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Dell Technologies — Q1 FY26 Performance Review (company IR deck)
Dell Technologies (DELL) · 53 slides · Filed Oct 27, 2026
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Slide 1 — Q1 FY26
Copyright © Dell Inc. All Rights Reserved. 1 Q1 FY26 Performance Review M AY 2 9 , 2 0 2 5
Slide 2 — Disclosures
Copyright © Dell Inc. All Rights Reserved. 2 SPIN-OFF OF VMWARE, INC. On November 1, 2021, Dell Technologies Inc. completed its spin-off of VMware, Inc. In accordance with applicable accounting guidance, the results of VMware, Inc., excluding Dell's resale of VMware, Inc. offerings, have been presented as discontinued operations and therefore excluded from continuing operations for all periods prior to the spin-off. The results of Dell’s resale of VMware, Inc.’s (now known as VMware LLC) standalone offerings are classified within Corporate and other, which does not meet the definition of a reportable segment. The Consolidated Statements of Cash Flows have not been recast to reflect the operating cash flows of VMware, Inc. as discontinued operations. Except as noted, this presentation is consistent with the foregoing accounting guidance. REVISIONS OF PRIOR PERIOD FINANCIAL RESULTS As previously reported, during the fourth quarter of fiscal 2025, Dell Technologies discovered accumulated credits from certain suppliers that were not recorded or not recorded in the correct period in its previously reported financial results. Dell Technologies initiated an investigation that indicated that the credits resulted from the actions of certain procurement employees that support a limited number of suppliers, which affected the Client Solutions Group segment. Dell Technologies 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. A summary of the revision to the impacted financial statement line items in the company’s previously issued consolidated financial statements is shown in Note 1 and Note 22 of the Notes to the Consolidated Financial Statements included in Dell Technologies' Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 25, 2025. Disclosures NON-GAAP FINANCIAL MEASURES This presentation includes information about non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating income, non- GAAP interest and other, net, non-GAAP income tax, non-GAAP net 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 adjusted EBITDA, free cash flow and adjusted free cash flow (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 C and Appendix E. SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS Statements in this presentation that relate to future results and events 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,” “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 3 — Guidance
Copyright © Dell Inc. All Rights Reserved. 3 Quarterly Review & Guidance
Slide 4 — Q1 FY26
Copyright © Dell Inc. All Rights Reserved. 4 Q1 FY26 Overview Strong execution in a dynamic macro environment • Revenue of $23.4B, up 5% Y/Y, driven by growth across all our core markets • Diluted EPS of $1.37, flat Y/Y, and non-GAAP diluted EPS1 of $1.55, up 17% Y/Y – Non-GAAP diluted EPS grew over three times faster than revenue Unprecedented demand for our AI-optimized Servers • Q1 orders demand of $12.1B, larger than all of FY25's shipments • $14.4B AI backlog exiting Q1 • Opportunity pipeline expanded sequentially and remains multiples of the backlog Record cash generation coupled with strong capital return • Generated a Q1 record $2.8B of cash flow from operations • Returned $2.4B of capital to shareholders – $2.0B of share repurchases and $396M in dividends
Slide 5 — Q1 Highlights
Copyright © Dell Inc. All Rights Reserved. 5 Cash Flow from Operations of $2.8B, and Adj. Free Cash Flow of $2.2B Q1 Highlights Strong execution with CSG and ISG combined growth of 8% Y/Y, 17% non-GAAP EPS growth,1,2 and record Q1 cash flow AI Opportunity Record Cash Flow Cash Flow from Operations of $2.8B in Q1, and $6.3B TTM Commercial PC Traditional Server Demand was up Y/Y for the sixth consecutive quarter Commercial demand grew for the fifth straight quarter and revenue was up 9% Y/Y AI-optimized server orders demand of over $12B; pipeline continues to expand sequentially
Slide 6 — Cash flow and capital returns
