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Item 1. Financial Statements

2026-09-08 compared with 2026-06-09 · 231 added, 235 removed, 883 unchanged (35% of the section changed)

ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED)

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

Condensed Consolidated Statements of Financial Position as of July 31, 2026 and January 30, 2026

Condensed Consolidated Statements of Income for the three and six months ended July 31, 2026 and August 1, 2025

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 31 , 2026 and August 1, 2025

Condensed Consolidated Statements of Cash Flows for the six months ended July 31, 2026 and August 1, 2025

Condensed Consolidated Statements of S hare holders’ Equity (Deficit) for the three and six months ended July 31, 2026 and August 1, 2025

Notes to the Condensed Consolidated Financial Statements

10 unchanged sentences

Note 11 — Income and Other Taxes

Note 12 — Accumulated Other Comprehensive Income (Loss)

Note 12 — Capitalization

6 unchanged sentences

(in millions;

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

Current assets:

13 unchanged sentences

Total assets $ 127,393 $ 101,286

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

9 unchanged sentences

Commitments and contingencies (Note 10)

Stockholders’ equity (deficit):

Shareholders’ equity (deficit):

Common stock and capital in excess of $ 0.01 par value

3 unchanged sentences

Accumulated other comprehensive loss ( 759 ) ( 719 )

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

Total liabilities and stockholders’ equity $ 114,913 $ 101,286

Total shareholders' equity (deficit) ( 1,427 ) ( 2,470 )

Total liabilities and shareholders' equity $ 127,393 $ 101,286

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

2 unchanged sentences

(in millions, except per share amounts ;

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

Products $ 41,112 $ 23,935 $ 79,217 $ 41,534

25 unchanged sentences

(in millions ;

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

Net income $ 4,133 $ 1,164 $ 7,571 $ 2,129

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments ( 74 ) 252

Foreign currency translation adjustments and actuarial gains (losses) ( 73 ) 58 ( 146 ) 309

Cash flow hedges:

Change in unrealized gains (losses) 78 ( 4 ) 153 ( 261 )

Reclassification adjustment for net losses included in net income 8 11

Reclassification adjustment for net (gains) losses included in net income ( 55 ) 162 ( 47 ) 173

Net change in cash flow hedges 23 158 106 ( 88 )

Pension and other postretirement plans:

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

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

Total other comprehensive income (loss), net of tax expense (benefit) of $ 5 and $ 13 , respectively, and $ 11 and $( 9 ), respectively

( 50 ) 216 ( 40 ) 221

Comprehensive income, net of tax $ 4,083 $ 1,380 $ 7,531 $ 2,350

3 unchanged sentences

(in millions ;

Three Months Ended

May 1, 2026 May 2, 2025

Six Months Ended

July 31, 2026 August 1, 2025

Cash flows from operating activities:

15 unchanged sentences

Purchases of investments ( 335 ) ( 125 )

Maturities and sales of investments 1 31

Sales of equity and other investments 90 59

Capital expenditures and capitalized software development costs ( 2,202 ) ( 1,243 )

14 unchanged sentences

____________________

(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.

(a) During the six months ended July 31, 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.

DELL TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)

(in millions, except per share amounts ;

1 unchanged sentence

Common Stock and Capital in Excess of Par Value Treasury Stock

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 January 31, 2025 834 $ 9,119 138 $ ( 8,502 ) $ ( 1,160 ) $ ( 939 ) $ ( 1,482 ) $ 95 $ ( 1,387 )

Three Months Ended July 31, 2026 Issued Shares Amount Shares Amount Retained Earnings Accumulated Other Comprehensive Income (Loss) Dell Technologies

Shareholders' Equity (Deficit) Non-Controlling Interests Total Shareholders' Equity (Deficit)

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

Net income — — — — 4,133 — 4,133 — 4,133

2 unchanged sentences

— — — — ( 411 ) — ( 411 ) — ( 411 )

Foreign currency translation adjustments — — — — — 252 252 — 252

Cash flow hedges, net change — — — — — ( 246 ) ( 246 ) — ( 246 )

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

Other comprehensive loss, net — — — — — ( 50 ) ( 50 ) — ( 50 )

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

1 unchanged sentence

Treasury stock repurchases — — 9 ( 3,861 ) — — ( 3,861 ) — ( 3,861 )

Sale of SecureWorks Corp.

