Dell Technologies

Condensed Consolidated Statements of Income for the three and six months ended July 31, 2026 and August 1, 2025 6 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 31, 2026 and August 1, 2025 7 Condensed Consolidated Statements of Cash Flows for the six months ended July 31, 2026 and August 1, 2025 8 Condensed Consolidated Statements of Shareholders Equity (Deficit) for the three and six months ended July 31, 2026 and August 1, 2025 9 Notes to the Condensed Consolidated Financial Statements 11 Note 1 Overview and Basis of Presentation 11 Note 2 Fair Value Measurements 13 Note 3 Investments 15 Note 4 Financial Services 16 Note 5 Leases 22 Note 6 Debt 24 Note 7 Derivative Instruments and Hedging Activities 26 Note 8 Goodwill and Intangible Assets 30 Note 9 Deferred Revenue 32 Note 10 Commitments and Contingencies 33 Note 11 Income and Other Taxes 35 Note 12 Capitalization 36 Note 13 Earnings Per Share 38 Note 14 Segment Information 39 Note 15 Supplemental Consolidated Financial Information 42 Note 16 Subsequent Events 44 4 Table of Contents DELL TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in millions; unaudited) July 31, 2026January 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 Inventories21,290 10,437 Other current assets11,965 9,594 80,547 57,602 Property, plant, and equipment, net7,417 6,676 Long-term investments2,679 1,730 Long-term financing receivables, net of allowance of $128 and $92 7,625 5,822 Goodwill19,448 19,547 Intangible assets, net4,347 4,533 Other non-current assets5,330 5,376 Total assets$127,393 $101,286 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Short-term debt$8,481 $7,990 Accounts payable49,723 33,630 Accrued and other10,738 8,315 Short-term deferred revenue14,761 13,334 83,703 63,269 Long-term debt25,985 23,513 Long-term deferred revenue14,957 13,596 Other non-current liabilities4,175 3,378 Total liabilities$128,820 $103,756 Commitments and contingencies (Note 10) 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 earnings10,065 3,325 Accumulated other comprehensive loss(759)(719) (1,427)(2,470) Total liabilities and shareholders' equity$127,393 $101,286 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 5 Table of Contents DELL TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts; unaudited) Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025$41,112 $23,935 $79,217 $41,534 5,859 5,841 11,596 11,620 46,971 29,776 90,813 53,154 33,990 21,044 66,842 36,160 3,151 3,285 6,359 6,610 37,141 24,329 73,201 42,770 9,830 5,447 17,612 10,384 3,336 2,889 6,479 5,853 1,109 785 2,092 1,593 4,445 3,674 8,571 7,446 5,385 1,773 9,041 2,938 (254)(333)38 (415)5,131 1,440 9,079 2,523 998 276 1,508 394 $4,133 $1,164 $7,571 $2,129 $6.41 $1.72 $11.70 $3.11 $6.34 $1.70 $11.58 $3.07 645 678 647 685 652 686 654 694 Six Months EndedAugust 1, 2025July 31, 2026August 1, 2025$4,133 $1,164 $7,571 $2,129 (73)58 (146)309 78 (4)153 (261)(55)162 (47)173 23 158 106 (88)(50)216 (40)221 $4,083 $1,380 $7,531 $2,350 July 31, 2026August 1, 2025$7,571 $2,129 1,512 1,500 373 369 23 (127)(454)389 (5,428)(4,574)(6,404)(569)(10,940)(615)761 612 16,203 6,615 3,089 (390)6,306 5,339 (335)(125)90 59 (2,202)(1,243) 533 43 33 (2,404)(743)(5,424)(2,920)(555)(357)(869)(762)6,851 7,270 (3,805)(3,424)(34)(35)(3,836)(228)(35)104 31 4,472 11,706 3,819 $11,737 $8,291 Treasury Stock Three Months Ended July 31, 2026Issued SharesAmountSharesAmountRetained EarningsAccumulated Other Comprehensive Income (Loss)Dell Technologies Shareholders' Equity (Deficit)Non-Controlling InterestsTotal Shareholders' Equity (Deficit) Balances as of May 1, 2026852 $9,111 203 $(16,149)$6,343 $(709)$(1,404)$ $(1,404) 4,133 4,133 4,133 Dividends and dividend equivalents declared ($0.630 per common share) (411) (411) (411) Other comprehensive loss, net (50)(50) (50) Issuance of common stock, net of shares repurchased for employee tax withholding (18) (18) (18) Stock-based compensation expense 184 184 184 Treasury stock repurchases 9 (3,861) (3,861) (3,861) Balances as of July 31, 2026852 $9,277 212 $(20,010)$10,065 $(759)$(1,427)$ $(1,427) Common Stock and Capital in Excess of Par ValueTreasury Stock Six Months Ended July 31, 2026Issued SharesAmountSharesAmountRetained EarningsAccumulated Other Comprehensive Income (Loss)Dell Technologies Shareholders' Equity (Deficit)Non-Controlling InterestsTotal Shareholders' Equity (Deficit) Balances as of January 30, 2026844 $9,457 192 $(14,533)$3,325 $(719)$(2,470)$ $(2,470) 7,571 7,571 7,571 Dividends and dividend equivalents declared ($1.260 per common share) (831) (831) (831) Other comprehensive loss, net (40)(40) (40) Issuance of common stock, net of shares repurchased for employee tax withholding8 (553) (553) (553) Stock-based compensation expense 373 373 373 Treasury stock repurchases 20 (5,477) (5,477) (5,477) Balances as of July 31, 2026852 $9,277 212 $(20,010)$10,065 $(759)$(1,427)$ $(1,427) The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 9 Table of Contents DELL TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (continued; in millions, except per share amounts; unaudited) Common Stock and Capital in Excess of Par ValueTreasury Stock Three Months Ended August 1, 2025Issued SharesAmountSharesAmountRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss)Dell Technologies Shareholders' Equity (Deficit)Non-Controlling InterestsTotal Shareholders' Equity (Deficit) Balances as of May 2, 2025843 $8,957 160 $(10,488)$(567)$(926)$(3,024)$ $(3,024) 1,164 1,164 1,164 Dividends and dividend equivalents declared ($0.525 per common share) (366) (366) (366) Other comprehensive income, net 216 216 216 Issuance of common stock, net of shares repurchased for employee tax withholding (4) (4) (4) Stock-based compensation expense 179 179 179 Treasury stock repurchases 8 (931) (931) (931) Balances as of August 1, 2025843 $9,132 168 $(11,419)$231 $(710)$(2,766)$ $(2,766) Common Stock and Capital in Excess of Par ValueTreasury Stock Six Months Ended August 1, 2025Issued SharesAmountSharesAmountRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss)Dell Technologies Shareholders' Equity (Deficit)Non-Controlling InterestsTotal Shareholders' Equity (Deficit) Balances as of January 31, 2025834 $9,119 138 $(8,502)$(1,160)$(939)$(1,482)$95 $(1,387) 2,129 2,129 2,129 Dividends and dividend equivalents declared ($1.050 per common share) (738) (738) (738) Other comprehensive income, net 221 221 221 Issuance of common stock, net of shares repurchased for employee tax withholding9 (356) (356) (356) Stock-based compensation expense 369 369 369 Treasury stock repurchases 30 (2,917) (2,917) (2,917) Sale of SecureWorks Corp. 8 8 (95)(87) Balances as of August 1, 2025843 $9,132 168 $(11,419)$231 $(710)$(2,766)$ $(2,766) The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 10 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 1 OVERVIEW AND BASIS OF PRESENTATION References in these Notes to the Condensed Consolidated Financial Statements to the Company or Dell Technologies mean Dell Technologies Inc. individually and together with its consolidated subsidiaries. Dell Technologies Inc. was incorporated in Delaware in January 2013. Following approval by the Company s shareholders at its 2026 annual meeting of shareholders, Dell Technologies Inc. changed its jurisdiction of incorporation from Delaware to Texas effective July 1, 2026 pursuant to a plan of conversion. Dell Technologies is a leader in the global technology industry that designs, develops, manufactures, markets, sells, and supports a wide range of comprehensive and integrated solutions, products, and services. Dell Technologies offerings include servers, networking, storage, cloud solutions, desktops, notebooks, services, software, branded peripherals, and third-party software and peripherals. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes filed with the U.S. Securities and Exchange Commission ( SEC ) in the Company s Annual Report on Form 10-K for the fiscal year ended January 30, 2026. These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( GAAP ). In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company as of July 31, 2026 and January 30, 2026; the results of operations, corresponding comprehensive income, and changes in shareholders equity (deficit) for the three and six months ended July 31, 2026 and August 1, 2025; and cash flows for the six months ended July 31, 2026 and August 1, 2025. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying Notes. Actual results could differ materially from those estimates. The results of operations, corresponding comprehensive income, and changes in shareholders equity (deficit) for the three and six months ended July 31, 2026 and August 1, 2025 and cash flows for the six months ended July 31, 2026 and August 1, 2025 are not necessarily indicative of the results to be expected for the full fiscal year or for any other fiscal period. The Company s fiscal year is the 52- or 53-week period ending on the Friday nearest January 31. The fiscal year ending January 29, 2027 and the fiscal year ended January 30, 2026 may be referred to as Fiscal 2027 and Fiscal 2026, respectively. Both the fiscal year ending January 29, 2027 and the fiscal year ended January 30, 2026 are 52-week periods. Principles of Consolidation These Condensed Consolidated Financial Statements include the accounts of Dell Technologies Inc. and its wholly-owned subsidiaries, as well as the accounts of SecureWorks Corp. ( Secureworks ), which was majority-owned by Dell Technologies through the date of the sale of Secureworks as discussed below. All intercompany transactions have been eliminated. The Company also consolidates Variable Interest Entities ("VIEs") where it has been determined that the Company is the primary beneficiary of the applicable entities operations. For each VIE, the primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to such VIE. In evaluating whether the Company is the primary beneficiary of each entity, the Company evaluates its power to direct the most significant activities of the VIE by considering the purpose and design of each entity and the risks each entity was designed to create and pass through to its respective variable interest holders. The Company also evaluates its economic interests in each of the VIEs. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information regarding consolidated VIEs. Secureworks On February 3, 2025, the sale of Secureworks to Sophos Inc., an affiliate of Thoma Bravo, L.P., was completed in an all-cash transaction for a purchase price of approximately $0.9 billion. The Company received total cash consideration for the equity interest held in Secureworks of approximately $0.6 billion, resulting in a gain on sale of $0.2 billion recognized in interest and other, net in the Condensed Consolidated Statements of Income for the six months ended August 1, 2025. 