What changed in this filing

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Item 1. Business

2025-03-25 compared with 2024-03-25 · 130 added, 149 removed, 267 unchanged (51% of the section changed)

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Company Overview

Dell Technologies helps organizations build their digital futures and individuals transform how they work, live, and play.

We provide customers with a broad and innovative solutions portfolio for the data and artificial intelligence (“AI”) era, including traditional and modern infrastructure.

Our differentiated and holistic information technology (“IT”) solutions enable us to capture growth as customer spending priorities evolve.

Dell Technologies’ integrated solutions help customers modernize their IT infrastructure, manage and operate in a multicloud world, address workforce transformation, and provide critical solutions that keep people and organizations connected.

We are helping customers accelerate their digital transformations to improve and strengthen business and workforce productivity.

Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence (“AI”) era.

These solutions range from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes.

With our extensive portfolio and our commitment to innovation, we offer secure, integrated solutions that extend from the edge to the core to the cloud, and we are at the forefront of AI, software-defined, and cloud native infrastructure solutions.

Our differentiated and holistic information technology (“IT”) solutions enable us to provide value and capture growth as customer spending priorities evolve.

Dell Technologies operates globally in over 170 countries, supported by a world-class organization across key functional areas, including technology and product development, marketing, sales, services, and financing.

We have a number of operational advantages that provide a critical foundation for our success.

Our go-to-market engine includes an extensive direct sales force, with the ability to build deep customer relationships, and a global network of channel partners.

We provide leading end-to-end solutions across our portfolio of products and services.

Our go-to-market operations include an extensive direct sales force, with the ability to build deep customer relationships, and a global network of channel partners.

Our global services footprint consists of service and support professionals and vendor-managed service centers that support customers across the world.

We also manage a world-class supply chain at a significant scale with the ability to remain agile in a variety of environments.

We offer customers choice in how they acquire our solutions including traditional purchasing and financing offerings provided by Dell Financial Services and its affiliates (“DFS”).

We also offer flexible consumption models, including utility, subscription, and as-a-Service models.

These offerings allow our customers to pay over time and provide them with operational and financial flexibility.

Our world-class supply chain operates at a significant scale with the ability to remain agile in a variety of environments.

We offer customers choice in how they acquire our solutions, including traditional purchasing and a portfolio of offerings that provide both payment and consumption solutions, including as-a-Service, subscription, utility, leases, and loans.

These options allow our customers to pay over time and provide them with operational and financial flexibility.

Our Vision and Strategy

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We help customers address their IT needs and digital transformation objectives as they embrace today’s changing technology landscape.

We intend to realize our vision as we execute our strategy to leverage our strengths to extend our leadership positions and capture new growth.

We intend to realize our vision by executing our strategy of leveraging our strengths to extend our leadership positions and capture new growth.

We believe we are uniquely positioned in our industry and that our results will continue to benefit from our operational advantages, which position our Company for long-term growth and value creation while keeping our purpose at the forefront of our decision-making:

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The impacts of technological advancement and data expansion continue to be a force for progress as artificial intelligence and generative AI have become the next wave of technological innovation.

Through each wave of technological progress, we look to advance our capabilities to change the way we work, make decisions, improve business outcomes and customer experience, and reduce cost by leveraging new technology to streamline our systems and optimize business processes.

Through each wave of technological progress, we look to advance our capabilities to change the way we work and make decisions, improve business outcomes and the customer experience, and reduce costs by leveraging new technology to optimize business processes.

We believe our unique operating advantages, our leadership, and our way of doing business provide a foundation to foster growth, drive efficiencies, and capitalize on each successive wave of innovation in a dynamic industry.

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Products and Services

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ISG helps customers simplify, streamline, and automate IT operations.

ISG solutions are built for multicloud environments and are optimized to run workloads in both public and private clouds, as well as on-premise.

Our comprehensive storage portfolio includes modern and traditional storage solutions, including all-flash arrays, scale-out file, object platforms, hyper-converged infrastructure, and software-defined storage.

ISG solutions are built for multicloud environments and are optimized to run workloads in both public and private clouds, as well as on-premises.

Our major product categories within ISG are our servers and networking offerings and storage offerings.

Our server portfolio includes high-performance general-purpose and AI-optimized servers able to run workloads across customers’ IT environments, on-premises, and in multicloud and edge environments.

Our AI-optimized servers are designed to run high-value workloads, including AI model training, fine-tuning, and inferencing.

Our networking portfolio helps our business customers transform and modernize their infrastructure, mobilize and enrich end-user experiences, and accelerate business applications and processes.

Our strengths in server, storage, and virtualization software solutions allow us to offer leading converged and hyper-converged solutions, enabling our customers to accelerate their IT transformation with scalable integrated solutions.

Our networking portfolio helps our business customers transform and modernize their infrastructure, complementing our server and storage solutions.

ISG also offers software, peripherals, and services, including consulting, configuration, and support and deployment.

