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Dell Technologies — Q2 FY26 Performance Review (company IR deck)
Dell Technologies (DELL) · 52 slides · Filed Oct 27, 2026
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Slide 1 — Q2 FY26
Copyright © Dell Inc. All Rights Reserved. 1 Q2 FY26 Performance Review A U G U S T 2 8 , 2 0 2 5
Slide 2 — Disclosures
Copyright © Dell Inc. All Rights Reserved. 2 Disclosures 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' Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 25, 2025. 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 SEC. 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 — Q2 FY26
Copyright © Dell Inc. All Rights Reserved. 4 Q2 FY26 Overview 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Strong operational execution with record revenue and Q2 non-GAAP EPS1 • Record revenue of $29.8B, up 19% Y/Y, driven by record AI server shipments • Diluted EPS of $1.70, up 38% Y/Y, and non-GAAP diluted EPS1 of $2.32, up 19% Y/Y Continued AI-optimized server momentum • Record shipments of $8.2B… $10B of first half shipments greater than all of FY25 • Q2 orders demand of $5.6B, with Enterprise orders and buyers both growing sequentially • AI backlog of $11.7B exiting Q2 • First in the world to ship Nvidia's GB300 NVL72 to CoreWeave in July • Our opportunity pipeline continued to grow sequentially & remains multiples of our backlog • Double digit growth across Enterprise and Sovereign opportunities Solid cash generation and capital return to shareholders • Generated $2.5B of cash flow from operations • Returned $1.3B of capital to shareholders and $14.5B since the inception of the dividend
Slide 5 — Q2 Highlights
Copyright © Dell Inc. All Rights Reserved. 5 Shipped $10B of AI- optimized servers in the first half of FY26, more than all of FY25 Cash Flow from Operations of $2.5B, and Adj. Free Cash Flow of $2.5B AI Opportunity Cash Flow Cash Flow from Operations of $2.5B in Q2, and $7.5B TTM Commercial PC Traditional Server P&L revenue was up Y/Y for the sixth consecutive quarter $ in millions, except per share amounts 2Q26 Y/Y Dell Technologies Revenue 29,776 19% Operating Income 1,773 27% Diluted EPS 1 $1.70 38% Non-GAAP Operating Income 2 2,284 10% Non-GAAP Diluted EPS 1,2 $2.32 19% Client Solutions Group CSG Revenue 12,503 1% Operating Income 803 -2% Commercial Revenue 10,781 2% Consumer Revenue 1,722 -7% Infrastructure Solutions Group ISG Revenue 16,800 44% Operating Income 1,470 14% Servers & Networking Revenue 12,944 69% Storage Revenue 3,856 -3% Commercial demand grew Y/Y for the sixth straight quarter and revenue was up 2% 1 See supplemental slides in Appendix C for weighted average shares and EPS calculation. 2 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Q2 Highlights Strong operational execution with CSG and ISG combined growth of 22% Y/Y and 19% non-GAAP EPS growth1,2
Slide 6 — Cash flow and capital returns
Copyright © Dell Inc. All Rights Reserved. 6 1 See supplemental slides in Appendix C for reconciliation of free cash flow (FCF) and adjusted FCF to cash flow from operations. 2 See footnote 5 on slide 22 for definition of core leverage ratio. We have returned $14.5B, ~97% of our adjusted FCF,1 since the inception of our dividend Cash flow and capital returns CASH FLOW FROM ADJUSTED FCF $2.5B +90% Y/Y $1.3B $2.5B +96% Y/Y OPERATIONS $6.1B CAPITAL RETURNS $1.3B $1.3B $1.0B $1.6B $5.5B $0.6B $2.8B $2.5B $4.5B $6.3B $7.5B $0.7B $3.8B $3.6B $0.5B $3.1B $2.2B $4.7B $2.5B $5.9B $0.7B $1.1B $2.4B $1.3B Fiscal Quarter TTM Share Repo Dividend Cash Flow from Operations of $2.5B, and Adj. Free Cash Flow of $2.5B Cash Position Core Leverage Our core leverage ratio2 ended Q2 at our target of 1.5x Ended the fiscal quarter with $9.8B of cash and investments Cash Flow from Operations of $2.5B, leading to a Q2 YTD record CFOps of $5.3B Solid CFOps Capital Return Returned $1.3B of capital to shareholders through ~$0.9B of share repo and ~$0.4B of dividends
Slide 7 — Guidance
