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Dell Technologies Delivers Third Quarter Fiscal 2025 Financial Results

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News summary

Third quarter revenue of $24.4 billion, up 10% year over yearInfrastructure Solutions Group (ISG) revenue of $11.4 billion, up 34% year over year, with servers and networking revenue of $7.4 billion, up 58%Client Solutions Group (CSG) revenue of $12.1 billion, down 1% year over year, with commercial client revenue up 3% at $10.1 billionDiluted earnings per share of $1.58, up 16% year over year, and non-GAAP diluted earnings per share of $2.15, up 14%

ROUND ROCK, Texas, Nov. 26, 2024 /PRNewswire/ —

Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 third quarter. Revenue was $24.4 billion, up 10% year over year. Operating income was $1.7 billion and non-GAAP operating income was $2.2 billion, both up 12% year over year. Diluted earnings per share was $1.58, and non-GAAP diluted earnings per share was $2.15, up 16% and 14% year over year, respectively.

“We continued to build on our AI leadership and momentum, delivering combined ISG and CSG revenue of $23.5 billion, up 13% year over year,” said Yvonne McGill, chief financial officer, Dell Technologies. “Our continued focus on profitability resulted in EPS growth that outpaced revenue growth, and we again delivered strong cash performance.”

Cash flow from operations was $1.6 billion, and Dell ended the quarter with $6.6 billion in cash and investments.

Third Quarter Fiscal 2025 Financial Results

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

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

Net revenue

$         24,366

$          22,251

10 %

$         71,636

$          66,107

8 %

Operating income

$           1,668

$            1,486

12 %

$           3,930

$            3,720

6 %

Net income

$           1,127

$            1,004

12 %

$           2,923

$            2,037

43 %

Change in cash from operating activities

$           1,553

$            2,152

(28) %

$           3,936

$            7,143

(45) %

Earnings per share – diluted

$             1.58

$              1.36

16 %

$             4.07

$              2.78

46 %

Non-GAAP operating income

$           2,199

$            1,964

12 %

$           5,707

$            5,539

3 %

Non-GAAP net income

$           1,540

$            1,389

11 %

$           3,834

$            3,635

5 %

Adjusted free cash flow

$              716

$               860

(17) %

$           2,623

$            4,597

(43) %

Non-GAAP earnings per share – diluted

$             2.15

$              1.88

14 %

$             5.31

$              4.93

8 %

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 record third-quarter revenue of $11.4 billion, up 34% year over year. Servers and networking revenue was $7.4 billion, up 58%, with demand growth across AI and traditional servers. Storage revenue was $4.0 billion, up 4%. Operating income was $1.5 billion.

“AI is a robust opportunity for us with no signs of slowing down,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “Interest in our portfolio is at an all-time high, driving record AI server orders demand of $3.6 billion in Q3 and a pipeline that grew more than 50%, with growth across all customer types.”

Client Solutions Group (CSG) delivered third quarter revenue of $12.1 billion, down 1% year over year. Commercial client revenue was up 3% at $10.1 billion, and Consumer revenue was $2.0 billion, down 18%. Operating income was $694 million.

Operating Segments Results

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$        7,364

$         4,656

58 %

$     20,502

$      12,767

61 %

Storage

4,004

3,843

4 %

11,739

11,786

— %

Total ISG net revenue

$      11,368

$         8,499

34 %

$     32,241

$      24,553

31 %

Operating Income:

ISG operating income

$        1,508

$         1,069

41 %

$        3,528

$        2,858

23 %

% of ISG net revenue

13.3 %

12.6 %

10.9 %

11.6 %

% of total reportable segment operating income

68 %

54 %

62 %

51 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$     10,138

$         9,835

3 %

$     30,848

$      30,251

2 %

Consumer

1,993

2,441

(18) %

5,664

6,950

(19) %

Total CSG net revenue

$     12,131

$       12,276

(1) %

$     36,512

$      37,201

(2) %

Operating Income:

CSG operating income

$           694

$            925

(25) %

$        2,193

$        2,786

(21) %

% of CSG net revenue

5.7 %

7.5 %

6.0 %

7.5 %

% of total reportable segment operating income

32 %

46 %

38 %

49 %

Conference call information

As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Nov. 26 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.

