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    Dell Technologies Delivers Fourth Quarter and Full-Year Fiscal 2025 Financial Results

    2/27/25 4:06:00 PM ET
    $DELL
    Computer Manufacturing
    Technology
    Get the next $DELL alert in real time by email

    Dell Technologies (NYSE:DELL) announces financial results for its fiscal 2025 fourth quarter and full year. The company also provides guidance for its fiscal 2026 first quarter and full year.

    Full-Year Summary

    • Full-year revenue of $95.6 billion, up 8% year over year
    • Full-year operating income of $6.2 billion, up 15% year over year, and non-GAAP operating income of $8.5 billion, up 8%
    • Record full-year diluted earnings per share of $6.38, up 39% year over year, and record non-GAAP diluted EPS of $8.14, up 10%
    • Cash flow from operations was $4.5 billion
    • Announcing a cash dividend increase of 18% and $10 billion increase in share repurchase authorization
    • FY26 guidance: Full-year revenue growth of 8%, diluted EPS growth of 23% and non-GAAP diluted EPS growth of 14%

    Fourth-Quarter Summary

    • Fourth-quarter revenue of $23.9 billion, up 7% year over year
    • Fourth-quarter operating income of $2.2 billion, up 40% year over year, and non-GAAP operating income of $2.7 billion, up 22%
    • Record fourth-quarter diluted EPS of $2.15, up 30% year over year, and record non-GAAP diluted EPS of $2.68, up 18%

    "FY25 was a transformative year – we hit $95.6 billion in revenue, grew our core business double digits, unlocked efficiencies, and drove record EPS," said Yvonne McGill, chief financial officer, Dell Technologies. "We're raising our annual dividend by 18%, demonstrating our commitment to shareholder return and confidence in our opportunity to grow in FY26."

    "In Q4 we grew our Infrastructure Solutions Group revenue by 22%, and we're well positioned to capture growth across every segment of our business," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "Our prospects for AI are strong, as we extend AI from the largest cloud service providers, into the enterprise at-scale, and out to the edge with the PC. The deals we've booked with xAI and others puts our AI server backlog at roughly $9 billion as of today."

    Infrastructure Solutions Group (ISG)

    • Full-year revenue: $43.6 billion, up 29% year over year
    • Full-year operating income: $5.6 billion, up 30% year over year
    • Fourth-quarter revenue: $11.4 billion, up 22% year over year
    • Fourth-quarter Servers and Networking revenue: $6.6 billion, up 37%, driven by AI and traditional server demand
    • Fourth-quarter Storage revenue: $4.7 billion, up 5%
    • Record fourth-quarter operating income: $2.1 billion, up 44% year over year

    Client Solutions Group (CSG)

    • Full-year revenue: $48.4 billion, down 1% year over year
    • Full-year operating income: $3.0 billion, down 20% year over year
    • Fourth-quarter revenue: $11.9 billion, up 1% year over year
    • Fourth-quarter Commercial Client revenue: $10.0 billion, up 5%
    • Fourth-quarter Consumer revenue: $1.9 billion, down 12%
    • Fourth-quarter operating income: $631 million, down 19% year over year

    Capital Return

    Dell Technologies is increasing its annual cash dividend by 18% to an expected $2.10 per common share, with $0.525 per common share for the first quarterly distribution payable on May 2, 2025, to shareholders of record as of April 22, 2025. Additionally, the company's board of directors approved a $10 billion increase in its share repurchase authorization.

    Guidance Summary

    • Full-year FY26 revenue expected between $101.0 billion and $105.0 billion, up 8% year over year at the midpoint of $103.0 billion
    • Full-year FY26 GAAP diluted EPS expected to be $7.85, up 23% year over year, and non-GAAP diluted EPS to be $9.30, up 14%
    • First-quarter FY26 revenue expected between $22.5 billion and $23.5 billion, up 3% year over year at the midpoint of $23.0 billion
    • First-quarter FY26 GAAP diluted EPS expected to be $1.29, down 6% year over year, and non-GAAP diluted EPS to be $1.65, up 25%

    Fourth Quarter and Full-Year Fiscal 2025 Financial Results

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

     

    (in millions, except per share amounts and percentages; unaudited)

    Net revenue

    $

    23,931

     

    $

    22,318

     

    7%

     

    $

    95,567

     

    $

    88,425

     

    8%

    Operating income

    $

    2,159

     

    $

    1,547

     

    40%

     

    $

    6,237

     

    $

    5,411

     

    15%

    Net income

    $

    1,532

     

    $

    1,208

     

    27%

     

    $

    4,576

     

    $

    3,372

     

    36%

    Change in cash from operating activities

    $

    585

     

    $

    1,533

     

    (62)%

     

    $

    4,521

     

    $

    8,676

     

    (48)%

    Earnings per share — diluted

    $

    2.15

     

    $

    1.66

     

    30%

     

    $

    6.38

     

    $

    4.60

     

    39%

     

     

     

     

     

     

     

     

     

     

     

     

    Non-GAAP operating income

    $

    2,674

     

    $

    2,195

     

    22%

     

    $

    8,529

     

    $

    7,878

     

    8%

    Non-GAAP net income

    $

    1,911

     

    $

    1,660

     

    15%

     

    $

    5,865

     

    $

    5,422

     

    8%

    Adjusted free cash flow

    $

    474

     

    $

    1,010

     

    (53)%

     

    $

    3,097

     

    $

    5,607

     

    (45)%

    Non-GAAP earnings per share — diluted

    $

    2.68

     

    $

    2.27

     

    18%

     

    $

    8.14

     

    $

    7.37

     

    10%

    Information about Dell Technologies' non-GAAP financial measures is provided under "Non-GAAP Financial Measures" below. All comparisons in this press release are year over year unless otherwise noted.

    Operating Segments Results

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

     

    (in millions, except percentages; unaudited)

    Infrastructure Solutions Group (ISG):

     

     

     

     

     

     

     

     

     

     

     

    Net revenue:

     

     

     

     

     

     

     

     

     

     

     

    Servers and networking

    $

    6,634

     

     

    $

    4,857

     

     

    37%

     

    $

    27,136

     

     

    $

    17,624

     

     

    54%

    Storage

     

    4,718

     

     

     

    4,475

     

     

    5%

     

     

    16,457

     

     

     

    16,261

     

     

    1%

    Total ISG net revenue

    $

    11,352

     

     

    $

    9,332

     

     

    22%

     

    $

    43,593

     

     

    $

    33,885

     

     

    29%

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income:

     

     

     

     

     

     

     

     

     

     

     

    ISG operating income

    $

    2,051

     

     

    $

    1,428

     

     

    44%

     

    $

    5,579

     

     

    $

    4,286

     

     

    30%

    % of ISG net revenue

     

    18.1

    %

     

     

    15.3

    %

     

     

     

     

    12.8

    %

     

     

    12.6

    %

     

     

    % of total reportable segment operating income

     

    76

    %

     

     

    65

    %

     

     

     

     

    65

    %

     

     

    54

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Client Solutions Group (CSG):

     

     

     

     

     

     

     

     

     

     

     

    Net revenue:

     

     

     

     

     

     

     

     

     

     

     

    Commercial

    $

    9,996

     

     

    $

    9,563

     

     

    5%

     

    $

    40,844

     

     

    $

    39,814

     

     

    3%

    Consumer

     

    1,885

     

     

     

    2,152

     

     

    (12)%

     

     

    7,549

     

     

     

    9,102

     

     

    (17)%

    Total CSG net revenue

    $

    11,881

     

