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Dell Technologies — Q3 FY26 Performance Review (company IR deck)
Dell Technologies (DELL) · 51 slides · Filed Oct 27, 2026
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Slide 1 — Q3 FY26
Copyright © Dell Inc. All Rights Reserved. 1 Q3 FY26 Performance Review N O V E M B E R 2 5 , 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 — Q3 FY26
Copyright © Dell Inc. All Rights Reserved. 4 Q3 FY26 Overview Delivered a strong third quarter with Q3 records in revenue & non-GAAP EPS and an all-time high in AI server orders Strong operational execution leading to record Q3 results • Record Q3 revenue of $27.0B, up 11% Y/Y, driven by AI server shipments • Diluted EPS of $2.28, up 39% Y/Y, and record Q3 non-GAAP diluted EPS1 of $2.59, up 17% Y/Y • ISG profitability improved sequentially to 12.4% driven by both AI server and storage AI momentum has accelerated in the 2nd half of the year • Record orders demand of $12.3B in Q3, and $30B of orders year-to-date • AI shipments of $5.6B leading to $15.6B of shipments year-to-date • AI backlog of $18.4B exiting Q3* • Our opportunity pipeline remains multiples of our backlog and continued to grow sequentially across Neocloud (Tier 2 CSP), Sovereign and Enterprise customers • Expect to ship roughly $9.4B of AI servers in Q4 bringing FY26 shipments to roughly $25B, +150% Y/Y Solid cash generation and above-trend return to shareholders • Generated $1.2B of cash flow from operations, $6.5B YTD • Returned $1.6B of capital to shareholders leading to $5.3B returned YTD See supplemental slide in Appendix F, slide 48 for endnotes with references to footnotes on this slide. * Excludes the agreement announced by IREN on November 3, 2025, which will be reflected in Q4 orders.
Slide 5 — Q3 Highlights
Copyright © Dell Inc. All Rights Reserved. 5 Strong operational execution with ISG and CSG combined growth of 13% Y/Y and 17% non-GAAP EPS growth1,2 Q3 Highlights See supplemental slide in Appendix F, slide 48 for endnotes with references to footnotes on this slide. Booked $30B of AI-optimized server orders YTD Expect to ship $25B total in FY26 Cash Flow from Operations of $1.2B, and Adj. Free Cash Flow of $1.7B AI Opportunity Cash & Returns Cash Flow from Operations of $1.2B in Q3, and $7.1B TTM Returned an above-trend $1.6B of capital to shareholders ISG CSG Commercial revenue grew for the fifth straight quarter, up 5% Y/Y Consumer demand returned to growth $ in millions, except per share amounts 3Q26 Y/Y Dell Technologies Revenue 27,005 11% Operating Income 2,119 23% Diluted EPS 1 $2.28 39% Non-GAAP Operating Income 2 2,503 11% Non-GAAP Diluted EPS 1,2 $2.59 17% Infrastructure Solutions Group ISG Revenue 14,107 24% Operating Income 1,743 16% Servers & Networking Revenue 10,125 37% Storage Revenue 3,982 -1% Client Solutions Group CSG Revenue 12,478 3% Operating Income 748 —% Commercial Revenue 10,621 5% Consumer Revenue 1,857 -7% Sequential margin expansion driven by Dell IP storage and AI server 6Qs of double-digit Y/Y ISG operating income growth
Slide 6 — Cash flow and capital returns
Copyright © Dell Inc. All Rights Reserved. 6 We have returned $16.1B, ~97% of our adjusted FCF,1 since the inception of our dividend Cash flow and capital returns See supplemental slide in Appendix F, slide 48 for endnotes with references to footnotes on this slide. CASH FLOW FROM ADJUSTED FCF $1.2B -25% Y/Y $1.6B $1.7B +133% Y/Y OPERATIONS $5.5B CAPITAL RETURNS $1.6B $0.7B $0.7B $0.6B $4.5B $2.8B $2.5B $1.2B $6.3B $7.5B $7.1B $0.5B $3.6B $3.1B $2.2B $4.7B $2.5B $5.9B $1.7B $6.9B $1.1B $2.4B $1.3B $1.6B Fiscal Quarter TTM Share Repo Dividend Cash Flow from Operations of $1.2B, leading to YTD CFOps of $6.5B Cash Flow from Operations of $1.2B, and Adj. Free Cash Flow of $1.7B Solid CFOps Capital Return Returned $1.6B of capital to shareholders leading to $5.3B returned YTD Cash Position Core Leverage Our core leverage ratio2 ended Q3 at 1.6x Ended the fiscal quarter with $11.3B of cash and investments
Slide 7 — Guidance
Copyright © Dell Inc. All Rights Reserved. 7 FY26 Guidance1 • Combined CSG and ISG growth of 34% Y/Y • ISG revenue growth in the mid-sixties • AI Server shipments of roughly $9.4B • CSG revenue growth in the low-to-mid single-digits • Non-GAAP operating expense flat sequentially • Non-GAAP operating income growth of ~21% Y/Y • Diluted share count of roughly 672 million shares Guidance • Combined CSG and ISG growth of 20% Y/Y • ISG revenue growth of mid-to-high thirties • AI Server shipments of roughly $25B • CSG revenue growth of low-to-mid single-digits • Non-GAAP operating expense declining low single-digits • Non-GAAP operating income growth of ~14% Y/Y • Interest & Other expense of approximately $1.4B Key Assumptions 4Q26 Guidance1 Revenue Non-GAAP Diluted EPS2 $31.5B ± $0.5B $3.50 ± $0.10 Up ~32% Y/Y Up ~31% Y/Y Revenue Non-GAAP Diluted EPS2 $111.7B ± $0.5B $9.92 ± $0.10 Up ~17% Y/Y Up ~22% Y/Y See supplemental slide in Appendix F, slide 48 for endnotes with references to footnotes on this slide.
