Inferra AI / Company / DELL / Slides
Dell Technologies — Securities Analyst Meeting Presentation (company IR deck)
Dell Technologies (DELL) · 48 slides · Filed Oct 27, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All DELL deck slides
Slide 1 — Dell Technologies
Dell Technologies Securities Analyst Meeting S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 2 — Disclosures and Agenda
Paul Frantz Vice President, Investor Relations Disclosures and Agenda S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 3 — Disclosures
Copyright © Dell Inc. All Rights Reserved. 3 Disclosures NON-GAAP FINANCIAL MEASURES This presentation includes information about non-GAAP revenue, non-GAAP operating income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share - basic and non-GAAP earnings per share - diluted, as well as free cash flow, adjusted free cash flow, and adjusted free cash flow excluding VMware (collectively the “non-GAAP financial measures”), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles. We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in Appendix A and Appendix B. SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS Statements in this presentation that relate to future results and events, including, but not limited to, statements regarding Dell Technologies’ expectations concerning long-term revenue and non-GAAP diluted EPS growth, adjusted free cash flow generation, and long-term capital return to stockholders through share repurchases or dividends, are forward-looking statements and are based on Dell Technologies' current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “target,” “intend,” “confidence,” “may,” “plan,” “potential,” “should,” “will” and “would,” or similar expressions. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including those discussed in Dell Technologies’ periodic reports filed with the Securities and Exchange Commission. Dell Technologies assumes no obligation to update its forward-looking statements.
Slide 4 — Agenda
Copyright © Dell Inc. All Rights Reserved. 4 Agenda Company Vision Michael Dell Strategy, Operating Model & AI Opportunity Jeff Clarke Infrastructure Solutions Group Strategy Arthur Lewis Client Solutions Group Strategy Jeff Clarke Value Creation Framework David Kennedy Q&A Dell Executive Team
Slide 5 — Company Vision
Michael Dell Chairman and Chief Executive Officer Company Vision S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 6 — ~45%
Copyright © Dell Inc. All Rights Reserved. 6 Our industry continues to evolve and grow Unprecedented pace of change since we met two years ago AI technology continues to drive GDP growth AI productivity further accelerates growth See supplemental slide in Appendix C, Slide 45 for endnotes with references to footnotes on this slide. ~45% of US GDP growth is driven by AI Capex1 $15T contribution to global GDP2 More tokens, more compute … … and even more data 527 ZB of data produced by 2029, up from 173ZB in 20244 100X increase in token production3
Slide 7 — We are in the early stages of adoption & excited for what’s ahead
Copyright © Dell Inc. All Rights Reserved. 7 We are in the early stages of adoption & excited for what’s ahead Each wave of innovation builds on the prior, being fueled by data and run on a growing need for compute and infrastructure Modernization of traditional data centers will be required to fully realize AI’s potential time adoption Today Tomorrow Multi-modal Reasoning Agentic Multi-agentic Physical AI LLM
Slide 8 — Our customers continue to modernize and transform
Copyright © Dell Inc. All Rights Reserved. 8 Our customers continue to modernize and transform Turning to Dell to help them navigate rapidly changing technology and realize value from AI 85% of enterprises plan to move GenAI on-prem within the next 24 months1 77% want infrastructure vendors to provide capabilities across the AI adoption journey1 67% of enterprises plan to fund AI with incremental budget to traditional IT2 Dell is a trusted partner for customers Delivering AI factories for the largest, at scale deployments and over 3,000 enterprise customers while modernizing data centers and the edge • Customers engage Dell at the onset of their AI & architecture strategy • Our portfolio provides one stop to modernize the entire data center & edge • Our engineering innovation, services, financial services & partner ecosystem make it easy for customers See supplemental slide in Appendix C, Slide 45 for endnotes with references to footnotes on this slide.
Slide 9 — ~$4.9B
Copyright © Dell Inc. All Rights Reserved. 9 Track record of strong earnings, cash flow and capital return Durable growth and execution of our unique operating model enable significant cash flow that fuels shareholder return, underscoring our disciplined approach and commitment to long-term value creation Track Record Long-Term Value Creation Framework2 EPS GROWTH CASH FLOW CAPITAL RETURN ~$4.9B AVERAGE ANNUAL ADJ. FCF GENERATED OVER THE LAST 5.5 YRS1 80%+ RETURN OF CAPITAL TO SHAREHOLDERS $14.5B CAPTIAL RETURN SINCE FY23 100%+ NI TO ADJ. FCF CONVERSION 15%+ DILUTED EPS GROWTH 14% DILUTED EPS GROWTH CAGR SINCE FY211 See supplemental slide in Appendix C, Slide 45 for endnotes with references to footnotes on this slide.
Slide 10 — Strategy, Operating Model
Jeff Clarke Vice Chairman and Chief Operating Officer Strategy, Operating Model & AI Opportunity S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 11 — Since we last met, the pace of change has accelerated
Copyright © Dell Inc. All Rights Reserved. 11 Since we last met, the pace of change has accelerated Continues to create new opportunities to innovate and serve our customers Projected AI capex investment in 20251,2 Projected 2027 AI HW & Services opportunity3,4 Projected 2028 US Data Center power demand5 Greater compute intensity for accelerated inference/reasoning models6 Number of performant Small Language Models (SLMs)7 $400B+ $200B Today Two Years Ago $310B $124B 450TWh 245TWh 100x - 50+ - See supplemental slide in Appendix C, Slide 45 for endnotes with references to footnotes on this slide.
