Slide 1: Q4 FY26 Performance Review
FEBRUARY 26, 2026 Q4 FY26 Performance Review 1 Copyright © Dell Inc. All Rights Reserved.
Slide 2: Disclosures
Disclosures NON-GAAP FINANCIAL MEASURES SPIN-OFF OF VMWARE, INC. This presentation includes information about non-GAAP revenue, non-GAAP On November 1, 2021, Dell Technologies Inc. completed its spin-off of VMware, gross margin, non-GAAP operating expense, non-GAAP operating income, non- Inc. In acc
Slide 3: Annual Review & Guidance
Annual Review & Guidance 3 Copyright © Dell Inc. All Rights Reserved.
Slide 4: Q4 FY26 Overview
FY26 was a defining year in our company's history Q4 FY26 • Record full year revenue of $113.5B, up 19% driven by $25.2B of AI-optimized server shipments • Diluted EPS of $8.68, up 57%, and record non-GAAP diluted EPS1 of $10.30, up 27% Y/Y Overview In Q4 we operated with disciplined execution in a
Slide 5: Q4 and FY26 Highlights
Q4 and FY26 Highlights Strong operational execution in Q4 with revenue growth of 39% Y/Y and 45% non-GAAP EPS growth1,2 $ in millions, except per share amounts 4Q26 Y/Y FY26 Y/Y AI Opportunity Cash & Returns Revenue 33,379 39% 113,538 19% Dell Operating Income 3,092 43% 8,149 31% ~$64B of AI-optimiz
Slide 6: Cash flow and capital returns
Cash flow and capital returns Full year records in cash generation, $11.2B, and shareholder return, $7.5B Fiscal Quarter CASH FLOW FROM TTM $11.2B OPERATIONS $7.5B $7.1B Record CFOps Capital Return $6.3B $4.7B $4.7B $4.5B $2.8B $2.5B $0.6B $1.2B +699% Y/Y Cash Flow from Returned an above-trend $11.5
Slide 7: Key Assumptions / Guidance
Guidance 1Q27 Guidance1 FY27 Guidance1 Revenue Non-GAAP Diluted EPS2 Revenue Non-GAAP Diluted EPS2 $35.2B ± $0.5B $2.90 ± $0.10 $140.0B ± $2.0B $12.90 ± $0.25 Up ~51% Y/Y Up ~87% Y/Y Up ~23% Y/Y Up ~25% Y/Y • Combined CSG and ISG growth of 53% Y/Y • Combined CSG and ISG growth of 25% Y/Y • ISG reven
Slide 8: Infrastructure Solutions Group
Infrastructure Solutions Group 8 Copyright © Dell Inc. All Rights Reserved.
Slide 9: Infrastructure Solutions Group
Infrastructure Solutions Group Continued momentum across ISG with record revenue and operating income REVENUE $19.6B Storage demand: $16.8B +73% Y/Y Traditional server +44% Y/Y $14.1B double-digit growth for $11.4B demand significantly $19.6B our AFA portfolio, $10.3B +24% Y/Y +22% Y/Y +12% Y/Y outp
Slide 10: AI-Optimized Servers
AI-Optimized Servers Pipeline continues to expand as largest at-scale players and enterprise adoption accelerate Competitive Advantages $50B ✓ Engineering Expertise $24.7B Optimizing solutions at the data center level +100% Y/Y $9.3B $1.9B 1 ✓ Rapid Scale Deployment FY24 FY25 FY26 FY27E FY27E AI ser
Slide 11: Dell Integrated Rack Scalable Systems
Dell Integrated Rack Scalable Systems The most comprehensive portfolio for large-scale AI deployment A NY RACK A NY COOLING A NY PLATFORM Choice of rack style Choice of thermal management Choice of processor Choice of AI fabric Ultimate Performance Extreme Performance High Performance Exclusive (IR9
Slide 12: 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 #3 • Gained ~6 points of share over the past decade Server Share1 32% 34% 29% 31% 29% 29% 27% 28
Slide 13: 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 14: Client Solutions Group
Client Solutions Group 14 Copyright © Dell Inc. All Rights Reserved.
Slide 15: Client Solutions Group
Client Solutions Group Continued growth in Commercial driven by robust demand from large enterprises $13.5B +14% Y/Y REVENUE $12.5B $12.5B $12.5B $11.9B +5% Y/Y +1% Y/Y +3% Y/Y +1% Y/Y $13.5B +14% Y/Y Sixth consecutive quarter of Y/Y revenue Strong Commercial demand growth from +8% Q/Q growth in Com
Slide 16: 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% 7% 27% ⇧ ~5 pts Premium primary focus area Comme
Slide 17: Investment Thesis
Investment Thesis 17 Copyright © Dell Inc. All Rights Reserved.
Slide 18: Investment thesis
STRATEGY Attractive long- 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 19: Long-term financial framework
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 $10.30 +16% CAG
Slide 20: Significant track record of shareholder return
Significant track record of shareholder return Multiple levers driving shareholder return with Non-GAAP Diluted EPS1 more than doubling over the last 5 fiscal years $18.3B cumulative return since dividend inception (Non-GAAP) 5.5% CAGR (Non-GAAP) 16% CAGR $10.30 $7.5B Capital Return $113.5B Diluted
Slide 21: Dell Technologies strategy
Dell Technologies strategy 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 Modern online Workstations External Storage Extensive direct Broad global and consumption PC Monitors Purpose-Build
Slide 22: 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 23: Appendix A
TRE NDE D FI NA NCI A L S Appendix A 23 Copyright © Dell Inc. All Rights Reserved.
Slide 24: Consolidated GAAP results
Consolidated GAAP results $ in millions, except per share amounts 4Q25 1Q26 2Q26 3Q26 4Q26 Y/Y Q/Q FY25 FY26 Y/Y Revenue 23,931 23,378 29,776 27,005 33,379 39% 24% 95,567 113,538 19% Gross Margin 5,678 4,937 5,447 5,593 6,730 19% 20% 21,250 22,707 7% Gross Margin as a % of Revenue 23.7% 21.1% 18.3%
Slide 25: Consolidated non-GAAP results
Consolidated non-GAAP results1 $ in millions, except per share amounts 4Q25 1Q26 2Q26 3Q26 4Q26 Y/Y Q/Q FY25 FY26 Y/Y Revenue 23,931 23,378 29,776 27,005 33,379 39% 24% 95,567 113,538 19% Gross Margin 5,814 5,057 5,572 5,686 6,844 18% 20% 21,810 23,159 6% Gross Margin as a % of Revenue 24.3% 21.6% 1
Slide 26: Business units trending
Business units trending $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 Y/Y Q/Q FY25 FY26 Y/Y Revenue 23,931 23,378 29,776 27,005 33,379 39% 24% 95,567 113,538 19% Dell Operating Income 2,159 1,165 1,773 2,119 3,092 43% 46% 6,237 8,149 31% Technologies Non-GAAP Operating Income 1 2,674 1,666 2,284 2,503 3,53
Slide 27: Appendix B
DE B T A ND DFS S UMMA RY Appendix B 27 Copyright © Dell Inc. All Rights Reserved.
Slide 28: Debt summary
Debt summary $ in billions 1 4Q25 1Q26 2Q26 3Q26 4Q26 Revolver — — — — — Senior Notes 15.1 19.1 19.1 21.6 21.6 Legacy Notes 1.0 1.0 1.0 1.0 1.0 DFS Allocated Debt (3.0) (3.1) (3.7) (4.7) (5.5) Total Core Debt 2 13.0 17.0 16.3 17.9 17.0 Other 0.1 0.1 0.1 0.1 0.1 DFS Debt 8.7 8.9 8.8 8.9 9.1 DFS Alloc
Slide 29: DFS summary
DFS summary $ in billions 4Q25 1Q26 2Q26 3Q26 4Q26 Originations 1 2.5 1.6 2.4 3.1 4.8 Y/Y — -14% — 94% 96% Trailing twelve months 8.4 8.1 8.1 9.6 11.9 Y/Y — -5% -5% 16% 42% Financing Receivables 2 11.2 11.4 12.0 13.2 14.3 Operating Leases 3 2.2 2.3 2.3 2.4 2.5 Total Managed Assets 4 15.0 14.7 15.0 1
Slide 30: Appendix C
S UP P L E ME NTA L NO N- G A A P ME A S URE S Appendix C 30 Copyright © Dell Inc. All Rights Reserved.
Slide 31: Supplemental non-GAAP measures: Gross margin
Supplemental non-GAAP measures Gross margin $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP gross margin 5,678 4,937 5,447 5,593 6,730 Amortization of intangibles 1 59 41 39 41 41 Stock-based compensation 37 39 37 38 43 Other corporate expenses 2 40 40 49 14 30 Total adjustments to gross margin 136 120
Slide 32: Supplemental non-GAAP measures: Operating expenses
Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expenses $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP selling, general, and administrative 2,746 2,964 2,889 2,722 2,841 Amortization of intangibles 1 (104) (85) (86) (80) (84) Stock-based com
Slide 33: Supplemental non-GAAP measures: Operating income
Supplemental non-GAAP measures Operating income $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP operating income 2,159 1,165 1,773 2,119 3,092 Non-GAAP adjustments: Amortization of intangibles 1 163 126 125 121 125 Stock-based compensation 186 190 179 165 189 Other corporate expenses 2 166 185 207 98 13
Slide 34: Supplemental non-GAAP measures: Interest and other
Supplemental non-GAAP measures Interest and other $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP interest and other, net: Investment income, primarily interest 33 31 64 72 89 Gain (loss) on investments, net 156 17 4 173 60 Interest expense (343) (354) (399) (396) (411) Foreign exchange (32) (5) (15) (3
Slide 35: Supplemental non-GAAP measures: Income tax and net income
Supplemental non-GAAP measures Income tax expense and net income $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP income tax expense 440 118 276 393 540 Total aggregate adjustment for income taxes 1 (21) 120 73 (6) 33 Non-GAAP income tax expense 419 238 349 387 573 GAAP net income 1,532 965 1,164 1,548 2
Slide 36: Supplemental non-GAAP measures: Net income attributable to Dell
Supplemental non-GAAP measures Net income attributable to Dell Technologies Inc. $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP net income attributable to Dell Technologies Inc. 1,533 965 1,164 1,548 2,259 Amortization of intangibles 1 163 126 125 121 125 Stock-based compensation 186 190 179 165 189 Ot
Slide 37: Supplemental non-GAAP measures: Earnings per share
Supplemental non-GAAP measures Earnings per share - basic and diluted $ in millions, except per share amounts 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP net income attributable to Dell Technologies Inc. 1,533 965 1,164 1,548 2,259 Weighted-average shares outstanding - basic 699 692 678 671 660 GAAP EPS attributa
Slide 38: Supplemental non-GAAP measures: Adjusted EBITDA
Supplemental non-GAAP measures Adjusted EBITDA $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 GAAP net income 1,532 965 1,164 1,548 2,259 Adjustments: Interest and other, net 187 82 333 178 293 Income tax provision 440 118 276 393 540 Depreciation and amortization 774 738 762 756 773 EBITDA 2,933 1,903 2,53
Slide 39: Supplemental free cash flow
Supplemental non-GAAP measures Adjusted free cash flow $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 Cash flow from operations 585 2,796 2,543 1,172 4,674 Adjustments: Capital expenditures and capitalized software development costs, net 1 (702) (568) (675) (666) (721) Free cash flow (117) 2,228 1,868 506 3
Slide 40: Supplemental free cash flow
Supplemental non-GAAP measures Adjusted free cash flow $ in millions FY21 FY22 FY23 FY24 FY25 FY26 Cash flow from operations 11,407 10,307 3,565 8,676 4,521 11,185 Adjustments: Capital expenditures and capitalized software development costs, net 1 (2,062) (2,755) (2,993) (2,753) (2,563) (2,630) Free
Slide 41: Supplemental FY21 - FY26 non-GAAP Measures
Supplemental FY21 - FY26 non-GAAP Measures $ in millions, except per share amounts FY21 FY22 FY23 FY24 FY25 FY26 Revenue 86,670 101,197 102,301 88,425 95,567 113,538 Impact of purchase accounting 1 106 32 — — — — Non-GAAP revenue 86,776 101,229 102,301 88,425 95,567 113,538 Net income from continuin
Slide 42: Appendix D
S UP P L E ME NTA L FI NA NCI A L S TATE ME NTS Appendix D 42 Copyright © Dell Inc. All Rights Reserved.
Slide 43: Balance Sheet: Assets
Balance Sheet Assets $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 Current assets: Cash and cash equivalents 3,633 7,700 8,145 9,569 11,528 Accounts receivable, net 10,298 9,785 15,023 11,721 17,585 Short-term financing receivables, net 5,304 5,381 5,952 6,427 8,458 Inventories, net 6,716 7,415 7,211 6,949
Slide 44: Balance Sheet: Liabilities and equity
Balance Sheet Liabilities and equity $ in millions 4Q25 1Q26 2Q26 3Q26 4Q26 Current liabilities: Short-term debt 5,204 4,845 7,154 7,394 7,990 Accounts payable 20,832 25,349 27,463 23,794 33,630 Accrued and other 6,597 6,321 6,486 6,679 8,315 Short-term deferred revenue 13,673 13,907 13,759 12,649 1
Slide 45: Appendix E
G UI DA NCE Appendix E 45 Copyright © Dell Inc. All Rights Reserved.
Slide 46: Supplemental non-GAAP Measures: Financial guidance
Supplemental non-GAAP Measures Financial guidance1 1Q27 FY27 $ in billions, except per share amounts Diluted Operating Operating Diluted EPS expenses income EPS GAAP guidance $2.45 - $2.65 $14.2 $10.5 - $10.9 $11.27 - $11.77 Estimated adjustments for: Amortization of intangibles 2 0.15 (0.3) 0.4 0.5
Slide 47: Appendix F
E NDNO TE S Appendix F 47 Copyright © Dell Inc. All Rights Reserved.
Slide 48: Endnotes
Endnotes Page 4: Q4 FY26 Overview 1. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Page 5: Q4 and FY26 Highlights 1. See supplemental slides in Appendix C for weighted average shares and EPS calculation. 2. See suppleme
Slide 49: Endnotes
Endnotes Page 13: Storage growth driven by data center modernization 1. IDC WW Quarterly Enterprise Storage Systems Quarterly Tracker, CY25Q3; IDC WW Converged Systems Quarterly Tracker, CY25Q3; IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY25Q3. Entry represents systems priced < $25k. Mi
Slide 50: Endnotes
Endnotes Page 20: Significant track record of shareholder return 1. See supplemental slides in Appendix C for weighted average shares, EPS calculation, and reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 2. See supplemental slides in Appendix C for reconciliation
Slide 51: Dell Technologies
D@LL Technologies