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 Amounts are based on underlying data and may not visually foot due to rounding. Strong AI momentum with record Q3 ISG revenue and consistent operating income growth Infrastructure Solutions Group Sixth consecutive quarter of double-digit Y/Y ISG operating income growth, up +16% Y/Y in Q3 Storage profitability improved sequentially as we increased both the mix and margin of Dell IP storage Double-digit demand growth for our AFA portfolio, PowerMax, PowerStore, PowerFlex, and ObjectScale REVENUE OPERATING INCOME $7.4B, +58% Y/Y $6.6B, +37% Y/Y $6.3B, +16% Y/Y $12.9B, +69% Y/Y $10.1B, +37% Y/Y $4.0B, +4% Y/Y $4.7B, +5% Y/Y $4.0B, +6% Y/Y $3.9B, -3% Y/Y $4.0B, -1% Y/Y $14.1B +24% Y/Y -16% Q/Q Servers & Networking Storage $14.1B $16.8B $10.3B $11.4B $11.4B +24% Y/Y +44% Y/Y +12% Y/Y +22% Y/Y +34% Y/Y $1.7B +16% Y/Y +19% Q/Q % of ISG revenue Basis points 13.3% 18.1% 9.7% 8.8% 12.4% +70bps Y/Y +280bps Y/Y +170bps Y/Y -220bps Y/Y -90bps Y/Y $1,743M $1,470M $998M $2,051M $1,508M +16% Y/Y +14% Y/Y +36% Y/Y +44% Y/Y +41% Y/Y Traditional server demand grew double- digits Y/Y
Slide 10 — AI-Optimized Servers
Copyright © Dell Inc. All Rights Reserved. 10 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $2.6B $3.2B $3.6B $1.7B $12.1B $2.1B $5.6B 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $1.7B $3.1B $2.9B $2.1B $1.8B $0.8B $8.2B 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $3.8B $3.8B $4.5B $4.1B $14.4B $2.9B $11.7B $12.3B $5.6B $18.4B Ecosystem ✓ Google GDC with AI-Optimized Servers Pipeline continues to expand as largest at-scale players and enterprise adoption accelerate Competitive Advantages Engineering Expertise Optimizing solutions at the data center level ✓ Rapid Scale Deployment Design to full installation to 1st token with exceptional pace ✓ Services Capabilities 24/7 - on site - ongoing support ✓ ORDERS SHIPPED BACKLOG* Financing Flexibility for Solutions & AI Data Centers ✓ 1H24 2H24 FY25 FY26E ~$0B ~$1.6B $9.8B $25B 150%+ Y/Y 1 AI server shipments expected to reach $25B for FY26E1 See supplemental slide in Appendix F, slide 48 for endnotes with references to footnotes on this slide. * Excludes the agreement announced by IREN on November 3, 2025, which will be reflected in Q4 orders.
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 — Traditional server growth driven by data center modernization
Copyright © Dell Inc. All Rights Reserved. 12 16G SERVERS • 2.5 – 3x more processing cores • 25 – 35% greater power efficiency • Replaces 3 – 5 legacy 14G servers • Gained ~7 points of share over the past decade • #1 in mainstream server revenue1 • Refresh of installed base paves the way for exponential increase in future compute needs 23% 23% 23% 27% 29% 28% 28% 32% 34% 31% 29% 30% 2015Q2 TTM 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Q2 TTM The consolidation opportunity is significant; over 70% of our installed base running on 14th generation servers or older 16th and 17th generation servers replace 3-7 legacy servers 17th generation servers have higher ASPs driven by higher content rates … with ASPs up 40% over the past three years Data Center Innovation & Consolidation Leading Mainstream Server Share1 17G SERVERS • 4 – 5x more processing cores • 175 – 235% greater power efficiency • Replaces 5 – 7 legacy 14G servers 16% 10% Dell #2 #3 Traditional server growth driven by data center modernization Enterprises rearchitect data strategies to balance traditional and AI workloads, driving efficiency and resilience See supplemental slide in Appendix F, slide 48 for endnotes with references to footnotes on this slide.