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 AI 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, all of 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; social and ethical issues relating to the use of new and evolving technologies; 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 2, 2024, 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.
Condensed Consolidated Statements of Income and Related Financial Highlights
(in millions, except percentages; unaudited)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Net revenue:

Products

18,290

16,233

13 %

53,371

48,204

11 %

Services

6,076

6,018

1 %

18,265

17,903

2 %

Total net revenue

24,366

22,251

10 %

71,636

66,107

8 %

Cost of net revenue:

Products

15,541

13,546

15 %

45,386

39,923

14 %

Services

3,518

3,557

(1) %

10,826

10,631

2 %

Total cost of net revenue

19,059

17,103

11 %

56,212

50,554

11 %

Gross margin

5,307

5,148

3 %

15,424

15,553

(1) %

Operating expenses:

Selling, general, and administrative

2,894

2,970

(3) %

9,206

9,748

(6) %

Research and development

745

692

8 %

2,288

2,085

10 %

Total operating expenses

3,639

3,662

(1) %

11,494

11,833

(3) %

Operating income

1,668

1,486

12 %

3,930

3,720

6 %

Interest and other, net

(276)

(306)

10 %

(1,002)

(1,121)

11 %

Income before income taxes

1,392

1,180

18 %

2,928

2,599

13 %

Income tax expense

265

176

51 %

5

562

(99) %

Net income

1,127

1,004

12 %

2,923

2,037

43 %

Less: Net loss attributable to non-controlling interests

(5)

(2)

(150) %

(15)

(14)

(7) %

Net income attributable to Dell Technologies Inc.

$          1,132

$          1,006

13 %

$          2,938

$          2,051

43 %

Percentage of Total Net Revenue:

Gross margin

21.8 %

23.1 %

21.5 %

23.5 %

Selling, general, and administrative

11.9 %

13.3 %

12.8 %

14.7 %

Research and development

3.1 %

3.1 %

3.2 %

3.2 %

Operating expenses

15.0 %

16.4 %

16.0 %

17.9 %

Operating income

6.8 %

6.7 %

5.5 %

5.6 %

Income before income taxes

5.7 %

5.3 %

4.1 %

3.9 %

Net income

4.6 %

4.5 %

4.1 %

3.1 %

Income tax rate

19.0 %

14.9 %

0.2 %

21.6 %

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

 

DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Financial Position
(in millions; unaudited)

November 1, 2024

February 2, 2024

ASSETS

Current assets:

Cash and cash equivalents

$                           5,225

$                           7,366

Accounts receivable, net of allowance of $62 and $71

11,189

9,343

Short-term financing receivables, net of allowance of $74 and $79

5,001

4,643

Inventories

6,652

3,622

Other current assets

9,306

10,973

Current assets held for sale

662

—

Total current assets

38,035

35,947

Property, plant, and equipment, net

6,327

6,432

Long-term investments

1,312

1,316

Long-term financing receivables, net of allowance of $70 and $91

5,849

5,877

Goodwill

19,243

19,700

Intangible assets, net

5,147

5,701

Other non-current assets

6,038

7,116

Total assets

$                         81,951

$                         82,089

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$                           5,612

$                           6,982

Accounts payable

23,400

19,389

Accrued and other

6,490

6,805

Short-term deferred revenue

13,787

15,318

Current liabilities held for sale

211

—

Total current liabilities

49,500

48,494

Long-term debt

19,410

19,012

Long-term deferred revenue

12,424

13,827

Other non-current liabilities

2,807

3,065

Total liabilities

84,141

84,398

Stockholders’ equity (deficit):