Slide 12 — These changes continue to play in our favor
Copyright © Dell Inc. All Rights Reserved. 12 DRAMATIC INCREASE IN COMPUTE AND INFERENCING driven by agents and reasoning models Agents grow token generation by 4-15x1 and reasoning can consume 100x more compute2 ENTERPRISES SEEKING TRUSTED OEM PARTNERS across all stages of their adoption journey 77% of enterprises seeking support from their infrastructure OEM at all stages of AI adoption3 EXPONENTIAL UNSTRUCTURED DATA GROWTH driving demand for AI-optimized storage 80% of all new data generated globally is unstructured, growing 55% annually4 MODERN, DISAGGREGATED ARCHITECTURES including high-speed networking are critical for AI workloads 83% faster read throughput for AI data lakes after using a disaggregated architecture5 LOW-COST INFERENCE AT THE EDGE driven by latest generation AI PCs Since 2022, the smallest language model to score ≥60% on MMLU shrank in size by 142x6 These changes continue to play in our favor AI delivers strong tailwinds for our value creation AI inference drives modern IT architecture supporting growth across our entire portfolio See supplemental slide in Appendix C, Slide 45 for endnotes with references to footnotes on this slide.
Slide 13 — Dell is well-positioned to capitalize on AI opportunities
Copyright © Dell Inc. All Rights Reserved. 13 Dell is well-positioned to capitalize on AI opportunities Experience with early adopters enhances our capabilities and prepares us for next waves of adoption, evidenced by being the first to ship GB200 & GB300 rack scale solutions Dell’s competitive advantages … Positions us to serve a wide range of customers Engineering Expertise Optimizing solutions at the data center level ✓ Rapid Scale Deployment Design to full installation to 1st token with exceptional pace ✓ Services Capabilities 24/7 - on site - ongoing support ✓ Enterprise • Business transformation & productivity gains • Higher attach opportunity • National-scale deployments • Focused on AI sovereignty and data control Enterprises Sovereign Tier 2 CSP • The largest, global, at scale deployments • Critical to innovation flywheel Ecosystem ✓ Financing Flexibility for Solutions & AI Data Centers ✓ Google GDC with
Slide 14 — A new computing architecture has emerged
Copyright © Dell Inc. All Rights Reserved. 14 DESIGNING DENSE, POWER-EFFICIENT CLUSTERS A new computing architecture has emerged Complexity increases exponentially with every new architecture, not only within the server, but across the entire infrastructure solution set POWER PER RACK GPU DENSITY PER RACK ~120 kW 72 ~250 kW 144 ~1 MW 576 • Consulting Services • Deployment Services • Ongoing and Managed Services • Advanced Leak Detection System • Telemetry | Insights | Visualization • Deployment & Remediation Automation • HVDC - +/- 400V | 800V • Power Distribution Units • Power Racks • Redundancy Strategies • Cold Plates • Cooling Distribution Units • Manifolds • Enclosed Rear-Door Heat Exchanger Cooling Power Software Services 0 0.2 0.4 0.6 0.8 1 Gen 1 Gen 2 Gen 3 0 200 400 600 Gen 1 Gen 2 Gen 3 Power (MW) per rack GPU density per rack
Slide 15 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 15 Leading end-to-end solutions1 Our Dell Technologies strategy remains the same Leverage our strengths to extend our leadership and capture new growth INNOVATION CULTURE CUSTOMER-CENTRICITY #1 Client Business Workstations PC Monitors High-End Gaming Server External Storage Purpose-Build Backup Appliances AI Infrastructure Industry’s largest GTM engine Broad global technology ecosystem of partners Extensive direct salesforce Modern online and consumption experiences Industry-leading supply chain Resilient, agile, sustainable at global scale Global distribution and logistics centers Automated and AI-driven Unmatched global services Service centers around the world Global footprint of direct services and support AI-driven support and experiences Unique operating model See supplemental slide in Appendix C, Slide 45 for endnotes with references to footnotes on this slide.
Slide 16 — We are applying AI to make our operating model even stronger
Copyright © Dell Inc. All Rights Reserved. 16 We are applying AI to make our operating model even stronger AI projects focus on what makes Dell differentiated … to deepen our competitive advantages AI INNOVATION AI SKILLING CUSTOMER-FIRST AI Unique operating model + AI Leading end-to-end solutions Industry’s largest GTM engine Industry-leading supply chain Unmatched global services Parts Planning Next Best Action Predictive Systems Digital Service Assistant Knowledge Assistant Product Advisor Sales Chat/Search Coding Assistant
Slide 17 — Infrastructure Solutions
Arthur Lewis President, Infrastructure Solutions Group Infrastructure Solutions Group Strategy S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 18 — Group
Copyright © Dell Inc. All Rights Reserved. 18 Infrastructure Solutions Group Data centers require $6.7T to meet compute demand1 – with AI infrastructure spending and TAM projections continuing to rise Disaggregated, seamless data flow, and shifts from cold storage to active are redefining data center design to power AI engines and agents Trusted compute and Dell IP storage enable customers to run AI where it matters most – on-prem, at the edge, and in the cloud Compute and storage leadership powers Dell’s ability to gain share, expand margins, and lead next-gen architectures AI DRIVING MASSIVE DEMAND DATA CENTER ARCHITECTURES TRANSFORMING DELL’S UNIQUE ADVANTAGE CAPTURING THE AI GROWTH WAVE See supplemental slide in Appendix C, Slide 45 for endnotes with references to footnotes on this slide.