Slide 13 — Storage growth driven by data center modernization
Copyright © Dell Inc. All Rights Reserved. 13 Dell IP Portfolio PRIMARY SOFTWARE DEFINED DATA PROTECTION UNSTRUCTURED AI WORKLOADS FOR ENTERPRISES AND AT-SCALE CUSTOMERS PowerMax PowerStore PowerVault PowerFlex PowerProtect DataDomain PowerScale ObjectScale PowerProtect DataManager HIGH MID ENTRY Dell Data Lakehouse End-to-end data lifecycle management Project Lightning World’s fastest parallel file system; 67% faster data access PowerScale and ObjectScale Provide performance, scalability, and security Leading Share1 External RAID High End ~20% of market Midrange ~65% of market AFA Unstructured PBBA (Data Protection HW) • #1 in all major categories of Storage1 • Expect more data generated over next 3 years than all preceding history; ~80% will be unstructured2 • Disaggregated architectures modernize data centers & optimize TCO Dell #2 #3 Dell AI Data Platform 24% 36% 23% 22% 24% 42% 11% 11% 13% 17% 23% 17% 10% 10% 11% 14% 14% 7% Storage growth driven by data center modernization Enterprises rearchitect data strategies to balance traditional and AI workloads, driving efficiency and resilience See supplemental slide in Appendix F, slide 49 for endnotes with references to footnotes on this slide.
Slide 14 — Group
Copyright © Dell Inc. All Rights Reserved. 14 Client Solutions Group
Slide 15 — Client Solutions Group
Copyright © Dell Inc. All Rights Reserved. 15 Continued growth in Commercial driven by robust demand internationally and from small and medium businesses Client Solutions Group Five consecutive quarters of Y/Y revenue growth in Commercial Strong Commercial demand growth across small and medium business International growth accelerated, with demand up double digits Y/Y Commercial profitability remained stable sequentially REVENUE OPERATING INCOME $10.1B, +3% Y/Y $10.0B, +5% Y/Y $11.0B, +9% Y/Y $10.8B, +2% Y/Y $10.6B, +5% Y/Y $2.0B, -18% Y/Y $1.9B, -12% Y/Y $1.5B, -19% Y/Y $1.7B, -7% Y/Y $1.9B, -7% Y/Y $12.5B +3% Y/Y 0% Q/Q Commercial Consumer $12.5B $12.5B $12.5B $11.9B $12.1B +3% Y/Y +1% Y/Y +5% Y/Y +1% Y/Y -1% Y/Y $748M 0% Y/Y -7% Q/Q % of CSG revenue Basis points 6.2% 5.3% 5.2% 6.4% 6.0% -180bps Y/Y -140bps Y/Y -130bps Y/Y -20bps Y/Y -20bps Y/Y $748M $803M $653M $631M $747M 0% Y/Y -2% Y/Y -16% Y/Y -19% Y/Y -24% Y/Y Amounts are based on underlying data and may not visually foot due to rounding.
Slide 16 — Shifting our focus with the market
Copyright © Dell Inc. All Rights Reserved. 16 Unit CAGR2 Dell Share Shifting our focus with the market Commercial premium remains our primary focus area, with opportunities to increase scale elsewhere 6% 7% CY18-CY19 3QCY25 TTM Commercial Premium Chrome 6% ⇧ ~3 pts -1% ⇩ ~5 pts Commercial Premium Rest of Market Consumer Premium Consumer Mainstream Commercial Mainstream 18% 26% 14% 23% 33% 24% 28% 20% Industry Unit Mix1 (IDC) • Dell share has grown within our primary focus area • An opportunity exists to increase profitable presence within the remaining ~75% of the market 26% 10% See supplemental slide in Appendix F, slide 49 for endnotes with references to footnotes on this slide.
Slide 17 — Investment Thesis
Copyright © Dell Inc. All Rights Reserved. 17 Investment Thesis
Slide 18 — Investment
Copyright © Dell Inc. All Rights Reserved. 18 Investment thesis 7 – 9% Revenue growth 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY303 STRATEGY UNIQUE OPERATING MODEL We are leveraging our strengths to extend our leadership positions and capture new growth opportunities Leading end-to-end solutions portfolio1, with #1 positions across Client, Peripherals, AI and Traditional Servers, and Storage Largest GTM engine with a direct sales force and robust channel program that provides us with great insights and the ability to build deep customer relationships Industry’s leading Supply Chain that runs at global scale, yet nimble and agile to respond to macro and market fluctuations with built-in resilience Unmatched Global Services footprint with team members and service centers supporting customers around the world Applying AI to make our operating model even stronger and further competitive differentiation Attractive long- term financial framework2 See supplemental slide in Appendix F, slide 49 for endnotes with references to footnotes on this slide. AI Leadership Driving Growth Dell’s high-growth AI business powers major infrastructure deployments, driving strong revenue & EPS growth Core Business Strength + Capital Efficiency Strong core performance and a capital-efficient model generate significant free cash flow Commitment to Shareholder Return Consistent shareholder returns through disciplined capital allocation
Slide 19 — Committed