11 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Related Party Transactions The Company enters into purchase and sales transactions with other publicly-traded and privately-held companies, as well as not-for-profit organizations, that could be influenced by members of the Company s board of directors, executive officers, or significant shareholders. The Company enters into these arrangements in the ordinary course of its business. Transactions with related parties were immaterial for the three and six months ended July 31, 2026 and August 1, 2025. Recently Issued Accounting Pronouncements Environmental Credits and Environmental Credit Obligations In May 2026, the Financial Accounting Standards Board ( FASB ) issued guidance to improve the financial accounting disclosure of environmental credits and environmental credit obligations, providing recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance will be applied retrospectively. The Company is currently evaluating the impact and timing of adoption of this guidance. Internal-Use Software In September 2025, the FASB issued guidance to modernize internal-use software capitalization by removing references to software development project stages, increasing the operability of the recognition guidance permitting consideration of different methods of software development, including the agile method. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance may be applied prospectively, retrospectively, or through a modified approach. The Company is currently evaluating the impact and timing of adoption of this guidance. Expense Disaggregation Disclosures In November 2024, the FASB issued guidance to improve disclosures about a public entity s expenses by requiring disclosure of additional information about the types of expenses commonly presented in the financial statements on an annual and interim basis. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2026, with early adoption permitted. Upon adoption, the guidance will be applied prospectively. Adoption of this new guidance will result in increased disclosures in the Notes to the Condensed Consolidated Financial Statements. 12 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 2 FAIR VALUE MEASUREMENTS The following table presents the Company s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated: July 31, 2026January 30, 2026 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsQuoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs (in millions) Assets: $7,223 $ $ $7,223 $8,052 $ $ $8,052 82 82 77 77 Derivative instruments 133 133 160 160 Total assets$7,305 $133 $ $7,438 $8,129 $160 $ $8,289 Liabilities: Derivative instruments$ $92 $ $92 $ $126 $ $126 Total liabilities$ $92 $ $92 $ $126 $ $126 The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value. Money Market Funds The Company s investment in money market funds that are classified as cash equivalents hold underlying investments with a weighted average maturity of 90 days or less and are recognized at fair value. The valuations of these securities are based on quoted prices for identical assets in active markets, when available, or pricing models whereby all significant inputs are observable, or can be derived from, or corroborated by, observable market data. The Company reviews security pricing and assesses money market fund liquidity on a quarterly basis. As of July 31, 2026, the Company s portfolio had no exposure to money market funds with a fluctuating net asset value. Marketable Equity and Other Securities The Company s investments in equity and other securities that are measured at fair value on a recurring basis consist of strategic investments in publicly-traded companies. The valuation of these securities is based on quoted prices in active markets. Derivative Instruments The Company s derivative financial instruments consist primarily of foreign currency forward and purchased option contracts and interest rate swaps. The fair value of the portfolio is determined using valuation models based on market observable inputs, including interest rate curves, forward and spot prices for currencies, and implied volatilities. Credit risk is also factored into the fair value calculation of the Company s derivative financial instrument portfolio. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for a description of the Company s derivative financial instrument activities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis and therefore are not included in the recurring fair value table above. These assets consist primarily of financial assets such as the Company s strategic investments in non-marketable equity and other securities and non-financial assets such as goodwill and intangible assets. 13 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Strategic investments in non-marketable equity and other securities and certain non-financial assets such as goodwill and intangible assets are measured at fair value only if they are deemed to be impaired or when there is an adjustment from observable price changes in the current period. If measured at fair value in the Condensed Consolidated Statements of Financial Position, these securities would generally be classified as Level 3 in the fair value hierarchy. See Note 3 and Note 8 of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company s investments and goodwill and intangible assets, respectively. Carrying Value and Estimated Fair Value of Outstanding Debt The following table presents the carrying value and estimated fair value of the Company s outstanding debt as described in Note 6 of the Notes to the Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated: July 31, 2026January 30, 2026 Carrying ValueFair ValueCarrying ValueFair Value (in billions) $23.9 $23.7 $21.4 $21.8 Legacy Notes$0.9 $1.0 $0.9 $1.0 DFS Debt$9.6 $9.4 $9.1 $8.9 January 30, 2026 (in millions) Marketable$82 $77 Non-marketable2,584 1,640 Total equity and other securities$2,666 $1,717 The following table presents unrealized gains and losses on marketable and non-marketable equity and other securities for the periods indicated: Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 Marketable securities:$13 $ $(11)$(1) 681 22 (12)(17)(38)(23)(12)(17)643 (1)$1 $(17)$632 $(2) 20,542 14,295 Allowance for losses Customer receivables, net Residual interest Financing receivables, net20,430 14,280 Short-term12,805 8,458 Long-term7,625 5,822 ____________________ (a)Customer receivables, gross include amounts due from customers under fixed-term leases and loans and accrued interest. The following table presents the changes in allowance for financing receivable losses for the periods indicated: July 31, 2026August 1, 2025 $212 $144 213 153 (20)(4)122 11 $314 $151 314 151 January 30, 2026 (in millions) $20,304 $13,985 Past Due 31 90 Days132 195 Past Due > 90 Days106 115 Total$20,542 $14,295 Aging is likely to fluctuate as a result of the variability in volume of large transactions entered into over the period, and the administrative processes that accompany those transactions. Aging is also impacted by the timing of the Company s fiscal period end date relative to calendar month-end customer payment due dates. As a result of these factors, fluctuations in aging from period to period do not necessarily indicate a material change in the collectibility of the portfolio. Customer receivables are placed on non-accrual status if principal or interest is past due and considered delinquent, or if there is concern about the collectibility of a specific customer receivable. The receivables identified as doubtful for collectibility may be classified as current for aging purposes. Credit Quality The following tables present customer receivables, gross, including accrued interest, by credit quality indicator, as of the dates indicated: July 31, 2026 Fiscal Year of Origination 20272026202520242023Years PriorTotal (in millions) Higher$2,586 $2,127 $1,314 $1,099 $327 $42 $7,495 Mid4,246 3,440 669 204 57 7 8,623 Lower3,048 906 245 136 74 15 4,424 Total$9,880 $6,473 $2,228 $1,439 $458 $64 $20,542 January 30, 2026 Fiscal Year of Origination 20262025202420232022Years PriorTotal (in millions) Higher$2,671 $1,683 $1,430 $564 $84 $14 $6,446 Mid4,077 1,354 419 163 22 1 6,036 Lower1,153 321 209 109 11 10 1,813 Total$7,901 $3,358 $2,058 $836 $117 $25 $14,295 17 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) The categories shown in the tables above segregate customer receivables, gross, based on the relative degrees of credit risk. Credit quality indicators are updated on a periodic basis. An internal grading system is utilized that assigns a credit level score based on a number of considerations, including liquidity, operating performance, and industry outlook. Leases The following table presents amounts included in the Condensed Consolidated Statements of Income related to sales-type lease activity for the periods indicated: Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 Interest income products $81 $92 $167 $185 $3,711 $181 $4,245 $300 3,244 178 3,769 309 $467 $3 $476 $(9) (in millions) Fiscal 2027 (remaining six months)$4,262 Fiscal 20282,759 Fiscal 20292,072 Fiscal 20301,080 Fiscal 2031 and thereafter500 10,673 Loans11,278 Less: Unearned income(1,409) Total customer receivables, gross$20,542 Operating Leases The Company s operating leases primarily consist of fixed-term leases and contractually committed embedded leases identified within flexible consumption arrangements. The following table presents the components of the Company s operating lease portfolio included in property, plant, and equipment, net as of the dates indicated: July 31, 2026January 30, 2026 (in millions) Equipment under operating lease, gross$5,392 $4,651 Accumulated depreciation(2,210)(2,192) Equipment under operating lease, net$3,182 $2,459 18 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) The following table presents operating lease income related to lease payments and depreciation expense for the Company s operating lease portfolio for the periods indicated: Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 Income related to lease payments$414 $390 $819 $748 $268 $256 $522 $500 (in millions) Fiscal 2027 (remaining six months)$835 Fiscal 20281,401 Fiscal 2029946 Fiscal 2030364 Fiscal 2031 and thereafter191 $3,737 DFS Debt The Company maintains programs that facilitate the funding of leases, loans, and other alternative payment structures in the capital markets. The majority of DFS debt is non-recourse to Dell Technologies and represents borrowings under securitization programs and structured financing programs for which the Company s risk of loss is limited to transferred lease and loan payments and associated equipment. The following table presents DFS debt as of the dates indicated and excludes the allocated portion of the Company s other borrowings, which represents the additional amount considered to fund the DFS business: July 31, 2026January 30, 2026 (in millions) DFS U.S. debt: Asset-based financing facility$3,845 $3,146 Fixed-term securitization offerings 2,502 2,648 6,347 5,794 DFS international debt: Securitization facility643 698 Other borrowings899 851 1,729 1,796 Total DFS international debt, principal amount3,271 3,345 Total DFS debt, principal amount$9,618 $9,139 Short-term$6,205 $5,719 Long-term$3,413 $3,420 19 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) DFS U.S. Debt Asset-Based Financing Facility The Company maintains an asset-based financing facility in the United States, which is a revolving facility for fixed-term leases and loans. This debt is collateralized solely by the U.S. lease and loan payments and associated equipment in the facility. The asset-based financing facility consists of two tranches, with effective dates through July 7, 2027 and July 7, 2028, respectively. As of July 31, 2026, the total debt capacity related to the asset-based financing facility was $4.6 billion. The debt has a variable interest rate, and the duration of the debt is based on the terms of the underlying lease and loan payment streams. The Company enters into interest rate swap agreements to economically convert a portion of this debt from a floating rate to a fixed rate. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company s interest rate swaps. The asset-based financing facility contains standard structural features related to the performance of the funded receivables, which include defined credit losses, delinquencies, average credit scores, and minimum collection requirements. In the event one or more of these criteria are not met and the Company is unable to restructure the facility, no further funding of receivables will be permitted and the timing of the Company s expected cash flows from over-collateralization will be delayed. As of July 31, 2026, these criteria were met. Fixed-Term Securitization Offerings The Company periodically issues asset-backed debt securities under fixed-term securitization programs to private investors. The asset-backed debt securities are collateralized solely by the U.S. fixed-term lease and loan payments and associated equipment, which are held by Special Purpose Entities ( SPEs ), as discussed below. The interest rate on these securities is fixed and ranges from 4.01% to 6.12% per annum as of July 31, 2026, and the duration of these securities is based on the terms of the underlying lease and loan payment streams. DFS International Debt Securitization Facility The Company maintains a securitization facility in Europe for fixed-term leases and loans. The debt under this facility has a variable interest rate, and the duration of the debt is based on the terms of the underlying lease and loan payment streams. This facility is effective through December 22, 2026 and had a total debt capacity of $922 million as of July 31, 2026. The securitization facility contains standard structural features related to the performance of the securitized receivables, which include defined credit losses, delinquencies, average credit scores, and minimum collection requirements. In the event one or more of these criteria are not met and the Company is unable to restructure the program, no further funding of receivables will be permitted and the timing of the Company s expected cash flows from over-collateralization will be delayed. As of July 31, 2026, these criteria were met. Other Borrowings In connection with the Company s international financing operations, the Company has entered into revolving structured financing debt programs related to its fixed-term lease and loan products sold in Canada, Europe, the Middle East, Australia and New Zealand, and Singapore. The debt under these programs has a variable interest rate. The duration of the debt in Canada, Europe, the Middle East, and Australia and New Zealand is based on the terms of the underlying lease and loan payment streams. These facilities are collateralized solely by the lease and loan payments and associated equipment in their respective region or country. As of July 31, 2026, the Canadian facility had a total debt capacity of $250 million and is effective through January 15, 2028, the European facility had a total debt capacity of $461 million and is effective through December 14, 2026, the Middle East facility had a total debt capacity of $150 million and is effective through March 14, 2028, and the Australia and New Zealand facility had a total debt capacity of $299 million and is effective through April 17, 2027. The Company also has two unsecured Singapore facilities, which had a total debt capacity of $257 million as of July 31, 2026 and are effective through July 3, 2027 and July 12, 2027, respectively. 20 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Dell Bank Senior Unsecured Eurobonds Dell Bank issued 500 million of 0.50% senior unsecured five-year eurobonds due October 2026 on October 27, 2021, 500 million of 4.50% senior unsecured five-year eurobonds due October 2027 on October 18, 2022, and 500 million of 3.63% senior unsecured five-year eurobonds due June 2029 on June 24, 2024. The issuances of the senior unsecured eurobonds support the expansion of the financing operations in Europe. Variable Interest Entities In connection with the asset-based financing facility, fixed-term securitization offerings, and securitization facility discussed above, the Company transfers certain U.S. and European lease and loan payments and associated equipment to SPEs that meet the definition of a VIE and are consolidated, along with the associated debt described above, into the Condensed Consolidated Financial Statements, as the Company is the primary beneficiary of the VIEs. The SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer lease and loan payments and associated equipment in the capital markets. Some of the SPEs have entered into financing arrangements with multi-seller conduits that, in turn, issue asset-backed debt securities in the capital markets. DFS debt outstanding held by the consolidated VIEs is collateralized by the lease and loan payments and associated equipment. The Company s risk of loss related to securitized receivables is limited to the amount by which the Company s right to receive collections for assets securitized exceeds the amount required to pay interest, principal, and fees and expenses related to the asset-backed securities. The Company provides credit enhancement to the securitization offerings in the form of over-collateralization. The following table presents the assets and liabilities held by the consolidated VIEs as of the dates indicated, which are included in the Condensed Consolidated Statements of Financial Position: July 31, 2026January 30, 2026 (in millions) Assets held by consolidated VIEs: Other current assets$169 $176 Financing receivables, net of allowance: Short-term$3,315 $3,280 Long-term$3,039 $2,704 Property, plant, and equipment, net$1,287 $984 Liabilities held by consolidated VIEs: Debt, net of unamortized debt issuance costs: Short-term$4,819 $4,548 Long-term$2,160 $1,933 Lease and loan payments and associated equipment transferred via securitization through SPEs were $1.4 billion and $0.8 billion for the three months ended July 31, 2026 and August 1, 2025, respectively, and $2.7 billion and $2.0 billion for the six months ended July 31, 2026, and August 1, 2025, respectively. Customer Receivables Sales To manage certain concentrations of customer credit exposure, the Company may sell selected fixed-term customer receivables to unrelated third parties on a periodic basis, without recourse. The amounts of customer receivables sold for this purpose were immaterial for both the six months ended July 31, 2026 and August 1, 2025. The Company s continuing involvement in these customer receivables is primarily limited to servicing arrangements. 21 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 5 LEASES The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are typically classified as operating leases. The Company s lease contracts are generally for office space used to conduct its business, and the determination of whether such contracts contain leases generally does not require significant estimates or judgments. The Company also leases certain property, equipment, and warehouses. As of July 31, 2026, the remaining terms of the Company s leases generally range from one month to approximately ten years. As of July 31, 2026 and January 30, 2026, there were no material finance leases in which the Company was a lessee. The Company also enters into leasing transactions in which the Company is the lessor, primarily through customer financing arrangements offered under DFS. DFS originates leases that are primarily classified as either sales-type leases or operating leases. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information about the Company s lessor arrangements. During the three and six months ended July 31, 2026 and August 1, 2025, total lease costs, inclusive of operating lease costs, variable costs, finance lease costs, and short-term lease costs, were immaterial. The following table presents supplemental information related to operating leases included in the Condensed Consolidated Statements of Financial Position as of the dates indicated: July 31, 2026January 30, 2026 Operating lease right-of-use assetsOther non-current assets$729$640Accrued and other current liabilities$253$246Other non-current liabilities552481$805$7274.474.115.22 %4.74 % (in millions) Fiscal 2027 (remaining six months)$128 Fiscal 2028238 Fiscal 2029188 Fiscal 2030135 Fiscal 203191 Thereafter124 Total lease payments904 Less: Imputed interest(99) Total$805 Current operating lease liabilities$253 Non-current operating lease liabilities$552 23 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 6 DEBT The following table summarizes the Company s outstanding debt as of the dates indicated: July 31, 2026January 30, 2026 (in millions) Senior Notes$24,073 $21,573 952 952 DFS Debt (Note 4) 9,618 9,139 Other104 99 Total debt, principal amount34,747 31,763 (281)(260) Total debt, carrying value$34,466 $31,503 Short-term$8,481 $7,990 Long-term$25,985 $23,513 The Company completed the following transactions during the six months ended July 31, 2026: repayment of the remaining outstanding $0.5 billion principal amount of 6.02% Senior Notes due June 2026; and issuance of $1.0 billion principal amount of 4.75% Senior Notes due July 2031, $0.75 billion principal amount of 5.00% Senior Notes due February 2034, and $1.25 billion principal amount of 5.25% Senior Notes due February 2037, the net proceeds of which the Company intends to use for general corporate purposes, which may include the repayment of debt. Outstanding Debt Senior Notes The Company completed offerings of multiple series of senior notes which were issued on June 1, 2016, March 20, 2019, April 9, 2020, December 13, 2021, January 24, 2023, March 18, 2024, October 8, 2024, April 1, 2025, October 6, 2025, and June 16, 2026 in aggregate principal amounts of $20.0 billion, $4.5 