     

    $

    11,715

     

     

    1%

     

    $

    48,393

     

     

    $

    48,916

     

     

    (1)%

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income:

     

     

     

     

     

     

     

     

     

     

     

    CSG operating income

    $

    631

     

     

    $

    782

     

     

    (19)%

     

    $

    2,972

     

     

    $

    3,712

     

     

    (20)%

    % of CSG net revenue

     

    5.3

    %

     

     

    6.7

    %

     

     

     

     

    6.1

    %

     

     

    7.6

    %

     

     

    % of total reportable segment operating income

     

    24

    %

     

     

    35

    %

     

     

     

     

    35

    %

     

     

    46

    %

     

     

    Revised Consolidated Financial Statements and Non-GAAP Financial Measures for Correction of Immaterial Errors

    During the fourth quarter of fiscal 2025, Dell Technologies discovered accumulated credits from suppliers that were not recorded or not recorded in the correct period in its previously reported financial results. The company initiated an investigation that indicated that the credits resulted from the actions of certain employees that support a limited number of suppliers, impacting the Client Solutions Group segment and overstating cost of goods sold by approximately $200 million in fiscal 2024 and $148 million in fiscal 2025 for the nine months ended November 1, 2024.

    The company determined the impacts were not material, individually or in the aggregate, to its previously issued consolidated financial statements for any of the prior quarters or the annual period in which they occurred. However, in accordance with SEC Staff Accounting Bulletin No. 108, the company concluded that correcting the cumulative misstatement in the current period would be material to its results of operations for fiscal 2025. The company has revised its prior period financial statements to correct for the overstatement of cost of goods sold in its Consolidated Statements of Income, net of the related income tax effect, and the corresponding amounts impacting the Consolidated Statements of Financial Position during the fiscal 2024 and fiscal 2025 interim periods and for the fiscal year ended February 2, 2024 as shown on Exhibit A, "Revision of Previously Issued Financial Results."

    Conference call information

    As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Feb. 27 at 3:30 p.m. CST. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/news-events/upcoming-events.

    For those unable to listen to the live broadcast, the final remarks and presentation with additional financial and operating information will be available following the broadcast, and an archived version will be available at the same location for one year.

    About Dell Technologies

    Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry's broadest and most innovative technology and services portfolio for the AI era.

    Copyright © 2025 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.

    Non-GAAP Financial Measures:

    This press release presents information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow, and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

    Special Note on Forward-Looking Statements:

    Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies' current expectations. In some cases, you can identify these statements by such forward-looking words as "anticipate," "believe," "confidence," "could," "estimate," "expect," "guidance," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will" and "would," or similar words or expressions that refer to future events or outcomes.

    Forward-looking statements include, among others, any statements regarding Dell Technologies' expectations for first-quarter and full-year fiscal 2026 revenue, GAAP diluted earnings per share and non-GAAP diluted earnings per share, and any other statements regarding Dell Technologies' prospects and its future operations, financial condition, volumes, cash flows, expenses or other financial items, including management's plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing.

    Dell Technologies' results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: adverse global economic conditions and instability in financial markets; competitive pressures; Dell Technologies' reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies' ability to achieve favorable pricing from its vendors; Dell Technologies' execution of its strategy; social and ethical issues relating to the use of new and evolving technologies; Dell Technologies' ability to manage solutions and products and services transitions in an effective manner; Dell Technologies' ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies' ability to successfully execute on strategic initiatives including acquisitions, divestitures or cost savings measures; Dell Technologies' foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies' product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies' sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; adverse economic conditions and the effect of additional regulation on Dell Technologies' financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies' ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies' infrastructure; Dell Technologies' ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; expectations relating to environmental, social and governance (ESG) considerations; compliance requirements of changing environmental and safety laws, human rights laws, or other laws; the effect of armed hostilities, terrorism, natural disasters, or public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; Dell Technologies' dependence on the services of Michael Dell and key employees; Dell Technologies' level of indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies' quarterly cash dividend policy and dividend rate.

    This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies' business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies' annual report on Form 10-K for the fiscal year ended February 2, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC's website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

    DELL TECHNOLOGIES INC.

    Consolidated Statements of Income and Related Financial Highlights

    (in millions, except percentages; unaudited)

     

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenue:

     

     

     

     

     

     

     

     

     

     

     

    Products

    $

    18,049

     

     

    $

    16,149

     

     

    12%

     

    $

    71,420

     

     

    $

    64,353

     

     

    11%

    Services

     

    5,882

     

     

     

    6,169

     

     

    (5)%

     

     

    24,147

     

     

     

    24,072

     

     

    —%

    Total net revenue

     

    23,931

     

     

     

    22,318

     

     

    7%

     

     

    95,567

     

     

     

    88,425

     

     

    8%

    Cost of net revenue:

     

     

     

     

     

     

     

     

     

     

     

    Products

     

    14,924

     

     

     

    13,337

     

     

    12%

     

     

    60,162

     

     

     

    53,116

     

     

    13%

    Services

     

    3,329

     

     

     

    3,609

     

     

    (8)%

     

     

    14,155

     

     

     

    14,240

     

     

    (1)%

    Total cost of net revenue

     

    18,253

     

     

     

    16,946

     

     

    8%

     

     

    74,317

     

     

     

    67,356

     

     

    10%

    Gross margin

     

    5,678

     

     

     

    5,372

     

     

    6%

     

     

    21,250

     

     

     

    21,069

     

     

    1%

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

    Selling, general, and administrative

     

    2,746

     

     

     

    3,109

     

     

    (12)%

     

     

    11,952

     

     

     

    12,857

     

     

    (7)%

    Research and development

     

    773

     

     

     

    716

     

     

    8%

     

     

    3,061

     

     

     

    2,801

     

     

    9%

    Total operating expenses

     

    3,519

     

     

     

    3,825

     

     

    (8)%

     

     

    15,013

     

     

     

    15,658

     

     

    (4)%

    Operating income

     

    2,159

     

     

     

    1,547

     

     

    40%

     

     

    6,237

     

     

     

    5,411

     

     

    15%

    Interest and other, net

     

    (187

    )

     

     

    (203

    )

     

    8%

     

     

    (1,189

    )

     

     

    (1,324

    )

     

    10%

    Income before income taxes

     

    1,972

     

     

     

    1,344

     

     

    47%

     

     

    5,048

     

     

     

    4,087

     

     

    24%

    Income tax expense

     

    440

     

     

     

    136

     

     

    224%

     

     

    472

     

     

     

    715

     

     

    (34)%

    Net income

     

    1,532

     

     

     

    1,208

     

     

    27%

     

     

    4,576

     

     

     

    3,372

     

     

    36%

    Less: Net loss attributable to non-controlling interests

     

    (1

    )

     

     

    (2

    )

     

    50%

     

     

    (16

    )

     

     

    (16

    )

     

    —%

    Net income attributable to Dell Technologies Inc.