Copyright © Dell Inc. All Rights Reserved. 6 Cash flow and capital returns We have returned $13.2B, ~106% of our adjusted FCF,1 since the beginning of our capital return program CASH FLOW FROM ADJUSTED FCF $2.8B $1.0B $2.2B OPERATIONS $7.9B CAPITAL RETURNS $2.4B $0.6B $1.1B $1.3B $6.1B $1.6B $0.6B $2.8B $5.5B $4.5B $6.3B $1.3B $5.5B $3.8B $0.7B $3.6B $0.5B $3.1B $2.2B $4.7B $1.0B $0.7B $1.1B $2.4B Fiscal Quarter TTM Share Repo Dividend Returned $2.4B of capital to shareholders through ~$2.0B of share repo and ~$0.4B of dividends Cash Flow from Operations of $2.8B, and Adj. Free Cash Flow of $2.2B Capital Return Record CFOps A Q1 record Cash Flow from Operations of $2.8B Cash Position Core Leverage Our core leverage ratio2 ended Q1 at 1.6x after a $4B debt issuance in- quarter Ended the fiscal quarter with $9.3B of cash and investments
Slide 7 — Guidance
Copyright © Dell Inc. All Rights Reserved. 7 Q2 FY261 • Revenue expected to be in the range of $28.5 and $29.5 billion with a midpoint of $29 billion and 16% growth • Expect the combination of ISG and CSG to grow 19% at the midpoint • Expect ISG to grow significantly, driven by ~$7B of AI server shipments • Expect CSG to grow low-to-mid single digits • Expect non-GAAP Opex to be down low single digits • Expect non-GAAP Opinc to be up roughly 8% • Diluted share count expected to be approximately 685 million shares • Non-GAAP diluted EPS expected to be $2.25 plus or minus $0.10, up 15% at the midpoint FY261 • Revenue expected to be in the range of $101 and $105 billion with a midpoint of $103 billion and 8% growth • Expect the combination of ISG and CSG to grow 10% at the midpoint • Expect ISG to grow high teens, driven by $15B+ of AI server shipments • Expect CSG to grow low-to-mid single digits • Expect non-GAAP Opex to be down low single digits • Expect non-GAAP Opinc to be up roughly 9% • Expect I&O to be between $1.4 and $1.5 billion • Non-GAAP diluted EPS is expected to be $9.40, plus or minus $0.25 cents, up 15% at the midpoint, assuming an annual non-GAAP tax rate of 18%.2 Guidance
Slide 8 — Solutions Group
Copyright © Dell Inc. All Rights Reserved. 8 Infrastructure Solutions Group
Slide 9 — Infrastructure Solutions Group
Copyright © Dell Inc. All Rights Reserved. 9 Double digit revenue growth in traditional servers alongside six consecutive quarters of demand growth Operating margin expansion of +170bps Y/Y, driven by higher mix of Dell IP storage and Opex favorability Third consecutive quarter of Storage revenue growth, up 6% Y/Y PowerStore demand up double digits and growing for the fifth consecutive quarter Infrastructure Solutions Group Strong momentum with record Q1 ISG revenue, and improved profitability in Storage REVENUE OPERATING INCOME $10.3B $10.3B $11.4B $11.4B $11.6B $9.2B +12% Y/Y +22% Y/Y +34% Y/Y +38% Y/Y +22% Y/Y $1.0B $998M $2,051M $1,508M $1,284M $736M +36% Y/Y +44% Y/Y +41% Y/Y +22% Y/Y -1% Y/Y Note: Amounts are based on underlying data and may not visually foot due to rounding.
Slide 10 — AI-Optimized Servers
Copyright © Dell Inc. All Rights Reserved. 10 1H24 2H24 FY25 FY26E ~$0B ~$1.6B $9.8B $15B+ AI-Optimized Servers Pipeline continues to expand as largest at-scale players and enterprise adoption accelerates Competitive Advantages ORDERS Speed of Innovation We are designing bespoke, custom solutions for customers while being agile to respond quickly to evolving next-generation architectures Services Capabilities We provide ongoing, comprehensive support - including managed services that ensure system reliability and performance Financing Our ability to offer financing provides flexibility for customers outfitting their AI data centers ✓ Deployment & Installation We are standing up large clusters on accelerated timelines, reducing time to 1st token ✓ ✓ ✓ SHIPPED BACKLOG 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 $2.1B $2.6B $3.2B $3.6B $1.7B $1.5B $12.1B 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 $0.8B $1.7B $3.1B $2.9B $2.1B $0.8B $1.8B 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 $2.9B $3.8B $3.8B $4.5B $4.1B $1.5B $14.4B Our AI server shipments have grown from ~$0 in 1H24 to a projected $15B+ for FY26E >50% Y/Y Ecosystem Our ecosystem in this space is unmatched ✓ 1 1 Based on guidance as of May 29th, 2025.