Approximately half of ISG revenue is generated by sales to customers in the Americas, with the remaining portion derived from sales to customers in the Europe, Middle East, and Africa region (“EMEA”) and the Asia-Pacific and Japan region (“APJ”).

Approximately 60% of ISG revenue is generated by sales to customers in the Americas, with the remaining portion derived from sales to customers in the Europe, Middle East, and Africa region (“EMEA”) and the Asia-Pacific and Japan region (“APJ”).

• Client Solutions Group (“CSG”) — CSG offers branded PCs, including notebooks, desktops, and workstations and branded peripherals that include displays, docking stations, keyboards, mice, and webcam and audio devices, as well as third-party software and peripherals.

CSG also includes services offerings, such as configuration, support and deployment, and extended warranties.

Our CSG offerings are designed to optimize performance, reliability, manageability, design, and security for our customers.

Our major product categories within CSG are our commercial offerings and consumer offerings.

Our CSG offerings are designed to optimize performance, reliability, manageability, design, and security for our customers and include on-device AI for greater end-user creativity and productivity.

Our commercial portfolio provides our customers with solutions centered on flexibility to address their complex needs such as IT modernization, hybrid work transformation, and other critical areas.

Within our high-end consumer and gaming offerings, we provide our customers with powerful performance, processing, and end-user experiences.

Our consumer portfolio primarily focuses on high-end consumer and gaming offerings, providing our customers with powerful performance, processing, and end-user experiences.

Approximately 60% of CSG revenue is generated by sales to customers in the Americas, with the remaining portion derived from sales to customers in EMEA and APJ.

Our “other businesses,” described below, primarily consist of our resale of standalone offerings of VMware LLC (formerly “VMware, Inc.” and individually and together with its subsidiaries, “VMware”), referred to as “VMware Resale,” and offerings of SecureWorks Corp.

Our other businesses, described below, primarily consist of our resale of standalone offerings of VMware LLC (formerly VMware, Inc.

and individually and together with its subsidiaries, “VMware”), referred to as “VMware Resale,” and offerings of SecureWorks Corp.

(“Secureworks”).

These businesses are not classified as reportable segments, either individually or collectively.

• VMware Resale consists of our sale of standalone VMware offerings.

Following the completion of our spin-off of VMware in November 2021, Dell Technologies continued to resell VMware’s offerings to our customers under our Commercial Framework Agreement (the “CFA”) with VMware discussed in this report.

On November 22, 2023, VMware was acquired by Broadcom, Inc.

(“Broadcom”).

Subsequent to the acquisition, Broadcom announced changes to its go-to-market approach for VMware offerings, resulting in a change in our commercial relationship with VMware.

On January 25, 2024, under a provision of the CFA permitting us to terminate the agreement upon a change in control of VMware, we delivered notice of termination of the CFA to Broadcom under which the agreement will terminate on March 25, 2024.

The Company continues to integrate select VMware products and services with Dell Technologies’ offerings and sell them to end-users.

These businesses are divested businesses or their offerings are no longer actively sold, and are not classified as reportable segments, either individually or collectively.

Their operating results are reported within Corporate and other.

• VMware Resale includes our sale of standalone VMware offerings.

On November 22, 2023, VMware was acquired by Broadcom, and subsequently announced changes to its go-to-market approach for VMware offerings that impacted our commercial relationship with VMware.

On March 25, 2024, we terminated our Commercial Framework Agreement with VMware, which provided the framework under which we and VMware continued our commercial relationship following our spin-off of VMware on November 1, 2021.

We no longer act as a distributor of Broadcom’s VMware standalone products and services, although we will continue to support customers that have purchased resale offerings sold in prior periods.

We continue to integrate and embed certain VMware products and services with selected Dell Technologies’ offerings to end-users.

The results of such offerings are reflected within CSG or ISG, depending upon the nature of the underlying offering sold.

See Note 20 of the Notes to the Consolidated Financial Statements included in this report for more information about our relationship with VMware.

See Note 19 of the Notes to the Consolidated Financial Statements included in this report for more information regarding the impact of Broadcom’s acquisition of VMware.

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• Secureworks (NASDAQ:

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The solutions offered by Secureworks enable organizations of varying size and complexity to prevent security breaches, detect malicious activity, respond rapidly when a security breach occurs, and identify emerging threats.

On October 21, 2024, Secureworks announced that it had entered into a definitive agreement providing for its sale to Sophos Inc., an affiliate of Thoma Bravo, L.P., a private equity and growth capital firm.

The transaction was completed on February 3, 2025, subsequent to the close of the Company’s fiscal year ended January 31, 2025, in an all-cash transaction for a purchase price of approximately $0.9 billion.

For further discussion regarding our current reportable segments, see “Part II — Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Business Unit Results” and Note 18 of the Notes to the Consolidated Financial Statements included in this report.

Consumption Models

Our customers are seeking choice in how they consume our solutions and are looking to remove cost and complexity, align solution offerings to their business needs, and provide consistent, high-quality operations throughout their IT enterprise.