billion, $2.3 billion, $2.3 billion, $2.0 billion, $1.0 billion, $1.5 billion, $4.0 billion, $4.5 billion, and $3.0 billion, respectively (collectively, the Senior Notes ). The Senior Notes have maturity dates ranging from 2026 through 2051. Interest rates on these borrowings are fixed, ranging from 3.38% to 8.35% per annum, and interest is payable semiannually. Legacy Notes The Company has outstanding unsecured notes and debentures (collectively, the Legacy Notes ) that were issued by Dell Inc. ( Dell ), a wholly-owned subsidiary of Dell Technologies Inc., prior to the acquisition of Dell by Dell Technologies Inc. in the going-private transaction that closed in October 2013. The Legacy Notes maturities range from 2028 through 2040. Interest rates on these borrowings are fixed, ranging from 5.40% to 7.10% per annum, and interest is payable semiannually. DFS Debt See Note 4 and Note 7 of the Notes to the Condensed Consolidated Financial Statements, respectively, for discussion of DFS debt and the interest rate swap agreements that hedge a portion of that debt. Revolving Credit Facility On June 10, 2026, the Company entered into a new senior unsecured revolving credit facility (the "revolving credit facility"). The revolving credit facility replaced the Company's prior revolving credit facility entered into in 2021, which was repaid and terminated in connection with the closing of the new facility. The revolving credit facility, which matures on June 10, 2031, provides the Company with revolving commitments in an aggregate principal amount of $6.0 billion for general corporate purposes. The facility also acts as a backstop to provide liquidity support for the Company s commercial paper program. 24 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Borrowings under the revolving credit facility bear interest at a rate per annum equal to an applicable margin plus, at the borrowers option, either (a) the specified adjusted term Secured Overnight Financing Rate ( SOFR ) or (b) a base rate. The margin applicable to SOFR and base rate borrowings varies based upon the Company s existing credit ratings. The base rate is calculated based upon the greatest of the specified prime rate, the specified federal reserve bank rate, or SOFR plus 1%. The borrowers may voluntarily repay outstanding loans at any time without premium or penalty, other than customary breakage costs. As of July 31, 2026, the Company had no outstanding borrowings under the revolving credit facility. Commercial Paper Program The Company maintains a commercial paper program under which the Company may issue unsecured notes in a maximum aggregate face amount of $5.0 billion outstanding at any time, with maturities of up to 397 days from the date of issuance. The notes are sold on customary terms in the U.S. commercial paper market on a private placement basis. The proceeds of the notes are used for general corporate purposes. As of July 31, 2026, the Company had no outstanding issuances under the commercial paper program. The Company may purchase, redeem, prepay, refinance, or otherwise retire any amount of outstanding indebtedness under the terms of such indebtedness at any time and from time to time, in open market or negotiated transactions with the holders of such indebtedness or otherwise, as considered appropriate in light of market conditions and other relevant factors. Covenants The credit agreement governing the revolving credit facility and the indentures governing the Senior Notes and the Legacy Notes impose various limitations, subject to exceptions, on creating certain liens and entering into sale and lease-back transactions. The foregoing credit agreement and indentures contain customary events of default, and the revolving credit facility is subject to an interest coverage ratio covenant that is tested at the end of each fiscal quarter with respect to the Company s preceding four fiscal quarters. The Company was in compliance with this financial covenant as of July 31, 2026. Aggregate Future Maturities The following table presents the aggregate future maturities of the Company s debt as of July 31, 2026, excluding associated carrying value adjustments, for the periods indicated: July 31, 2026 (in millions) Fiscal 2027 (remaining six months)$5,351 Fiscal 20284,489 Fiscal 20293,651 Fiscal 20303,942 Fiscal 20311,773 Thereafter15,541 Total maturities, principal amount$34,747 Interest Expense Total interest expense related to the Company s outstanding debt was $0.4 billion for both the three months ended July 31, 2026 and August 1, 2025, and $0.8 billion for both the six months ended July 31, 2026 and August 1, 2025, and is recorded as interest and other, net in the Condensed Consolidated Statements of Income. 25 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 7 DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As part of its risk management strategy, the Company uses derivative instruments, primarily foreign currency forward and option contracts and interest rate swaps, to hedge certain foreign currency and interest rate exposures, respectively. The Company s objective is to offset gains and losses resulting from these exposures with gains and losses on the derivative contracts used to hedge the exposures, thereby reducing volatility of earnings and protecting the fair values of assets and liabilities. The earnings effects of the derivative instruments are presented in the same line items on the Condensed Consolidated Statements of Income as the earnings effects of the hedged items. For derivatives designated as cash flow hedges, the Company assesses hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the instruments. Foreign Exchange Risk The Company uses foreign currency forward and option contracts designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in its forecasted transactions denominated in currencies other than the U.S. Dollar. Hedge accounting is applied based upon the criteria established by accounting guidance for derivative instruments and hedging activities. The risk of loss associated with forward contracts is equal to the exchange rate differential from the time the contract is entered into until the time it is settled. The risk of loss associated with purchased options is limited to premium amounts paid for the option contracts. The majority of these contracts typically expire in twelve months or less. During the three and six months ended July 31, 2026 and August 1, 2025, the Company did not discontinue any cash flow hedges related to foreign exchange contracts that had a material impact on the Company s results of operations due to the probability that the forecasted cash flows would not occur. The Company uses forward contracts to hedge monetary assets and liabilities denominated in a foreign currency. These contracts generally expire in three months or less, are considered economic hedges, and are not designated for hedge accounting. The change in the fair value of these instruments represents a natural hedge as their gains and losses offset the changes in the underlying fair value of the monetary assets and liabilities due to movements in currency exchange rates. In connection with DFS operations in Europe, forward contracts are used to hedge financing receivables denominated in foreign currencies other than Euro. These contracts are not designated for hedge accounting and most expire within three years or less. Interest Rate Risk The Company uses interest rate swaps to hedge the variability in cash flows related to the interest rate payments on structured financing debt. The interest rate swaps economically convert the variable rate on the structured financing debt to a fixed interest rate to match the underlying fixed rate being received on fixed-term customer leases and loans. These contracts are not designated for hedge accounting and most expire within four years or less. Interest rate swaps are utilized to manage the interest rate risk, at a portfolio level, associated with DFS operations in Europe. The interest rate swaps economically convert the fixed rate on financing receivables to a one-month or three-month Euribor floating rate in order to match the floating rate nature of the banks funding pool. The Company also uses interest rate swaps to manage the cash flows related to interest payments on Dell Bank senior unsecured eurobonds. The interest rate swaps economically convert the fixed rate on the eurobonds to a floating rate to match the underlying lease repayments profile. These contracts are not designated for hedge accounting and most expire within five years or less. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information about the senior unsecured eurobonds. The Company utilizes cross-currency amortizing swaps to hedge the currency and interest rate risk exposure associated with the European securitization program. The cross-currency swaps combine a Euro-based interest rate swap with a British Pound or U.S. Dollar foreign exchange forward contract in which the Company pays a fixed or floating British Pound or U.S. Dollar amount and receives a fixed or floating amount in Euros linked to the one-month Euribor rate. The notional value of the swaps amortizes in line with the expected cash flows and runoff of the securitized assets. The swaps are not designated for hedge accounting and expire within five years or less. 26 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Derivative Instruments The following table presents the notional amounts of outstanding derivative instruments as of the dates indicated: July 31, 2026January 30, 2026 (in millions) Foreign exchange contracts: Designated as cash flow hedging instruments$9,146 $7,491 Non-designated as hedging instruments6,191 5,887 Total$15,337 $13,378 Interest rate contracts: $7,599 $7,048 Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on DerivativesLocation of Gain (Loss) Reclassified from Accumulated OCI into IncomeGain (Loss) Reclassified from Accumulated OCI into Income (in millions)(in millions) For the three months ended July 31, 2026 Total net revenue$57 Foreign exchange contracts$78 Total cost of net revenue(2) $78 Total$55 For the three months ended August 1, 2025: Total net revenue$(159) Foreign exchange contracts$(4)Total cost of net revenue(3) $(4)Total$(162) For the six months ended July 31, 2026: Total net revenue$53 Foreign exchange contracts$153 Total cost of net revenue(6) $153 Total$47 For the six months ended August 1, 2025: Total net revenue$(167) Foreign exchange contracts$(261)Total cost of net revenue(6) $(261)Total$(173) Other Current AssetsOther Non-Current AssetsOther Current LiabilitiesOther Non-Current LiabilitiesTotal Fair Value (in millions) Derivatives designated as hedging instruments: Foreign exchange contracts in an asset position$58 $ $33 $ $91 Foreign exchange contracts in a liability position(13) (37) (50) 45 (4) 41 Derivatives not designated as hedging instruments: Foreign exchange contracts in an asset position126 