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Item 1. Financial Statements

2026-06-09 compared with 2025-12-09 · 258 added, 440 removed, 860 unchanged (45% of the section changed)

ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Statements of Financial Position as of Oct ober 31 , 2025 and January 31, 2025

Condensed Consolidated Statements of Income for the three and nine months ended October 31 , 2025 and November 1 , 2024

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 31 , 2025 and November 1 , 2024

Condensed Consolidated Statements of Cash Flows for the nine months ended October 31 , 2025 and November 1 , 2024

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and nine months ended October 31 , 2025 and November 1 , 2024

Condensed Consolidated Statements of Financial Position as of May 1, 2026 and January 3 0 , 20 26

Condensed Consolidated Statements of Income for the three months ended May 1, 202 6 and May 2 , 202 5

Condensed Consolidated Statements of Comprehensive Income for the three months ended May 1 , 202 6 and May 2 , 202 5

Condensed Consolidated Statements of Cash Flows for the three months ended May 1 , 202 6 and May 2 , 202 5

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three months ended May 1 , 202 6 and May 2 , 202 5

Notes to the Condensed Consolidated Financial Statements

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Note 16 — Supplemental Consolidated Financial Information

Note 17 — Revision of Previously Issued Financial Statements

Note 17 — Subsequent Events

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(in millions;

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

Current assets:

5 unchanged sentences

Other current assets 9,886 9,594

Current assets held for sale — 668

Total current assets 70,607 57,602

12 unchanged sentences

Short-term deferred revenue 13,193 13,334

Current liabilities held for sale — 221

Total current liabilities 74,598 63,269

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Treasury stock at cost ( 16,149 ) ( 14,533 )

Retained earnings (accumulated deficit) 1,420 ( 1,160 )

Retained earnings 6,343 3,325

Accumulated other comprehensive loss ( 709 ) ( 719 )

Total Dell Technologies Inc.

stockholders’ equity (deficit) ( 2,620 ) ( 1,482 )

Non-controlling interests — 95

Total stockholders’ equity (deficit) ( 1,404 ) ( 2,470 )

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(in millions, except per share amounts ;

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

Products $ 38,105 $ 17,599

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Net income $ 3,438 $ 965

Net loss attributable to non-controlling interests — ( 5 ) — ( 15 )

Net income attributable to Dell Technologies Inc.

$ 1,548 $ 1,175 $ 3,677 $ 3,059

Earnings per share attributable to Dell Technologies Inc.

Earnings per share:

Basic $ 5.30 $ 1.39

Diluted $ 5.24 $ 1.37

Weighted-average shares outstanding:

Basic 649 692

Diluted 656 702

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements .

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(in millions ;

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

Net income $ 3,438 $ 965

7 unchanged sentences

Recognition of actuarial net gains (losses) from pension and other postretirement plans 1 ( 1 )

Reclassification adjustments for net gains from pension and other postretirement plans ( 3 ) — ( 3 ) ( 1 )

Net change in actuarial net losses from pension and other postretirement plans ( 3 ) — ( 4 ) —

Total other comprehensive income (loss), net of tax expense (benefit) of $ 1 and $ 3 , respectively, and $( 8 ) and $ 10 , respectively

56 44 277 ( 20 )

Total other comprehensive income, net of tax expense (benefit) of $ 6 and $( 22 ), respectively

Comprehensive income, net of tax $ 3,448 $ 970

Net loss attributable to non-controlling interests — ( 5 ) — ( 15 )

Comprehensive income attributable to Dell Technologies Inc.

$ 1,604 $ 1,219 $ 3,954 $ 3,039

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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(in millions ;

Nine Months Ended

October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

Cash flows from operating activities:

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Deferred income taxes 45 ( 256 )

Other, net 437 621

Other, net (a) ( 387 ) 174

Changes in assets and liabilities:

13 unchanged sentences

Cash flows from financing activities:

Proceeds from the issuance of common stock 5 1

Repurchases of common stock ( 1,628 ) ( 1,980 )

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Cash, cash equivalents, and restricted cash at end of the period $ 11,753 $ 7,853

____________________

(a) During the three months ended May 1, 2026, other, net, includes $ 0.6 billion of gains recognized within the Company’s strategic investments portfolio.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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Common Stock and Capital in Excess of Par Value Treasury Stock

Three Months Ended October 31, 2025 Issued Shares Amount Shares Amount Retained Earnings

(Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Dell Technologies

Stockholders’ Equity (Deficit) Non-Controlling Interests Total Stockholders’ Equity (Deficit)

Balances as of August 1, 2025 843 $ 9,132 168 $ ( 11,419 ) $ 231 $ ( 710 ) $ ( 2,766 ) $ — $ ( 2,766 )

Net income — — — — 1,548 — 1,548 — 1,548

Dividends and dividend equivalents declared

($ 0.525 per common share)

— — — — ( 359 ) — ( 359 ) — ( 359 )

Foreign currency translation adjustments — — — — — 35 35 — 35

Cash flow hedges, net change — — — — — 24 24 — 24

Pension and other post-retirement — — — — — ( 3 ) ( 3 ) — ( 3 )

Issuance of common stock, net of shares repurchased for employee tax withholding 1 ( 18 ) — — — — ( 18 ) — ( 18 )

Stock-based compensation expense — 165 — — — — 165 — 165

Treasury stock repurchases — — 9 ( 1,246 ) — — ( 1,246 ) — ( 1,246 )

Balances as of October 31, 2025 844 $ 9,279 177 $ ( 12,665 ) $ 1,420 $ ( 654 ) $ ( 2,620 ) $ — $ ( 2,620 )

Common Stock and Capital in Excess of Par Value Treasury Stock

Nine Months Ended October 31, 2025 Issued Shares Amount Shares Amount Retained Earnings

(Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Dell Technologies

Issued Shares Amount Shares Amount Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Dell Technologies

Stockholders’ Equity (Deficit) Non-Controlling Interests Total Stockholders’ Equity (Deficit)

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— — — — — 8 8 ( 95 ) ( 87 )

Balances as of October 31, 2025 844 $ 9,279 177 $ ( 12,665 ) $ 1,420 $ ( 654 ) $ ( 2,620 ) $ — $ ( 2,620 )

Balances as of May 2, 2025 843 $ 8,957 160 $ ( 10,488 ) $ ( 567 ) $ ( 926 ) $ ( 3,024 ) $ — $ ( 3,024 )

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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Common Stock and Capital in Excess of Par Value Treasury Stock

Three Months Ended November 1, 2024 Issued Shares Amount Shares Amount Retained Earnings

(Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Dell Technologies

Issued Shares Amount Shares Amount Retained Earnings Accumulated Other Comprehensive Income (Loss) Dell Technologies

Stockholders’ Equity (Deficit) Non-Controlling Interests Total Stockholders’ Equity (Deficit)

Balances as of August 2, 2024 833 $ 8,782 128 $ ( 7,334 ) $ ( 3,223 ) $ ( 864 ) $ ( 2,639 ) $ 97 $ ( 2,542 )

Net income (loss) — — — — 1,175 — 1,175 ( 5 ) 1,170

Balances as of January 30, 2026 844 $ 9,457 192 $ ( 14,533 ) $ 3,325 $ ( 719 ) $ ( 2,470 ) $ — $ ( 2,470 )

Net income — — — — 3,438 — 3,438 — 3,438

Dividends and dividend equivalents declared

3 unchanged sentences

Cash flow hedges, net change — — — — — 83 83 — 83

Issuance of common stock, net of shares repurchased for employee tax withholding 1 ( 26 ) — — — — ( 26 ) — ( 26 )

Stock-based compensation expense — 187 — — — — 187 11 198

Treasury stock repurchases — — 4 ( 413 ) — — ( 413 ) — ( 413 )

Impact from equity transactions of non-controlling interests — 8 — — — — 8 ( 8 ) —

Balances as of November 1, 2024 834 $ 8,951 132 $ ( 7,747 ) $ ( 2,371 ) $ ( 820 ) $ ( 1,987 ) $ 95 $ ( 1,892 )

Common Stock and Capital in Excess of Par Value Treasury Stock

Nine Months Ended November 1, 2024 Issued Shares Amount Shares Amount Retained Earnings

(Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Dell Technologies

Stockholders’ Equity (Deficit) Non-Controlling Interests Total Stockholders’ Equity (Deficit)

Balances as of February 2, 2024 821 $ 8,926 116 $ ( 5,900 ) $ ( 4,453 ) $ ( 800 ) $ ( 2,227 ) $ 95 $ ( 2,132 )

Net income (loss) — — — — 3,059 — 3,059 ( 15 ) 3,044

Dividends and dividend equivalents declared ($ 1.335 per common share)

— — — — ( 977 ) — ( 977 ) — ( 977 )

Foreign currency translation adjustments — — — — — ( 95 ) ( 95 ) — ( 95 )

Cash flow hedges, net change — — — — — 75 75 — 75

Pension and other post-retirement — — — — — 1 1 — 1

Issuance of common stock, net of shares repurchased for employee tax withholding 8 ( 535 ) — — — — ( 535 ) — ( 535 )

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Treasury stock repurchases — — 11 ( 1,616 ) — — ( 1,616 ) — ( 1,616 )

Impact from equity transactions of non-controlling interests — 6 — — — — 6 ( 13 ) ( 7 )

Balances as of November 1, 2024 834 $ 8,951 132 $ ( 7,747 ) $ ( 2,371 ) $ ( 820 ) $ ( 1,987 ) $ 95 $ ( 1,892 )

Balances as of May 1, 2026 852 $ 9,111 203 $ ( 16,149 ) $ 6,343 $ ( 709 ) $ ( 1,404 ) $ — $ ( 1,404 )

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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Dell Technologies is a leader in the global technology industry that designs, develops, manufactures, markets, sells, and supports a wide range of comprehensive and integrated solutions, products, and services.

Dell Technologies offerings include servers and networking, storage, cloud solutions, desktops, notebooks, services, software, branded peripherals, and third-party software and peripherals.

Dell Technologies offerings include servers, networking, storage, cloud solutions, desktops, notebooks, services, software, branded peripherals, and third-party software and peripherals.