Dell Payment Solutions

Our customers seek choice in how they acquire our solutions and look to remove cost and complexity, align offerings with their business needs, and provide consistent, high-quality operations throughout their IT enterprise.

The Dell Payment Solutions portfolio offers a wide range of payment and consumption options to enable our customers globally to deploy the technology solutions they need now with predictability, flexibility, and choice.

We offer our customers choices that include as-a-Service, subscription, utility, leases, loans and immediate pay models designed to match customers’ consumption and financing preferences.

We continue to enhance our as-a-Service offerings, inclusive of our offerings under Dell APEX.

We believe these options provide operational and financial flexibility and strengthen our customer relationships.

These offerings typically result in multiyear agreements which generate recurring revenue streams over the term of the arrangement.

Additionally, these offerings typically result in multiyear agreements which generate recurring revenue streams over the term of the arrangement.

We expect that these offerings will provide a foundation for growth in recurring revenue.

We define recurring revenue as revenue recognized that is primarily related to hardware and software maintenance as well as to subscription, as-a-Service, usage-based offerings, and operating leases.

Dell Financial Services

DFS supports our businesses by offering and arranging various financing options and services for our customers globally.

DFS originates, collects, and services customer receivables primarily related to the purchase or use of our product, software, and services offerings.

We also arrange financing for some of our customers in countries where DFS does not currently operate as a captive enterprise.

Additionally, as described above, we offer flexible consumption models, including utility, subscription, and as-a-Service models.

DFS funded $8.4 billion of originations in Fiscal 2024 and maintains an $10.5 billion global portfolio of high-quality financing receivables.

To support financing solutions and services as part of the portfolio, Dell Financial Services and its affiliates (“DFS”) originate, collect, and service customer receivables primarily related to the purchase or use of our product, software, and services offerings.

DFS funded $8.4 billion of originations in Fiscal 2025 and as of January 31, 2025 maintains an $11.2 billion global portfolio of financing receivables with a strong credit quality.

The results of these operations are allocated to our segments based on the underlying product or service financed and may be impacted by, among other factors, changes in the interest rate environment and the translation of those changes to pricing.

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We manage our R&D expenses by concentrating on solutions that we believe are most valuable to our customers and by leveraging the capabilities of our strategic partnerships.

We have a global R&D presence, with total R&D expenses of $2.8 billion for both Fiscal 2024 and Fiscal 2023, and $2.6 billion for Fiscal 2022.

We have a global R&D presence, with total R&D expenses of $3.1 billion for Fiscal 2025, and $2.8 billion for both Fiscal 2024 and Fiscal 2023.

These investments reflect our commitment to innovation that aim to create the right solutions to help our customers build their digital future and transform their businesses.

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Strategic Investments and Acquisitions

As part of our strategy, we will continue to evaluate opportunities for strategic investments through our venture capital investment arm, Dell Technologies Capital, with a focus on emerging technology areas that are relevant to our business and that will complement our existing portfolio of solutions.

We target investments in such areas as storage, software-defined networking, management and orchestration, security, machine learning and AI, Big Data and analytics, cloud, edge computing, and software development operations.

We target investments in areas such as storage, software-defined networking, management and orchestration, security, machine learning and AI, Big Data and analytics, cloud, edge computing, and software development operations.

The technologies or products these companies have under development are typically in the early stages and may never have commercial value, which could result in a loss of a substantial part of our investment in the companies.

As of both February 2, 2024 and February 3, 2023, we held strategic investments in non-marketable securities of $1.3 billion.

We held strategic investments in non-marketable securities of $1.5 billion and $1.3 billion as of January 31, 2025 and February 2, 2024, respectively.

See Note 4 of the Notes to the Consolidated Financial Statements included in this report for additional information.

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We believe that any disruption that may occur because of our dependence on single- or limited-source vendors would not disproportionately disadvantage us relative to our competitors.

See “Item 1A — Risk Factors — Risks Relating to Our Business and Our Industry — Our reliance on vendors for products and components, many of which are single-source or limited-source suppliers, could harm our business by adversely affecting product availability, delivery, reliability, and cost.

” for information about the risks associated with Dell Technologies’ use of single- or limited-source suppliers.

See “Item 1A — Risk Factors — Risks Relating to Our Business and Our Industry — Our use of single-source or limited-source suppliers may adversely affect the availability or timely delivery of some critical products or components.” for information about the risks associated with Dell Technologies’ use of single- or limited-source suppliers.

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Product Backlog

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Our business model generally gives us the flexibility to optimize product backlog including by expediting shipping or prioritizing customer orders for products that have shorter lead times.

During Fiscal 2023, we reduced our backlog across both CSG and ISG from previously elevated levels as constraints in limited-source components began to diminish as a result of improving supply positions and overall declines in the demand environment.

During Fiscal 2024, while our supply chain operated efficiently at standard lead times, demand for AI-optimized servers outpaced the supply of graphics processing units (“GPUs”), resulting in elevated backlog levels for such offerings as we exited the fiscal year.