Balances as of July 31, 2026 852 $ 9,277 212 $ ( 20,010 ) $ 10,065 $ ( 759 ) $ ( 1,427 ) $ — $ ( 1,427 )

Common Stock and Capital in Excess of Par Value Treasury Stock

Six Months Ended July 31, 2026 Issued Shares Amount Shares Amount Retained Earnings Accumulated Other Comprehensive Income (Loss) Dell Technologies

Shareholders' Equity (Deficit) Non-Controlling Interests Total Shareholders' Equity (Deficit)

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

Net income — — — — 7,571 — 7,571 — 7,571

Dividends and dividend equivalents declared

($ 1.260 per common share)

— — — — ( 831 ) — ( 831 ) — ( 831 )

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

Other comprehensive loss, net — — — — — ( 40 ) ( 40 ) — ( 40 )

Issuance of common stock, net of shares repurchased for employee tax withholding 8 ( 553 ) — — — — ( 553 ) — ( 553 )

Stock-based compensation expense — 373 — — — — 373 — 373

Treasury stock repurchases — — 20 ( 5,477 ) — — ( 5,477 ) — ( 5,477 )

Balances as of July 31, 2026 852 $ 9,277 212 $ ( 20,010 ) $ 10,065 $ ( 759 ) $ ( 1,427 ) $ — $ ( 1,427 )

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

DELL TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)

in millions, except per share amounts ;

Common Stock and Capital in Excess of Par Value Treasury Stock

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

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

Three Months Ended August 1, 2025 Issued Shares Amount Shares Amount Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Dell Technologies

Shareholders' Equity (Deficit) Non-Controlling Interests Total Shareholders' Equity (Deficit)

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

Net income — — — — 1,164 — 1,164 — 1,164

Dividends and dividend equivalents declared

($ 0.525 per common share)

— — — — ( 366 ) — ( 366 ) — ( 366 )

Other comprehensive income, net — — — — — 216 216 — 216

Issuance of common stock, net of shares repurchased for employee tax withholding — ( 4 ) — — — — ( 4 ) — ( 4 )

Stock-based compensation expense — 179 — — — — 179 — 179

Treasury stock repurchases — — 8 ( 931 ) — — ( 931 ) — ( 931 )

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

Common Stock and Capital in Excess of Par Value Treasury Stock

Six Months Ended August 1, 2025 Issued Shares Amount Shares Amount Retained Earnings

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

Shareholders' Equity (Deficit) Non-Controlling Interests Total Shareholders' Equity (Deficit)

Balances as of January 31, 2025 834 $ 9,119 138 $ ( 8,502 ) $ ( 1,160 ) $ ( 939 ) $ ( 1,482 ) $ 95 $ ( 1,387 )

3 unchanged sentences

— — — — ( 738 ) — ( 738 ) — ( 738 )

Foreign currency translation adjustments — — — — — ( 74 ) ( 74 ) — ( 74 )

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

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

Other comprehensive income, net — — — — — 221 221 — 221

Issuance of common stock, net of shares repurchased for employee tax withholding 9 ( 356 ) — — — — ( 356 ) — ( 356 )

1 unchanged sentence

Treasury stock repurchases — — 30 ( 2,917 ) — — ( 2,917 ) — ( 2,917 )

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

Sale of SecureWorks Corp.

— — — — — 8 8 ( 95 ) ( 87 )

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

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

2 unchanged sentences

NOTE 1 — OVERVIEW AND BASIS OF PRESENTATION

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, 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.

individually and together with its consolidated subsidiaries.