Slide 11 — Dell Integrated Rack Scalable Systems
Copyright © Dell Inc. All Rights Reserved. 11 Choice of rack style Choice of thermal management Choice of processor Choice of AI fabric The most diverse portfolio for large-scale AI deployment Dell Integrated Rack Scalable Systems ANY RACK ANY COOLING ANY PLATFORM High Performance EIA Standard 19” Rack (IR5000 series) LIQUID COOLED AIR COOLED XE9680L/XE9685L Intel or AMD Processor Up to 96 GPUs XE7740/XE7745 Intel or AMD Processor Up to 160 SW GPUs or 80 DW GPUs XE9680 Intel processor Up to 64 GPUs XE9712 NVIDIA GB300 NVL72 Dense Acceleration LIQUID COOLED Ultimate Performance Exclusive (IR9000 series) Delivered by expanded rack scale integration services for Integrated Rack Scalable Systems → Data Center Assessment + Custom Rack Integration + One-call Support for Entire Rack Images are for illustration only and actual product may appear different than shown. Extreme Performance Standard OCP ORv3 Rack (IR7000 series) LIQUID COOLED M7725 AMD Processor Dense Compute XE8712 NVIDIA GB200 NVL4 Dense Acceleration XE9780L/XE9785L Intel or AMD Processor Up to 96 GPUs
Slide 12 — Growing AI TAM paired with #1 positions in servers and storage
Copyright © Dell Inc. All Rights Reserved. 12 25% 40% 54% 35% External RAID High End RAID Converged HCI 23% 23% 23% 27% 29% 28% 28% 29% 31% 26% 29% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 2 3 3 20% 27% 31% 20% Growing AI TAM paired with #1 positions in servers and storage Long-term structural share gains in server, and greater share than next two competitors combined in select storage categories Mainstream server share1 AI HW & services represent a $295B opportunity by 20274 1 IDC Quarterly Server Tracker, 2024Q4, based on CY13 – CY24 TTM revenue. Mainstream Server is based on OEM vendor type and includes: Large System, Standard Rack, Tower, and Blade. 2 IDC Quarterly Enterprise Storage Systems Tracker, 2024Q4, based on CY24 TTM revenue. High End refers to systems with ASP > $250k. 3 IDC Quarterly Converged Systems Tracker 2024Q4, based on CY24 TTM revenue. 4 IDC Worldwide AI and Generative AI Spending Guide, V1 2025 (Feb). Hardware includes Servers and Storage only. 2023 2025 2027 $94B $215B $295B Hardware Services +33% CAGR TTM storage share vs nearest competitors (IDC Mainstream Server Revenue) Dell gained ~6pts share over the past 10 years1 (IDC External RAID Storage Revenue & IDC Converged Revenue)
Slide 13 — Group
Copyright © Dell Inc. All Rights Reserved. 13 Client Solutions Group
Slide 14 — Client Solutions Group
Copyright © Dell Inc. All Rights Reserved. 14 Momentum increased in Commercial PCs, and our commercial portfolio is ideally suited for Enterprises, with a wider range of options and AI-capable devices Fifth consecutive quarter of Y/Y demand growth in Commercial We are in the PC refresh cycle, as we are seeing clear indications that the install base is upgrading to new Windows 11 PCs, many of them AI PCs Commercial demand growth was strongest in North America, with EMEA and APJ both up double-digits Double-digit commercial demand growth across small business, medium business, and large enterprise Client Solutions Group REVENUE OPERATING INCOME $12.5B $12.5B $11.9B $12.1B $12.4B $12.0B +5% Y/Y +1% Y/Y -1% Y/Y -4% Y/Y 0% Y/Y $653M $653M $631M $747M $817M $777M -16% Y/Y -19% Y/Y -24% Y/Y -18% Y/Y -19% Y/Y Note: Amounts are based on underlying data and may not visually foot due to rounding.