Slide 19 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 19 ISG P&L performance1 Broadest portfolio with #1 leadership positions2 Revenue Opinc Rate Gross margin accretion actions ~8% CAGR 9.9% 11.3% 11.5% 11.4% 10.9% 13.2% 12.6% 12.8% ISG Revenue AI Server Shipments Opinc $3.1B $4.2B $3.9B $3.8B $3.7B $5.0B $4.3B $5.6B $6.2B ~9% CAGR #1 POSITIONS SERVERS • X86 • MAINSTREAM STORAGE • EXTERNAL RAID • MIDRANGE, HIGH-END • ALL-FLASH ARRAY • UNSTRUCTURED INNOVATION LEADER ACROSS THE PORTFOLIO BESPOKE AI SOLUTIONS Expand operating leverage as revenue grows especially in the AI business Deliver denser, higher-margin latest-gen traditional servers Drive Enterprise AI adoption and boost core business AI attach rates Improve ISG mix with Storage growth increasing Dell IP and value capture within products $30.9B $36.7B $34.4B $33.0B $34.4B $38.4B FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E $33.9B $43.6B $55.3B $20B $1.6B $9.8B See supplemental slide in Appendix C, Slide 46 for endnotes with references to footnotes on this slide. Steady financial performance and strong leadership positions Supported by long-term growth across financial cycles, ISG is well positioned to capture growth and increase profitability
Slide 20 — Traditional server growth driven by data center modernization
Copyright © Dell Inc. All Rights Reserved. 20 16G Servers • 2.5 – 3x more processing cores • 25 – 35% greater power efficiency • Replaces 3 – 5 legacy 14G servers • Gained ~7 points of share over the past decade • #1 in mainstream server revenue1 • Refresh of installed base paves the way for exponential increase in future compute needs 23% 23% 23% 27% 29% 28% 28% 32% 34% 31% 29% 30% 2015Q2 TTM 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Q2 TTM The consolidation opportunity is significant; over 70% of our installed base running on 14th generation servers or older 16th and 17th generation servers replace 3-7 legacy servers 17th Generation Servers have higher ASPs driven by higher content rates … with ASPs up 40% over the past three years Data Center Innovation & Consolidation Leading Mainstream Server Share1 17G Servers • 4 – 5x more processing cores • 175 – 235% greater power efficiency • Replaces 5 – 7 legacy 14G servers 16% 10% Dell #2 #3 See supplemental slide in Appendix C, Slide 46 for endnotes with references to footnotes on this slide. Traditional server growth driven by data center modernization Enterprises rearchitect data strategies to balance traditional and AI workloads, driving efficiency and resilience
Slide 21 — Storage growth driven by data center modernization
Copyright © Dell Inc. All Rights Reserved. 21 Dell IP Portfolio PRIMARY SOFTWARE DEFINED DATA PROTECTION UNSTRUCTURED AI WORKLOADS FOR ENTERPRISES AND AT-SCALE CUSTOMERS PowerMax PowerStore PowerVault PowerFlex PowerProtect DataDomain PowerScale ObjectScale PowerProtect DataManager HIGH MID ENTRY Dell Data Lakehouse End-to-end data lifecycle management Project Lightning World’s fastest parallel file system; 67% faster data access PowerScale and ObjectScale Provide performance, scalability, and security Leading Share1 External RAID High End ~20% of market Midrange ~65% of market AFA Unstructured PBBA (Data Protection HW) • #1 in all major categories of Storage1 • Expect more data generated over next 3 years than all preceding history; ~80% will be unstructured2 • Disaggregated architectures modernize data centers & optimize TCO Dell #2 #3 Dell AI Data Platform 24% 36% 23% 22% 24% 42% 11% 11% 13% 17% 23% 17% 10% 10% 11% 14% 14% 7% See supplemental slide in Appendix C, Slide 46 for endnotes with references to footnotes on this slide. Storage growth driven by data center modernization Enterprises rearchitect data strategies to balance traditional and AI workloads, driving efficiency and resilience
Slide 22 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 22 Market-leading, end-to-end solutions drive Enterprise AI adoption Faster delivery of AI outcomes broaden our business and improve gross margin, driven by strong segment profitability Today – Early Proof of Concept Medium to Long Term – AI Inference in Production 3,000+ Unique Customers Have Purchased AI Servers To Date 6,700+ Unique Customers in our Five Quarter Opportunity Pipeline Primary Small-Scale Infrastructure Focused on AI Compute Proof of Concept Focus Margin Rates above Tier 2 CSPs Expanded Revenue Opportunity at Higher Margin Rates AI Factory - Full Stack End-to-End Solutions Partner Ecosystem + SW Maintenance Hardware Software Compute Storage Networking Deployment Installation ProSupport Financial Services Go-to-Market Reach Existing Traditional Infrastructure Customer Base
Slide 23 — Client Solutions Group
Jeff Clarke Vice Chairman and Chief Operating Officer Client Solutions Group Strategy S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 24 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 24 75% 73% 74% 78% 81% 84% 25% 27% 26% 22% 19% 16% FY20 FY21 FY22 FY23 FY24 FY25 FY26E Steady financial performance and strong leadership positions Focus on commercial market has shifted our revenue mix over time towards higher margin pools Revenue #1 16% 18% 2Q15 TTM 2Q25 TTM ~2pt increase Monitors5 17% 23% 2Q15 TTM 2Q25 TTM ~6pt increase Commercial PC x-Chrome3 Client Revenue2 Commercial Intel AI PC3 Monitors5 NA Commercial PC3 6.8% 6.9% 7.1% 6.6% 7.6% 6.1% $3.1B $3.3B $4.4B $3.8B $3.7B $3.0B $3.2B ~1% CAGR Workstations4 positions in: + #1 Opinc Opinc Rate $45.9 $48.4 $61.5 $58.2 $48.9 $48.4 $50.0 CSG P&L performance1 Strong leadership positions Strong share gain track record ~1% CAGR Commercial PC Consumer PC See supplemental slide in Appendix C, Slide 46 for endnotes with references to footnotes on this slide.