References in these Notes to the Condensed Consolidated Financial Statements to the “Company” or “Dell Technologies” mean Dell Technologies Inc.

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These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company as of October 31, 2025 and January 31, 2025 and the results of its operations, corresponding comprehensive income, changes in stockholders’ equity (deficit) for the three and nine months ended October 31, 2025 and November 1, 2024, and cash flows for the nine months ended October 31, 2025 and November 1, 2024.

In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company as of May 1, 2026 and January 30, 2026 and the results of its operations, corresponding comprehensive income, changes in stockholders’ equity (deficit), and cash flows for the three months ended May 1, 2026 and May 2, 2025.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying Notes.

Actual results could differ materially from those estimates.

The results of its operations, corresponding comprehensive income, and changes in stockholders’ equity (deficit) for the three and nine months ended October 31, 2025 and November 1, 2024, and cash flows for the nine months ended October 31, 2025 and November 1, 2024 are not necessarily indicative of the results to be expected for the full fiscal year or for any other fiscal period.

The results of its operations, corresponding comprehensive income, changes in stockholders’ equity (deficit), and cash flows for the three months ended May 1, 2026 and May 2, 2025 are not necessarily indicative of the results to be expected for the full fiscal year or for any other fiscal period.

The Company’s fiscal year is the 52- or 53-week period ending on the Friday nearest January 31.

Both the fiscal year ending January 30, 2026 (“Fiscal 2026”) and the fiscal year ended January 31, 2025 (“Fiscal 2025”) are 52-week periods.

The fiscal year ending January 29, 2027 and the fiscal year ended January 30, 2026 may be referred to as “Fiscal 2027” and “Fiscal 2026,” respectively.

Both the fiscal year ending January 29, 2027 and the fiscal year ended January 30, 2026 are 52-week periods.

Principles of Consolidation — These Condensed Consolidated Financial Statements include the accounts of Dell Technologies Inc.

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See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information regarding consolidated VIEs.

Revision of Previously Issued Financial Statements — As previously reported, during the fiscal year ended January 31, 2025, the Company discovered accumulated credits from certain suppliers that were not recorded or not recorded in the correct period in its previously reported financial results.

The Company initiated an investigation that indicated that the credits resulted from the actions of certain procurement employees that support a limited number of suppliers, which affected the Client Solutions Group segment.

The revision did not have an impact on the Company’s net revenue.

The Company determined that the impacts were not material, individually or in the aggregate, to its previously issued Consolidated Financial Statements and accompanying Notes to the Consolidated Financial Statements for any of the prior quarters or the annual period in which they occurred.

However, in accordance with Staff Accounting Bulletin No.

108 of the SEC, the Company concluded that correcting the cumulative misstatement would have been material to its results of operations for the fiscal year ended January 31, 2025.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Accordingly, as described in Note 1 and Note 22 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, the Company has revised its previously issued Condensed Consolidated Financial Statements, as applicable, as of and for the three and nine months ended November 1, 2024.

A summary of the corrections to the impacted financial statement line items to the Company’s previously issued Condensed Consolidated Financial Statements is presented in Note 17 of these Notes to the Condensed Consolidated Financial Statements.

Secureworks — On February 3, 2025, the sale of Secureworks to Sophos Inc., an affiliate of Thoma Bravo, L.P., was completed in an all-cash transaction for a purchase price of approximately $ 0.9 billion.

The Company received total cash consideration for the equity interest held in Secureworks of approximately $ 0.6 billion, resulting in a gain on sale recorded of $ 0.2 billion recognized in interest and other, net in the Condensed Consolidated Statements of Income for the nine months ended October 31, 2025.

Prior to the sale, Secureworks’ operating results were included within Corporate and other and did not qualify for presentation as a discontinued operation.

Additionally, the Company reclassified Secureworks’ assets and liabilities as current assets held for sale and current liabilities held for sale in the accompanying Condensed Consolidated Statements of Financial Position as of January 31, 2025.

The Company previously held approximately 78.6 % of the outstanding equity interest in Secureworks as of January 31, 2025.

The portion of the results of operations of Secureworks allocable to its other owners was shown as net loss attributable to non-controlling interests in the Condensed Consolidated Statements of Income, as an adjustment to net income attributable to Dell Technologies stockholders.

The non-controlling interests’ share of equity in Secureworks was reflected as non-controlling interests in the Condensed Consolidated Statements of Financial Position and wa s $ 95 million as of January 31, 2025.

The Company received total cash consideration for the equity interest held in Secureworks of approximately $ 0.6 billion, resulting in a gain on sale of $ 0.2 billion recognized in interest and other, net in the Condensed Consolidated Statements of Income for the three months ended May 2, 2025.

Related Party Transactions — The Company enters into purchase and sales transactions with other publicly-traded and privately-held companies, as well as not-for-profit organizations, that could be influenced by members of the Company’s board of directors, executive officers, or significant stockholders.

The Company enters into these arrangements in the ordinary course of its business.

Transactions with related parties were immaterial for the three and nine months ended October 31, 2025 and November 1, 2024.

Transactions with related parties were immaterial for the three months ended May 1, 2026 and May 2, 2025.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Recently Issued Accounting Pronouncements

Internal-Use Software — In September 2025, the Financial Accounting Standards Board (the “FASB”) issued guidance to modernize internal-use software capitalization by removing references to software development project stages, increasing the operability of the recognition guidance considering different methods of software development, including the agile method.

Environmental Credits and Environmental Credit Obligations — In May 2026, the Financial Accounting Standards Board (“FASB”) issued guidance to improve the financial accounting disclosure of environmental credits and environmental credit obligations, providing recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits.

Public entities must adopt the new guidance for fiscal years beginning after December 15, 2027, with early adoption permitted.

Upon adoption, the guidance can be applied prospectively, retrospectively, or through a modified approach.

Upon adoption, the guidance will be applied retrospectively.

The Company is currently evaluating the impact and timing of adoption of this guidance.

Expense Disaggregation Disclosures — In November 2024, the FASB issued guidance to improve disclosures about a public entity’s expenses by requiring disclosure of additional information about the types of expenses commonly presented in the financial statements on an annual and interim basis.

Internal-Use Software — In September 2025, the FASB issued guidance to modernize internal-use software capitalization by removing references to software development project stages, increasing the operability of the recognition guidance permitting consideration of different methods of software development, including the agile method.

Public entities must adopt the new guidance for fiscal years beginning after December 15, 2027, with early adoption permitted.

Upon adoption, the guidance can be applied prospectively or retrospectively.

Adoption of this new guidance will result in increased disclosures in the Notes to the Consolidated Financial Statements.

Income Taxes — In December 2023, the FASB issued guidance which requires companies to provide disaggregated income tax disclosures within the income tax rate reconciliation and income taxes paid.

Upon adoption, the guidance may be applied prospectively, retrospectively, or through a modified approach.

The Company is currently evaluating the impact and timing of adoption of this guidance.

Public entities must adopt the new guidance for fiscal years beginning after December 15, 2026, with early adoption permitted.

The Company will adopt the guidance prospectively.

Adoption of this new guidance will result in increased disclosures in the Notes to the Consolidated Financial Statements.

Upon adoption, the guidance will be applied prospectively.

Adoption of this new guidance will result in increased disclosures in the Notes to the Condensed Consolidated Financial Statements.

DELL TECHNOLOGIES INC.

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The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

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The Company reviews security pricing and assesses money market fund liquidity on a quarterly basis.

As of October 31, 2025, the Company’s portfolio had no exposure to money market funds with a fluctuating net asset value.

As of May 1, 2026, the Company’s portfolio had no exposure to money market funds with a fluctuating net asset value.

Marketable Equity and Other Securities — The Company’s investments in equity and other securities that are measured at fair value on a recurring basis consist of strategic investments in publicly-traded companies.

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Assets and liabilities associated with the plans are measured at fair value using Level 1 inputs.

Assets were the same as liabilities associated with the plans at approximately $ 269 million and $ 244 million as of October 31, 2025 and January 31, 2025, respectively, and are included in other assets and other liabilities on the Condensed Consolidated Statements of Financial Position.

Assets were the same as liabilities associated with the plans at approximately $ 269 million and $ 274 million as of May 1, 2026 and January 30, 2026, respectively, and are included in other assets and other liabilities on the Condensed Consolidated Statements of Financial Position.

The net impact on the Condensed Consolidated Statements of Income is not material since changes in the fair value of the assets substantially offset changes in the fair value of the liabilities.

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Carrying Value and Estimated Fair Value of Outstanding Debt — The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 6 of the Notes to the Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

Carrying Value Fair Value Carrying Value Fair Value

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NOTE 3 — INVESTMENTS

The Company has strategic investments in equity and other securities as well as immaterial investments in fixed income debt securities that are primarily recorded as long-term investments in the Condensed Consolidated Statements of Financial Position.

As of October 31, 2025 and January 31, 2025, total investments were $ 1.8 billion and $ 1.5 billion, respectively.

The Company has strategic investments in equity and other securities as well as immaterial investments in fixed income debt securities that are recorded as long-term investments in the Condensed Consolidated Statements of Financial Position.

As of May 1, 2026 and January 30, 2026, total investments were $ 2.5 billion and $ 1.7 billion, respectively.

Equity and other securities include strategic investments in marketable and non-marketable securities.

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The Company has elected to apply the measurement alternative for non-marketable securities which allows investments without readily determinable fair values to be measured at cost, less impairment, adjusted for observable price changes.

The Company makes a separate election to use the alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative.

The Company makes a separate election to apply the measurement alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative.

In evaluating these investments for impairment or observable price changes, the Company uses inputs including pre- and post-money valuations of recent financing events and the impact of those events on its fully diluted ownership percentages, as well as other available information regarding the issuer’s historical and forecasted performance.

