Latest news with #YvonneMcGill
Irish Examiner
4 days ago
- Business
- Irish Examiner
John Whelan: Irish Government not taking advantage of Dell's AI skills
Dell has emerged as a leader in the world of supercomputers, the 'must-have' computer to fully realise all the benefits of AI. At the release of its first quarter financial results last Tuesday, the company demonstrated its ability to reinvent itself, pivoting its business from the PC business which employed 3,000 in 1990 at its height in Limerick, before the PC bubble burst, to now employing 5,000 in its facilities in Limerick, Cork and Dublin offering the industry's broadest AI solutions portfolio of desktop, data centre, and cloud innovations, designed to accelerate AI adoption and innovation. Yvonne McGill, chief financial officer, Dell Technologies, stated at the QI finance release: "With AI continuing to drive new growth, revenue was up 6% at $22.2bn (€19.9bn), with $12.1bn (€10.8bn) in AI orders this quarter alone." But the pivotal moment followed, with the US Department of Energy's announcement on Thursday that it would launch a new supercomputer, named Doudna, which will use Dell's advanced technology to perform complex computing tasks. This marks Dell as a key provider of cutting-edge supercomputers, using the latest Nvidia chips. According to Energy Secretary Chris Wright, the Doudna supercomputer will enable rapid innovation, advance breakthroughs in quantum computing and ensure America's scientists have the tools needed to win the global race for AI dominance. With its now well-established credentials, it is surprising that Dell, with three campuses across Ireland offering AI Centres of Excellence Solutions Development, Manufacturing, Supply Chain Operations, Engineering, IT and Finance, has not featured in either the Irish Government's first Artificial Intelligence (AI) Strategy launched in 2021, nor in a "refresher" version announced by Minister Jack Chambers in May. In the initial AI National Strategy document, Strand Three featured on 'driving AI in Irish enterprise' gives favourable mention to Meta/Facebook, Microsoft, Google as well as OpenAI and Anthropic, but no mention of Dell. Ireland's Government has confirmed its commitment to updating the region's National Digital and AI strategy this year to keep Ireland in a key position to leverage the benefits and opportunities of AI innovation. However, there is a concern in business circles that Minister Chambers has opted to focus the updated strategy on public services adoption, in its 'Guidelines for the Responsible use of Artificial Intelligence in the Public Service', launched in May. The power of AI is undeniable, and 2025 will mark a pivotal moment for businesses to fully realise its potential. But the Government must do more to assist Irish businesses to harness AI to drive efficiency, innovation, and growth. Surveying 1,000 people in Ireland, earlier in the year, a Deloitte report shows that over two-thirds of employees say AI boosts their productivity at work, but less than a quarter of employers actively encourage the use of the technology. Colman O'Flynn, Cork Site Lead at Dell Technologies Ireland, in an interview with The Irish Examiner looking at the opportunity for Irish businesses in the AI era stated that their teams at their three campuses in Ireland remain committed to supporting Irish businesses as they navigate this exciting era, providing the tools and expertise needed to succeed. Michael Dell, Chairman and CEO at Dell Technologies, has been a long-term supporter of Ireland and has made a number of recent investments that further reinforce Ireland's position as a strategic location for Dell globally. Dell invested €2m in redeveloping its Customer Solution Centre (CSC) in Cork; and the recent expansion of the CSC Innovation Lab in Limerick enables customers and partners to harness data at the edge. Dell also invested €2m to create the company's only Open Telecom Ecosystem Lab outside the US in Cork. Michael Dell's experience in dealing with the US administration and the potential for collaboration with US partners in the AI developments could be invaluable to the Irish Government. Many are of the opinion that AI is the Manhattan Project of our time, and Irish businesses need to be part of the project, but we cannot do it alone. The likes of Dell need to be part of the Irish solution. The Trump administration stated that the Doudna project will help ensure America's scientists have the tools they need to win the global race for AI dominance. And that is also the challenge that both Ireland and the EU face. Read More John Whelan: Airlines feeling the pain of Trump policies
Business Wire
29-05-2025
- Business
- Business Wire
Dell Technologies Delivers First Quarter Fiscal 2026 Financial Results
ROUND ROCK, Texas--(BUSINESS WIRE)--Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2026 first quarter. The company also provides guidance for its fiscal 2026 second quarter and full year. First-Quarter Summary First-quarter revenue of $23.4 billion, up 5% year over year First-quarter operating income of $1.2 billion, up 21% year over year, and non-GAAP operating income of $1.7 billion, up 10% First-quarter diluted EPS of $1.37, flat year over year, and non-GAAP diluted EPS of $1.55, up 17% 'All of our core businesses grew as we reached $23.4 billion in revenue in our first quarter, and non-GAAP EPS grew three times faster than revenue,' said Yvonne McGill, chief financial officer, Dell Technologies. 'We generated record first-quarter cash flow from operations of $2.8 billion and returned $2.4 billion to shareholders, more than double our quarterly average since we started our capital allocation program in FY23.' 'We achieved first-quarter record servers and networking revenue of $6.3 billion, and we're experiencing unprecedented demand for our AI-optimized servers,' said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. 