Common stock and capital in excess of $0.01 par value

8,951

8,926

Treasury stock at cost

(7,747)

(5,900)

Accumulated deficit

(2,669)

(4,630)

Accumulated other comprehensive loss

(820)

(800)

Total Dell Technologies Inc. stockholders’ equity (deficit)

(2,285)

(2,404)

Non-controlling interests

95

95

Total stockholders’ equity (deficit)

(2,190)

(2,309)

Total liabilities and stockholders’ equity

$                         81,951

$                         82,089

 

DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(in millions; unaudited)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

November 1, 2024

November 3, 2023

Cash flows from operating activities:

Net income

$               1,127

$               1,004

$              2,923

$              2,037

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

426

1,148

1,013

5,106

Change in cash from operating activities

1,553

2,152

3,936

7,143

Cash flows from investing activities:

Purchases of investments

(19)

(30)

(83)

(143)

Maturities and sales of investments

121

23

337

150

Capital expenditures and capitalized software development costs

(639)

(704)

(1,917)

(2,029)

Acquisition of businesses and assets, net

—

(127)

—

(127)

Other

13

13

126

35

Change in cash from investing activities

(524)

(825)

(1,537)

(2,114)

Cash flows from financing activities:

Proceeds from the issuance of common stock

—

4

1

8

Repurchases of common stock

(429)

(702)

(1,854)

(1,202)

Repurchases of common stock for employee tax withholdings

(25)

(42)

(560)

(354)

Payments of dividends and dividend equivalents

(312)

(266)

(964)

(811)

Proceeds from debt

3,680

2,249

8,613

6,904

Repayments of debt

(3,200)

(2,684)

(9,594)

(9,766)

Debt-related costs and other, net

(29)

(5)

(66)

(54)

Change in cash from financing activities

(315)

(1,446)

(4,424)

(5,275)

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

19

(83)

(78)

(200)

Change in cash, cash equivalents, and restricted cash

733

(202)

(2,103)

(446)

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

4,671

8,650

7,507

8,894

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

$               5,404

$               8,448

$              5,404

$              8,448

 

DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued on next page)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$      7,364

$      4,656

58 %

$   20,502

$  12,767

61 %

Storage

4,004

3,843

4 %

11,739

11,786

— %

Total ISG net revenue

$   11,368

$      8,499

34 %

$   32,241

$  24,553

31 %

Operating Income:

ISG operating income

$      1,508

$      1,069

41 %

$     3,528

$    2,858

23 %

% of ISG net revenue

13.3 %

12.6 %

10.9 %

11.6 %

% of total reportable segment operating income

68 %

54 %

62 %

51 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$   10,138

$      9,835

3 %

$   30,848

$  30,251

2 %

Consumer

1,993

2,441

(18) %

5,664

6,950

(19) %

Total CSG net revenue

$   12,131

$    12,276

(1) %

$   36,512

$  37,201

(2) %

Operating Income:

CSG operating income

$         694

$         925

(25) %

$     2,193

$    2,786

(21) %

% of CSG net revenue

5.7 %

7.5 %

6.0 %

7.5 %

% of total reportable segment operating income

32 %

46 %

38 %

49 %

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

Nine Months Ended

November 1, 2024

November 3, 2023

November 1, 2024

November 3, 2023

Reconciliation to consolidated net revenue:

Reportable segment net revenue

$              23,499

$              20,775

$           68,753

$           61,754

Other businesses (a)

867

1,474

2,882

4,345

Unallocated transactions (b)

—

2

1

8

Total consolidated net revenue

$              24,366

$              22,251

$           71,636

$           66,107

Reconciliation to consolidated operating income:

Reportable segment operating income

$                 2,202

$                 1,994

$             5,721

$             5,644

Other businesses (a)

(3)

(32)

(14)

(112)

Unallocated transactions (b)

—

2

—

7

Amortization of intangibles (c)

(168)

(207)

(504)

(623)

Stock-based compensation expense (d)

(198)

(227)

(599)

(675)

Other corporate expenses (e)

(165)

(44)

(674)

(521)

Total consolidated operating income

$                 1,668

$                 1,486

$             3,930

$             3,720

(a)

Other businesses consists of: 1) Dell’s resale of standalone VMware LLC, formerly 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)

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

(d)

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

(e)

Other corporate expenses consist primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments. 