Slide 25 — Trends are moving in our favor, particularly workloads at the edge
Copyright © Dell Inc. All Rights Reserved. 25 We are in the middle of the PC refresh cycle Install base and pent-up enterprise demand setting the stage 1.5B install base with many enterprise fleets approaching 3-5 years in age Peripherals ecosystem adding incremental momentum Reinforcing broader PC value proposition PC peripherals forecasted to grow at slight premium to PC core On-device AI ISV ecosystem is accelerating Rapidly building for PC-based NPU processing 100+ ISV’s optimizing for AI PC’s Small language models (SLMs) continue to explode1 In volume, performance, and capability 10x–30x improvements considering latency, energy use, and FLOPs2 AI PCs: the most cost- and energy-efficient way to run AI Purpose built for a data-distributed world 90% lower power consumption when running AI on-device3 Trends are moving in our favor, particularly workloads at the edge AI PCs will revolutionize how enterprises plan agentic AI workloads at the edge See supplemental slide in Appendix C, Slide 46 for endnotes with references to footnotes on this slide.
Slide 26 — Shifting our focus with the market
Copyright © Dell Inc. All Rights Reserved. 26 Unit CAGR2 Dell Share Shifting our focus with the market Commercial premium remains our primary focus area, with opportunities to increase scale elsewhere 6% 7% CY18-CY19 2QCY25 TTM Commercial Premium Chrome 6% ⇧ ~3 pts -1% ⇩ ~5 pts Commercial Premium Rest of Market Consumer Premium Consumer Mainstream Commercial Mainstream 18% 26% 14% 23% 33% 24% 28% 20% Industry Unit Mix1 (IDC) • Dell share has grown within our primary focus area • An opportunity exists to increase profitable presence within the remaining ~75% of the market 26% 10% See supplemental slide in Appendix C, slide 46 for endnotes with references to footnotes on this slide.
Slide 27 — We are taking decisive action to regain momentum and share
Copyright © Dell Inc. All Rights Reserved. 27 We are taking decisive action to regain momentum and share Accelerating the pace of execution and innovation to unlock unit velocity and scale Drive higher attach rates on Dell Branded Peripherals Strengthen commercial performance Fix consumer, return to growth Expand margins with branded attach Grow share & scale through better product positioning Improve Consumer profitability Drive scale & structural share gain Accelerate growth in Small & Medium Business Optimize the portfolio 1 3 2
Slide 28 — Value Creation & Capital
David Kennedy Interim Chief Financial Officer Value Creation & Capital Allocation S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 29 — Evolution of
Copyright © Dell Inc. All Rights Reserved. 29 Evolution of Dell and our long-term framework1 Driving increased value creation and shareholder returns Revenue2 Diluted EPS2 Return of Adj. FCF 2021 2023 2025 3 - 4% 3 - 4% 7 - 9% 6%+ 8%+ 15%+ 40-60% 80%+ 80%+ Target return of adj. FCF to shareholders Target return of adj. FCF to shareholders Durable Revenue Growth Multiple Levers to Drive EPS Committed to Shareholder Return Extension of Dividend Commitment to FY303 See supplemental slide in Appendix C, slide 46 for endnotes with references to footnotes on this slide.
Slide 30 — Revenue
Copyright © Dell Inc. All Rights Reserved. 30 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY302 Revenue growth Providing customers the broadest portfolio and infrastructure leadership with a strong GTM engine, global services footprint, and world class supply chain drives our strong revenue growth $85.0 $86.8 $101.2 $102.3 $88.4 $95.6 $107.0 FY20 FY21 FY22 FY23 FY24 FY25 FY26E Non-GAAP Revenue ($B)3 +4% CAGR FY20-FY26E 7 – 9% DELL TECH REVENUE CAGR Long-term financial framework1 11 – 14% Infrastructure Solutions Group 2 – 3% Client Solutions Group • Extend AI leadership through innovation and attach • Traditional server growth driven by data center modernization • Leverage leading portfolio to grow Dell-IP storage & software • PC refresh underway with aging installed base • Grow share and drive scale across Commercial and Consumer • Drive higher attach rates on peripherals 7 – 9% Revenue growth 4 See supplemental slide in Appendix C, slide 46 for endnotes with references to footnotes on this slide.