'We generated $12.1 billion in AI orders this quarter alone, surpassing the entirety of shipments in all of FY25 and leaving us with $14.4 billion in backlog.' Infrastructure Solutions Group (ISG) Revenue: $10.3 billion, up 12% year over year Servers and Networking revenue: First-quarter record $6.3 billion, up 16% Storage revenue: $4.0 billion, up 6% Operating income: $1.0 billion, up 36% year over year Client Solutions Group (CSG) Revenue: $12.5 billion, up 5% year over year Commercial Client revenue: $11.0 billion, up 9% Consumer revenue: $1.5 billion, down 19% Operating income: $653 million, down 16% year over year Capital Return Dell Technologies returned a record $2.4 billion to shareholders in the first quarter through share repurchases and dividends. Guidance Summary Full-year FY26 revenue expected between $101.0 billion and $105.0 billion, up 8% year over year at the midpoint of $103.0 billion Full-year FY26 GAAP diluted EPS expected to be $7.99 at the midpoint, up 25% year over year, and non-GAAP diluted EPS to be $9.40 at the midpoint, up 15% Second-quarter FY26 revenue expected between $28.5 billion and $29.5 billion, up 16% year over year at the midpoint of $29.0 billion Second-quarter FY26 GAAP diluted EPS expected to be $1.85 at the midpoint, up 50% year over year, and non-GAAP diluted EPS to be $2.25 at the midpoint, up 15% First Quarter Fiscal 2026 Financial Results Three Months Ended May 2, 2025 May 3, 2024 Change (in millions, except per share amounts and percentages; unaudited) Net revenue $ 23,378 $ 22,244 5% Operating income $ 1,165 $ 965 21% Net income $ 965 $ 992 (3)% Change in cash from operating activities $ 2,796 $ 1,043 168% Earnings per share — diluted $ 1.37 $ 1.37 —% Non-GAAP operating income $ 1,666 $ 1,519 10% Non-GAAP net income $ 1,086 $ 959 13% Adjusted free cash flow $ 2,232 $ 623 258% Non-GAAP earnings per share — diluted $ 1.55 $ 1.32 17% Expand 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 Conference call information As previously announced, the company will hold a conference call to discuss its performance and financial guidance on May 29 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 The conference call will be broadcast live over the internet and can be accessed at For those unable to listen to the live broadcast, the final remarks and presentation with additional financial and operating information will be available following the broadcast, 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. Copyright © 2025 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 attributable to Dell Technologies Inc. – 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 second-quarter and full-year fiscal 2026 revenue, GAAP diluted earnings per share and non-GAAP diluted earnings per share, and 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, trade disruptions, and instability in financial markets; 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; Dell Technologies' ability to successfully execute on strategic initiatives including acquisitions and divestitures; 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; access to the capital markets by Dell Technologies or its customers; adverse 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; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; 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; 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 31, 2025, 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 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 Financial Position (in millions; unaudited) January 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 7,700 $ 3,633 Accounts receivable, net of allowance of $82 and $63 9,785 10,298 Short-term financing receivables, net of allowance of $74 and $78 5,381 5,304 Inventories 7,415 6,716 Other current assets 12,644 9,610 Current assets held for sale — 668 Total current assets 42,925 36,229 Property, plant, and equipment, net 6,383 6,336 Long-term investments 1,591 1,496 Long-term financing receivables, net of allowance of $70 and $75 6,042 5,927 Goodwill 19,315 19,120 Intangible assets, net 4,868 4,988 Other non-current assets 5,745 5,650 Total assets $ 86,869 $ 79,746 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt $ 4,845 $ 5,204 Accounts payable 25,349 20,832 Accrued and other 6,321 6,597 Short-term deferred revenue 13,907 13,673 Current liabilities held for sale — 221 Total current liabilities 50,422 46,527 Long-term debt 23,936 19,363 Long-term deferred revenue 12,413 12,292 Other non-current liabilities 3,122 2,951 Total liabilities 89,893 81,133 Stockholders' equity (deficit): Common stock and capital in excess of $0.01 par value 8,957 9,119 Treasury stock at cost (10,488 ) (8,502 ) Accumulated deficit (567 ) (1,160 ) Accumulated other comprehensive loss (926 ) (939 ) Total Dell Technologies Inc. stockholders' equity (deficit) (3,024 ) (1,482 ) Non-controlling interests — 95 Total stockholders' equity (deficit) (3,024 ) (1,387 ) Total liabilities and stockholders' equity $ 86,869 $ 79,746 Expand DELL TECHNOLOGIES INC. Condensed Consolidated Statements of Cash Flows (in millions; unaudited) Three Months Ended May 2, 2025 May 3, 2024 Cash flows from operating activities: Net income $ 965 $ 992 Adjustments to reconcile net income to net cash provided by operating activities: 1,831 51 Change in cash from operating activities 2,796 1,043 Cash flows from investing activities: Purchases of investments (97 ) (39 ) Maturities and sales of investments 31 119 Capital expenditures and capitalized software development costs (568 ) (596 ) Divestitures of businesses and assets, net 533 — Other 13 60 Change in cash from investing activities (88 ) (456 ) Cash flows from financing activities: Repurchases of common stock (1,980 ) (700 ) Repurchases of common stock for employee tax withholdings (352 ) (521 ) Payments of dividends and dividend equivalents (396 ) (336 ) Proceeds from debt 6,308 2,992 Repayments of debt (2,310 ) (3,477 ) Debt-related costs and other, net (33 ) (35 ) Change in cash from financing activities 1,237 (2,077 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 89 (55 ) Change in cash, cash equivalents, and restricted cash 4,034 (1,545 ) Cash, cash equivalents, and restricted cash at beginning of the period 3,819 7,507 Cash, cash equivalents, and restricted cash at end of the period $ 7,853 $ 5,962 Expand DELL TECHNOLOGIES INC. Segment Information Infrastructure Solutions Group (ISG): Net revenue: Servers and networking $ 6,321 $ 5,466 16% Storage 3,996 3,761 6% Total ISG net revenue $ 