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, all of 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

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Net revenue

$        24,366

$        22,251

10 %

$        71,636

$        66,107

8 %

Non-GAAP gross margin

$          5,437

$          5,276

3 %

$        15,848

$        15,976

(1) %

% of net revenue

22.3 %

23.7 %

22.1 %

24.2 %

Non-GAAP operating expenses

$          3,238

$          3,312

(2) %

$        10,141

$        10,437

(3) %

% of net revenue

13.3 %

14.9 %

14.1 %

15.8 %

Non-GAAP operating income

$          2,199

$          1,964

12 %

$          5,707

$          5,539

3 %

% of net revenue

9.0 %

8.8 %

8.0 %

8.4 %

Non-GAAP net income

$          1,540

$          1,389

11 %

$          3,834

$          3,635

5 %

% of net revenue

6.3 %

6.2 %

5.4 %

5.5 %

Non-GAAP earnings per share – diluted

$            2.15

$            1.88

14 %

$            5.31

$            4.93

8 %

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

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Gross margin

$            5,307

$            5,148

3 %

$          15,424

$          15,553

(1) %

Non-GAAP adjustments:

Amortization of intangibles

60

84

179

247

Stock-based compensation expense

39

37

115

112

Other corporate expenses

31

7

130

64

Non-GAAP gross margin

$            5,437

$            5,276

3 %

$          15,848

$          15,976

(1) %

Operating expenses

$            3,639

$            3,662

(1) %

$          11,494

$          11,833

(3) %

Non-GAAP adjustments:

Amortization of intangibles

(108)

(123)

(325)

(376)

Stock-based compensation expense

(159)

(190)

(484)

(563)

Other corporate expenses

(134)

(37)

(544)

(457)

Non-GAAP operating expenses

$            3,238

$            3,312

(2) %

$          10,141

$          10,437

(3) %

Operating income

$            1,668

$            1,486

12 %

$            3,930

$            3,720

6 %

Non-GAAP adjustments:

Amortization of intangibles

168

207

504

623

Stock-based compensation expense

198

227

599

675

Other corporate expenses

165

44

674

521

Non-GAAP operating income

$            2,199

$            1,964

12 %

$            5,707

$            5,539

3 %

Net income

$            1,127

$            1,004

12 %

$            2,923

$            2,037

43 %

Non-GAAP adjustments:

Amortization of intangibles

168

207

504

623

Stock-based compensation expense

198

227

599

675

Other corporate expenses

166

36

665

566

Fair value adjustments on equity investments

(46)

(8)

(21)

36

Aggregate adjustment for income taxes (a)

(73)

(77)

(836)

(302)

Non-GAAP net income

$            1,540

$            1,389

11 %

$            3,834

$            3,635

5 %

(a)

Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(unaudited; continued)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Earnings per share attributable to Dell Technologies Inc. — diluted

$           1.58

$           1.36

16 %

$           4.07

$           2.78

46 %

Non-GAAP adjustments:

Amortization of intangibles

0.23

0.28

0.70

0.84

Stock-based compensation expense

0.28

0.31

0.83

0.91

Other corporate expenses

0.23

0.04

0.92

0.77

Fair value adjustments on equity investments

(0.06)

(0.01)

(0.03)

0.05

Aggregate adjustment for income taxes (a)

(0.10)

(0.10)

(1.16)

(0.41)

Total non-GAAP adjustments attributable to non-controlling interests

(0.01)

—

(0.02)