During Fiscal 2025, backlog levels for our AI-optimized servers remained elevated as we exited the fiscal year due to continued strong demand for these offerings.

Geographic Operations

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We have operations and conduct business in many countries located in the Americas, Europe, the Middle East, Asia, and other geographic regions.

To increase our global reach, we continue to focus on emerging markets outside of the United States, Western Europe, Canada, and Japan.

We continue to view these geographical markets, which include the vast majority of the world’s population, as a long-term growth opportunity.

We continue to view emerging markets outside of the United States, Western Europe, Canada, and Japan, which include the vast majority of the world’s population, as a long-term growth opportunity.

Accordingly, we pursue the development of technology solutions that meet the needs of these markets.

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Historical seasonal patterns have been impacted by the changing macroeconomic environment and our mix of business, and may not continue in the future.

We operate in an industry in which there are rapid technological advances in hardware, software, and services offerings.

We face ongoing product and price competition in all areas of our business, including from both branded and generic competitors.

We operate in an industry in which there are rapid technological advances in hardware, software, and services offerings, including AI, cloud, and security-related offerings.

We face ongoing product and price competition in all areas of our business from both branded and generic competitors, including companies that specialize in one or more of our product or service lines.

We compete based on our ability to offer customers competitive, scalable, and integrated solutions that provide the most current and desired product and services features at a competitive price.

We closely monitor market pricing, including the effect of foreign exchange rate movements, in an effort to provide the best value for our customers.

We also closely monitor changing demand to keep pace with the demands of current and prospective customers.

We believe that our strong relationships with our customers and channel partners allow us to respond quickly to changing customer needs and other macroeconomic factors.

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We believe that new businesses will continue to enter these markets and develop technologies that, if successfully commercialized, may compete with our products and services.

Moreover, current competitors may enter into new strategic relationships with new or existing competitors, which may further increase the competitive pressures.

Moreover, current competitors may enter into new strategic relationships with new or existing competitors, which may further increase competitive pressures.

See “Item 1A — Risk Factors — Risks Relating to Our Business and Our Industry” for information about our competitive risks.

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We generally organize our go-to-market operations with a focus on geographic and customer segments which encompass large g lobal and national enterprises, governmental agencies and other public institutions, educational institutions, healthc are organizations, small and medium-sized businesses, and consumers.

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Go-to-market strategy — We sell products and services directly to customers and through other sales channels, which include value-added resellers, system integrators, distributors, and retailers.

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During Fiscal 2025, our other sales channels generated approximately 50% of our net revenue.

Large enterprises and public institutions — For large enterprises and public institutions, we maintain a field sales force across the world to serve our largest customers.

Dedicated account teams, which include technical sales specialists, form long-term relationships and support our largest customers, develop tailored solutions to meet their needs, position the capabilities of Dell Technologies, and provide us with customer feedback.

Large enterprises and public institutions — We maintain a field sales force across the world to serve our largest customers, including large enterprises and public institutions.

Dedicated account teams, which include technical sales specialists, form long-term relationships with and support our largest customers, develop tailored solutions to meet their needs, position the capabilities of Dell Technologies, and provide us with customer feedback.

For these customers, we offer several programs designed to provide single points of contact and accountability with dedicated account managers, special pricing, and consistent service and support programs.

We also maintain specific sales and marketing programs targeting federal, state, and local governmental agencies, as well as healthcare and educational customers.

Small and medium-sized business and consumers — We market our products and services to small and medium-sized businesses and consumers through various advertising media.

We also maintain specific sales and marketing programs customized to the needs of each specific segment we serve.

Small and medium-sized business and consumers — We have a direct sales force of dedicated account teams for small and medium-sized businesses focused on delivering outcomes tailored to customers’ specific needs.

For consumers, we offer robust online and channel engagement.

We market our products and services to customers in these segments through various campaigns and advertising media, aligning with customer preferences.

To react quickly to our customers’ needs, we track our Net Promoter Score, a customer loyalty metric that is widely used across various industries.

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Patents, Trademarks, and Licenses

As of February 2, 2024, we held a worldwide portfolio of 22,522 granted patents and 8,386 pending patent applications.

As of January 31, 2025, we held a worldwide portfolio of 24,351 granted patents and 8,424 pending patent applications.

We continue to obtain new patents through our ongoing research and development activities.

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We have used, registered, or applied to register certain trademarks and copyrights in the United States and in other countries.

We believe that Dell Technologies, DELL, Alienware, and Secureworks word marks and logo marks in the United States are material to our operations.

We believe that the Dell Technologies, DELL, and Alienware word marks and logo marks in the United States are material to our operations.

We have entered into software licensing agreements with other companies.

We also license certain technologies and intellectual property from third parties for use in our offerings and processes, and license some of our technologies and intellectual property to third parties.

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Government Regulation

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We were not assessed any material environmental fines, nor did we have any material environmental remediation or other environmental costs, during Fiscal 2025.

