What changed in this filing

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Item 1. Business

2026-03-16 compared with 2025-03-25 · 104 added, 145 removed, 252 unchanged (50% of the section changed)

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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.

With our extensive portfolio and commitment to innovation, we design, deploy, and support secure, integrated solutions that extend from the edge to the core to the cloud.

We deliver AI-optimized, software-defined, and cloud native infrastructure solutions across a broad partner ecosystem to help customers address evolving information technology (“IT”) needs, drive outcomes, 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.

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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.

We offer customers choice in how they acquire our solutions, including utility, subscription, as-a-Service, leases, loans, and immediate pay models.

These options allow our customers to pay upfront or over time, providing them with operational and financial flexibility.

Our Vision and Strategy

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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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Infrastructure Solutions Group (“ISG”) — ISG enables our customers’ digital transformations with solutions that address AI, machine learning, data analytics, and multicloud environments.

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

We provide a comprehensive portfolio of advanced infrastructure solutions designed to help 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-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, complementing our server and storage solutions.

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

Given the scale and growth of our AI-optimized servers business, effective in the fourth quarter of Fiscal 2026, we disaggregated our servers and networking offerings within revenue by major product category into AI-optimized servers offerings and traditional servers and networking offerings.

As a result, our major product categories within ISG are our AI-optimized servers offerings, traditional servers and networking offerings, and storage offerings.

• AI-optimized servers — We offer a specialized portfolio of AI-optimized servers designed to handle the most demanding compute-intensive workloads, including AI model training, fine-tuning, and inferencing.

• Traditional servers and networking — Our traditional servers portfolio provides the trusted foundation for modern IT environments, supporting a wide range of general-purpose and mission-critical workloads.

Our networking portfolio helps our business customers transform and modernize their infrastructure, complementing our storage and AI-optimized and traditional servers offerings.

• Storage — Our comprehensive storage portfolio includes modern and traditional storage solutions that span primary, unstructured, and data protection offerings that are delivered through multiple architectures, including all-flash, purpose-built, software-defined, and hyper-converged infrastructure platforms.

Approximately 65% 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.

Client Solutions Group (“CSG”) — CSG offers branded personal computers (“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.

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.

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

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.

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

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

• Consumer — Our consumer portfolio provides customers with solutions ranging from essential computing, connectivity, and productivity needs of the everyday user to powerful performance, processing, and end-user experiences in high-end consumer and gaming offerings.

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.

Our other businesses primarily consist of our historical 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”).

(“Secureworks”) through the date of the sale of Secureworks as discussed below.

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

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• 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.

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

(“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, whereby we acted as a distributor of VMware standalone products and services.

We no longer act as a distributor of such products and services, although we 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 our VxRail solution for end-user customers.

The results for this integrated offering are reflected within ISG.

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:

SCWX) is a global cybersecurity provider of technology-driven security solutions singularly focused on protecting its customers by outpacing and outmaneuvering the adversary.

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.

• Secureworks is a global cybersecurity provider of technology-driven security solutions that 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 February 3, 2025, Secureworks was acquired by Sophos Inc., an affiliate of Thoma Bravo, L.P.

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.

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

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

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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.

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

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.

DFS funded $11.9 billion of originations in Fiscal 2026 and as of January 30, 2026 maintains a $14.3 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 $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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We have a global R&D presence, with total R&D expenses of $3.1 billion for both Fiscal 2026 and Fiscal 2025 and $2.8 billion for Fiscal 2024.

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

Strategic Investments and Acquisitions

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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.

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.

We held strategic investments in non-marketable securities of $1.6 billion and $1.5 billion as of January 30, 2026 and January 31, 2025, respectively.

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

In addition to these investments, we may also make disciplined acquisitions of businesses that advance our strategic objectives and accelerate our innovation agenda.

In addition to these investments, we may also make targeted acquisitions of businesses that advance our strategic objectives and accelerate our innovation agenda.

Manufacturing and Materials

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We also have implemented programs and methodologies to ensure that the quality of our designs, manufacturing, test processes, and supplier relationships are continually improved.

We maintain a Supplier Code of Conduct, actively manage recycling processes for our returned products, and are certified by the Environmental Protection Agency as a Smartway Transport Partner.