10,317 $ 9,227 12% Operating Income: ISG operating income $ 998 $ 736 36% % of ISG net revenue 9.7 % 8.0 % % of total reportable segment operating income 60 % 49 % Client Solutions Group (CSG): Net revenue: Commercial $ 11,046 $ 10,154 9% Consumer 1,463 1,813 (19)% Total CSG net revenue $ 12,509 $ 11,967 5% Operating Income: CSG operating income $ 653 $ 777 (16)% % of CSG net revenue 5.2 % 6.5 % % of total reportable segment operating income 40 % 51 % Amounts are based on underlying data and may not visually foot due to rounding. Expand ____________________ (a) Corporate and other consists of results of divested businesses or non-reportable segments whose offerings are no longer actively sold, including (i) VMware Resale, (ii) Secureworks, and (iii) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively. Additionally, Corporate and other includes other items that are managed at the corporate level and are not allocated to reportable segments. (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. (d) Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. (e) Other corporate expenses includes severance expenses, payroll taxes associated with stock-based compensation, incentive charges related to equity investments, facility action costs, transaction-related expenses, and impairment charges. (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. Expand 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 attributable to Dell Technologies Inc. - 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. Three Months Ended May 2, 2025 May 3, 2024 Change Gross margin $ 4,937 $ 4,851 2% Non-GAAP adjustments: Amortization of intangibles 41 60 Stock-based compensation expense 39 38 Other corporate expenses 40 43 Non-GAAP gross margin $ 5,057 $ 4,992 1% Operating expenses $ 3,772 $ 3,886 (3)% Non-GAAP adjustments: Amortization of intangibles (85 ) (108 ) Stock-based compensation expense (151 ) (172 ) Other corporate expenses (145 ) (133 ) Non-GAAP operating expenses $ 3,391 $ 3,473 (2)% Operating income $ 1,165 $ 965 21% Non-GAAP adjustments: Amortization of intangibles 126 168 Stock-based compensation expense 190 210 Other corporate expenses 185 176 Non-GAAP operating income $ 1,666 $ 1,519 10% Net income $ 965 $ 992 (3)% Non-GAAP adjustments: Amortization of intangibles 126 168 Stock-based compensation expense 190 210 Other corporate (income) expenses (58 ) 170 Fair value adjustments on equity investments (17 ) 30 Aggregate adjustment for income taxes (a) (120 ) (611 ) Non-GAAP net income $ 1,086 $ 959 13% Expand ____________________ (a) The company's non-GAAP income tax is calculated using a fixed estimated annual tax rate. Expand DELL TECHNOLOGIES INC. Reconciliation of Selected Non-GAAP Financial Measures (unaudited; continued) Three Months Ended May 2, 2025 May 3, 2024 Change Earnings per share attributable to Dell Technologies Inc. — diluted $ 1.37 $ 1.37 —% Non-GAAP adjustments: Amortization of intangibles 0.18 0.23 Stock-based compensation expense 0.27 0.29 Other corporate (income) expenses (0.08 ) 0.24 Fair value adjustments on equity investments (0.02 ) 0.04 Aggregate adjustment for income taxes (a) (0.17 ) (0.84 ) Total non-GAAP adjustments attributable to non-controlling interests — (0.01 ) Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 1.55 $ 1.32 17% Expand ____________________ (a) The company's non-GAAP income tax is calculated using a fixed estimated annual tax rate. Expand DELL TECHNOLOGIES INC. (in millions, except percentages; unaudited; continued) Three Months Ended May 2, 2025 May 3, 2024 Change Cash flow from operations $ 2,796 $ 1,043 168% Non-GAAP adjustments: Capital expenditures and capitalized software development costs, net (a) (568 ) (586 ) Free cash flow $ 2,228 $ 457 388% Free cash flow $ 2,228 $ 457 388% Non-GAAP adjustments: Financing receivables (b) (23 ) 165 Equipment under operating leases (c) 27 1 Adjusted free cash flow $ 2,232 $ 623 258% Expand ____________________ (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. Expand ____________________ (a) Amortization of intangibles represents an estimate for acquisitions completed as of May 2, 2025 and does not include estimates for potential acquisitions, if any, during fiscal 2026. (b) Consists primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments. Additionally, this consists of transaction related gains on sales of businesses that have been completed as of May 2, 2025 and does not include estimates for potential transactions, if any, during fiscal 2026. 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 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. Expand
Bloomberg
06-04-2025
- Business
- Bloomberg
‘We Can't Win': CFOs Speak Out on Trump's Tariffs
Newsletter CFO Briefing From a Wisconsin furnace maker to a Minneapolis eyeglass purveyor, small US businesses are already feeling the pinch from Trump's tariff policies. Plus, Dell's Yvonne McGill weighs in on profitability and AI. By Save Welcome to CFO Briefing, a newsletter devoted to corporate finance and what leaders need to know. This week, I take a closer look at how small and medium-sized businesses navigate Trump's tariffs, and talk to Dell CFO Yvonne McGill. But first, here's some other news that caught my eye:
Yahoo
27-02-2025
- Business
- Yahoo
Dell Technologies Delivers Fourth Quarter and Full-Year Fiscal 2025 Financial Results