Slide 31 — EPS
Copyright © Dell Inc. All Rights Reserved. 31 7 – 9% Revenue growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY302 EPS growth EPS roughly doubling over past five years illustrates Dell’s ability to execute a strong operating model across macro environments $4.88 $6.22 $7.61 $7.37 $8.14 $9.55 FY21 FY22 FY23 FY24 FY25 FY26E Non-GAAP Diluted EPS3 +14% CAGR FY21-FY26E Long-term financial framework1 Durable Revenue Growth • Continued growth from AI and our core portfolio while driving share gain Gross Profit Growth • Rate opportunities within Storage (Dell IP mix) and AI (Enterprise growth) Operating Expense Scaling • Balancing investments to drive productivity with unlocking efficiencies Share Buybacks • Programmatic & opportunistic during periods of market dislocation 1 2 3 4 15%+ Diluted EPS growth 15%+ diluted EPS growth driven by four key levers Expect EPS to double over the next five years 4 See supplemental slide in Appendix C, slide 47 for endnotes with references to footnotes on this slide.
Slide 32 — Cash
Copyright © Dell Inc. All Rights Reserved. 32 7 – 9% Revenue growth 15%+ Diluted EPS growth 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY302 $6.5 $5.2 $1.5 $5.6 $3.1 $4.8 $3.8 $3.2 $3.9 $3.7 FY21 FY22 FY23 FY24 FY25 FY26TD Cash generation Dell has a long history of strong cash flow generation through all cycles Adjusted FCF & Shareholder Return ($B)3 Inception of shareholder return program Long-term financial framework1 Adjusted FCF Shareholder return Operating model generates strong cash flow 100%+ NI to adj. FCF conversion Average annual adjusted FCF generated since FY211 ~$4.9B Capital return to shareholders since inception of dividend >$14.5B Differentiated model drives strong negative cash conversion cycle Negative CCC See supplemental slide in Appendix C, slide 47 for endnotes with references to footnotes on this slide.
Slide 33 — Capital
Copyright © Dell Inc. All Rights Reserved. 33 7 – 9% Revenue growth 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion Capital return continues Returning strong cash flow to shareholders through 80%+ of adjusted FCF via continued dividend growth and share repurchases $1.32 $1.48 $1.78 $2.10 FY23 FY24 FY25 FY26 FY27E FY28E FY29E FY30E Dividend 10%+ annually Long-term financial framework1 $2.8 $2.1 $2.6 $2.9 757 716 705 696 675 FY22 FY23 FY24 FY25 FY26TD 80%+ Target return of adj. FCF to shareholders Remaining FCF Drive growth while maintaining investment grade rating • Committed to investment grade rating and 1.5x core leverage target • Disciplined, tuck-in M&A that accelerates our strategy Share Repurchase and Shares Outstanding share repurchase $ shares outstanding Programmatic & opportunistic approach Target to grow the dividend 10% or more annually through FY302 +12% +20% +18% 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY302 3 See supplemental slide in Appendix C, slide 47 for endnotes with references to footnotes on this slide.
Slide 34 — Committed
Copyright © Dell Inc. All Rights Reserved. 34 Committed to long-term value creation Our strategy, operating model and track record of execution have us well positioned 7 – 9% Revenue growth 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY302 Long-term financial framework1 11 – 14% Infrastructure Solutions Group 2 – 3% Client Solutions Group • AI-driven growth • Share gain across businesses • Leverage strong go-to-market engine $4.88 $6.22 $7.61 $7.37 $8.14 $9.55 FY21 FY22 FY23 FY24 FY25 FY26E Non-GAAP Diluted EPS3 +14% CAGR FY21-FY26E • Durable revenue growth • Drive gross profit growth • Operating expense scaling • Programmatic and opportunistic share buybacks $6.5 $5.2 $1.5 $5.6 $3.1 $4.8 FY21 FY22 FY23 FY24 FY25 FY26TD Adjusted FCF ($B)5 • Growth & operational excellence driving cash generation • ~$4.9B avg. over last 5.5 years5 • Differentiated negative cash conversion cycle $2.8 $2.1 $2.6 $2.9 757 716 705 696 675 FY22 FY23 FY24 FY25 FY26TD Share Repurchase ($B) and Shares Outstanding share repurchase ($B) shares outstanding • Commitment to return over 80% of adjusted FCF to shareholders • Committed to IG rating and 1.5x core leverage target • Targeted M&A to accelerate strategy $1.32 $1.48 $1.78 $2.10 FY23 FY24 FY25 FY26 FY27E FY28E FY29E FY30E Dividend 10%+ annually • Target to grow the dividend at 10% or better annually through FY302 +12% +20% +18% ~$4.9B Avg 4 See supplemental slide in Appendix C, slide 47 for endnotes with references to footnotes on this slide. 6
Slide 35 — Investment
Copyright © Dell Inc. All Rights Reserved. 35 Investment Thesis Leading market positions and a unique operating model generate consistent revenue, EPS, and cash growth, resulting in significant value creation with return of over 80% of adjusted FCF to shareholders 7 – 9% Revenue growth 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY303 Strategy Unique Operating Model We are leveraging our strengths to extend our leadership positions and capture new growth opportunities Leading end-to-end solutions portfolio1, with #1 positions across Client, Peripherals, AI and Traditional Servers, and Storage Largest GTM engine with a direct sales force and robust channel program that provides us with great insights and the ability to build deep customer relationships Industry’s leading Supply Chain that runs at global scale, yet nimble and agile to respond to macro and market fluctuations with built-in resilience Unmatched Global Services footprint with team members and service centers supporting customers around the world Applying AI to make our operating model even stronger and further competitive differentiation Attractive long- term financial framework2 See supplemental slide in Appendix C, slide 47 for endnotes with references to footnotes on this slide.