Slide 15 — Not all PCs are created equal
Copyright © Dell Inc. All Rights Reserved. 15 1.6x 1.6x 1.6x 1.7x 1.6x 1.7x 1.7x 1.7x 1.7x 1.6x 1.6x 1.6x 1.7x 1.7x 1.8x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 $1,245 $665 17% 23% 2014 2024 Not all PCs are created equal Dell focuses on commercial PCs, workstations, high-end consumer, and gaming Our total revenue per unit (TRU) is nearly 2x select competitors 1 Per IDC WW Quarterly PC Device Tracker, CY25Q1 2 Per IDC WW Quarterly PC Device Tracker, CY25Q1. Premium Consumer includes units with ASP > $800; Mainstream Consumer includes units with ASP <= $800. 3 TRU calculated by Dell Technologies by utilizing PC OEMs’ financial public filings and IDC WW Quarterly PC Device Tracker, as of Q1 FY26. 4 Select competitors refers to HP Inc. and Lenovo Ltd. Mainstream Consumer PCs Chrome Premium Consumer PCs Commercial PCs Dell CSG Select Competitors4 Our TRUs are growing at a substantial premium to the market TRU Select Competitors TRU3,4 Dell CSG TRU3 ~$1,245 ~+$260 since Q4 2020 $665 ~+$55 since Q4 2020 PC Unit Mix2 (IDC 2025 Q1 PC Units) >80% of Dell’s Unit Mix ~6 pts of Commercial PC share gain over the past 10 years Dell Commercial PC Unit Share1 (IDC Commercial PC Units) FY21 FY22 FY24 FY23 FY25 Total PC Market DELL IDC
Slide 16 — The PC portfolio for the AI era
Copyright © Dell Inc. All Rights Reserved. 16 The PC portfolio for the AI era Our new, streamlined AI PC portfolio delivers the future of computing today Dell Designed for play, school and work Dell Pro Designed for professional-grade productivity Dell Pro Max Designed for maximum performance Competitive Advantages • Includes Intel® Core Ultra, Intel® Xeon®, AMD Ryzen and AMD Threadripper processor options and professional NIVIDIA and AMD graphics • 30% more performance than predecessor9 to power intensive workloads, from video rendering to AI inferencing to fine-tuning LLMs • Pro Max Plus notebooks feature advanced patented thermal technology in Dell mobile workstations, and the world's first mobile workstation with an enterprise-grade discrete NPU10 • Includes Intel® Core Ultra (Series 2, V and U SKUs) and AMD Ryzen processor options • Delivers up to 67% longer battery life,3 92% better graphics4 & 36% better CPU performance than predecessors5 and powerful on-device AI that is 3.7x better6 • Up to 21% better overall office productivity performance7 and up to 71% quieter operations than last-gen desktop products8 • Includes Intel® Core Ultra (Series 2, V SKUs) processors with AMD and Snapdragon® X processor options • Up to 39% longer battery life,1 up to 14% thinner modern profile2 and on- device AI to boost efficiency See supplemental slide in Appendix F, Slide 52 for endnotes with references to all footnotes. World’s leading commercial AI PC brand • #1 in commercial AI PCs for the last 12 months,11 offering customer choice with the latest silicon innovation from Intel, AMD and Qualcomm • Dell Pro AI Studio, the industry’s most comprehensive AI toolkit leveraging NPU technology, accelerates on- device AI12 Most secure, manageable commercial AI PCs13 • Manage entire fleets of Dell Pro devices including PCs, displays, docks and accessories with one holistic device management solution14 • Simplified image management with a single BIOS that spans multiple hardware platforms typical in a customer’s environment Innovations across the whole desk • #1 in PC monitors worldwide,15 with world’s first 4K monitors to achieve five-star eye comfort16 certification by TUV • World’s first Tandem OLED display in a commercial laptop,17 delivering nearly 25% more energy efficiency for longer unplugged performance18
Slide 17 — Innovation
Copyright © Dell Inc. All Rights Reserved. 17 Quarterly Innovation
Slide 18 — Q1 FY26 Innovation Overview
Copyright © Dell Inc. All Rights Reserved. 18 Q1 FY26 Innovation Overview New Dell Generative AI Solutions spanning IT Infrastructure, PCs, and Professional Services Dell PowerCool Enclosed Rear Door Heat Exchanger (eRDHx): designed to capture 100% of IT heat generated with its self-contained airflow system, can reduce cooling energy costs by up to 60%1 compared to currently available solutions. Project Lightning: the world’s fastest parallel file system per new testing, delivering up to two times greater throughput than competing parallel file systems.2 Dell Managed Services for the Dell AI Factory with NVIDIA: management of the full NVIDIA AI solutions stack including AI platforms, infrastructure and NVIDIA AI Enterprise software. Dell experts handle 24x7 monitoring, reporting, version upgrades and patching. Expanded AI partner ecosystem including: Advancements for Dell AI Factory Dell Pro Max PCs Dell PowerEdge XE9712 featuring NVIDIA GB300 NVL72: offers efficiency at rack scale for training, 50 times more AI reasoning