Copyright © Dell Inc. All Rights Reserved. 19 Committed to long-term value creation Our strategy, operating model and track record of execution have us well positioned 7 – 9% Revenue growth 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY302 Long-term financial framework1 11 – 14% Infrastructure Solutions Group 2 – 3% Client Solutions Group • AI-driven growth • Share gain across businesses • Leverage strong go-to-market engine $4.88 $6.22 $7.61 $7.37 $8.14 $9.92 FY21 FY22 FY23 FY24 FY25 FY26E Non-GAAP Diluted EPS3 +15% CAGR FY21-FY26E • Durable revenue growth • Drive gross profit growth • Operating expense scaling • Programmatic and opportunistic share buybacks $6.5 $5.2 $1.5 $5.6 $3.1 $6.4 FY21 FY22 FY23 FY24 FY25 FY26TD Adjusted FCF ($B)5 • Growth & operational excellence driving cash generation • ~$5.1B avg. over last 5.75 years5 • Differentiated negative cash conversion cycle $2.8 $2.1 $2.6 $4.2 757 716 705 696 667 FY22 FY23 FY24 FY25 FY26TD Share Repurchase ($B) and Shares Outstanding share repurchase ($B) shares outstanding • Commitment to return over 80% of adjusted FCF to shareholders • Committed to IG rating and 1.5x core leverage target • Targeted M&A to accelerate strategy $1.32 $1.48 $1.78 $2.10 FY23 FY24 FY25 FY26 FY27E FY28E FY29E FY30E Dividend 10%+ annually • Target to grow the dividend at 10% or better annually through FY302 +12% +20% +18% ~$5.1B Avg 4 See supplemental slide in Appendix F, slide 49 for endnotes with references to footnotes on this slide. 6
Slide 20 — Significant track record of shareholder return
Copyright © Dell Inc. All Rights Reserved. 20 Significant track record of shareholder return Multiple levers driving shareholder return with Non-GAAP Diluted EPS1 doubling over the last 5 fiscal years $4.88 $6.22 $7.61 $7.37 $8.14 $9.92 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 $111.7B 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 - 15% CAGR Diluted EPS1 4 90bps Opinc rate1 improvement since FY212 $9.8B AI Svr shipments FY25, up $8.2B Y/Y Core Debt Leverage at 1.6x3 FY21 FY26 VMware spin-off Enhanced BoD Governance: Named Lead Independent Director 100% committee independence $16.1B 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 See supplemental slide in Appendix F, slide 50 for endnotes with references to footnotes on this slide.
Slide 21 — Copyright © Dell Inc. All Rights Reserved.
Copyright © Dell Inc. All Rights Reserved. 21 Leading end-to-end solutions1 Dell Technologies strategy Leverage our strengths to extend our leadership and capture new growth INNOVATION CULTURE CUSTOMER-CENTRICITY #1 Client Business Workstations PC Monitors High-End Gaming Server External Storage Purpose-Build Backup Appliances AI Infrastructure Industry’s largest GTM engine Broad global technology ecosystem of partners Extensive direct salesforce Modern online and consumption experiences Industry-leading supply chain Resilient, agile, sustainable at global scale Global distribution and logistics centers Automated and AI-driven Unmatched global services Service centers around the world Global footprint of direct services and support AI-driven support and experiences Unique operating model See supplemental slide in Appendix F, slide 50 for endnotes with references to footnotes on this slide.
Slide 22 — We are applying AI to make our operating model even stronger
Copyright © Dell Inc. All Rights Reserved. 22 We are applying AI to make our operating model even stronger AI projects focus on what makes Dell differentiated … to deepen our competitive advantages AI INNOVATION AI SKILLING CUSTOMER-FIRST AI Unique operating model + AI Leading end-to-end solutions Industry’s largest GTM engine Industry-leading supply chain Unmatched global services Parts Planning Next Best Action Predictive Systems Digital Service Assistant Knowledge Assistant Product Advisor Sales Chat/Search Coding Assistant
Slide 23 — Appendix A
Copyright © Dell Inc. All Rights Reserved. 23 Appendix A TRENDED FINANCIALS
Slide 24 — Consolidated GAAP results
Copyright © Dell Inc. All Rights Reserved. 24 Consolidated GAAP results $ in millions, except per share amounts 3Q25 4Q25 1Q26 2Q26 3Q26 Y/Y Q/Q Revenue 24,366 23,931 23,378 29,776 27,005 11% -9% Gross Margin 5,360 5,678 4,937 5,447 5,593 4% 3% Gross Margin as a % of Revenue 22.0% 23.7% 21.1% 18.3% 20.7% Selling, general, and administrative 2,894 2,746 2,964 2,889 2,722 -6% -6% Research and development 745 773 808 785 752 1% -4% Operating Expense 3,639 3,519 3,772 3,674 3,474 -5% -5% Operating Expense as a % of Revenue 15.0% 14.7% 16.1% 12.3% 12.9% Operating Income 1,721 2,159 1,165 1,773 2,119 23% 20% Operating Income as a % of Revenue 7.1% 9.0% 5.0% 6.0% 7.8% Interest and Other, Net (276) (187) (82) (333) (178) 36% 47% Income Tax Expense 275 440 118 276 393 43% 42% Effective tax rate % 19.0% 22.3% 10.9% 19.2% 20.2% Net Income 1,170 1,532 965 1,164 1,548 32% 33% Less: Net Loss attributable to non-controlling interests (5) (1) — — — 100% —% Net Income attributable to Dell Technologies Inc. 1,175 1,533 965 1,164 1,548 32% 33% Earnings Per Share - basic 1 $1.67 $2.19 $1.39 $1.72 $2.31 38% 34% Earnings Per Share - diluted 1 $1.64 $2.15 $1.37 $1.70 $2.28 39% 34% 1 See supplemental slides in Appendix C for weighted average shares and EPS calculation.
