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Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2024 Financial Results

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News summary

Fourth quarter revenue of $22.3 billion and full-year revenue of $88.4 billionFull-year operating income of $5.2 billion and non-GAAP operating income of $7.7 billionFull-year cash flow from operations of $8.7 billionFull-year diluted earnings per share of $4.36 and non-GAAP diluted earnings per share of $7.13Announcing a 20% increase in annual cash dividend to $1.78 per common share

ROUND ROCK, Texas, Feb. 29, 2024 /PRNewswire/ — 

Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2024 fourth quarter and full year. Fourth quarter revenue was $22.3 billion, down 11% year over year. Operating income was $1.5 billion and non-GAAP operating income was $2.1 billion, up 25% and down 1% year over year, respectively. Cash flow from operations was $1.5 billion. Diluted earnings per share was $1.59, and non-GAAP diluted earnings per share was $2.20, up 89% and 22% year over year, respectively.

Revenue for the year was $88.4 billion, down 14% from fiscal year 2023. Operating income was $5.2 billion and non-GAAP operating income was $7.7 billion, down 10% and 11% year over year, respectively. Cash flow from operations for the full year was $8.7 billion. Full-year diluted earnings per share was $4.36, and non-GAAP diluted earnings per share was $7.13, up 35% and down 6% year over year, respectively. 

Cash and investments were $9.0 billion, and Dell reached its core leverage target of 1.5x exiting the fiscal year. Dell is increasing its annual cash dividend by 20% to $1.78 per common share, with $0.445 per common share for the first quarterly distribution payable on May 3 to shareholders of record as of April 23.

“We generated $8.7 billion in cash flow from operations this fiscal year, returning $7 billion to shareholders since Q1 FY23,” said Yvonne McGill, chief financial officer, Dell Technologies. “We’re optimistic about FY25 and are increasing our annual dividend by 20% – a testament to our confidence in the business and ability to generate strong cash flow.”

Fourth Quarter Fiscal 2024 Financial Results

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

(in millions, except per share amounts and percentages; unaudited)

Net revenue

$         22,318

$          25,039

(11) %

$         88,425

$        102,301

(14) %

Operating income

$           1,491

$            1,189

25 %

$           5,211

$            5,771

(10) %

Net income

$           1,158

$               606

91 %

$           3,195

$            2,422

32 %

Earnings per share – diluted

$             1.59

$              0.84

89 %

$             4.36

$              3.24

35 %

Non-GAAP operating income

$           2,139

$            2,170

(1) %

$           7,678

$            8,637

(11) %

Non-GAAP net income

$           1,610

$            1,322

22 %

$           5,245

$            5,727

(8) %

Adjusted free cash flow

$           1,010

$            2,267

(55) %

$           5,607

$            1,533

266 %

Non-GAAP earnings per share – diluted

$             2.20

$              1.80

22 %

$             7.13

$              7.61

(6) %

Information about Dell Technologies’ use of non-GAAP financial information is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year-over-year unless otherwise noted.

Infrastructure Solutions Group (ISG) delivered fourth quarter revenue of $9.3 billion, up 10% sequentially and down 6% year over year. Servers and networking revenue was $4.9 billion, with sequential growth driven primarily by AI-optimized servers. Storage revenue was $4.5 billion, up 16% sequentially with demand strength across the portfolio. Operating income was $1.4 billion. Full-year ISG revenue was $33.9 billion, down 12% year over year, and full-year operating income was $4.3 billion, down 15% year over year.

Client Solutions Group (CSG) delivered fourth quarter revenue of $11.7 billion, down 5% sequentially and 12% year over year. Commercial client revenue was $9.6 billion, and Consumer revenue was $2.2 billion. Operating income was $726 million. Full-year CSG revenue was $48.9 billion, down 16% year over year, and full-year operating income was $3.5 billion, down 8% year over year.

“Our strong AI-optimized server momentum continues, with orders increasing nearly 40% sequentially and backlog nearly doubling, exiting our fiscal year at $2.9 billion,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “We’ve just started to touch the AI opportunities ahead of us, and we believe Dell is uniquely positioned with our broad portfolio to help customers build GenAI solutions that meet performance, cost and security requirements.”

Dell continues to expand its portfolio to help customers meet their performance, cost and security requirements across clouds, on premises and at the edge:

Expanded the Dell Generative AI Solutions portfolio with support for the AMD Instinct™ MI300X accelerator in Dell PowerEdge XE9680 servers and the new Dell Validated Design for Generative AI with AMD ROCm™ powered AI frameworks.Introduced new enterprise data storage advancements and planned validation with the NVIDIA DGX SuperPOD AI infrastructure, helping customers quickly access data for AI workloads with Dell PowerScale systems.Announced Dell will have the broadest portfolio of commercial AI laptops and mobile workstations, which feature built-in AI acceleration with the addition of the neural processing unit (NPU). New XPS systems also feature the NPU, helping to improve performance, productivity and collaboration.Forged partnership with Nokia to serve as its preferred infrastructure partner for Nokia AirFrame customers, transitioning them to Dell PowerEdge servers with Dell global services and support. Dell will also offer Nokia’s Digital Automation Cloud solution with Dell NativeEdge to provide a comprehensive, scalable solution for enterprises.

Operating Segments Results

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$     4,857

$    4,940

(2) %

$    17,624

$  20,398

(14) %

Storage

4,475

4,965

(10) %

16,261

17,958

(9) %

Total ISG net revenue

$     9,332

$    9,905

(6) %

$    33,885

$  38,356

(12) %

Operating Income:

ISG operating income

$     1,428

$    1,543

(7) %

$      4,286

$    5,045

(15) %

% of ISG net revenue

15.3 %

15.6 %

12.6 %

13.2 %

% of total reportable segment operating income

66 %

70 %

55 %

57 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$     9,563

$  10,697

(11) %

$    39,814

$  45,556

(13) %

Consumer

2,152

2,664

(19) %

9,102

12,657

(28) %

Total CSG net revenue

$   11,715

$  13,361

(12) %

$    48,916

$  58,213

(16) %

Operating Income:

CSG operating income

$        726

$       671

8 %

$      3,512

$    3,824

(8) %

% of CSG net revenue

6.2 %

5.0 %

7.2 %

6.6 %

% of total reportable segment operating income

34 %

30 %

45 %

43 %

Conference call information
As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Feb. 29 at 3:30 p.m. CST. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to financial guidance may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/news-events/upcoming-events 

For those unable to listen to the live broadcast, the final remarks and presentation with financial guidance will be available following the broadcast, and an archived version will be available at the same location for one year.