inference output and 5x improvement in throughput.3 Dell PowerEdge XE9780 and XE9785: simplify integration into existing enterprise data centers with air-cooled NVIDIA Blackwell Ultra GPUs. Dell PowerEdge XE9780L and XE9785L: supports up to 192 NVIDIA Blackwell Ultra GPUs with direct to chip liquid cooling or up to 256 NVIDIA Blackwell Ultra GPUs per Dell IR7000 rack. Dell PowerEdge XE7740 and XE7745: available with NVIDIA RTX Pro 6000 Blackwell Server Edition GPUs in July 2025. Dell PowerSwitch SN5600, SN2201 Ethernet: portfolio now includes part of the NVIDIA Spectrum-X Ethernet networking platform, and NVIDIA Quantum-X800 InfiniBand switches. Next Gen AI Solutions Dell Pro Max with GB10: delivers up to one petaflop (1000 TFLOPS) of AI computing performance and 128GB of unified memory. Dell Pro Max with GB300: delivers up to 20 petaflops of AI computing performance and 784GB of unified memory. Dell Pro Max PCs: equipped with NVIDIA RTX Pro Blackwell Generation GPUs and a variety of Intel and AMD CPU options. Dell Pro Max Plus laptop: equipped with Qualcomm® AI 100 PC Inference Cards, the world’s first mobile workstation with an enterprise-grade discrete NPU4 offers fast and secure on-device inferencing at the edge for large AI models. 1 Based on Dell analysis in April 2025. Assumes 36°C facility water supply and ASHRAE A3 inlet server air compared to 20°C facility water supply and ASHRAE A3 inlet server air. Actual savings will vary. 2 Based on Dell preliminary testing comparing random and sequential throughput per rack unit, May 2025. Actual performance may vary. 3 Based on NVIDIA claims: NVIDIA GB300 NVL72. Projected performance subject to change. Comparing AI factories featuring the GB300 NVL73 using NVIDIA Quantum -X800 InfiniBand or Spectrum - X Ethernet paired with ConnectX®-8 SuperNICS to the NVIDIA Hopper platform. 4 Based on internal analysis of workstation providers, no one has an "enterprise-grade" discrete NPU in market. May 1, 2025.
Slide 19 — Investment Thesis
Copyright © Dell Inc. All Rights Reserved. 19 Investment Thesis
Slide 20 — Dell Technologies investment thesis
Copyright © Dell Inc. All Rights Reserved. 20 Dell Technologies investment thesis Leading market positions and a unique operating model generate consistent growth and significant value creation Attractive long-term financial model 3 - 4% Revenue growth 8%+ Diluted EPS growth2 100%+ NI to adj. FCF Conversion2 80%+ Target return of adj. FCF to shareholders2 10%+ Dividend growth rate FY24-FY283 • We are leveraging our strengths to extend our leadership positions and capture new growth opportunities • Unmatched Global Services footprint with team members and service centers supporting customers around the world • Largest Go-To-Market 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 • Leading end-to-end solutions portfolio, with #1 positions across Client, Peripherals, Server, and Storage1 STRATEGY UNIQUE OPERATING MODEL 1 See slides 25 and 26 for the list of #1 positions and relevant sources. 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.
Slide 21 — Committed
Copyright © Dell Inc. All Rights Reserved. 21 Committed to long- term value creation Our strategy, operating model and track record of execution have us well positioned $5.3 $6.5 $5.2 $1.5 $5.6 $3.1 FY20 FY21 FY22 FY23 FY24 FY25 Attractive long-term financial framework 3 - 4% Revenue growth 8%+ Diluted EPS growth1 100%+ NI to adj. FCF Conversion1 80%+ Target return of adj. FCF to shareholders1 10%+ Dividend growth rate FY24-FY285 Gross Margins Cost Share Count + + = EPS Growth $4.5B Avg CSG 2-3% CAGR ISG 6-8% CAGR DELL TECH 3-4% CAGR • Leading end-to-end solutions and broadest portfolio in the industry • Demonstrated structural share gains • Opportunities to capture new growth • Growth & operational excellence driving cash generation … $4.5B avg. over last six years • Averaged over 100% NI to adj. FCF conversion over the past six years3 • Increased mix towards profitable segments … ISG, Commercial PC, Peripherals • Demonstrated cost discipline • Commitment to return over 80% of adjusted FCF to shareholders • Return via share repurchases and dividends • Committed to IG rating and maintaining 1.5x core leverage4 target • Targeted M&A that accelerates our strategy Remaining FCF 80%+ • Target to grow the dividend at 10% or better annually through FY285 • Raised our annual dividend ~18% to $2.10 per share for FY26 Targeted Dividend Payout Operational $1.48 $1.78 $2.10 FY24 FY25 FY26 FY27 FY28 Capital Return 10%+ Adjusted Free Cash Flow ($B)2 +20% +18% 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 C 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 where applicable. 3 FY20-FY25. 4 See footnote 5 on slide 23 for definition of core leverage ratio. 5 Subject to ongoing board evaluation and approval.
Slide 22 — Significant track record of shareholder return
Copyright © Dell Inc. All Rights Reserved. 22 90bps Opinc rate1 improvement since FY212 $9.8B AI Svr shipments FY25, up $8.2B Y/Y Core Debt Leverage < 1.6x3 1Q26 Modernization efforts drive Opex reductions while growing Significant track record of shareholder return Multiple levers driving shareholder return with Non-GAAP Diluted EPS1 nearly doubling over the last 5 years $4.88 $6.22 $7.61 $7.37 $8.14 $9.40 FY21 FY22 FY23 FY24 FY25 FY26E Value Creation Milestones Non-GAAP Diluted EPS & Other Non-GAAP Metrics Revenue1 $86.8B $101.2B $102.3B $88.4B $95.6B $103B Opinc1 8.0% 7.7% 8.4% 8.9% 8.9% - Cap. Return - - $3.8B $3.2B $3.9B - Dividend/Sh - - $1.32 $1.48 $1.78 $2.10 Diluted Shares (M) 767 791 753 736 720 - 14% CAGR Diluted EPS1 FY21 FY26 VMware spin-off Initiated Capital Return Program after obtaining IG rating Enhanced BoD Governance: Named Lead Independent Director 100% committee independence $13.2B cumulative shareholder return since dividend inception 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Non-GAAP diluted earnings per share, revenue, and operating income are presented on a continuing operations basis. 2 FY21-FY25. 3 See footnote 5 on slide 23 for definition of core leverage ratio. 4 Based on guidance as of May 29th, 2025 S&P 500 Inclusion 4
Slide 23 — Proven track record of performance
Copyright © Dell Inc. All Rights Reserved. 23 Proven track record of performance Consistent, profitable growth with strong cash flow over time and a commitment to capital returns Revenue1,2 Adjusted Free Cash Flow1 Diluted EPS1,2 Non-GAAP Non-GAAP • We continue to structurally gain share in our core markets3 ‒ ~6 pts of mainstream server revenue share over last ten years ‒ ~5 pts of commercial PC unit share gain over last ten years • Non-GAAP diluted EPS has grown at a 10% CAGR over the last 6 fiscal years • We have delivered $27.2B of adjusted FCF over the last 6 fiscal years • We have returned ~106% of adj. FCF to shareholders since initiating our capital return framework in 1Q23 Long-term Performance Core Debt and Other 4 Historical Core Leverage5 Core Leverage 1.5x 3.2x 2.5x 1.8x Expect revenue to grow at a 3-4% CAGR over time ~$4.5B Avg. annual adj. FCF FY20-FY25 EPS growing faster than revenue Maintained 1.5x core leverage target in FY25 1.8x 1.2x 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 2 Revenue and non-GAAP diluted earnings per share are presented on a continuing operations basis. 3 Per IDC WW Quarterly Server Tracker CY24Q4, data between CY14Q4 – CY24Q4 TTM. Per IDC PC Units CY25Q1, data between CY15Q1 – CY25Q1 TTM. 4 Core debt + margin loan, mirror note, and other debt, excluding public subsidiary debt and DFS related debt. 5 FY20-FY21 core leverage ratio is presented on a historical basis and calculated as Core debt / ((TTM Dell Tech adj. EBITDA excluding VMW) + (81% of TTM VMW EBITDA) - (TTM DFS adj. EBITDA)). FY22 is recast to be presented on a continuing operations basis and is calculated as Core debt / ((TTM adj. EBITDA) - (TTM DFS adj. EBITDA)). DFS adj. EBITDA calculated as a 4% return on assets comprised of financing receivables and DFS operating lease balance. 4% return on assets is derived from a peer benchmark analysis and is an indicative proxy for DFS EBITDA.