Copyright © Dell Inc. All Rights Reserved. 7 1 See supplemental slides in Appendix E for reconciliation of forward-looking non-GAAP measures to their most directly comparable GAAP measures. 2 Dell Technologies assumes an 18% Non-GAAP fixed estimated annual tax rate FY26 Guidance1 • Combined CSG and ISG growth of 13% Y/Y • ISG revenue growth in the low-twenties • CSG revenue growth in the mid single-digits • Non-GAAP operating expense declining low single-digits • Non-GAAP operating income growth of ~7% Y/Y • Diluted share count of roughly 681 million shares Guidance • Combined CSG and ISG growth of 14% Y/Y • ISG revenue growth in the mid-to-high twenties with storage flat • AI Server shipments of $20B • CSG revenue growth of low-to-mid single-digits • Non-GAAP operating expense declining low single-digits • Non-GAAP operating income growth of ~10% Y/Y • Interest & Other expense between $1.4B and $1.5B Key Assumptions 3Q26 Guidance1 Revenue Non-GAAP Diluted EPS $27.0B ± $0.5B $2.45 ± $0.10 Up ~11% Y/Y Up ~11% Y/Y Revenue Non-GAAP Diluted EPS2 $107B ± $2B $9.55 ± $0.25 Up ~12% Y/Y Up ~17% Y/Y
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 Strong AI momentum with record ISG revenue and consistent operating income growth Infrastructure Solutions Group Fifth consecutive quarter of double-digit Y/Y ISG operating income growth, up +14% Y/Y in Q2 REVENUE OPERATING INCOME $7.7B, +80% Y/Y $7.4B, +58% Y/Y $6.6B, +37% Y/Y $6.3B, +16% Y/Y $12.9B, +69% Y/Y $4.0B, -5% Y/Y $4.0B, +4% Y/Y $4.7B, +5% Y/Y $4.0B, +6% Y/Y $3.9B, -3% Y/Y $16.8B +44% Y/Y +63% Q/Q Servers & Networking Storage $16.8B $10.3B $11.4B $11.4B $11.6B +44% Y/Y +12% Y/Y +22% Y/Y +34% Y/Y +38% Y/Y $1.5B +14% Y/Y +47% Q/Q % of ISG revenue Basis points 11.0% 13.3% 18.1% 9.7% 8.8% -140bps Y/Y +70bps Y/Y +280bps Y/Y +170bps Y/Y -220bps Y/Y $1,470M $998M $2,051M $1,508M $1,284M +14% Y/Y +36% Y/Y +44% Y/Y +41% Y/Y +22% Y/Y Amounts are based on underlying data and may not visually foot due to rounding. Significant traditional server refresh opportunity with over 70% of the installed base running on 14th gen servers or older Six straight quarters of traditional server revenue growth Y/Y PowerStore demand up double digits Y/Y and growing for the sixth consecutive quarter
Slide 10 — AI-Optimized Servers
Copyright © Dell Inc. All Rights Reserved. 10 1H24 2H24 FY25 FY26E ~$0B ~$1.6B $9.8B $20B 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $2.1B $2.6B $3.2B $3.6B $1.7B $1.5B $12.1B 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $0.8B $1.7B $3.1B $2.9B $2.1B $0.8B $1.8B 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $2.9B $3.8B $3.8B $4.5B $4.1B $1.5B $14.4B $5.6B $8.2B $11.7B AI-Optimized Servers Pipeline continues to expand as largest at-scale players and enterprise adoption accelerate 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 Our AI server shipments have grown from ~$0 in 1H24 to a projected $20B for FY26E 100%+ Y/Y Ecosystem Our ecosystem in this space is unmatched ✓ 1 1 Based on guidance as of August 28, 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 comprehensive 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 23% 23% 23% 27% 29% 28% 28% 29% 31% 26% 29% 28% 1Q15 TTM 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 TTM 25% 38% 53% 34% External RAID High End RAID Converged HCI 2 2 3 3 20% 28% 31% 21% 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 +$350B opportunity by 20284 1 IDC Quarterly Server Tracker, 2025Q1, based on 1Q15 – 1Q25 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, 2025Q1, based on 1Q25 TTM revenue. High End refers to systems with ASP > $250k. 3 IDC Quarterly Converged Systems Tracker 2025Q1, based on 1Q25 TTM revenue. 4 IDC Worldwide AI and Generative AI Spending Guide, V1 2025 (Aug). Hardware includes Networking Equipment, Servers, and Storage only. 2024 2026 2028 $184B $268B $356B Hardware Services +18% CAGR TTM storage share vs nearest competitors (IDC Mainstream Server Revenue) Dell gained ~5pts 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 Client Solutions Group Improved profitability sequentially driven by robust demand from small and medium businesses Sixth consecutive quarter of Y/Y demand growth in Commercial Strong Commercial demand growth across small and medium business Sequential profitability improvement of 120bps Q/Q to 6.4% Profitability improved sequentially in both Commercial and Consumer PC REVENUE OPERATING INCOME $10.6B, 0% Y/Y $10.1B, +3% Y/Y $10.0B, +5% Y/Y $11.0B, +9% Y/Y $10.8B, +2% Y/Y $1.9B, -22% Y/Y $2.0B, -18% Y/Y $1.9B, -12% Y/Y $1.5B, -19% Y/Y $1.7B, -7% Y/Y $12.5B +1% Y/Y 0% Q/Q Commercial Consumer $12.5B $12.5B $11.9B $12.1B $12.4B +1% Y/Y +5% Y/Y +1% Y/Y -1% Y/Y -4% Y/Y $803M -2% Y/Y +23% Q/Q % of CSG revenue Basis points 6.6% 6.2% 5.3% 5.2% 6.4% -110bps Y/Y -180bps Y/Y -140bps Y/Y -130bps Y/Y -20bps Y/Y $803M $653M $631M $747M $817M -2% Y/Y -16% Y/Y -19% Y/Y -24% Y/Y -18% Y/Y Amounts are based on underlying data and may not visually foot due to rounding.
