Form 8-K

8-K — Dell Technologies Inc.

Accession: 0001571996-26-000039

Filed: 2026-09-01

Period: 2026-09-01

CIK: 0001571996

SIC: 3571 (ELECTRONIC COMPUTERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — dell-20260901.htm (Primary)

EX-99.1 (exhibit991earnings8kq2fy27.htm)

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8-K

8-K (Primary)

Filename: dell-20260901.htm · Sequence: 1

dell-20260901

9/1/20260001571996false00015719962026-09-012026-09-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 1, 2026

______________________

Dell Technologies Inc.

(Exact name of registrant as specified in its charter)

______________________

Texas 001-37867 80-0890963

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

One Dell Way

Round Rock,

Texas

78682

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (800) 289-3355

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Class C Common Stock, par value $0.01 per share DELL New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On September 1, 2026, Dell Technologies Inc. (the “Company” or “Dell”) issued a press release announcing its financial results for its fiscal quarter ended July 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this current report.

In accordance with General Instruction B.2 to Form 8-K, the information contained in this Item 2.02 and in Exhibit 99.1 to this current report is being “furnished” with the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under such section. Further, such information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless specifically identified as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following documents are herewith filed or furnished as exhibits to this report:

Exhibit

Number Description

99.1

Press Release of Dell Technologies Inc. dated September 1, 2026.

104 Cover Page Interactive Data File — the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 1, 2026 Dell Technologies Inc.

By: /s/ Christopher A. Garcia

Christopher A. Garcia

Senior Vice President and Assistant Secretary

(Duly Authorized Officer)

EX-99.1

Filename: exhibit991earnings8kq2fy27.htm · Sequence: 2

Document

Exhibit 99.1

Dell Technologies Delivers Second Quarter Fiscal 2027 Financial Results

ROUND ROCK, Texas — Sept. 1, 2026 — Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2027 second quarter and provides guidance for its fiscal 2027 third quarter and full year.

Second-Quarter Summary

•Record revenue of $47.0 billion, up 58% year over year

•Record diluted earnings per share (EPS) of $6.34, up 273% year over year, and record non-GAAP diluted EPS of $7.04, up 203%

•Cash flow from operations of $2.2 billion

•Full-year FY27 revenue guidance of $192.0 billion, up 69% year over year

•Full-year FY27 EPS guidance of $24.37 and non-GAAP EPS guidance of $25.50, up 181% and 148% year over year, respectively

“IT environments have shifted from cost centers to value drivers that fuel growth and competitive advantage, and customers are investing accordingly – creating opportunity across our portfolio,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “That’s clearest in our AI server business where we booked a record $60.9 billion in orders, recognized a record $16.4 billion in revenue and exited the quarter with a record $95 billion backlog. We’re seeing broader revenue growth as well, with traditional servers and networking up 122%, storage up 26% and our client solutions up 20% year over year. Our second quarter results underscore the compounding benefits of our competitive advantages, the breadth of our portfolio and the strength of our operating model.”

“In our second quarter, we delivered record revenue of $47 billion, record EPS and a record $4.3 billion returned to shareholders,” said David Kennedy, chief financial officer, Dell Technologies. “Our advantages reinforce one another, and throughout the quarter we used these strengths to drive growth, share gains, profitability and cash generation. With AI momentum accelerating and our opportunity expanding across the portfolio, we’re raising our full-year FY27 revenue outlook by $25 billion to $192 billion, up nearly 70% year over year.”

Infrastructure Solutions Group (ISG)

•Record revenue: $31.8 billion, up 89% year over year

•Record AI-Optimized Servers revenue: $16.4 billion, up 100% year over year

•Record Traditional Servers and Networking revenue: $10.5 billion, up 122% year over year

•Record second-quarter Storage revenue: $4.9 billion, up 26% year over year

•Record operating income: $4.8 billion, up 225% year over year

Client Solutions Group (CSG)

•Revenue: $15.0 billion, up 20% year over year

•Record Commercial Client revenue: $13.2 billion, up 22% year over year

•Consumer revenue: $1.8 billion, up 7% year over year

•Operating income: $1.1 billion, up 42% year over year

Capital Return

Dell Technologies returned a record $4.3 billion to shareholders in the second quarter through share repurchases and dividends.