Additionally, we maintain a Supplier Code of Conduct and actively manage recycling processes for our returned products.

We purchase materials, supplies, product components, and products from a large number of qualified suppliers.

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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

Product backlog represents the value of unfulfilled manufacturing orders and is included as a component of remaining performance obligations to the extent we determine that the manufacturing orders are non-cancelable.

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 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.

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

While our supply chain operated efficiently at standard lead times, during both Fiscal 2025 and Fiscal 2026, increasing demand for our AI-optimized servers offerings continued to drive backlog growth.

Given the scale of the AI opportunities, the varying stages of customer readiness, and the frequency of component part updates or transitions, there is inherent non-linearity in the timing of demand and subsequent shipments for our AI-optimized servers offerings.

Additionally, during Fiscal 2026, demand for our traditional servers and networking offerings outpaced supply, resulting in incremental backlog growth as we exited the year.

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.

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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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.

Our competitive advantages — including our end-to-end solutions portfolio, go-to-market capabilities, supply chain, and global services — enable us to compete by providing 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.

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

We also face competition from non-traditional IT companies, including large Infrastructure-as-a-Service providers, that often buy their infrastructure directly from original design manufacturers.

Competitive pressures could increase if customers choose to move existing workloads to these Infrastructure-as-a-Service providers.

Competitive pressures could increase if customers choose to move existing workloads to these providers.

The markets in which we compete span countries around the world with customers that range from the world’s largest corporations to small and medium-sized businesses to consumers and also include government and not-for-profit organizations.

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Our global sales and marketing team has created a go-to-market model that is collaborative and customer-focused.

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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We generally organize our go-to-market operations with a focus on geographic and customer segments that 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.

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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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 incur costs to comply with the disclosure requirements of this law and other costs relating to the sourcing and availability of minerals used in our products.

Sustainability and Environmental, Social, and Governance Activities

Corporate Impact Activities

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.

Our commitments span the environment, our own workforce, and all of the people in our value chain.

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 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.

We embed circularity principles throughout our value chain.

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

We are committed to understanding the impact our business has on the environment.

We are taking action to mitigate climate-related risks, 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-related risks by managing greenhouse gas emissions across our operations, supply chain, and product lifecycle.

Human Capital Management

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

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

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 aim to attract, develop, and retain a top-talent workforce through our inclusive culture, 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 January 30, 2026, we had approximately 97,000 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.

Throughout Fiscal 2026, 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 employee reorganizations, limitation of external hiring, and other actions to align our investments with our announced strategic and customer priorities.

These actions resulted in a continued reduction in our overall headcount.

Despite these difficult decisions, we continue focused efforts to empower our employees and attract, develop, and retain talent.

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

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 fairly compensated for the value they deliver to our customers and other stakeholders.

We seek to support our culture in the following key focus areas:

Equal Employment Opportunity — We are committed to equal employment opportunity and maintaining an inclusive culture that gives all Dell Technologies employees an opportunity to thrive and succeed.

Achievement Through Learning, Development, and Competitive Compensation and Rewards — We provide competitive compensation aligned with consistent practices to attract, retain, and motivate top talent and to recognize the critical skills essential to our success.

Our programs reward performance as well as the behaviors and capabilities that enable it.

Through transparent, data-informed approaches, we build trust and align compensation with the priorities of our people and our business.

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

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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.

Our career development 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 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, emotional and financial well-being, while reinforcing work-life balance.

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.

Balance and Wellness — We offer our employees comprehensive benefits programs designed to support their physical, mental, emotional, and financial well-being while reinforcing a healthy work-life balance.

While a number of our programs are global, many benefits align with local requirements and market relevancy.

All enable an elevated health and wellness experience and include virtual live and on-demand educational sessions, counseling and support services, fitness and wellness challenges, voluntary progress tracking, and other incentives.

Connection and Engagement — We believe employee feedback is an important part of our culture and a key strategy to foster connection and engagement.

For example, through our annual Tell Dell survey, employees can confidentially voice their perceptions of the Company and our leadership, culture, and inclusiveness so we can continue to improve the employee experience.