(0.01)

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

$           2.15

$           1.88

14 %

$           5.31

$           4.93

8 %

(a)

Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Cash flow from operations

$        1,553

$        2,152

(28) %

$         3,936

$         7,143

(45) %

Non-GAAP adjustments:

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

(639)

(704)

(1,861)

(2,026)

Free cash flow

$            914

$        1,448

(37) %

$         2,075

$         5,117

(59) %

Free cash flow

$            914

$        1,448

(37) %

$         2,075

$         5,117

(59) %

Non-GAAP adjustments:

Financing receivables (b)

(233)

(575)

419

(445)

Equipment under operating leases (c)

35

(13)

129

(75)

Adjusted free cash flow

$            716

$            860

(17) %

$         2,623

$         4,597

(43) %

(a)

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

(b)

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

(c)

Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases and contractually embedded leases identified within flexible consumption arrangements.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/dell-technologies-delivers-third-quarter-fiscal-2025-financial-results-302316911.html

SOURCE Dell Technologies

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Parks Associates and Plume: Competition for Broadband Driven by Service Quality, Protection, and AI vs. Speed

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26 minutes ago

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July 22, 2026

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62% of smart home device owners find AI-powered cybersecurity monitoring appealing

PLANO, Texas and PALO ALTO, Calif., July 22, 2026 /PRNewswire/ — Ahead of NCTC’s The Independent Show, Parks Associates and Plume released research that details the shift in broadband competition as providers need to deliver a superior customer experience based on reliability, proactive management, and personalization. As gigabit speeds surpass 25% in the US, broadband providers must refocus beyond speed and on engagement, leveraging advanced AI platforms to account for the unique needs of each subscriber.

The new white paper, Owning the Broadband Subscriber Experience in the AI Era, warns ISPs of risks in ceding the subscriber intelligence layer to device OEMs, satellite providers, and technology platforms. Consumers, especially younger generations, are increasingly sensitive to service issues, including outages and poor customer service, while also wanting proactive services that improve reliability, protection, and the overall connected home experience:

56% of US households report at least one home internet service problem in the past 90 days.62% of smart home device owners find AI-powered cybersecurity monitoring appealing, and 27% are willing to pay at a tested price point.

“Consumers expect providers to deliver reliable connectivity, proactive support, and protection,” said Jennifer Kent, SVP & Principal Analyst, Parks Associates. “AI enables providers to anticipate problems, personalize service, and create experiences that build long-term loyalty.”

The research distinguishes between current AI applications, such as automated network optimization and predictive diagnostics, and the emerging wave of agentic AI, where tools autonomously execute multi-step tasks across the network and care environments. It examines how agentic AI is enabling broadband providers to scale services, maturing from reactive customer support to predictive operations.

Key findings:

Subscribers experiencing poor customer service are 7x times more likely to consider switching providers than those without service issues.Younger consumers are far less likely to report their internet service as reliable and are significantly more willing to switch providers.Consumer adoption of AI tools continues to accelerate, creating new network demands and the need for intelligent network management.Connected households face between 36 and 86 blocked security threats per month on average, with botnet attacks growing 89% year-over-year.

“Subscribers just want their video call to work, their kids to be safe online and their smart lock to respond when they’re away from home,” said Rebecca Stone, CMO, Plume. “What they can’t see is that our platform is blocking up to 86 security threats a month in their home and that botnet attacks grew 89% in a year. Only a platform that learns globally across hundreds of operators and half a billion devices can spot those patterns and act on them before the subscriber ever notices. That is what turns network intelligence into subscriber confidence, and subscriber confidence into lower churn and cost to serve.”

The white paper includes a case study with TELUS, which deployed AI-powered journey orchestration to achieve a 91% digital care engagement rate and is projected to prevent more than 500,000 support calls annually.

Download the white paper. Contact Parks Associates for data or for an interview.  