Additionally, on Sept. 1 the company’s board of directors declared a quarterly cash dividend of $0.63 per common share, which will be payable on Oct. 30 to shareholders of record as of Oct. 20.

Guidance Summary

(in billions, except percentages and per share amounts)

Third-Quarter Guidance

Q3FY27 (% Y/Y)

Revenue $ 49.0 81 %

GAAP diluted EPS $ 6.10 168 %

Non-GAAP diluted EPS $ 6.50 151 %

Full-Year Guidance

FY27 Previous

FY27 Updated (% Y/Y)

Revenue $ 167.0 $ 192.0 69 %

AI-Optimized Servers revenue $ 60.0 $ 74.0 200 %

GAAP diluted EPS $ 17.31 $ 24.37 181 %

Non-GAAP diluted EPS $ 17.90 $ 25.50 148 %

Second Quarter Fiscal 2027 Financial Results

Three Months Ended Six Months Ended

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

(in millions, except per share amounts and percentages; unaudited)

Net revenue $ 46,971 $ 29,776 58% $ 90,813 $ 53,154 71%

Operating income $ 5,385 $ 1,773 204% $ 9,041 $ 2,938 208%

Net income $ 4,133 $ 1,164 255% $ 7,571 $ 2,129 256%

Change in cash from operating activities $ 2,225 $ 2,543 (13)% $ 6,306 $ 5,339 18%

Earnings per share — diluted $ 6.34 $ 1.70 273% $ 11.58 $ 3.07 277%

Non-GAAP operating income $ 5,929 $ 2,284 160% $ 10,164 $ 3,950 157%

Non-GAAP net income $ 4,591 $ 1,591 189% $ 7,781 $ 2,677 191%

Adjusted free cash flow $ 8,149 $ 2,518 224% $ 11,314 $ 4,750 138%

Non-GAAP earnings per share — diluted $ 7.04 $ 2.32 203% $ 11.90 $ 3.86 208%

Information about Dell Technologies’ non-GAAP financial measures is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year over year unless otherwise noted.

Operating Segments Results

Three Months Ended Six Months Ended

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

(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):

Net revenue:

AI-Optimized Servers $ 16,401 $ 8,208 100% $ 32,533 $ 10,090 222%

Traditional Servers and Networking 10,531 4,736 122% 19,074 9,175 108%

Storage 4,850 3,856 26% 9,184 7,852 17%

Total ISG net revenue $ 31,782 $ 16,800 89% $ 60,791 $ 27,117 124%

Operating income:

ISG operating income $ 4,781 $ 1,470 225% $ 7,836 $ 2,468 218%

% of ISG net revenue 15.0 % 8.8 % 12.9 % 9.1 %

% of total reportable segment operating income 81 % 65 % 77 % 63 %

Client Solutions Group (CSG):

Net revenue:

Commercial $ 13,192 $ 10,781 22% $ 26,212 $ 21,827 20%

Consumer 1,842 1,722 7% 3,431 3,185 8%

Total CSG net revenue $ 15,034 $ 12,503 20% $ 29,643 $ 25,012 19%

Operating income:

CSG operating income $ 1,142 $ 803 42% $ 2,312 $ 1,456 59%

% of CSG net revenue 7.6 % 6.4 % 7.8 % 5.8 %

% of total reportable segment operating income 19 % 35 % 23 % 37 %

Conference call information

As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Sept. 1 at 3:30 p.m. CST. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information may be downloaded from investors.delltechnologies.com. The conference call will be presented live over the internet and can be accessed at https://investors.delltechnologies.com/news-events/upcoming-events.

For those unable to listen to the live presentation, the final remarks and presentation with additional financial and operating information will be available following the presentation, and an archived version will be available at the same location for one year.

About Dell Technologies

Dell Technologies (NYSE: DELL) helps organizations and individuals build their digital future and

transform how they work, live and play. The company provides customers with the industry’s broadest

and most innovative technology and services portfolio for the AI era.

Contacts

Investors: Investor_Relations@Dell.com

Media: Media.Relations@Dell.com

# # #

Copyright © 2026 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.

