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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.

 

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SOURCE Dell Technologies

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Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility

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Acquisition combines HCZ’s proven model with Goalsetter’s innovative financial education technology to expand access and impact at scale

NEW YORK, Oct. 22, 2026 /PRNewswire/ — Today, Harlem Children’s Zone (HCZ), one of the nation’s leading anti-poverty organizations, announced the acquisition of Goalsetter, a financial technology platform that delivers best-in-class, engaging, technology-enabled learning experiences for people seeking to enhance their financial know-how, capabilities, and confidence.   

The acquisition marks a significant step in HCZ’s Wealth Builds–Universal Economic Mobility (WB-UEM) strategy, a national framework designed to help children and families build long-term economic security through cradle-to-career supports, financial education and experiences, and direct access to capital via a Child Capital Stack of asset boosts.

“We know that economic mobility is a two-generation challenge,” says Harlem Children’s Zone CEO Kwame Owusu-Kesse. “With this acquisition, we are solving for a critical component of Universal Economic Mobility by melding a proven financial education platform and HCZ’s decades of experience providing people with the knowledge and tools to build strong futures for themselves and their families. This is more than an investment in financial education. It is an investment in critical national infrastructure for economic mobility.”

Harlem Children’s Zone has decades of experience driving outcomes at scale, beginning as a one-block pilot, expanding to over 100 blocks in Central Harlem, and now working with over 70 communities across the United States. HCZ seeks to use its learnings, decades of experience driving outcomes at scale, and renowned best practices to provide pathways to economic mobility for all of America’s children and families.

“Goalsetter was built on the belief that everyone should have access to the financial knowledge and tools that can shape their future and livelihood,” said Tanya Van Court, Chief FinTech Officer at Harlem Children’s Zone and Founder of Goalsetter. “Joining Harlem Children’s Zone gives us an extraordinary opportunity to build on that work. Together, we can continue enhancing the platform, expand access for learners of all ages and walks of life, and demonstrate what is possible when mission, innovation, and technology come together to serve the most people.”

Goalsetter creates opportunities to deliver high-quality, developmentally appropriate and culturally relevant financial education with extensive reach,  including to low-income and rural communities that have historically had limited access to these resources. Its current offerings include Goalsetter Classroom, which provides standards-aligned financial education curriculum for middle and high school students, and MoneyLingo, a mobile-first financial education experience for college-aged students and adults in the workforce, covering practical topics such as saving, investing, credit, debt, and financial decision-making.                                                         

“This acquisition sends an important signal to the field,” said Owusu-Kesse. “Social impact organizations should not have to choose between mission and scale. By bringing a proven technology platform into HCZ, we’re demonstrating how non-profit organizations can be centers of business excellence, using vehicles of innovation, AI, and technology to create efficient and effective pathways to scale and impact. This acquisition strengthens our in-house capacity to build, innovate, and continuously improve outcomes.”

The organization plans to build upon Goalsetter’s existing offerings by exploring financial education products for younger learners and creating opportunities to establish a continuous financial learning journey from early childhood through adulthood.

“This is ultimately about extending opportunity to all,” added Owusu-Kesse. “By connecting financial education, technology, family engagement, and access to assets, we can help create more accessible pathways to economic mobility.”

Services to current Goalsetter clients will be unaffected by this acquisition.

View original content:https://www.prnewswire.com/news-releases/harlem-childrens-zone-acquires-fintech-platform-goalsetter-to-accelerate-universal-economic-mobility-302917320.html

SOURCE Harlem Children’s Zone

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Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally

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Bipartisan Majorities Say If Congress Were to Listen to the People More, They Would More Likely Find Common Ground

COLLEGE PARK, Md., Oct. 22, 2026 /PRNewswire/ — The Program for Public Consultation (PPC) conducted extensive surveys in competitive states and congressional districts, as well as nationally, revealing a remarkable level of bipartisan common ground.

Majorities of both Democrats and Republicans agreed on: 

106 policies nationally 82 policies in all states and districts surveyed101 policies in at least two-thirds of all the states and districts surveyed

Over 40,000 Americans were surveyed in two waves with representative samples of 600-2,016 in each of the 11 competitive states surveyed, and 400-592 in each of the 28 competitive congressional districts surveyed, and 1,200-2,509 nationwide.

