Slide 1: Q1 FY27 Performance Review
MAY 2 8 , 2 0 2 6 Q1 FY27 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: Q1 FY27 Overview
Strong results driven by broad demand, differentiated supply chain, and pricing discipline Q1 FY27 • Record revenue of $43.8B, up 88% Y/Y, driven by growth across all our core businesses • Diluted EPS1 of $5.24, up 282% Y/Y, and record non-GAAP diluted EPS1,2 of $4.86, up 214% Y/Y Overview Continued
Slide 5: Q1 Highlights
Q1 Highlights Record revenue – up 88% Y/Y, record EPS1,2 – up 214%, and Q1 record cash flow due to demand and improved profitability $ in millions, except per share amounts 1Q27 Y/Y Revenue 43,842 88% AI Opportunity Cash & Returns Dell Operating Income 3,656 214% Strong AI server orders of Record Q1
Slide 6: Cash flow and capital returns
Cash flow and capital returns Record Q1 cash flow, $4.1B, and strong shareholder return, $2.1B Fiscal Quarter CASH FLOW FROM $12.5B TTM $11.2B OPERATIONS $7.5B $7.1B $6.3B Record Q1 CFOps Capital Return $4.1B $4.7B $4.1B $2.8B $2.5B $1.2B +46% Y/Y A Q1 record Cash Flow from Returned $2.1B of capital
Slide 7: Key Assumptions
Guidance 2Q27 Guidance1 FY27 Guidance1 Revenue Non-GAAP Diluted EPS2 Revenue Non-GAAP Diluted EPS2 $44.5B ± $0.5B $4.80 ± $0.10 $167.0B ± $2.0B $17.90 ± $0.25 Up ~50% Y/Y Up ~107% Y/Y Up ~47% Y/Y Up ~74% Y/Y • ISG revenue growth of ~75% Y/Y • ISG revenue growth of ~80% • AI Server revenue of ~$15.5B
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 $29.0B +181% Y/Y $19.6B Traditional server grew +92% Storage revenue grew +8% $16.8B +73% Y/Y $14.1B $29.0B Y/Y as demand remained Y/Y, driven by our fifth +44% Y/Y $10.3B +24% Y/Y +12% Y/Y
Slide 10: AI Optimized Servers
AI Optimized Servers AI pipeline remains exceptionally strong, underscored by broad-based demand Competitive Advantages Engineering Expertise ~2.4x Optimizing solutions at the data center level Y/Y 1 Rapid Scale Deployment Design to full installation to 1st token with exceptional pace FY27E AI serve
Slide 11: Dell PowerRack - built for AI and HPC giga-scale
Dell PowerRack - built for AI and HPC giga-scale The most diverse portfolio of rack-scale infrastructure, purpose-designed for turnkey deployment, unified management, and streamlined operations at-scale PowerRack PowerRack PowerRack Comprehensive integration service options - Datacenter assessment s
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 PC growth and share gain driven by robust demand from large enterprises $14.6B $13.5B +17% Y/Y +14% Y/Y REVENUE $12.5B $12.5B $12.5B +5% Y/Y +1% Y/Y +3% Y/Y +18% Y/Y Commercial growth, the seventh +9% Y/Y Consumer growth, $14.6B consecutive quarter of the third conse
Slide 16: #1 in Client revenue and expanding
#1 in Client revenue and expanding 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 27% 7% 28% ⇧ ~6 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 $8.14 $10.30 +16% CAGR • •
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 from dividend inception through FY26 (Non-GAAP) 5.5% CAGR (Non-GAAP) 16% CAGR $10.30 $7.5B Capital Return $113
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 Client Business Server #1 Modern online Workstations External Storage Extensive direct Broad global and consumption PC Monitors Purpose-Built
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 1Q26 2Q26 3Q26 4Q26 1Q27 Y/Y Q/Q Revenue 23,378 29,776 27,005 33,379 43,842 88% 31% Gross Margin 4,937 5,447 5,593 6,730 7,782 58% 16% Gross Margin as a % of Revenue 21.1% 18.3% 20.7% 20.2% 17.8% Selling, general, and administrative 2,9
Slide 25: Consolidated non-GAAP results
Consolidated non-GAAP results1 in millions, except per share amounts 1Q26 2Q26 3Q26 4Q26 1Q27 Y/Y Q/Q Revenue 23,378 29,776 27,005 33,379 43,842 88% 31% Gross Margin 5,057 5,572 5,686 6,844 7,947 57% 16% Gross Margin as a % of Revenue 21.6% 18.7% 21.1% 20.5% 18.1% Selling, general, and administrativ
Slide 26: Business units trending
Business units trending $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 Y/Y Q/Q Revenue 23,378 29,776 27,005 33,379 43,842 88% 31% Dell Operating Income 1,165 1,773 2,119 3,092 3,656 214% 18% Technologies Non-GAAP Operating Income 1 1,666 2,284 2,503 3,538 4,235 154% 20% ISG + CSG Revenue 22,826 29,303 26,58
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 1Q26 2Q26 3Q26 4Q26 1Q27 Revolver — — — — — Senior Notes 19.1 19.1 21.6 21.6 21.1 Legacy Notes 1.0 1.0 1.0 1.0 1.0 DFS Allocated Debt (3.1) (3.7) (4.7) (5.5) (5.3) Total Core Debt 2 17.0 16.3 17.9 17.0 16.7 Other 0.1 0.1 0.1 0.1 0.1 DFS Debt 8.9 8.8 8.9 9.1 9.3 DFS Alloc
Slide 29: DFS summary