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

For example, through our annual Tell Dell survey, employees can confidentially voice their perceptions of our company, strategy, leadership, and culture so we can continue to improve the employee experience.

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.

We have 13 unique Employee Resource Groups, which are open to all team members, that foster connection, engagement, and community involvement.

Supply Chain Resources

We manage our responsible business practices in one of the world’s largest supply chains, which involves hundreds of thousands of people around the world.

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

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;

• delivering future-ready skills development for employees in our supply chain;

• continuing our engagement with the people who make our products.

We support workers in the value chain with training on key topics, including forced labor and health and safety, and we continue to work with suppliers to deliver training directly to employees via their mobile phones.

Through this initiative, Dell Technologies covers the cost of developing training modules and shares training costs with suppliers who deliver them.

Dell Technologies works to ensure that we and our suppliers manufacture our products responsibly, in part through our social and environmental responsibility assurance program.

Through risk assessments and audits conducted under this program, we seek to monitor factories’ adherence to the Responsible Business Alliance (“RBA”) Code of Conduct.

Audits are conducted by third-party auditors that have been trained and certified by the RBA.

The audits cover topics across five areas:

labor, including risks of forced labor and weekly working hours;

employee health and safety;

and management systems.

Through our audit program, we aim to identify and solve concerns in our supply chain, and seek continual improvements to address issues and enable suppliers to build their own in-house capabilities.

We supplement our audits with targeted assessments of suppliers when we identify opportunities to drive further improvements.

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

Driving responsible manufacturing through robust assurance practices, including human rights due diligence and environmental stewardship, is fundamental to achieving our purpose of creating technologies that drive human progress, as well as building trust, driving innovation, and operating responsibly.

Dell Technologies works to ensure that we and our suppliers manufacture our products responsibly.

We seek to monitor factories’ adherence to the Responsible Business Alliance (“RBA”) Code of Conduct using third-party audits.

Our specialists work closely with suppliers to help identify the root causes of any concerns identified during audits and drive improvement.

To proactively address risks, we provide resources to suppliers for skills building in areas such as forced labor and health and safety.

By systematically assessing risks and adverse impacts, engaging directly with suppliers, and building workers’ capabilities in our supply chain, we strive for accountability, transparency, and continuous improvement for ourselves and our business partners.

Information about our supply chain sustainability progress is available 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 societal impact.

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.

Our policies and practices are guided by the United Nations’ Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development’s Guidelines for Multinational Enterprises on Responsible Business Conduct.

We endeavor to ensure that we are not complicit in human rights violations, and we 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

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Our telephone number is 1-800-289-3355.

Our website address is www.delltechnologies.com.

Our website address is www.dell.com.

We make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and all amendments to those reports, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

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Clarke 63 Vice Chairman and Chief Operating Officer

Yvonne McGill

David Kennedy

49 Chief Financial Officer

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56 Chief Human Resources Officer

Scannell 62 President, Global Sales and Customer Operations

Scannell 63 President and Chief Customer Officer

Geraldine Tunnell 50 Chief Marketing Officer

Peter Trizzino 53 President, Global Sales

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 served as Chief Executive Officer of Dell Inc.

(“Dell”), 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, that exclusively manages the capital for the Dell family.

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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 February 2025 and 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.

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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.

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

Clarke directs the Infrastructure Solutions Group and the Client Solutions Group and manages Global Operations, including manufacturing, procurement, and supply chain.

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

Yvonne McGill — Ms.

McGill serves as Chief Financial Officer of Dell Technologies.

In this role, in which she has served since August 2023, she is responsible for all aspects of the Company’s finance function, including accounting, financial planning and analysis, tax, treasury, and investor relations, as well as corporate development, global business operations and Dell Financial Services.

She also partners closely with the office of the CEO to develop and execute a long-term strategy that creates value for Dell Technologies stakeholders.

From August 2015 to August 2023, Ms.

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.

McGill has served in various other finance leadership roles, including Chief Financial Officer for the Company’s Asia-Pacific, Japan and China region and Chief Accounting Officer.

Before beginning her service with Dell, Ms.