Environmental, Social and Governance (ESG)
Our Environmental, Social and Governance (ESG) efforts focus on driving positive impact for people and our planet while delivering long-term value for our stakeholders. ESG resources can be accessed at https://www.dell.com/en-us/dt/corporate/social-impact/reporting/esg-governance.htm 

About Dell Technologies
Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry’s broadest and most innovative technology and services portfolio for the data era.

Copyright © 2024 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.

Non-GAAP Financial Measures:
This press release presents information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow, and adjusted free cash flow which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

Special Note on Forward-Looking Statements:
Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes.

Dell Technologies’ results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: adverse global economic conditions and instability in financial markets; competitive pressures; Dell Technologies’ reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies’ ability to achieve favorable pricing from its vendors; Dell Technologies’ execution of its strategy; Dell Technologies’ ability to manage solutions and products and services transitions in an effective manner; Dell Technologies’ ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies’ ability to successfully execute on strategic initiatives including acquisitions, divestitures or cost savings measures; Dell Technologies’ foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies’ product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies’ sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; adverse economic conditions and the effect of additional regulation on Dell Technologies’ financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies’ ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies’ infrastructure; Dell Technologies’ ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; expectations relating to environmental, social and governance (ESG) considerations; compliance requirements of changing environmental and safety laws, human rights laws, or other laws; the effect of armed hostilities, terrorism, natural disasters, or public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; Dell Technologies’ dependence on the services of Michael Dell and key employees; Dell Technologies’ level of indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies’ quarterly cash dividend policy and dividend rate.

This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies’ annual report on Form 10-K for the fiscal year ended February 3, 2023, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

DELL TECHNOLOGIES INC.

Consolidated Statements of Income and Related Financial Highlights

(in millions, except percentages; unaudited)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

Net revenue:

Products

$   16,149

$  19,038

(15) %

$   64,353

$  79,250

(19) %

Services

6,169

6,001

3 %

24,072

23,051

4 %

Total net revenue

22,318

25,039

(11) %

88,425

102,301

(14) %

Cost of net revenue:

Products

13,393

15,748

(15) %

53,316

66,029

(19) %

Services

3,609

3,535

2 %

14,240

13,586

5 %

Total cost of net revenue

17,002

19,283

(12) %

67,556

79,615

(15) %

Gross margin

5,316

5,756

(8) %

20,869

22,686

(8) %

Operating expenses:

Selling, general, and administrative

3,109

3,772

(18) %

12,857

14,136

(9) %

Research and development

716

795

(10) %

2,801

2,779

1 %

Total operating expenses

3,825

4,567

(16) %

15,658

16,915

(7) %

Operating income

1,491

1,189

25 %

5,211

5,771

(10) %

Interest and other, net

(203)

(266)

24 %

(1,324)

(2,546)

48 %

Income before income taxes

1,288

923

40 %

3,887

3,225

21 %

Income tax expense

130

317

(59) %

692

803

(14) %

Net income

1,158

606

91 %

3,195

2,422

32 %

Less: Net loss attributable to non-controlling interests

(2)

(8)

75 %

(16)

(20)

20 %

Net income attributable to Dell Technologies Inc.

$     1,160

$        614

89 %

$     3,211

$     2,442

31 %

Percentage of Total Net Revenue:

Gross margin

23.8 %

23.0 %

23.6 %

22.2 %

Selling, general, and administrative

13.9 %

15.1 %

14.5 %

13.9 %

Research and development

3.2 %

3.2 %

3.2 %

2.7 %

Operating expenses

17.1 %

18.3 %

17.7 %

16.6 %

Operating income

6.7 %

4.7 %

5.9 %

5.6 %

Income before income taxes

5.8 %

3.7 %

4.4 %

3.2 %

Net income

5.2 %

2.4 %

3.6 %

2.4 %

Income tax rate

10.1 %

34.3 %

17.8 %

24.9 %

Amounts are based on underlying data and may not visually foot due to rounding.

 

DELL TECHNOLOGIES INC.

Consolidated Statements of Financial Position

(in millions; unaudited)

February 2, 2024

February 3, 2023

ASSETS

Current assets:

Cash and cash equivalents

$                           7,366

$                           8,607

Accounts receivable, net of allowance of $71 and $78

9,343

12,482

Due from related party, net

378

Short-term financing receivables, net of allowance of $79 and $142

4,643

5,281

Inventories

3,622

4,776

Other current assets

10,957

10,827

Current assets held for sale

16

  Total current assets

35,947

42,351

Property, plant, and equipment, net

6,432

6,209

Long-term investments

1,316

1,518

Long-term financing receivables, net of allowance of $91 and $59

5,877

5,638

Goodwill

19,700

19,676

Intangible assets, net

5,701

6,468

Due from related party, net

440

Other non-current assets

7,116

7,311

Total assets

$                         82,089

$                         89,611

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$                           6,982

$                           6,573

Accounts payable

19,389

18,598

Due to related party

2,067

Accrued and other

6,805

8,874

Short-term deferred revenue

15,318

15,542

Total current liabilities

48,494

51,654

Long-term debt

19,012

23,015

Long-term deferred revenue

13,827

14,744

Other non-current liabilities

3,065

3,223

Total liabilities

84,398

92,636

Stockholders’ equity (deficit):

Total Dell Technologies Inc. stockholders’ equity (deficit)

(2,404)

(3,122)

Non-controlling interests

95

97

Total stockholders’ equity (deficit)

(2,309)

(3,025)

Total liabilities and stockholders’ equity

$                         82,089

$                         89,611

 

DELL TECHNOLOGIES INC.

Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

February 2,
2024

February 3,
2023

Cash flows from operating activities:

Net income

$             1,158

$                 606

$              3,195

$              2,422

Adjustments to reconcile net income to net cash provided by
operating activities:

375

2,108

5,481

1,143

Change in cash from operating activities

1,533

2,714

8,676

3,565

Cash flows from investing activities:

Purchases of investments

(29)

(7)

(172)

(108)

Maturities and sales of investments

76

17

226

116

Capital expenditures and capitalized software development
costs

(727)

(759)

(2,756)

(3,003)

Acquisition of businesses and assets, net

1

(70)

(126)

(70)

Other

10

23

45

41

Change in cash from investing activities

(669)

(796)

(2,783)

(3,024)

Cash flows from financing activities:

Proceeds from the issuance of common stock

2

10

5

Repurchases of common stock

(878)

(165)

(2,080)

(2,883)

Repurchases of common stock for employee tax withholdings

(18)

(18)

(372)

(398)

Payments of dividends and dividend equivalents

(261)

(236)

(1,072)

(964)

Proceeds from debt

871

3,700

7,775

12,479

Repayments of debt

(1,480)

(1,746)

(11,246)

(9,825)

Debt-related costs and other, net

(55)

(22)

(109)

(39)

Change in cash from financing activities

(1,819)

1,513

(7,094)

(1,625)

Effect of exchange rate changes on cash, cash
equivalents, and restricted cash

14

239

(186)

(104)

Change in cash, cash equivalents, and restricted cash

(941)

3,670

(1,387)

(1,188)

Cash, cash equivalents, and restricted cash at beginning of the
period

8,448

5,224

8,894

10,082

Cash, cash equivalents, and restricted cash at end of the
period

$             7,507

$              8,894

$              7,507

$              8,894

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited; continued on next page)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$      4,857

$    4,940

(2) %

$   17,624

$  20,398

(14) %

Storage

4,475

4,965

(10) %

16,261

17,958

(9) %

Total ISG net revenue

$      9,332

$    9,905

(6) %

$   33,885

$  38,356

(12) %

Operating Income:

ISG operating income

$      1,428

$    1,543

(7) %

$     4,286

$    5,045

(15) %

% of ISG net revenue

15.3 %

15.6 %

12.6 %

13.2 %

% of total reportable segment operating income

66 %

70 %

55 %

57 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$      9,563

$  10,697

(11) %

$   39,814

$  45,556

(13) %

Consumer

2,152

2,664

(19) %

9,102

12,657

(28) %

Total CSG net revenue

$    11,715

$  13,361

(12) %

$   48,916

$  58,213

(16) %

Operating Income:

CSG operating income

$         726

$       671

8 %

$     3,512

$    3,824

(8) %

% of CSG net revenue

6.2 %

5.0 %

7.2 %

6.6 %

% of total reportable segment operating income

34 %

30 %

45 %

43 %

Amounts are based on underlying data and may not visually foot due to rounding.

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited; continued)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

February 2,
2024

February 3,
2023

Reconciliation to consolidated net revenue:

Reportable segment net revenue

$           21,047

$           23,266

$           82,801

$           96,569

Other businesses (a)

1,269

1,770

5,614

5,721

Unallocated transactions (b)

2

3

10

11

Total consolidated net revenue

$           22,318

$           25,039

$           88,425

$         102,301

Reconciliation to consolidated operating income:

Reportable segment operating income

$             2,154

$             2,214

$             7,798

$             8,869

Other businesses (a)

(17)

(48)

(129)

(240)

Unallocated transactions (b)

2

4

9

8

Impact of purchase accounting (c)

(4)

(11)

(14)

(44)

Amortization of intangibles

(206)

(238)

(819)

(970)

Transaction-related expenses (d)

(3)

(6)

(12)

(22)

Stock-based compensation expense (e)

(203)

(228)

(878)

(931)

Other corporate expenses (f)

(232)

(498)

(744)

(899)

Total consolidated operating income

$             1,491

$             1,189

$             5,211

$             5,771

_________________

(a)

Other businesses consists of: 1) Dell’s resale of standalone VMware, Inc. products and services, “VMware Resale,” 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.

(b)

Unallocated transactions includes other corporate items that are not allocated to Dell Technologies’ reportable segments.

(c)

Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

(d)

Transaction-related expenses includes acquisition, integration, and divestiture related costs. From time to time, this category also may include transaction-related income related to divestitures of businesses or asset sales.

(e)

Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(f)

Other corporate expenses includes severance, impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, facilities action, and other costs.  

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

These tables present information about the Company’s non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow and adjusted free cash flow, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A detailed discussion of Dell Technologies’ reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures” in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC.

Selected Financial Measures

(in millions, except per share amounts and percentages; unaudited)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

Change

Net revenue (a)

$    22,318

$   25,039

(11) %

$    88,425

$  102,301

(14) %

Non-GAAP gross margin

$      5,468

$     5,971

(8) %

$    21,444

$    23,427

(8) %

% of non-GAAP net revenue

24.5 %

23.8 %

24.3 %

22.9 %

Non-GAAP operating expenses

$      3,329

$     3,801

(12) %

$    13,766

$    14,790

(7) %

% of non-GAAP net revenue

14.9 %

15.1 %

15.6 %

14.5 %

Non-GAAP operating income

$      2,139

$     2,170

(1) %

$      7,678

$      8,637

(11) %

% of non-GAAP net revenue

9.6 %

8.7 %

8.7 %

8.4 %

Non-GAAP net income

$      1,610

$     1,322

22 %

$      5,245

$      5,727

(8) %

% of non-GAAP net revenue

7.2 %

5.3 %

5.9 %

5.6 %

Non-GAAP earnings per share – diluted

$        2.20

$       1.80

22 %

$        7.13

$        7.61

(6) %

____________________

(a)

Effective in the first quarter of Fiscal 2023, non-GAAP net revenue no longer differs from net revenue, the most comparable GAAP financial measure.

Amounts are based on underlying data and may not visually foot due to rounding.

