Dell Technologies Inc. · NYSE:DELL
Dell Technologies — Investor Day (October 2025)
48 slides from Dell Technologies's investor day presentation, Oct 7, 2025
Slide 1: Dell Technologies Securities Analyst Meeting
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Dell Technologies Securities Analyst Meeting
Slide 2: Disclosures and Agenda
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Disclosures and Agenda Paul Frantz Vice President, Investor Relations
Slide 3: Disclosures
Disclosures NON-GAAP FINANCIAL MEASURES SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS This presentation includes information about non-GAAP revenue, non-GAAP operating Statements in this presentation that relate to future results and events, including, but not income, non-GAAP net income attributable t
Slide 4: Agenda
Agenda Company Vision Michael Dell Strategy, Operating Model & AI Opportunity Jeff Clarke Infrastructure Solutions Group Strategy Arthur Lewis Client Solutions Group Strategy Jeff Clarke Value Creation Framework David Kennedy Q&A Dell Executive Team 4 Copyright © Dell Inc. All Rights Reserved.
Slide 5: Company Vision
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Company Vision Michael Dell Chairman and Chief Executive Officer
Slide 6: Our industry continues to evolve and grow
Our industry continues to evolve and grow Unprecedented pace of change since we met two years ago AI technology continues to drive GDP growth AI productivity further accelerates growth ~45% $15T of US GDP growth is driven by contribution to global GDP2 AI Capex1 More tokens, more compute … … and eve
Slide 7: We are in the early stages of adoption
We are in the early stages of adoption & excited for what’s ahead Each wave of innovation builds on the prior, being fueled by data and run on a growing need for compute and infrastructure Today Tomorrow adoption Multi-modal Physical AI Reasoning Multi-agentic LLM Agentic time Modernization of tra
Slide 8: Our customers continue to modernize and transform
Our customers continue to modernize and transform Turning to Dell to help them navigate rapidly changing technology and realize value from AI Dell is a trusted partner for customers of enterprises plan to move GenAI 85% on-prem within the next 24 months1 • Customers engage Dell at the onset of their
Slide 9: Track record of strong earnings, cash flow and capital return
Track record of strong earnings, cash flow and capital return Durable growth and execution of our unique operating model enable significant cash flow that fuels shareholder return, underscoring our disciplined approach and commitment to long-term value creation EPS GROWTH CASH FLOW CAPITAL RETURN 14
Slide 10: Strategy, Operating Model & AI Opportunity
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Strategy, Operating Model & AI Opportunity Jeff Clarke Vice Chairman and Chief Operating Officer
Slide 11: Since we last met, the pace of change has accelerated
Since we last met, the pace of change has accelerated Continues to create new opportunities to innovate and serve our customers Two Years Ago Today Projected AI capex investment in 20251,2 $200B $400B+ Projected 2027 AI HW & Services opportunity3,4 $124B $310B Projected 2028 US Data Center power dem
Slide 12: These changes continue to play in our favor
These changes continue to play in our favor AI inference drives modern IT architecture supporting growth across our entire portfolio AI delivers strong tailwinds for our value creation DRAMATIC INCREASE IN COMPUTE AND INFERENCING Agents grow token generation by 4-15x1 and driven by agents and reason
Slide 13: Dell is well-positioned to capitalize on AI opportunities
Dell is well-positioned to capitalize on AI opportunities Experience with early adopters enhances our capabilities and prepares us for next waves of adoption, evidenced by being the first to ship GB200 & GB300 rack scale solutions Dell’s competitive advantages … Positions us to serve a wide range of
Slide 14: A new computing architecture has emerged
A new computing architecture has emerged Complexity increases exponentially with every new architecture, not only within the server, but across the entire infrastructure solution set DESIGNING DENSE, POWER-EFFICIENT Power (MW) per rack GPU density per rack CLUSTERS 600 1 • Cold Plates Cooling • Cool
Slide 15: Our Dell Technologies strategy remains the same
Our Dell Technologies strategy remains the same Leverage our strengths to extend our leadership and capture new growth Leading end-to-end solutions1 Industry’s largest GTM engine #1 Client Business Server Broad global Modern online and Workstations External Storage Extensive direct technology ecosys
Slide 16: We are applying AI to make our operating model even stronger