Dell Technologies Inc.

was incorporated in Delaware in January 2013.

Following approval by the Company’s shareholders at its 2026 annual meeting of shareholders, Dell Technologies Inc.

changed its jurisdiction of incorporation from Delaware to Texas effective July 1, 2026 pursuant to a plan of conversion.

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

Basis of Presentation — The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes filed with the U.S.

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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 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 results of operations, corresponding comprehensive income, and changes in shareholders’ equity (deficit) for the three and six months ended July 31, 2026 and August 1, 2025;

and cash flows for the six months ended July 31, 2026 and August 1, 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, 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 results of operations, corresponding comprehensive income, and changes in shareholders’ equity (deficit) for the three and six months ended July 31, 2026 and August 1, 2025 and cash flows for the six months ended July 31, 2026 and August 1, 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.

11 unchanged sentences

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 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 months ended May 1, 2026 and May 2, 2025.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

Transactions with related parties were immaterial for the three and six months ended July 31, 2026 and August 1, 2025.

Recently Issued Accounting Pronouncements

15 unchanged sentences

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:

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

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

11 unchanged sentences

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

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

As of July 31, 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.

4 unchanged sentences

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s derivative financial instrument activities.

Deferred Compensation Plans — The Company offers deferred compensation plans for eligible employees which allow participants to defer a portion of their compensation.

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 $ 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.

As such, assets and liabilities associated with these plans have not been included in the recurring fair value table above.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis — Certain assets are measured at fair value on a nonrecurring basis and therefore are not included in the recurring fair value table above.

These assets consist primarily of financial assets such as the Company’s strategic investments in non-marketable equity and other securities and non-financial assets such as goodwill and intangible assets.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Strategic investments in non-marketable equity and other securities and certain non-financial assets such as goodwill and intangible assets are measured at fair value only if they are deemed to be impaired or when there is an adjustment from observable price changes in the current period.

2 unchanged sentences

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:

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

Carrying Value Fair Value Carrying Value Fair Value

8 unchanged sentences

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.

As of July 31, 2026 and January 30, 2026, total investments were $ 2.7 billion and $ 1.7 billion, respectively.

The total gain on investments, net is recorded as interest and other, net in the Condensed Consolidated Statements of Income and was $ 0.7 billion for the six months ended July 31, 2026 and immaterial for all other presented periods.

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

5 unchanged sentences

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

July 31, 2026 January 30, 2026

(in millions)

3 unchanged sentences

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

Marketable securities:

Net unrealized losses $ ( 24 ) $ ( 1 )

Net unrealized gains (losses) $ 13 $ — $ ( 11 ) $ ( 1 )

Non-marketable securities:

1 unchanged sentence

Unrealized losses ( 12 ) ( 17 ) ( 38 ) ( 23 )

Net unrealized gains (a) 655 16

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

Net unrealized gains (losses) (a) ( 12 ) ( 17 ) 643 ( 1 )

Net unrealized gains (losses) on equity and other securities $ 1 $ ( 17 ) $ 632 $ ( 2 )

____________________

(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.

(a) During the six months ended July 31, 2026, net unrealized gains on non-marketable securities were primarily attributable to an upward observable price adjustment of $ 0.6 billion related to a single investee.

As of July 31, 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 July 31, 2026 and January 30, 2026, the cumulative unrealized losses, including impairments, on non-marketable securities were $ 0.3 billion.

DELL TECHNOLOGIES INC.

4 unchanged sentences

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.

New financing originations were $ 7.5 billion and $ 2.4 billion for the three months ended July 31, 2026 and August 1, 2025, respectively, and $ 10.3 billion and $ 4.0 billion for the six months ended July 31, 2026 and August 1, 2025, respectively.