Slide 25 — Consolidated non-GAAP results1
Copyright © Dell Inc. All Rights Reserved. 25 Consolidated non-GAAP results1 $ in millions, except per share amounts 3Q25 4Q25 1Q26 2Q26 3Q26 Y/Y Q/Q Revenue 24,366 23,931 23,378 29,776 27,005 11% -9% Gross Margin 5,490 5,814 5,057 5,572 5,686 4% 2% Gross Margin as a % of Revenue 22.5% 24.3% 21.6% 18.7% 21.1% Selling, general, and administrative 2,599 2,496 2,681 2,580 2,510 -3% -3% Research and development 639 644 710 708 673 5% -5 Operating Expense 3,238 3,140 3,391 3,288 3,183 -2% -3% Operating Expense as a % of Revenue 13.3% 13.1% 14.5% 11.0% 11.8% Operating Income 2,252 2,674 1,666 2,284 2,503 11% 10% Operating Income as a % of Revenue 9.2% 11.2% 7.1% 7.7% 9.3% Interest and Other, Net (321) (344) (342) (344) (354) -10% -3% Income Tax Expense 2 348 419 238 349 387 11% 11% Effective tax rate % 18.0% 18.0% 18.0% 18.0% 18.0% Net Income 1,583 1,911 1,086 1,591 1,762 11% 11% Less: Net Income attributable to non-controlling interests 1 — — — — -100% —% Net Income attributable to Dell Technologies Inc. 1,582 1,911 1,086 1,591 1,762 11% 11% Earnings Per Share - basic 3 $2.25 $2.73 $1.57 $2.35 $2.63 17% 12% Earnings Per Share - diluted 3 $2.21 $2.68 $1.55 $2.32 $2.59 17% 12% 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 26 — Business units trending
Copyright © Dell Inc. All Rights Reserved. 26 Business units trending $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Y/Y Q/Q Dell Technologies Revenue 24,366 23,931 23,378 29,776 27,005 11% -9% Operating Income 1,721 2,159 1,165 1,773 2,119 23% 20% Non-GAAP Operating Income 1 2,252 2,674 1,666 2,284 2,503 11% 10% ISG + CSG ISG + CSG Revenue 23,499 23,233 22,826 29,303 26,585 13% -9% ISG + CSG Operating Income 2,255 2,682 1,651 2,273 2,491 10% 10% Infrastructure Solutions Group ISG Revenue 11,368 11,352 10,317 16,800 14,107 24% -16% Operating Income 1,508 2,051 998 1,470 1,743 16% 19% Servers & Networking Revenue 7,364 6,634 6,321 12,944 10,125 37% -22% Storage Revenue 4,004 4,718 3,996 3,856 3,982 -1% 3% Client Solutions Group CSG Revenue 12,131 11,881 12,509 12,503 12,478 3% —% Operating Income 747 631 653 803 748 —% -7% Commercial Revenue 10,138 9,996 11,046 10,781 10,621 5% -1% Consumer Revenue 1,993 1,885 1,463 1,722 1,857 -7% 8% Corporate and Other Other Revenue 867 698 552 473 420 -52% -11% Operating Income (Loss) (3) (8) 15 11 12 500% 9% 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
Slide 27 — Appendix B
Copyright © Dell Inc. All Rights Reserved. 27 Appendix B DEBT AND DFS SUMMARY
Slide 28 — Debt summary
Copyright © Dell Inc. All Rights Reserved. 28 Debt summary $ in billions 1 4Q25 1Q26 2Q26 3Q26 Revolver — — — — Senior Notes 15.1 19.1 19.1 21.6 Legacy Notes 1.0 1.0 1.0 1.0 DFS Allocated Debt (3.0) (3.1) (3.7) (4.7) Total Core Debt 2 13.0 17.0 16.3 17.9 Other 0.1 0.1 0.1 0.1 DFS Debt 8.7 8.9 8.8 8.9 DFS Allocated Debt 3.0 3.1 3.7 4.7 Total DFS Related Debt 11.7 12.0 12.5 13.6 Total Debt, principal amount 24.8 29.0 28.9 31.5 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 29 — DFS summary
Copyright © Dell Inc. All Rights Reserved. 29 $ in billions 3Q25 4Q25 1Q26 2Q26 3Q26 Originations 1 1.6 2.5 1.6 2.4 3.1 Y/Y -11% —% -14% —% 94% Trailing twelve months 8.3 8.4 8.1 8.1 9.6 Y/Y -8% —% -5% -5% 16% Financing Receivables 2 10.9 11.2 11.4 12.0 13.2 Operating Leases 3 2.2 2.2 2.3 2.3 2.4 Total Managed Assets 4 14.7 15.0 14.7 15.0 15.8 Y/Y 6% 4% 4% 1% 7% 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 30 — Appendix C
Copyright © Dell Inc. All Rights Reserved. 30 Appendix C SUPPLEMENTAL NON-GAAP MEASURES
Slide 31 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 31 $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP gross margin 5,360 5,678 4,937 5,447 5,593 Amortization of intangibles 1 60 59 41 39 41 Stock-based compensation 39 37 39 37 38 Other corporate expenses 2 31 40 40 49 14 Total adjustments to gross margin 130 136 120 125 93 Non-GAAP gross margin 5,490 5,814 5,057 5,572 5,686 Non-GAAP GM % of revenue 22.5% 24.3% 21.6% 18.7% 21.1% 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 32 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 32 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 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP selling, general, and administrative 2,894 2,746 2,964 2,889 2,722 Amortization of intangibles 1 (108) (104) (85) (86) (80) Stock-based compensation (105) (94) (101) (95) (81) Other corporate expenses 2 (82) (52) (97) (128) (51) Non-GAAP selling, general, and administrative 2,599 2,496 2,681 2,580 2,510 GAAP research and development 745 773 808 785 752 Stock-based compensation (54) (55) (50) (47) (46) Other corporate expenses 2 (52) (74) (48) (30) (33) Non-GAAP research and development 639 644 710 708 673 GAAP operating expenses 3,639 3,519 3,772 3,674 3,474 Amortization of intangibles 1 (108) (104) (85) (86) (80) Stock-based compensation (159) (149) (151) (142) (127) Other corporate expenses 2 (134) (126) (145) (158) (84) Total adjustments to operating expenses (401) (379) (381) (386) (291) Non-GAAP operating expenses 3,238 3,140 3,391 3,288 3,183 Non-GAAP Opex % of revenue 13.3% 13.1% 14.5% 11.0% 11.8% Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expense