We and our subsidiaries are subject to various anti-corruption laws that prohibit improper payments or offers of payments to foreign governments and their officials for the purpose of obtaining or retaining business, and are also subject to export controls, customs regulations, economic sanctions laws, including those currently imposed on Russia, and embargoes imposed by the U.S.

Violations of the U.S.

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Sustainability and Environmental, Social, and Governance Activities

Dell Technologies is committed to driving human progress by putting our technology and expertise to work where we believe it can do the most good for both people and the planet.

We recognize that all of our stakeholders — shareholders, customers, suppliers, employees, and communities — as well as the environment and society, are essential to our business.

At Dell Technologies, we are committed to driving human progress by putting our technology and expertise to work where we believe it can do the most good for both people and the planet.

We recognize that all of our stakeholders — shareholders, customers, suppliers, employees, and communities — are essential to our business.

Dell Technologies is committed to progressing towards the goals set forth in our plan for 2030 and beyond, which we refer to as our 2030 goals.

We are using these goals to help build our business, promote long-term shareholder value creation, and guide our societal impact strategies over the next decade.

Our 2030 goals have four pillars:

• Advancing Sustainability — We believe we have a responsibility to create a more sustainable future and to protect and enrich our planet together with our customers, suppliers, and communities.

We seek to achieve this by focusing our impact on selected key areas, including both climate change and circular economy.

We continue to emphasize sustainability across our business ecosystem, valuing natural resources and seeking to minimize our environmental impact.

With the power of our global supply chain, Dell Technologies pursues the highest standards of sustainability and ethical practices.

• Cultivating Inclusion — We view diversity and inclusion as a business imperative to help build and empower our future workforce.

We strive to cultivate an inclusive workforce, and believe our team members should be representative of the diversity in our global customer base.

Further, we believe diversity of leadership enhances innovation and ensures that company decisions reflect our diverse stakeholder groups.

• Transforming Lives — We believe our scale, support, and the innovative application of our technology can be a catalyst in advancing fundamental human rights and addressing complex societal challenges, such as digital inclusion, for the underserved.

We endeavor to harness the power of technology, our scale, and our expertise to create a digital future that can contribute to the realization of human potential.

• Upholding Trust — Upholding trust through security, ethics, and privacy plays a critical role in creating business success.

We are committed to upholding ethics and integrity and ensuring that new talent and existing team members align with our ethical culture.

We will continue to invest in our advanced privacy governance and risk-management technology and continue seeking to select, evaluate, and do business with third parties who share our dedication to ethics and privacy.

Dell Technologies measures progress against our 2030 goals in our annually released reports available on our website.

Climate Change

At Dell Technologies, we believe that by addressing climate change, we are demonstrating our commitment to protect our communities and our planet.

As part of this mission, we seek to manage the greenhouse gas emissions (“GHG”) associated with our direct and indirect footprint.

Technology plays an important role in this undertaking.

We have set clear and ambitious GHG emissions targets to reach by 2030, aiming to achieve net zero emissions across scopes 1, 2, and 3 by 2050.

Our environmental, social, and governance (“ESG”) commitments focus on six key areas:

• Circular Economy — We embed circularity principles throughout our value chain.

By integrating sustainable practices with suppliers, customers, and stakeholders, we advance a circular economy that improves resource efficiency and environmental benefits, reinforcing our leadership in sustainability.

• Climate Action — We are committed to understanding the impact our business has on the environment.

We are taking action to mitigate climate change, and we offer innovative products and solutions to customers to help them reduce their emissions, reach their reduction targets and operate more efficiently.

We are actively addressing climate change by managing greenhouse gas emissions across our operations, supply chain, and product lifecycle, with a goal to achieve net zero emissions across scopes 1, 2, and 3 by 2050.

• Digital Inclusion — We endeavor to harness the power of technology, our scale, and our expertise to create a digital future that works for all.

We are working to close the digital divide by providing access to connectivity and technology solutions that improve quality of life such as access to healthcare, education, and job opportunities.

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• Human Rights — We respect the fundamental human rights of all people.

This respect is core to our commitment to drive human progress.

Dell endeavors to ensure we are not complicit in human rights violations, and we seek to hold our suppliers and other business partners to this same standard.

• Inclusive Workforce — We believe our people are key to our success.

We are committed to creating an inclusive culture and fostering a strong pipeline of skilled talent.

By focusing on equal opportunities, ethical practices, and integrity, we implement inclusive practices and policies that support diversity.

• Trust — We work to ensure that trust underpins all we do.

We prioritize security, privacy, and ethics in all aspects of business.

From the integrity of our products to transparency in our processes, we are dedicated to fostering trust with our stakeholders.

Dell Technologies continuously measures and shares updates on our progress in our annually released reports.

For a more comprehensive view into our approach, commitments, and key initiatives, see our ESG annual report available on our website.

Human Capital Management

We are a diverse team with unique perspectives united in our purpose, strategy, and culture.

Our goal is to ensure that employees of different backgrounds feel valued, engaged, and inspired to do their best work.

