
In its 10-K filed on 16 March 2026, Dell said its FY26 headcount was 97,000 employees.
That is down 10 per cent from 108,000 a year earlier, which is a tidy slide for a company that sells itself on stability and long-term relationships.
Stretch the view out, and the cuts look even less like a one-off “restructure” and more like a habit.
SEC filings show that Dell had 133,000 employees in FY23, then ended up at 97,000 by FY26, which is how you get to that 27 per cent drop.
The money trail is there in the severance charges, which the Grey Box Shifter listed as roughly $569m (£426.4m, about €492m) in FY26.
Dell booked $693m in FY25 and $648m in FY24, so the cost of sending staff packing has turned into its own chunky line item.
The headcount numbers tell customers and staff the same thing: the box-shifting machine is being tuned to run leaner, whether the workload agrees or not.