    $

    1,533

     

     

    $

    1,210

     

     

    27%

     

    $

    4,592

     

     

    $

    3,388

     

     

    36%

     

     

     

     

     

     

     

     

     

     

     

     

    Percentage of Total Net Revenue:

     

     

     

     

     

     

     

     

     

     

     

    Gross margin

     

    23.7

    %

     

     

    24.1

    %

     

     

     

     

    22.2

    %

     

     

    23.8

    %

     

     

    Selling, general, and administrative

     

    11.5

    %

     

     

    13.9

    %

     

     

     

     

    12.5

    %

     

     

    14.5

    %

     

     

    Research and development

     

    3.2

    %

     

     

    3.2

    %

     

     

     

     

    3.2

    %

     

     

    3.2

    %

     

     

    Operating expenses

     

    14.7

    %

     

     

    17.1

    %

     

     

     

     

    15.7

    %

     

     

    17.7

    %

     

     

    Operating income

     

    9.0

    %

     

     

    6.9

    %

     

     

     

     

    6.5

    %

     

     

    6.1

    %

     

     

    Income before income taxes

     

    8.2

    %

     

     

    6.0

    %

     

     

     

     

    5.3

    %

     

     

    4.6

    %

     

     

    Net income

     

    6.4

    %

     

     

    5.4

    %

     

     

     

     

    4.8

    %

     

     

    3.8

    %

     

     

    Income tax rate

     

    22.3

    %

     

     

    10.1

    %

     

     

     

     

    9.4

    %

     

     

    17.5

    %

     

     

     

    Amounts are based on underlying data and may not visually foot due to rounding.

    DELL TECHNOLOGIES INC.

    Consolidated Statements of Financial Position

    (in millions; unaudited)

     

     

    January 31,

    2025

     

    February 2,

    2024

    ASSETS

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    3,633

     

     

    $

    7,366

     

    Accounts receivable, net of allowance of $63 and $71

     

    10,298

     

     

     

    9,343

     

    Short-term financing receivables, net of allowance of $78 and $79

     

    5,304

     

     

     

    4,643

     

    Inventories

     

    6,716

     

     

     

    3,622

     

    Other current assets

     

    9,610

     

     

     

    11,010

     

    Current assets held for sale

     

    668

     

     

     

    —

     

    Total current assets

     

    36,229

     

     

     

    35,984

     

    Property, plant, and equipment, net

     

    6,336

     

     

     

    6,432

     

    Long-term investments

     

    1,496

     

     

     

    1,316

     

    Long-term financing receivables, net of allowance of $75 and $91

     

    5,927

     

     

     

    5,877

     

    Goodwill

     

    19,120

     

     

     

    19,700

     

    Intangible assets, net

     

    4,988

     

     

     

    5,701

     

    Other non-current assets

     

    5,650

     

     

     

    7,116

     

    Total assets

    $

    79,746

     

     

    $

    82,126

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:

     

     

     

    Short-term debt

    $

    5,204

     

     

    $

    6,982

     

    Accounts payable

     

    20,832

     

     

     

    19,226

     

    Accrued and other

     

    6,597

     

     

     

    6,828

     

    Short-term deferred revenue

     

    13,673

     

     

     

    15,318

     

    Current liabilities held for sale

     

    221

     

     

     

    —

     

    Total current liabilities

     

    46,527

     

     

     

    48,354

     

    Long-term debt

     

    19,363

     

     

     

    19,012

     

    Long-term deferred revenue

     

    12,292

     

     

     

    13,827

     

    Other non-current liabilities

     

    2,951

     

     

     

    3,065

     

    Total liabilities

     

    81,133

     

     

     

    84,258

     

    Stockholders' equity (deficit):

     

     

     

    Common stock and capital in excess of $0.01 par value

     

    9,119

     

     

     

    8,926

     

    Treasury stock at cost

     

    (8,502

    )

     

     

    (5,900

    )

    Accumulated deficit

     

    (1,160

    )

     

     

    (4,453

    )

    Accumulated other comprehensive loss

     

    (939

    )

     

     

    (800

    )

    Total Dell Technologies Inc. stockholders' equity (deficit)

     

    (1,482

    )

     

     

    (2,227

    )

    Non-controlling interests

     

    95

     

     

     

    95

     

    Total stockholders' equity (deficit)

     

    (1,387

    )

     

     

    (2,132

    )

    Total liabilities and stockholders' equity

    $

    79,746

     

     

    $

    82,126

     

    DELL TECHNOLOGIES INC.

    Consolidated Statements of Cash Flows

    (in millions; unaudited)

     

     

    Three Months Ended

     

    Fiscal Year Ended

     

    January 31,

    2025

     

    February 2,

    2024

     

    January 31,

    2025

     

    February 2,

    2024

     

     

     

     

     

     

     

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net income

    $

    1,532

     

     

    $

    1,208

     

     

    $

    4,576

     

     

    $

    3,372

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

    (947

    )

     

     

    325

     

     

     

    (55

    )

     

     

    5,304

     

    Change in cash from operating activities

     

    585

     

     

     

    1,533

     

     

     

    4,521

     

     

     

    8,676

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Purchases of investments

     

    (42

    )

     

     

    (29

    )

     

     

    (125

    )

     

     

    (172

    )

    Maturities and sales of investments

     

    45

     

     

     

    76

     

     

     

    382

     

     

     

    226

     

    Capital expenditures and capitalized software development costs

     

    (735

    )

     

     

    (727

    )

     

     

    (2,652

    )

     

     

    (2,756

    )

    Acquisition of businesses and assets, net

     

    —

     

     

     

    1

     

     

     

    —

     

     

     

    (126

    )

    Other

     

    54

     

     

     

    10

     

     

     

    180

     

     

     

    45

     

    Change in cash from investing activities

     

    (678

    )

     

     

    (669

    )

     

     

    (2,215

    )

     

     

    (2,783

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Proceeds from the issuance of common stock

     

    —

     

     

     

    2

     

     

     

    1

     

     

     

    10

     

    Repurchases of common stock

     

    (734

    )

     

     

    (878

    )

     

     

    (2,588

    )

     

     

    (2,080

    )

    Repurchases of common stock for employee tax withholdings

     

    (17

    )

     

     

    (18

    )

     

     

    (577

    )

     

     

    (372

    )

    Payments of dividends and dividend equivalents

     

    (311

    )

     

     

    (261

    )

     

     

    (1,275

    )

     

     

    (1,072

    )

    Proceeds from debt

     

    645

     

     

     

    871

     

     

     

    9,258

     

     

     

    7,775

     

    Repayments of debt

     

    (976

    )

     

     

    (1,480

    )

     

     

    (10,570

    )

     

     

    (11,246

    )

    Debt-related costs and other, net

     

    2

     

     

     

    (55

    )

     

     

    (64

    )

     

     

    (109

    )

    Change in cash from financing activities

     

    (1,391

    )

     

     

    (1,819

    )

     

     

    (5,815

    )

     

     

    (7,094

    )

    Effect of exchange rate changes on cash, cash equivalents, and restricted cash

     

    (101

    )

     

     

    14

     

     

     

    (179

    )

     

     

    (186

    )

    Change in cash, cash equivalents, and restricted cash

     

    (1,585

    )

     

     

    (941

    )

     

     

    (3,688

    )

     

     

    (1,387

    )

    Cash, cash equivalents, and restricted cash at beginning of the period

     

    5,404

     

     

     

    8,448

     

     

     

    7,507

     

     

     

    8,894

     

    Cash, cash equivalents, and restricted cash at end of the period

    $

    3,819

     

     

    $

    7,507

     

     

    $

    3,819

     

     

    $

    7,507

     

    DELL TECHNOLOGIES INC.