Slide 36 — Closing Remarks
Michael Dell Chairman and Chief Executive Officer Closing Remarks S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 37 — ~$4.9B
Copyright © Dell Inc. All Rights Reserved. 37 Track record of strong earnings, cash flow and capital return Durable growth and execution of our unique operating model enable significant cash flow that fuels shareholder return, underscoring our disciplined approach and commitment to long-term value creation Track Record Long-Term Value Creation Framework2 EPS GROWTH CASH FLOW CAPITAL RETURN ~$4.9B AVERAGE ANNUAL ADJ. FCF GENERATED OVER THE LAST 5.5 YRS1 80%+ RETURN OF CAPITAL TO SHAREHOLDERS $14.5B CAPTIAL RETURN SINCE FY23 100%+ NI TO ADJ. FCF CONVERSION 15%+ DILUTED EPS GROWTH 14% DILUTED EPS GROWTH CAGR SINCE FY211 See supplemental slide in Appendix C, slide 47 for endnotes with references to footnotes on this slide.
Slide 38 — Appendix A
Consolidated GAAP and non-GAAP financial statements Appendix A S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 39 — Supplemental non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 39 Supplemental non-GAAP Measures Revenue and operating income $ in millions FY20 FY21 FY22 FY23 FY24 FY25 GAAP Revenue 84,815 86,670 101,197 102,301 88,425 95,567 Impact of purchase accounting 1 229 106 32 – – – Non-GAAP revenue 85,044 86,776 101,229 102,301 88,425 95,567 GAAP operating income 2,366 3,685 4,659 5,771 5,411 6,237 Amortization of intangibles 1 3,245 2,277 1,708 1,014 833 667 Stock-based compensation 245 487 808 931 878 785 Other corporate expenses 2 960 500 610 921 756 840 Total adjustments to operating income 4,450 3,264 3,126 2,866 2,467 2,292 Non-GAAP operating income 6,816 6,949 7,785 8,637 7,878 8,529 Non-GAAP Opinc % of revenue 8.0% 8.0% 7.7% 8.4% 8.9% 8.9% 1. This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 2. Consists primarily of 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.
Slide 40 — Supplemental non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 40 Supplemental non-GAAP Measures Net income and earnings per share $ in millions, except per share amounts FY20 FY21 FY22 FY23 FY24 FY25 Net income from continuing operations attributable to Dell Technologies Inc. 525 2,249 4,948 2,442 3,388 4,592 Amortization of intangibles1 3,245 2,277 1,708 1,014 833 667 Stock-based compensation 245 487 808 931 878 785 Other corporate expenses 2 960 (64) (1,806) 1,796 793 830 Fair value adjustment on equity investments 3 (159) (427) (572) 206 (47) (177) Aggregate adjustment for income taxes 4 (1,361) (772) (156) (642) (407) (816) Total non-GAAP adjustments attributable to non-controlling interest (4) (6) (7) (13) (13) (18) Total adjustments to net income attributable to Dell Technologies Inc. 2,926 1,495 (25) 3,292 2,037 1,271 Non-GAAP net income attributable to Dell Technologies Inc. 3,451 3,744 4,923 5,734 5,425 5,863 Net income attributable to Dell Technologies Inc. 525 2,249 4,948 2,442 3,388 4,592 Weighted-average shares outstanding - basic 724 744 762 734 720 705 Earnings per share attributable to Dell Technologies Inc. - basic $0.73 $3.02 $6.49 $3.33 $4.71 $6.51 Weighted-average shares outstanding - diluted 751 767 791 753 736 720 Earnings per share attributable to Dell Technologies Inc. - diluted $0.70 $2.93 $6.26 $3.24 $4.60 $6.38 Non-GAAP net income attributable to Dell Technologies Inc. 3,451 3,744 4,923 5,734 5,425 5,863 Weighted-average shares outstanding - basic 724 744 762 734 720 705 Non-GAAP earnings per share attributable to Dell Technologies Inc. - basic $4.77 $5.03 $6.46 $7.81 $7.53 $8.32 Weighted-average shares outstanding - diluted 751 767 791 753 736 720 Non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted $4.60 $4.88 $6.22 $7.61 $7.37 $8.14 1. This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 2. Consists primarily of 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. 3. Consists of the (gain) loss on strategic investments, which includes recurring and nonrecurring fair value adjustments on equity and other investments. 4. Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items. Beginning in fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.