About Parks Associates

Parks Associates helps companies identify new opportunities, refine strategy and accelerate growth in connected technology markets through data-driven insights and industry expertise. The firm delivers proprietary consumer and industry research, market forecasts, and strategic analysis that guide business decisions across personal, connected home, SMB, and commercial technology ecosystems.

https://www.parksassociates.com.

About Plume

Plume created the first managed WiFi platform for Internet Service Providers (ISPs) in 2016, enabling the company to scale across the globe and expand into managing the entire subscriber experience, including approximately 500 million connected devices, in 40 million homes, on behalf of more than 450 ISPs, across 58 countries. By integrating managed WiFi, cybersecurity and customer care, Plume created the first open, hardware-agnostic SaaS Subscriber Experience Platform for ISPs. Powered by an unmatched global dataset and AI optimization, the Plume Platform builds subscriber confidence through improved WiFi experiences, seamless new service implementation and proactive customer care. Plume’s open-source framework OpenSync® is pre-integrated and supported on the leading silicon, CPE and platform SDKs, and supports leading industry standards like RDK-B and prplWave. Discover more at www.plume.com.

Elizabeth Parks
Parks Associates
972.490.1113
419288@email4pr.com 

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SOURCE Parks Associates

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Jeffrey Hayzlett, C-SUITE NETWORK™, Emovid™, and Didit Launch “Voices of 250” Initiative to Mobilize America’s Business Leaders for the Nation’s 250th Anniversary

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26 minutes ago

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July 22, 2026

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National Campaign Calls on CEOs and C-Suite Executives to Share Their Perspectives on Freedom, Leadership, and Opportunity

NEW YORK, July 22, 2026 /PRNewswire/ — Jeffrey Hayzlett, Chairman and Founder of C-SUITE NETWORK™, today announced a strategic partnership with Emovid™, and Didit to launch Voices of 250, a nationwide initiative inviting business leaders to share what freedom means in America as the nation continues celebrating its 250th anniversary in 2026. Voices of 250 is a proud participant in Freedom 250.

As America continues celebrating its 250th birthday, Voices of 250 is bringing together business leaders from every industry and every corner of the country to celebrate the freedoms that make innovation, entrepreneurship, and opportunity possible. This isn’t about red states or blue states, it’s about red, white, and blue.

“We’re going to see business leaders tell their own stories about why they are proud to own, lead, and build businesses in America,” said Jeffrey Hayzlett. “This is the perfect time to share with future generations, customers, partners, employees, and communities how proud we are to support free enterprise and the opportunities it creates.”

A growing number of influential business leaders have already shared public messages about freedom, opportunity, leadership, and the nation’s 250th anniversary, including Kathy Warden, Chair, CEO, and President of Northrop Grumman; Dave Ricks, Chair and CEO of Eli Lilly and Company; Lynn Martin, President of the New York Stock Exchange; and Adena Friedman, Chair and CEO of Nasdaq. Their publicly posted messages helped inspire Voices of 250 and are featured on the website as examples of the growing national conversation. The campaign is now calling on executives from Main Street to Wall Street to join the movement and help celebrate freedom, opportunity, and America’s 250th anniversary.

The campaign calls on CEOs, founders, entrepreneurs, and C-level executives across the country to record and share a brief video message reflecting on three questions:

What freedom means todayHow it shows up in your organizationWhy this moment matters

These videos will become part of a coordinated national movement designed to celebrate the entrepreneurial spirit, innovation, leadership, and opportunity that have helped define America for 250 years. Business leaders can get a Voices of 250 toolkit by going to voicesof250.com.

“For generations, freedom has fueled the builders, dreamers, innovators, and risk-takers who make this country exceptional,” said Jeffrey Hayzlett. “As business leaders, we’ve experienced firsthand the power of freedom to create jobs, launch companies, solve problems, and improve lives. Voices of 250 gives us an opportunity to come together and tell that story in our own words.”