Slide 15 — The PC portfolio for the AI era
Copyright © Dell Inc. All Rights Reserved. 15 The PC portfolio for the AI era Our 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 51 for endnotes with references to all footnotes on this slide. 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 16 — Innovation
Copyright © Dell Inc. All Rights Reserved. 16 Innovation
Slide 17 — YTD Innovation Overview
Copyright © Dell Inc. All Rights Reserved. 17 YTD Innovation Overview New Dell Generative AI Solutions spanning IT Infrastructure, PCs, and Professional Services Dell PowerEdge R7725 and R770: featuring NVIDIA RTX Pro 6000 Blackwell Server Edition GPUs, the R7725 is the first 2U server platform to deliver the NVIDIA AI Data Platform reference architecture. Dell AI Data Platform: helps customers quickly move from AI experimentation to production by automating data preparation using the new unstructured data engine and partnership with open- source Search AI leader Elastic. 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 Data Center Advancements and Next Gen AI Solutions 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. 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 had an "enterprise-grade" discrete NPU in market. May 1, 2025.
Slide 18 — Investment Thesis
Copyright © Dell Inc. All Rights Reserved. 18 Investment Thesis
Slide 19 — Dell Technologies investment thesis
Copyright © Dell Inc. All Rights Reserved. 19 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 24 and 25 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 20 — Committed
Copyright © Dell Inc. All Rights Reserved. 20 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 22 for definition of core leverage ratio. 5 Subject to ongoing board evaluation and approval.
Slide 21 — Significant track record of shareholder return
Copyright © Dell Inc. All Rights Reserved. 21 Significant track record of shareholder return Multiple levers driving shareholder return with Non-GAAP Diluted EPS1 nearly doubling over the last 5 fiscal years $4.88 $6.22 $7.61 $7.37 $8.14 $9.55 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 $107B 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 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 22 for definition of core leverage ratio. 4 Based on guidance as of August 28, 2025 4 90bps Opinc rate1 improvement since FY212 $9.8B AI Svr shipments FY25, up $8.2B Y/Y Core Debt Leverage at our long-term target of 1.5x3 FY21 FY26 VMware spin-off Enhanced BoD Governance: Named Lead Independent Director 100% committee independence $14.5B cumulative shareholder return since dividend inception S&P 500 Inclusion Modernization efforts drive Opex reductions while growing Initiated Capital Return Program after obtaining IG rating
Slide 22 — Proven track record of performance
Copyright © Dell Inc. All Rights Reserved. 22 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 ‒ ~5 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 ~97% of adj. FCF to shareholders since the inception of our dividend 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 CY25Q1, data between CY15Q1 – CY25Q1 TTM. Per IDC PC Units CY25Q2, data between CY15Q2 – CY25Q2 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 23 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 23 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 Q2 FY26; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY25Q2 using data for 2Q25; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY25Q1 using data for 1Q25; Server (Units) - IDC WW Quarterly Server Tracker CY25Q1 using data for 1Q25; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q1 using data for 1Q25; PBBA – IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY25Q1 using data for 1Q25; Hyperconverged Systems (HCI) (Revenue) - IDC WW Quarterly Converged Systems Tracker CY25Q1 using data for 1Q25