Slide 41 — Supplemental non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 41 Supplemental non-GAAP Measures Adjusted free cash flow $ in millions FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 Cash flow from operations 11,407 10,307 3,565 8,676 4,521 2,796 2,543 Capital expenditures & capitalized software development costs, net1 (2,062) (2,755) (2,993) (2,753) (2,563) (568) (675) Free cash flow 9,345 7,552 572 5,923 1,958 2,228 1,868 Financing receivables 2 728 241 461 (309) 951 (23) 592 Equipment under operating leases 3 474 394 500 (7) 188 27 58 Adjusted free cash flow 10,547 8,187 1,533 5,607 3,097 2,232 2,518 VMware cash flow from operations 4,409 3,220 - - - - - VMware capital expenditures (329) (263) - - - - - VMware free cash flow 4,080 2,957 - - - - - Adjusted free cash flow excluding VMware 6,467 5,230 1,533 5,607 3,097 2,232 2,518 1. Capital expenditures and capitalized software development costs, net includes proceeds from sales of facilities, land, and other assets. 2. Financing receivables represent the operating cash flow impact from the change in DFS financing receivables. 3. Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases and contractually embedded leases identified within flexible consumption arrangements. 4. Amounts are based on underlying data and may not visually foot due to rounding.
Slide 42 — Appendix B
Guidance Appendix B S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 43 — Supplemental non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 43 Supplemental non-GAAP Measures Financial guidance1 FY26 $ in billions, except per share amounts Operating income Diluted EPS GAAP guidance $7.6 - $8.0 $7.73 - $8.23 Estimated adjustments for: Amortization of intangibles 2 0.5 0.72 Stock-based compensation 0.7 1.05 Other corporate expenses 3 0.4 0.22 Fair value adjustments on equity investments 4 — (0.03) Aggregate adjustment for income taxes 5 — (0.39) Non-GAAP guidance $9.2 - $9.6 $9.30 - $9.80 1. Amounts are subject to change with no obligation to reconcile these estimates. Amounts may not visually foot due to underlying data. Additionally, revenue is the same for both GAAP and Non-GAAP guidance, respectively. 2. Amortization of intangibles represents an estimate for acquisitions completed as of August 1, 2025 and does not include estimates for potential acquisitions, if any, during FY26. 3. 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. Additionally, amount shown includes transaction related gains on sales of businesses that have been completed as of August 1, 2025 and does not include estimates for potential transactions, if any, during FY26. No estimate is included for severance expense as such expense cannot be reasonably estimated at this time. 4. 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. 5. The FY26 aggregate adjustment to reconcile from GAAP to Non-GAAP income tax expense is approximately $0.3 billion. This 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. Our non-GAAP income tax is calculated using a fixed estimated annual tax rate.
Slide 44 — Appendix C
Endnotes Appendix C S E C U R I T I E S A N A L Y S T M E E T I N G O C T O B E R 7 , 2 0 2 5
Slide 45 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 45 Endnotes Page 6: Our industry continues to evolve and grow 1. Bridgewater, August 2025. 2. PwC Research, 2025. 3. Barclays Research, US Internet Semiconductor Report, 2024. 4. IDC WW Global DataSphere, Q2 2025. Page 8: Our customers continue to modernize and transform 1. Dell Technologies, Enterprise AI Survey, 2025. 2. Citi, CIO Survey, 2Q25. Page 9: Track record of strong earnings, cash flow and capital return 1. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 2. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. Page 11: Since we last met, the pace of change has accelerated 1. Goldman Sachs, AI investment forecast to approach $200B globally by 2025, 2023. 2. Bloomberg, Includes CapEx from MSFT, Alphabet, Amazon, Meta, CoreWeave, and Oracle. 3. Dell Technologies Security Analyst Meeting, 2023 4. IDC WW AI and Generative AI Spending Guide (Aug 2025), AI HW & Services includes Business and IT Services, Server, Storage, and Networking. 5. BCG, 2023 (implied using constant CAGR between 2022 and 2030), US DoE, 2025 (using midpoint between low and high limit). 6. CNBC, Nvidia’s Jensen Huang on why DeepSeek’s new model will need 100 times more computing, 2025. 7. Artificial Analysis, MMLU-Pro Benchmark Leaderboard (number of models with <40B parameters that exceed a score of 0.55), 2025. Page 12: These changes continue to play in our favor 1. Anthropic Engineering Blog, How we build our multi-agent research system, 2025. 2. CNBC, Nvidia’s Jensen Huang on why DeepSeek’s new model will need 100 times more computing, 2025. 3. Dell Technologies, Enterprise AI Survey, 2025. 4. Gartner, Document Management Strategy Empowers Successful GenAI Deployments, 2025; Forbes, Why Unstructured Data Is Sorting Itself Out, 2025. 5. Based on Dell analysis comparing ObjectScale X560 with 4.0 to ECS EX500 with 3.8 for small-object reads, Mar. 2025. Actual results may vary. 6. Stanford, AI Index Report, 2025. Page 15: Our Dell Technologies strategy remains the same 1. Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY26 TTM; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY25Q3 using data for 3Q25; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY25Q3 using data for 3Q25; High-End Gaming (Units) - IDC WW Quarterly Gaming Tracker, CY25Q3, $1,500+ price band; Server (Revenue) - IDC WW Quarterly Server Tracker CY25Q2 using data for 2Q25; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q2 using data for 2Q25; PBBA (Revenue) – IDC WW Purpose-Built Backup Appliance (PBBA) CY25Q2 using data for 2Q25; AI Infrastructure (Revenue) - IDC Semiannual Artificial Intelligence Infrastructure Tracker, 2025H1 (Oct 2025) Page 18: Infrastructure Solutions Group 1. McKinsey, Superagency in the Workplace, 2025.