ROUND ROCK, Texas, February 27, 2025--(BUSINESS WIRE)--Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 fourth quarter and full year. The company also provides guidance for its fiscal 2026 first quarter and full year. Full-Year Summary Full-year revenue of $95.6 billion, up 8% year over year Full-year operating income of $6.2 billion, up 15% year over year, and non-GAAP operating income of $8.5 billion, up 8% Record full-year diluted earnings per share of $6.38, up 39% year over year, and record non-GAAP diluted EPS of $8.14, up 10% Cash flow from operations was $4.5 billion Announcing a cash dividend increase of 18% and $10 billion increase in share repurchase authorization FY26 guidance: Full-year revenue growth of 8%, diluted EPS growth of 23% and non-GAAP diluted EPS growth of 14% Fourth-Quarter Summary Fourth-quarter revenue of $23.9 billion, up 7% year over year Fourth-quarter operating income of $2.2 billion, up 40% year over year, and non-GAAP operating income of $2.7 billion, up 22% Record fourth-quarter diluted EPS of $2.15, up 30% year over year, and record non-GAAP diluted EPS of $2.68, up 18% "FY25 was a transformative year – we hit $95.6 billion in revenue, grew our core business double digits, unlocked efficiencies, and drove record EPS," said Yvonne McGill, chief financial officer, Dell Technologies. "We're raising our annual dividend by 18%, demonstrating our commitment to shareholder return and confidence in our opportunity to grow in FY26." "In Q4 we grew our Infrastructure Solutions Group revenue by 22%, and we're well positioned to capture growth across every segment of our business," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "Our prospects for AI are strong, as we extend AI from the largest cloud service providers, into the enterprise at-scale, and out to the edge with the PC. The deals we've booked with xAI and others puts our AI server backlog at roughly $9 billion as of today." Infrastructure Solutions Group (ISG) Full-year revenue: $43.6 billion, up 29% year over year Full-year operating income: $5.6 billion, up 30% year over year Fourth-quarter revenue: $11.4 billion, up 22% year over year Fourth-quarter Servers and Networking revenue: $6.6 billion, up 37%, driven by AI and traditional server demand Fourth-quarter Storage revenue: $4.7 billion, up 5% Record fourth-quarter operating income: $2.1 billion, up 44% year over year Client Solutions Group (CSG) Full-year revenue: $48.4 billion, down 1% year over year Full-year operating income: $3.0 billion, down 20% year over year Fourth-quarter revenue: $11.9 billion, up 1% year over year Fourth-quarter Commercial Client revenue: $10.0 billion, up 5% Fourth-quarter Consumer revenue: $1.9 billion, down 12% Fourth-quarter operating income: $631 million, down 19% year over year Capital Return Dell Technologies is increasing its annual cash dividend by 18% to an expected $2.10 per common share, with $0.525 per common share for the first quarterly distribution payable on May 2, 2025, to shareholders of record as of April 22, 2025. Additionally, the company's board of directors approved a $10 billion increase in its share repurchase authorization. Guidance Summary Full-year FY26 revenue expected between $101.0 billion and $105.0 billion, up 8% year over year at the midpoint of $103.0 billion Full-year FY26 GAAP diluted EPS expected to be $7.85, up 23% year over year, and non-GAAP diluted EPS to be $9.30, up 14% First-quarter FY26 revenue expected between $22.5 billion and $23.5 billion, up 3% year over year at the midpoint of $23.0 billion First-quarter FY26 GAAP diluted EPS expected to be $1.29, down 6% year over year, and non-GAAP diluted EPS to be $1.65, up 25% Fourth Quarter and Full-Year Fiscal 2025 Financial Results Three Months Ended Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change (in millions, except per share amounts and percentages; unaudited) Net revenue $ 23,931 $ 22,318 7% $ 95,567 $ 88,425 8% Operating income $ 2,159 $ 1,547 40% $ 6,237 $ 5,411 15% Net income $ 1,532 $ 1,208 27% $ 4,576 $ 3,372 36% Change in cash from operating activities $ 585 $ 1,533 (62)% $ 4,521 $ 8,676 (48)% Earnings per share — diluted $ 2.15 $ 1.66 30% $ 6.38 $ 4.60 39% Non-GAAP operating income $ 2,674 $ 2,195 22% $ 8,529 $ 7,878 8% Non-GAAP net income $ 1,911 $ 1,660 15% $ 5,865 $ 5,422 8% Adjusted free cash flow $ 474 $ 1,010 (53)% $ 3,097 $ 5,607 (45)% Non-GAAP earnings per share — diluted $ 2.68 $ 2.27 18% $ 8.14 $ 7.37 10% 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 Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change (in millions, except percentages; unaudited) Infrastructure Solutions Group (ISG): Net revenue: Servers and networking $ 6,634 $ 4,857 37% $ 27,136 $ 17,624 54% Storage 4,718 4,475 5% 16,457 16,261 1% Total ISG net revenue $ 11,352 $ 9,332 22% $ 43,593 $ 33,885 29% Operating Income: ISG operating income $ 2,051 $ 1,428 44% $ 5,579 $ 4,286 30% % of ISG net revenue 18.1 % 15.3 % 12.8 % 12.6 % % of total reportable segment operating income 76 % 65 % 65 % 54 % Client Solutions Group (CSG): Net revenue: Commercial $ 9,996 $ 9,563 5% $ 40,844 $ 39,814 3% Consumer 1,885 2,152 (12)% 7,549 9,102 (17)% Total CSG net revenue $ 11,881 $ 11,715 1% $ 48,393 $ 48,916 (1)% Operating Income: CSG operating income $ 631 $ 782 (19)% $ 2,972 $ 3,712 (20)% % of CSG net revenue 5.3 % 6.7 % 6.1 % 7.6 % % of total reportable segment operating income 24 % 35 % 35 % 46 % Revised Consolidated Financial Statements and Non-GAAP Financial Measures for Correction of Immaterial Errors During the fourth quarter of fiscal 2025, Dell Technologies discovered accumulated credits from suppliers that were not recorded or not recorded in the correct period in its previously reported financial results. The company initiated an investigation that indicated that the credits resulted from the actions of certain employees that support a limited number of suppliers, impacting the Client Solutions Group segment and overstating cost of goods sold by approximately $200 million in fiscal 2024 and $148 million in fiscal 2025 for the nine months ended November 1, 2024. The company determined the impacts were not material, individually or in the aggregate, to its previously issued consolidated financial statements for any of the prior quarters or the annual period in which they occurred. However, in accordance with SEC Staff Accounting Bulletin No. 108, the company concluded that correcting the cumulative misstatement in the current period would be material to its results of operations for fiscal 2025. The company has revised its prior period financial statements to correct for the overstatement of cost of goods sold in its Consolidated Statements of Income, net of the related income tax effect, and the corresponding amounts impacting the Consolidated Statements of Financial Position during the fiscal 2024 and fiscal 2025 interim periods and for the fiscal year ended February 2, 2024 as shown on Exhibit A, "Revision of Previously Issued Financial Results." Conference call information As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Feb. 27 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 