    Segment Information

    (in millions, except percentages; unaudited; continued on next page)

     

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

    Infrastructure Solutions Group (ISG):

     

     

     

     

     

     

     

     

     

     

     

    Net revenue:

     

     

     

     

     

     

     

     

     

     

     

    Servers and networking

    $

    6,634

     

     

    $

    4,857

     

     

    37%

     

    $

    27,136

     

     

    $

    17,624

     

     

    54%

    Storage

     

    4,718

     

     

     

    4,475

     

     

    5%

     

     

    16,457

     

     

     

    16,261

     

     

    1%

    Total ISG net revenue

    $

    11,352

     

     

    $

    9,332

     

     

    22%

     

    $

    43,593

     

     

    $

    33,885

     

     

    29%

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income:

     

     

     

     

     

     

     

     

     

     

     

    ISG operating income

    $

    2,051

     

     

    $

    1,428

     

     

    44%

     

    $

    5,579

     

     

    $

    4,286

     

     

    30%

    % of ISG net revenue

     

    18.1

    %

     

     

    15.3

    %

     

     

     

     

    12.8

    %

     

     

    12.6

    %

     

     

    % of total reportable segment operating income

     

    76

    %

     

     

    65

    %

     

     

     

     

    65

    %

     

     

    54

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Client Solutions Group (CSG):

     

     

     

     

     

     

     

     

     

     

     

    Net revenue:

     

     

     

     

     

     

     

     

     

     

     

    Commercial

    $

    9,996

     

     

    $

    9,563

     

     

    5%

     

    $

    40,844

     

     

    $

    39,814

     

     

    3%

    Consumer

     

    1,885

     

     

     

    2,152

     

     

    (12)%

     

     

    7,549

     

     

     

    9,102

     

     

    (17)%

    Total CSG net revenue

    $

    11,881

     

     

    $

    11,715

     

     

    1%

     

    $

    48,393

     

     

    $

    48,916

     

     

    (1)%

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income:

     

     

     

     

     

     

     

     

     

     

     

    CSG operating income

    $

    631

     

     

    $

    782

     

     

    (19)%

     

    $

    2,972

     

     

    $

    3,712

     

     

    (20)%

    % of CSG net revenue

     

    5.3

    %

     

     

    6.7

    %

     

     

     

     

    6.1

    %

     

     

    7.6

    %

     

     

    % of total reportable segment operating income

     

    24

    %

     

     

    35

    %

     

     

     

     

    35

    %

     

     

    46

    %

     

     

     

    Amounts are based on underlying data and may not visually foot due to rounding.

    DELL TECHNOLOGIES INC.

    Segment Information

    (in millions; unaudited; continued)

     

     

    Three Months Ended

     

    Fiscal Year Ended

     

    January 31,

    2025

     

    February 2,

    2024

     

    January 31,

    2025

     

    February 2,

    2024

     

     

     

     

     

     

     

     

    Reconciliation to consolidated net revenue:

     

     

     

     

     

     

     

    Reportable segment net revenue

    $

    23,233

     

     

    $

    21,047

     

     

    $

    91,986

     

     

    $

    82,801

     

    Corporate and other (a)

     

    698

     

     

     

    1,271

     

     

     

    3,581

     

     

     

    5,624

     

    Total consolidated net revenue

    $

    23,931

     

     

    $

    22,318

     

     

    $

    95,567

     

     

    $

    88,425

     

     

     

     

     

     

     

     

     

    Reconciliation to consolidated operating income:

     

     

     

     

     

     

     

    Reportable segment operating income

    $

    2,682

     

     

    $

    2,210

     

     

    $

    8,551

     

     

    $

    7,998

     

    Corporate and other (a)

     

    (8

    )

     

     

    (15

    )

     

     

    (22

    )

     

     

    (120

    )

    Amortization of intangibles (b)

     

    (163

    )

     

     

    (210

    )

     

     

    (667

    )

     

     

    (833

    )

    Stock-based compensation expense (c)

     

    (186

    )

     

     

    (203

    )

     

     

    (785

    )

     

     

    (878

    )

    Other corporate expenses (d)

     

    (166

    )

     

     

    (235

    )

     

     

    (840

    )

     

     

    (756

    )

    Total consolidated operating income

    $

    2,159

     

     

    $

    1,547

     

     

    $

    6,237

     

     

    $

    5,411

     

    _________________

    (a)

    Corporate and other consists of results of (i) VMware Resale, (ii) Secureworks, and (iii) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively. Additionally, Corporate and other includes other items that are managed at the corporate level and are not allocated to reportable segments.

    (b)

    Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

    (c)

    Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

    (d)

    Other corporate expenses includes severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, incentive charges related to equity investments, and other costs.

    SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

    These tables present information about the company's non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, free cash flow and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A detailed discussion of Dell Technologies' reasons for including certain of these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and the company's reason for excluding those items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" in the company's periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.

    DELL TECHNOLOGIES INC.

    Selected Financial Measures

    (in millions, except per share amounts and percentages; unaudited)

     

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenue

    $

    23,931

     

     

    $

    22,318

     

     

    7%

     

    $

    95,567

     

     

    $

    88,425

     

     

    8%

    Non-GAAP gross margin

    $

    5,814

     

     

    $

    5,524

     

     

    5%

     

    $

    21,810

     

     

    $

    21,644

     

     

    1%

    % of net revenue

     

    24.3

    %

     

     

    24.8

    %

     

     

     

     

    22.8

    %

     

     

    24.5

    %

     

     

    Non-GAAP operating expenses

    $

    3,140

     

     

    $

    3,329

     

     

    (6)%

     

    $

    13,281

     

     

    $

    13,766

     

     

    (4)%

    % of net revenue

     

    13.1

    %

     

     

    14.9

    %

     

     

     

     

    13.9

    %

     

     

    15.6

    %

     

     

    Non-GAAP operating income

    $

    2,674

     

     

    $

    2,195

     

     

    22%

     

    $

    8,529

     

     

    $

    7,878

     

     

    8%

    % of net revenue

     

    11.2

    %

     

     

    9.8

    %

     

     

     

     

    8.9

    %

     

     

    8.9

    %

     

     

    Non-GAAP net income

    $

    1,911

     

     

    $

    1,660

     

     

    15%

     

    $

    5,865

     

     

    $

    5,422

     

     

    8%

    % of net revenue

     

    8.0

    %

     

     

    7.4

    %

     

     

     

     

    6.1

    %

     

     

    6.1

    %

     

     

    Non-GAAP earnings per share — diluted

    $

    2.68

     

     

    $

    2.27

     

     

    18%

     

    $

    8.14

     

     

    $

    7.37

     

     

    10%

     

    Amounts are based on underlying data and may not visually foot due to rounding.

    DELL TECHNOLOGIES INC.

    Reconciliation of Selected Non-GAAP Financial Measures

    (in millions, except percentages; unaudited; continued on next page)

     

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

    Gross margin

    $

    5,678

     

     

    $

    5,372

     

     

    6%

     

    $

    21,250

     

     

    $

    21,069

     

     

    1%

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    59

     

     

     

    84

     

     

     

     

     

    238

     

     

     

    331

     

     

     

    Stock-based compensation expense

     

    37

     

     

     

    37

     

     

     

     

     

    152

     

     

     

    149

     

     

     

    Other corporate expenses

     

    40

     

     

     

    31

     

     

     

     

     

    170

     

     

     

    95

     

     

     

    Non-GAAP gross margin

    $

    5,814

     

     

    $

    5,524

     

     

    5%

     

    $

    21,810

     

     

    $

    21,644

     

     

    1%

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses

    $

    3,519

     

     

    $

    3,825

     

     

    (8)%

     

    $

    15,013

     

     

    $

    15,658

     

     

    (4)%

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    (104

    )

     

     

    (126

    )

     

     

     

     

    (429

    )

     

     

    (502

    )

     

     

    Stock-based compensation expense

     

    (149

    )

     

     

    (166

    )

     

     

     

     

    (633

    )

     

     

    (729

    )

     

     

    Other corporate expenses

     

    (126

    )

     

     

    (204

    )

     

     

     

     

    (670

    )

     

     

    (661

    )

     

     

    Non-GAAP operating expenses

    $

    3,140

     

     

    $

    3,329

     

     

    (6)%

     

    $

    13,281

     

     

    $

    13,766

     

     

    (4)%

     

     

     

     

     

     

     

     

     

     

     

     

    Operating income

    $

    2,159

     

     

    $

    1,547

     

     

    40%

     

    $

    6,237

     

     

    $

    5,411

     

     

    15%

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    163

     

     

     

    210

     

     

     

     

     

    667

     

     

     

    833

     

     

     

    Stock-based compensation expense

     

    186

     

     

     

    203

     

     

     

     

     

    785

     

     

     

    878

     

     

     

    Other corporate expenses

     

    166

     

     

     

    235

     

     

     

     

     

    840

     

     

     

    756

     

     

     

    Non-GAAP operating income

    $

    2,674

     

     

    $

    2,195

     

     

    22%

     

    $

    8,529

     

     

    $

    7,878

     

     

    8%

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

    $

    1,532

     

     

    $

    1,208

     

     

    27%

     

    $

    4,576

     

     

    $

    3,372

     

     

    36%

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    163

     

     

     

    210

     

     

     

     

     

    667

     

     

     

    833

     

     

     

    Stock-based compensation expense

     

    186

     

     

     

    203

     

     

     

     

     

    785

     

     

     

    878

     

     

     

    Other corporate expenses

     

    165

     

     

     

    227

     

     

     

     

     

    830

     

     

     

    793

     

     

     

    Fair value adjustments on equity investments

     

    (156

    )

     

     

    (83

    )

     

     

     

     

    (177

    )

     

     

    (47

    )

     

     

    Aggregate adjustment for income taxes (a)

     

    21

     

     

     

    (105

    )

     

     

     

     

    (816

    )

     

     

    (407

    )

     

     

    Non-GAAP net income

    $

    1,911

     

     

    $

    1,660

     

     

    15%

     

    $

    5,865

     

     

    $

    5,422

     

     

    8%

    ____________________

    (a)

    Beginning in fiscal 2025, the company's non-GAAP income tax is calculated using a fixed estimated annual tax rate.

    DELL TECHNOLOGIES INC.

    Reconciliation of Selected Non-GAAP Financial Measures

    (unaudited; continued)

     

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings per share attributable to Dell Technologies Inc. — diluted

    $

    2.15

     

     

    $

    1.66

     

     

    30%

     

    $

    6.38

     

     

    $

    4.60

     

     

    39%

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.22

     

     

     

    0.29

     

     

     

     

     

    0.93

     

     

     

    1.13

     

     

     

    Stock-based compensation expense

     

    0.26

     

     

     

    0.28

     

     

     

     

     

    1.09

     

     

     

    1.19

     

     

     

    Other corporate expenses

     

    0.23

     

     

     

    0.31

     

     

     

     

     

    1.16

     

     

     

    1.08

     

     

     

    Fair value adjustments on equity investments

     

    (0.22

    )

     

     

    (0.11

    )

     

     

     

     

    (0.25

    )

     

     

    (0.06

    )

     

     

    Aggregate adjustment for income taxes (a)

     

    0.04

     

     

     

    (0.16

    )

     

     

     

     

    (1.15

    )

     

     

    (0.55

    )

     

     

    Total non-GAAP adjustments attributable to non-controlling interests

     

    —

     

     

     

    —

     

     

     

     

     

    (0.02

    )

     

     

    (0.02

    )

     

     

    Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted

    $

    2.68

     

     

    $

    2.27

     

     

    18%

     

    $

    8.14

     

     

    $

    7.37

     

     

    10%

    ____________________

    (a)

    Beginning in fiscal 2025, the company's non-GAAP income tax is calculated using a fixed estimated annual tax rate.

    DELL TECHNOLOGIES INC.

    Reconciliation of Selected Non-GAAP Financial Measures

    (in millions, except percentages; unaudited; continued)

     

     

    Three Months Ended

     

     

     

    Fiscal Year Ended

     

     

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

    January 31,

    2025

     

    February 2,

    2024

     

    Change

     

     

     

     

     

     

     

     

     

     

     

     

    Cash flow from operations

    $

    585

     

     

    $

    1,533

     

     

    (62)%

     

    $

    4,521

     

     

    $

    8,676

     

     

    (48)%

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Capital expenditures and capitalized software development costs, net (a)

     

    (702

    )

     

     

    (727

    )

     

     

     

     

    (2,563

    )

     

     

    (2,753

    )

     

     

    Free cash flow

    $

    (117

    )

     

    $

    806

     

     

    (115)%

     

    $

    1,958

     

     

    $

    5,923

     

     

    (67)%

     

     

     

     

     

     

     

     

     

     

     

     

    Free cash flow

    $

    (117

    )

     

    $

    806

     

     

    (115)%

     

    $

    1,958

     

     

    $

    5,923

     

     

    (67)%

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Financing receivables (b)

     

    532

     

     

     

    136

     

     

     

     

     

    951

     

     

     

    (309

    )

     

     

    Equipment under operating leases (c)

     

    59

     

     

     

    68

     

     

     

     

     

    188

     

     

     

    (7

    )

     

     

    Adjusted free cash flow

    $

    474

     

     

    $

    1,010

     

     

    (53)%

     

    $

    3,097

     

     

    $

    5,607

     

     

    (45)%

    ____________________

    (a)

    Capital expenditures and capitalized software development costs, net includes proceeds from sales of facilities, land, and other assets.

    (b)

    Financing receivables represent the operating cash flow impact from the change in financing receivables.

    (c)

    Equipment under operating leases represents the net impact of capital expenditures and depreciation expense for leases and contractually embedded leases identified within flexible consumption arrangements.

    DELL TECHNOLOGIES INC.

    Reconciliation of Non-GAAP Financial Measures in Summary Guidance

    (unaudited)

     

     

    Three Months Ending

     

    Fiscal Year Ending

     

    May 2, 2025

     

    January 30, 2026

     

     

     

     

    Earnings per share attributable to Dell Technologies Inc. — diluted

    $

    1.29

     

     

    $

    7.85

     

     

     

     

     

    Non-GAAP adjustments:

     

     

     

    Amortization of intangibles (a)

     

    0.17

     

     

     

    0.70

     

    Stock-based compensation

     

    0.26

     

     

     

    1.04

     

    Other corporate expenses (b)

     

    —

     

     

     

    —

     

    Fair value adjustments on equity investments (c)

     

    —

     

     

     

    —

     

    Aggregate adjustment for income taxes (d)

     

    (0.07

    )

     

     

    (0.29

    )

    Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted

    $

    1.65

     

     

    $

    9.30

     

    ____________________

    (a)

    Amortization of intangibles represents an estimate for acquisitions completed as of January 31, 2025 and does not include estimates for potential acquisitions, if any, during fiscal 2026.

    (b)

    Consists primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments. No estimate is included for severance expense as such expense cannot be reasonably estimated at this time.

    (c)

    No estimates are included for potential fair value adjustments on strategic investments given the potential volatility of either gains or losses on those equity investments.

    (d)

    The aggregate adjustment for income taxes is the estimated combined income tax effect for the adjustments shown above as well as an adjustment for discrete tax items. Beginning in fiscal 2025, the company's non-GAAP income tax is calculated using a fixed estimated annual tax rate.

    EXHIBIT A

    DELL TECHNOLOGIES INC.

    Revision of Previously Issued Financial Results

    (in millions, except per share amounts; unaudited; continued on next page)

     

     

    Three Months Ended

     

    May 3, 2024

     

    May 5, 2023

     

    As Reported1

     

    Adjustment

     

    As Revised

     

    As Reported1

     

    Adjustment

     

    As Revised

     

     

     

     

     

     

     

     

     

     

     

     

    Condensed Consolidated Statements of Income:

     

     

     

     

     

     

     

     

    Cost of net revenue — Products

    $

    13,766

     

     

    $

    (45

    )

     

    $

    13,721

     

     

    $

    12,375

     

    $

    (62

    )

     

    $

    12,313

    Total cost of net revenue

    $

    17,438

     

     

    $

    (45

    )

     

    $

    17,393

     

     

    $

    15,904

     

    $

    (62

    )

     

    $

    15,842

    Gross margin

    $

    4,806

     

     

    $

    45

     

     

    $

    4,851

     

     

    $

    5,018

     

    $

    62

     

     

    $

    5,080

    Operating income

    $

    920

     

     

    $

    45

     

     

    $

    965

     

     

    $

    1,069

     

    $

    62

     

     

    $

    1,131

    Income before income taxes

    $

    547

     

     

    $

    45

     

     

    $

    592

     

     

    $

    705

     

    $

    62

     

     

    $

    767

    Income tax expense (benefit)

    $

    (408

    )

     

    $

    8

     

     

    $

    (400

    )

     

    $

    127

     

    $

    8

     

     

    $

    135

    Net income

    $

    955

     

     

    $

    37

     

     

    $

    992

     

     

    $

    578

     

    $

    54

     

     

    $

    632

    Net income attributable to Dell Technologies Inc.

    $

    960

     

     

    $

    37

     

     

    $

    997

     

     

    $

    583

     

    $

    54

     

     

    $

    637

    Earnings per share attributable to Dell Technologies Inc.

     

     

     

     

     

     

     

     

    Basic

    $

    1.36

     

     

    $

    0.05

     

     

    $

    1.41

     

     

    $

    0.81

     

    $

    0.07

     

     

    $

    0.88

    Diluted

    $

    1.32

     

     

    $

    0.05

     

     

    $

    1.37

     

     

    $

    0.79

     

    $

    0.07

     

     

    $

    0.86

    Segment Information:

     

     

     

     

     

     

     

     

     

     

     

    CSG operating income

    $

    732

     

     

    $

    45

     

     

    $

    777

     

     

    $

    892

     

    $

    62

     

     

    $

    954

    Reportable segment operating income

    $

    1,468

     

     

    $

    45

     

     

    $

    1,513

     

     

    $

    1,632

     

    $

    62

     

     

    $

    1,694

    Non-GAAP Financial Measures:

     

     

     

     

     

     

     

    Non-GAAP gross margin

    $

    4,947

     

     

    $

    45

     

     

    $

    4,992

     

     

    $

    5,164

     

    $

    62

     

     

    $

    5,226

    Non-GAAP operating income

    $

    1,474

     

     

    $

    45

     

     

    $

    1,519

     

     

    $

    1,598

     

    $

    62

     

     

    $

    1,660

    Non-GAAP net income

    $

    923

     

     

    $

    36

     

     

    $

    959

     

     

    $

    963

     

    $

    54

     

     

    $

    1,017

    Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted

    $

    1.27

     

     

    $

    0.05

     

     

    $

    1.32

     

     

    $

    1.31

     

    $

    0.07

     

     

    $

    1.38

    ____________________

    (1)

    As reported amounts represent the originally reported amounts in the company's Quarterly Reports on Form 10-Q for the three months ended May 3, 2024 and May 5, 2023.

    DELL TECHNOLOGIES INC.

    Revision of Previously Issued Financial Results

    (in millions, except per share amounts; unaudited; continued)

     

     

    Three Months Ended

     

    August 2, 2024

     

    August 4, 2023

     

    As Reported1

     

    Adjustment

     

    As Revised

     

    As Reported1

     

    Adjustment

     

    As Revised

     

     

     

     

     

     

     

     

     

     

     

     

    Condensed Consolidated Statements of Income:

     

     

     

     

     

     

     

     

    Cost of net revenue — Products

    $

    16,079

     

    $

    (50

    )

     

    $

    16,029

     

    $

    14,002

     

    $

    (29

    )

     

    $

    13,973

    Total cost of net revenue

    $

    19,715

     

    $

    (50

    )

     

    $

    19,665

     

    $

    17,547

     

    $

    (29

    )

     

    $

    17,518

    Gross margin

    $

    5,311

     

    $

    50

     

     

    $

    5,361

     

    $

    5,387

     

    $

    29

     

     

    $

    5,416

    Operating income

    $

    1,342

     

    $

    50

     

     

    $

    1,392

     

    $

    1,165

     

    $

    29

     

     

    $

    1,194

    Income before income taxes

    $

    989

     

    $

    50

     

     

    $

    1,039

     

    $

    714

     

    $

    29

     

     

    $

    743

    Income tax expense

    $

    148

     

    $

    9

     

     

    $

    157

     

    $

    259

     

    $

    2

     

     

    $

    261

    Net income

    $

    841

     

    $

    41

     

     

    $

    882

     

    $

    455

     

    $

    27

     

     

    $

    482

    Net income attributable to Dell Technologies Inc.

    $

    846

     

    $

    41

     

     

    $

    887

     

    $

    462

     

    $

    27

     

     

    $

    489

    Earnings per share attributable to Dell Technologies Inc.

     

     

     

     

     

     

     

     

    Basic

    $

    1.19

     

    $

    0.06

     

     

    $

    1.25

     

    $

    0.64

     

    $

    0.03

     

     

    $

    0.67

    Diluted

    $

    1.17

     

    $

    0.06

     

     

    $

    1.23

     

    $

    0.63

     

    $

    0.03

     

     

    $

    0.66

    Segment Information:

     

     

     

     

     

     

     

     

     

     

     

    CSG operating income

    $

    767

     

    $

    50

     

     

    $

    817

     

    $

    969

     

    $

    29

     

     

    $

    998

    Reportable segment operating income

    $

    2,051

     

    $

    50

     

     

    $

    2,101

     

    $

    2,018

     

    $

    29

     

     

    $

    2,047

    Non-GAAP Financial Measures:

     

     

     

     

     

     

     

     

    Non-GAAP gross margin

    $

    5,464

     

    $

    50

     

     

    $

    5,514

     

    $

    5,536

     

    $

    29

     

     

    $

    5,565

    Non-GAAP operating income

    $

    2,034

     

    $

    50

     

     

    $

    2,084

     

    $

    1,977

     

    $

    29

     

     

    $

    2,006

    Non-GAAP net income

    $

    1,371

     

    $

    41

     

     

    $

    1,412

     

    $

    1,283

     

    $

    27

     

     

    $

    1,310

    Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted

    $

    1.89

     

    $

    0.06

     

     

    $

    1.95

     

    $

    1.74

     

    $

    0.04

     

     

    $

    1.78

    ____________________

    (1)

    As reported amounts represent the originally reported amounts in the company's Quarterly Reports on Form 10-Q for the three months ended August 2, 2024 and August 4, 2023.

    DELL TECHNOLOGIES INC.