McGill worked at ManTech International Corporation, a company providing technology solutions and services to U.S.

intelligence, defense and federal civilian agencies, and Price Waterhouse LLP (now PricewaterhouseCoopers LLP), a firm specializing in accounting, assurance, tax, and consulting services.

McGill serves on the board of directors of Applied Materials, Inc., an international materials engineering company.

David Kennedy — Mr.

Kennedy serves as Chief Financial Officer of Dell Technologies.

In this role, in which he has served since September 2025, Mr.

Kennedy oversees all aspects of Dell Technologies’ finance organization, including accounting, financial planning and analysis, tax, treasury and investor relations, as well as corporate development, global business operations and Dell Financial Services.

He also partners closely with the offices of the CEO and COO on Dell Technologies’ long-term strategy to create value for Dell Technologies’ stakeholders.

Kennedy served as Senior Vice President, Global Business Operations, Finance from February 2023 to September 2025 and, prior to that service, as Senior Vice President and Chief Operating Officer for Global Sales from February 2020 to February 2023, and as Senior Vice President and Chief Financial Officer of Dell Technologies’ Client Solutions Group from April 2017 to February 2020.

He joined Dell in 1998 and has served in various leadership roles spanning key areas.

Rothberg — Mr.

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In this role, Dr.

Saavedra leads Dell’s Global Human Resources and Facilities function and accelerates the performance and growth of the Company through its culture and its people.

Saavedra leads Dell’s Global Human Resources and Facilities function and accelerates the performance and growth of Dell Technologies through its culture and its people.

Saavedra previously served as Dell Technologies’ Senior Vice President, Human Resources – Sales from December 2019 to March 2021 and as its Senior Vice President, Human Resources – Talent and Culture from November 2017 to December 2019.

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

Table of Conte nts

Scannell — Mr.

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.

Scannell is responsible for go-to-market strategy and driving global growth by delivering Dell Technologies’ solutions to organizations in established and new markets globally.

Scannell serves as President and Chief Customer Officer at Dell Technologies.

In this role, which he has held since January 2026, Mr.

Scannell engages with customers and partners around the world.

He brings extensive experience to guide customer strategy, advance high-value initiatives and deliver meaningful value.

Scannell previously served as President, Global Sales and Customer Operations from February 2020 to January 2026, where he was responsible for go-to-market strategy and driving global growth by delivering Dell Technologies’ solutions to organizations in established and new markets globally.

Scannell previously served as President, Global Enterprise Sales and Customer Operations for Dell Technologies from September 2017 to January 2020, leading the sales teams to deliver innovative and practical technology solutions to large enterprises and public institutions worldwide.

Prior to joining Dell Technologies, Mr.

Scannell served as President, Global Sales and Customer Operations at EMC until EMC was acquired by Dell Technologies in September 2016.

Scannell served as President, Global Sales and Customer Operations at EMC Corporation (“EMC”), a global technology company, until EMC was acquired by Dell Technologies in September 2016.

In this role, to which he was appointed in July 2012 after overseeing customer operations in the Americas and EMEA, Mr.

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He then managed worldwide sales in 2001 and 2002 before being appointed Executive Vice President in 2007.

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

Scannell serves on the board of directors of Snowflake Inc., a company that provides a cloud-based data platform, and on the advisory board 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.

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, online and media, demand intelligence, product and field marketing, and corporate communications.

Since joining Dell in 2005, Ms.

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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.

Table of Conte nts

Peter Trizzino — Mr.

Trizzino serves as President, Global Sales at Dell Technologies.

In this role, which he has held since January 2026, he oversees Sales, Presales, and Dell’s global partner ecosystem to drive revenue growth and customer outcomes worldwide.

Trizzino previously served as President of Global Sales Modernization & GTM from August 2025 to January 2026, where he championed new ways of working across Dell’s sales organization by simplifying, standardizing and automating end-to-end sales motions to increase speed and customer engagement.

He also served as President, NA Sales, from February 2023 to August 2025, as President, DT Select from February 2021 to January 2023, and as Senior Vice President, DT Select from June 2020 to January 2021.

Trizzino joined EMC in 2000, where he held various positions, including sales and leadership roles.

Before joining Dell, he began his career at Xerox Corporation, a workplace technology company.

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