We aim to attract, develop, and retain an inclusive workforce through our ongoing diversity and inclusion efforts, training and development offerings, and competitive and comprehensive benefits that include health and wellness resources.

Our goal is to ensure that all employees feel valued, engaged, and inspired to do their best work.

We aim to attract, develop, and retain an inclusive workforce through our ongoing inclusion efforts, training and development offerings, and competitive and comprehensive benefits that include health and wellness resources.

We believe the success of our commitment is demonstrated through our consistent market recognition as a best-in-class employer.

As of February 2, 2024, we had approximately 120,000 employees.

Throughout Fiscal 2024, we continued to take certain measures to reduce costs, including limiting external hiring, employee reorganizations, and other actions to align our investments with our announced strategic and customer priorities.

As of January 31, 2025, we had approximately 108,000 employees.

Throughout Fiscal 2025, we remained committed to disciplined cost management in coordination with our ongoing business modernization initiatives and continued to take certain measures to reduce costs, including limitation of external hiring, employee reorganizations, and other actions to align our investments with our announced strategic and customer priorities.

These actions resulted in a reduction in our overall headcount.

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We seek to support our culture in four key focus areas:

Diversity and Inclusion — At Dell Technologies, we believe diversity is powerful.

Our pillar on cultivating inclusion highlights how our human capital resources are vital to our social impact and long-term business success.

We believe closing the gap in employment of underrepresented minorities in the technology industry is critical to meeting future business needs and ensuring that diverse perspectives reflect our global customer base.

We are committed to equal employment opportunity and continuing to implement inclusive policies.

As of February 2, 2024, excluding employees of Secureworks, approximately 35% of our global employees self-identified as women.

Of our global people leaders, approximately 29% self-identified as women.

We define people leaders as employees in a management level or executive position.

As of the same date, our U.S.

employee base was composed of employees who self-identified with the following races and ethnicities:

62% as White or Caucasian;

16% as Asian;

10% as Hispanic or Latino;

6% as Black or African American;

2% with two or more races;

and 1% with additional groups (including American Indian, Alaska Native, Native Hawaiian or Other Pacific Islander).

Approximately 3% of our U.S.

employee base did not self-report or specify race and ethnicity status.

people leaders, 13% self-identified as Hispanic or Latino or as Black or African American.

As the composition of the workforce evolves, we recognize that many companies embracing diversity and inclusion report experiencing greater productivity, engagement, and employee satisfaction.

We are committed to increasing gender and ethnic diversity throughout Dell Technologies.

We seek to achieve the following representation goals within our workforce (excluding employees of Secureworks):

• By 2030, 50% of our global workforce and 40% of our global people leaders will be those who self-identify as women.

• By 2030, 25% of our U.S.

workforce and 15% of our U.S.

people leaders will be those who self-identify as Black or African American or as Hispanic or Latino.

We seek to meet these goals by:

• building and attracting an inclusive workforce by investing in innovative recruiting and hiring programs intended to attract the best talent possible and address the global technology talent gap;

• developing and retaining our current team members through a supportive corporate culture focused on equality of access to career advancement and upskilling programs.

Achievement Through Learning, Development, and Competitive Compensation and Rewards — We have designed our comprehensive rewards programs to be globally consistent, locally relevant, and effective in attracting, motivating, and retaining high-quality talent.

Our rewards programs seek to inspire employees to do their best work for our customers and the growth of our business.

Diversity and Inclusion — At Dell Technologies, we believe wide-ranging perspectives are powerful.

Our pillar on cultivating inclusion highlights how our human capital resources are vital to serving our customer base, our societal impact, and long-term business success.

We believe that a workforce diverse in experience and background drives innovation and growth — not only is it our competitive advantage, it is critical to meeting future business needs and ensuring that diverse perspectives reflect our global customer base.

We are committed to equal employment opportunity and continuing to implement inclusive policies that enable Dell Technologies to achieve these goals.

Additional information on our aspirational 2030 goals and workforce demographics is included in our annual ESG report.

Achievement Through Learning, Development, and Competitive Compensation and Rewards — We have designed market competitive compensation programs to inspire employees to do their best work for our customers and the growth of our business.

These merit, bonus, and long-term incentive programs help us foster our culture of high performance while attracting and retaining critical talent and skill sets.

Through our comprehensive rewards programs, we are committed to equal pay.

We believe people should be equitably compensated for the value they deliver to our customers and other stakeholders, no matter their gender, ethnicity, or other diversity attributes.

We provide a multitude of programs to support employees’ career growth and development through a centralized program.

Through this program, we offer formal training options, individualized development programs, tools for 360-degree feedback, mentoring, networking, stretch assignments, and growth opportunities.

We believe people should be fairly compensated for the value they deliver to our customers and other stakeholders.

We provide centralized programs to support employees’ career growth and development.

We offer formal training options, individualized development programs, tools for 360-degree feedback, mentoring, networking, stretch assignments, and growth opportunities.