Slide 24 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 24 Leading end-to-end solutions1 Dell Technologies strategy Leverage our strengths to extend our leadership and capture new growth Unique operating model Innovation Culture Customer-centricity #1 Client Business Workstations PC Monitors Server External Storage PBBA HCI 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 & global scale Global distribution & logistics centers Automated and AI-driven Unmatched global services Service centers around the world Global footprint of direct services & support AI-driven support and experiences 1 Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q1 FY26; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY25Q1 using data for 1Q25; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY25Q1 using data for 1Q25; Server (Units) - IDC WW Quarterly Server Tracker CY24Q4 using data for 4Q24; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY24Q4 using data for 4Q24; PBBA – IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY24Q4 using data for 4Q24; Hyperconverged Systems (HCI) (Revenue) - IDC WW Quarterly Converged Systems Tracker CY24Q4 using data for 4Q24
Slide 25 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 25 We have #1 positions in servers and the most profitable segments of the PC market Dell Technologies Server & PC key leadership positions x86 Server #1 Dell is the leader with 11.6% unit share and 10.1% revenue share Per IDC WW Quarterly Server Tracker CY24Q4 Mainstream Server #1 Dell is the leader with 25.1% unit share and 24.1% revenue share Per IDC WW Quarterly Server Tracker CY24Q4. Based on x86 CPU type only PC Monitors #1 Dell maintained the #1 position with 17.7% share Per IDC WW Quarterly Monitor Tracker CY25Q1 Client Business #1 Leading Client Business by revenue Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q1 FY26 North America Desktop #1 North America Commercial PC #1 Dell maintained the #1 position with 32.4% share Per IDC WW Quarterly PC Device Tracker, CY25Q1. Includes workstations High-End PC Gaming #1 Dell maintained the #1 position with 19.6% share Per IDC WW Quarterly Gaming Tracker, 2025Q1, $1,500+ price band PC Workstations #1 Dell maintained the #1 position with 33.9% share Per IDC WW Quarterly PC Device Tracker, CY25Q1. Includes workstations Dell maintained the #1 position with 41.4% share Per IDC WW Quarterly Workstation Tracker CY25Q1 Note: based on units unless otherwise indicated.
Slide 26 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 26 Dell Technologies Storage key leadership positions We have #1 positions in all key storage categories All Flash Array RAID #1 Dell maintained the #1 position with 17.9% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY24Q4 AI Centric Storage #1 Dell has the #1 position with 29.3% share Per IDC Semiannual Artificial Intelligence Infrastructure Tracker, 2024H1 (Feb 2025) External RAID Enterprise Storage #1 Dell maintained the #1 position with 23.5% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY24Q4 Purpose-Built Backup Appliance #1 Dell maintained the #1 position with 34.0% share Per IDC WW Quarterly Purpose-Built Backup Appliance Tracker CY24Q4 Mid Range RAID Storage #1 High End RAID Storage #1 Converged Systems #1 Dell maintained the #1 position with 46.8% share Per IDC WW Quarterly Converged Systems Tracker CY24Q4 Hyperconverged Systems #1 Dell maintained the #1 position with 35.6% share Per IDC WW Quarterly Converged Systems Tracker CY24Q4 Dell maintained the #1 position with 36.1% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY24Q4 Dell maintained the #1 position with 21.4% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY24Q4
Slide 27 — Appendix A
Copyright © Dell Inc. All Rights Reserved. 27 Appendix A TRENDED FINANCIALS
Slide 28 — Consolidated GAAP results
Copyright © Dell Inc. All Rights Reserved. 28 Consolidated GAAP results
Slide 29 — Consolidated non-GAAP results1
Copyright © Dell Inc. All Rights Reserved. 29 Consolidated non-GAAP results1
Slide 30 — Business units trending
Copyright © Dell Inc. All Rights Reserved. 30 Business units trending
Slide 31 — Appendix B
Copyright © Dell Inc. All Rights Reserved. 31 Appendix B DEBT AND DFS SUMMARY
Slide 32 — Debt summary
Copyright © Dell Inc. All Rights Reserved. 32 Debt summary
Slide 33 — DFS summary
Copyright © Dell Inc. All Rights Reserved. 33 DFS summary
Slide 34 — Appendix C
Copyright © Dell Inc. All Rights Reserved. 34 Appendix C SUPPLEMENTAL NON-GAAP MEASURES
Slide 35 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 35 Supplemental non-GAAP measures Gross margin
Slide 36 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 36 Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expense
Slide 37 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 37 Supplemental non-GAAP measures Operating income
Slide 38 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 38 Supplemental non-GAAP measures Interest and other
Slide 39 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 39 Supplemental non-GAAP measures Income tax expense and net income
Slide 40 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 40 Supplemental non-GAAP measures Net income attributable to Dell Technologies Inc.