We are applying AI to make our operating model even stronger AI projects focus on what makes Dell differentiated … to deepen our competitive advantages Leading end-to-end solutions Industry’s largest GTM engine Coding Assistant Knowledge Assistant Sales Chat/Search Product Advisor Unique operating I
Slide 17: Infrastructure Solutions Group Strategy
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Infrastructure Solutions Group Strategy Arthur Lewis President, Infrastructure Solutions Group
Slide 18: Infrastructure Solutions Group
Data centers require $6.7T to meet compute Infrastructure AI DRIVING MASSIVE demand1 – with AI infrastructure spending and DEMAND TAM projections continuing to rise Solutions Group DATA CENTER ARCHITECTURES Disaggregated, seamless data flow, and shifts from cold storage to active are redefining data
Slide 19: Steady financial performance and strong leadership positions
Steady financial performance and strong leadership positions Supported by long-term growth across financial cycles, ISG is well positioned to capture growth and increase profitability ISG P&L performance1 Broadest portfolio with #1 leadership positions2 INNOVATION STORAGE ISG Revenue ~8% LEADER • EX
Slide 20: Traditional server growth driven by data center modernization
Traditional server growth driven by data center modernization Enterprises rearchitect data strategies to balance traditional and AI workloads, driving efficiency and resilience Dell Leading Mainstream #2 • Gained ~7 points of share over the past decade #3 34% 32% Server Share1 29% 31% 29% 30% 27% 28
Slide 21: Storage growth driven by data center modernization
Storage growth driven by data center modernization Enterprises rearchitect data strategies to balance traditional and AI workloads, driving efficiency and resilience External RAID High End Midrange AFA Unstructured PBBA ~20% of market ~65% of market (Data Protection HW) • #1 in all major categories
Slide 22: Market-leading, end-to-end solutions drive Enterprise AI adoption
Market-leading, end-to-end solutions drive Enterprise AI adoption Faster delivery of AI outcomes broaden our business and improve gross margin, driven by strong segment profitability Today – Early Proof of Concept Medium to Long Term – AI Inference in Production AI Factory - Full Stack End-to-End So
Slide 23: Client Solutions Group Strategy
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Client Solutions Group Strategy Jeff Clarke Vice Chairman and Chief Operating Officer
Slide 24: Steady financial performance and strong leadership positions
Steady financial performance and strong leadership positions Focus on commercial market has shifted our revenue mix over time towards higher margin pools CSG P&L performance1 Strong leadership positions Commercial PC Consumer PC ~1% #1 #1 CAGR NA Commercial PC3 $61.5 $58.2 Workstations4 $45.9 $48.4
Slide 25: Trends are moving in our favor, particularly workloads at the edge
Trends are moving in our favor, particularly workloads at the edge AI PCs will revolutionize how enterprises plan agentic AI workloads at the edge We are in the middle of the PC refresh cycle 1.5B install base with many enterprise fleets Install base and pent-up enterprise demand setting the stage a
Slide 26: Shifting our focus with the market
Shifting our focus with the market Commercial premium remains our primary focus area, with opportunities to increase scale elsewhere Industry Unit Mix1 (IDC) Unit CAGR2 Dell Share Commercial Premium 18% Commercial • Dell share has grown within our 26% 6% 26% ⇧ ~3 pts Premium primary focus area Comme
Slide 27: We are taking decisive action to regain momentum and share
We are taking decisive action to regain momentum and share Accelerating the pace of execution and innovation to unlock unit velocity and scale Drive scale & structural share gain Strengthen 1 commercial Optimize the portfolio performance Accelerate growth in Small & Medium Business Grow share & sc
Slide 28: Value Creation & Capital Allocation
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Value Creation & Capital Allocation David Kennedy Interim Chief Financial Officer
Slide 29: Evolution of Dell and our long-term framework
Evolution of 2021 2023 2025 Dell and our long-term Revenue2 framework1 3 - 4% 3 - 4% 7 - 9% Durable Revenue Growth Driving increased value Diluted EPS2 creation and shareholder returns 6%+ 8%+ 15%+ Multiple Levers to Drive EPS Return of Adj. FCF 40-60% 80%+ 80%+ Target return of adj. Target return o
Slide 30: Long-term financial framework
Long-term financial framework1 7 – 9% • Extend AI leadership through Revenue Revenue growth 11 – 14% Infrastructure innovation and attach • Traditional server growth driven by growth data center modernization 7 – 9% Solutions Group • Leverage leading portfolio to grow Dell-IP storage & software 15%+
Slide 31: 15%+ diluted EPS growth driven by four key levers