137 263 Foreign exchange contracts in a liability position(81) (212) (293) Interest rate contracts in an asset position1 42 43 Interest rate contracts in a liability position (13)(13) Net asset (liability)46 42 (75)(13) Total derivatives at fair value$91 $42 $(79)$(13)$41 January 30, 2026 Other Current AssetsOther Non-Current AssetsOther Current LiabilitiesOther Non-Current LiabilitiesTotal Fair Value (in millions) Derivatives designated as hedging instruments: Foreign exchange contracts in an asset position$26 $ $13 $ $39 Foreign exchange contracts in a liability position(54) (59) (113) (28) (46) (74) Derivatives not designated as hedging instruments: Foreign exchange contracts in an asset position291 1 119 411 Foreign exchange contracts in a liability position(146) (169) (315) Interest rate contracts in an asset position5 37 42 Interest rate contracts in a liability position (30)(30) Net asset (liability)150 38 (50)(30)108 Total derivatives at fair value$122 $38 $(96)$(30)$34 28 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) The following tables present the gross amounts of the Company s derivative instruments, amounts offset due to master netting agreements with the Company s counterparties, and the net amounts recognized in the Condensed Consolidated Statements of Financial Position as of the dates indicated: July 31, 2026 Gross Amounts of Recognized Assets/(Liabilities)Gross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/(Liabilities) Presented in the Statement of Financial PositionGross Amounts not Offset in the Statement of Financial PositionNet Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position Financial InstrumentsCash Collateral Received or Pledged (in millions) $397 $(264)$133 $ $(32)$101 Financial liabilities(356)264 (92) 1 (91) Total derivative instruments$41 $ $41 $ $(31)$10 January 30, 2026 Gross Amounts of Recognized Assets/(Liabilities)Gross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/(Liabilities) Presented in the Statement of Financial PositionGross Amounts not Offset in the Statement of Financial PositionNet Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position Financial InstrumentsCash Collateral Received or Pledged (in millions) $492 $(332)$160 $ $(46)$114 Financial liabilities(458)332 (126) 1 (125) Total derivative instruments$34 $ $34 $ $(45)$(11) 29 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 8 GOODWILL AND INTANGIBLE ASSETS Goodwill The Infrastructure Solutions Group ( ISG ) and Client Solutions Group ( CSG ) reporting units are consistent with the reportable segments identified in Note 14 of the Notes to the Condensed Consolidated Financial Statements. The following table presents goodwill allocated to the Company s reportable segments and changes in the carrying amount of goodwill as of the dates indicated: Client Solutions Group $15,315 $4,232 19,547 (99) $15,216 $4,232 19,448 Intangible Assets The following table presents the Company s intangible assets as of the dates indicated: July 31, 2026January 30, 2026 GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet (in millions) Customer relationships$16,644 $(15,450)$1,194 $16,644 $(15,321)$1,323 Developed technology9,526 (9,431)95 9,525 (9,376)149 Trade names875 (872)3 875 (869)6 27,045 (25,753)1,292 27,044 (25,566)1,478 Indefinite-lived trade names3,055 3,055 3,055 3,055 Total intangible assets$30,100 $(25,753)$4,347 $30,099 $(25,566)$4,533 Amortization expense related to definite-lived intangible assets was $0.1 billion for both the three months ended July 31, 2026 and August 1, 2025, and $0.2 billion for both the six months ended July 31, 2026 and August 1, 2025. There were no material impairment charges related to intangible assets during the three and six months ended July 31, 2026 and August 1, 2025. The following table presents the estimated future annual pre-tax amortization expense of definite-lived intangible assets as of the date indicated: July 31, 2026 (in millions) Fiscal 2027 (remaining six months)$188 Fiscal 2028237 Fiscal 2029197 Fiscal 2030160 Fiscal 2031131 Thereafter379 Total$1,292 30 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Goodwill and Indefinite-Lived Intangible Assets Impairment Testing Goodwill and indefinite-lived intangible assets are tested for impairment annually during the third fiscal quarter and whenever events or circumstances may indicate that an impairment has occurred. For the annual impairment review performed during the third quarter of Fiscal 2026, the Company assessed the goodwill in each of its reporting units and indefinite-lived intangible assets. The Company is permitted to conduct a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company s qualitative assessment included consideration of the relevant events and circumstances affecting the reporting unit, including macroeconomic, industry and market conditions, recent market transactions, overall financial performance, trends in the public company market valuation, changes in projected future cash flows, and the results of the most recent quantitative assessment, where applicable. Based on this assessment, the Company concluded that it was more likely than not that the estimated fair values of the reporting units and indefinite-lived intangible assets were higher than their respective carrying values. No goodwill or indefinite-lived assets impairment test was performed during the six months ended July 31, 2026. 31 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 9 DEFERRED REVENUE Deferred revenue consists of support and deployment services, software maintenance, training, software-as-a-service, and undelivered hardware and professional services, consisting of installations and consulting engagements. Deferred revenue is recorded when the Company has invoiced or payments have been received for undelivered products or services, or in situations where revenue recognition criteria have not been met. Revenue is recognized as the Company s performance obligations under the contract are completed. The following table presents the changes in the Company s deferred revenue for the periods indicated: Three Months EndedSix Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 (in millions) $27,452 $26,320 $26,930 $25,965 Revenue deferrals7,272 4,972 12,812 10,427 Revenue recognized(5,006)(5,111)(10,024)(10,211) $29,718 $26,181 $29,718 $26,181 Short-term$14,761 $13,759 $14,761 $13,759 Long-term$14,957 $12,422 $14,957 $12,422 Remaining Performance Obligations Revenue allocated to remaining performance obligations, which includes deferred revenue and unbilled amounts not yet recorded in deferred revenue, was approximately $132 billion as of July 31, 2026. The Company expects to recognize approximately 77% of remaining performance obligations as revenue in the next twelve months, approximately 14% in the following twelve months, and the remainder thereafter. The Company excludes from remaining performance obligations the revenue under cancelable contracts where there is no substantive termination penalty. Additionally, the Company applies the practical expedient to exclude the value of remaining performance obligations where revenue is recognized at the amount for which the Company has the right to invoice for services performed. Remaining performance obligations estimates are subject to change and are affected by multiple factors, including terminations, changes in the scope or price of contracts, and adjustments for currency. 32 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 10 COMMITMENTS AND CONTINGENCIES Purchase Obligations The Company has contractual obligations that are enforceable and legally binding to purchase goods or services and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Purchase obligations include the non-cancelable portion or the minimum cancellation fee under the contract, and are primarily related to commitments with suppliers, software maintenance, and support services. As of July 31, 2026, such purchase obligations were $22.4 billion for the remainder of Fiscal 2027, $4.9 billion for Fiscal 2028, $6.1 billion for Fiscal 2029, $0.8 billion for Fiscal 2030, and $0.6 billion for Fiscal 2031 and thereafter. Guarantees The Company utilizes a limited number of contract manufacturers that assemble a portion of its products. The Company purchases components from suppliers and sells those components to such contract manufacturers. The Company reflects the sale of the components by recognizing non-trade receivables from the contract manufacturers and a reduction in inventory when title and risk of loss pass to the contract manufacturer. Cash flows related to these transactions are recorded within cash flows from operating activities. The Company does not reflect the sale of the components in revenue and does not recognize any profit on the component sales until the Company sells the related products to the customer after purchasing such products from the contract manufacturers. The agreements with the majority of the contract manufacturers permit the Company to offset its payables against the receivables, thereby mitigating the credit risk in whole or in part. In the ordinary course of business, certain contract manufacturers may purchase components directly from a supplier, and the Company may issue financial guarantees to a supplier in connection with the purchases by such a contract manufacturer. In the event any such contract manufacturers fail to pay a supplier pursuant to the payment terms of the underlying agreements between the contract manufacturer and supplier, the Company in some circumstances would be obligated to make payments to such supplier under its financial guarantee and would have full recourse against such contract manufacturer for the amount of such payments. As the Company largely offsets its corresponding payables against receivables with these contract manufacturers and is entitled to full recourse against the applicable contract manufacturers in the event the Company is obligated to make payments to a supplier under a financial guarantee, the Company s payables and receivables in the Consolidated Statements of Financial Position are not materially impacted by the guarantees. As of July 31, 2026, the Company s maximum potential future payments under the financial guarantees is $8.6 billion, which the Company would have recourse to recover in full from the applicable contract manufacturers. The Company believes the likelihood of having to perform under the guarantees is remote. Legal Matters The Company is involved in various claims, suits, assessments, investigations, and legal proceedings that arise from time to time in the ordinary course of its business, including those identified below, consisting of matters involving consumer, antitrust, tax, intellectual property, and other issues on a global basis. The Company accrues a liability when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals at least quarterly and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel, and other relevant information. To the extent new information is obtained and the Company s views on the probable outcomes of claims, suits, assessments, investigations, or legal proceedings change, changes in the Company s accrued liabilities are recorded in the period in which such a determination is made. For some matters, the incurrence of a liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. 