Slide 33 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 33 Supplemental non-GAAP measures Operating income $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP operating income 1,721 2,159 1,165 1,773 2,119 Non-GAAP adjustments: Amortization of intangibles 1 168 163 126 125 121 Stock-based compensation 198 186 190 179 165 Other corporate expenses 2 165 166 185 207 98 Total adjustments to operating income 531 515 501 511 384 Non-GAAP operating income 2,252 2,674 1,666 2,284 2,503 Non-GAAP Opinc % of revenue 9.2% 11.2% 7.1% 7.7% 9.3% 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.
Slide 34 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 34 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. Supplemental non-GAAP measures Interest and other $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP interest and other, net: Investment income, primarily interest 35 33 31 64 72 Gain (loss) on investments, net 46 156 17 4 173 Interest expense (321) (343) (354) (399) (396) Foreign exchange (29) (32) (5) (15) (37) Other 1 (7) (1) 229 13 10 GAAP interest and other, net (276) (187) (82) (333) (178) Adjustments: Non-GAAP adjustments 2 (45) (157) (260) (11) (176) Non-GAAP interest and other, net (321) (344) (342) (344) (354) Interest and other as a % of revenue -1.3% -1.5% -1.4% -1.2% -1.3%
Slide 35 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 35 $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP income tax expense 275 440 118 276 393 Total aggregate adjustment for income taxes 1 73 (21) 120 73 (6) Non-GAAP income tax expense 348 419 238 349 387 GAAP net income 1,170 1,532 965 1,164 1,548 Non-GAAP adjustments: Amortization of intangibles 2 168 163 126 125 121 Stock-based compensation 198 186 190 179 165 Other corporate (income) expenses 3 166 165 (58) 200 95 Fair value adjustments on equity investments 4 (46) (156) (17) (4) (173) Aggregate adjustment for income taxes 1 (73) 21 (120) (73) 6 Total adjustments 413 379 121 427 214 Non-GAAP net income 1,583 1,911 1,086 1,591 1,762 Net income % of revenue 6.5% 8.0% 4.6% 5.3% 6.5% 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. 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 36 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 36 Supplemental non-GAAP measures Net income attributable to Dell Technologies Inc. $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP net income attributable to Dell Technologies Inc. 1,175 1,533 965 1,164 1,548 Amortization of intangibles 1 168 163 126 125 121 Stock-based compensation 198 186 190 179 165 Other corporate (income) expenses 2 166 165 (58) 200 95 Fair value adjustments on equity investments 3 (46) (156) (17) (4) (173) Aggregate adjustment for income taxes 4 (73) 21 (120) (73) 6 Total non-GAAP adjustments attributable to non-controlling interests (6) (1) — — — Total adjustments 407 378 121 427 214 Non-GAAP net income attributable to Dell Technologies Inc. 1,582 1,911 1,086 1,591 1,762 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. 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 37 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 37 Supplemental non-GAAP measures Earnings per share - basic and diluted $ in millions, except per share amounts 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP net income attributable to Dell Technologies Inc. 1,175 1,533 965 1,164 1,548 Weighted-average shares outstanding - basic 703 699 692 678 671 GAAP EPS attributable to Dell Technolgies Inc. - basic $1.67 $2.19 $1.39 $1.72 $2.31 GAAP net income attributable to Dell Technolgies Inc. - diluted 1,175 1,533 965 1,164 1,548 Weighted-average shares outstanding - diluted 717 714 702 686 680 GAAP EPS attributable to Dell Technolgies Inc. - diluted $1.64 $2.15 $1.37 $1.70 $2.28 Non-GAAP net income attributable to Dell Technologies Inc. 1,582 1,911 1,086 1,591 1,762 Weighted-average shares outstanding - basic 703 699 692 678 671 Non-GAAP EPS attributable to Dell Technolgies Inc. - basic $2.25 $2.73 $1.57 $2.35 $2.63 Non-GAAP net income attributable to Dell Technolgies Inc. - diluted 1,582 1,911 1,086 1,591 1,762 Weighted-average shares outstanding - diluted 717 714 702 686 680 Non-GAAP EPS attributable to Dell Technolgies Inc. - diluted $2.21 $2.68 $1.55 $2.32 $2.59