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

9 unchanged sentences

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

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

9 unchanged sentences

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

9 unchanged sentences

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

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

10 unchanged sentences

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

July 31, 2026

Fiscal Year of Origination

19 unchanged sentences

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

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

Interest income — products

$ 81 $ 92 $ 167 $ 185

Net revenue — products

$ 3,711 $ 181 $ 4,245 $ 300

Cost of net revenue — products

3,244 178 3,769 309

Gross margin — products

$ 467 $ 3 $ 476 $ ( 9 )

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:

July 31, 2026

(in millions)

Fiscal 2027 (remaining nine months) $ 2,382

Fiscal 2027 (remaining six months) $ 4,262

Fiscal 2028 2,759

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:

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

5 unchanged sentences

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

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

2 unchanged sentences

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

July 31, 2026

(in millions)

Fiscal 2027 (remaining nine months) $ 1,111

Fiscal 2027 (remaining six months) $ 835

Fiscal 2028 1,401

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:

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

17 unchanged sentences

The asset-based financing facility consists of two tranches, with effective dates through July 7, 2027 and July 7, 2028, respectively.

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

As of July 31, 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.

3 unchanged sentences

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 May 1, 2026, these criteria were met.

As of July 31, 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 4.01 % 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.

The interest rate on these securities is fixed and ranges from 4.01 % to 6.12 % per annum as of July 31, 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 $ 938 million as of May 1, 2026.

This facility is effective through December 22, 2026 and had a total debt capacity of $ 922 million as of July 31, 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 May 1, 2026, these criteria were met.

As of July 31, 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.

2 unchanged sentences

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

As of May 1, 2026,

As of July 31, 2026,

• the Canadian facility had a total debt capacity of $ 250 million and is effective through January 15, 2028,

2 unchanged sentences

• the Australia and New Zealand facility had a total debt capacity of $ 299 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.

The Company also has two unsecured Singapore facilities, which had a total debt capacity of $ 257 million as of July 31, 2026 and are effective through July 3, 2027 and July 12, 2027, respectively.

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.

Dell Bank Senior Unsecured Eurobonds — Dell Bank issued € 500 million of 0.50 % senior unsecured five-year eurobonds due October 2026 on October 27, 2021, € 500 million of 4.50 % senior unsecured five-year eurobonds due October 2027 on October 18, 2022, and € 500 million of 3.63 % senior unsecured five-year eurobonds due June 2029 on June 24, 2024.

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

9 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:

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

9 unchanged sentences

Long-term $ 2,160 $ 1,933

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.

Lease and loan payments and associated equipment transferred via securitization through SPEs were $ 1.4 billion and $ 0.8 billion for the three months ended July 31, 2026 and August 1, 2025, respectively, and $ 2.7 billion and $ 2.0 billion for the six months ended July 31, 2026, and August 1, 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 three months ended May 1, 2026 and May 2, 2025.

The amounts of customer receivables sold for this purpose were immaterial for both the six months ended July 31, 2026 and August 1, 2025.

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

6 unchanged sentences

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.

As of July 31, 2026, the remaining terms of the Company’s leases generally range from one month to approximately ten years .

As of July 31, 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.

1 unchanged sentence

See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information about the Company’s lessor arrangements.

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

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Operating lease costs $ 67 $ 58

Variable costs 21 23

Total lease costs $ 88 $ 81

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

During the three and six months ended July 31, 2026 and August 1, 2025, total lease costs, inclusive of operating lease costs, variable costs, 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 May 1, 2026 January 30, 2026

Classification July 31, 2026 January 30, 2026

(in millions, except for term and discount rate)

5 unchanged sentences

Weighted-average discount rate 5.22 % 4.74 %

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

Three Months Ended

May 1, 2026 May 2, 2025

(in millions)

Cash paid for amounts included in the measurement of lease liabilities — operating cash outflows from operating leases $ 67 $ 63

Right-of-use assets obtained in exchange for new operating lease liabilities $ 78 $ 65

During the six months ended July 31, 2026 and August 1, 2025, cash paid for amounts included in the measurement of lease liabilities and right-of-use assets obtained in exchange for new operating lease liabilities were immaterial.