33 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Class Action Relating to Dell 401(k) Plan On January 28, 2026, a complaint was filed in the U.S. District Court for the Western District of Texas in a putative class action captioned Lowbruck et al. v. Dell Technologies Inc., et al., against the Company, the Company s Board of Directors, and the Dell Benefits Administration Committee alleging a breach of fiduciary duties under the Employee Retirement Income Security Act of 1974 ( ERISA ). In the complaint, the plaintiffs seek a judicial declaration that the defendants breached their fiduciary duties by failing to remove imprudent investments from the Dell 401(k) ( Plan ) in a reasonable time, engaging in transactions allegedly prohibited under ERISA, and failing to monitor the fiduciaries responsible for the Plan s administration. The plaintiffs also seek, among other remedies, an award of damages, fees, and costs in an unspecified amount. The Company intends to vigorously defend this action. In accordance with the relevant accounting guidance, the Company provides disclosures of matters where it is at least reasonably possible that the Company could experience a material loss exceeding the amounts already accrued for across all proceedings or matters. In addition, the Company also discloses matters based on its consideration of other matters and qualitative factors, including the experience of other companies in the industry, and investor, customer, and employee relations considerations. As of July 31, 2026, the Company does not believe there is a reasonable possibility that a material loss exceeding the amounts already accrued for across all proceedings or matters has been incurred. However, since the ultimate resolution of any such proceedings and matters is inherently unpredictable, the Company s business, financial condition, results of operations, or cash flows could be materially affected in any particular period by unfavorable outcomes in one or more of these proceedings or matters. Whether the outcome of any claim, suit, assessment, investigation, or legal proceeding, individually or collectively, could have a material adverse effect on the Company s business, financial condition, results of operations, or cash flows will depend on a number of factors, including the nature, timing, and amount of any associated expenses, amounts paid in settlement, damages, or other remedies or consequences. Indemnifications Obligations In the ordinary course of business, the Company enters into various contracts under which it may agree to indemnify other parties for losses incurred from certain events as defined in the relevant contract, such as litigation, regulatory penalties, or claims relating to past performance. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments related to these indemnification obligations have not been material to the Company. Under the Separation and Distribution Agreement entered into with VMware, Inc. (currently operating under the name VMware LLC, and individually and together with its subsidiaries, VMware ), Dell Technologies and VMware agreed to indemnify each other and their respective subsidiaries, directors, officers, employees, and any successors and assigns of the foregoing, from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to each party as part of the separation of their respective businesses. The amounts that VMware and Dell Technologies may be obligated to pay each other could vary depending on the outcome of certain unresolved tax matters, which may not be resolved for several years. Net income tax indemnification receivables from VMware were immaterial as of July 31, 2026 and January 30, 2026. 34 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 11 INCOME AND OTHER TAXES For the three months ended July 31, 2026, the Company s effective income tax rate was 19.5% on pre-tax income of $5.1 billion compared to 19.2% on pre-tax income of $1.4 billion for the three months ended August 1, 2025. For the six months ended July 31, 2026, the Company s effective income tax rate was 16.6% on pre-tax income of $9.1 billion compared to 15.6% on pre-tax income of $2.5 billion for the six months ended August 1, 2025. The differences between the estimated effective income tax rates and the U.S. federal statutory rate of 21% is primarily due to the taxation of foreign earnings at different rates, as well as to discrete tax items. In June 2023, the Company received a Revenue Agent s Report for the federal income tax examination by the Internal Revenue Service ( IRS ) of fiscal years 2018 through 2019. The IRS proposed significant adjustments primarily relating to certain transactions the Company completed as part of its business integration efforts. In August 2023, the Company submitted a written protest to the IRS relating to certain assessments. The Company received a rebuttal from the IRS to its written protest in April 2024. The Company disagrees with the IRS s proposed adjustments and will contest them through the IRS administrative appeals procedures. The Company expects to continue discussions with the IRS Independent Office of Appeals throughout the fiscal year and anticipates that the appeals process for the resolution of these matters will extend beyond the next twelve months. The IRS is also currently conducting a federal income tax examination of the Company for fiscal years 2020 through 2022. The Company is also currently under income tax audits in various U.S. state and foreign taxing jurisdictions. The Company is undergoing negotiations, and in some cases contested proceedings, relating to tax matters with the taxing authorities in these jurisdictions. With respect to major U.S. state and foreign taxing jurisdictions, the Company is generally not subject to tax examinations for years prior to the fiscal year ended February 2, 2018. Judgment is required in evaluating the Company s uncertain tax positions and determining the Company s provision for income taxes. Net unrecognized tax benefits were $1.2 billion and $1.1 billion as of July 31, 2026 and January 30, 2026, respectively, and are included in other non-current liabilities in the Condensed Consolidated Statements of Financial Position. The Company believes that it has provided adequate reserves related to all income tax matters contained in tax periods open to examination, including the IRS audits described above. Although the Company believes it has made adequate provisions for the uncertainties with respect to these audits, should the Company experience unfavorable outcomes, such outcomes could have a material impact on its results of operations, financial position, and cash flows. 35 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 12 CAPITALIZATION The following table presents the Company s authorized, issued, and outstanding common stock as of the dates indicated: AuthorizedIssuedOutstanding (in millions) Common stock as of July 31, 2026: Class A600 277 277 Class B200 44 44 Class C7,900 531 319 Class D100 8,800 852 640 Common stock as of January 30, 2026: Class A600 277 277 Class B200 52 52 Class C7,900 515 323 Class D100 8,800 844 652 Preferred Stock The Company is authorized to issue one million shares of preferred stock, par value $0.01 per share. As of July 31, 2026 and January 30, 2026, no shares of preferred stock were issued or outstanding. Common Stock Dell Technologies Common Stock The Class A Common Stock, the Class B Common Stock, the Class C Common Stock, and the Class D Common Stock are collectively referred to as Dell Technologies Common Stock. The par value for all series of Dell Technologies Common Stock is $0.01 per share. The Class A Common Stock, the Class B Common Stock, the Class C Common Stock, and the Class D Common Stock share equally in dividends declared or accumulated and have equal participation rights in undistributed earnings. Voting Rights Each holder of record of (a) Class A Common Stock is entitled to ten votes per share of Class A Common Stock; (b) Class B Common Stock is entitled to ten votes per share of Class B Common Stock; (c) Class C Common Stock is entitled to one vote per share of Class C Common Stock; and (d) Class D Common Stock is not entitled to any vote on any matter except to the extent required by provisions of Texas law (in which case such holder is entitled to one vote per share of Class D Common Stock). Conversion Rights Under the Company s certificate of formation, at any time and from time to time, any holder of Class A Common Stock or Class B Common Stock has the right to convert all or any of the shares of Class A Common Stock or Class B Common Stock, as applicable, held by such holder into shares of Class C Common Stock on a one-to-one basis. During the six months ended July 31, 2026, the Company issued approximately 8 million shares of Class C Common Stock to shareholders upon the conversion of the same number of shares of Class B Common Stock in accordance with the Company s certificate of formation. During the fiscal year ended January 30, 2026, the Company issued approximately 10 million shares of Class C Common Stock to shareholders upon the conversion of an immaterial number of Class A Common Stock shares and 10 million shares of Class B Common Stock in accordance with the Company s certificate of formation. 