Slide 24 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 24 x86 Server #1 Dell is the leader with 10.3% unit share and 8.1% revenue share Per IDC WW Quarterly Server Tracker CY25Q1 Mainstream Server #1 Dell is the leader with 25.8% unit share and 26.8% revenue share Per IDC WW Quarterly Server Tracker CY25Q1. Based on x86 CPU type only. PC Monitors #1 Dell maintained the #1 position with 17.5% share Per IDC WW Quarterly Monitor Tracker CY25Q2 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 Q2 FY26 North America Desktop #1 North America Commercial PC #1 Dell maintained the #1 position with 32.6% share Per IDC WW Quarterly PC Device Tracker, CY25Q2. Includes workstations High-End PC Gaming #1 Dell maintained the #1 position with 21.1% share Per IDC WW Quarterly Gaming Tracker, CY25Q2, $1,500+ price band PC Workstations #1 Dell maintained the #1 position with 33.3% share Per IDC WW Quarterly PC Device Tracker, CY25Q2. Includes workstations Dell maintained the #1 position with 40.8% share Per IDC WW Quarterly Workstation Tracker CY25Q2 Note: based on units unless otherwise indicated. Dell Technologies Server & PC key leadership positions We have #1 positions in servers and the most profitable segments of the PC market
Slide 25 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 25 All Flash Array External RAID #1 Dell is tied for the #1 position with 20.1% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q1 AI Centric Storage #1 Dell has the #1 position with 26.9% share Per IDC Semiannual Artificial Intelligence Infrastructure Tracker, 2024H2 (Feb 2025) External RAID Enterprise Storage #1 Dell maintained the #1 position with 27.6% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q1 Purpose-Built Backup Appliance #1 Dell maintained the #1 position with 35.3% share Per IDC WW Quarterly Purpose-Built Backup Appliance Tracker CY25Q1 Mid Range RAID Storage #1 High End RAID Storage #1 Converged Systems #1 Dell maintained the #1 position with 49.5% share Per IDC WW Quarterly Converged Systems Tracker CY25Q1 Hyperconverged Systems #1 Dell maintained the #1 position with 35.2% share Per IDC WW Quarterly Converged Systems Tracker CY25Q1 Dell maintained the #1 position with 37.3% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q1 Dell maintained the #1 position with 26.1% share Per IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q1 We have #1 positions in all key storage categories Dell Technologies Storage key leadership positions
Slide 26 — Appendix A
Copyright © Dell Inc. All Rights Reserved. 26 Appendix A TRENDED FINANCIALS
Slide 27 — Consolidated GAAP results
Copyright © Dell Inc. All Rights Reserved. 27 $ in millions, except per share amounts 2Q25 3Q25 4Q25 1Q26 2Q26 Y/Y Q/Q Revenue 25,026 24,366 23,931 23,378 29,776 19% 27% Gross Margin 5,361 5,360 5,678 4,937 5,447 2% 10% Gross Margin as a % of Revenue 21.4% 22.0% 23.7% 21.1% 18.3% Selling, general, and administrative 3,189 2,894 2,746 2,964 2,889 -9% -3% Research and development 780 745 773 808 785 1% -3% Operating Expense 3,969 3,639 3,519 3,772 3,674 -7% -3% Operating Expense as a % of Revenue 15.8% 15.0% 14.7% 16.1% 12.3% Operating Income 1,392 1,721 2,159 1,165 1,773 27% 52% Operating Income as a % of Revenue 5.6% 7.1% 9.0% 5.0% 6.0% Interest and Other, Net (353) (276) (187) (82) (333) 6% -306% Income Tax Expense 157 275 440 118 276 76% 134% Effective tax rate % 15.1% 19.0% 22.3% 10.9% 19.2% Net Income 882 1,170 1,532 965 1,164 32% 21% Less: Net Loss attributable to non-controlling interests (5) (5) (1) — — 100% — Net Income attributable to Dell Technologies Inc. 887 1,175 1,533 965 1,164 31% 21% Earnings Per Share - basic 1 $1.25 $1.67 $2.19 $1.39 $1.72 38% 24% Earnings Per Share - diluted 1 $1.23 $1.64 $2.15 $1.37 $1.70 38% 24% Consolidated GAAP results 1 See supplemental slides in Appendix C for weighted average shares and EPS calculation.