DELL TECHNOLOGIES INC.

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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:

July 31, 2026

(in millions)

Fiscal 2027 (remaining nine months) $ 191

Fiscal 2027 (remaining six months) $ 128

Fiscal 2028 238

7 unchanged sentences

Non-current operating lease liabilities $ 552

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:

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

3 unchanged sentences

Total debt, principal amount 34,747 31,763

Unamortized discount, net of unamortized premium ( 109 ) ( 112 )

Debt issuance costs ( 143 ) ( 148 )

Debt issuance costs and net unamortized discount ( 281 ) ( 260 )

Total debt, carrying value $ 34,466 $ 31,503

1 unchanged sentence

Long-term $ 25,985 $ 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.

The Company completed the following transactions during the six months ended July 31, 2026:

• repayment of the remaining outstanding $ 0.5 billion principal amount of 6.02 % Senior Notes due June 2026;

• issuance of $ 1.0 billion principal amount of 4.75 % Senior Notes due July 2031, $ 0.75 billion principal amount of 5.00 % Senior Notes due February 2034, and $ 1.25 billion principal amount of 5.25 % Senior Notes due February 2037, the net proceeds of which the Company intends to use for general corporate purposes, which may include the repayment of debt.

Outstanding Debt

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”).

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, October 6, 2025, and June 16, 2026 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, $ 4.5 billion, and $ 3.0 billion, respectively (collectively, the “Senior Notes”).

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

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DFS Debt — See Note 4 and Note 7 of the Notes to the Condensed Consolidated Financial Statements, respectively, for discussion of DFS debt and the interest rate swap agreements that hedge a portion of that debt.

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

Revolving Credit Facility — On June 10, 2026, the Company entered into a new senior unsecured revolving credit facility (the "revolving credit facility").

The revolving credit facility replaced the Company's prior revolving credit facility entered into in 2021, which was repaid and terminated in connection with the closing of the new facility.

The revolving credit facility, which matures on June 10, 2031, provides the Company with revolving commitments in an aggregate principal amount of $ 6.0 billion for general corporate purposes.

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

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

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The borrowers may voluntarily repay outstanding loans at any time without premium or penalty, other than customary breakage costs.

The facility matures on November 1, 2027.

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)

As of July 31, 2026, the Company had no outstanding borrowings under the revolving credit facility.

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

As of July 31, 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 May 1, 2026.

The Company was in compliance with this financial covenant as of July 31, 2026.

Aggregate Future Maturities

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:

The following table presents the aggregate future maturities of the Company’s debt as of July 31, 2026, excluding associated carrying value adjustments, for the periods indicated:

July 31, 2026

(in millions)

Fiscal 2027 (remaining nine months) $ 6,910

Fiscal 2027 (remaining six months) $ 5,351

Fiscal 2028 4,489

4 unchanged sentences

Total maturities, principal amount $ 34,747

Interest Expense

Total interest expense related to the Company’s outstanding debt was $ 0.4 billion for both the three months ended July 31, 2026 and August 1, 2025, and $ 0.8 billion for both the six months ended July 31, 2026 and August 1, 2025, and is recorded as interest and other, net in the Condensed Consolidated Statements of Income.

DELL TECHNOLOGIES INC.

11 unchanged sentences

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

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.

During the three and six months ended July 31, 2026 and August 1, 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.