Carrying Value of Equity and Other Securities

The following table presents the cost, cumulative unrealized gain, cumulative unrealized loss, and carrying value of the Company's strategic investments in marketable and non-marketable equity and other securities as of the dates indicated:

October 31, 2025 January 31, 2025

Cost Unrealized Gain Unrealized Loss Carrying Value Cost Unrealized Gain Unrealized Loss Carrying Value

The following table presents the carrying value of the Company's strategic investments in marketable and non-marketable equity and other securities as of the dates indicated:

May 1, 2026 January 30, 2026

(in millions)

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Total equity and other securities $ 2,471 $ 1,717

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Gains and Losses on Equity and Other Securities

The following table presents unrealized gains and losses on marketable and non-marketable equity and other securities for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Marketable securities:

Unrealized gain $ 53 $ 3 $ 53 $ 3

Unrealized loss — — ( 1 ) ( 6 )

Net unrealized gain (loss) 53 3 52 ( 3 )

Net unrealized losses $ ( 24 ) $ ( 1 )

Non-marketable securities:

Unrealized gain 89 7 111 7

Unrealized loss ( 10 ) — ( 33 ) ( 31 )

Net unrealized gain (loss) (a) (b) 79 7 78 ( 24 )

Net unrealized gain (loss) on equity and other securities $ 132 $ 10 $ 130 $ ( 27 )

Unrealized gains 681 22

Unrealized losses ( 26 ) ( 6 )

Net unrealized gains (a) 655 16

Net unrealized gains on equity and other securities $ 631 $ 15

____________________

(a) For the three and nine months ended October 31, 2025, net unrealized gains on non-marketable securities were primarily attributable to net adjustments for observable price changes.

(b) For the three months ended November 1, 2024, net unrealized gains on non-marketable securities were attributable to upward adjustments for observable price changes.

For the nine months ended November 1, 2024, net unrealized losses on non-marketable securities were primarily attributable to downward adjustments for observable price changes.

(a) During the three months ended May 1, 2026, net unrealized gains on non-marketable securities was primarily attributable to an upward observable price adjustment of $ 0.6 billion related to a single investee.

As of May 1, 2026 and January 30, 2026, the cumulative unrealized gains on non-marketable securities were $ 1.8 billion and $ 1.1 billion, respectively.

As of both May 1, 2026 and January 30, 2026, the cumulative unrealized losses, including impairments, on non-marketable securities were $ 0.3 billion.

DELL TECHNOLOGIES INC.

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The Company offers or arranges a portfolio of payment and consumption solutions and services for its customers globally, including utility, subscription, as-a-Service, leases, and loans, designed to match customers' consumption and financing preferences and to provide operational and financial flexibility.

To support financing solutions and services as part of the Dell Technologies portfolio, Dell Financial Services and its affiliates (“DFS”) originates, collects, and services customer financing arrangements primarily related to the purchase and use of Dell Technologies products and services.

In some cases, the Company also offers financing for the purchase of third-party technology products that complement the portfolio of products and services.

New financing originations were $ 3.1 billion and $ 1.6 billion for the three months ended October 31, 2025 and November 1, 2024, respectively, and $ 7.1 billion and $ 5.9 billion for the nine months ended October 31, 2025 and November 1, 2024, respectively.

The Company’s financing arrangements with customers are aggregated primarily as fixed-term leases and loans as described below.

To support financing solutions and services as part of the Dell Technologies portfolio, Dell Financial Services and its affiliates (“DFS”) originate, collect, and service customer financing arrangements primarily related to the purchase and use of Dell Technologies products and services.

In some cases, the Company also offers financing for the purchase of third-party technology products that complement the portfolio of the Company’s products and services.

New financing originations were $ 2.8 billion and $ 1.6 billion for the three months ended May 1, 2026 and May 2, 2025, respectively.

The Company’s financing arrangements with customers are aggregated as fixed-term leases and loans as described below.

Leases — The Company enters into fixed-term financing arrangements with customers who seek lease financing for equipment.

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The carrying value of these loans approximates fair value.

The Company historically offered revolving loans primarily to small and medium-sized commercial customers.

During Fiscal 2025, the Company discontinued remaining offerings under the revolving loan portfolio.

The Company continues to support existing customer arrangements as well as to transition these customers to fixed-term offerings.

Due to the short-term nature of the revolving loan portfolio, in which transactions are typically repaid within twelve months on average, the portfolio had substantially transitioned to fixed-term offerings as of October 31, 2025.

Financing Receivables

The following table presents the components of the Company’s financing receivables as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

(in millions)

Financing receivables, net:

Customer receivables, gross (a) $ 13,966 $ 14,295

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____________________

(a) Customer receivables, gross include amounts due from customers under fixed-term leases, fixed-term loans, and accrued interest, as well as immaterial remaining amounts under the revolving loans.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(a) Customer receivables, gross include amounts due from customers under fixed-term leases and loans and accrued interest.

The following table presents the changes in allowance for financing receivable losses for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Allowance for financing receivable losses:

Balances at beginning of period $ 213 $ 153

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Balances at end of period $ 212 $ 144

The Company recognizes an allowance for financing receivable losses, including both the lease receivable and unguaranteed residual, in an amount equal to the expected losses, net of recoveries.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Company recognizes an allowance for financing receivable losses, including both the lease receivable and unguaranteed residual, in an amount equal to the expected credit losses, net of recoveries.

The allowance for financing receivable losses on the lease receivable is determined based on various factors, including lifetime expected losses determined using macroeconomic forecast assumptions and management judgments applicable to and through the expected life of the portfolios as well as past due receivables, receivable type, and customer risk profile.

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The following table presents the aging of the Company’s customer financing receivables, gross, including accrued interest, as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

(in millions)

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The receivables identified as doubtful for collectibility may be classified as current for aging purposes.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Credit Quality

The following tables present customer receivables, gross, including accrued interest, by credit quality indicator, as of the dates indicated:

October 31, 2025

Fiscal Year of Origination

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Total $ 7,901 $ 3,358 $ 2,058 $ 836 $ 117 $ 25 $ 14,295

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The categories shown in the tables above segregate customer receivables, gross, based on the relative degrees of credit risk.

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The following table presents amounts included in the Condensed Consolidated Statements of Income related to sales-type lease activity for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Interest income — products

$ 94 $ 82 $ 279 $ 221

Net revenue — products

$ 222 $ 401 $ 522 $ 1,751

Cost of net revenue — products

191 333 500 1,488

Gross margin — products

$ 31 $ 68 $ 22 $ 263

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents the future maturity of the Company’s customer leases and associated financing payments, and reconciles the undiscounted cash flows to the customer receivables, gross recognized on the Condensed Consolidated Statements of Financial Position as of the date indicated:

October 31, 2025

(in millions)

Fiscal 2026 (remaining three months) $ 956

Fiscal 2027 (remaining nine months) $ 2,382

Fiscal 2028 2,090

8 unchanged sentences

The following table presents the components of the Company’s operating lease portfolio included in property, plant, and equipment, net as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

(in millions)

2 unchanged sentences

Equipment under operating lease, net $ 2,731 $ 2,459

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents operating lease income related to lease payments and depreciation expense for the Company’s operating lease portfolio for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

1 unchanged sentence

Depreciation expense $ 254 $ 244

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents the future payments to be received by the Company in operating lease contracts as of the date indicated:

October 31, 2025

(in millions)

Fiscal 2026 (remaining three months) $ 362

Fiscal 2027 (remaining nine months) $ 1,111

Fiscal 2028 1,118

6 unchanged sentences

The following table presents DFS debt as of the dates indicated and excludes the allocated portion of the Company’s other borrowings, which represents the additional amount considered to fund the DFS business:

October 31, 2025 January 31, 2025

DFS debt (in millions)

May 1, 2026 January 30, 2026

(in millions)

Asset-based financing facility $ 2,901 $ 3,146

8 unchanged sentences

Total DFS debt, principal amount $ 9,278 $ 9,139

Total short-term DFS debt $ 5,130 $ 5,175

Total long-term DFS debt $ 3,775 $ 3,536

Short-term $ 5,775 $ 5,719

Long-term $ 3,503 $ 3,420

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Asset-Based Financing Facility — The Company maintains an asset-based financing facility in the United States, which is a revolving facility for fixed-term leases and loans.

2 unchanged sentences

The asset-based financing facility consists of two tranches, with effective dates through July 7, 2026 and July 7, 2027, respectively.

As of October 31, 2025, the total debt capacity related to the asset-based financing facility was $ 4.6 billion.

As of May 1, 2026, the total debt capacity related to the asset-based financing facility was $ 4.6 billion.

The debt has a variable interest rate, and the duration of the debt is based on the terms of the underlying lease and loan payment streams.

1 unchanged sentence

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company’s interest rate swaps.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The asset-based financing facility contains standard structural features related to the performance of the funded receivables, which include defined credit losses, delinquencies, average credit scores, and minimum collection requirements.

In the event one or more of these criteria are not met and the Company is unable to restructure the facility, no further funding of receivables will be permitted and the timing of the Company’s expected cash flows from over-collateralization will be delayed.

As of October 31, 2025, these criteria were met.

As of May 1, 2026, these criteria were met.

Fixed-Term Securitization Offerings — The Company periodically issues asset-backed debt securities under fixed-term securitization programs to private investors.

1 unchanged sentence

fixed-term lease and loan payments and associated equipment, which are held by Special Purpose Entities (“SPEs”), as discussed below.

The interest rate on these securities is fixed and ranges from 4.10 % to 6.80 % per annum as of October 31, 2025, and the duration of these securities is based on the terms of the underlying lease and loan payment streams.

The interest rate on these securities is fixed and ranges from 4.01 % to 6.75 % per annum as of May 1, 2026, and the duration of these securities is based on the terms of the underlying lease and loan payment streams.

DFS International Debt

1 unchanged sentence

The debt under this facility has a variable interest rate, and the duration of the debt is based on the terms of the underlying lease and loan payment streams.

This facility is effective through December 22, 2026 and had a total debt capacity of $ 925 million as of October 31, 2025.

This facility is effective through December 22, 2026 and had a total debt capacity of $ 938 million as of May 1, 2026.

The securitization facility contains standard structural features related to the performance of the securitized receivables, which include defined credit losses, delinquencies, average credit scores, and minimum collection requirements.

In the event one or more of these criteria are not met and the Company is unable to restructure the program, no further funding of receivables will be permitted and the timing of the Company’s expected cash flows from over-collateralization will be delayed.