As a proud participant in Freedom 250, the initiative is being powered through a collaboration between C-SUITE NETWORK™, the world’s most trusted network of C-suite leaders; Emovid™, the innovative Verified Human Communication(tm) platform making participation simple, trusted, and scalable; and Didit, the leading digital marketing agency helping amplify the message and extend its reach nationwide.

“America’s 250th anniversary is an opportunity to celebrate the freedom, entrepreneurship, and leadership that have always driven our nation forward,” said Keith Krach, CEO of Freedom 250. “Voices of 250 gives business leaders across the country a powerful way to share what freedom means to them and the communities they serve.”

“Freedom isn’t just a historical concept, it’s something we exercise every day through innovation, entrepreneurship, leadership, and service,” Hayzlett continued. “This initiative isn’t political. It’s personal. It’s about recognizing the opportunities that freedom creates and inspiring future generations to continue building on that legacy.”

Through the initiative, Emovid™ will provide business leaders with a simple and efficient way to record and share their messages, making participation accessible to executives regardless of schedule or location. Didit will help drive awareness, engagement, and amplification of the campaign, ensuring these stories reach audiences across industries and communities throughout America.

“Technology and storytelling are powerful forces when combined,” said Hayzlett. “With Emovid™ simplifying the creation process and Didit helping amplify these voices, we’re making it easier than ever for leaders to participate in a historic national conversation.”

Participating executives will record a personal 60–90 second video that reflects on the meaning of freedom, how it is expressed within their organizations, and why America’s 250th anniversary represents an important moment for reflection and optimism. Participants will need to go to voicesof250.com to record their video, share it through their social channels, to their employees, customers, vendors, and partners. Videos will be released as part of a coordinated national campaign and featured across executive, corporate, C-SUITE NETWORK and other participating media channels.

The initiative is expected to reach millions of employees, customers, stakeholders, and community members through executive networks, social media, digital platforms, national compilation videos, industry-specific showcases, and media events.

“Business is one of the greatest expressions of freedom,” said Hayzlett. “Every company started, every customer served, every innovation launched, and every employee empowered is a reflection of the opportunities made possible by freedom. That’s a story worth celebrating.”

As a proud participant in Freedom 250, C-SUITE NETWORK™ Emovid™, and Didit are inviting business leaders from organizations of every size and every industry to participate and help create a lasting tribute to the American spirit.

“As leaders, our voices matter,” Hayzlett added. “The story of America is still being written, and business leaders are helping write it every day. Voices of 250 is our chance to reflect on where we’ve been, celebrate what we’ve built, and inspire what comes next.”

Proud participant in Freedom 250.
More information on Voices of 250 and how executives can participate is available at www.voicesof250.com.

About Voices of 250
Voices of 250 is an independently owned and operated national initiative bringing together business leaders, entrepreneurs, and executives to share personal reflections on freedom and its role in innovation, leadership, opportunity, and economic growth. Voices of 250 is a proud participant in Freedom 250, the national effort commemorating the 250th anniversary of the United States.

About Freedom 250
Freedom 250 is a national initiative dedicated to celebrating the 250th anniversary of the United States by engaging citizens, communities, organizations, and leaders in honoring America’s history while inspiring its future.

About C-SUITE NETWORK™
C-SUITE NETWORK™ is a trusted network for C-suite executives to get great reach, discovery and conversion using content, community, and the marketplace for scale.

About Emovid™
Emovid™ is dedicated to restoring trust and authenticity in digital communication. Its patented process and visual verification seal ensure that every message sent through its platform is verified human, transparent, and trustworthy. Each message is encrypted, tracked, and validated across all formats–video, audio, text, and translation–allowing people and business to communicate with confidence in the age of artificial intelligence.

About Didit
Didit is a leading digital marketing agency helping organizations grow through innovative digital strategy, search marketing, content, and performance-driven campaigns.