36 Table of Contents DELL TECHNOLOGIES INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Dividends On February 26, 2026, the Company announced that the Board of Directors approved a 20% increase in the quarterly dividend rate to $0.630 per share per fiscal quarter beginning in the first quarter of Fiscal 2027. The Company paid the following dividends during the periods presented: Three Months EndedDeclaration DateRecord DatePayment DateDividend per ShareAmount (in millions) Fiscal 2027: May 1, 2026March 2, 2026April 21, 2026May 1, 2026$0.630 $410 July 31, 2026June 16, 2026July 21, 2026July 31, 2026$0.630 $404 May 2, 2025February 27, 2025April 22, 2025May 2, 2025$0.525 $360 August 1, 2025June 17, 2025July 22, 2025August 1, 2025$0.525 $355 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025$6.41 $1.72 $11.70 $3.11 $6.34 $1.70 $11.58 $3.07 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 Numerator:$4,133 $1,164 $7,571 $2,129 645 678 647 685 7 8 7 9 652 686 654 694 2 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 Consolidated net revenue:$31,782 $16,800 $60,791 $27,117 15,034 12,503 29,643 25,012 46,816 29,303 90,434 52,129 155 473 379 1,025 $46,971 $29,776 $90,813 $53,154 $4,781 $1,470 $7,836 $2,468 1,142 803 2,312 1,456 5,923 2,273 10,148 3,924 6 11 16 26 (96)(125)(193)(251)(184)(179)(373)(369)(264)(207)(557)(392)$5,385 $1,773 $9,041 $2,938 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 Infrastructure Solutions Group:$24,269 $13,164 $47,744 $20,214 $2,036 $1,604 $3,830 $3,299 $696 $562 $1,381 $1,136 $12,626 $10,582 $24,830 $21,320 $1,050 $972 $2,093 $1,954 $216 $146 $408 $282 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 Infrastructure Solutions Group:$16,401 $8,208 $32,533 $10,090 10,531 4,736 19,074 9,175 4,850 3,856 9,184 7,852 $31,782 $16,800 $60,791 $27,117 $13,192 $10,781 $26,212 $21,827 1,842 1,722 3,431 3,185 $15,034 $12,503 $29,643 $25,012 January 30, 2026 (in millions) Cash, cash equivalents, and restricted cash: Cash and cash equivalents$11,569 $11,528 168 178 Total cash, cash equivalents, and restricted cash$11,737 $11,706 Inventories: Production materials$15,894 $6,696 Work-in-process4,174 2,772 Finished goods1,222 969 Total inventories$21,290 $10,437 Assets in a customer contract$6,765 $5,777 Computer and other equipment4,072 3,849 Land and buildings3,182 3,134 Internal use software2,150 2,083 Total property, plant, and equipment16,169 14,843 Accumulated depreciation and amortization(8,752)(8,167) Total property, plant, and equipment, net$7,417 $6,676 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 $1,035 $415 $450 $424 383 249 1,202 460 (211)(225)(445)(445)$1,207 $439 $1,207 $439 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 $242 $151 $136 $238 261 204 488 334 (164)(144)(285)(361)$339 $211 $339 $211 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025 $25 $48 $106 $78 87 128 193 195 149 28 189 61 $261 $204 $488 $334 Six Months Ended July 31, 2026% ChangeAugust 1, 2025July 31, 2026% ChangeAugust 1, 2025 Product gross margin$7,122 146 %$2,891 $12,375 130 %$5,374 31 39 57 80 20 15 41 30 3 7 12 16 $7,176 143 %$2,952 $12,485 127 %$5,500 $2,708 6 %$2,556 $5,237 5 %$5,010 23 22 46 46 22 42 108 73 $2,753 5 %$2,620 $5,391 5 %$5,129 Six Months Ended July 31, 2026% ChangeAugust 1, 2025July 31, 2026% ChangeAugust 1, 2025 Gross margin$9,830 80 %$5,447 $17,612 70 %$10,384 31 39 57 80 43 37 87 76 25 49 120 89 $9,929 78 %$5,572 $17,876 68 %$10,629 $4,445 21 %$3,674 $8,571 15 %$7,446 (65)(86)(136)(171)(141)(142)(286)(293)(239)(158)(437)(303)$4,000 22 %$3,288 $7,712 15 %$6,679 $5,385 204 %$1,773 $9,041 208 %$2,938 96 125 193 251 184 179 373 369 264 207 557 392 $5,929 160 %$2,284 $10,164 157 %$3,950 $4,133 255 %$1,164 $7,571 256 %$2,129 96 125 193 251 184 179 373 369 260 200 548 142 (73)(4)(704)(21)(9)(73)(200)(193)$4,591 189 %$1,591 $7,781 191 %$2,677 $6.34 273 %$1.70 $11.58 277 %$3.07 0.15 0.19 0.29 0.36 0.28 0.26 0.57 0.53 0.39 0.29 0.84 0.21 (0.11)(0.01)(1.08)(0.03)(0.01)(0.11)(0.30)(0.28)$7.04 203 %$2.32 $11.90 208 %$3.86 Six Months Ended July 31, 2026% ChangeAugust 1, 2025July 31, 2026% ChangeAugust 1, 2025 Cash flow from operations$2,225 (13)%$2,543 $6,306 18 %$5,339 (1,239)(675)(2,202)(1,243)$986 (47)%$1,868 $4,104 %$4,096 $986 (47)%$1,868 $4,104 %$4,096 6,667 592 6,404 569 496 58 806 85 $8,149 224 %$2,518 $11,314 138 %$4,750 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Dollars% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Net revenue:$41,112 87.5 %72 %$23,935 80.4 %$79,217 87.2 %91 %$41,534 78.1 %5,859 12.5 % %5,841 19.6 %11,596 12.8 % %11,620 21.9 %$46,971 100.0 %58 %$29,776 100.0 %$90,813 100.0 %71 %$53,154 100.0 %$7,122 17.3 %146 %$2,891 12.1 %$12,375 15.6 %130 %$5,374 12.9 %2,708 46.2 %6 %2,556 43.8 %5,237 45.2 %5 %5,010 43.1 %$9,830 20.9 %80 %$5,447 18.3 %$17,612 19.4 %70 %$10,384 19.5 %$4,445 9.5 %21 %$3,674 12.3 %$8,571 9.4 %15 %$7,446 14.0 %$5,385 11.5 %204 %$1,773 6.0 %$9,041 10.0 %208 %$2,938 5.5 %$4,133 8.8 %255 %$1,164 3.9 %$7,571 8.3 %256 %$2,129 4.0 %$6.34 273 %$1.70 $11.58 277 %$3.07 $2,225 (13)%$2,543 $6,306 18 %$5,339 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Dollars% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Non-GAAP gross margin:$7,176 17.5 %143 %$2,952 12.3 %$12,485 15.8 %127 %$5,500 13.2 %2,753 47.0 %5 %2,620 44.9 %5,391 46.5 %5 %5,129 44.1 %$9,929 21.1 %78 %$5,572 18.7 %$17,876 19.7 %68 %$10,629 20.0 %$4,000 8.5 %22 %$3,288 11.0 %$7,712 8.5 %15 %$6,679 12.6 %$5,929 12.6 %160 %$2,284 7.7 %$10,164 11.2 %157 %$3,950 7.4 %$4,591 9.8 %189 %$1,591 5.3 %$7,781 8.6 %191 %$2,677 5.0 %$7.04 203 %$2.32 $11.90 208 %$3.86 $986 (47)%$1,868 $4,104 %$4,096 $8,149 224 %$2,518 $11,314 138 %$4,750 Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Dollars% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Operating expenses:$3,336 7.1 %15 %$2,889 9.7 %$6,479 7.1 %11 %$5,853 11.0 %1,109 2.4 %41 %785 2.6 %2,092 2.3 %31 %1,593 3.0 %$4,445 9.5 %21 %$3,674 12.3 %$8,571 9.4 %15 %$7,446 14.0 %Six Months Ended July 31, 2026August 1, 2025July 31, 2026August 1, 2025% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Dollars% of Net Revenue (a) % ChangeDollars% of Net Revenue (a) Non-GAAP operating expenses$4,000 8.5 %22 %$3,288 11.0 %$7,712 8.5 %15 %$6,679 12.6 %Six Months Ended July 31, 2026% ChangeAugust 1, 2025July 31, 2026% ChangeAugust 1, 2025 Net revenue:$16,401100 %$8,208$32,533222 %$10,09010,531122 %4,73619,074108 %9,17526,932108 %12,94451,607168 %19,2654,85026 %3,8569,18417 %7,852$31,78289 %$16,800$60,791124 %$27,117$4,781225 %$1,470$7,836218 %$2,46815.0 %8.8 %12.9 %9.1 %Six Months Ended July 31, 2026% ChangeAugust 1, 2025July 31, 2026% ChangeAugust 1, 2025 Net revenue:$13,19222 %$10,781$26,21220 %$21,8271,8427 %1,7223,4318 %3,185$15,03420 %$12,503$29,64319 %$25,012$1,14242 %$803$2,31259 %$1,4567.6 %6.4 %7.8 %5.8 %January 30, 2026 (in millions) Cash and cash equivalents$11,569 $11,528 Remaining available borrowings under the revolving credit facility5,884 5,886 Total cash and cash equivalents, and available borrowings$17,453 $17,414 During the first six months of Fiscal 2027, cash and cash equivalents was flat as the cash flows from operating activities and net proceeds from the issuance of debt were largely offset by the return of capital to our shareholders and capital expenditures. As of July 31, 2026, our revolving credit facility had a maximum capacity of $6.0 billion. Available borrowings under this facility are reduced by draws on the facility and outstanding letters of credit. As of July 31, 2026, there were no outstanding borrowings pursuant to draws on the facility and remaining available borrowings totaled approximately $5.9 billion. The facility also acts as a backstop to provide liquidity support for our commercial paper program. We maintain a commercial paper program under which we may issue unsecured notes in a maximum aggregate face amount of $5.0 billion outstanding at any time, with maturities of up to 397 days from the date of issue. As of July 31, 2026, we had no outstanding issuances under the program. We may regularly use our available borrowings from the revolving credit facility and issuances under the commercial paper program, generally on a short-term basis, for general corporate purposes. See the following discussion for additional information about our debt. 62 Table of Contents Debt The following table presents our outstanding debt as of the dates indicated: July 31, 2026ChangeJanuary 30, 2026 (in millions) Core debt: Senior Notes$24,073 $2,500 $21,573 Legacy Notes952 952 DFS allocated debt(11,042)(5,535)(5,507) Total core debt 13,983 (3,035)17,018 DFS related debt: DFS debt9,618 479 9,139 DFS allocated debt11,042 5,535 5,507 Total DFS related debt20,660 6,014 14,646 Other104 5 99 Total debt, principal amount34,747 2,984 31,763 Carrying value adjustments(281)(21)(260) Total debt, carrying value$34,466 $2,963 $31,503 During the first six months of Fiscal 2027, the outstanding principal amount of our total debt increased $3.0 billion to $34.7 billion, driven primarily by an increase in net debt from the issuance of Senior Notes. We define core debt as the total principal amount of our debt, less DFS related debt and other debt. Our core debt was $14.0 billion and $17.0 billion as of July 31, 2026 and January 30, 2026, respectively. See Note 6 of the Notes to the Condensed Consolidated Financial Statements included in this report for additional information about our debt. DFS debt primarily represents debt from our securitization and structured financing programs. Our risk of loss under these programs is limited to transferred lease and loan payments and associated equipment, as the credit holders have no recourse to Dell Technologies. To fund the expansion of our DFS business, we balance the use of the securitization and structured financing programs with other sources of liquidity. We approximate the amount of our core debt used to fund the DFS business by applying a 7:1 debt-to-equity ratio to the sum of our financing receivables balance and equipment under operating leases, net, also referred to as DFS owned assets. The debt-to-equity ratio is based on the underlying credit quality of the assets. See Note 4 of the Notes to the Condensed Consolidated Financial Statements included in this report for additional information about our DFS debt. The following table presents DFS owned assets as of the dates indicated: July 31, 2026January 30, 2026 (in millions) Financing receivables, net $20,430 $14,280 Equipment under operating leases, net 3,182 2,459 DFS owned assets $23,612 $16,739 We believe we will continue to be able to make our debt principal and interest payments, including payment of short-term maturities, from existing and expected sources of cash. Cash used for debt principal and interest payments may include operating cash flows, short-term borrowings under our commercial paper program or our revolving credit facility, or other borrowings. Under our variable-rate debt, we could experience variations in our future interest expense from potential fluctuations in applicable reference rates, or from possible fluctuations in the level of DFS debt required to meet future demand for customer financing. 