Slide 38 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 38 Supplemental non-GAAP measures Adjusted EBITDA $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP net income 1,170 1,532 965 1,164 1,548 Adjustments: Interest and other, net 276 187 82 333 178 Income tax provision 275 440 118 276 393 Depreciation and amortization 765 774 738 762 756 EBITDA 2,486 2,933 1,903 2,535 2,875 Adjustments: Stock-based compensation 198 186 190 179 165 Other corporate expenses 1 165 166 185 207 98 Adjusted EBITDA 2,849 3,285 2,278 2,921 3,138 Adj EBITDA % of revenue 11.7% 13.7% 9.7% 9.8% 11.6% 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 39 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 39 Supplemental non-GAAP measures Adjusted free cash flow $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Cash flow from operations 1,553 585 2,796 2,543 1,172 Adjustments: Capital expenditures and capitalized software development costs, net 1 (639) (702) (568) (675) (666) Free cash flow 914 (117) 2,228 1,868 506 Adjustments: Financing receivables 2 (233) 532 (23) 592 1,135 Equipment under operating leases 3 35 59 27 58 29 Adjusted free cash flow 716 474 2,232 2,518 1,670 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 40 — Supplemental non-GAAP measures
Copyright © Dell Inc. All Rights Reserved. 40 Supplemental non-GAAP measures Adjusted free cash flow $ in millions FY21 FY22 FY23 FY24 FY25 Cash flow from operations 11,407 10,307 3,565 8,676 4,521 Adjustments: Capital expenditures and capitalized software development costs, net 1 (2,062) (2,755) (2,993) (2,753) (2,563) Free cash flow 9,345 7,552 572 5,923 1,958 Adjustments: Financing receivables 2 728 241 461 (309) 951 Equipment under operating leases 3 474 394 500 (7) 188 Adjusted free cash flow 10,547 8,187 1,533 5,607 3,097 VMware cash flow from operations 4,409 3,220 — — — Adjustments: VMware capital expenditures (329) (263) — — — VMware free cash flow 4,080 2,957 — — — Adjusted free cash flow excluding VMware 6,467 5,230 1,533 5,607 3,097 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 41 — Supplemental FY20 - FY25 non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 41 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 42 — Appendix D
Copyright © Dell Inc. All Rights Reserved. 42 Appendix D SUPPLEMENTAL FINANCIAL STATEMENTS
Slide 43 — Balance Sheet
Copyright © Dell Inc. All Rights Reserved. 43 Balance Sheet Assets $ in millions 4Q25 1Q26 2Q26 3Q26 Current assets: Cash and cash equivalents 3,633 7,700 8,145 9,569 Accounts receivable, net 10,298 9,785 15,023 11,721 Short-term financing receivables, net 5,304 5,381 5,952 6,427 Inventories, net 6,716 7,415 7,211 6,949 Other current assets 9,610 12,644 9,181 8,436 Current assets held for sale 668 — — — Total current assets 36,229 42,925 45,512 43,102 Property, plant, and equipment, net 6,336 6,383 6,458 6,538 Long-term investments 1,496 1,591 1,596 1,760 Long-term financing receivables, net 5,927 6,042 6,071 6,725 Goodwill 19,120 19,315 19,336 19,358 Intangible assets, net 4,988 4,868 4,748 4,628 Other non-current assets 5,650 5,745 5,455 5,368 Total assets 79,746 86,869 89,176 87,479
Slide 44 — Balance Sheet
Copyright © Dell Inc. All Rights Reserved. 44 Balance Sheet Liabilities and equity $ in millions 4Q25 1Q26 2Q26 3Q26 Current liabilities: Short-term debt 5,204 4,845 7,154 7,394 Accounts payable 20,832 25,349 27,463 23,794 Accrued and other 6,597 6,321 6,486 6,679 Short-term deferred revenue 13,673 13,907 13,759 12,649 Current liabilities held for sale 221 — — — Total current liabilities 46,527 50,422 54,862 50,516 Long-term debt 19,363 23,936 21,535 23,849 Long-term deferred revenue 12,292 12,413 12,422 12,459 Other non-current liabilities 2,951 3,122 3,123 3,275 Total liabilities 81,133 89,893 91,942 90,099 Total Dell Technologies Inc. stockholders' equity (deficit) (1,482) (3,024) (2,766) (2,620) Non-controlling interest 95 — — — Total stockholders' equity (deficit) (1,387) (3,024) (2,766) (2,620) Total liabilities and stockholders' equity 79,746 86,869 89,176 87,479
Slide 45 — Appendix E
Copyright © Dell Inc. All Rights Reserved. 45 Appendix E GUIDANCE
Slide 46 — Supplemental non-GAAP Measures