Non-GAAP Financial Measures:

This press release presents information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share – diluted, free cash flow, and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

Special Note on Forward-Looking Statements:

Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes.

Forward-looking statements include, among others, any statements regarding Dell Technologies’ expectations for third-quarter and full-year fiscal 2027 revenue, GAAP diluted earnings per share and non-GAAP diluted earnings per share, and for full-year fiscal 2027 AI-optimized servers revenue, as well as any other statements regarding Dell Technologies’ prospects and its future operations, financial condition, volumes, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing.

Dell Technologies’ results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: adverse global economic conditions; competitive pressures; Dell Technologies’ ability to successfully execute its strategy; Dell Technologies’ relationships with third-party suppliers for products and components; Dell Technologies’ use of single-source or limited-source suppliers; effects on Dell Technologies’ operating performance related to demand for AI solutions; management of Dell Technologies’ AI solutions and use of AI in internal functions and operations; Dell Technologies’ ability to deliver high-quality products, software, and services and to manage solutions and products and services transitions in an effective manner; Dell Technologies’ ability to successfully implement its cost efficiency plans; security incidents, including cyber-attacks; Dell Technologies’ foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies’ product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies’ sales channel partners; Dell Technologies’ ability to successfully execute on strategic initiatives including acquisitions and divestitures; access to the capital markets by Dell Technologies or its customers; weak economic conditions, changing customer mix, and the effect of additional regulation on Dell Technologies’ financial services activities; counterparty default risks; material impairment of the value of

goodwill or intangible assets; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies’ ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies’ infrastructure; Dell Technologies’ ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; adverse legislative or regulatory tax changes, expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; declines in fair value or impairment of portfolio investments; unfavorable results of legal proceedings; evolving and varied expectations and regulatory requirements relating to sustainability issues; the effect of global climate change and related legal, regulatory or market measures; compliance with environmental and safety laws; compliance requirements of anti-corruption laws, economic sanctions and other trade laws, human rights laws, or other laws regulating its international operations; Dell Technologies’ dependence on the services of Michael Dell and key employees; Dell Technologies’ level of indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies’ quarterly cash dividend policy and dividend rate.

This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies’ annual report on Form 10-K for the fiscal year ended January 30, 2026, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Income and Related Financial Highlights

(in millions, except per share amounts and percentages; unaudited)

Three Months Ended Six Months Ended

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

Net revenue:

Products $ 41,112 $ 23,935 72% $ 79,217 $ 41,534 91%

Services 5,859 5,841 —% 11,596 11,620 —%

Total net revenue 46,971 29,776 58% 90,813 53,154 71%

Cost of net revenue:

Products 33,990 21,044 62% 66,842 36,160 85%

Services 3,151 3,285 (4)% 6,359 6,610 (4)%

Total cost of revenue 37,141 24,329 53% 73,201 42,770 71%

Gross margin 9,830 5,447 80% 17,612 10,384 70%

Operating expenses:

Selling, general, and administrative 3,336 2,889 15% 6,479 5,853 11%

Research and development 1,109 785 41% 2,092 1,593 31%

Total operating expenses 4,445 3,674 21% 8,571 7,446 15%

Operating income 5,385 1,773 204% 9,041 2,938 208%

Interest and other, net (254) (333) 24% 38 (415) 109%

Income before income taxes 5,131 1,440 256% 9,079 2,523 260%

Income tax expense 998 276 262% 1,508 394 283%

Net income $ 4,133 $ 1,164 255% $ 7,571 $ 2,129 256%

Earnings per share:

Basic $ 6.41 $ 1.72 273% $ 11.70 $ 3.11 276%

Diluted $ 6.34 $ 1.70 273% $ 11.58 $ 3.07 277%

Weighted average shares:

Basic 645 678 (5)% 647 685 (6)%

Diluted 652 686 (5)% 654 694 (6)%

Percentage of Total Net Revenue:

Gross margin 20.9 % 18.3 % 19.4 % 19.5 %

Selling, general, and administrative 7.1 % 9.7 % 7.1 % 11.0 %

Research and development 2.4 % 2.6 % 2.3 % 3.0 %

Operating expenses 9.5 % 12.3 % 9.4 % 14.0 %

Operating income 11.5 % 6.0 % 10.0 % 5.5 %

Income before income taxes 10.9 % 4.8 % 10.0 % 4.7 %

Net income 8.8 % 3.9 % 8.3 % 4.0 %

Income tax rate 19.5 % 19.2 % 16.6 % 15.6 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Financial Position

(in millions; unaudited)

July 31, 2026 January 30, 2026

ASSETS

Current assets:

Cash and cash equivalents $ 11,569 $ 11,528

Accounts receivable, net of allowance of $56 and $77 22,918 17,585

Short-term financing receivables, net of allowance of $186 and $121 12,805 8,458

Inventories 21,290 10,437

Other current assets 11,965 9,594

Total current assets 80,547 57,602

Property, plant, and equipment, net 7,417 6,676

Long-term investments 2,679 1,730

Long-term financing receivables, net of allowance of $128 and $92 7,625 5,822

Goodwill 19,448 19,547

Intangible assets, net 4,347 4,533

Other non-current assets 5,330 5,376

Total assets $ 127,393 $ 101,286

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt $ 8,481 $ 7,990

Accounts payable 49,723 33,630

Accrued and other 10,738 8,315

Short-term deferred revenue 14,761 13,334

Total current liabilities 83,703 63,269

Long-term debt 25,985 23,513

Long-term deferred revenue 14,957 13,596

Other non-current liabilities 4,175 3,378

Total liabilities 128,820 103,756

Shareholders’ equity (deficit):

Common stock and capital in excess of $0.01 par value 9,277 9,457

Treasury stock at cost (20,010) (14,533)

Retained earnings 10,065 3,325

Accumulated other comprehensive loss (759) (719)

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

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

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended Six Months Ended

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

Cash flows from operating activities:

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

Adjustments to reconcile net income to net cash provided by operating activities (1,908) 1,379 (1,265) 3,210

Change in cash from operating activities 2,225 2,543 6,306 5,339

Cash flows from investing activities:

Purchases of investments (211) (28) (335) (125)

Maturities and sales of investments 89 28 90 59

Capital expenditures and capitalized software development costs (1,239) (675) (2,202) (1,243)

Divestitures of businesses and assets, net — — — 533

Other 24 20 43 33

Change in cash from investing activities (1,337) (655) (2,404) (743)

Cash flows from financing activities:

Repurchases of common stock (3,796) (940) (5,424) (2,920)

Repurchases of common stock for employee tax withholdings (18) (5) (555) (357)

Payments of dividends and dividend equivalents (405) (366) (869) (762)

Proceeds from debt 4,386 962 6,851 7,270

Repayments of debt (1,017) (1,114) (3,805) (3,424)

Debt-related costs and other, net (32) (2) (34) (35)

Change in cash from financing activities (882) (1,465) (3,836) (228)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (22) 15 (35) 104

Change in cash, cash equivalents, and restricted cash (16) 438 31 4,472

Cash, cash equivalents, and restricted cash at beginning of the period 11,753 7,853 11,706 3,819

Cash, cash equivalents, and restricted cash at end of the period $ 11,737 $ 8,291 $ 11,737 $ 8,291

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited; continued on next page)

Three Months Ended Six Months Ended

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

Infrastructure Solutions Group (ISG):

Net revenue:

AI-Optimized Servers $ 16,401 $ 8,208 100% $ 32,533 $ 10,090 222%

Traditional Servers and Networking 10,531 4,736 122% 19,074 9,175 108%

Storage 4,850 3,856 26% 9,184 7,852 17%

Total ISG net revenue $ 31,782 $ 16,800 89% $ 60,791 $ 27,117 124%

Operating income:

ISG operating income $ 4,781 $ 1,470 225% $ 7,836 $ 2,468 218%

% of ISG net revenue 15.0 % 8.8 % 12.9 % 9.1 %

% of total reportable segment operating income 81 % 65 % 77 % 63 %

Client Solutions Group (CSG):

Net revenue:

Commercial $ 13,192 $ 10,781 22% $ 26,212 $ 21,827 20%

Consumer 1,842 1,722 7% 3,431 3,185 8%

Total CSG net revenue $ 15,034 $ 12,503 20% $ 29,643 $ 25,012 19%

Operating income:

CSG operating income $ 1,142 $ 803 42% $ 2,312 $ 1,456 59%

% of CSG net revenue 7.6 % 6.4 % 7.8 % 5.8 %

% of total reportable segment operating income 19 % 35 % 23 % 37 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.

Segment Information

(in millions; unaudited; continued)

Three Months Ended Six Months Ended

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

Reconciliation to consolidated net revenue:

Reportable segment net revenue $ 46,816 $ 29,303 $ 90,434 $ 52,129

Corporate and other (a) 155 473 379 1,025

Total consolidated net revenue $ 46,971 $ 29,776 $ 90,813 $ 53,154

Reconciliation to consolidated operating income:

Reportable segment operating income (b) $ 5,923 $ 2,273 $ 10,148 $ 3,924

Corporate and other (a) 6 11 16 26

Amortization of intangibles (c) (96) (125) (193) (251)

Stock-based compensation expense (d) (184) (179) (373) (369)

Other corporate expenses (e) (264) (207) (557) (392)

Total consolidated operating income (f) $ 5,385 $ 1,773 $ 9,041 $ 2,938

_________________

(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. However, the Chief Operating Decision Maker does not evaluate depreciation expense by operating segment, and therefore such expense is not separately presented.

(c)Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction completed in September 2016.

(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, transaction-related expenses, and impairment charges.

(f)Income and expenses within Interest and other, net, is not allocated to the reportable segments. Therefore, the company only reports reportable segment operating income.

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

These tables present information about the company’s non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share - diluted, free cash flow and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A detailed discussion of Dell Technologies’ reasons for including certain of these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and the company’s reason for excluding those items are presented in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures” in the company’s periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC.

Selected Financial Measures

(in millions, except per share amounts and percentages; unaudited)

Three Months Ended Six Months Ended

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

Net revenue $ 46,971 $ 29,776 58% $ 90,813 $ 53,154 71%

Non-GAAP gross margin $ 9,929 $ 5,572 78% $ 17,876 $ 10,629 68%

% of net revenue 21.1 % 18.7 % 19.7 % 20.0 %

Non-GAAP operating expenses $ 4,000 $ 3,288 22% $ 7,712 $ 6,679 15%

% of net revenue 8.5 % 11.0 % 8.5 % 12.6 %

Non-GAAP operating income $ 5,929 $ 2,284 160% $ 10,164 $ 3,950 157%

% of net revenue 12.6 % 7.7 % 11.2 % 7.4 %

Non-GAAP net income $ 4,591 $ 1,591 189% $ 7,781 $ 2,677 191%

% of net revenue 9.8 % 5.3 % 8.6 % 5.0 %

Non-GAAP earnings per share — diluted $ 7.04 $ 2.32 203% $ 11.90 $ 3.86 208%

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued on next page)

Three Months Ended Six Months Ended

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

Gross margin $ 9,830 $ 5,447 80% $ 17,612 $ 10,384 70%

Non-GAAP adjustments:

Amortization of intangibles 31 39 57 80

Stock-based compensation expense 43 37 87 76

Other corporate expenses 25 49 120 89

Non-GAAP gross margin $ 9,929 $ 5,572 78% $ 17,876 $ 10,629 68%

Operating expenses $ 4,445 $ 3,674 21% $ 8,571 $ 7,446 15%

Non-GAAP adjustments:

Amortization of intangibles (65) (86) (136) (171)

Stock-based compensation expense (141) (142) (286) (293)

Other corporate expenses (239) (158) (437) (303)

Non-GAAP operating expenses $ 4,000 $ 3,288 22% $ 7,712 $ 6,679 15%

Operating income $ 5,385 $ 1,773 204% $ 9,041 $ 2,938 208%

Non-GAAP adjustments:

Amortization of intangibles 96 125 193 251

Stock-based compensation expense 184 179 373 369

Other corporate expenses 264 207 557 392

Non-GAAP operating income $ 5,929 $ 2,284 160% $ 10,164 $ 3,950 157%

Net income $ 4,133 $ 1,164 255% $ 7,571 $ 2,129 256%

Non-GAAP adjustments:

Amortization of intangibles 96 125 193 251

Stock-based compensation expense 184 179 373 369

Other corporate expenses 260 200 548 142

Fair value adjustments on equity investments (73) (4) (704) (21)

Aggregate adjustment for income taxes (a) (9) (73) (200) (193)

Non-GAAP net income $ 4,591 $ 1,591 189% $ 7,781 $ 2,677 191%

____________________

(a)The company’s non-GAAP income tax is calculated using a fixed estimated annual tax rate.

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(unaudited; continued)

Three Months Ended Six Months Ended

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

Earnings per share — diluted $ 6.34 $ 1.70 273 % $ 11.58 $ 3.07 277 %

Non-GAAP adjustments:

Amortization of intangibles 0.15 0.19 0.29 0.36

Stock-based compensation expense 0.28 0.26 0.57 0.53

Other corporate expenses 0.39 0.29 0.84 0.21

Fair value adjustments on equity investments (0.11) (0.01) (1.08) (0.03)

Aggregate adjustment for income taxes (a) (0.01) (0.11) (0.30) (0.28)

Non-GAAP earnings per share — diluted $ 7.04 $ 2.32 203 % $ 11.90 $ 3.86 208 %

____________________

(a)The company’s non-GAAP income tax is calculated using a fixed estimated annual tax rate.

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)

Three Months Ended Six Months Ended

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

Cash flow from operations $ 2,225 $ 2,543 (13) % $ 6,306 $ 5,339 18 %

Non-GAAP adjustments:

Capital expenditures and capitalized software development costs, net (a) (1,239) (675) (2,202) (1,243)

Free cash flow $ 986 $ 1,868 (47) % $ 4,104 $ 4,096 — %

Non-GAAP adjustments:

Financing receivables (b) 6,667 592 6,404 569

Equipment under operating leases (c) 496 58 806 85

Adjusted free cash flow $ 8,149 $ 2,518 224 % $ 11,314 $ 4,750 138 %

____________________

(a)Capital expenditures and capitalized software development costs, net includes proceeds from sales of facilities, land, and other assets.

(b)Financing receivables represent the operating cash flow impact from the change in financing receivables.

(c)Equipment under operating leases represents the net impact of capital expenditures and depreciation expense for leases and contractually embedded leases identified within flexible consumption arrangements.

DELL TECHNOLOGIES INC.

Reconciliation of Non-GAAP Financial Measures in Summary Guidance

(unaudited)

Three Months Ending Fiscal Year Ending

October 30, 2026 January 29, 2027

Previous Updated

Earnings per share — diluted $ 6.10 $ 17.31 $ 24.37

Non-GAAP adjustments:

Amortization of intangibles (a) 0.15 0.59 0.60

Stock-based compensation 0.29 1.16 1.16

Other corporate expenses (b) — 0.45 0.84

Fair value adjustments on equity investments (c) — (0.97) (1.08)

Aggregate adjustment for income taxes (d) (0.04) (0.64) (0.39)

Non-GAAP earnings per share — diluted $ 6.50 $ 17.90 $ 25.50

____________________

(a)Amortization of intangibles represents an estimate for acquisitions completed as of July 31, 2026 and does not include estimates for potential acquisitions, if any, during fiscal 2027.

(b)Consists primarily of severance expenses, payroll taxes associated with stock-based compensation, transaction-related expenses, impairment charges, and incentive charges related to equity investments. No estimate is included for severance expense as such expense cannot be reasonably estimated at this time.

(c)No estimates are included for potential fair value adjustments on strategic investments given the potential volatility of either gains or losses on those equity investments.

(d)The fiscal 2027 aggregate adjustment to reconcile non-GAAP income tax expense to GAAP income tax expense is approximately $0.3 billion. The aggregate adjustment for income taxes is the estimated combined income tax effect for the adjustments shown above as well as an adjustment for discrete tax items. The company’s non-GAAP income tax is calculated using a fixed estimated annual tax rate.

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