As of October 31, 2025, these criteria were met.

Other Borrowings — In connection with the Company’s international financing operations, the Company has entered into revolving structured financing debt programs related to its fixed-term lease and loan products sold in Canada, Europe, Australia and New Zealand, the Middle East, and Singapore.

As of May 1, 2026, these criteria were met.

Other Borrowings — In connection with the Company’s international financing operations, the Company has entered into revolving structured financing debt programs related to its fixed-term lease and loan products sold in Canada, Europe, the Middle East, Australia and New Zealand, and Singapore.

The debt under these programs has a variable interest rate.

The duration of the debt in Canada, Europe, Australia and New Zealand, and the Middle East is based on the terms of the underlying lease and loan payment streams.

The duration of the debt in Canada, Europe, the Middle East, and Australia and New Zealand is based on the terms of the underlying lease and loan payment streams.

These facilities are collateralized solely by the lease and loan payments and associated equipment in their respective region or country.

The Canadian facility had a total debt capacity of $ 250 million as of October 31, 2025 and is effective through January 15, 2028.

The European facility had a total debt capacity of $ 463 million as of October 31, 2025 and is effective through December 14, 2026.

The Australia and New Zealand facility had a total debt capacity of $ 279 million as of October 31, 2025 and is effective through April 17, 2027.

The Middle East facility had a total debt capacity of $ 150 million as of October 31, 2025 and is effective through March 14, 2027.

The Company also has two unsecured Singapore facilities, which had a total debt capacity of $ 254 million as of October 31, 2025 and are effective through July 3, 2026 and July 3, 2027, respectively.

Dell Bank Senior Unsecured Eurobonds — On October 27, 2021, Dell Bank issued 500 million Euro of 0.5 % senior unsecured five-year eurobonds due October 2026.

On October 18, 2022, Dell Bank issued 500 million Euro of 4.5 % senior unsecured five-year eurobonds due October 2027.

On June 13, 2024, Dell Bank issued 500 million Euro of 3.6 % senior unsecured five-year eurobonds due June 2029.

The issuances of the senior unsecured eurobonds support the expansion of the financing operations in Europe.

As of May 1, 2026,

• the Canadian facility had a total debt capacity of $ 258 million and is effective through January 15, 2028,

• the European facility had a total debt capacity of $ 469 million and is effective through December 14, 2026,

• the Middle East facility had a total debt capacity of $ 150 million and is effective through March 14, 2028, and

• the Australia and New Zealand facility had a total debt capacity of $ 306 million and is effective through April 17, 2027.

The Company also has two unsecured Singapore facilities, which had a total debt capacity of $ 259 million as of May 1, 2026 and are effective through July 12, 2026 and July 3, 2027, respectively.

Subsequent to the close of the three months ended May 1, 2026, the Company extended the term of the July 12, 2026 facility to be effective through July 12, 2027.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Dell Bank Senior Unsecured Eurobonds — On October 27, 2021, Dell Bank issued € 500 million of 0.5 % senior unsecured five-year eurobonds due October 2026.

On October 18, 2022, Dell Bank issued € 500 million of 4.5 % senior unsecured five-year eurobonds due October 2027.

On June 24, 2024, Dell Bank issued € 500 million of 3.6 % senior unsecured five-year eurobonds due June 2029.

The issuances of the senior unsecured eurobonds support the expansion of the financing operations in Europe.

Variable Interest Entities

8 unchanged sentences

The following table presents the assets and liabilities held by the consolidated VIEs as of the dates indicated, which are included in the Condensed Consolidated Statements of Financial Position:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

(in millions)

9 unchanged sentences

Long-term $ 2,204 $ 1,933

Lease and loan payments and associated equipment transferred via securitization through SPEs were $ 1.0 billion for both the three months ended October 31, 2025 and November 1, 2024, and $ 3.0 billion for both the nine months ended October 31, 2025 and November 1, 2024.

Lease and loan payments and associated equipment transferred via securitization through SPEs were $ 1.3 billion and $ 1.2 billion for the three months ended May 1, 2026, and May 2, 2025, respectively.

Customer Receivables Sales

To manage certain concentrations of customer credit exposure, the Company may sell selected fixed-term customer receivables to unrelated third parties on a periodic basis, without recourse.

The amounts of customer receivables sold for this purpose were immaterial for both the nine months ended October 31, 2025 and November 1, 2024.

The amounts of customer receivables sold for this purpose were immaterial for both the three months ended May 1, 2026 and May 2, 2025.

The Company’s continuing involvement in these customer receivables is primarily limited to servicing arrangements.

4 unchanged sentences

These lease contracts are typically classified as operating leases.

The Company’s lease contracts are generally for office buildings used to conduct its business, and the determination of whether such contracts contain leases generally does not require significant estimates or judgments.

The Company also leases certain global logistics warehouses, employee vehicles, and equipment.

As of October 31, 2025, the remaining terms of the Company’s leases generally range from one month to approximately eleven years .

As of October 31, 2025 and January 31, 2025, there were no material finance leases in which the Company was a lessee.

The Company’s lease contracts are generally for office space used to conduct its business, and the determination of whether such contracts contain leases generally does not require significant estimates or judgments.

The Company also leases certain property, equipment, and warehouses.

As of May 1, 2026, the remaining terms of the Company’s leases generally range from one month to approximately ten years .

As of May 1, 2026 and January 30, 2026, there were no material finance leases in which the Company was a lessee.

The Company also enters into leasing transactions in which the Company is the lessor, primarily through customer financing arrangements offered under DFS.

2 unchanged sentences

The following table presents components of lease costs included in the Condensed Consolidated Statements of Income for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

2 unchanged sentences

Total lease costs $ 88 $ 81

During the three and nine months ended October 31, 2025 and November 1, 2024, sublease income, finance lease costs, and short-term lease costs were immaterial.

During the three months ended May 1, 2026 and May 2, 2025, sublease income, finance lease costs, and short-term lease costs were immaterial.

The following table presents supplemental information related to operating leases included in the Condensed Consolidated Statements of Financial Position as of the dates indicated:

Classification October 31, 2025 January 31, 2025

Classification May 1, 2026 January 30, 2026

(in millions, except for term and discount rate)

6 unchanged sentences

The following table presents supplemental cash flow information related to leases for the periods indicated:

Nine Months Ended

October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

4 unchanged sentences

The following table presents the future maturity of the Company’s operating lease liabilities under non-cancelable leases and reconciles the undiscounted cash flows for these leases to the lease liability recognized on the Condensed Consolidated Statements of Financial Position as of the date indicated:

October 31, 2025

(in millions)

Fiscal 2026 (remaining three months) $ 62

Fiscal 2027 (remaining nine months) $ 191

Fiscal 2028 216

7 unchanged sentences

Non-current operating lease liabilities $ 495

As of October 31, 2025, the Company’s undiscounted operating leases that had not yet commenced were immaterial.

As of May 1, 2026, the Company’s undiscounted operating leases that had not yet commenced were immaterial.

DELL TECHNOLOGIES INC.

2 unchanged sentences

The following table summarizes the Company’s outstanding debt as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

(in millions)

6 unchanged sentences

Total debt, carrying value $ 31,161 $ 31,503

Total short-term debt, carrying value $ 7,394 $ 5,204

Total long-term debt, carrying value $ 23,849 $ 19,363

The Company completed the following transactions during the nine months ended October 31, 2025:

• the issuance of $ 1.0 billion principal amount of 4.75 % Senior Notes due April 2028, $ 1.0 billion principal amount of 5.00 % Senior Notes due April 2030, $ 1.0 billion principal amount of 5.30 % Senior Notes due April 2032, and $ 1.0 billion principal amount of 5.50 % Senior Notes due April 2035, the proceeds of which were utilized for general corporate purposes;

• the issuance of $ 0.75 billion principal amount of 4.15 % Senior Notes due February 2029, $ 1.25 billion principal amount of 4.50 % Senior Notes due February 2031, $ 1.25 billion principal amount of 4.75 % Senior Notes due October 2032, and $ 1.25 billion principal amount of 5.10 % Senior Notes due February 2036, the proceeds of which were utilized for general corporate purposes and to prepay a portion of the outstanding 6.02 % Senior Notes due June 2026.

Short-term $ 7,550 $ 7,990

Long-term $ 23,611 $ 23,513

During the three months ended May 1, 2026, the Company repaid the remaining outstanding $ 0.5 billion principal amount of 6.02 % Senior Notes due June 2026.

Outstanding Debt

Senior Notes — The Company completed offerings of multiple series of senior notes which were issued on June 1, 2016, June 22, 2016, March 20, 2019, April 9, 2020, December 13, 2021, January 24, 2023, March 18, 2024, October 8, 2024, April 1, 2025, and October 6, 2025 in aggregate principal amounts of $ 20.0 billion, $ 3.3 billion, $ 4.5 billion, $ 2.3 billion, $ 2.3 billion, $ 2.0 billion, $ 1.0 billion, $ 1.5 billion, $ 4.0 billion, and $ 4.5 billion, respectively (collectively, the “Senior Notes”).

The Senior Notes currently outstanding have maturity dates ranging from 2026 through 2051.

Senior Notes — The Company completed offerings of multiple series of senior notes which were issued on June 1, 2016, March 20, 2019, April 9, 2020, December 13, 2021, January 24, 2023, March 18, 2024, October 8, 2024, April 1, 2025, and October 6, 2025 in aggregate principal amounts of $ 20.0 billion, $ 4.5 billion, $ 2.3 billion, $ 2.3 billion, $ 2.0 billion, $ 1.0 billion, $ 1.5 billion, $ 4.0 billion, and $ 4.5 billion, respectively (collectively, the “Senior Notes”).

The Senior Notes have maturity dates ranging from 2026 through 2051.

Interest rates on these borrowings are fixed, ranging from 3.38 % to 8.35 % per annum, and interest is payable semiannually.

6 unchanged sentences

Revolving Credit Facility — The Company’s revolving credit facility provides the Company with revolving commitments in an aggregate principal amount of $ 6.0 billion for general corporate purposes and includes a letter of credit sub-facility of up to $ 0.5 billion and a swing-line loan sub-facility of up to $ 0.5 billion.

