Net income [USD, millions]

Change in cash from operating activities [USD, millions]

Purchases of investments [USD, millions]

Maturities and sales of investments [USD, millions]

Capital expenditures and capitalized software development costs [USD, millions]

Other (investing) [USD, millions]

Change in cash from investing activities [USD, millions]

Repurchases of common stock [USD, millions]

Repurchases of common stock for employee tax withholdings [USD, millions]

Payments of dividends and dividend equivalents [USD, millions]

Proceeds from debt [USD, millions]

Repayments of debt [USD, millions]

Debt-related costs and other, net [USD, millions]

Change in cash from financing activities [USD, millions]

Effect of exchange rate changes on cash, cash equivalents, and restricted cash [USD, millions]

Change in cash, cash equivalents, and restricted cash [USD, millions]

Cash, cash equivalents, and restricted cash at beginning of the period [USD, millions]

Cash, cash equivalents, and restricted cash at end of the period [USD, millions]

b7acc348073a38ccce405f7e0e892b4b83f127c81c34c1fa48e59c2b3f630be9

Dell’s surge in cash and cash equivalents in Q4 2023 was driven by several factors. **Operating activities** contributed **$2,714 million** in cash, primarily stemming from net income and non-cash adjustments. In **financing activities**, although there were **debt repayments** of **$1,746 million** and **dividend payments** of **$236 million**, the net impact was positive with **$1,513 million** in cash, bolstered by **debt issuances** of **$3,700 million**. Despite a **net cash outflow** of **$796 million** from **investing activities** due to **capital expenditures** of **$759 million**, a **positive impact** of **$239 million** from exchange rate changes further supported the increase, which amounted to a **$3,670 million** surge from the beginning to the end of the quarter.  **[0001571996-23-000002_exhibit991earnings8kq4fy23.htm:8]** 

What drove the surge in Cash and Cash Equivalents in Q4 2023?

The dip in **Total Assets** in Q1 2024 was due to a significant overall decline of **$5,517 million** from Q4 2023, primarily driven by decreases in **Cash and Cash Equivalents** (down **$976 million**), **Accounts Receivable** (down **$3,083 million**), and **Inventories** (down **$760 million**).  **[0001571996-23-000014_exhibit991earnings8kq1fy24.htm:5]** 

Why did Total Assets dip in Q1 2024?

The jump in Q4 2023 was primarily driven by two factors. **Dell issued $2.0 billion in senior notes** targeted to repay its 5.45% senior notes due in June 2023 and to support other corporate purposes. Additionally, there was a **$707 million increase in DFS debt**, reflecting the strategic push to expand Dell Financial Services through securitization and structured financing programs.  **[0001571996-23-000007_dell-20230203.htm:81]** **[DELL_3230978_4]** 

What caused the jump in Long-term Debt in Q4 2023?

The drop in Short-term Debt in Q1 2024 was **primarily due to the repayment of senior notes**, including the **prepayment of a $1 billion note due in June 2023**, which led to a reduction of **$1,103 million** from the previous quarter's level.  **[DELL_3253519_3]** **[0001571996-23-000019_dell-20230505.htm:2]** 

Why did Short-term Debt drop in Q1 2024?

1c81aa510d6a8b4210c19502d5ff234941a1d20189c5e390cb1e92148b76412b

Dell's **9% revenue growth in Q2 2025** was primarily driven by strong gains in its **Infrastructure Solutions Group (ISG)**, which achieved a record **$11.6 billion** in revenue—this included **servers and networking revenue at $7.7 billion, up 80% year over year**. Additionally, there was robust performance from its **product net revenue**, which increased by **12%**, and positive contributions from the **Americas and APJ regions**. These factors, along with adjustments such as the exit from VMware resale, collectively fueled the significant revenue spike in Q2 2025.  **[20240829NE93950:1]** **[0001571996-24-000081_exhibit991earnings8kq2fy25.htm:0]** **[0001571996-24-000081_exhibit991earnings8kq2fy25.htm:1]** **[0001571996-24-000090_dell-20240802.htm:56]** **[0001571996-24-000090_dell-20240802.htm:59]** **[0001571996-24-000090_dell-20240802.htm:58]** 

What drove the revenue spike in Q2 2025?

Dell's operating income was lower in Q1 2025 due to a **competitive pricing environment** that led to a **250 basis point decline in gross margin**, as well as a **shift in product mix** toward **AI-optimized server offerings** that inherently carry lower margins. Additionally, there were **segment-specific declines**—with the Client Solutions Group seeing an **18% drop** and a slight decrease in the Infrastructure Solutions Group—while cost management efforts were not enough to offset these margin pressures.  **[0001571996-24-000062_dell-20240503.htm:53]** **[DELL_3391187_3]** **[0001571996-24-000062_dell-20240503.htm:60]** **[DELL_3391187_1]** **[0001571996-24-000062_dell-20240503.htm:59]** 

Why was operating income lower in Q1 2025?