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued on next page)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

%
Change

Gross margin

$         5,316

$         5,756

(8) %

$       20,869

$       22,686

(8) %

Non-GAAP adjustments:

Amortization of intangibles

84

99

331

414

Impact of purchase accounting

2

Stock-based compensation expense

37

40

149

152

Other corporate expenses

31

76

95

173

Non-GAAP gross margin

$         5,468

$         5,971

(8) %

$       21,444

$       23,427

(8) %

Operating expenses

$         3,825

$         4,567

(16) %

$       15,658

$       16,915

(7) %

Non-GAAP adjustments:

Amortization of intangibles

(122)

(139)

(488)

(556)

Impact of purchase accounting

(4)

(11)

(14)

(42)

Transaction-related expenses

(3)

(6)

(12)

(22)

Stock-based compensation expense

(166)

(188)

(729)

(779)

Other corporate expenses

(201)

(422)

(649)

(726)

Non-GAAP operating expenses

$         3,329

$         3,801

(12) %

$       13,766

$       14,790

(7) %

Operating income

$         1,491

$         1,189

25 %

$         5,211

$         5,771

(10) %

Non-GAAP adjustments:

Amortization of intangibles

206

238

819

970

Impact of purchase accounting

4

11

14

44

Transaction-related expenses

3

6

12

22

Stock-based compensation expense

203

228

878

931

Other corporate expenses

232

498

744

899

Non-GAAP operating income

$         2,139

$         2,170

(1) %

$         7,678

$         8,637

(11) %

Net income

$         1,158

$            606

91 %

$         3,195

$         2,422

32 %

Non-GAAP adjustments:

Amortization of intangibles

206

238

819

970

Impact of purchase accounting

4

11

14

44

Transaction-related (income) expenses

(5)

(14)

49

(16)

Stock-based compensation expense

203

228

878

931

Other corporate expenses

232

392

744

1,812

Fair value adjustments on equity investments

(83)

9

(47)

206

Aggregate adjustment for income taxes

(105)

(148)

(407)

(642)

Non-GAAP net income

$         1,610

$         1,322

22 %

$         5,245

$         5,727

(8) %

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(unaudited; continued)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

%
Change

Earnings per share attributable to Dell
Technologies, Inc. – diluted

$           1.59

$           0.84

89 %

$           4.36

$           3.24

35 %

Non-GAAP adjustments:

Amortization of intangibles

0.28

0.32

1.11

1.29

Impact of purchase accounting

0.01

0.01

0.02

0.06

Transaction-related (income) expenses     

(0.01)

(0.02)

0.07

(0.02)

Stock-based compensation expense

0.28

0.31

1.19

1.24

Other corporate expenses

0.32

0.53

1.01

2.41

Fair value adjustments on equity
investments

(0.11)

0.01

(0.06)

0.27

Aggregate adjustment for income taxes

(0.15)

(0.19)

(0.55)

(0.86)

Total non-GAAP adjustments attributable
to non-controlling interests

(0.01)

(0.01)

(0.02)

(0.02)

Non-GAAP earnings per share
attributable to Dell Technologies, Inc. –
diluted

$           2.20

$           1.80

22 %

$           7.13

$           7.61

(6) %

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

%
Change

Cash flow from operations

$          1,533

$          2,714

(44) %

$          8,676

$          3,565

143 %

Non-GAAP adjustments:

Capital expenditures and capitalized
software development costs, net (a)     

(727)

(749)

(2,753)

(2,993)

Free cash flow

$             806

$          1,965

(59) %

$          5,923

$             572

935 %

Free cash flow

$            806

$          1,965

(59) %

$          5,923

$             572

935 %

Non-GAAP adjustments:

DFS financing receivables (b)

136

175

(309)

461

DFS operating leases (c)

68

127

(7)

500

Adjusted free cash flow

$          1,010

$          2,267

(55) %

$          5,607

$          1,533

266 %

____________________

(a)

Capital expenditures and capitalized software development costs is net of proceeds from sales of facilities, land, and other assets.

(b)

DFS financing receivables represents the operating cash flow impact from the change in financing receivables.

(c)

DFS operating leases represents the change in net carrying value of equipment for DFS operating leases.

 

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TCL Solar: Powering Pakistan with advanced solar module innovation

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LAHORE, Pakistan, April 19, 2026 /PRNewswire/ — TCL Solar made a strong impact at this year’s Solar Pakistan exhibition (17th-19th April, at Expo Centre Lahore) by unveiling a range of advanced solar solutions designed to meet the growing demand for low-carbon energy in South Asia and the Middle East.

The new T5 Pro solar module represents a major leap in N-type TOPCon technology, delivering breakthroughs in both conversion efficiency and power output. It is designed to be the new flagship product in the industry, offering enhanced performance and long-term value.

Key Highlights of the T5 Pro:

A unique product design: The T5 Pro specificity remains in its design architecture, with an overlapping tri-cut cell construction. This innovative structure significantly boosts the module’s performance, ensuring superior output and higher energy yield.

Product Reliability: The T5 Pro’s low-current technology ensures precise temperature control, with hotspot temperatures up to 45°C lower than conventional modules. This reduces the risk of fire hazards and improves overall module longevity. The module has also passed rigorous reliability tests, making it ideal for diverse applications, including commercial rooftops and ground-mounted power stations.

Customer Value: By enhancing energy generation and reducing project lifecycle costs, the T5 Pro provides a high return on investment for both residential and commercial solar applications.

TCL Solar’s Lightweight Module: Optimized for C&I Rooftops

TCL Solar’s Lightweight Module addresses the specific challenges faced by commercial and industrial (C&I) rooftops, particularly in areas with limited load-bearing capacity.

Improved Power Output: Weighing only 5.4 kg/m², these modules generate 3-6% more power compared to traditional TOPCon modules, offering a highly efficient solution for weight-sensitive environments.

Superior Heat Dissipation: The ultra-thin glass design enhances heat dissipation, lowers operating temperatures and reduces overall weight and making the modules ideal for aging rooftops or structures with limited structural integrity.

Building on the momentum at Solar Pakistan 2026, TCL SOLAR and TAIMOOR TRADING CO. have signed a Memorandum of Understanding (MOU), marking a key step in advancing solar energy solutions. This partnership aims to expand clean power access and drive sustainable development across Pakistan and beyond, with a shared focus on innovation and a low-carbon future.

Focusing on innovation, efficiency, and reduced environmental impact, TCL Solar continues to lead the way in solar technology in Pakistan and across the region, providing solutions that meet today’s energy needs while enabling measurable emissions reductions across the energy value chain.