The conference call will be broadcast live over the internet and can be accessed at For those unable to listen to the live broadcast, the final remarks and presentation with additional financial and operating information will be available following the broadcast, 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. Copyright © 2025 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 attributable to Dell Technologies Inc. – 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 first-quarter and full-year fiscal 2026 revenue, GAAP diluted earnings per share and non-GAAP diluted earnings per share, and 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 and instability in financial markets; competitive pressures; Dell Technologies' reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies' ability to achieve favorable pricing from its vendors; Dell Technologies' execution of its strategy; social and ethical issues relating to the use of new and evolving technologies; Dell Technologies' ability to manage solutions and products and services transitions in an effective manner; Dell Technologies' ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies' ability to successfully execute on strategic initiatives including acquisitions, divestitures or cost savings measures; 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; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; adverse economic conditions and the effect of additional regulation on Dell Technologies' financial services activities; counterparty default risks; 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; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; expectations relating to environmental, social and governance (ESG) considerations; compliance requirements of changing environmental and safety laws, human rights laws, or other laws; the effect of armed hostilities, terrorism, natural disasters, or public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; 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 February 2, 2024, 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 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. Consolidated Statements of Income and Related Financial Highlights (in millions, except percentages; unaudited) Three Months Ended Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change Net revenue: Products $ 18,049 $ 16,149 12% $ 71,420 $ 64,353 11% Services 5,882 6,169 (5)% 24,147 24,072 —% Total net revenue 23,931 22,318 7% 95,567 88,425 8% Cost of net revenue: Products 14,924 13,337 12% 60,162 53,116 13% Services 3,329 3,609 (8)% 14,155 14,240 (1)% Total cost of net revenue 18,253 16,946 8% 74,317 67,356 10% Gross margin 5,678 5,372 6% 21,250 21,069 1% Operating expenses: Selling, general, and administrative 2,746 3,109 (12)% 11,952 12,857 (7)% Research and development 773 716 8% 3,061 2,801 9% Total operating expenses 3,519 3,825 (8)% 15,013 15,658 (4)% Operating income 2,159 1,547 40% 6,237 5,411 15% Interest and other, net (187 ) (203 ) 8% (1,189 ) (1,324 ) 10% Income before income taxes 1,972 1,344 47% 5,048 4,087 24% Income tax expense 440 136 224% 472 715 (34)% Net income 1,532 1,208 27% 4,576 3,372 36% Less: Net loss attributable to non-controlling interests (1 ) (2 ) 50% (16 ) (16 ) —% Net income attributable to Dell Technologies Inc. $ 1,533 $ 1,210 27% $ 4,592 $ 3,388 36% Percentage of Total Net Revenue: Gross margin 23.7 % 24.1 % 22.2 % 23.8 % Selling, general, and administrative 11.5 % 13.9 % 12.5 % 14.5 % Research and development 3.2 % 3.2 % 3.2 % 3.2 % Operating expenses 14.7 % 17.1 % 15.7 % 17.7 % Operating income 9.0 % 6.9 % 6.5 % 6.1 % Income before income taxes 8.2 % 6.0 % 5.3 % 4.6 % Net income 6.4 % 5.4 % 4.8 % 3.8 % Income tax rate 22.3 % 10.1 % 9.4 % 17.5 % Amounts are based on underlying data and may not visually foot due to rounding. DELL TECHNOLOGIES INC. Consolidated Statements of Financial Position (in millions; unaudited) January 31, 2025 February 2, 2024 ASSETS Current assets: Cash and cash equivalents $ 3,633 $ 7,366 Accounts receivable, net of allowance of $63 and $71 10,298 9,343 Short-term financing receivables, net of allowance of $78 and $79 5,304 4,643 Inventories 6,716 3,622 Other current assets 9,610 11,010 Current assets held for sale 668 — Total current assets 36,229 35,984 Property, plant, and equipment, net 6,336 6,432 Long-term investments 1,496 1,316 Long-term financing receivables, net of allowance of $75 and $91 5,927 5,877 Goodwill 19,120 19,700 Intangible assets, net 4,988 5,701 Other non-current assets 5,650 7,116 Total assets $ 79,746 $ 82,126 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt $ 5,204 $ 6,982 Accounts payable 20,832 19,226 Accrued and other 6,597 6,828 Short-term deferred revenue 13,673 15,318 Current liabilities held for sale 221 — Total current liabilities 46,527 48,354 Long-term debt 19,363 19,012 Long-term deferred revenue 12,292 13,827 Other non-current liabilities 2,951 3,065 Total liabilities 81,133 84,258 Stockholders' equity (deficit): Common stock and capital in excess of $0.01 par value 9,119 8,926 Treasury stock at cost (8,502 ) (5,900 ) Accumulated deficit (1,160 ) (4,453 ) Accumulated other comprehensive loss (939 ) (800 ) Total Dell Technologies Inc. stockholders' equity (deficit) (1,482 ) (2,227 ) Non-controlling interests 95 95 Total stockholders' equity (deficit) (1,387 ) (2,132 ) Total liabilities and stockholders' equity $ 79,746 $ 82,126 DELL TECHNOLOGIES INC. Consolidated Statements of Cash Flows (in millions; unaudited) Three Months Ended Fiscal Year Ended January 31, 2025 February 2, 2024 January 31, 2025 February 2, 2024 Cash flows from operating activities: Net income $ 1,532 $ 1,208 $ 4,576 $ 3,372 Adjustments to reconcile net income to net cash provided by operating activities: (947 ) 325 (55 ) 5,304 Change in cash from operating activities 585 1,533 4,521 8,676 Cash flows from investing activities: Purchases of investments (42 ) (29 ) (125 ) (172 ) Maturities and sales of investments 45 76 382 226 Capital expenditures and capitalized software development costs (735 ) (727 ) (2,652 ) (2,756 ) Acquisition of businesses and assets, net — 1 — (126 ) Other 54 10 180 45 Change in cash from investing activities (678 ) (669 ) (2,215 ) (2,783 ) Cash flows from financing activities: Proceeds from the issuance of common stock — 2 1 10 Repurchases of common stock (734 ) (878 ) (2,588 ) (2,080 ) Repurchases of common stock for employee tax withholdings (17 ) (18 ) (577 ) (372 ) Payments of dividends and dividend equivalents (311 ) (261 ) (1,275 ) (1,072 ) Proceeds from debt 645 871 9,258 7,775 Repayments of debt (976 ) (1,480 ) (10,570 ) (11,246 ) Debt-related costs and other, net 2 (55 ) (64 ) (109 ) Change in cash from financing activities (1,391 ) (1,819 ) (5,815 ) (7,094 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (101 ) 14 (179 ) (186 ) Change in cash, cash equivalents, and restricted cash (1,585 ) (941 ) (3,688 ) (1,387 ) Cash, cash equivalents, and restricted cash at beginning of the period 5,404 8,448 7,507 8,894 Cash, cash equivalents, and restricted cash at end of the period $ 3,819 $ 7,507 $ 3,819 $ 7,507 DELL TECHNOLOGIES INC. Segment Information (in millions, except percentages; unaudited; continued on next page) Three Months Ended Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change Infrastructure Solutions Group (ISG): Net revenue: Servers and networking $ 6,634 $ 4,857 37% $ 27,136 $ 17,624 54% Storage 4,718 4,475 5% 16,457 16,261 1% Total ISG net revenue $ 11,352 $ 9,332 22% $ 43,593 $ 33,885 29% Operating Income: ISG operating income $ 2,051 $ 1,428 44% $ 5,579 $ 4,286 30% % of ISG net revenue 18.1 % 15.3 % 12.8 % 12.6 % % of total reportable segment operating income 76 % 65 % 65 % 54 % Client Solutions Group (CSG): Net revenue: Commercial $ 9,996 $ 9,563 5% $ 40,844 $ 39,814 3% Consumer 1,885 2,152 (12)% 7,549 9,102 (17)% Total CSG net revenue $ 11,881 $ 11,715 1% $ 48,393 $ 48,916 (1)% Operating Income: CSG operating income $ 631 $ 782 (19)% $ 2,972 $ 3,712 (20)% % of CSG net revenue 5.3 % 6.7 % 6.1 % 7.6 % % of total reportable segment operating income 24 % 35 % 35 % 46 % 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 Fiscal Year Ended January 31, 2025 February 2, 2024 January 31, 2025 February 2, 2024 Reconciliation to consolidated net revenue: Reportable segment net revenue $ 23,233 $ 21,047 $ 91,986 $ 82,801 Corporate and other (a) 698 1,271 3,581 5,624 Total consolidated net revenue $ 23,931 $ 22,318 $ 95,567 $ 88,425 Reconciliation to consolidated operating income: Reportable segment operating income $ 2,682 $ 2,210 $ 8,551 $ 7,998 Corporate and other (a) (8 ) (15 ) (22 ) (120 ) Amortization of intangibles (b) (163 ) (210 ) (667 ) (833 ) Stock-based compensation expense (c) (186 ) (203 ) (785 ) (878 ) Other corporate expenses (d) (166 ) (235 ) (840 ) (756 ) Total consolidated operating income $ 2,159 $ 1,547 $ 6,237 $ 5,411 _________________ (a) Corporate and other consists of results of (i) VMware Resale, (ii) Secureworks, and (iii) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively. Additionally, Corporate and other includes other items that are managed at the corporate level and are not allocated to reportable segments. (b) Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction. (c) Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. (d) Other corporate expenses includes severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, incentive charges related to equity investments, and other costs. 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 attributable to Dell Technologies Inc. - 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 Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change Net revenue $ 23,931 $ 22,318 7% $ 95,567 $ 88,425 8% Non-GAAP gross margin $ 5,814 $ 5,524 5% $ 21,810 $ 21,644 1% % of net revenue 24.3 % 24.8 % 22.8 % 24.5 % Non-GAAP operating expenses $ 3,140 $ 3,329 (6)% $ 13,281 $ 13,766 (4)% % of net revenue 13.1 % 14.9 % 13.9 % 15.6 % Non-GAAP operating income $ 2,674 $ 2,195 22% $ 8,529 $ 7,878 8% % of net revenue 11.2 % 9.8 % 8.9 % 8.9 % Non-GAAP net income $ 1,911 $ 1,660 15% $ 5,865 $ 5,422 8% % of net revenue 8.0 % 7.4 % 6.1 % 6.1 % Non-GAAP earnings per share — diluted $ 2.68 $ 2.27 18% $ 8.14 $ 7.37 10% 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 Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change Gross margin $ 5,678 $ 5,372 6% $ 21,250 $ 21,069 1% Non-GAAP adjustments: Amortization of intangibles 59 84 238 331 Stock-based compensation expense 37 37 152 149 Other corporate expenses 40 31 170 95 Non-GAAP gross margin $ 5,814 $ 5,524 5% $ 21,810 $ 21,644 1% Operating expenses $ 3,519 $ 3,825 (8)% $ 15,013 $ 15,658 (4)% Non-GAAP adjustments: Amortization of intangibles (104 ) (126 ) (429 ) (502 ) Stock-based compensation expense (149 ) (166 ) (633 ) (729 ) Other corporate expenses (126 ) (204 ) (670 ) (661 ) Non-GAAP operating expenses $ 3,140 $ 3,329 (6)% $ 13,281 $ 13,766 (4)% Operating income $ 2,159 $ 1,547 40% $ 6,237 $ 5,411 15% Non-GAAP adjustments: Amortization of intangibles 163 210 667 833 Stock-based compensation expense 186 203 785 878 Other corporate expenses 166 235 840 756 Non-GAAP operating income $ 2,674 $ 2,195 22% $ 8,529 $ 7,878 8% Net income $ 1,532 $ 1,208 27% $ 4,576 $ 3,372 36% Non-GAAP adjustments: Amortization of intangibles 163 210 667 833 Stock-based compensation expense 186 203 785 878 Other corporate expenses 165 227 830 793 Fair value adjustments on equity investments (156 ) (83 ) (177 ) (47 ) Aggregate adjustment for income taxes (a) 21 (105 ) (816 ) (407 ) Non-GAAP net income $ 1,911 $ 1,660 15% $ 5,865 $ 5,422 8% ____________________ (a) Beginning in fiscal 2025, 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 Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change Earnings per share attributable to Dell Technologies Inc. — diluted $ 2.15 $ 1.66 30% $ 6.38 $ 4.60 39% Non-GAAP adjustments: Amortization of intangibles 0.22 0.29 0.93 1.13 Stock-based compensation expense 0.26 0.28 1.09 1.19 Other corporate expenses 0.23 0.31 1.16 1.08 Fair value adjustments on equity investments (0.22 ) (0.11 ) (0.25 ) (0.06 ) Aggregate adjustment for income taxes (a) 0.04 (0.16 ) (1.15 ) (0.55 ) Total non-GAAP adjustments attributable to non-controlling interests — — (0.02 ) (0.02 ) Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 2.68 $ 2.27 18% $ 8.14 $ 7.37 10% ____________________ (a) Beginning in fiscal 2025, 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 