63 Table of Contents At our sole discretion, we may purchase, redeem, prepay, refinance, or otherwise retire any amount of our outstanding indebtedness under the terms of such indebtedness at any time and from time to time, in open market or negotiated transactions with the holders of such indebtedness or otherwise, as we consider appropriate in light of market conditions and other relevant factors. Cash Flows The following table presents a summary of our Condensed Consolidated Statements of Cash Flows for the periods indicated: July 31, 2026August 1, 2025 Net change in cash from:$6,306 $5,339 (2,404)(743)(3,836)(228)(35)104 $31 $4,472 July 31, 2026 (in millions) Net revenue$3,952 Gross margin2,431 Operating income624 Interest and other, net(1,886) Loss before income taxes$(1,262) Net loss attributable to Obligor Group (a)$(863) ____________________ (a)Includes net loss from intercompany transactions with Non-Obligor Subsidiaries of $1.6 billion, which primarily consists of interest expense, shared services, and the resale of solutions. The following table presents summarized balance sheet information for the Obligor Group as of the dates indicated: July 31, 2026January 30, 2026 (in millions) ASSETS Current assets$3,132 $2,470 Intercompany receivables 317 Short-term intercompany loan receivables784 306 Total current assets3,916 3,093 Goodwill and intangible assets13,696 13,788 Other non-current assets3,669 3,319 Total assets$21,281 $20,200 LIABILITIES Current liabilities$6,375 $6,037 Intercompany payable454 Total current liabilities6,829 6,037 Long-term debt22,511 20,035 Long-term intercompany loan payables44,826 44,825 Other non-current liabilities3,021 3,293 Total liabilities$77,187 $74,190 67 Table of Contents ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK For quantitative and qualitative disclosures about market risk affecting us, see Part II Item 7A Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the fiscal year ended January 30, 2026. Our exposure to market risks has not changed materially from that set forth in such Annual Report on Form 10-K. ITEM 4 CONTROLS AND PROCEDURES This report includes the certifications of our Chief Executive Officer and Chief Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934 (the Exchange Act ). See Exhibits 31.1 and 31.2 filed with this report. This Item 4 includes information concerning the controls and control evaluations referred to in those certifications. Evaluation of Disclosure Controls and Procedures Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to provide reasonable assurance that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. In connection with the preparation of this report, our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of July 31, 2026. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of July 31, 2026, the Company s disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level. Changes in Internal Control Over Financial Reporting We are in the process of an ongoing business modernization initiative to advance our capabilities, leverage new technology, and optimize business processes to change the way we work and make decisions, improve business outcomes, and reduce costs. As part of this enterprise-wide initiative, we are modernizing accounting and finance systems. During the fiscal quarter ended July 31, 2026, we implemented certain functions of a new enterprise resource planning system, and we plan to migrate additional business processes in the future. We have modified and will continue to modify the design and implementation of certain internal control processes to accommodate changes to our business processes and finance procedures, as our business modernization initiative continues. There were no other changes in our internal control over financial reporting during the fiscal quarter ended July 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 68 Table of Contents PART II OTHER INFORMATION ITEM 1 LEGAL PROCEEDINGS The information required by this item is incorporated herein by reference to the information set forth under the caption Legal Matters in Note 10 of the Notes to the Condensed Consolidated Financial Statements included in Part I of this report. ITEM 1A RISK FACTORS In addition to the risks and uncertainties set forth in this report, the risks discussed in Part I Item 1A Risk Factors in our Annual Report on Form 10-K for the fiscal year ended January 30, 2026 could materially affect our business, operating results, financial condition, or prospects. The risks described in such Annual Report on Form 10-K and our subsequent SEC reports are not the only risks facing us. There are additional risks and uncertainties not currently known to us or that we currently deem to be immaterial that also may materially adversely affect our business, operating results, financial condition, or prospects. ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Purchases of Equity Securities The following table presents information with respect to our purchases of Class C Common Stock during the second quarter of Fiscal 2027: PeriodTotal Number of Shares PurchasedWeighted Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced ProgramsApproximate Dollar Value of Shares that May Yet Be Purchased Under the Programs (in millions, except per share amounts) Repurchases from May 2, 2026 to May 29, 20260.5 $224.40 0.5 $14,059 Repurchases from May 30, 2026 to June 26, 20264.1 $408.36 4.1 $12,404 Repurchases from June 27, 2026 to July 31, 20264.9 $413.67 4.9 $10,371 Total9.5 9.5 This table excludes U.S. federal excise taxes and shares withheld from stock awards to settle employee withholding obligations related to the vesting of such awards. On September 23, 2021, our Board of Directors approved our current stock repurchase program with no fixed expiration date under which we may repurchase a specified dollar value of Class C Common Stock, exclusive of any fees, commissions, or other expenses related to such repurchases. As of January 30, 2026, our Board of Directors authorized the repurchase of up to $20 billion of Class C Common Stock and on February 26, 2026 authorized an additional $10 billion of Class C Common Stock for repurchase. Following the February 26, 2026 approval, we had approximately $15.2 billion of authorized shares remaining for repurchase under the program. See Note 12 of the Notes to the Condensed Consolidated Financial Statements included in this report for additional information about the stock repurchase program. Sales of Unregistered Securities During July 2026, the Company issued 716,173 shares of Class C Common Stock to shareholders upon the conversion of the same number of shares of our Class B Common Stock held by and at the election of such shareholders in accordance with our certificate of formation. The issuance of the Class C Common Stock in this transaction was made in reliance on the exemption from registration under the Securities Act afforded by Section 3(a)(9) thereof. No commission or other remuneration was paid or given directly or indirectly for soliciting the exchange of these securities. 69 Table of Contents ITEM 5 OTHER INFORMATION On June 11, 2026, Richard J. Rothberg, the Company s General Counsel, terminated a trading arrangement that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The arrangement, originally adopted on March 10, 2026, was scheduled to remain in effect through June 30, 2026, and provided for the sale of up to 45,000 shares of the Company's Class C Common stock. No shares of Class C Common Stock were sold pursuant to the arrangement prior to its termination. 70 Table of Contents ITEM 6 EXHIBITS Exhibit NumberDescription 2.1 Plan of Conversion (incorporated by reference to Exhibit 2.1 to the Company s Current Report on Form 8-K filed with the Commission on July 1, 2026) (Commission File No. 001-37867) 3.1 Certificate of Formation of Dell Technologies Inc. (incorporated by reference to Exhibit 3.1 to the Company s Current Report on Form 8-K filed with the Commission on July 1, 2026) (Commission File No. 001-37867) 3.2 Amended and Restated Bylaws of Dell Technologies Inc. 4.1 Consent to the Extension of Registration Rights Under the Second Amended and Restated Registration Rights Agreement, dated June 10, 2026, among Dell Technologies Inc. and SL SPV-2 L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors V, L.P. 4.2 2031 Notes Supplemental Indenture No. 1, dated as of June 16, 2026, among Dell International L.L.C., EMC Corporation, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to the Company s Current Report on Form 8-K filed with the Commission on June 16, 2026) (Commission File No. 001-37867) 4.3 2034 Notes Supplemental Indenture No. 1, dated as of June 16, 2026, among Dell International L.L.C., EMC Corporation, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Company s Current Report on Form 8-K filed with the Commission on June 16, 2026) (Commission File No. 001-37867) 4.4 2037 Notes Supplemental Indenture No. 1, dated as of June 16, 2026, among Dell International L.L.C., EMC Corporation, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.3 to the Company s Current Report on Form 8-K filed with the Commission on June 16, 2026) (Commission File No. 001-37867) 4.5 Form of Global Note for 4.750% Senior Notes due 2031 (included in Exhibit 4.2) 4.6 Form of Global Note for 5.000% Senior Notes due 2034 (included in Exhibit 4.3) 4.7 Form of Global Note for 5.250% Senior Notes due 2037 (included in Exhibit 4.4) 10.1 Credit Agreement, dated as of June 10, 2026, among Dell Technologies Inc., Denali Intermediate Inc., Dell Inc., Dell International L.L.C., as a borrower, EMC Corporation, as a borrower and JPMorgan Chase Bank, N.A., as administrative agent, and each of the lenders and other parties from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company s Current Report on Form 8-K filed with the Commission on June 10, 2026) (Commission File No. 001-37867) 10.2 Amended and Restated MD Shareholders Agreement, dated as of July 2, 2026, by and among Dell Technologies Inc., Denali Intermediate Inc., Dell Inc., Dell International L.L.C., EMC Corporation, Michael S. Dell and the Susan Lieberman Dell Separate Property Trust 10.3 Amended and Restated SLP Shareholders Agreement, dated as of July 2, 2026, by and among Dell Technologies Inc., Denali Intermediate Inc., Dell Inc., Dell International L.L.C., EMC Corporation, SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors V, L.P. and the other shareholders named therein 10.4 * Form of Indemnification Agreement between Dell Technologies Inc. and certain members of its Board of Directors 10.5 * Form of Indemnification Agreement between Dell Technologies Inc. and certain of its executive officers 22.1 List of Guarantor Subsidiaries and Issuers of Guaranteed Securities 31.1 Certification of Michael S. Dell, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of David Kennedy, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certifications of Michael S. Dell, Chairman and Chief Executive Officer, and David Kennedy, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 71 Table of Contents 101 .INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document 101 .SCH Inline XBRL Taxonomy Extension Schema Document 101 .CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101 .DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101 .LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101 .PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101) Filed with this report. Furnished with this report. *Management contracts or compensation plans or arrangements in which directors or executive officers participate. 72 Table of Contents 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, thereunto duly authorized. DELL TECHNOLOGIES INC. By:/s/ RICHARD TROY SHARP Richard Troy Sharp Senior Vice President, Corporate Finance and Chief Accounting Officer (On behalf of registrant and as principal accounting officer) Date: September 8, 2026 73