Slide 28 — Consolidated non-GAAP results1
Copyright © Dell Inc. All Rights Reserved. 28 Consolidated non-GAAP results1 $ in millions, except per share amounts 2Q25 3Q25 4Q25 1Q26 2Q26 Y/Y Q/Q Revenue 25,026 24,366 23,931 23,378 29,776 19% 27% Gross Margin 5,514 5,490 5,814 5,057 5,572 1% 10% Gross Margin as a % of Revenue 22.0% 22.5% 24.3% 21.6% 18.7% Selling, general, and administrative 2,748 2,599 2,496 2,681 2,580 -6% -4% Research and development 682 639 644 710 708 4% — Operating Expense 3,430 3,238 3,140 3,391 3,288 -4% -3% Operating Expense as a % of Revenue 13.7% 13.3% 13.1% 14.5% 11.0% Operating Income 2,084 2,252 2,674 1,666 2,284 10% 37% Operating Income as a % of Revenue 8.3% 9.2% 11.2% 7.1% 7.7% Interest and Other, Net (362) (321) (344) (342) (344) 5% -1% Income Tax Expense 2 310 348 419 238 349 13% 47% Effective tax rate % 18.0% 18.0% 18.0% 18.0% 18.0% Net Income 1,412 1,583 1,911 1,086 1,591 13% 47% Less: Net Income attributable to non-controlling interests — 1 — — — — — Net Income attributable to Dell Technologies Inc. 1,412 1,582 1,911 1,086 1,591 13% 47% Earnings Per Share - basic 3 $1.99 $2.25 $2.73 $1.57 $2.35 18% 50% Earnings Per Share - diluted 3 $1.95 $2.21 $2.68 $1.55 $2.32 19% 50% 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 2 Our non-GAAP income tax is calculated using a fixed estimated annual tax rate. 3 See supplemental slides in Appendix C for weighted average shares and EPS calculation.
Slide 29 — Business units trending
Copyright © Dell Inc. All Rights Reserved. 29 Business units trending $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 Y/Y Q/Q Dell Technologies Revenue 25,026 24,366 23,931 23,378 29,776 19% 27% Operating Income 1,392 1,721 2,159 1,165 1,773 27% 52% Non-GAAP Operating Income 1 2,084 2,252 2,674 1,666 2,284 10% 37% CSG + ISG CSG + ISG Revenue 24,060 23,499 23,233 22,826 29,303 22% 28% CSG + ISG Operating Income 2,101 2,255 2,682 1,651 2,273 8% 38% Client Solutions Group CSG Revenue 12,414 12,131 11,881 12,509 12,503 1% — Operating Income 817 747 631 653 803 -2% 23% Commercial Revenue 10,556 10,138 9,996 11,046 10,781 2% -2% Consumer Revenue 1,858 1,993 1,885 1,463 1,722 -7% 18% Infrastructure Solutions Group ISG Revenue 11,646 11,368 11,352 10,317 16,800 44% 63% Operating Income 1,284 1,508 2,051 998 1,470 14% 47% Servers & Networking Revenue 7,672 7,364 6,634 6,321 12,944 69% 105% Storage Revenue 3,974 4,004 4,718 3,996 3,856 -3% -4% Corporate and Other Other Revenue 966 867 698 552 473 -51% -14% Operating Income (Loss) (17) (3) (8) 15 11 165% -27% 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
Slide 30 — Appendix B
Copyright © Dell Inc. All Rights Reserved. 30 Appendix B DEBT AND DFS SUMMARY
Slide 31 — Debt summary
Copyright © Dell Inc. All Rights Reserved. 31 Debt summary $ in billions 1 4Q25 1Q26 2Q26 Revolver - - - Senior Notes 15.1 19.1 19.1 Legacy Notes 1.0 1.0 1.0 DFS Allocated Debt (3.0) (3.1) (3.7) Total Core Debt 2 13.0 17.0 16.3 Other 0.1 0.1 0.1 DFS Debt 8.7 8.9 8.8 DFS Allocated Debt 3.0 3.1 3.7 Total DFS Related Debt 11.7 12.0 12.5 Total Debt, principal amount 24.8 29.0 28.9 1 Principal face value. 2 Core debt represents the total principal amount of our debt, less DFS related debt and other debt. Amounts are based on underlying data and may not visually foot due to rounding.
Slide 32 — DFS summary
Copyright © Dell Inc. All Rights Reserved. 32 $ in billions 2Q25 3Q25 4Q25 1Q26 2Q26 Originations 1 2.4 1.6 2.5 1.6 2.4 Y/Y 5% (11)% — (14)% —% Trailing twelve months 8.5 8.3 8.4 8.1 8.1 Y/Y (11)% (8)% — (5)% (5)% Financing Receivables 2 11.1 10.9 11.2 11.4 12.0 Operating Leases 3 2.2 2.2 2.2 2.3 2.3 Total Managed Assets 4 14.8 14.7 15.0 14.7 15.0 Y/Y 1% 6% 4% 4% 1% DFS summary 1 Originations represent the amounts of financing provided by DFS to customers for equipment and related software and services, including third-party originations. 2 Amounts represent financing receivables included on the Dell Technologies Consolidated Statements of Financial Position. 3 Amounts represent net carrying value of equipment for DFS operating leases. 4 Total managed assets consists of financing receivables, syndicated receivables DFS still services, operating leases, and committed contract value for flex on demand. Amounts are based on underlying data and may not visually foot due to rounding.
Slide 33 — Appendix C
Copyright © Dell Inc. All Rights Reserved. 33 Appendix C SUPPLEMENTAL NON-GAAP MEASURES
Slide 34 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 34 $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP gross margin 5,361 5,360 5,678 4,937 5,447 Amortization of intangibles 1 59 60 59 41 39 Stock-based compensation 38 39 37 39 37 Other corporate expenses 2 56 31 40 40 49 Total adjustments to gross margin 153 130 136 120 125 Non-GAAP gross margin 5,514 5,490 5,814 5,057 5,572 Non-GAAP GM % of revenue 22.0% 22.5% 24.3% 21.6% 18.7% Supplemental non-GAAP measures Gross margin 1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 2 Consists of severance, facilities action, impairment, and other costs.
Slide 35 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 35 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, and incentive charges related to equity investments. $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP selling, general, and administrative 3,189 2,894 2,746 2,964 2,889 Amortization of intangibles 1 (109) (108) (104) (85) (86) Stock-based compensation (103) (105) (94) (101) (95) Other corporate expenses 2 (229) (82) (52) (97) (128) Non-GAAP selling, general, and administrative 2,748 2,599 2,496 2,681 2,580 GAAP research and development 780 745 773 808 785 Stock-based compensation (50) (54) (55) (50) (47) Other corporate expenses 2 (48) (52) (74) (48) (30) Non-GAAP research and development 682 639 644 710 708 GAAP operating expenses 3,969 3,639 3,519 3,772 3,674 Amortization of intangibles 1 (109) (108) (104) (85) (86) Stock-based compensation (153) (159) (149) (151) (142) Other corporate expenses 2 (277) (134) (126) (145) (158) Total adjustments to operating expenses (539) (401) (379) (381) (386) Non-GAAP operating expenses 3,430 3,238 3,140 3,391 3,288 Non-GAAP Opex % of revenue 13.7% 13.3% 13.1% 14.5% 11.0% Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expense
Slide 36 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 36 Supplemental non-GAAP measures Operating income $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP operating income 1,392 1,721 2,159 1,165 1,773 Non-GAAP adjustments: Amortization of intangibles 1 168 168 163 126 125 Stock-based compensation 191 198 186 190 179 Other corporate expenses 2 333 165 166 185 207 Total adjustments to operating income 692 531 515 501 511 Non-GAAP operating income 2,084 2,252 2,674 1,666 2,284 Non-GAAP Opinc % of revenue 8.3% 9.2% 11.2% 7.1% 7.7% 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, and incentive charges related to equity investments. 2Q25 includes $328 million of severance expense.
Slide 37 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 37 Supplemental non-GAAP measures Interest and other $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP interest and other, net: Investment income, primarily interest 38 35 33 31 64 Gain (loss) on investments, net 5 46 156 17 4 Interest expense (387) (321) (343) (354) (399) Foreign exchange (13) (29) (32) (5) (15) Other 1 4 (7) (1) 229 13 GAAP interest and other, net (353) (276) (187) (82) (333) Adjustments: Non-GAAP adjustments 2 (9) (45) (157) (260) (11) Non-GAAP interest and other, net (362) (321) (344) (342) (344) Interest and other as a % of revenue -1.4% -1.3% -1.5% -1.4% -1.2% 1 In 1Q26, Other included a gain of $236 million on the sale of Secureworks. 2 Primarily consists of the (gain) loss on strategic investments, which includes recurring fair value adjustments on equity investments, and the gain recognized on the sale of Secureworks during 1Q26.
Slide 38 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 38 $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP income tax expense 157 275 440 118 276 Total aggregate adjustment for income taxes 1 153 73 (21) 120 73 Non-GAAP income tax expense 310 348 419 238 349 GAAP net income 882 1,170 1,532 965 1,164 Non-GAAP adjustments: Amortization of intangibles 2 168 168 163 126 125 Stock-based compensation 191 198 186 190 179 Other corporate (income) expenses 3 329 166 165 (58) 200 Fair value adjustments on equity investments 4 (5) (46) (156) (17) (4) Aggregate adjustment for income taxes 1 (153) (73) 21 (120) (73) Total adjustments 530 413 379 121 427 Non-GAAP net income 1,412 1,583 1,911 1,086 1,591 Net income % of revenue 5.6% 6.5% 8.0% 4.6% 5.3% Supplemental non-GAAP measures Income tax expense and net income 1 Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items. Our non-GAAP income tax is calculated using a fixed estimated annual tax rate. 2 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 3 Consists primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, transaction-related gains on the sale of businesses, impairment charges, and incentive charges related to equity investments. 2Q25 includes $328 million of severance expense. 1Q26 includes $236M gain on the sale of Secureworks. 4 Consists of the (gain) loss on strategic investments, which includes recurring and nonrecurring fair value adjustments on equity and other investments.
Slide 39 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 39 Supplemental non-GAAP measures Net income attributable to Dell Technologies Inc. $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP net income attributable to Dell Technologies Inc. 887 1,175 1,533 965 1,164 Amortization of intangibles 1 168 168 163 126 125 Stock-based compensation 191 198 186 190 179 Other corporate (income) expenses 2 329 166 165 (58) 200 Fair value adjustments on equity investments 3 (5) (46) (156) (17) (4) Aggregate adjustment for income taxes 4 (153) (73) 21 (120) (73) Total non-GAAP adjustments attributable to non-controlling interests (5) (6) (1) — — Total adjustments 525 407 378 121 427 Non-GAAP net income attributable to Dell Technologies Inc. 1,412 1,582 1,911 1,086 1,591 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, transaction-related gains on the sale of businesses, impairment charges, and incentive charges related to equity investments. 2Q25 includes $328 million of severance expense. 1Q26 includes $236M gain on the sale of Secureworks. 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. Our non-GAAP income tax is calculated using a fixed estimated annual tax rate.
Slide 40 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 40 Supplemental non-GAAP measures Earnings per share - basic and diluted $ in millions, except per share amounts 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP net income attributable to Dell Technologies Inc. 887 1,175 1,533 965 1,164 Weighted-average shares outstanding - basic 708 703 699 692 678 GAAP EPS attributable to Dell Technolgies Inc. - basic $1.25 $1.67 $2.19 $1.39 $1.72 GAAP net income attributable to Dell Technolgies Inc. - diluted 887 1,175 1,533 965 1,164 Weighted-average shares outstanding - diluted 724 717 714 702 686 GAAP EPS attributable to Dell Technolgies Inc. - diluted $1.23 $1.64 $2.15 $1.37 $1.70 Non-GAAP net income attributable to Dell Technologies Inc. 1,412 1,582 1,911 1,086 1,591 Weighted-average shares outstanding - basic 708 703 699 692 678 Non-GAAP EPS attributable to Dell Technolgies Inc. - basic $1.99 $2.25 $2.73 $1.57 $2.35 Non-GAAP net income attributable to Dell Technolgies Inc. - diluted 1,412 1,582 1,911 1,086 1,591 Weighted-average shares outstanding - diluted 724 717 714 702 686 Non-GAAP EPS attributable to Dell Technolgies Inc. - diluted $1.95 $2.21 $2.68 $1.55 $2.32
Slide 41 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 41 Supplemental non-GAAP measures Adjusted EBITDA $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP net income 882 1,170 1,532 965 1,164 Adjustments: Interest and other, net 353 276 187 82 333 Income tax provision 157 275 440 118 276 Depreciation and amortization 784 765 774 738 762 EBITDA 2,176 2,486 2,933 1,903 2,535 Adjustments: Stock-based compensation 191 198 186 190 179 Other corporate expenses 1 333 165 166 185 207 Adjusted EBITDA 2,700 2,849 3,285 2,278 2,921 Adj EBITDA % of revenue 10.8% 11.7% 13.7% 9.7% 9.8% 1 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.
Slide 42 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 42 Supplemental non-GAAP measures Adjusted free cash flow $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 Cash flow from operations 1,340 1,553 585 2,796 2,543 Adjustments: Capital expenditures and capitalized software development costs, net 1 (636) (639) (702) (568) (675) Free cash flow 704 914 (117) 2,228 1,868 Adjustments: Financing receivables 2 487 (233) 532 (23) 592 Equipment under operating leases 3 93 35 59 27 58 Adjusted free cash flow 1,284 716 474 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.