As Pakistan embraces renewable energy, TCL Solar’s cutting-edge technologies will help drive the growth of low-carbon energy in South Asia and the Middle East.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tcl-solar-powering-pakistan-with-advanced-solar-module-innovation-302746579.html

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TCL Solar: Powering Pakistan with advanced solar module innovation

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LAHORE, Pakistan, April 19, 2026 /PRNewswire/ — TCL Solar made a strong impact at this year’s Solar Pakistan exhibition (17th-19th April, at Expo Centre Lahore) by unveiling a range of advanced solar solutions designed to meet the growing demand for low-carbon energy in South Asia and the Middle East.

The new T5 Pro solar module represents a major leap in N-type TOPCon technology, delivering breakthroughs in both conversion efficiency and power output. It is designed to be the new flagship product in the industry, offering enhanced performance and long-term value.

Key Highlights of the T5 Pro:

A unique product design: The T5 Pro specificity remains in its design architecture, with an overlapping tri-cut cell construction. This innovative structure significantly boosts the module’s performance, ensuring superior output and higher energy yield.

Product Reliability: The T5 Pro’s low-current technology ensures precise temperature control, with hotspot temperatures up to 45°C lower than conventional modules. This reduces the risk of fire hazards and improves overall module longevity. The module has also passed rigorous reliability tests, making it ideal for diverse applications, including commercial rooftops and ground-mounted power stations.

Customer Value: By enhancing energy generation and reducing project lifecycle costs, the T5 Pro provides a high return on investment for both residential and commercial solar applications.

TCL Solar’s Lightweight Module: Optimized for C&I Rooftops

TCL Solar’s Lightweight Module addresses the specific challenges faced by commercial and industrial (C&I) rooftops, particularly in areas with limited load-bearing capacity.

Improved Power Output: Weighing only 5.4 kg/m², these modules generate 3-6% more power compared to traditional TOPCon modules, offering a highly efficient solution for weight-sensitive environments.

Superior Heat Dissipation: The ultra-thin glass design enhances heat dissipation, lowers operating temperatures and reduces overall weight and making the modules ideal for aging rooftops or structures with limited structural integrity.

Building on the momentum at Solar Pakistan 2026, TCL SOLAR and TAIMOOR TRADING CO. have signed a Memorandum of Understanding (MOU), marking a key step in advancing solar energy solutions. This partnership aims to expand clean power access and drive sustainable development across Pakistan and beyond, with a shared focus on innovation and a low-carbon future.

Focusing on innovation, efficiency, and reduced environmental impact, TCL Solar continues to lead the way in solar technology in Pakistan and across the region, providing solutions that meet today’s energy needs while enabling measurable emissions reductions across the energy value chain.

As Pakistan embraces renewable energy, TCL Solar’s cutting-edge technologies will help drive the growth of low-carbon energy in South Asia and the Middle East.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tcl-solar-powering-pakistan-with-advanced-solar-module-innovation-302746579.html

SOURCE TCL Solar

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BREAKTHROUGH PRIZE ANNOUNCES 2026 LAUREATES

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Six $3 Million Prizes Awarded for Outstanding Discoveries in Life Sciences, Fundamental Physics and Mathematics

Gene Therapies for Inherited Blindness, Sickle Cell Disease and Beta-Thalassemia

Discovery of Key Genetic Cause of ALS and Frontotemporal Dementia

Precision Measurement of Muon’s Magnetic Moment

Advances in Mathematics of Waves and Nonlinear Systems

Special Prize for Pioneer of Theory of Strong Nuclear Force

Breakthrough Prize in Life Sciences Awarded to Jean Bennett, Katherine A. High and Albert Maguire; Stuart H. Orkin and Swee Lay Thein; Rosa Rademakers and Bryan Traynor

Breakthrough Prize in Mathematics Awarded to Frank Merle

Breakthrough Prize in Fundamental Physics Awarded to Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab

Special Breakthrough Prize in Fundamental Physics Awarded to David J. Gross

Inaugural Vera Rubin New Frontiers Prize Awarded to Carolina Figueiredo

Six New Horizons Prizes Awarded for Early-Career Achievements in Physics and Mathematics

Three Maryam Mirzakhani New Frontiers Prizes Awarded to Women Mathematicians for Early-Career Work

Laureates to be Celebrated Tonight at Breakthrough Prize Ceremony in Los Angeles

LOS ANGELES, April 19, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced the winners of the 2026 Breakthrough Prizes, honoring scientists whose discoveries are significantly driving growth of human knowledge. In the Life Sciences, their work has led to gene therapies for three devastating diseases – inherited blindness, sickle cell disease and beta-thalassemia, and identified a key genetic cause of two more – ALS and frontotemporal dementia. In Physics and Mathematics, they have constructed theories of the fundamental forces of nature and probed them to mind-blowing precision, and revealed deep truths about the mathematical behavior of waves.

The Breakthrough Prizes – popularly known as the “Oscars® of Science” – were created to celebrate the wonders of our scientific age. Co-founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki, the prizes are now in their 14th year.

This year, six Breakthrough Prizes of $3 million each were awarded. In addition, the Foundation recognized 15 early-career physicists and mathematicians, who share six $100,000 New Horizons Prizes. Three women mathematicians recently completing PhDs each receives a $50,000 Maryam Mirzakhani New Frontiers Prize.

This year’s prize money totals $18.75 million, bringing the amount conferred over the 15 years of the Breakthrough Prize to more than $340 million.

“This year’s laureates show what great science can do — deepen our understanding of the world and lead to discoveries that improve millions of lives,” said Mark Zuckerberg and Dr. Priscilla Chan, founders of Biohub. “We’re proud to recognize their work.”

“The brilliant scientists who win the Breakthrough Prize,” said Yuri Milner, co-founder of Breakthrough Prize Foundation, “Are building a cathedral of knowledge on foundations laid down by the giants who came before them. We owe our civilization – and its future – to them.”