Slide 46 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 46 Endnotes Page 19: Steady financial performance and strong leadership positions 1. ISG P&L performance measures presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation. 2. x86 and Mainstream Server (Units), IDC WW Quarterly Server Tracker CY25Q2; External, High End, AFA Storage (Revenue), IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q2; HCI (Revenue), IDC WW Quarterly Converged Systems Tracker CY25Q2; #1 in Unstructured External Storage based on file and object-based storage systems per IDC Quarterly Enterprise Storage Systems Tracker, 2025Q2; Data Protection, IDC WW Data Replication and Protection Software and PBBA HW estimates CY25Q2. "Data Protection" refers to Data Replication & Protection software plus Purpose-Built Backup Appliance (PBBA) revenue. Page 20: Traditional server growth driven by data center modernization 1. IDC WW Quarterly Server Tracker, CY25Q2; Refers to Mainstream Core Server Revenue share and is based on x86, non-accelerated, and OEM vendor type and includes: Rackscale, Large System, Standard Rack, Tower, and Blade. Page 21: Storage growth driven by data center modernization 1. IDC WW Quarterly Enterprise Storage Systems Quarterly Tracker, CY25Q2; IDC WW Converged Systems Quarterly Tracker, CY25Q2; IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY25Q2. Entry represents systems priced < $25k. Midrange represents systems priced $25k < $250k. High-End includes systems priced > $250k. Unstructured refers to Scale Out, NAS, non-PBBA, and includes object and file. All stats are on a TTM basis and refer to External RAID. 2. Gartner, Document Management Strategy Empowers Successful GenAI Deployments, 2025. Page 24: Steady financial performance and strong leadership positions 1. CSG P&L performance measures presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation 2. Client PC & upsell revenue calculated by Dell Technologies by utilizing other PC OEMs’ financial public filings, as of Q2 FY26. 3. Per IDC WW Quarterly PC Device Tracker, CY25Q2, includes Workstations. 4. Per IDC WW Quarterly Workstation Tracker CY25Q2. 5. Per IDC WW Quarterly Monitor Tracker CY25Q2. Page 25: Trends are moving in our favor, particularly workloads at the edge 1. Deviniti, Small Language Models for enterprise AI: Benefits and deployment, 2025. 2. arXiv, Small Language Models are the Future of Agentic AI, 2025. Note: In terms of size and memory required for the workload. 3. University of California Riverside, A Case Study of Environmental Footprints for Generative AI Inference: Cloud versus Edge, 2025. Page 26: Shifting our focus with the market 1. Per IDC WW Quarterly PC Device Tracker, CY25Q2. Premium includes units with ASP > $800; Mainstream includes units with ASP <= $800. 2. CAGR calculated from mid-point between CY18 and CY19 (2QCY19) to 2QCY25. Page 29: Evolution of Dell and our long-term framework 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 3. Subject to ongoing board evaluation and approval. Page 30: Revenue growth 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to ongoing board evaluation and approval. 3. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 4. FY26 non-GAAP revenue represents full year guidance as of Q2, our most recent earnings release.
Slide 47 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 47 Endnotes Page 31: EPS Growth 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to ongoing board evaluation and approval. 3. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 4. FY26 non-GAAP revenue represents full year guidance as of Q2, our most recent earnings release. Page 32: Cash generation 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to ongoing board evaluation and approval. 3. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents historical adjusted free cash flow excluding VMware. Page 33: Capital return continues 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to ongoing board evaluation and approval. 3. Dividends have not yet been declared for remainder of FY26. Page 34: Committed to long-term value creation 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to ongoing board evaluation and approval. 3. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 4. FY26 non-GAAP revenue represents full year guidance as of Q2, our most recent earnings release. 5. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents historical adjusted free cash flow excluding VMware. 6. Dividends have not yet been declared for remainder of FY26. Page 35: Investment Thesis 1. Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY26 TTM; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY25Q3 using data for 3Q25; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY25Q3 using data for 3Q25; High-End Gaming (Units) - IDC WW Quarterly Gaming Tracker, CY25Q3, $1,500+ price band; Server (Revenue) - IDC WW Quarterly Server Tracker CY25Q2 using data for 2Q25; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q2 using data for 2Q25; PBBA (Revenue) – IDC WW Purpose-Built Backup Appliance (PBBA) CY25Q2 using data for 2Q25; AI Infrastructure (Revenue) - IDC Semiannual Artificial Intelligence Infrastructure Tracker, 2025H1 (Oct 2025) 2. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 3. Subject to ongoing board evaluation and approval. Page 37: Track record of strong earnings, cash flow and capital return 1. See supplemental slides in Appendix A for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 2. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information.