DFS summary $ in billions 1Q26 2Q26 3Q26 4Q26 1Q27 Originations 1 1.6 2.4 3.1 4.8 2.8 Y/Y -14% — 94% 96% 71% Trailing twelve months 8.1 8.1 9.6 11.9 13.1 Y/Y -5% -5% 16% 42% 61% Financing Receivables 2 11.4 12.0 13.2 14.3 14.0 Operating Leases 3 2.3 2.3 2.4 2.5 2.7 Total Managed Assets 4 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
Supplemental non-GAAP measures Gross margin $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 GAAP gross margin 4,937 5,447 5,593 6,730 7,782 Amortization of intangibles 1 41 39 41 41 26 Stock-based compensation 39 37 38 43 44 Other corporate expenses 2 40 49 14 30 95 Total adjustments to gross margin 120 125
Slide 32: Supplemental non-GAAP measures
Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expenses $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 GAAP selling, general, and administrative 2,964 2,889 2,722 2,841 3,143 Amortization of intangibles 1 (85) (86) (80) (84) (71) Stock-based comp
Slide 33: Supplemental non-GAAP measures
Supplemental non-GAAP measures Operating income $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 GAAP operating income 1,165 1,773 2,119 3,092 3,656 Non-GAAP adjustments: Amortization of intangibles 1 126 125 121 125 97 Stock-based compensation 190 179 165 189 189 Other corporate expenses 2 185 207 98 132 293
Slide 34: Supplemental non-GAAP measures
Supplemental non-GAAP measures Interest and other $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 GAAP interest and other, net: Investment income, primarily interest 31 64 72 89 81 Gain on investments, net 17 4 173 60 631 Interest expense (354) (399) (396) (411) (391) Foreign exchange (5) (15) (37) (38) (17)
Slide 35: Supplemental non-GAAP measures
Supplemental non-GAAP measures Income tax expense and net income $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 GAAP income tax expense 118 276 393 540 510 Total aggregate adjustment for income taxes 1 120 73 (6) 33 191 Non-GAAP income tax expense 238 349 387 573 701 GAAP net income 965 1,164 1,548 2,259 3,
Slide 36: Adjusted EBITDA
Supplemental non-GAAP measures Adjusted EBITDA $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 GAAP net income 965 1,164 1,548 2,259 3,438 Adjustments: Interest and other, net 82 333 178 293 (292) Income tax provision 118 276 393 540 510 Depreciation and amortization 738 762 756 773 758 EBITDA 1,903 2,535 2,
Slide 37: Adjusted free cash flow
Supplemental non-GAAP measures Adjusted free cash flow $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 Cash flow from operations 2,796 2,543 1,172 4,674 4,081 Adjustments: Capital expenditures and capitalized software development costs, net 1 (568) (675) (666) (721) (963) Free cash flow 2,228 1,868 506 3,953
Slide 38: Adjusted 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 39: 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 40: Appendix D
S UP P L E ME NTA L FI NA NCI A L S TATE ME NTS Appendix D 40 Copyright © Dell Inc. All Rights Reserved.
Slide 41: Balance Sheet
Balance Sheet Assets $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 Current assets: Cash and cash equivalents 7,700 8,145 9,569 11,528 11,578 Accounts receivable, net 9,785 15,023 11,721 17,585 25,854 Short-term financing receivables, net 5,381 5,952 6,427 8,458 8,237 Inventories, net 7,415 7,211 6,949 10,4
Slide 42: Balance Sheet
Balance Sheet Liabilities and equity $ in millions 1Q26 2Q26 3Q26 4Q26 1Q27 Current liabilities: Short-term debt 4,845 7,154 7,394 7,990 7,550 Accounts payable 25,349 27,463 23,794 33,630 45,261 Accrued and other 6,321 6,486 6,679 8,315 8,594 Short-term deferred revenue 13,907 13,759 12,649 13,334 1
Slide 43: Appendix E
G UI DA NCE Appendix E 43 Copyright © Dell Inc. All Rights Reserved.
Slide 44: Supplemental non-GAAP Measures
Supplemental non-GAAP Measures Financial guidance1 2Q27 FY27 $ in billions, except per share amounts Diluted Diluted EPS EPS GAAP guidance $4.38 - $4.58 $17.06 - $17.56 Estimated adjustments for: Amortization of intangibles 2 0.15 0.59 Stock-based compensation 0.29 1.16 Other corporate expenses 3 —
Slide 45: Appendix F
E ND NO TE S Appendix F 45 Copyright © Dell Inc. All Rights Reserved.
Slide 46: Endnotes
Endnotes Page 4: Q1 FY27 Overview 1. See supplemental slides in Appendix A for weighted average shares and EPS calculation. 2. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 3. Per IDC WW Quarterly PC Device Tracker, CY2
Slide 47: Endnotes
Endnotes Page 12: Traditional server growth driven by data center modernization 1. IDC WW Quarterly Server Tracker, CY25Q4; Refers to Mainstream Core Server Revenue share and is based on x86, non-accelerated, and OEM vendor type and includes: Rackscale, Large System, Standard Rack Optimized, Tower,
Slide 48: Endnotes
Endnotes Page 19: Committed to long-term value creation 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
Slide 49: Dell Technologies
D@LL Technologies