Breakthrough Prize in Life Sciences

Jean Bennett, Katherine A. High and Albert Maguire share the Breakthrough Prize in Life Sciences. This prize recognizes work that led to the first FDA–approved gene replacement therapy. It has transformed the lives of people born with Leber congenital amaurosis, a rare inherited retinal disease that usually results in total blindness in early adulthood, enabling children who had been going blind to gain their independence, attend regular schools, play outside at night, and in some cases even qualify for driver’s licenses. The therapy replaces the defective RPE65 gene, which produces a malfunctioning version of a protein critical to the visual cycle – the process by which the retina responds to light. The husband-and-wife team of molecular biologist Bennett and ophthalmic surgeon Maguire invented and developed the therapy from first conception to an effective treatment in animal models (including restoring sight to a number of Swedish Briard dogs which they went on to adopt). In 2005, High, a physician-scientist at Children’s Hospital of Philadelphia (CHOP) invited Bennett and Maguire to collaborate on a human trial. High’s laboratory and clinical gene therapy expertise proved crucial in the development of the approved drug, including gaining regulatory approval to conduct the initial clinical trials, and in directing the production and characterization of high-quality viral vector preparations used to introduce the replacement gene. The three physician-scientists worked together to design the pivotal trial, including developing and validating a novel clinical endpoint to measure the vector’s clinical effect.

Nearly all eligible Leber congenital amaurosis patients with RPE65 mutations in the United States have now been treated, and many others around the world are now gaining access to the therapy. The benefits have proved durable, with patients treated over a decade ago maintaining stable vision improvements. More broadly, this discovery demonstrated that the technology could work safely and effectively, establishing regulatory pathways and manufacturing approaches that opened the door to gene therapy approvals for a range of genetic diseases. Since their pioneering work, hundreds of trials, including over 100 retinal gene therapy trials have been conducted, with more than half a dozen currently in late-stage clinical testing.

Stuart H. Orkin and Swee Lay Thein share the Breakthrough Prize in Life Sciences. Their research transformed the devastating blood disorders sickle cell disease and beta-thalassemia from incurable to treatable conditions through gene editing therapy.

In beta-thalassemia the body fails to produce enough healthy hemoglobin; while in sickle cell disease, defective hemoglobin causes red blood cells to become stiff, sticky and sickle-shaped. But people who produce elevated levels of fetal form of hemoglobin as adults, rather than switching entirely to adult hemoglobin, have much milder forms of the diseases. This presented a tantalizing possibility for translational medicine: genetically switching fetal hemoglobin production back on, and so mitigating disease symptoms. Thein mapped the trait of persistent fetal hemoglobin production to chromosome 2, and subsequently identified the gene BCL11A as the key genetic player. Orkin demonstrated that BCL11A functions as the master repressor of fetal hemoglobin, shutting down its production after birth, and that inactivating it restored fetal hemoglobin production in mice and eliminated sickle cell disease symptoms. His laboratory identified a specific DNA enhancer region that controls BCL11A expression itself, but crucially only in red blood cells, providing a precise and safe target for therapeutic intervention without affecting other cells.

The translation of these discoveries into a CRISPR-based gene therapy (Casgevy) that edits this enhancer region in patients’ own blood stem cells resulted in the first CRISPR-based medicine approved for any disease. This work has revolutionized treatment for sickle cell disease and beta-thalassemia, providing a potentially curative one-time therapy for conditions affecting millions worldwide.

Rosa Rademakers and Bryan Traynor independently solved a decades-old mystery in neurodegenerative disease by discovering the most common genetic cause of both amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, and frontotemporal dementia (FTD), the second leading cause of early-onset dementia. Through multi-year, international collaborations, they collected large-scale data from families where both ALS and FTD appeared together; and through painstaking genetic analysis they zeroed in on a key genetic trigger for both diseases. In 2011, their labs simultaneously identified a mutation in the C9orf72 gene. It is an expansion mutation – a repeat of the same six-letter sequence of DNA, occurring hundreds to thousands of times in affected individuals.

The discovery represents a landmark moment in the study of these diseases. This single mutation explains about a third of familial cases of both diseases in European populations, as well as more than five percent of cases in patients with no family history of the diseases. It sheds light on the disease mechanisms, pointing in particular to multiple effects of toxic RNA and proteins in brain cells. It has established ALS and FTD – previously considered two largely separate disorders – on a disease spectrum, sharing risk factors and molecular causes. And perhaps most significantly it has enabled genetic testing for affected families, and opened new pathways for the development of treatments for these currently incurable diseases – including at least two therapies currently undergoing clinical trials. While ALS and FTD remain incurable, thanks to the C9orf72 discovery they are now conditions with plausible molecular causes and promising therapeutic targets.

Breakthrough Prize in Mathematics

Frank Merle’s work has significantly advanced the modern understanding of nonlinear evolution equations – the mathematical descriptions of how waves, fluids, and other dynamic systems change over time. His work has a particular focus on singularities: points where solutions to the equations surge to infinity. Alone and in collaborations, he has solved several fundamental problems, including proving that certain equations long thought to be well-behaved actually “blow up” – become infinite – in finite time.

Working on the soliton resolution conjecture (which predicts that any wave disturbance will eventually decompose into a set of stable, shape-preserving waves), Merle and Carlos Kenig, joined later by Thomas Duyckaerts, developed the powerful channels of energy technique coupled with the concentration compactness method. With Yvan Martel and Pierre Raphael, he revealed how singularities form in the KdV type equation (which describes various wave phenomena from shallow waves to rogue waves). Perhaps most remarkable is his work on the nonlinear version of the famous Schrödinger equation from quantum physics. In early work, he made a complete classification of all the ways this equation’s solutions can blow up. Later he proved, with Pierre Raphael, Igor Rodnianski, and Jérémie Szeftel, that the defocusing version of the equation – long believed to be inherently stable – can in fact blow up in finite time. This highly surprising result exploited an unexpected connection to fluid dynamics: it helped to resolve a major open problem, identifying smooth solutions to the compressible Euler and Navier-Stokes equations where the fluid’s density and velocity become infinite – representing a complete breakdown of the fluid description. Throughout his career, Merle’s insights have overturned fundamental assumptions in the field, forged deep connections between mathematics and physics, and opened new avenues toward some of the most celebrated unsolved problems.