    Revision of Previously Issued Financial Results

    (in millions, except per share amounts; unaudited; continued)

     

     

    Three Months Ended

     

    November 1, 2024

     

    November 3, 2023

     

    As Reported1

     

    Adjustment

     

    As Revised

     

    As Reported1

     

    Adjustment

     

    As Revised

     

     

     

     

     

     

     

     

     

     

     

     

    Condensed Consolidated Statements of Income:

     

     

     

     

     

     

     

     

    Cost of net revenue — Products

    $

    15,541

     

    $

    (53

    )

     

    $

    15,488

     

    $

    13,546

     

    $

    (53

    )

     

    $

    13,493

    Total cost of net revenue

    $

    19,059

     

    $

    (53

    )

     

    $

    19,006

     

    $

    17,103

     

    $

    (53

    )

     

    $

    17,050

    Gross margin

    $

    5,307

     

    $

    53

     

     

    $

    5,360

     

    $

    5,148

     

    $

    53

     

     

    $

    5,201

    Operating income

    $

    1,668

     

    $

    53

     

     

    $

    1,721

     

    $

    1,486

     

    $

    53

     

     

    $

    1,539

    Income before income taxes

    $

    1,392

     

    $

    53

     

     

    $

    1,445

     

    $

    1,180

     

    $

    53

     

     

    $

    1,233

    Income tax expense

    $

    265

     

    $

    10

     

     

    $

    275

     

    $

    176

     

    $

    7

     

     

    $

    183

    Net income

    $

    1,127

     

    $

    43

     

     

    $

    1,170

     

    $

    1,004

     

    $

    46

     

     

    $

    1,050

    Net income attributable to Dell Technologies Inc.

    $

    1,132

     

    $

    43

     

     

    $

    1,175

     

    $

    1,006

     

    $

    46

     

     

    $

    1,052

    Earnings per share attributable to Dell Technologies Inc.

     

     

     

     

     

     

     

     

    Basic

    $

    1.61

     

    $

    0.06

     

     

    $

    1.67

     

    $

    1.39

     

    $

    0.07

     

     

    $

    1.46

    Diluted

    $

    1.58

     

    $

    0.06

     

     

    $

    1.64

     

    $

    1.36

     

    $

    0.06

     

     

    $

    1.42

    Segment Information:

     

     

     

     

     

     

     

     

     

     

     

    CSG operating income

    $

    694

     

    $

    53

     

     

    $

    747

     

    $

    925

     

    $

    53

     

     

    $

    978

    Reportable segment operating income

    $

    2,202

     

    $

    53

     

     

    $

    2,255

     

    $

    1,994

     

    $

    53

     

     

    $

    2,047

    Non-GAAP Financial Measures:

     

     

     

     

     

     

     

     

    Non-GAAP gross margin

    $

    5,437

     

    $

    53

     

     

    $

    5,490

     

    $

    5,276

     

    $

    53

     

     

    $

    5,329

    Non-GAAP operating income

    $

    2,199

     

    $

    53

     

     

    $

    2,252

     

    $

    1,964

     

    $

    53

     

     

    $

    2,017

    Non-GAAP net income

    $

    1,540

     

    $

    43

     

     

    $

    1,583

     

    $

    1,389

     

    $

    46

     

     

    $

    1,435

    Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted

    $

    2.15

     

    $

    0.06

     

     

    $

    2.21

     

    $

    1.88

     

    $

    0.06

     

     

    $

    1.94

    ____________________

    (1)

    As reported amounts represent the originally reported amounts in the company's Quarterly Reports on Form 10-Q for the three months ended November 1, 2024 and November 3, 2023.

    DELL TECHNOLOGIES INC.

    Revision of Previously Issued Financial Results

    (in millions, except per share amounts; unaudited; continued)

     

     

    Three Months Ended

     

    Fiscal Year Ended

     

    February 2, 2024

     

    February 2, 2024

     

    As Reported1

     

    Adjustment

     

    As Revised

     

    As Reported1

     

    Adjustment

     

    As Revised

     

     

     

     

     

     

     

     

     

     

     

     

    Consolidated Statements of Income:

     

     

     

     

     

     

     

     

    Cost of net revenue — Products

    $

    13,393

     

    $

    (56

    )

     

    $

    13,337

     

    $

    53,316

     

    $

    (200

    )

     

    $

    53,116

    Total cost of net revenue

    $

    17,002

     

    $

    (56

    )

     

    $

    16,946

     

    $

    67,556

     

    $

    (200

    )

     

    $

    67,356

    Gross margin

    $

    5,316

     

    $

    56

     

     

    $

    5,372

     

    $

    20,869

     

    $

    200

     

     

    $

    21,069

    Operating income

    $

    1,491

     

    $

    56

     

     

    $

    1,547

     

    $

    5,211

     

    $

    200

     

     

    $

    5,411

    Income before income taxes

    $

    1,288

     

    $

    56

     

     

    $

    1,344

     

    $

    3,887

     

    $

    200

     

     

    $

    4,087

    Income tax expense

    $

    130

     

    $

    6

     

     

    $

    136

     

    $

    692

     

    $

    23

     

     

    $

    715

    Net income

    $

    1,158

     

    $

    50

     

     

    $

    1,208

     

    $

    3,195

     

    $

    177

     

     

    $

    3,372

    Net income attributable to Dell Technologies Inc.

    $

    1,160

     

    $

    50

     

     

    $

    1,210

     

    $

    3,211

     

    $

    177

     

     

    $

    3,388

    Earnings per share attributable to Dell Technologies Inc.

     

     

     

     

     

     

     

     

    Basic

    $

    1.63

     

    $

    0.07

     

     

    $

    1.70

     

    $

    4.46

     

    $

    0.25

     

     

    $

    4.71

    Diluted

    $

    1.59

     

    $

    0.07

     

     

    $

    1.66

     

    $

    4.36

     

    $

    0.24

     

     

    $

    4.60

    Segment Information:

     

     

     

     

     

     

     

     

     

     

     

    CSG operating income

    $

    726

     

    $

    56

     

     

    $

    782

     

    $

    3,512

     

    $

    200

     

     

    $

    3,712

    Reportable segment operating income

    $

    2,154

     

    $

    56

     

     

    $

    2,210

     

    $

    7,798

     

    $

    200

     

     

    $

    7,998

    Non-GAAP Financial Measures:

     

     

     

     

     

     

     

     

    Non-GAAP gross margin

    $

    5,468

     

    $

    56

     

     

    $

    5,524

     

    $

    21,444

     

    $

    200

     

     

    $

    21,644

    Non-GAAP operating income

    $

    2,139

     

    $

    56

     

     

    $

    2,195

     

    $

    7,678

     

    $

    200

     

     

    $

    7,878

    Non-GAAP net income

    $

    1,610

     

    $

    50

     

     

    $

    1,660

     

    $

    5,245

     

    $

    177

     

     

    $

    5,422

    Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted

    $

    2.20

     

    $

    0.07

     

     

    $

    2.27

     

    $

    7.13

     

    $

    0.24

     

     

    $

    7.37

    Consolidated Statements of Cash Flows:

     

     

     

     

     

     

     

     

     

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Net income

    $

    1,158

     

    $

    50

     

     

    $

    1,208

     

    $

    3,195

     

    $

    177

     

     

    $

    3,372

    Adjustments to reconcile net income to net cash provided by operating activities

    $

    375

     

    $

    (50

    )

     

    $

    325

     

    $

    5,481

     

    $

    (177

    )

     

    $

    5,304

    _________________

    (1)

    As reported amounts represent the originally reported amounts in the company's press release furnished as Exhibit 99.1 to the company's Form 8-K filed with the SEC on February 29, 2024, and in the company's Annual Report on Form 10-K for the fiscal year ended February 2, 2024.