Our tools and resources are designed to empower and inspire employees to direct their own career paths and build a portfolio of transferable skills for success in the technology industry.

Our internal Career Hub supports employee growth by providing personalized development suggestions, such as mentorship and internal opportunities, that align with their skills and development goals.

We are committed to building a diverse leadership pipeline with a broad spectrum of skills, including the ability to act with integrity and inspire others.

We are committed to building a leadership pipeline with a broad spectrum of skills, including the ability to act with integrity and inspire others.

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Balance and Wellness — We offer a competitive and comprehensive benefits package and strive to provide the best choice and value at the best cost.

Through our benefits package, we support our employees’ overall health and well-being through a comprehensive approach which provides programs and resources focused on mental, physical, and financial health, connection, and flexibility.

Work flexibility is part of our culture and remains a priority for us.

We strive to provide innovative and inclusive offerings, such as virtual live and on-demand educational sessions, counseling and support services, fitness and wellness challenges, voluntary progress tracking, and other incentives.

2 unchanged sentences

We promote further employee connection and engagement through a variety of initiatives, including, among others, our broader team member listening strategy and our Employee Resource Groups (“ERGs”).

We have 13 unique ERGs that cultivate inclusion and bring many collective voices together for a greater business impact.

Our ERGs also provide personal and professional development through networking opportunities, mentoring, volunteer activities, and community involvement.

We have 13 unique ERGs, which are open to all team members, that foster connection and design experiences focused on team member engagement, professional development, and community involvement.

Supply Chain Resources

1 unchanged sentence

We seek to drive responsible manufacturing through robust assurance practices, including human rights due diligence and environmental stewardship.

We recognize that looking after the wellbeing of people in our supply chain is important and have various objectives for our work in this area, including:

We recognize that looking after the well-being of people in our supply chain is important and have various objectives for our work in this area, including:

• providing healthy work environments;

13 unchanged sentences

Information about our supply chain sustainability progress is available through annual reporting on our website.

At Dell Technologies, upholding and advancing respect for the fundamental human rights of all people is core to our business strategy, purpose, and commitment to drive human progress and create a positive and lasting social impact.

We believe everyone deserves to be treated equally with dignity and respect, and we are committed to responsible, ethical, inclusive, and sustainable business practices.

We strive to align our approach and actions to fulfill this commitment with the United Nations Guiding Principles on Business and Human Rights, and the Principles of the United Nations Global Compact, to which Dell is a signatory.

We believe everyone deserves to be treated fairly with dignity and respect, and we are committed to responsible, ethical, inclusive, and sustainable business practices.

Our policies and practices are grounded in expectations set out in the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines on Responsible Business Conduct.

We endeavor to ensure that we are not complicit in human rights violations, and we seek to hold our suppliers and other business partners to this same standard.

We believe in winning with integrity, and we use training and technology to assist our team members in applying the principles of integrity and compliance as part of everyday business transactions, activities, and decisions.

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Corporate Information

10 unchanged sentences

Clarke 62 Vice Chairman and Chief Operating Officer

Allison Dew 54 Chief Marketing Officer

Yvonne McGill

4 unchanged sentences

Scannell 62 President, Global Sales and Customer Operations

Geraldine Tunnell 49 Chief Marketing Officer

Dell serves as Chairman of the Board and Chief Executive Officer of Dell Technologies.

Dell served as Chief Executive Officer of Dell Inc., a wholly-owned subsidiary of Dell Technologies, from 1984 until July 2004 and resumed that role in January 2007.

Dell formed MSD Capital, L.P., now DFO Management, LLC, a private investment firm, for the purpose of managing his and his family’s investments.

In 1999, he and his wife established the Michael & Susan Dell Foundation to provide philanthropic support to a variety of global causes.

Dell formed MSD Capital, L.P., now DFO Management, LLC, a private investment firm, that exclusively manages the capital for the Dell family.

In 1999, he established his family foundation, the Michael & Susan Dell Foundation, with the mission of building pathways that change lives throughout the world.

Dell is an honorary member of the Foundation Board of the World Economic Forum and is an executive committee member of the International Business Council.

He serves as a member of the Technology CEO Council and is a member of the Business Roundtable.

He also serves on the advisory board of Tsinghua University’s School of Economics and Management in Beijing, China, on the governing board of the Indian School of Business in Hyderabad, India, and as a board member of Catalyst, Inc., a non-profit organization that promotes inclusive workplaces for women.

He also serves on the advisory board of Tsinghua University’s School of Economics and Management in Beijing, China, and on the governing board of the Indian School of Business in Hyderabad, India.

Dell is chairman of the BDT & MSD Advisory Board.

In June 2014, Mr.

Dell was named the United Nations Foundation’s first Global Advocate for Entrepreneurship.

Dell is Non-Executive Chairman of SecureWorks Corp., a public majority-owned subsidiary of Dell Technologies and a global provider of intelligence-driven information security solutions.