23 unchanged sentences

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

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

8 unchanged sentences

(in millions) (in millions)

For the three months ended May 1, 2026:

For the three months ended July 31, 2026

Total net revenue $ 57

1 unchanged sentence

Total $ 78 Total $ 55

For the three months ended May 2, 2025:

For the three months ended August 1, 2025:

Total net revenue $ ( 159 )

1 unchanged sentence

Total $ ( 4 ) Total $ ( 162 )

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

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

(in millions)

Foreign exchange contracts $ ( 101 ) $ 298 Interest and other, net

Interest rate contracts 10 ( 14 ) Interest and other, net

Total $ ( 91 ) $ 284

For the six months ended July 31, 2026:

Total net revenue $ 53

Foreign exchange contracts $ 153 Total cost of net revenue ( 6 )

Total $ 153 Total $ 47

For the six months ended August 1, 2025:

Total net revenue $ ( 167 )

Foreign exchange contracts $ ( 261 ) Total cost of net revenue ( 6 )

Total $ ( 261 ) Total $ ( 173 )

Gains (losses) of derivative instruments not designated as hedging instruments were immaterial for the three and six months ended July 31, 2026 and August 1, 2025 and are recorded as interest and other, net in the Condensed Consolidated Statements of Income.

DELL TECHNOLOGIES INC.

2 unchanged sentences

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

July 31, 2026

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

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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:

July 31, 2026

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

20 unchanged sentences

Impact of foreign currency translation and other ( 99 ) — ( 99 )

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

Balances as of July 31, 2026 $ 15,216 $ 4,232 $ 19,448

Intangible Assets

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

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

Gross Accumulated Amortization Net Gross Accumulated Amortization Net

6 unchanged sentences

Total intangible assets $ 30,100 $ ( 25,753 ) $ 4,347 $ 30,099 $ ( 25,566 ) $ 4,533

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.

Amortization expense related to definite-lived intangible assets was $ 0.1 billion for both the three months ended July 31, 2026 and August 1, 2025, and $ 0.2 billion for both the six months ended July 31, 2026 and August 1, 2025.

There were no material impairment charges related to intangible assets during the three and six months ended July 31, 2026 and August 1, 2025.

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

July 31, 2026

(in millions)

Fiscal 2027 (remaining nine months) $ 282

Fiscal 2027 (remaining six months) $ 188

Fiscal 2028 237

12 unchanged sentences

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.

No goodwill or indefinite-lived assets impairment test was performed during the six months ended July 31, 2026.

DELL TECHNOLOGIES INC.

5 unchanged sentences

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

6 unchanged sentences

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 May 1, 2026 was approximately $ 97 billion.

Revenue allocated to remaining performance obligations, which includes deferred revenue and unbilled amounts not yet recorded in deferred revenue, was approximately $ 132 billion as of July 31, 2026.

The Company expects to recognize approximately 77 % of remaining performance obligations as revenue in the next twelve months , approximately 14 % 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.

The Company applied the practical expedient to exclude the value of remaining performance obligations for contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed.

Remaining performance obligation estimates are subject to change and are affected by multiple factors, including terminations, changes in the scope of contracts, periodic revalidation, adjustments for revenue that have not materialized, and adjustments for currency.

The Company excludes from remaining performance obligations the revenue under cancelable contracts where there is no substantive termination penalty.

Additionally, the Company applies the practical expedient to exclude the value of remaining performance obligations where revenue is recognized at the amount for which the Company has the right to invoice for services performed.

Remaining performance obligations estimates are subject to change and are affected by multiple factors, including terminations, changes in the scope or price of contracts, and adjustments for currency.

DELL TECHNOLOGIES INC.

6 unchanged sentences

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.

As of July 31, 2026, such purchase obligations were $ 22.4 billion for the remainder of Fiscal 2027, $ 4.9 billion for Fiscal 2028, $ 6.1 billion for Fiscal 2029, $ 0.8 billion for Fiscal 2030, and $ 0.6 billion for Fiscal 2031 and thereafter.

The Company utilizes a limited number of contract manufacturers that assemble a portion of its products.

The Company purchases components from suppliers and sells those components to such contract manufacturers.