Breakthrough Prize in Fundamental Physics

Across more than six decades, scientists and engineers from three “muon g-2” collaborations, representing dozens of institutions, have pushed experimental precision ever higher in pursuit of a single, very significant number: the anomalous magnetic moment of the muon. The muon is a heavy, unstable cousin of the electron, and like the electron it can behave like a tiny magnet. The physicists are looking to capture how the muon’s magnetic strength is subtly affected by the “foam” of virtual particles constantly popping in and out of empty space around it. Measuring the muon’s magnetism and comparing it to theoretical predictions allows physicists to test whether any unknown particles or forces are hidden in this foam. In other words, to probe for new physics beyond the Standard Model, our most successful theory of particles and forces.

The CERN collaboration’s pioneering storage ring experiments of the 1960s and 1970s first measured the anomalous magnetic moment with meaningful precision. Then in the 1990s, Brookhaven National Laboratory’s reimagining of the experiment achieved a major improvement in precision. And after the audacious transportation of Brookhaven’s 50-ton, 15-meter-diameter storage ring 3,200 miles by road and barge to Fermilab in 2013, the experiment was systematically refined to achieve a final precision of 127 parts per billion – a mind-boggling 30,000 times more precise than the first g-2 experiment in 1965. The results had shown a tantalizing discrepancy with the value predicted by theory; and in 2023, Fermilab’s new results pushed that discrepancy close to the threshold considered evidence for new physics. Since then, the final, even more precise results, compared to newly evolved theoretical calculations narrowed the gap, but considerable uncertainty remains for the moment. Whatever the final verdict, this experiment represents a remarkable theoretical, experimental and technological endeavor, achieving extraordinary precision in the quest for fundamental understanding.

Special Breakthrough Prize in Fundamental Physics

David J. Gross has been a leading figure in fundamental physics for six decades. In the early 1970s, there was a gap in quantum field theory, our best theory of particles and forces. The theory could not describe or accurately predict the strong nuclear force, which holds the nucleus of the atom together. But in 1973, Gross and his graduate student Frank Wilczek (as well as, independently, David Politzer) solved the mystery. They discovered that the strong force works the opposite way to familiar forces like gravity: it gets weaker as particles approach each other, but stronger as they move apart. This explained why quarks, the particles inside the atomic nucleus, can never escape or be observed in isolation, and it enabled the development of quantum chromodynamics – the theory of the strong force and the final foundation stone of the Standard Model of particle physics.

Gross has gone on to make seminal contributions across multiple areas of theoretical physics. For example, he and his collaborators developed a simplified quantum field theory that helped explain how particles can acquire mass; and developed new theoretical approaches attempting to unify all fundamental forces, including gravity, in a single framework known as heterotic string theory.

Alongside his theoretical work, Gross has a longstanding record of leadership in the physics community, in roles including Director of the Kavli Institute for Theoretical Physics, and President of the American Physical Society. He has helped establish physics institutes in India, China, and South America. He directed the Jerusalem Winter School in Theoretical Physics and chaired the Solvay Physics Conferences for the last 25 years. In 2025 he was one of the authors of an ambitious 40-year plan for physics on behalf of the National Academies of Sciences, Engineering, and Medicine. And over the course of his career, he has been a mentor to numerous brilliant students who became leaders themselves, passing on his vision of physics as a collaborative international endeavor.

Inaugural Vera Rubin New Frontiers Prize

A new physics prize, the Vera Rubin New Frontiers Prize, will be announced during the ceremony, along with the inaugural recipient, Carolina Figueiredo, from Princeton University. One $50,000 prize is awarded this year; from 2027 there will be 3 per year.

The prize is named in tribute to the great astronomer Vera Rubin, who discovered key evidence for dark matter, and in homage to whom NVIDIA’s new chip platform is named. The new prize recognizes women physicists within two years of their PhDs who have already made important contributions to science.

Carolina Figueiredo discovered that three apparently unrelated theories — two governing nuclear particles called gluons and pions, and the third describing particles in a “toy model” that does not describe the existing world — all forbid exactly the same set of particle collisions. This was a big surprise, as the three theories are quite different, with no reason to think they are connected. Figueiredo’s discovery revealed that the common behavior reflects a single underlying geometric structure: curves drawn on surfaces, within a framework now known as surfaceology. Intriguingly, this structure makes no reference to particles moving through space and time; yet it reproduces the predictions of conventional physics far more efficiently than the traditional approach, which tracks each particle’s movement through these dimensions. Figueiredo’s work thus advances – and perhaps brings closer to the real world – a broader program to reformulate the foundations of particle physics in purely geometric terms, with spacetime as an emergent phenomenon arising from a new set of principles.

New Horizons in Physics Prize

Benjamin R. Safdi has made wide-ranging contributions to the search for the axion, a hypothetical particle that would explain a long-standing puzzle about the strong nuclear force, and could account for the mysterious dark matter that makes up 85 percent of the Universe’s mass. He has proposed ingenious new strategies for detecting axion-like particles using observations of astronomical objects, from radio emissions of neutron stars to X-rays from white dwarfs.

Clay Córdova, Thomas Dumitrescu, Shu-Heng Shao, and Yifan Wang have discovered and developed the theory of “generalized symmetries” in quantum field theory. Symmetries have long been among the most powerful tools in physics. The work of these researchers has shown that the Standard Model of particle physics, as well as other quantum field theories, possess previously unrecognised symmetry structures. Their work has opened a broad new field with applications ranging from falsifying theories beyond the Standard Model to simulating fundamental particles on a lattice.

Dillon Brout, J. Colin Hill, Mathew Madhavacheril, Maria Vincenzi, Daniel Scolnic, and W. L. Kimmy Wu have gleaned powerful new results from the two most important tools for measuring the expansion and composition of the Universe: the cosmic microwave background (CMB) radiation left over from the Big Bang, and light from exploding stars known as Type Ia supernovae. Hill, Madhavacheril, and Wu have pushed analyses of CMB data beyond previous limits, producing the most precise tests to date of the standard cosmological model as well as of gravitational lensing of the CMB – the subtle bending of light from the early Universe by the matter it passes on its way to us. Meanwhile Brout, Scolnic, and Vincenzi built and analysed the largest modern supernova datasets – including Pantheon+, now the most cited supernova analysis in cosmology – delivering tight constraints on dark energy and the rate of expansion of the cosmos.