Slide 43 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 43 Supplemental non-GAAP measures Adjusted free cash flow $ in millions FY20 FY21 FY22 FY23 FY24 FY25 Cash flow from operations 9,291 11,407 10,307 3,565 8,676 4,521 Adjustments: Capital expenditures and capitalized software development costs, net 1 (2,553) (2,062) (2,755) (2,993) (2,753) (2,563) Free cash flow 6,738 9,345 7,552 572 5,923 1,958 Adjustments: Financing receivables 2 1,329 728 241 461 (309) 951 Equipment under operating leases 3 819 474 394 500 (7) 188 Adjusted free cash flow 8,886 10,547 8,187 1,533 5,607 3,097 VMware cash flow from operations 3,872 4,409 3,220 - - - Adjustments: VMware capital expenditures (279) (329) (263) - - - VMware free cash flow 3,593 4,080 2,957 - - - Adjusted free cash flow excluding VMware 5,293 6,467 5,230 1,533 5,607 3,097 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. Amounts are based on underlying data and may not visually foot due to rounding.
Slide 44 — Supplemental FY20 - FY25 non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 44 Supplemental FY20 - FY25 non-GAAP Measures $ in millions, except per share amounts FY20 FY21 FY22 FY23 FY24 FY25 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 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, and incentive charges related to equity investments. 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 45 — Appendix D
Copyright © Dell Inc. All Rights Reserved. 45 Appendix D SUPPLEMENTAL FINANCIAL STATEMENTS
Slide 46 — Balance Sheet
Copyright © Dell Inc. All Rights Reserved. 46 Balance Sheet Assets $ in millions 4Q25 1Q26 2Q26 Current assets: Cash and cash equivalents 3,633 7,700 8,145 Accounts receivable, net 10,298 9,785 15,023 Short-term financing receivables, net 5,304 5,381 5,952 Inventories, net 6,716 7,415 7,211 Other current assets 9,610 12,644 9,181 Current assets held for sale 668 — — Total current assets 36,229 42,925 45,512 Property, plant, and equipment, net 6,336 6,383 6,458 Long-term investments 1,496 1,591 1,596 Long-term financing receivables, net 5,927 6,042 6,071 Goodwill 19,120 19,315 19,336 Intangible assets, net 4,988 4,868 4,748 Other non-current assets 5,650 5,745 5,455 Total assets 79,746 86,869 89,176
Slide 47 — Balance Sheet
Copyright © Dell Inc. All Rights Reserved. 47 Balance Sheet Liabilities and equity $ in millions 4Q25 1Q26 2Q26 Current liabilities: Short-term debt 5,204 4,845 7,154 Accounts payable 20,832 25,349 27,463 Accrued and other 6,597 6,321 6,486 Short-term deferred revenue 13,673 13,907 13,759 Current liabilities held for sale 221 — — Total current liabilities 46,527 50,422 54,862 Long-term debt 19,363 23,936 21,535 Long-term deferred revenue 12,292 12,413 12,422 Other non-current liabilities 2,951 3,122 3,123 Total liabilities 81,133 89,893 91,942 Total Dell Technologies Inc. stockholders' equity (deficit) (1,482) (3,024) (2,766) Non-controlling interest 95 — — Total stockholders' equity (deficit) (1,387) (3,024) (2,766) Total liabilities and stockholders' equity 79,746 86,869 89,176
Slide 48 — Appendix E
Copyright © Dell Inc. All Rights Reserved. 48 Appendix E GUIDANCE
Slide 49 — Supplemental non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 49 Supplemental non-GAAP Measures Financial guidance1 3Q26 FY26 $ in billions, except per share amounts Operating expenses Operating income Diluted EPS Operating expenses Operating income Diluted EPS GAAP guidance $3.4 $2.0 - $2.2 $1.97 - $2.17 $14.1 $7.6 - $8.0 $7.73 - $8.23 Estimated adjustments for: Amortization of intangibles 2 (0.1) 0.1 0.18 (0.3) 0.5 0.72 Stock-based compensation (0.2) 0.2 0.26 (0.6) 0.7 1.05 Other corporate expenses 3 — — — (0.3) 0.4 0.22 Fair value adjustments on equity investments 4 — — — — — (0.03) Aggregate adjustment for income taxes 5 — — (0.06) — — (0.39) Non-GAAP guidance $3.1 $2.3 - $2.5 $2.35 - $2.55 $12.9 $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 50 — Appendix F
Copyright © Dell Inc. All Rights Reserved. 50 Appendix F ENDNOTES
Slide 51 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 51 Page 15: 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 had an "enterprise-grade" discrete NPU in market, May 1, 2025. 11 Per IDC WW Quarterly PC Device Tracker, CY25Q2. Based on units between CY24Q3 and CY25Q2. 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 CY25Q2. 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