The Company reflects the sale of the components by recognizing non-trade receivables from the contract manufacturers and a reduction in inventory when title and risk of loss pass to the contract manufacturer.

Cash flows related to these transactions are recorded within cash flows from operating activities.

The Company does not reflect the sale of the components in revenue and does not recognize any profit on the component sales until the Company sells the related products to the customer after purchasing such products from the contract manufacturers.

The agreements with the majority of the contract manufacturers permit the Company to offset its payables against the receivables, thereby mitigating the credit risk in whole or in part.

In the ordinary course of business, certain contract manufacturers may purchase components directly from a supplier, and the Company may issue financial guarantees to a supplier in connection with the purchases by such a contract manufacturer.

In the event any such contract manufacturers fail to pay a supplier pursuant to the payment terms of the underlying agreements between the contract manufacturer and supplier, the Company in some circumstances would be obligated to make payments to such supplier under its financial guarantee and would have full recourse against such contract manufacturer for the amount of such payments.

As the Company largely offsets its corresponding payables against receivables with these contract manufacturers and is entitled to full recourse against the applicable contract manufacturers in the event the Company is obligated to make payments to a supplier under a financial guarantee, the Company’s payables and receivables in the Consolidated Statements of Financial Position are not materially impacted by the guarantees.

As of July 31, 2026, the Company’s maximum potential future payments under the financial guarantees is $ 8.6 billion, which the Company would have recourse to recover in full from the applicable contract manufacturers.

The Company believes the likelihood of having to perform under the guarantees is remote.

Legal Matters

4 unchanged sentences

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.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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”).

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 Employee 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.

3 unchanged sentences

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 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.

As of July 31, 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.

4 unchanged sentences

Historically, payments related to these indemnification obligations have not been material to the Company.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

1 unchanged sentence

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 May 1, 2026 and January 30, 2026.

Net income tax indemnification receivables from VMware were immaterial as of July 31, 2026 and January 30, 2026.

DELL TECHNOLOGIES INC.

1 unchanged sentence

NOTE 11 — INCOME AND OTHER TAXES

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 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.

For the three months ended July 31, 2026, the Company’s effective income tax rate was 19.5 % on pre-tax income of $ 5.1 billion compared to 19.2 % on pre-tax income of $ 1.4 billion for the three months ended August 1, 2025.

For the six months ended July 31, 2026, the Company’s effective income tax rate was 16.6 % on pre-tax income of $ 9.1 billion compared to 15.6 % on pre-tax income of $ 2.5 billion for the six months ended August 1, 2025.

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

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

federal statutory rate of 21% is primarily due to the taxation of foreign earnings 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.

10 unchanged sentences

state and foreign taxing jurisdictions, the Company is generally not subject to tax examinations for years prior to the fiscal year ended February 2, 2018.

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 $ 1.2 billion and $ 1.1 billion as of July 31, 2026 and January 30, 2026, respectively, and are included in other non-current liabilities in the Condensed Consolidated Statements of Financial Position.

The Company believes that it has provided adequate reserves related to all income tax matters contained in tax periods open to examination, including the IRS audits described above.

Although the Company believes it has made adequate provisions for the uncertainties with respect to these audits, should the Company experience unfavorable outcomes, such outcomes could have a material impact on its results of operations, financial position, and cash flows.

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 $ 1.1 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.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE 12 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) is presented in stockholders’ equity (deficit) in the Condensed Consolidated Statements of Financial Position and consists of amounts related to foreign currency translation adjustments, unrealized net gains (losses) on cash flow hedges, and actuarial net gains (losses) from pension and other postretirement plans.