New Horizons in Mathematics Prize

Otis Chodosh has settled several questions in differential geometry that had been open since the 1970s and 1980s. With Chao Li, he proved a central conjecture in the field concerning a broad class of higher-dimensional spaces known as “aspherical manifolds.” With Christos Mantoulidis, he resolved a key problem in geometric analysis of minimal surfaces – surfaces that locally minimise their area, like soap films.

Vesselin Dimitrov and Yunqing Tang have solved long-standing problems in number theory that had resisted all previous approaches. With Frank Calegari, they proved the “unbounded denominators conjecture,” about a fundamental class of objects known as modular forms, using methods that surprised experts in the field. Most recently, again with Calegari, they proved the irrationality of a number related to a basic infinite series – the first result of its kind since Apéry’s celebrated work forty-five years ago.

Hong Wang has resolved or made advances on a family of notoriously difficult problems in harmonic analysis – a branch of mathematics that studies functions by decomposing them into fundamental components. With Josh Zahl, she proved the Kakeya conjecture in three dimensions, one of the most famous open problems in the field: it concerns how much space is needed to rotate a needle through every possible direction.

Maryam Mirzakhani New Frontiers Prize

Amanda Hirschi has produced a number of significant papers in symplectic topology, a field studying higher-dimensional surfaces with a geometric structure that generalises the mathematics of classical mechanics. With co-authors, she developed a powerful new framework that leads to major simplifications in the foundations of Gromov-Witten theory. Anna Skorobogatova has made notable contributions in geometric measure theory, which uses techniques from analysis to tackle geometric problems such as finding surfaces of minimal area. In a series of papers with collaborators, she resolved a long-standing question about the structure of singularities of area-minimising surfaces, completing a programme that spanned over sixty years. Mingjia Zhang works on higher-dimensional objects in number theory called Shimura varieties. She provided a way to better understand the geometry of Mantovan’s celebrated “product formula” in number theory.

Citations for 2026 Laureates

2026 Breakthrough Prize in Life Sciences

Jean Bennett, University of Pennsylvania

Katherine A. High, University of Pennsylvania, Children’s Hospital of Philadelphia, and Rockefeller University
Albert Maguire, University of Pennsylvania

For developing a therapy for inherited retinal degeneration that became the first FDA-approved gene therapy for a genetic disease.

Rosa Rademakers, VIB, University of Antwerp, and Mayo Clinic
Bryan Traynor, National Institute on Aging, National Institutes of Health

For the discovery of the most common genetic cause of ALS and frontotemporal dementia which charted the path for new mechanistic studies of these diseases.

Stuart H. Orkin, Boston Children’s Hospital, Dana-Farber Cancer Institute, Harvard Medical School, and Howard Hughes Medical Institute
Swee Lay Thein, National Heart, Lung and Blood Institute, National Institutes of Health

For elucidating the mechanism driving the switch from fetal to adult hemoglobin and validating it as a therapeutic target for sickle-cell disease and beta-thalassemia.

2026 Breakthrough Prize in Mathematics

Frank Merle, CY Cergy Paris Université and Institut des Hautes Études Scientifiques

For breakthroughs in nonlinear evolution equations, with regards to their stability, singularity formation, or resolution into solitons.

2026 Breakthrough Prize in Fundamental Physics

The Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab

For multi-decade, groundbreaking contributions to the measurement of the muon’s anomalous magnetic moment, pushing the boundaries of experimental precision and igniting a new era in the quest for physics beyond the Standard Model.

2026 Special Breakthrough Prize in Fundamental Physics

David J. Gross, Kavli Institute for Theoretical Physics, University of California, Santa Barbara

For a lifetime of groundbreaking contributions to theoretical physics, from the strong force to string theory, and for tireless advocacy for basic science worldwide.

2026 Vera Rubin New Frontiers Prize

Carolina Figueiredo, Princeton University

For contributions to the geometric structure of scattering amplitudes, revealing hidden relations among quantum field theories.

2026 Maryam Mirzakhani New Frontiers Prize

Amanda Hirschi, IMJ-PRG, Sorbonne Université

For contributions to symplectic topology.

Anna Skorobogatova, Clay Research Fellow and ETH Zürich

For contributions to geometric measure theory.

Mingjia Zhang, Princeton University and Institute for Advanced Study

For contributions to the theory of Shimura varieties.

2026 New Horizons in Mathematics Prize

Otis Chodosh, Stanford University

For contributions to differential geometry and the calculus of variations, including work on minimal surfaces and manifolds with positive scalar curvature.

Hong Wang, Institut des Hautes Études Scientifiques and New York University

For work in harmonic analysis, partial differential equations, and geometric measure theory, including the local smoothing conjecture, Furstenberg set conjecture, and the Kakeya conjecture.

Vesselin Dimitrov, Caltech
Yunqing Tang, University of California, Berkeley

For work in Diophantine geometry, including the proof of the Atkin-Swinnerton-Dyer unbounded denominators conjecture and new irrationality results for special values of Dirichlet L-series (both joint with Frank Calegari).

2026 New Horizons in Physics Prize

Benjamin R. Safdi, University of California, Berkeley

For proposing new ways to seek axion-like particles with laboratory experiments and astronomical observations.

Clay Córdova, University of Chicago
Thomas Dumitrescu, Mani L. Bhaumik Institute for Theoretical Physics, UCLA
Shu-Heng Shao, MIT
Yifan Wang, New York University

For generalizing the notion of symmetry in various ways, and for exploring the consequences of these generalized symmetries, in quantum field theory, particle physics, condensed matter physics, string theory, and quantum information theory.

Dillon Brout, Boston University
J. Colin Hill, Columbia University
Mathew Madhavacheril, University of Pennsylvania
Maria Vincenzi, University of Oxford
Daniel Scolnic, Duke University
W. L. Kimmy Wu, Caltech

For advances in cosmic microwave background and supernovae cosmology.

Videos and Photos

Assets, including headshots of this year’s winners, can be downloaded for media use here.

Images and select video from the 2026 Breakthrough Prize Gala — red carpet and ceremony — can be downloaded for media use here.

The show will premiere on YouTube on Sunday, April 26th at 3PM Eastern / 12PM Pacific.

For the 14th year, the Breakthrough Prize, renowned as the “Oscars® of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics and Mathematics. In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.

The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki and have been sponsored by foundations established by them. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.

SOURCE Breakthrough Prize

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