The revolving credit facility also allows the Company to obtain incremental additional commitments on one or more occasions in minimum amounts of $ 10 million.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The revolving credit facility allows the Company to obtain incremental additional commitments on one or more occasions in minimum amounts of $ 10 million.

The facility also acts as a backstop to provide liquidity support for the Company’s commercial paper program.

Borrowings under the revolving credit facility bear interest at a rate per annum equal to an applicable margin plus, at the borrowers’ option, either (a) the specified adjusted term Secured Overnight Financing Rate (“SOFR”) or (b) a base rate.

3 unchanged sentences

The facility matures on November 1, 2027.

As of October 31, 2025, the Company had no outstanding borrowings under the revolving credit facility.

As of May 1, 2026, the Company had no outstanding borrowings under the revolving credit facility.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Commercial Paper Program — The Company maintains a commercial paper program under which the Company may issue unsecured notes in a maximum aggregate face amount of $ 5.0 billion outstanding at any time, with maturities of up to 397 days from the date of issuance.

2 unchanged sentences

The proceeds of the notes are used for general corporate purposes.

As of October 31, 2025, the Company had no outstanding issuances under the commercial paper program.

As of May 1, 2026, the Company had no outstanding issuances under the commercial paper program.

The Company may purchase, redeem, prepay, refinance, or otherwise retire any amount of outstanding indebtedness under the terms of such indebtedness at any time and from time to time, in open market or negotiated transactions with the holders of such indebtedness or otherwise, as considered appropriate in light of market conditions and other relevant factors.

1 unchanged sentence

The foregoing credit agreement and indentures contain customary events of default, and the revolving credit facility is subject to an interest coverage ratio covenant that is tested at the end of each fiscal quarter with respect to the Company’s preceding four fiscal quarters.

The Company was in compliance with this financial covenant as of October 31, 2025.

The Company was in compliance with this financial covenant as of May 1, 2026.

Aggregate Future Maturities

The following table presents the aggregate future maturities of the Company’s debt as of October 31, 2025, excluding associated carrying value adjustments, for the periods indicated:

October 31, 2025

The following table presents the aggregate future maturities of the Company’s debt as of May 1, 2026, excluding associated carrying value adjustments, for the periods indicated:

(in millions)

Fiscal 2026 (remaining three months) $ 1,307

Fiscal 2027 (remaining nine months) $ 6,910

Fiscal 2028 3,368

11 unchanged sentences

For derivatives designated as cash flow hedges, the Company assesses hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the instruments.

For derivatives designated as fair value hedges, the Company assesses hedge effectiveness on qualifying instruments using the shortcut method whereby the hedges are considered perfectly effective at the onset of the hedge and over the life of the hedging relationship.

Foreign Exchange Risk

1 unchanged sentence

Hedge accounting is applied based upon the criteria established by accounting guidance for derivative instruments and hedging activities.

The risk of loss associated with purchased options is limited to premium amounts paid for the option contracts.

The risk of loss associated with forward contracts is equal to the exchange rate differential from the time the contract is entered into until the time it is settled.

The risk of loss associated with purchased options is limited to premium amounts paid for the option contracts.

The majority of these contracts typically expire in twelve months or less.

During the three and nine months ended October 31, 2025 and November 1, 2024, the Company did not discontinue any cash flow hedges related to foreign exchange contracts that had a material impact on the Company’s results of operations due to the probability that the forecasted cash flows would not occur.

During the three months ended May 1, 2026 and May 2, 2025, the Company did not discontinue any cash flow hedges related to foreign exchange contracts that had a material impact on the Company’s results of operations due to the probability that the forecasted cash flows would not occur.

The Company uses forward contracts to hedge monetary assets and liabilities denominated in a foreign currency.

13 unchanged sentences

See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information about the senior unsecured eurobonds.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Company utilizes cross-currency amortizing swaps to hedge the currency and interest rate risk exposure associated with the European securitization program.

4 unchanged sentences

The swaps are not designated for hedge accounting and expire within five years or less.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Derivative Instruments

The following table presents the notional amounts of outstanding derivative instruments as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

(in millions)

8 unchanged sentences

(in millions) (in millions)

For the three months ended October 31, 2025:

Total net revenue $ ( 40 )

Foreign exchange contracts $ ( 19 ) Total cost of net revenue ( 3 )

Total $ ( 19 ) Total $ ( 43 )

For the three months ended November 1, 2024:

Total net revenue $ ( 57 )

Foreign exchange contracts $ ( 9 ) Total cost of net revenue 3

Total $ ( 9 ) Total $ ( 54 )

For the nine months ended October 31, 2025:

For the three months ended May 1, 2026:

Total net revenue $ ( 4 )

1 unchanged sentence

Total $ 75 Total $ ( 8 )

For the nine months ended November 1, 2024:

For the three months ended May 2, 2025:

Total net revenue $ ( 8 )

1 unchanged sentence

Total $ ( 257 ) Total $ ( 11 )

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents the effect of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Income for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024 Location of Gain (Loss) Recognized

Three Months Ended

May 1, 2026 May 2, 2025 Location of Gain (Loss) Recognized

(in millions)

2 unchanged sentences

Total $ ( 91 ) $ 284

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Company presents its derivative instruments on a net basis in the Condensed Consolidated Statements of Financial Position due to the right of offset by its counterparties under master netting arrangements.

The following tables present the fair value of those derivative instruments presented on a gross basis as of the dates indicated:

October 31, 2025

Other Current Assets Other Non-Current Assets Other Current Liabilities Other Non-Current Liabilities Total Fair Value

28 unchanged sentences

The following tables present the gross amounts of the Company’s derivative instruments, amounts offset due to master netting agreements with the Company’s counterparties, and the net amounts recognized in the Condensed Consolidated Statements of Financial Position as of the dates indicated:

October 31, 2025

Gross Amounts of Recognized Assets/(Liabilities) Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position Gross Amounts not Offset in the Statement of Financial Position Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position

1 unchanged sentence

(in millions)

Derivative instruments:

Financial assets $ 279 $ ( 182 ) $ 97 $ — $ ( 49 ) $ 48

5 unchanged sentences

(in millions)

Derivative instruments:

Financial assets $ 492 $ ( 332 ) $ 160 $ — $ ( 46 ) $ 114

5 unchanged sentences

The Infrastructure Solutions Group (“ISG”) and Client Solutions Group (“CSG”) reporting units are consistent with the reportable segments identified in Note 15 of the Notes to the Condensed Consolidated Financial Statements.

The Company also has VMware Resale and Virtustream reporting units which are classified within Corporate and other, each of which is not classified as a reportable segment, and is not presented in the table below.

Prior to the sale of Secureworks as discussed in Note 1 of the Notes to the Condensed Consolidated Financial Statements, Secureworks was also classified within Corporate and other.

The sale of Secureworks was completed during the three months ended May 2, 2025 and was previously held for sale on the Condensed Consolidated Statements of Financial Position for the fiscal year ended January 31, 2025.

The following table presents goodwill allocated to the Company’s reportable segments and changes in the carrying amount of goodwill as of the dates indicated:

2 unchanged sentences

Balances as of January 30, 2026 $ 15,315 $ 4,232 $ 19,547

Impact of foreign currency translation 238 — 238

Balances as of October 31, 2025 $ 15,126 $ 4,232 $ 19,358

Impact of foreign currency translation and other ( 43 ) — ( 43 )

Balances as of May 1, 2026 $ 15,272 $ 4,232 $ 19,504

Intangible Assets

The following table presents the Company’s intangible assets as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

Gross Accumulated Amortization Net Gross Accumulated Amortization Net

6 unchanged sentences

Total intangible assets $ 30,098 $ ( 25,659 ) $ 4,439 $ 30,099 $ ( 25,566 ) $ 4,533

Amortization expense related to definite-lived intangible assets was $ 0.1 billion and $ 0.2 billion for the three months ended October 31, 2025 and November 1, 2024, respectively, and $ 0.4 billion and $ 0.5 billion for the nine months ended October 31, 2025 and November 1, 2024, respectively.

There were no material impairment charges related to intangible assets during the three or nine months ended October 31, 2025 and November 1, 2024.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For both the three months ended May 1, 2026 and May 2, 2025, amortization expense related to definite-lived intangible assets was $ 0.1 billion.

There were no material impairment charges related to intangible assets during the three months ended May 1, 2026 and May 2, 2025.

The following table presents the estimated future annual pre-tax amortization expense of definite-lived intangible assets as of the date indicated:

October 31, 2025

(in millions)

Fiscal 2026 (remaining three months) $ 120

Fiscal 2027 (remaining nine months) $ 282

Fiscal 2028 236

4 unchanged sentences

Total $ 1,384

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Goodwill and Indefinite-Lived Intangible Assets Impairment Testing

Goodwill and indefinite-lived intangible assets are tested for impairment annually during the third fiscal quarter and whenever events or circumstances may indicate that an impairment has occurred.

During the third quarter of Fiscal 2026, the Company performed the annual assessment for goodwill in each of its reporting units and indefinite-lived intangible assets.

For the annual impairment review performed during the third quarter of Fiscal 2026, the Company assessed the goodwill in each of its reporting units and indefinite-lived intangible assets.

The Company is permitted to conduct a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test.

The Company’s qualitative assessment included consideration of the relevant events and circumstances affecting the reporting unit, including macroeconomic, industry and market conditions, recent market transactions, overall financial performance, trends in the public company market valuation, changes in projected future cash flows, and the results of the most recent quantitative assessment, where applicable.

Based on this assessment, the Company concluded that it was more likely than not that the estimated fair value of the reporting units and indefinite-lived intangible assets were higher than their respective carrying values.

Based on this assessment, the Company concluded that it was more likely than not that the estimated fair values of the reporting units and indefinite-lived intangible assets were higher than their respective carrying values.

No goodwill or indefinite-lived assets impairment test was performed during the three months ended May 1, 2026.

DELL TECHNOLOGIES INC.

2 unchanged sentences

Deferred revenue consists of support and deployment services, software maintenance, training, software-as-a-service, and undelivered hardware and professional services, consisting of installations and consulting engagements.