Dell was Chairman of the Board of Directors of VMware, Inc., a cloud infrastructure and digital workspace technology company that was formerly a public majority-owned subsidiary of Dell Technologies, from September 2016 until it was acquired by Broadcom Inc.

in November 2023 and was a board member of Pivotal Software, Inc., formerly a public majority-owned subsidiary of Dell Technologies that provides a leading cloud-native platform, from September 2016 until it was acquired by VMware, Inc.

Dell served as Non-Executive Chairman of SecureWorks Corp., formerly a public majority-owned subsidiary of Dell Technologies and a global provider of intelligence-driven information security solutions, from December 2015 until it was acquired by Sophos Inc.

in February 2025;

as Chairman of the Board of Directors of VMware, Inc., a cloud infrastructure and digital workspace technology company that was formerly a public majority-owned subsidiary of Dell Technologies, from September 2016 until it was acquired by Broadcom Inc.

in November 2023;

and as a member of the board of directors of Pivotal Software, Inc., formerly a public majority-owned subsidiary of Dell Technologies that provided a leading cloud-native platform, from September 2016 until it was acquired by VMware, Inc.

in December 2019.

Table of Conte nts

Clarke serves as Vice Chairman and Chief Operating Officer of Dell Technologies, responsible for running day-to-day business operations, shaping the Company’s strategic agenda, and setting priorities across the Dell Technologies executive leadership team.

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Clarke joined Dell in 1987 as a quality engineer and has served in a variety of other engineering and management roles.

Before joining Dell Technologies, Mr.

Before joining Dell, Mr.

Clarke served as a reliability and product engineer at Motorola, Inc, a global technology company.

Allison Dew — Ms.

Dew serves as the Chief Marketing Officer of Dell Technologies.

In this role, in which she has served since March 2018, Ms.

Dew is directly responsible for the global marketing organization, strategy, and all aspects of Dell Technologies’ marketing efforts, including brand and creative, product marketing, communications, digital, and field and channel marketing.

Since joining Dell in 2008, Ms.

Dew has been instrumental in Dell Technologies’ marketing transformation, leading an emphasis on data-driven marketing, customer understanding, and integrated planning.

Most recently, prior to her current position, Ms.

Dew led marketing for the Dell Technologies Client Solutions Group from December 2013 to March 2018.

Before joining Dell, Ms.

Dew served in various marketing leadership roles at Microsoft Corporation, a global technology company.

Dew also worked in both a regional advertising firm in Tokyo, Japan and an independent multicultural agency in New York.

On February 6, 2024, Ms.

Dew notified the Company of her decision to retire from her position as Chief Marketing Officer effective as of March 29, 2024.

On February 29, 2024, the Board of Directors appointed Geraldine Tunnell, who currently serves as the Company’s Senior Vice President of Global Field & Partner Marketing, as the Company’s Chief Marketing Officer, to succeed Ms.

Dew in that position effective as of March 30, 2024.

Yvonne McGill — Ms.

3 unchanged sentences

From August 2015 to August 2023, Ms.

McGill served in a variety of finance leadership roles for Dell, including Corporate Controller, where she had responsibility for accounting, tax, treasury, and investor relations, Chief Financial Officer and Senior Vice President, Infrastructure Solutions Group, and Senior Vice President, Global Financial Planning and Analysis.

McGill served in a variety of finance leadership roles at Dell, including Corporate Controller, where she had responsibility for accounting, tax, treasury, and investor relations, Chief Financial Officer and Senior Vice President, Infrastructure Solutions Group, and Senior Vice President, Global Financial Planning and Analysis.

Since joining Dell in 1997, Ms.

25 unchanged sentences

Saavedra served as a Human Resources consultant to private and public companies.

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Scannell — Mr.

Scannell serves as President, Global Sales and Customer Operations for Dell Technologies, heading the global go-to-market organization, including Channel, OEM, Global Alliances, and Specialty Sales.

Scannell serves as President, Global Sales and Customer Operations for Dell Technologies, overseeing Sales, Presales, Specialty Sales, OEM and the Global Alliances and Channel operations.

In this role, in which he has served since February 2020, Mr.

10 unchanged sentences

Scannell serves on the board of directors of IonQ, Inc., a quantum computing company.

Geraldine Tunnell — Ms.

Tunnell serves as the Chief Marketing Officer for Dell Technologies.

In this role, which she has held since March 2024, she is directly responsible for the global marketing organization strategy and all aspects of Dell Technologies’ marketing efforts, which include brand, creative, media, product and field marketing, corporate communications and environmental, social, and governance initiatives.

Since joining Dell in 2005, Ms.

Tunnell has been instrumental in driving transformation and customer-focused strategies across all of Dell Technologies’ businesses and product lines in various marketing capacities.

Tunnell previously served as Senior Vice President of Global Field and Partner Marketing from 2018 to March 2024.

Prior to joining Dell, Ms.

Tunnell was a management consultant at CapGemini Ernst & Young, a multinational IT services and consulting company, and worked in Silicon Valley at a start-up enterprise focused on supply chain management.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business