Slide 41 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 41 Supplemental non-GAAP measures Earnings per share - basic and diluted
Slide 42 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 42 Supplemental non-GAAP measures Adjusted EBITDA
Slide 43 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 43 Supplemental non-GAAP measures Adjusted free cash flow
Slide 44 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 44 Supplemental non-GAAP measures Adjusted free cash flow
Slide 45 — Supplemental FY20 - FY25 non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 45 Supplemental FY20 - FY25 non-GAAP Measures
Slide 46 — Appendix D
Copyright © Dell Inc. All Rights Reserved. 46 Appendix D SUPPLEMENTAL FINANCIAL STATEMENTS
Slide 47 — Balance Sheet
Copyright © Dell Inc. All Rights Reserved. 47 Balance Sheet Assets
Slide 48 — Balance Sheet
Copyright © Dell Inc. All Rights Reserved. 48 Balance Sheet Liabilities and equity
Slide 49 — Appendix E
Copyright © Dell Inc. All Rights Reserved. 49 Appendix E GUIDANCE
Slide 50 — Supplemental non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 50 Supplemental non-GAAP Measures Financial guidance1
Slide 51 — Appendix F
Copyright © Dell Inc. All Rights Reserved. 51 Appendix F ENDNOTES
Slide 52 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 52 Page 16: PC Portfolio for the AI era 1 Based on internal testing using DVT1 pre-production samples, tested with Local Video Playback, comparing Dell 14 Plus with u7 LNL/FHD+/64Whr battery vs Inspiron 14 Plus with u7 MTL H/FHD+/64Whr battery. 2 Based on internal testing comparing Dell 16 Plus (DB16250) with Inspiron 16 Plus (7640). 3 Dell Pro 13 Premium and Dell Pro 16 Plus tested. Battery life results were compared for like-to-like configs (i.e., same or similar memory, storage, display, etc.) except for CPU and battery (3Whr gen over gen increase in capacity). Based on testing using the Mobile Mark 2025 battery life benchmark test in December 2024. For more information about this benchmark test, visit www.bapco.com. Actual battery life may be significantly less than the test results and varies depending on product configuration and use, software, usage, operating conditions, power management settings and other factors. Maximum battery life will decrease with time. 4 Dell Pro 16 Plus tested with Intel U7-266V, UMA Graphics, 16GB RAM, 512GB PCIe SSD, FHD+ Display, Windows 1124H2, and 55 Whr battery. Latitude 5550 tested with Intel U7-165U, UMA Graphics, 16GB RAM, 256GB PCIe SSD, FHD Display, Windows 1123H2, and 42 Whr battery. Based on testing using 3DMark Night Raid benchmark test in December 2024. 5 Dell Pro 13 Premium tested with Intel U7-266V, ARC Graphics, 16GB RAM, 256GB PCIe SSD, FHD+ Non-Touch 400nits Display, Windows 11 and 60 Whr battery. Latitude 7350 Ultralight tested with Intel U7-165U, UMA Graphics, 16GB RAM, 256GB PCIe SSD, FHD+ Non-Touch 400 nits Display, Windows 11 and 57 Whr battery. Based on testing using Cinebench R23 benchmark test in December 2024. 6 Dell Pro 16 Plus tested with Intel U5-236V, UMA Graphics, 16GB RAM, 512GB PCIe SSD, FHD+ Display, Windows 1124H2, and 55 Whr battery. Latitude 5550 tested with Intel U5-135U, UMA Graphics, 16GB RAM, 512GB PCIe SSD, FHD Display, Windows 1123H2, and 42 Whr battery. Based on testing using Procyon AI Computer Vision - OpenVINO benchmark test in December 2024. 7 As measured with PC Mark10 on Dell Pro Micro with Intel Core Ultra 5 235T vs OptiPlex Micro 7020 with Intel 14th Gen Core i5-14500T. Results may vary depending on workloads and testing environment. 8 Versus the previous generation. Based on Dell internal testing, January 2025. 9 Based on internal evaluation of the new Dell Pro Max 14 and the previous generation, Precision 3490, February 2025. 10 Based on internal analysis of workstation providers, no one has an "enterprise-grade" discrete NPU in market, May 1, 2025. 11 Per IDC WW Quarterly PC Device Tracker, CY25Q1. Premium Commercial refers to units with ASP > $800. 12 Based on Dell internal competitive analysis, October 2024. 13 Most secure is based on Dell internal analysis, October 2024. Applicable to PCs on Intel processors. Not all features available with all PCs. Additional purchase required for some features. Validated by Principled Technologies. A comparison of security features, April 2024. Most-manageable commercial PCs when comparing the systems management capabilities of Dell Update Processes, Dell Manageability Solution capabilities and integrations with 3rd Party Management Solutions, with competitor update processes, systems management solution capabilities and integrations with 3rd party management solutions. 3rd Party Management Solution - Microsoft Intune, is a separate purchase. Based on Dell internal analysis, January 2025. 14 Based on Dell internal analysis, November 2024. 15 Per IDC WW Quarterly Monitor Tracker CY25Q1. 16 Based on Dell internal analysis of 4K monitors, October 2024. 17 Based on confirmation from Tandem OLED panel vendor (LG Display USA), November 2024. 18 Based on Dell internal testing, November 2024. Endnotes