Deferred revenue is recorded when the Company has invoiced or payments have been received for undelivered products or services where transfer of control has not occurred.

Deferred revenue is recorded when the Company has invoiced or payments have been received for undelivered products or services, or in situations where revenue recognition criteria have not been met.

Revenue is recognized as the Company’s performance obligations under the contract are completed.

The following table presents the changes in the Company’s deferred revenue for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Deferred revenue:

Deferred revenue at beginning of period $ 26,930 $ 25,965

1 unchanged sentence

Revenue recognized ( 5,018 ) ( 5,100 )

Other (a) — ( 136 ) — ( 136 )

Deferred revenue at end of period $ 27,452 $ 26,320

Short-term deferred revenue $ 12,649 $ 13,787 $ 12,649 $ 13,787

Long-term deferred revenue $ 12,459 $ 12,424 $ 12,459 $ 12,424

____________________

(a) For the three and nine months ended November 1, 2024, Other represents the reclassification of Secureworks deferred revenue to liabilities held for sale.

See Note 1 of the Notes to the Condensed Consolidated Financial Statements for more information about the sale of Secureworks

Remaining Performance Obligations — Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period.

Short-term $ 13,193 $ 13,907

Long-term $ 14,259 $ 12,413

Remaining Performance Obligations

Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period.

Remaining performance obligations include deferred revenue plus unbilled amounts not yet recorded in deferred revenue.

The value of the transaction price allocated to remaining performance obligations as of October 31, 2025 was approximately $ 51 billion.

The Company expects to recognize approximately 67 % of remaining performance obligations as revenue in the next twelve months , 16 % in the following twelve months , and the remainder thereafter.

The value of the transaction price allocated to remaining performance obligations as of May 1, 2026 was approximately $ 97 billion.

The Company expects to recognize approximately 80 % of remaining performance obligations as revenue in the next twelve months , approximately 10 % in the following twelve months , and the remainder thereafter.

The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancelable contracts where there is no substantive termination penalty.

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Purchase Obligations

The Company has contractual obligations to purchase goods or services, which specify significant terms (including fixed or minimum quantities to be purchased), fixed, minimum, or variable price provisions, and the approximate timing of the transaction.

Purchase obligations are primarily related to commitments with suppliers and software maintenance and support services.

As of October 31, 2025, such purchase obligations were $ 6.0 billion for the remainder of Fiscal 2026, $ 0.7 billion for Fiscal 2027, $ 0.6 billion for Fiscal 2028, $ 0.5 billion for Fiscal 2029, and $ 0.7 billion for Fiscal 2030 and thereafter.

The Company has contractual obligations that are enforceable and legally binding to purchase goods or services and that specify all significant terms, including fixed or minimum quantities to be purchased;

fixed, minimum, or variable price provisions;

and the approximate timing of the transaction.

Purchase obligations include the non-cancelable portion or the minimum cancellation fee under the contract, and are primarily related to commitments with suppliers, software maintenance, and support services.

As of May 1, 2026, such purchase obligations were $ 16.9 billion for the remainder of Fiscal 2027, $ 1.2 billion for Fiscal 2028, $ 1.4 billion for Fiscal 2029, $ 0.8 billion for Fiscal 2030, and $ 0.5 billion for Fiscal 2031 and thereafter.

Legal Matters

The Company is involved in various claims, suits, assessments, investigations, and legal proceedings that arise from time to time in the ordinary course of its business, consisting of matters involving consumer, antitrust, tax, intellectual property, and other issues on a global basis.

The Company is involved in various claims, suits, assessments, investigations, and legal proceedings that arise from time to time in the ordinary course of its business, including those identified below, consisting of matters involving consumer, antitrust, tax, intellectual property, and other issues on a global basis.

The Company accrues a liability when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss.

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For some matters, the incurrence of a liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made.

As of October 31, 2025, the Company does not currently anticipate that any of the legal proceedings it is involved in will have a material adverse effect on its business, financial condition, results of operations, or cash flows.

Class Action Relating to Dell 401(k) Plan — On January 28, 2026, a complaint was filed in the U.S.

District Court for the Western District of Texas in a putative class action captioned Lowbruck et al.

Dell Technologies Inc., et al., against the Company, the Company’s Board of Directors, and the Dell Benefits Administration Committee alleging a breach of fiduciary duties under the Employment Retirement Income Security Act of 1974 (“ERISA”).

In the complaint, the plaintiffs seek a judicial declaration that the defendants breached their fiduciary duties by failing to remove imprudent investments from the Dell 401(k) (“Plan”) in a reasonable time, engaging in transactions allegedly prohibited under ERISA, and failing to monitor the fiduciaries responsible for the Plan’s administration.

The plaintiffs also seek, among other remedies, an award of damages, fees, and costs in an unspecified amount.

The Company intends to vigorously defend this action.

In accordance with the relevant accounting guidance, the Company provides disclosures of matters where it is at least reasonably possible that the Company could experience a material loss exceeding the amounts already accrued for across all proceedings or matters.

In addition, the Company also discloses matters based on its consideration of other matters and qualitative factors, including the experience of other companies in the industry, and investor, customer, and employee relations considerations.

As of October 31, 2025, the Company does not believe there is a reasonable possibility that a material loss exceeding the amounts already accrued for across all proceedings or matters has been incurred.

As of May 1, 2026, the Company does not believe there is a reasonable possibility that a material loss exceeding the amounts already accrued for across all proceedings or matters has been incurred.

However, since the ultimate resolution of any such proceedings and matters is inherently unpredictable, the Company’s business, financial condition, results of operations, or cash flows could be materially affected in any particular period by unfavorable outcomes in one or more of these proceedings or matters.

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Under the Separation and Distribution Agreement entered into with VMware, Inc.

upon completion of its spin-off of VMware, Inc.

on November 1, 2021, Dell Technologies agreed to indemnify VMware, Inc., each of its subsidiaries and each of their respective directors, officers, employees, as well as any successors and assigns of the foregoing, from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to Dell Technologies as part of the separation of Dell Technologies and VMware, Inc.

(currently operating under the name VMware LLC, and individually and together with its subsidiaries, “VMware”) and their respective businesses (the “Separation”).

VMware similarly agreed to indemnify Dell Technologies Inc., each of its subsidiaries and each of their respective directors, officers, and employees from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to VMware as part of the Separation.

(currently operating under the name VMware LLC, and individually and together with its subsidiaries, “VMware”), Dell Technologies and VMware agreed to indemnify each other and their respective subsidiaries, directors, officers, employees, and any successors and assigns of the foregoing, from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to each party as part of the separation of their respective businesses.

The amounts that VMware and Dell Technologies may be obligated to pay each other could vary depending on the outcome of certain unresolved tax matters, which may not be resolved for several years.

Net income tax indemnification receivables from VMware were immaterial as of October 31, 2025 and January 31, 2025.

Net income tax indemnification receivables from VMware were immaterial as of May 1, 2026 and January 30, 2026.

DELL TECHNOLOGIES INC.

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NOTE 11 — INCOME AND OTHER TAXES

For the three months ended October 31, 2025, the Company’s effective income tax rate was 20.2 % on pre-tax income of $ 1.9 billion compared to 19.0 % on pre-tax income of $ 1.4 billion for the three months ended November 1, 2024.

For the nine months ended October 31, 2025, the Company’s effective income tax rate was 17.6 % on pre-tax income of $ 4.5 billion compared to 1.0 % on pre-tax income of $ 3.1 billion for the nine months ended November 1, 2024.

For the three months ended May 1, 2026, the Company’s effective income tax rate was 12.9 % on pre-tax income of $ 3.9 billion compared to 10.9 % on pre-tax income of $ 1.1 billion for the three months ended May 2, 2025.

The changes in the Company’s effective income tax rate were primarily driven by discrete tax items.

For the nine months ended November 1, 2024, the Company recorded discrete tax benefits of $ 0.4 billion related to changes in uncertain tax benefits resulting from the expiration of certain U.S.

statutes of limitations and $ 0.2 billion related to stock-based compensation.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the United States.

The new law contains a broad range of tax reform provisions, which include the extension and modification of certain provisions of the Tax Cuts and Jobs Act.

Effective for Fiscal 2026, changes include, but are not limited to, immediate expensing of domestic research and development expenditures, the restoration of 100% bonus depreciation, and an EBITDA-based interest expense limitation.

These provisions did not have a material impact on the Company’s Condensed Consolidated Financial Statements for the nine months ended October 31, 2025.

For the three months ended May 1, 2026 and May 2, 2025, the Company recorded discrete tax benefits of $ 0.2 billion and $ 0.1 billion, respectively, related to stock-based compensation.

The differences between the estimated effective income tax rates and the U.S.

federal statutory rate of 21% principally result from the geographical distribution of income, differences between the book and tax treatment of certain items, and discrete tax items.

In certain jurisdictions, the Company’s tax rate is significantly less than the applicable statutory rate as a result of tax holidays.

The majority of the Company’s foreign income subject to these tax holidays and lower tax rates is attributable to Singapore and China.

As of October 31, 2025, the Company was not aware of any matters of non-compliance related to these tax holidays.

federal statutory rate of 21% is primarily due to foreign earnings taxed at different rates, as well as to discrete tax items.

In June 2023, the Company received a Revenue Agent’s Report for the federal income tax examination by the Internal Revenue Service (“IRS”) of fiscal years 2018 through 2019.

The IRS proposed adjustments primarily relating to certain transactions the Company completed as part of its business integration efforts.

The IRS proposed significant adjustments primarily relating to certain transactions the Company completed as part of its business integration efforts.

In August 2023, the Company submitted a written protest to the IRS relating to certain assessments.

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The Company disagrees with the IRS’s proposed adjustments and will contest them through the IRS administrative appeals procedures.

The Company anticipates that the appeals process for the resolution of these matters will extend beyond the next twelve months.

The IRS is also currently conducting a federal income tax examination of fiscal years 2020 through 2022.

The Company expects to continue discussions with the IRS Independent Office of Appeals throughout the fiscal year and anticipates that the appeals process for the resolution of these matters will extend beyond the next twelve months.