15%+ diluted EPS growth driven by four key levers Long-term financial framework1 7 – 9% EPS Revenue growth 1 Durable Revenue Growth growth • Continued growth from AI and our core portfolio while driving share gain 15%+ 2 Gross Profit Growth • Rate opportunities within Storage (Dell IP mix) and AI (E
Slide 32: Operating model generates strong cash flow
Operating model generates strong cash flow Long-term financial framework1 7 – 9% Cash Revenue growth generation Average annual adjusted FCF ~$4.9B generated since FY211 15%+ Differentiated model drives strong Diluted EPS growth Negative CCC negative cash conversion cycle Capital return to shareholde
Slide 33: Share Repurchase and Shares Outstanding
Share Repurchase and Shares Outstanding Long-term financial framework1 7 – 9% Capital share repurchase $ shares outstanding Revenue 757 716 696 675 growth 705 return $2.8 $2.1 $2.6 $2.9 continues 15%+ Diluted EPS 80%+ FY22 FY23 FY24 FY25 Programmatic & opportunistic approach FY26TD growth Target ret
Slide 34: Committed to long-term value creation
Long-term financial framework1 7 – 9% 11 – 14% Infrastructure Solutions Group • AI-driven growth Committed Revenue growth 2 – 3% Client Solutions Group • Share gain across businesses • Leverage strong go-to-market engine to long-term value 15%+ Non-GAAP Diluted EPS3 $7.61 $7.37 $8.14 $9.55 +14% CAGR
Slide 35: Investment Thesis
Attractive long- Strategy Investment We are leveraging our strengths to extend our leadership positions and capture new growth opportunities term financial framework2 Thesis Leading end-to-end solutions portfolio1, with #1 positions 7 – 9% across Client, Peripherals, AI and Traditional Servers, and
Slide 36: Closing Remarks
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Closing Remarks Michael Dell Chairman and Chief Executive Officer
Slide 37: Track record of strong earnings, cash flow and capital return
Track record of strong earnings, cash flow and capital return Durable growth and execution of our unique operating model enable significant cash flow that fuels shareholder return, underscoring our disciplined approach and commitment to long-term value creation EPS GROWTH CASH FLOW CAPITAL RETURN 14
Slide 38: Appendix A
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Appendix A Consolidated GAAP and non-GAAP financial statements
Slide 39: Supplemental non-GAAP Measures: Revenue and operating income
Supplemental non-GAAP Measures Revenue and operating income $ in millions FY20 FY21 FY22 FY23 FY24 FY25 GAAP Revenue 84,815 86,670 101,197 102,301 88,425 95,567 Impact of purchase accounting 1 229 106 32 – – – Non-GAAP revenue 85,044 86,776 101,229 102,301 88,425 95,567 GAAP operating income 2,366 3
Slide 40: Supplemental non-GAAP Measures: Net income and EPS
Supplemental non-GAAP Measures Net income and earnings per share $ in millions, except per share amounts FY20 FY21 FY22 FY23 FY24 FY25 Net income from continuing operations attributable to Dell Technologies Inc. 525 2,249 4,948 2,442 3,388 4,592 Amortization of intangibles1 3,245 2,277 1,708 1,014 8
Slide 41: Supplemental non-GAAP Measures: Adjusted free cash flow
Supplemental non-GAAP Measures Adjusted free cash flow $ in millions FY21 FY22 FY23 FY24 FY25 1Q26 2Q26 Cash flow from operations 11,407 10,307 3,565 8,676 4,521 2,796 2,543 Capital expenditures & capitalized software development costs, net 1 (2,062) (2,755) (2,993) (2,753) (2,563) (568) (675) Free
Slide 42: Appendix B
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Appendix B Guidance
Slide 43: Supplemental non-GAAP Measures: Financial guidance
Supplemental non-GAAP Measures Financial guidance1 FY26 $ in billions, except per share amounts Operating Diluted income EPS GAAP guidance $7.6 - $8.0 $7.73 - $8.23 Estimated adjustments for: Amortization of intangibles 2 0.5 0.72 Stock-based compensation 0.7 1.05 Other corporate expenses 3 0.4 0.22
Slide 44: Appendix C
S E C U R I T I E S A N A LY S T M E E T I N G OCTOBER 7, 2025 Appendix C Endnotes
Slide 45: Endnotes
Endnotes Page 6: Our industry continues to evolve and grow 1. Bridgewater, August 2025. 2. PwC Research, 2025. 3. Barclays Research, US Internet Semiconductor Report, 2024. 4. IDC WW Global DataSphere, Q2 2025. Page 8: Our customers continue to modernize and transform 1. Dell Technologies, Enterpris
Slide 46: Endnotes
Endnotes Page 19: Steady financial performance and strong leadership positions 1. ISG P&L performance measures presented as of the most recently filed, publicly available information. Please refer to relevant filings for basis of presentation. 2. x86 and Mainstream Server (Units), IDC WW Quarterly S
Slide 47: Endnotes
Endnotes Page 31: EPS Growth 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to
Slide 48: Dell Technologies
D@LL Technologies D@LTechiologies