    DELL TECHNOLOGIES INC.

    Revision of Previously Issued Financial Results

    (in millions; unaudited; continued)

     

     

    February 2, 2024

     

    As Reported1

     

    Adjustment

     

    As Revised

     

     

     

     

     

     

    Consolidated Statements of Financial Position:

     

     

     

     

     

    Other current assets

    $

    10,973

     

     

    $

    37

     

     

    $

    11,010

     

    Total current assets

    $

    35,947

     

     

    $

    37

     

     

    $

    35,984

     

    Total assets

    $

    82,089

     

     

    $

    37

     

     

    $

    82,126

     

     

     

     

     

     

     

    Accounts payable

    $

    19,389

     

     

    $

    (163

    )

     

    $

    19,226

     

    Accrued and other

    $

    6,805

     

     

    $

    23

     

     

    $

    6,828

     

    Total current liabilities

    $

    48,494

     

     

    $

    (140

    )

     

    $

    48,354

     

    Total liabilities

    $

    84,398

     

     

    $

    (140

    )

     

    $

    84,258

     

     

     

     

     

     

     

    Accumulated deficit

    $

    (4,630

    )

     

    $

    177

     

     

    $

    (4,453

    )

    Total Dell Technologies Inc. stockholders' equity (deficit)

    $

    (2,404

    )

     

    $

    177

     

     

    $

    (2,227

    )

    Total stockholders' equity (deficit)

    $

    (2,309

    )

     

    $

    177

     

     

    $

    (2,132

    )

    Total liabilities and stockholders' equity

    $

    82,089

     

     

    $

    37

     

     

    $

    82,126

     

    _________________

    (1)

    As reported amounts represent the originally reported amounts in the company's Annual Report on Form 10-K for the fiscal year ended February 2, 2024.

    DELL TECHNOLOGIES INC.

    Revision of Previously Issued Financial Results

    Reconciliation of Selected Non-GAAP Financial Measures

    (in millions, except per share amounts; unaudited)

     

     

    Three Months Ended

     

    November 1,

    2024

     

    August 2,

    2024

     

    May 3,

    2024

     

    November 3,

    2023

     

    August 4,

    2023

     

    May 5,

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    Gross margin

    $

    5,360

     

     

    $

    5,361

     

     

    $

    4,851

     

     

    $

    5,201

     

     

    $

    5,416

     

     

    $

    5,080

     

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    60

     

     

     

    59

     

     

     

    60

     

     

     

    84

     

     

     

    84

     

     

     

    79

     

    Stock-based compensation expense

     

    39

     

     

     

    38

     

     

     

    38

     

     

     

    37

     

     

     

    37

     

     

     

    38

     

    Other corporate expenses

     

    31

     

     

     

    56

     

     

     

    43

     

     

     

    7

     

     

     

    28

     

     

     

    29

     

    Non-GAAP gross margin

    $

    5,490

     

     

    $

    5,514

     

     

    $

    4,992

     

     

    $

    5,329

     

     

    $

    5,565

     

     

    $

    5,226

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating income

    $

    1,721

     

     

    $

    1,392

     

     

    $

    965

     

     

    $

    1,539

     

     

    $

    1,194

     

     

    $

    1,131

     

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    168

     

     

     

    168

     

     

     

    168

     

     

     

    207

     

     

     

    213

     

     

     

    203

     

    Stock-based compensation expense

     

    198

     

     

     

    191

     

     

     

    210

     

     

     

    227

     

     

     

    223

     

     

     

    225

     

    Other corporate expenses

     

    165

     

     

     

    333

     

     

     

    176

     

     

     

    44

     

     

     

    376

     

     

     

    101

     

    Non-GAAP operating income

    $

    2,252

     

     

    $

    2,084

     

     

    $

    1,519

     

     

    $

    2,017

     

     

    $

    2,006

     

     

    $

    1,660

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income

    $

    1,170

     

     

    $

    882

     

     

    $

    992

     

     

    $

    1,050

     

     

    $

    482

     

     

    $

    632

     

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    168

     

     

     

    168

     

     

     

    168

     

     

     

    207

     

     

     

    213

     

     

     

    203

     

    Stock-based compensation expense

     

    198

     

     

     

    191

     

     

     

    210

     

     

     

    227

     

     

     

    223

     

     

     

    225

     

    Other corporate expenses

     

    166

     

     

     

    329

     

     

     

    170

     

     

     

    36

     

     

     

    432

     

     

     

    98

     

    Fair value adjustments on equity investments

     

    (46

    )

     

     

    (5

    )

     

     

    30

     

     

     

    (8

    )

     

     

    29

     

     

     

    15

     

    Aggregate adjustment for income taxes (a)

     

    (73

    )

     

     

    (153

    )

     

     

    (611

    )

     

     

    (77

    )

     

     

    (69

    )

     

     

    (156

    )

    Non-GAAP net income

    $

    1,583

     

     

    $

    1,412

     

     

    $

    959

     

     

    $

    1,435

     

     

    $

    1,310

     

     

    $

    1,017

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings per share attributable to Dell Technologies Inc. — diluted

    $

    1.64

     

     

    $

    1.23

     

     

    $

    1.37

     

     

    $

    1.42

     

     

    $

    0.66

     

     

    $

    0.86

     

    Non-GAAP adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    0.23

     

     

     

    0.23

     

     

     

    0.23

     

     

     

    0.28

     

     

     

    0.29

     

     

     

    0.28

     

    Stock-based compensation expense

     

    0.28

     

     

     

    0.26

     

     

     

    0.29

     

     

     

    0.31

     

     

     

    0.30

     

     

     

    0.30

     

    Other corporate expenses

     

    0.23

     

     

     

    0.46

     

     

     

    0.24

     

     

     

    0.04

     

     

     

    0.58

     

     

     

    0.13

     

    Fair value adjustments on equity investments

     

    (0.06

    )

     

     

    (0.01

    )

     

     

    0.04

     

     

     

    (0.01

    )

     

     

    0.04

     

     

     

    0.02

     

    Aggregate adjustment for income taxes (a)

     

    (0.10

    )

     

     

    (0.21

    )

     

     

    (0.84

    )

     

     

    (0.10

    )

     

     

    (0.08

    )

     

     

    (0.21

    )

    Total non-GAAP adjustments attributable to non-controlling interests

     

    (0.01

    )

     

     

    (0.01

    )

     

     

    (0.01

    )

     

     

    —

     

     

     

    (0.01

    )

     

     

    —

     

    Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted

    $

    2.21

     

     

    $

    1.95

     

     

    $

    1.32

     

     

    $

    1.94

     

     

    $

    1.78

     

     

    $

    1.38

     

    ____________________

    (a)

    Beginning in fiscal 2025, the company's non-GAAP income tax is calculated using a fixed estimated annual tax rate.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250227581504/en/

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    • Rain Enhancement Technologies Announces Completion of Business Combination with Coliseum Acquisition Corp., Establishing Publicly Listed Provider of Rainfall Generation Technology

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    • Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

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    • Amendment: SEC Form SC 13G/A filed by Dell Technologies Inc.

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    • Amendment: SEC Form SC 13G/A filed by Dell Technologies Inc.

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    • Amendment: SEC Form SC 13G/A filed by Dell Technologies Inc.

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    • SEC Form SD filed by Dell Technologies Inc.

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    • Dell Technologies Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

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    • SEC Form DEFA14A filed by Dell Technologies Inc.

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