The IRS is also currently conducting a federal income tax examination of the Company for fiscal years 2020 through 2022.

The Company is also currently under income tax audits in various U.S.

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Judgment is required in evaluating the Company’s uncertain tax positions and determining the Company’s provision for income taxes.

Net unrecognized tax benefits were $ 1.0 billion and $ 0.9 billion as of October 31, 2025 and January 31, 2025, respectively, and are included in other non-current liabilities in the Condensed Consolidated Statements of Financial Position.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Company takes certain non-income tax positions in the jurisdictions in which it operates and has received certain non-income tax assessments from various jurisdictions.

The Company believes that a material loss in these matters is not probable and that it is not reasonably possible that a material loss exceeding amounts already accrued has been incurred.

The Company believes its positions in these non-income tax litigation matters are supportable and that it ultimately will prevail in the matters.

In the normal course of business, the Company’s positions and conclusions related to its non-income taxes could be challenged and assessments may be made.

To the extent new information is obtained and the Company’s views on its positions, probable outcomes of assessments, or litigation change, changes in estimates to the Company’s accrued liabilities would be recorded in the period in which such a determination is made.

In the resolution process for income tax and non-income tax audits, the Company is required in certain situations to provide collateral guarantees or indemnification to regulators and tax authorities until the matter is resolved.

Net unrecognized tax benefits were $ 1.1 billion as of both May 1, 2026 and January 30, 2026, and are included in other non-current liabilities in the Condensed Consolidated Statements of Financial Position.

DELL TECHNOLOGIES INC.

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Other comprehensive income (loss) before reclassifications ( 74 ) 75 1 2

Amounts reclassified from accumulated other comprehensive income (loss) — 216 ( 3 ) 213

Sale of Secureworks (a) 8 — — 8

Amounts reclassified from accumulated other comprehensive income — 8 — 8

Total change for the period ( 74 ) 83 1 10

Balances as of October 31, 2025 $ ( 670 ) $ 41 $ ( 25 ) $ ( 654 )

____________________

(a) See Note 1 of the Notes to the Condensed Consolidated Financial Statements for more information about the sale of Secureworks.

Balances as of May 1, 2026 $ ( 639 ) $ ( 46 ) $ ( 24 ) $ ( 709 )

Amounts related to the Company’s cash flow hedges are reclassified to net income during the same period in which the items being hedged are recognized in earnings.

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for more information about the Company’s derivative instruments.

The following tables present reclassifications out of accumulated other comprehensive income (loss), net of tax, to net income for the periods indicated:

The following table present reclassifications out of accumulated other comprehensive income (loss), net of tax, to net income for the periods indicated:

Three Months Ended

October 31, 2025 November 1, 2024

Cash Flow Hedges Pensions Total Cash Flow Hedges Pensions Total

(in millions)

Total reclassifications, net of tax:

Net revenue $ ( 40 ) $ — $ ( 40 ) $ ( 57 ) $ — $ ( 57 )

Cost of net revenue ( 3 ) — ( 3 ) 3 — 3

Interest and other, net — 3 3 — — —

Total reclassifications, net of tax $ ( 43 ) $ 3 $ ( 40 ) $ ( 54 ) $ — $ ( 54 )

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Nine Months Ended

October 31, 2025 November 1, 2024

Cash Flow Hedges Pensions Total Cash Flow Hedges Pensions Total

May 1, 2026 May 2, 2025

Cash Flow Hedges Cash Flow Hedges

(in millions)

Total reclassifications, net of tax:

Net revenue $ ( 4 ) $ ( 8 )

Cost of net revenue ( 4 ) ( 3 )

Operating expenses — — — — 1 1

Interest and other, net — 3 3 — — —

Total reclassifications, net of tax $ ( 8 ) $ ( 11 )

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(in millions)

Common stock as of October 31, 2025

Common stock as of May 1, 2026:

Class A 600 277 277

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The Company is authorized to issue one million shares of preferred stock, par value $ 0.01 per share.

As of October 31, 2025 and January 31, 2025, no shares of preferred stock were issued or outstanding.

As of May 1, 2026 and January 30, 2026, no shares of preferred stock were issued or outstanding.

Dell Technologies Common Stock — The Class A Common Stock, the Class B Common Stock, the Class C Common Stock, and the Class D Common Stock are collectively referred to as Dell Technologies Common Stock.

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Conversion Rights — Under the Company’s certificate of incorporation, at any time and from time to time, any holder of Class A Common Stock or Class B Common Stock has the right to convert all or any of the shares of Class A Common Stock or Class B Common Stock, as applicable, held by such holder into shares of Class C Common Stock on a one -to-one basis.

During the nine months ended October 31, 2025, the Company issued 10 million shares of Class C Common Stock to stockholders upon the conversion of 10 million shares of Class B Common Stock in accordance with the Company’s certificate of incorporation.

During the fiscal year ended January 31, 2025, the Company issued 100 million shares of Class C Common Stock to stockholders upon the conversion of 76 million shares of Class A Common Stock and 24 million shares of Class B Common Stock in accordance with the Company’s certificate of incorporation.

During the three months ended May 1, 2026, the Company issued approximately 4 million shares of Class C Common Stock to stockholders upon the conversion of the same number of shares of Class B Common Stock in accordance with the Company’s certificate of incorporation.

During the fiscal year ended January 30, 2026, the Company issued approximately 10 million shares of Class C Common Stock to stockholders upon the conversion of an immaterial number of Class A Common Stock shares and 10 million shares of Class B Common Stock in accordance with the Company’s certificate of incorporation.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

On February 27, 2025, the Company announced that the Board of Directors approved an 18 % increase in the quarterly dividend rate to $ 0.525 per share per fiscal quarter beginning in the first quarter of Fiscal 2026.

On February 26, 2026, the Company announced that the Board of Directors approved a 20 % increase in the quarterly dividend rate to $ 0.630 per share per fiscal quarter beginning in the first quarter of Fiscal 2027.

The Company paid the following dividends during the periods presented:

Declaration Date Record Date Payment Date Dividend per Share Amount

Three Months Ended Declaration Date Record Date Payment Date Dividend per Share Amount

(in millions)

February 27, 2025 April 22, 2025 May 2, 2025 $ 0.525 $ 360

June 17, 2025 July 22, 2025 August 1, 2025 $ 0.525 $ 355

September 4, 2025 October 21, 2025 October 31, 2025 $ 0.525 $ 351

February 29, 2024 April 23, 2024 May 3, 2024 $ 0.445 $ 316

June 11, 2024 July 23, 2024 August 2, 2024 $ 0.445 $ 314

September 18, 2024 October 22, 2024 November 1, 2024 $ 0.445 $ 312

During the three and nine months ended October 31, 2025 and November 1, 2024, the Company also paid an immaterial amount of dividend equivalents on eligible vested equity awards which are not included above.

May 1, 2026 March 2, 2026 April 21, 2026 May 1, 2026 $ 0.630 $ 410

May 2, 2025 February 27, 2025 April 22, 2025 May 2, 2025 $ 0.525 $ 360

During the three months ended May 1, 2026 and May 2, 2025, the Company also paid an immaterial amount of dividend equivalents on eligible vested equity awards which are not included above.

Repurchases of Common Stock

On September 23, 2021, the Company’s Board of Directors approved the Company’s current stock repurchase program with no fixed expiration date under which the Company was authorized to repurchase up to $ 5 billion of shares of Class C Common Stock, exclusive of any fees, commissions, or other expenses related to such repurchases.

On October 5, 2023 and February 27, 2025, the Company’s Board of Directors authorized additional shares for repurchase under the program of $ 5 billion and $ 10 billion, respectively.

Following the February 27, 2025 approval, the Company had approximately $ 11.5 billion of authorized shares remaining under the program.

During the nine months ended October 31, 2025, the Company repurchased approximately 39 million shares of Class C Common Stock for a total purchase price of approximately $ 4.2 billion.

During the nine months ended November 1, 2024, the Company repurchased approximately 16 million shares of Class C Common Stock for a total purchase price of approximately $ 1.8 billion.

The above repurchases of Class C Common Stock exclude U.S.

federal excise taxes and shares withheld from stock awards to settle employee tax withholding obligations related to the vesting of such awards.

On September 23, 2021, the Company’s Board of Directors approved the Company’s current stock repurchase program with no fixed expiration date under which the Company may repurchase a specified dollar value of Class C Common Stock, exclusive of any fees, commissions, or other expenses related to such repurchases.

As of January 30, 2026, the Company’s Board of Directors authorized the repurchase of up to $ 20 billion of Class C Common Stock and on February 26, 2026 authorized an additional $ 10 billion of Class C Common Stock for repurchase.

Following the February 26, 2026 approval, the Company had approximately $ 15.2 billion of authorized shares remaining for repurchase under the program.

During the three months ended May 1, 2026 and May 2, 2025, the Company repurchased approximately 11 million and 22 million shares of Class C Common Stock for total purchase prices of approximately $ 1.6 billion and $ 2.0 billion, respectively.

The foregoing amounts exclude U.S.

federal excise taxes and shares withheld from equity awards to settle employee tax withholding obligations related to the vesting of such awards.

DELL TECHNOLOGIES INC.

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The following table presents basic and diluted earnings per share for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Earnings per share attributable to Dell Technologies Inc.

Dell Technologies Common Stock — Basic $ 2.31 $ 1.67 $ 5.41 $ 4.33

Dell Technologies Common Stock — Diluted $ 2.28 $ 1.64 $ 5.34 $ 4.24

Three Months Ended

May 1, 2026 May 2, 2025

Earnings per share:

Basic $ 5.30 $ 1.39

Diluted $ 5.24 $ 1.37

The following table presents the computation of basic and diluted earnings per share for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Dell Technologies Common Stock

Net income attributable to Dell Technologies Inc.