Fiscal Year Ended January 31, 2025 February 2, 2024 Change January 31, 2025 February 2, 2024 Change Cash flow from operations $ 585 $ 1,533 (62)% $ 4,521 $ 8,676 (48)% Non-GAAP adjustments: Capital expenditures and capitalized software development costs, net (a) (702 ) (727 ) (2,563 ) (2,753 ) Free cash flow $ (117 ) $ 806 (115)% $ 1,958 $ 5,923 (67)% Free cash flow $ (117 ) $ 806 (115)% $ 1,958 $ 5,923 (67)% Non-GAAP adjustments: Financing receivables (b) 532 136 951 (309 ) Equipment under operating leases (c) 59 68 188 (7 ) Adjusted free cash flow $ 474 $ 1,010 (53)% $ 3,097 $ 5,607 (45)% ____________________ (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 May 2, 2025 January 30, 2026 Earnings per share attributable to Dell Technologies Inc. — diluted $ 1.29 $ 7.85 Non-GAAP adjustments: Amortization of intangibles (a) 0.17 0.70 Stock-based compensation 0.26 1.04 Other corporate expenses (b) — — Fair value adjustments on equity investments (c) — — Aggregate adjustment for income taxes (d) (0.07 ) (0.29 ) Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 1.65 $ 9.30 ____________________ (a) Amortization of intangibles represents an estimate for acquisitions completed as of January 31, 2025 and does not include estimates for potential acquisitions, if any, during fiscal 2026. (b) Consists primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, 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 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. Beginning in fiscal 2025, the company's non-GAAP income tax is calculated using a fixed estimated annual tax rate. EXHIBIT A DELL TECHNOLOGIES INC. Revision of Previously Issued Financial Results (in millions, except per share amounts; unaudited; continued on next page) Three Months Ended May 3, 2024 May 5, 2023 As Reported1 Adjustment As Revised As Reported1 Adjustment As Revised Condensed Consolidated Statements of Income: Cost of net revenue — Products $ 13,766 $ (45 ) $ 13,721 $ 12,375 $ (62 ) $ 12,313 Total cost of net revenue $ 17,438 $ (45 ) $ 17,393 $ 15,904 $ (62 ) $ 15,842 Gross margin $ 4,806 $ 45 $ 4,851 $ 5,018 $ 62 $ 5,080 Operating income $ 920 $ 45 $ 965 $ 1,069 $ 62 $ 1,131 Income before income taxes $ 547 $ 45 $ 592 $ 705 $ 62 $ 767 Income tax expense (benefit) $ (408 ) $ 8 $ (400 ) $ 127 $ 8 $ 135 Net income $ 955 $ 37 $ 992 $ 578 $ 54 $ 632 Net income attributable to Dell Technologies Inc. $ 960 $ 37 $ 997 $ 583 $ 54 $ 637 Earnings per share attributable to Dell Technologies Inc. Basic $ 1.36 $ 0.05 $ 1.41 $ 0.81 $ 0.07 $ 0.88 Diluted $ 1.32 $ 0.05 $ 1.37 $ 0.79 $ 0.07 $ 0.86 Segment Information: CSG operating income $ 732 $ 45 $ 777 $ 892 $ 62 $ 954 Reportable segment operating income $ 1,468 $ 45 $ 1,513 $ 1,632 $ 62 $ 1,694 Non-GAAP Financial Measures: Non-GAAP gross margin $ 4,947 $ 45 $ 4,992 $ 5,164 $ 62 $ 5,226 Non-GAAP operating income $ 1,474 $ 45 $ 1,519 $ 1,598 $ 62 $ 1,660 Non-GAAP net income $ 923 $ 36 $ 959 $ 963 $ 54 $ 1,017 Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 1.27 $ 0.05 $ 1.32 $ 1.31 $ 0.07 $ 1.38 ____________________ (1) As reported amounts represent the originally reported amounts in the company's Quarterly Reports on Form 10-Q for the three months ended May 3, 2024 and May 5, 2023. DELL TECHNOLOGIES INC. Revision of Previously Issued Financial Results (in millions, except per share amounts; unaudited; continued) Three Months Ended August 2, 2024 August 4, 2023 As Reported1 Adjustment As Revised As Reported1 Adjustment As Revised Condensed Consolidated Statements of Income: Cost of net revenue — Products $ 16,079 $ (50 ) $ 16,029 $ 14,002 $ (29 ) $ 13,973 Total cost of net revenue $ 19,715 $ (50 ) $ 19,665 $ 17,547 $ (29 ) $ 17,518 Gross margin $ 5,311 $ 50 $ 5,361 $ 5,387 $ 29 $ 5,416 Operating income $ 1,342 $ 50 $ 1,392 $ 1,165 $ 29 $ 1,194 Income before income taxes $ 989 $ 50 $ 1,039 $ 714 $ 29 $ 743 Income tax expense $ 148 $ 9 $ 157 $ 259 $ 2 $ 261 Net income $ 841 $ 41 $ 882 $ 455 $ 27 $ 482 Net income attributable to Dell Technologies Inc. $ 846 $ 41 $ 887 $ 462 $ 27 $ 489 Earnings per share attributable to Dell Technologies Inc. Basic $ 1.19 $ 0.06 $ 1.25 $ 0.64 $ 0.03 $ 0.67 Diluted $ 1.17 $ 0.06 $ 1.23 $ 0.63 $ 0.03 $ 0.66 Segment Information: CSG operating income $ 767 $ 50 $ 817 $ 969 $ 29 $ 998 Reportable segment operating income $ 2,051 $ 50 $ 2,101 $ 2,018 $ 29 $ 2,047 Non-GAAP Financial Measures: Non-GAAP gross margin $ 5,464 $ 50 $ 5,514 $ 5,536 $ 29 $ 5,565 Non-GAAP operating income $ 2,034 $ 50 $ 2,084 $ 1,977 $ 29 $ 2,006 Non-GAAP net income $ 1,371 $ 41 $ 1,412 $ 1,283 $ 27 $ 1,310 Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 1.89 $ 0.06 $ 1.95 $ 1.74 $ 0.04 $ 1.78 ____________________ (1) As reported amounts represent the originally reported amounts in the company's Quarterly Reports on Form 10-Q for the three months ended August 2, 2024 and August 4, 2023. DELL TECHNOLOGIES INC. Revision of Previously Issued Financial Results (in millions, except per share amounts; unaudited; continued) Three Months Ended November 1, 2024 November 3, 2023 As Reported1 Adjustment As Revised As Reported1 Adjustment As Revised Condensed Consolidated Statements of Income: Cost of net revenue — Products $ 15,541 $ (53 ) $ 15,488 $ 13,546 $ (53 ) $ 13,493 Total cost of net revenue $ 19,059 $ (53 ) $ 19,006 $ 17,103 $ (53 ) $ 17,050 Gross margin $ 5,307 $ 53 $ 5,360 $ 5,148 $ 53 $ 5,201 Operating income $ 1,668 $ 53 $ 1,721 $ 1,486 $ 53 $ 1,539 Income before income taxes $ 1,392 $ 53 $ 1,445 $ 1,180 $ 53 $ 1,233 Income tax expense $ 265 $ 10 $ 275 $ 176 $ 7 $ 183 Net income $ 1,127 $ 43 $ 1,170 $ 1,004 $ 46 $ 1,050 Net income attributable to Dell Technologies Inc. $ 1,132 $ 43 $ 1,175 $ 1,006 $ 46 $ 1,052 Earnings per share attributable to Dell Technologies Inc. Basic $ 1.61 $ 0.06 $ 1.67 $ 1.39 $ 0.07 $ 1.46 Diluted $ 1.58 $ 0.06 $ 1.64 $ 1.36 $ 0.06 $ 1.42 Segment Information: CSG operating income $ 694 $ 53 $ 747 $ 925 $ 53 $ 978 Reportable segment operating income $ 2,202 $ 53 $ 2,255 $ 1,994 $ 53 $ 2,047 Non-GAAP Financial Measures: Non-GAAP gross margin $ 5,437 $ 53 $ 5,490 $ 5,276 $ 53 $ 5,329 Non-GAAP operating income $ 2,199 $ 53 $ 2,252 $ 1,964 $ 53 $ 2,017 Non-GAAP net income $ 1,540 $ 43 $ 1,583 $ 1,389 $ 46 $ 1,435 Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 2.15 $ 0.06 $ 2.21 $ 1.88 $ 0.06 $ 1.94 ____________________ (1) As reported amounts represent the originally reported amounts in the company's Quarterly Reports on Form 10-Q for the three months ended November 1, 2024 and November 3, 2023. DELL TECHNOLOGIES INC. Revision of Previously Issued Financial Results (in millions, except per share amounts; unaudited; continued) Three Months Ended Fiscal Year Ended February 2, 2024 February 2, 2024 As Reported1 Adjustment As Revised As Reported1 Adjustment As Revised Consolidated Statements of Income: Cost of net revenue — Products $ 13,393 $ (56 ) $ 13,337 $ 53,316 $ (200 ) $ 53,116 Total cost of net revenue $ 17,002 $ (56 ) $ 16,946 $ 67,556 $ (200 ) $ 67,356 Gross margin $ 5,316 $ 56 $ 5,372 $ 20,869 $ 200 $ 21,069 Operating income $ 1,491 $ 56 $ 1,547 $ 5,211 $ 200 $ 5,411 Income before income taxes $ 1,288 $ 56 $ 1,344 $ 3,887 $ 200 $ 4,087 Income tax expense $ 130 $ 6 $ 136 $ 692 $ 23 $ 715 Net income $ 1,158 $ 50 $ 1,208 $ 3,195 $ 177 $ 3,372 Net income attributable to Dell Technologies Inc. $ 1,160 $ 50 $ 1,210 $ 3,211 $ 177 $ 3,388 Earnings per share attributable to Dell Technologies Inc. Basic $ 1.63 $ 0.07 $ 1.70 $ 4.46 $ 0.25 $ 4.71 Diluted $ 1.59 $ 0.07 $ 1.66 $ 4.36 $ 0.24 $ 4.60 Segment Information: CSG operating income $ 726 $ 56 $ 782 $ 3,512 $ 200 $ 3,712 Reportable segment operating income $ 2,154 $ 56 $ 2,210 $ 7,798 $ 200 $ 7,998 Non-GAAP Financial Measures: Non-GAAP gross margin $ 5,468 $ 56 $ 5,524 $ 21,444 $ 200 $ 21,644 Non-GAAP operating income $ 2,139 $ 56 $ 2,195 $ 7,678 $ 200 $ 7,878 Non-GAAP net income $ 1,610 $ 50 $ 1,660 $ 5,245 $ 177 $ 5,422 Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 2.20 $ 0.07 $ 2.27 $ 7.13 $ 0.24 $ 7.37 Consolidated Statements of Cash Flows: Cash flows from operating activities: Net income $ 1,158 $ 50 $ 1,208 $ 3,195 $ 177 $ 3,372 Adjustments to reconcile net income to net cash provided by operating activities $ 375 $ (50 ) $ 325 $ 5,481 $ (177 ) $ 5,304 _________________ (1) As reported amounts represent the originally reported amounts in the company's press release furnished as Exhibit 99.1 to the company's Form 8-K filed with the SEC on February 29, 2024, and in the company's Annual Report on Form 10-K for the fiscal year ended February 2, 2024. DELL TECHNOLOGIES INC. Revision of Previously Issued Financial Results (in millions; unaudited; continued) February 2, 2024 As Reported1 Adjustment As Revised Consolidated Statements of Financial Position: Other current assets $ 10,973 $ 37 $ 11,010 Total current assets $ 35,947 $ 37 $ 35,984 Total assets $ 82,089 $ 37 $ 82,126 Accounts payable $ 19,389 $ (163 ) $ 19,226 Accrued and other $ 6,805 $ 23 $ 6,828 Total current liabilities $ 48,494 $ (140 ) $ 48,354 Total liabilities $ 84,398 $ (140 ) $ 84,258 Accumulated deficit $ (4,630 ) $ 177 $ (4,453 ) Total Dell Technologies Inc. stockholders' equity (deficit) $ (2,404 ) $ 177 $ (2,227 ) Total stockholders' equity (deficit) $ (2,309 ) $ 177 $ (2,132 ) Total liabilities and stockholders' equity $ 82,089 $ 37 $ 82,126 _________________ (1) As reported amounts represent the originally reported amounts in the company's Annual Report on Form 10-K for the fiscal year ended February 2, 2024. DELL TECHNOLOGIES INC. Revision of Previously Issued Financial Results Reconciliation of Selected Non-GAAP Financial Measures (in millions, except per share amounts; unaudited) Three Months Ended November 1, 2024 August 2, 2024 May 3, 2024 November 3, 2023 August 4, 2023 May 5, 2023 Gross margin $ 5,360 $ 5,361 $ 4,851 $ 5,201 $ 5,416 $ 5,080 Non-GAAP adjustments: Amortization of intangibles 60 59 60 84 84 79 Stock-based compensation expense 39 38 38 37 37 38 Other corporate expenses 31 56 43 7 28 29 Non-GAAP gross margin $ 5,490 $ 5,514 $ 4,992 $ 5,329 $ 5,565 $ 5,226 Operating income $ 1,721 $ 1,392 $ 965 $ 1,539 $ 1,194 $ 1,131 Non-GAAP adjustments: Amortization of intangibles 168 168 168 207 213 203 Stock-based compensation expense 198 191 210 227 223 225 Other corporate expenses 165 333 176 44 376 101 Non-GAAP operating income $ 2,252 $ 2,084 $ 1,519 $ 2,017 $ 2,006 $ 1,660 Net income $ 1,170 $ 882 $ 992 $ 1,050 $ 482 $ 632 Non-GAAP adjustments: Amortization of intangibles 168 168 168 207 213 203 Stock-based compensation expense 198 191 210 227 223 225 Other corporate expenses 166 329 170 36 432 98 Fair value adjustments on equity investments (46 ) (5 ) 30 (8 ) 29 15 Aggregate adjustment for income taxes (a) (73 ) (153 ) (611 ) (77 ) (69 ) (156 ) Non-GAAP net income $ 1,583 $ 1,412 $ 959 $ 1,435 $ 1,310 $ 1,017 Earnings per share attributable to Dell Technologies Inc. — diluted $ 1.64 $ 1.23 $ 1.37 $ 1.42 $ 0.66 $ 0.86 Non-GAAP adjustments: Amortization of intangibles 0.23 0.23 0.23 0.28 0.29 0.28 Stock-based compensation expense 0.28 0.26 0.29 0.31 0.30 0.30 Other corporate expenses 0.23 0.46 0.24 0.04 0.58 0.13 Fair value adjustments on equity investments (0.06 ) (0.01 ) 0.04 (0.01 ) 0.04 0.02 Aggregate adjustment for income taxes (a) (0.10 ) (0.21 ) (0.84 ) (0.10 ) (0.08 ) (0.21 ) Total non-GAAP adjustments attributable to non-controlling interests (0.01 ) (0.01 ) (0.01 ) — (0.01 ) — Non-GAAP earnings per share attributable to Dell Technologies Inc. — diluted $ 2.21 $ 1.95 $ 1.32 $ 1.94 $ 1.78 $ 1.38 ____________________ (a) Beginning in fiscal 2025, the company's non-GAAP income tax is calculated using a fixed estimated annual tax rate. 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Yahoo
25-02-2025
- Business
- Yahoo
Dell Technologies to Present at Investor Conference in March
ROUND ROCK, Texas, February 25, 2025--(BUSINESS WIRE)--Dell Technologies (NYSE: DELL) announces that Yvonne McGill, chief financial officer, will present in a fireside chat at the following conference: Morgan Stanley Technology, Media & Telecom Conference – San Francisco, CAWednesday, March 5, 202510:45 a.m. PT / 1:45 p.m. ET A live webcast and a replay of all conference webcasts will be available on Dell Technologies' Investor Relations page at 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. Copyright © 2025 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. View source version on Contacts Investor Relations: Investor_Relations@ Media Relations:
