Slide 1: Q2 FY26 Performance Review
AUGUST 28, 2025 Q2 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: Quarterly Review & Guidance
Quarterly Review & Guidance 3 Copyright © Dell Inc. All Rights Reserved.
Slide 4: Q2 FY26 Overview
Q2 FY26 Strong operational execution with record revenue and Q2 non-GAAP EPS1 • Record revenue of $29.8B, up 19% Y/Y, driven by record AI server shipments Overview • Diluted EPS of $1.70, up 38% Y/Y, and non-GAAP diluted EPS1 of $2.32, up 19% Y/Y Continued AI-optimized server momentum • Record shipm
Slide 5: Q2 Highlights
Q2 Highlights Strong operational execution with CSG and ISG combined growth of 22% Y/Y and 19% non-GAAP EPS growth1,2 $ in millions, except per share amounts 2Q26 Y/Y AI Opportunity Cash Flow Revenue 29,776 19% Dell Operating Income 1,773 27% Shipped $10B of AI- Cash Flow from Technologies Diluted E
Slide 6: Cash flow and capital returns
Cash flow and capital returns We have returned $14.5B, ~97% of our adjusted FCF,1 since the inception of our dividend Fiscal Quarter CASH FLOW FROM TTM OPERATIONS $7.5B $6.1B $6.3B Solid CFOps Capital Return $5.5B $4.5B $2.5B +90% Y/Y $1.3B $1.6B $0.6B $2.8B $2.5B Cash Flow from Returned $1.3B of ca
Slide 7: Key Assumptions
Guidance 3Q26 Guidance1 FY26 Guidance1 Revenue Non-GAAP Diluted EPS Revenue Non-GAAP Diluted EPS2 $27.0B ± $0.5B $2.45 ± $0.10 $107B ± $2B $9.55 ± $0.25 Up ~11% Y/Y Up ~11% Y/Y Up ~12% Y/Y Up ~17% Y/Y • Combined CSG and ISG growth of 13% Y/Y • Combined CSG and ISG growth of 14% Y/Y Key Assumptions •
Slide 8: Infrastructure Solutions Group
Infrastructure Solutions Group 8 Copyright © Dell Inc. All Rights Reserved.
Slide 9: Infrastructure Solutions Group
Infrastructure Solutions Group Strong AI momentum with record ISG revenue and consistent operating income growth $16.8B REVENUE +44% Y/Y $11.6B $11.4B $11.4B +38% Y/Y +34% Y/Y +22% Y/Y $10.3B Fifth consecutive $16.8B quarter of double-digit Six straight quarters of +12% Y/Y +44% Y/Y Y/Y ISG operatin
Slide 10: AI-Optimized Servers
AI-Optimized Servers Pipeline continues to expand as largest at-scale players and enterprise adoption accelerate $12.1B Our AI server shipments have grown from ~$0 in ORDERS $5.6B 1H24 to a projected $20B for FY26E $2.6B $3.2B $3.6B $1.5B $2.1B $1.7B 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $20B $8.2
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: Growing AI TAM paired with #1 positions in servers and storage
Growing AI TAM paired with #1 positions in servers and storage Long-term structural share gains in server, and greater share than next two competitors combined in select storage categories Mainstream server share1 AI HW & services represent a +$350B opportunity (IDC Mainstream Server Revenue) by 202
Slide 13: Client Solutions Group
Client Solutions Group 13 Copyright © Dell Inc. All Rights Reserved.
Slide 14: Client Solutions Group
Client Solutions Group Improved profitability sequentially driven by robust demand from small and medium businesses REVENUE $12.4B $12.5B $12.5B -4% Y/Y $12.1B $11.9B +5% Y/Y +1% Y/Y -1% Y/Y +1% Y/Y Strong Commercial $12.5B Sixth consecutive quarter of Y/Y demand demand growth across +1% Y/Y small a
Slide 15: The PC portfolio for the AI era
The PC portfolio for the AI era Our streamlined AI PC portfolio delivers the future of computing today Competitive Advantages Dell Dell Pro Dell Pro Max World’s leading commercial AI PC brand • #1 in commercial AI PCs for the last 12 months,11 offering customer choice with the latest silicon innovat
Slide 16: Innovation
Innovation 16 Copyright © Dell Inc. All Rights Reserved.
Slide 17: YTD Innovation Overview
YTD Innovation Overview New Dell Generative AI Solutions spanning IT Infrastructure, PCs, and Professional Services Data Center Advancements and Next Gen AI Solutions Dell Pro Max PCs Dell PowerEdge R7725 and R770: featuring Dell PowerEdge XE9712 featuring NVIDIA Dell Pro Max with GB10: delivers up
Slide 18: Investment Thesis
Investment Thesis 18 Copyright © Dell Inc. All Rights Reserved.
Slide 19: Dell Technologies investment thesis
Dell Technologies investment thesis Leading market positions and a unique operating model generate consistent growth and significant value creation Attractive STRATEGY • We are leveraging our strengths to extend our leadership positions and capture new growth opportunities long-term financial model
Slide 20: Attractive long-term financial framework
Attractive long-term financial framework • Leading end-to-end solutions and 3 - 4% CSG 2-3% CAGR Committed Revenue ISG 6-8% CAGR DELL TECH 3-4% CAGR broadest portfolio in the industry • Demonstrated structural share gains to long- growth • Opportunities to capture new growth Operational term value •
Slide 21: Significant track record of shareholder return
Significant track record of shareholder return Multiple levers driving shareholder return with Non-GAAP Diluted EPS1 nearly doubling over the last 5 fiscal years Value Creation Milestones Non-GAAP Diluted EPS & Other Non-GAAP Metrics FY21 14% CAGR VMware spin-off $9.55 Diluted EPS1 $8.14 Initiated C
Slide 22: Proven track record of performance
Proven track record of performance Consistent, profitable growth with strong cash flow over time and a commitment to capital returns Long-term Performance Revenue1,2 Adjusted Free Cash Flow1 Non-GAAP • We continue to structurally gain share in our core markets3 ‒ ~5 pts of mainstream server revenue
Slide 23: 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 External Storage Broad global Modern online and Workstations PBBA Extensive direct technology ecosystem consumption PC Moni
Slide 24: Dell Technologies Server & PC key leadership positions
Dell Technologies Server & PC key leadership positions We have #1 positions in servers and the most profitable segments of the PC market # 1 x86 Server Dell is the leader with 10.3% unit # 1 Client Business Leading Client Business by # 1 North America Commercial PC Dell maintained the #1 position #
Slide 25: Dell Technologies Storage key leadership positions
Dell Technologies Storage key leadership positions We have #1 positions in all key storage categories 1 1 1 1 External RAID # Enterprise Storage # High End RAID Storage # Mid Range RAID Storage # AI Centric Storage Dell maintained the #1 position Dell maintained the #1 position Dell maintained the #
Slide 26: Appendix A
TRE NDE D FI NA NCI A L S Appendix A 26 Copyright © Dell Inc. All Rights Reserved.
Slide 27: Consolidated GAAP results
Consolidated GAAP results $ in millions, except per share amounts 2Q25 3Q25 4Q25 1Q26 2Q26 Y/Y Q/Q Revenue 25,026 24,366 23,931 23,378 29,776 19% 27% Gross Margin 5,361 5,360 5,678 4,937 5,447 2% 10% Gross Margin as a % of Revenue 21.4% 22.0% 23.7% 21.1% 18.3% Selling, general, and administrative 3,
Slide 28: Consolidated non-GAAP results
Consolidated non-GAAP results1 $ in millions, except per share amounts 2Q25 3Q25 4Q25 1Q26 2Q26 Y/Y Q/Q Revenue 25,026 24,366 23,931 23,378 29,776 19% 27% Gross Margin 5,514 5,490 5,814 5,057 5,572 1% 10% Gross Margin as a % of Revenue 22.0% 22.5% 24.3% 21.6% 18.7% Selling, general, and administrati
Slide 29: Business units trending
Business units trending $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 Y/Y Q/Q Revenue 25,026 24,366 23,931 23,378 29,776 19% 27% Dell Technologies Operating Income 1,392 1,721 2,159 1,165 1,773 27% 52% Non-GAAP Operating Income 1 2,084 2,252 2,674 1,666 2,284 10% 37% CSG + ISG Revenue 24,060 23,499 23,233
Slide 30: Appendix B
DE B T A ND DFS S UMMA RY Appendix B 30 Copyright © Dell Inc. All Rights Reserved.
Slide 31: Debt summary
Debt summary $ in billions 1 4Q25 1Q26 2Q26 Revolver - - - Senior Notes 15.1 19.1 19.1 Legacy Notes 1.0 1.0 1.0 DFS Allocated Debt (3.0) (3.1) (3.7) Total Core Debt 2 13.0 17.0 16.3 Other 0.1 0.1 0.1 DFS Debt 8.7 8.9 8.8 DFS Allocated Debt 3.0 3.1 3.7 Total DFS Related Debt 11.7 12.0 12.5 Total Debt
Slide 32: DFS summary
DFS summary $ in billions 2Q25 3Q25 4Q25 1Q26 2Q26 Originations 1 2.4 1.6 2.5 1.6 2.4 Y/Y 5% (11)% — (14)% —% Trailing twelve months 8.5 8.3 8.4 8.1 8.1 Y/Y (11)% (8)% — (5)% (5)% Financing Receivables 2 11.1 10.9 11.2 11.4 12.0 Operating Leases 3 2.2 2.2 2.2 2.3 2.3 Total Managed Assets 4 14.8 14.7
Slide 33: Appendix C
S UP P L E ME NTA L NO N- G A A P ME A S URE S Appendix C 33 Copyright © Dell Inc. All Rights Reserved.
Slide 34: Supplemental non-GAAP measures
Supplemental non-GAAP measures Gross margin $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP gross margin 5,361 5,360 5,678 4,937 5,447 Amortization of intangibles 1 59 60 59 41 39 Stock-based compensation 38 39 37 39 37 Other corporate expenses 2 56 31 40 40 49 Total adjustments to gross margin 153 130
Slide 35: Supplemental non-GAAP measures
Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expense $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP selling, general, and administrative 3,189 2,894 2,746 2,964 2,889 Amortization of intangibles 1 (109) (108) (104) (85) (86) Stock-based co
Slide 36: Supplemental non-GAAP measures
Supplemental non-GAAP measures Operating income $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP operating income 1,392 1,721 2,159 1,165 1,773 Non-GAAP adjustments: Amortization of intangibles 1 168 168 163 126 125 Stock-based compensation 191 198 186 190 179 Other corporate expenses 2 333 165 166 185 2
Slide 37: Supplemental non-GAAP measures
Supplemental non-GAAP measures Interest and other $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP interest and other, net: Investment income, primarily interest 38 35 33 31 64 Gain (loss) on investments, net 5 46 156 17 4 Interest expense (387) (321) (343) (354) (399) Foreign exchange (13) (29) (32) (5)
Slide 38: Supplemental non-GAAP measures
Supplemental non-GAAP measures Income tax expense and net income $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP income tax expense 157 275 440 118 276 Total aggregate adjustment for income taxes 1 153 73 (21) 120 73 Non-GAAP income tax expense 310 348 419 238 349 GAAP net income 882 1,170 1,532 965 1,1
Slide 39: Supplemental non-GAAP measures
Supplemental non-GAAP measures Net income attributable to Dell Technologies Inc. $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP net income attributable to Dell Technologies Inc. 887 1,175 1,533 965 1,164 Amortization of intangibles 1 168 168 163 126 125 Stock-based compensation 191 198 186 190 179 Othe
Slide 40: Supplemental non-GAAP measures
Supplemental non-GAAP measures Earnings per share - basic and diluted $ in millions, except per share amounts 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP net income attributable to Dell Technologies Inc. 887 1,175 1,533 965 1,164 Weighted-average shares outstanding - basic 708 703 699 692 678 GAAP EPS attributabl
Slide 41: Supplemental non-GAAP measures
Supplemental non-GAAP measures Adjusted EBITDA $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 GAAP net income 882 1,170 1,532 965 1,164 Adjustments: Interest and other, net 353 276 187 82 333 Income tax provision 157 275 440 118 276 Depreciation and amortization 784 765 774 738 762 EBITDA 2,176 2,486 2,933
Slide 42: Adjusted free cash flow
Supplemental non-GAAP measures Adjusted free cash flow $ in millions 2Q25 3Q25 4Q25 1Q26 2Q26 Cash flow from operations 1,340 1,553 585 2,796 2,543 Adjustments: Capital expenditures and capitalized software development costs, net 1 (636) (639) (702) (568) (675) Free cash flow 704 914 (117) 2,228 1,8
Slide 43: Adjusted free cash flow
Supplemental non-GAAP measures Adjusted free cash flow $ in millions FY20 FY21 FY22 FY23 FY24 FY25 Cash flow from operations 9,291 11,407 10,307 3,565 8,676 4,521 Adjustments: Capital expenditures and capitalized software development costs, net 1 (2,553) (2,062) (2,755) (2,993) (2,753) (2,563) Free
Slide 44: Supplemental FY20 - FY25 non-GAAP Measures
Supplemental FY20 - FY25 non-GAAP Measures $ in millions, except per share amounts FY20 FY21 FY22 FY23 FY24 FY25 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 Net income from continuin
Slide 45: Appendix D
S UP P L E ME NTA L FI NA NCI A L S TATE ME NTS Appendix D 45 Copyright © Dell Inc. All Rights Reserved.
Slide 46: Balance Sheet
Balance Sheet Assets $ in millions 4Q25 1Q26 2Q26 Current assets: Cash and cash equivalents 3,633 7,700 8,145 Accounts receivable, net 10,298 9,785 15,023 Short-term financing receivables, net 5,304 5,381 5,952 Inventories, net 6,716 7,415 7,211 Other current assets 9,610 12,644 9,181 Current assets
Slide 47: Balance Sheet
Balance Sheet Liabilities and equity $ in millions 4Q25 1Q26 2Q26 Current liabilities: Short-term debt 5,204 4,845 7,154 Accounts payable 20,832 25,349 27,463 Accrued and other 6,597 6,321 6,486 Short-term deferred revenue 13,673 13,907 13,759 Current liabilities held for sale 221 — — Total current
Slide 48: Appendix E
G UI DA NCE Appendix E 48 Copyright © Dell Inc. All Rights Reserved.
Slide 49: Supplemental non-GAAP Measures
Supplemental non-GAAP Measures Financial guidance1 3Q26 FY26 $ in billions, except per share amounts Operating Operating Diluted Operating Operating Diluted expenses income EPS expenses income EPS GAAP guidance $3.4 $2.0 - $2.2 $1.97 - $2.17 $14.1 $7.6 - $8.0 $7.73 - $8.23 Estimated adjustments for:
Slide 50: Appendix F
E NDNO TE S Appendix F 50 Copyright © Dell Inc. All Rights Reserved.
Slide 51: Endnotes
Endnotes Page 15: PC Portfolio for the AI era 1 Based on internal testing using DVT1 pre-production samples, tested with Local Video Playback, comparing Dell 14 Plus with u7 LNL/FHD+/64Whr battery vs Inspiron 14 Plus with u7 MTL H/FHD+/64Whr battery. 2 Based on internal testing comparing Dell 16 Plu
Slide 52: Dell Technologies
D@LL Technologies