Copyright © Dell Inc. All Rights Reserved. 46 Supplemental non-GAAP Measures Financial guidance1 4Q26 FY26 $ in billions, except per share amounts Operating expenses Operating income Diluted EPS Operating expenses Operating income Interest and other, net Diluted EPS GAAP guidance $3.4 $2.8 - $3.0 $2.95 - $3.15 $14.3 $7.9 - $8.1 $1.0 $8.28 - $8.48 Estimated adjustments for: Amortization of intangibles 2 (0.1) 0.1 0.18 (0.3) 0.5 — 0.72 Stock-based compensation (0.1) 0.2 0.27 (0.6) 0.7 — 1.04 Other corporate expenses 3 — — 0.01 (0.4) 0.5 0.2 0.35 Fair value adjustments on equity investments 4 — — — — — 0.2 (0.28) Aggregate adjustment for income taxes 5 — — (0.01) — — — (0.29) Non-GAAP guidance $3.2 $3.1 - $3.3 $3.40 - $3.60 $13.0 $9.6 - $9.8 $1.4 $9.82 - $10.02 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 October 31, 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 October 31, 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 $0.2 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 47 — Appendix F
Copyright © Dell Inc. All Rights Reserved. 47 Appendix F ENDNOTES
Slide 48 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 48 Endnotes Page 4: Q3 FY26 Overview 1. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Page 5: Q3 Highlights 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. Page 6: Cash flow and capital returns 1. See supplemental slides in Appendix C for reconciliation of free cash flow (FCF) and adjusted FCF to cash flow from operations. 2. 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. Page 7: Guidance 1. See supplemental slide 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. Page 10: AI Optimized Servers 1. Based on guidance as of November 25, 2025. Page 12: Traditional server growth driven by data center modernization 1. IDC WW Quarterly Server Tracker, CY25Q2; Refers to Mainstream Core Server Revenue share and is based on x86, non-accelerated, and OEM vendor type and includes: Rackscale, Large System, Standard Rack, Tower, and Blade.
Slide 49 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 49 Endnotes Page 13: Storage growth driven by data center modernization 1. IDC WW Quarterly Enterprise Storage Systems Quarterly Tracker, CY25Q2; IDC WW Converged Systems Quarterly Tracker, CY25Q2; IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY25Q2. Entry represents systems priced < $25k. Midrange represents systems priced $25k < $250k. High-End includes systems priced > $250k. Unstructured refers to Scale Out, NAS, non-PBBA, and includes object and file. All stats are on a TTM basis and refer to External RAID. 2. Gartner, Document Management Strategy Empowers Successful GenAI Deployments, 2025. Page 16: Shifting our focus with the market 1. Per IDC WW Quarterly PC Device Tracker, CY25Q3. Premium includes units with ASP > $800; Mainstream includes units with ASP <= $800. 2. CAGR and share growth calculated from CY19Q3 to CY25Q3, six years. Page 18: Investment thesis 1. Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY26 TTM; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY25Q3 using data for 3Q25; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY25Q3 using data for 3Q25; Server (Revenue) - IDC WW Quarterly Server Tracker CY25Q2 using data for 2Q25; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q2 using data for 2Q25; PBBA (Revenue) – IDC WW Purpose-Built Backup Appliance (PBBA) CY25Q2 using data for 2Q25; AI Infrastructure (Revenue) - IDC Semiannual Artificial Intelligence Infrastructure Tracker, 2025H1 (Oct 2025) 2. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 3. Subject to ongoing board evaluation and approval. Page 19: Committed to long-term value creation 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to ongoing board evaluation and approval. 3. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 4. FY26 non-GAAP diluted earnings per share represents full year guidance as of Q3, our most recent earnings release. 5. 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. 6. Dividends have not yet been declared for remainder of FY26.
Slide 50 — Endnotes
Copyright © Dell Inc. All Rights Reserved. 50 Endnotes Page 20: Significant track record of shareholder return 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. 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. 4. FY26 non-GAAP revenue and EPS represents full year guidance as of Q3, our most recent earnings release. Page 21: Dell Technologies strategy 1. Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY26 TTM; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY25Q3 using data for 3Q25; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY25Q3 using data for 3Q25; High-End Gaming (Units) - IDC WW Quarterly Gaming Tracker, CY25Q3, $1,500+ price band; Server (Revenue) - IDC WW Quarterly Server Tracker CY25Q2 using data for 2Q25; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY25Q2 using data for 2Q25; PBBA (Revenue) – IDC WW Purpose-Built Backup Appliance (PBBA) CY25Q2 using data for 2Q25; AI Infrastructure (Revenue) - IDC Semiannual Artificial Intelligence Infrastructure Tracker, 2025H1 (Oct 2025)