Slide 1: Q3 FY26 Performance Review
NOVEMBER 25, 2025 Q3 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: Q3 FY26 Overview
Q3 FY26 Strong operational execution leading to record Q3 results • Record Q3 revenue of $27.0B, up 11% Y/Y, driven by AI server shipments Overview • Diluted EPS of $2.28, up 39% Y/Y, and record Q3 non-GAAP diluted EPS1 of $2.59, up 17% Y/Y • ISG profitability improved sequentially to 12.4% driven b
Slide 5: Q3 Highlights
Q3 Highlights Strong operational execution with ISG and CSG combined growth of 13% Y/Y and 17% non-GAAP EPS growth1,2 $ in millions, except per share amounts 3Q26 Y/Y AI Opportunity Cash & Returns Revenue 27,005 11% Dell Operating Income 2,119 23% Booked $30B of AI-optimized Cash Flow from Operation
Slide 6: Cash flow and capital returns
Cash flow and capital returns We have returned $16.1B, ~97% of our adjusted FCF,1 since the inception of our dividend Fiscal Quarter CASH FLOW FROM TTM OPERATIONS $7.5B $7.1B $6.3B Solid CFOps Capital Return $5.5B $4.5B $1.2B -25% Y/Y $1.6B $0.6B $2.8B $2.5B $1.2B Cash Flow from Returned $1.6B of ca
Slide 7: Guidance and Key Assumptions
Guidance 4Q26 Guidance1 FY26 Guidance1 Revenue Non-GAAP Diluted EPS2 Revenue Non-GAAP Diluted EPS2 $31.5B ± $0.5B $3.50 ± $0.10 $111.7B ± $0.5B $9.92 ± $0.10 Up ~32% Y/Y Up ~31% Y/Y Up ~17% Y/Y Up ~22% Y/Y • Combined CSG and ISG growth of 34% Y/Y • Combined CSG and ISG growth of 20% Y/Y Key Assumpti
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 Q3 ISG revenue and consistent operating income growth $16.8B REVENUE +44% Y/Y $14.1B +24% Y/Y $11.4B $11.4B Sixth consecutive Storage profitability +34% Y/Y +22% Y/Y $10.3B $14.1B quarter of double-digit improved sequentially +12% Y/Y +24
Slide 10: AI-Optimized Servers
AI-Optimized Servers Pipeline continues to expand as largest at-scale players and enterprise adoption accelerate $25B Competitive Advantages ✓ Engineering Expertise $9.8B Optimizing solutions at the data center level 150%+ Y/Y ~$1.6B ~$0B 1H24 2H24 FY25 FY26E 1 ✓ Rapid Scale Deployment AI server shi
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 • Gained ~7 points of share over the past decade #3 34% 32% Server Share1 29% 31% 29% 30% 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 internationally and from small and medium businesses REVENUE $12.5B $12.5B $12.5B $12.1B $11.9B +5% Y/Y +1% Y/Y +3% Y/Y -1% Y/Y +1% Y/Y Strong Commercial $12.5B Five consecutive quarters of Y/Y revenue demand growth across
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% 6% 26% ⇧ ~3 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 $9.92 +15% 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 doubling over the last 5 fiscal years Value Creation Milestones Non-GAAP Diluted EPS & Other Non-GAAP Metrics FY21 15% CAGR $9.92 VMware spin-off Diluted EPS1 $8.14 Initiated Capital
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 Broad global Modern online and Workstations External Storage Extensive direct technology ecosystem consumption PC Mo
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 3Q25 4Q25 1Q26 2Q26 3Q26 Y/Y Q/Q Revenue 24,366 23,931 23,378 29,776 27,005 11% -9% Gross Margin 5,360 5,678 4,937 5,447 5,593 4% 3% Gross Margin as a % of Revenue 22.0% 23.7% 21.1% 18.3% 20.7% Selling, general, and administrative 2,8
Slide 25: Consolidated non-GAAP results
Consolidated non-GAAP results1 $ in millions, except per share amounts 3Q25 4Q25 1Q26 2Q26 3Q26 Y/Y Q/Q Revenue 24,366 23,931 23,378 29,776 27,005 11% -9% Gross Margin 5,490 5,814 5,057 5,572 5,686 4% 2% Gross Margin as a % of Revenue 22.5% 24.3% 21.6% 18.7% 21.1% Selling, general, and administrativ
Slide 26: Business units trending
Business units trending $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Y/Y Q/Q Revenue 24,366 23,931 23,378 29,776 27,005 11% -9% Dell Technologies Operating Income 1,721 2,159 1,165 1,773 2,119 23% 20% Non-GAAP Operating Income 1 2,252 2,674 1,666 2,284 2,503 11% 10% ISG + CSG Revenue 23,499 23,233 22,826
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 Revolver — — — — Senior Notes 15.1 19.1 19.1 21.6 Legacy Notes 1.0 1.0 1.0 1.0 DFS Allocated Debt (3.0) (3.1) (3.7) (4.7) Total Core Debt 2 13.0 17.0 16.3 17.9 Other 0.1 0.1 0.1 0.1 DFS Debt 8.7 8.9 8.8 8.9 DFS Allocated Debt 3.0 3.1 3.7 4.7 Total DFS
Slide 29: DFS summary
DFS summary $ in billions 3Q25 4Q25 1Q26 2Q26 3Q26 Originations 1 1.6 2.5 1.6 2.4 3.1 Y/Y -11% —% -14% —% 94% Trailing twelve months 8.3 8.4 8.1 8.1 9.6 Y/Y -8% —% -5% -5% 16% Financing Receivables 2 10.9 11.2 11.4 12.0 13.2 Operating Leases 3 2.2 2.2 2.3 2.3 2.4 Total Managed Assets 4 14.7 15.0 14.