The following table presents changes in accumulated other comprehensive income (loss), net of tax, by the following components as of the dates indicated:

Foreign Currency Translation Adjustments Cash Flow Hedges Pension and Other Postretirement Plans Accumulated Other Comprehensive Income (Loss)

(in millions)

Balances as of January 30, 2026 $ ( 565 ) $ ( 129 ) $ ( 25 ) $ ( 719 )

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

Amounts reclassified from accumulated other comprehensive income — 8 — 8

Total change for the period ( 74 ) 83 1 10

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

Three Months Ended

May 1, 2026 May 2, 2025

Cash Flow Hedges Cash Flow Hedges

(in millions)

Net revenue $ ( 4 ) $ ( 8 )

Cost of net revenue ( 4 ) ( 3 )

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

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE 12 — CAPITALIZATION

2 unchanged sentences

(in millions)

Common stock as of May 1, 2026:

Common stock as of July 31, 2026:

Class A 600 277 277

11 unchanged sentences

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

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

As of July 31, 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.

4 unchanged sentences

and (d) Class D Common Stock is not entitled to any vote on any matter except to the extent required by provisions of Delaware law (in which case such holder is entitled to one vote per share of Class D Common Stock).

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 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.

and (d) Class D Common Stock is not entitled to any vote on any matter except to the extent required by provisions of Texas law (in which case such holder is entitled to one vote per share of Class D Common Stock).

Conversion Rights — Under the Company’s certificate of formation, 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 six months ended July 31, 2026, the Company issued approximately 8 million shares of Class C Common Stock to shareholders upon the conversion of the same number of shares of Class B Common Stock in accordance with the Company’s certificate of formation.

During the fiscal year ended January 30, 2026, the Company issued approximately 10 million shares of Class C Common Stock to shareholders 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 formation.

DELL TECHNOLOGIES INC.

5 unchanged sentences

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

July 31, 2026 June 16, 2026 July 21, 2026 July 31, 2026 $ 0.630 $ 404

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.

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

During the three and six months ended July 31, 2026 and August 1, 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

2 unchanged sentences

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.

During the six months ended July 31, 2026 and August 1, 2025, the Company repurchased approximately 20 million and 30 million shares of Class C Common Stock for total purchase prices of approximately $ 5.4 billion and $ 2.9 billion, respectively.

The foregoing amounts exclude U.S.

7 unchanged sentences

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

Earnings per share:

2 unchanged sentences

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

1 unchanged sentence

Weighted-average shares outstanding — basic

645 678 647 685

Dilutive effect of equity awards 7 8 7 9

Weighted-average shares outstanding — diluted

652 686 654 694

Weighted-average shares outstanding — antidilutive

27 unchanged sentences

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

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

26 unchanged sentences

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

8 unchanged sentences

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

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

12 unchanged sentences

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

May 1, 2026 January 30, 2026

July 31, 2026 January 30, 2026

(in millions)

7 unchanged sentences

Total inventories $ 21,290 $ 10,437

Prepaid expenses:

Total prepaid expenses (b) $ 729 $ 552

Property, plant, and equipment, net:

8 unchanged sentences

(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.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Warranty Liability

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

7 unchanged sentences

(b) The liabilities for standard warranties are included in accrued and other and in non-current liabilities in the Condensed Consolidated Statements of Financial Position.

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Severance Charges

2 unchanged sentences

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

3 unchanged sentences

Severance liability at end of period $ 339 $ 211 $ 339 $ 211

DELL TECHNOLOGIES INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

Three Months Ended

May 1, 2026 May 2, 2025

Three Months Ended Six Months Ended

July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025

(in millions)

7 unchanged sentences

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 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

May 1, 2026 May 2, 2025

(in millions)

Investment income, primarily interest $ 81 $ 31

Gain on investments, net 631 17

Interest expense ( 391 ) ( 354 )

Foreign exchange ( 17 ) ( 5 )

Gain on disposition of businesses and assets — 236

Other ( 12 ) ( 7 )

Total interest and other, net $ 292 $ ( 82 )

As of July 31, 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.

DELL TECHNOLOGIES INC.

1 unchanged sentence

NOTE 16 — SUBSEQUENT EVENTS

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.

There were no known events occurring after July 31, 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