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SOURCE Voices of 250

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54% of Job Seekers Expect a Difficult Search Amid Pay, Competition and Job Worries

Published

26 minutes ago

on

July 22, 2026

By

Rising costs are influencing 89% of job seekers’ decisions to pursue new work.

OKLAHOMA CITY, July 22, 2026 /PRNewswire/ — Finding a job feels difficult for many Americans actively looking for work, according to a new Express Employment Professionals-Harris Poll survey, especially when the right role must match their qualifications, pay needs and long-term goals.

Clear expectations, realistic qualifications and communication help turn a challenging search into the right match.

Forty-one percent of U.S. job seekers say they are actively looking for a new job, with 82% focused on full-time positions. Both figures are unchanged from the fall of 2025.

Still, more than half of job seekers (54%) say it will be difficult to find a job in the next six months.

Pay, Fit and Competition Top the List

The survey breaks down where job seekers are feeling the most pressure:

Finding opportunities that match their qualifications: 46%Finding a job with enough pay to cover basic expenses: 44%Standing out in a competitive job market: 41%Navigating automated hiring processes instead of feeling heard by people: 31%

The experience can also feel uncertain. Nearly a third of job seekers (31%) say companies that claim to be hiring but only collect resumes make it harder to find their next opportunity. Others say their experience does not align cleanly with available roles, with 28% citing overqualification as a barrier and 22% citing underqualification.

Current Job Worries Are Also Driving the Search

Among employed job seekers, concerns about pay, job security and the economy remain top of mind.

Their biggest fears about their current job include:

Not getting the salary increase or raise they deserve: 37%A slowdown in work opportunities because of the economy: 31%Their company reducing the workforce due to the economic climate: 30%Technology or AI negatively impacting their role: 25%

However, uncertainty isn’t the only reason employed job seekers are exploring other options. Many are motivated by quality-of-work factors, with 41% seeking better work-life balance, 40% looking for stronger growth opportunities in their current industry and 37% hoping to find or negotiate better compensation.

Rising costs are also part of the equation, with nearly 9 in 10 job seekers saying increasing prices have had at least some impact on their decision to pursue new employment. For 63%, that impact is moderate or substantial.

“The job search may feel difficult, but that does not mean the market is standing still,” said Bob Funk Jr., CEO, president and chairman of Express Employment International. “Job seekers are being more intentional about what they want, and employers should be just as intentional about what they offer. Clear expectations, realistic qualifications and strong communication can help turn a challenging search into the right match.”

Discover more research and real-world workforce trends from the America Employed series at ExpressPros.com/Newsroom.

Survey Methodology

The Job Seeker Report was conducted online within the United States by The Harris Poll on behalf of Express Employment Professionals from May 19 to June 8, 2026, among 1,000 adults ages 18 and older who are employed but looking for a new job or not employed and looking for work.

For full survey methodologies, please contact Sheena.Hollander@ExpressPros.com, Director of Corporate Communications & PR.

If you would like to arrange for an interview to discuss this topic, please contact Sheena.Hollander@ExpressPros.com, Director of Corporate Communications & PR.

About Robert (Bob) Funk Jr.

Robert (Bob) Funk Jr. is the Chief Executive Officer, President and Chairman of Express Employment International, a global staffing franchisor founded and headquartered in Oklahoma City, Oklahoma. He leads a portfolio of workforce solution brands, including the flagship Express Employment Professionals franchise, along with several affiliated brands serving specialized markets. The Express franchise brand is an industry-leading, international staffing company with franchise locations across the U.S., Canada, South Africa, Australia and New Zealand.

About Express Employment Professionals

At Express Employment Professionals, we’re in the business of people. From job seekers to client companies, Express helps people thrive and businesses grow. Our international network of franchises offers localized staffing solutions to the communities they serve across the U.S., Canada, South Africa, Australia and New Zealand, employing more than 11 million people globally since its inception. For more information, visit ExpressPros.com.

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SOURCE Express Services dba Express Employment Professionals

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