Nearly all policy questions were based on congressional legislation or executive branch proposals. 

Fourteen policy topics were covered: Artificial Intelligence, Housing, Healthcare, Low-Income Assistance, Families and Children, Social Security, Immigration, Abortion and Birth Control, Energy and Environment, Federal Taxes, Campaign Finance, Government Reform, Criminal Justice and America’s Role in the World. For every topic, most policies had bipartisan agreement across every battleground surveyed.

The policy questions used in these national and battleground surveys were chosen because they elicited bipartisan support in previous in-depth national surveys conducted by PPC, in which respondents received briefings on the topic and evaluated pro and con arguments for the proposed policy.

Steven Kull, director of PPC, comments, “What is striking here is that these surveys revealed widespread bipartisan agreement on over a dozen key issues that Congress has failed to resolve, from costs of healthcare, to risks of artificial intelligence, to Social Security’s impending insolvency, and many more. Clearly, there is far more common ground among the American people than there is in Congress.”

Americans Think Public Opinion Should Have More Influence
Respondents were also asked about the role of public opinion in policymaking. Across the battlegrounds, on average, respondents estimated that federally elected officials make the same decisions that the majority of Americans would make just 35% of the time.

Large majorities believe polarization in government comes not from the American people but from elected officials, and that more influence for the people would help break the logjam in Congress (Democrats 62 to 88%, Republicans 66 to 89%).

Perhaps most germane, overwhelming majorities of Democrats and Republicans in the battlegrounds believe that if members of Congress were more influenced by the people, they would be more likely to find common ground (Democrats 82 to 97%, Republicans 80 to 95%), and better serve the common good (Democrats 77 to 94%, Republicans 79 to 94%).

Steven Kull adds, “On the basis of this study, it does appear that the public is correct that if the people had more influence, Congress would be more likely to find common ground, and thus  function better.”

Americans also say that public opinion should play a substantial role in news reporting about policy. Over two-thirds say news reports on policy matters should include public opinion data most of the time or always when reliable information is available (Democrats 71 to 88%, Republicans 67 to 89%). Similarly, when Congress is about to vote on a law, large numbers say it is very or extremely important for news outlets to report whether a majority of Americans favor or oppose it (Democrats 65 to 84%, Republicans 60 to 85%).

MORE INFORMATION

Battlegrounds Common Ground SheetIndividual State and District Results, Questionnaires and MethodologiesNational Questionnaire with Toplines, Crosstabs and Methodology

About the Surveys
The state and district surveys used for this analysis were fielded July 21 – August 17, 2026, to a total of 19,949 adults, and May 27 – July 1, 2026, to 19,564 adults. They included 600-2016 in each of the 11 states, and 400-592 in each of the 28 congressional districts. Response rates ranged from 7.1 to 9.0%. Confidence intervals range from +/- 2.9 to 8.1%, and maximum weights range from 1.9 to 10.0.

The national surveys were fielded February 11-26, 2026, with 2,509 adults, and March 11-19, 2026, with 1,200 adults. The response rates were 7.6% and 8.3%, respectively. The confidence interval is +/- 2.9% for both surveys, and the maximum weights are 2.5 and 1.9.

The sample was obtained from multiple online opt-in panels, including Cint, Dynata and Prodege. Sample collection and quality control were managed by QuantifyAI under the direction of the Program for Public Consultation. The surveys were offered in both English and Spanish.

The samples were pre-stratified and weighted by age, race, ethnicity, gender, education, household income, marital status, and home ownership to match the general adult population. The national sample was further weighted by Census region. The distribution of partisan affiliation was within expectations, based on voter registration data for non-leaners and/or Cook’s Partisan Voting Index for leaners, or weighted to reflect those benchmarks.

About the Common Ground in the Battlegrounds? Survey Series
This effort aims to identify bipartisan common ground in competitive states and districts across the nation. The project seeks to educate the public, policymakers and candidates about the findings; and provide journalists with independent, nonpartisan research that brings the public into the conversation about public policy.