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 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP gross margin 5,360 5,678 4,937 5,447 5,593 Amortization of intangibles 1 60 59 41 39 41 Stock-based compensation 39 37 39 37 38 Other corporate expenses 2 31 40 40 49 14 Total adjustments to gross margin 130 136
Slide 32: Supplemental non-GAAP measures
Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expense $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP selling, general, and administrative 2,894 2,746 2,964 2,889 2,722 Amortization of intangibles 1 (108) (104) (85) (86) (80) Stock-based com
Slide 33: Supplemental non-GAAP measures
Supplemental non-GAAP measures Operating income $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP operating income 1,721 2,159 1,165 1,773 2,119 Non-GAAP adjustments: Amortization of intangibles 1 168 163 126 125 121 Stock-based compensation 198 186 190 179 165 Other corporate expenses 2 165 166 185 207 9
Slide 34: Supplemental non-GAAP measures
Supplemental non-GAAP measures Interest and other $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP interest and other, net: Investment income, primarily interest 35 33 31 64 72 Gain (loss) on investments, net 46 156 17 4 173 Interest expense (321) (343) (354) (399) (396) Foreign exchange (29) (32) (5) (1
Slide 35: Supplemental non-GAAP measures
Supplemental non-GAAP measures Income tax expense and net income $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP income tax expense 275 440 118 276 393 Total aggregate adjustment for income taxes 1 73 (21) 120 73 (6) Non-GAAP income tax expense 348 419 238 349 387 GAAP net income 1,170 1,532 965 1,164 1
Slide 36: Supplemental non-GAAP measures
Supplemental non-GAAP measures Net income attributable to Dell Technologies Inc. $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP net income attributable to Dell Technologies Inc. 1,175 1,533 965 1,164 1,548 Amortization of intangibles 1 168 163 126 125 121 Stock-based compensation 198 186 190 179 165 Ot
Slide 37: Supplemental non-GAAP measures
Supplemental non-GAAP measures Earnings per share - basic and diluted $ in millions, except per share amounts 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP net income attributable to Dell Technologies Inc. 1,175 1,533 965 1,164 1,548 Weighted-average shares outstanding - basic 703 699 692 678 671 GAAP EPS attributa
Slide 38: Adjusted EBITDA
Supplemental non-GAAP measures Adjusted EBITDA $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 GAAP net income 1,170 1,532 965 1,164 1,548 Adjustments: Interest and other, net 276 187 82 333 178 Income tax provision 275 440 118 276 393 Depreciation and amortization 765 774 738 762 756 EBITDA 2,486 2,933 1,90
Slide 39: Adjusted free cash flow
Supplemental non-GAAP measures Adjusted free cash flow $ in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Cash flow from operations 1,553 585 2,796 2,543 1,172 Adjustments: Capital expenditures and capitalized software development costs, net 1 (639) (702) (568) (675) (666) Free cash flow 914 (117) 2,228 1,868 5
Slide 40: Adjusted free cash flow
Supplemental non-GAAP measures Adjusted free cash flow $ in millions FY21 FY22 FY23 FY24 FY25 Cash flow from operations 11,407 10,307 3,565 8,676 4,521 Adjustments: Capital expenditures and capitalized software development costs, net 1 (2,062) (2,755) (2,993) (2,753) (2,563) Free cash flow 9,345 7,5
Slide 41: 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 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
Balance Sheet Assets $ in millions 4Q25 1Q26 2Q26 3Q26 Current assets: Cash and cash equivalents 3,633 7,700 8,145 9,569 Accounts receivable, net 10,298 9,785 15,023 11,721 Short-term financing receivables, net 5,304 5,381 5,952 6,427 Inventories, net 6,716 7,415 7,211 6,949 Other current assets 9,6
Slide 44: Balance Sheet
Balance Sheet Liabilities and equity $ in millions 4Q25 1Q26 2Q26 3Q26 Current liabilities: Short-term debt 5,204 4,845 7,154 7,394 Accounts payable 20,832 25,349 27,463 23,794 Accrued and other 6,597 6,321 6,486 6,679 Short-term deferred revenue 13,673 13,907 13,759 12,649 Current liabilities held
Slide 45: Appendix E
G UI DA NCE Appendix E 45 Copyright © Dell Inc. All Rights Reserved.
Slide 46: Financial guidance
Supplemental non-GAAP Measures Financial guidance1 4Q26 FY26 $ in billions, except per share amounts Operating Operating Diluted Operating Operating Interest and other, Diluted expenses income EPS expenses income net EPS GAAP guidance $3.4 $2.8 - $3.0 $2.95 - $3.15 $14.3 $7.9 - $8.1 $1.0 $8.28 - $8.
Slide 47: Appendix F
E NDNO TE S Appendix F 47 Copyright © Dell Inc. All Rights Reserved.
Slide 48: Endnotes
Endnotes Page 4: Q3 FY26 Overview 1. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Page 5: Q3 Highlights 1. See supplemental slides in Appendix C for weighted average shares and EPS calculation. 2. See supplemental slid
Slide 49: Endnotes
Endnotes Page 13: Storage growth driven by data center modernization 1. IDC WW Quarterly Enterprise Storage Systems Quarterly Tracker, CY25Q2; IDC WW Converged Systems Quarterly Tracker, CY25Q2; IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY25Q2. 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 reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Non-GAAP diluted earnings per share, revenue, and operating income are presented on a continuing operatio
Slide 51: Dell Technologies
D@LL Technologies