— basic and diluted $ 1,548 $ 1,175 $ 3,677 $ 3,059

Dell Technologies Common Stock weighted-average shares outstanding

Net income — basic and diluted $ 3,438 $ 965

Weighted-average shares outstanding — basic

671 703 680 706

Dilutive effect of equity awards 7 10

Weighted-average shares outstanding — diluted

680 717 689 722

Weighted-average shares outstanding — antidilutive

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The Company’s measure of segment revenue and segment operating income for management reporting purposes excludes Corporate and other, amortization of intangible assets, stock-based compensation expense, and other corporate expenses, as applicable, which are not used in evaluating the results of, or in allocating resources to, the segments.

The Company does not allocate assets to the above reportable segments for internal reporting purposes.

Additionally, the accounting policies of the segments are the same as those described in Note 2 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025.

ISG includes the Company’s servers and networking offerings and storage offerings.

The Company’s server portfolio includes high-performance general-purpose and AI-optimized servers.

The Company does not allocate assets to its reportable segments for internal reporting purposes.

The accounting policies of the segments are the same as those described in Note 2 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2026.

ISG includes the Company’s Artificial Intelligence (“AI”)-optimized servers offerings, traditional servers and networking offerings, and storage offerings as major product categories.

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

The Company’s traditional servers are high-performance general-purpose servers designed to deliver scalable performance, reliability, and efficient management across a wide range of enterprise workloads.

The Company’s networking portfolio includes wide area network infrastructure, data center and edge networking switches, and cables and optics.

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

CSG includes the Company’s commercial offerings and consumer offerings.

CSG includes the Company’s commercial offerings and consumer offerings as major product categories.

The Company’s CSG portfolio includes 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.

On March 25, 2024, the Company terminated the Commercial Framework Agreement with VMware, whereby Dell Technologies acted as a distributor of Broadcom Inc.’s VMware stand-alone products and services and purchased such products and services for resale to end-user customers (“VMware Resale”).

Dell Technologies no longer acts as a distributor of such products and services, although it continues to support customers that have purchased resale offerings sold in prior periods.

In March 2024, the Company terminated the Commercial Framework Agreement with VMware, whereby Dell Technologies acted as a distributor of VMware’s stand-alone products and services and purchased such products and services for resale to end-user customers (“VMware Resale”).

Dell Technologies no longer acts as a distributor of those products and services, although it continues to support customers that have purchased resale offerings sold in prior periods.

The results of VMware Resale transactions are reflected in Corporate and other.

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The following table presents a reconciliation of net revenue by the Company’s reportable segments to the Company’s consolidated net revenue as well as a reconciliation of segment operating income to the Company’s consolidated operating income for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

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____________________

(a) Corporate and other consists of results of divested businesses or non-reportable segments whose offerings are no longer actively sold, including (i) VMware Resale, (ii) Secureworks, and (iii) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.

Additionally, Corporate and other includes other items that are managed at the corporate level and are not allocated to reportable segments.

(a) Corporate and other includes VMware Resale and other items that are managed at the corporate level and are not allocated to reportable segments.

(b) Depreciation expense directly attributable to each reportable segment is included in the operating results of each segment.

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(d) Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(e) Other corporate expenses includes severance expenses, payroll taxes associated with stock-based compensation, incentive charges related to equity investments, facility action costs, transaction-related expenses, and impairment charges.

(e) Other corporate expenses includes severance expenses, payroll taxes associated with stock-based compensation, incentive charges related to equity investments, transaction-related expenses, and impairment charges.

(f) Income and expenses within interest and other, net, is not allocated to the reportable segments.

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The following table presents the significant expense categories by reportable segment for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

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The following table presents the disaggregation of net revenue by reportable segment and by major product categories within the segments for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Infrastructure Solutions Group:

Servers and networking $ 10,125 $ 7,364 $ 29,390 $ 20,502

AI-optimized servers $ 16,132 $ 1,882

Traditional servers and networking 8,543 4,439

Storage 4,334 3,996

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The following table presents additional information on selected assets included in the Condensed Consolidated Statements of Financial Position as of the dates indicated:

October 31, 2025 January 31, 2025

May 1, 2026 January 30, 2026

(in millions)

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Cash and cash equivalents $ 11,578 $ 11,528

Cash and cash equivalents — held for sale (a) — 62

Restricted cash (b) 164 124

Restricted cash (a) 175 178

Total cash, cash equivalents, and restricted cash $ 11,753 $ 11,706

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Total inventories $ 15,052 $ 10,437

Deferred costs:

Total deferred costs, current (c) $ 2,763 $ 4,129

Prepaid expenses:

Total prepaid expenses (b) $ 729 $ 552

Property, plant, and equipment, net:

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____________________

(a) Held for sale represents the reclassification of Secureworks cash and cash equivalents to assets held for sale as of January 31, 2025.

See Note 1 of the Notes to the Condensed Consolidated Financial Statements for more information about the sale of Secureworks.

(b) Restricted cash is primarily classified as other current assets in the Condensed Consolidated Statements of Financial Position and consists predominantly of cash required to be held in escrow pursuant to DFS securitization arrangements.

Amounts classified as long-term deferred costs are included in other non-current assets and are not disclosed above.

(a) Restricted cash is primarily classified as other current assets in the Condensed Consolidated Statements of Financial Position and consists predominantly of cash required to be held in escrow pursuant to DFS securitization arrangements.

(b) Prepaid expenses are included in other current assets in the Condensed Consolidated Statements of Financial Position.

Amounts classified as long-term prepaid expenses are included in other non-current assets and are not disclosed above.

DELL TECHNOLOGIES INC.

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The following table presents changes in the Company’s liability for standard limited warranties for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Warranty liability:

Warranty liability at beginning of period $ 450 $ 424

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The following table presents the activity related to the Company’s severance liability for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Severance liability:

Severance liability at beginning of period $ 136 $ 238

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The following table presents severance charges as included in the Condensed Consolidated Statements of Income for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Severance charges:

Cost of net revenue $ 81 $ 30

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The Company maintains a Supply Chain Finance Program (the “SCF Program”), which enables eligible suppliers, at the supplier's sole discretion, to sell receivables due from the Company to a third-party financial institution.

The Company has no involvement in establishing the terms or conditions of the arrangement between its suppliers and the financial institution and no economic interest in a supplier's decision to sell a receivable, and does not provide legally secured assets or other forms of guarantees under the arrangement.

The Company has no involvement in establishing the terms or conditions of the arrangement between its suppliers and the financial institution, no economic interest in a supplier's decision to sell a receivable, and does not provide legally secured assets or other forms of guarantees under the arrangement.

The SCF Program does not impact the Company's liquidity, as payments for participating supplier invoices are remitted by the Company to the financial institution on the original invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution.

As of October 31, 2025 and January 31, 2025, the Company had $ 1.1 billion and $ 1.4 billion, respectively, included within accounts payable on the Condensed Consolidated Statements of Financial Position representing invoices due to suppliers confirmed as valid under the SCF Program.

As of May 1, 2026 and January 30, 2026, the Company had $ 3.1 billion and $ 2.0 billion, respectively, included within accounts payable on the Condensed Consolidated Statements of Financial Position representing invoices due to suppliers confirmed as valid under the SCF Program.

Interest and Other, Net

The following table presents information regarding interest and other, net as included in the Condensed Consolidated Statements of Income for the periods indicated:

Three Months Ended Nine Months Ended

October 31, 2025 November 1, 2024 October 31, 2025 November 1, 2024

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Interest and other, net:

Investment income, primarily interest $ 81 $ 31

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE 17 — REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

As discussed in Note 1 of the Notes to the Condensed Consolidated Financial Statements and as previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025, the Company discovered accumulated credits from certain suppliers that were not recorded or not recorded in the correct period in its previously reported financial results.

Accordingly, the Company has revised its previously reported quarterly financial information for the three and nine months ended November 1, 2024 based on the summary presented below to correct for the overstatement of cost of net revenue to the Condensed Consolidated Statements of Income, net of the related income tax effect.

The revision did not have an impact on the Company’s net revenue.

A summary of the corrections to the affected financial statement line items in these Condensed Consolidated Financial Statements is presented below.

Condensed Consolidated Statements of Income

Three Months Ended Nine Months Ended

November 1, 2024 November 1, 2024

As Reported Adjustment As Revised As Reported Adjustment As Revised

(in millions, except per share amounts)

Cost of net revenue:

Products $ 15,541 $ ( 53 ) $ 15,488 $ 45,386 $ ( 148 ) $ 45,238

Total cost of net revenue $ 19,059 $ ( 53 ) $ 19,006 $ 56,212 $ ( 148 ) $ 56,064

Gross margin $ 5,307 $ 53 $ 5,360 $ 15,424 $ 148 $ 15,572

Operating income $ 1,668 $ 53 $ 1,721 $ 3,930 $ 148 $ 4,078

Income before income taxes $ 1,392 $ 53 $ 1,445 $ 2,928 $ 148 $ 3,076

Income tax expense $ 265 $ 10 $ 275 $ 5 $ 27 $ 32

Net income $ 1,127 $ 43 $ 1,170 $ 2,923 $ 121 $ 3,044

Net income attributable to Dell Technologies Inc.

$ 1,132 $ 43 $ 1,175 $ 2,938 $ 121 $ 3,059

Earnings per share attributable to Dell Technologies Inc.

Basic $ 1.61 $ 0.06 $ 1.67 $ 4.16 $ 0.17 $ 4.33

Diluted $ 1.58 $ 0.06 $ 1.64 $ 4.07 $ 0.17 $ 4.24

____________________

(a) The Company’s Condensed Consolidated Statements of Comprehensive Income were also affected by the revised net income amounts for the period presented above.

Condensed Consolidated Statements of Cash Flows

Nine Months Ended

November 1, 2024

As Reported Adjustment As Revised

(in millions)

Cash flow from operations:

Net income $ 2,923 $ 121 $ 3,044

Adjustments to reconcile net income to net cash provided by operating activities:

Other assets and liabilities $ 2,147 $ ( 7 ) $ 2,140

Accounts payable $ 4,089 $ ( 114 ) $ 3,975

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE 17 — SUBSEQUENT EVENTS

There were no known events occurring after October 31, 2025 and up until the date of issuance of this report that would materially affect the information presented herein.

There were no known events occurring after May 1, 2026 and up until the date of issuance of this report that would materially affect the information presented herein.

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-Q

Item 1. Financial Statements