In addition to PPC, project partners include the Civic Innovation Center at the University of Maryland (CivIC) and Voice of the People (VOP), a national nonpartisan organization seeking to give the public a greater voice in government. None of these entities advocate for policy positions or endorse candidates.

States surveyed: Alaska; Georgia; Iowa; Maine; Michigan; Minnesota; Montana; Nebraska; New Hampshire; North Carolina; Ohio; and Texas.

Congressional Districts surveyed: Arizona’s 1st and 6th; Colorado’s 8th; Iowa’s 1st, 2nd, 3rd and 4th; Maine’s 2nd; Michigan’s 4th, 7th, 8th and 10th; Montana’s 1st; Nebraska’s 2nd; Nevada’s 3rd; New Jersey’s 7th and 9th; New Mexico’s 2nd; New York’s 3rd, 4th, 17th and 19th; Oregon’s 5th; Pennsylvania’s 1st, 7th, 8th and 10th; and Washington’s 3rd.

The survey series excluded several competitive districts because they were in states that had recently been redistricted and thus had no Census data yet to use for demographic benchmarks.

Program for Public Consultation
The Program for Public Consultation (PPC), affiliated with the University of Maryland’s School of Public Policy, seeks to improve democratic governance by consulting the public and bringing the people’s views into the public discourse. It conducts surveys with representative samples on policies proposed by elected officials and shares its findings with government officials, the media, other academics, and the general public.

Civic Innovation Center
The Civic Innovation Center (CivIC) at the University of Maryland’s School of Public Policy works to strengthen the foundations of civic health. It contributes to important debates about civic education, civic engagement, and needed democratic reforms in the state of Maryland and nationwide, in partnership with other BIG 10 universities. It works to build the connective tissue that brings together students, scholars and practitioners to help elevate the UMD community’s contribution to our wider democracy.

Voice of the People
Voice of the People (VOP) is a nonpartisan organization working to re-anchor our democracy in its founding principles by giving ‘We the People’ a greater and more effective voice in government. It champions innovative methods and technology that enable the American people to play a role in the policymaking process and provide policymakers with a more accurate understanding of the views of their constituents.

Contact: Jonathan Casaverde, jonathan.casaverde@wardcirclestrategies.com,(786) 469-9422

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SOURCE Program for Public Consultation

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FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform

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Anatomy segmentation and three-dimensional skeletal visualization arrive with this clearance; an injury detection module for clinical decision support is in development on the platform roadmap

CHARLOTTESVILLE, Va., Oct. 22, 2026 /PRNewswire/ — RIVANNA®, developer of AI-enabled clinical decision-support solutions, today announced that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for BoneEnhance®, a machine learning software module for the Accuro® XV diagnostic ultrasound system. The module segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions during image review.

The clearance moves the platform from acquisition toward interpretation. Accuro XV was cleared in April 2026 for B-mode imaging in musculoskeletal conventional and superficial applications. Its conformable three-dimensional probe automates large field-of-view image acquisition after initial patient positioning. BoneEnhance is the first machine learning software module cleared for the platform.

BoneEnhance identifies bone and surrounding tissues

Each automated acquisition creates a volumetric dataset for review. BoneEnhance identifies bone and surrounding tissues within that volume, then highlights them with color-coded overlays on the two-dimensional B-mode image. The original anatomical data remain unaltered and visible beneath the overlays. A three-dimensional indicator beside the image shows the scan orientation and the location of the displayed slice within the volume.

A platform milestone

The sequence is deliberate: decision support begins at acquisition. Accuro XV acquires the image; BoneEnhance identifies and labels the anatomy within it. Behind the integrated workflow stands a worldwide intellectual-property portfolio of more than 100 issued and pending patents across more than 20 patent families.

“We founded RIVANNA to solve a problem that cuts across care settings: decision-critical information sits outside the point-of-care workflow,” said Will Mauldin, PhD, Co-founder and CEO of RIVANNA. “BoneEnhance is where the stack begins to close that gap for musculoskeletal care: automated volumetric acquisition, now paired with cleared software-assisted review. This clearance is the foundation: the first machine learning layer, anchoring the decision-support capabilities now in development.”