The negative **Income Tax Expense** in **Q1 2025** was primarily driven by the recognition of **discrete tax benefits**. Specifically, Dell recognized a **$0.4 billion benefit** due to changes in uncertain tax benefits following the expiration of certain statutes of limitations, and a **$0.2 billion benefit** related to stock-based compensation. These factors, along with an effective income tax rate of **(74.6%)** in the quarter, contributed to the expense turning negative.  **[0001571996-24-000062_dell-20240503.htm:58]** **[0001571996-24-000062_dell-20240503.htm:49]** 

What caused the income tax expense to turn negative in Q1 2025?

The **basic EPS** improved in Q3 2025 by rising from **$1.39** in Q3 2024 to **$1.61** in Q3 2025, reflecting a **16% year-over-year growth**. This improvement was driven by several factors, including **revenue growth** (total revenue increased by **10%** reaching **$24.4 billion**, with strong performance in the Infrastructure Solutions Group), a **12% increase in operating income** (up to **$1.7 billion**), improved profitability reflected in a **12% rise in net income** to **$1.1 billion**, and effective **cost management** resulting in a **2% reduction in operating expenses**.  **[0001571996-23-000046_dell-20231103.htm:3]** **[0001571996-24-000143_dell-20241101.htm:3]** **[0001571996-24-000130_exhibit991earnings8kq3fy25.htm:0]** **[20241126NE66102:0]** **[DELL_3410089_2]** **[20241126NE66102:1]** 

How did basic EPS improve in Q3 2025?

Dell's **gross margin** in **Q1 2025** was lower primarily due to a **competitive pricing environment** that led to lower average selling prices, a **shift in product mix** toward lower-margin AI-optimized server offerings, and an **11% decline in product gross margin**, which outweighed gains in services margin.  **[0001571996-24-000062_dell-20240503.htm:55]** **[0001571996-24-000062_dell-20240503.htm:52]** **[0001571996-24-000062_dell-20240503.htm:53]** 

Why was gross margin lower in Q1 2025?

1d8779cc34a77ca5477ab870ddcb13948331b7ac5c18801f3c84a5babc4d1768

Total Net Revenue (USD, millions)

Gross Margin (USD, millions)

Operating Expenses (USD, millions)

Operating Income (USD, millions)

Income Before Income Taxes (USD, millions)

Income Tax Expense (USD, millions)

Net Income (USD, millions)

472a2e92140e6550dcb203839dad35af3ff1857be29ae9fc6155ca4ba5c0276a

Cash and Cash Equivalents (USD, millions)

Accounts Receivable, Net (USD, millions)

Short-term Financing Receivables, Net (USD, millions)

Inventories (USD, millions)

Other Current Assets (USD, millions)

Current Assets Held for Sale (USD, millions)

Total Current Assets (USD, millions)

Property, Plant, and Equipment, Net (USD, millions)

Long-term Investments (USD, millions)

Long-term Financing Receivables, Net (USD, millions)

Goodwill (USD, millions)

Intangible Assets, Net (USD, millions)

Other Non-Current Assets (USD, millions)

Total Assets (USD, millions)

Short-term Debt (USD, millions)

Accounts Payable (USD, millions)

Accrued and Other Current Liabilities (USD, millions)

Short-term Deferred Revenue (USD, millions)

Total Current Liabilities (USD, millions)

Long-term Debt (USD, millions)

Long-term Deferred Revenue (USD, millions)

Other Non-Current Liabilities (USD, millions)

Total Liabilities (USD, millions)

Common Stock and Capital in Excess of Par Value (USD, millions)

Treasury Stock at Cost (USD, millions)

Accumulated Deficit (USD, millions)

Accumulated Other Comprehensive Loss (USD, millions)

Total Dell Technologies Inc. Stockholders’ Equity (Deficit) (USD, millions)

Non-Controlling Interests (USD, millions)

Total Stockholders’ Equity (Deficit) (USD, millions)

Total Liabilities and Stockholders’ Equity (USD, millions)

d619ef86786d3a83c13606134a8e7192c0ef50cf3503555fcae01dd95a922360

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

d4183a609e5b59731ce15f755d76eed18d39d90e3436b56853b8d9e46eaa1aee

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

4f637bf93e338c0166c51bf31b41d3da56a1de711c4b6276c08640ab3f5fa712

3f879956f9bfea0455ba4034315f2e0aa03fa6b3213908e5ea3b120a66103356

Remaining Performance Obligations (USD billions)

Percentage of Remaining Performance Obligations Expected to be Recognized in Next Twelve Months (percentage)

Principal charge-off rate for our financing receivables portfolio (percentage)

e3a7cfcab59ca845f5634d02fe33b3c22e3a85d4c683287625c5f3acd4235cf4

United States

Foreign countries

Americas

EMEA

Total Revenue

c41d371a84fbb0cfa2f8a7f3b3b4ba3ee6a38d151c50c03cd697aa0d5d143cdd

513dc08a76e8bb26e1e68a726d240d24f54461da922154236e3cf26ce81fb6f5

Dell Technologies (DELL)

Financials