Independently validated within a nationwide eight-site study

BoneEnhance was trained and validated within RIVANNA’s nationwide eight-site clinical study. Three sites contributed the training data; the other five provided the independent test set of 233 volumetric datasets, comprising 69,900 images from 173 subjects. None of the test data were used for training or tuning. Three board-certified radiologists established the reference labels, and per-volume label prediction accuracy, a measure of anatomical labeling, ranged from 95.1% to 100.0%.

Separate from the validation supporting this clearance, the platform’s automated acquisition carries peer-reviewed evidence: in a published study of 205 patients in the Journal of Emergency Medicine (DOI: 10.1016/j.jemermed.2025.11.011), operators with one hour of hands-on training acquired wrist and ankle images rated adequate for diagnostic interpretation in more than 90% of scans, with image quality comparable to physician-acquired scans.

“This clearance reflects the strength of the team RIVANNA has built across AI development, clinical affairs, and regulatory execution, and the commitment of the clinical sites that partnered with us to generate the evidence,” said Delphine Le Roux, PhD, PMP, Senior Director, Market Access and Strategic Partnerships at RIVANNA. “None of it happens without BARDA’s sustained support, which allowed us to do this the right way: rigorous, multi-site, and independent. The infrastructure, partnerships, and regulatory playbook we established for BoneEnhance are designed to carry forward. That execution engine is what positions us to pursue the next clearance with confidence.”

The next layer in development

The platform’s progression continues with an investigational musculoskeletal injury detection module. Where BoneEnhance labels the anatomy, the new module is being developed to assist clinicians in evaluating potential extremity fractures within acquired ultrasound images. The nationwide clinical study that trained and validated BoneEnhance, now expanded from eight to ten sites, is building the datasets used to train the module. Because the sites and data infrastructure were established once and are reused for each new module, every subsequent module builds on the program’s federal investment.

Federal funding acknowledgment

This project has been supported in whole or in part with federal funds from the U.S. Department of Health and Human Services; the Administration for Strategic Preparedness and Response (ASPR); Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50121C00035.

About Accuro XV

Accuro XV is a portable, small-footprint point-of-care volumetric ultrasound imaging system for musculoskeletal imaging. Its conformable three-dimensional probe automates large field-of-view B-mode image acquisition without ionizing radiation. BoneEnhance is a cleared machine learning software module available during review of Accuro XV volumetric image acquisitions. It segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions.

An investigational computer-aided musculoskeletal injury detection module is in development for Accuro XV. It is designed to assist clinicians in detecting extremity fractures from volumetric ultrasound and annotating soft-tissue signs associated with injury, and to support triage decisions, including referral for additional radiographic imaging.

Accuro XV is designed to provide a fracture-care layer at the point of triage, helping to streamline emergency department workflows, expedite evaluation of low-severity extremity injuries, and reduce reliance on X-ray referrals. The platform is designed to support just-in-time training to promote consistent use across clinical experience levels, advancing a shared mission to transform musculoskeletal injury care while supporting broader emergency preparedness objectives.

About RIVANNA

RIVANNA is a medical technology company developing clinical decision-support solutions powered by proprietary clinical datasets, AI models, and purpose-built imaging hardware. The company’s platform is designed to automate complex anatomical analysis at the point of care, support faster and more confident clinical decisions, reduce variability, and expand access to advanced capabilities. Its initial applications address interventional guidance and trauma triage, beginning with neuraxial procedures and musculoskeletal injury assessment. RIVANNA has established an FDA-cleared product portfolio and maintains a worldwide intellectual-property portfolio of more than 100 issued and pending patents. RIVANNA is headquartered in Charlottesville, Virginia, and operates an FDA-registered, ISO 13485:2016-certified manufacturing facility.

RIVANNA, Accuro, BoneEnhance, and the Rivanna Medical family of marks are registered and unregistered trademarks of Rivanna Medical, Inc. in the United States and other jurisdictions.

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SOURCE RIVANNA

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