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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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Service Experts Opens New Franchise Location in Fulshear, Texas

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58 minutes ago

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July 22, 2026

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National HVAC Leader Brings Trusted Heating and Cooling Services to Fast-Growing Houston Market

RICHARDSON, Texas, July 22, 2026 /PRNewswire/ — Service Experts, one of the nation’s leading residential HVAC service companies, is NOW OPEN in Fulshear, Texas, bringing trusted heating and cooling services to homeowners in one of the fastest-growing communities in the Houston market. Located at 32126 Hunt Road, Suite 303 in Brookshire, the Fort Bend County location serves homeowners in Fulshear, Brookshire, Richmond, Rosenberg, Sealy, Needville, and the surrounding communities. 

“We’re building the kind of company we’d want taking care of our own home.”

The location is owned and operated by Norv Parsell and Emily Arnim. Parsell, a former Chief Data Officer with more than 25 years of experience leading data, technology, and AI initiatives across Fortune 50 companies and high-growth startups, brings a technology-first approach to building and operating the business. Arnim has spent more than a decade working with premium consumer brands in customer experience, lifecycle marketing, and brand strategy. Together, they’re combining advanced technology with exceptional local service to reimagine what homeowners should expect from an HVAC company.

“We’re building the kind of company we’d want taking care of our own home,” said Parsell. “That means investing in great people, standing behind our work, and treating every customer with the honesty, professionalism, and respect they deserve.”

“Home is where life’s most important moments happen, and we never forget what it means when someone trusts us enough to invite us in,” added Arnim. “We want every homeowner to feel confident they’re receiving exceptional service from people who genuinely care about their home and our community.”

With the opening of Service Experts Fulshear, the pair are focused on building a family-centered business designed for long-term growth while delivering reliable, high-quality home services to residents. The pair are already exploring opportunities to expand into nearby territories.

“We’re proud to welcome Norv and Emily to the Service Experts franchise system as we continue expanding into new communities,” said Nick Ridgway, Vice President of Franchise Development for Service Experts. “Each new opening allows us to bring our proven service model to more homeowners while partnering with local owners who are committed to building strong teams, culture, and relationships within their communities.”

Backed by decades of corporate operating experience, Service Experts’ franchise model is designed to give owners a faster path to scale, with established systems, national vendor relationships and a proven service platform already in place. As the company continues expanding its franchise footprint, additions like the Fulshear territory reflect growing demand from experienced professionals seeking to transition into essential service industries.

To learn more about Service Experts, visit www.serviceexperts.com. To learn more about franchising opportunities with Service Experts, visit www.serviceexperts.com/franchising.

ABOUT SERVICE EXPERTS: 
Founded in 1996 and headquartered in Richardson, Texas, Service Experts is one of the largest residential HVAC service providers in the United States. The company operates a nationwide network of locally operated service centers delivering heating, cooling, plumbing and electrical solutions. For nearly three decades, Service Experts has combined deep local expertise with the scale and resources of a national organization to provide proactive, reliable home system care proven by its average rating of 4.9 out of five stars on Google across hundreds of thousands of reviews. Service Experts is owned by Brookfield Infrastructure, a leading global owner and operator of critical infrastructure, reinforcing its long-term commitment to operational excellence and customer service. Learn more at ServiceExperts.com or follow Service Experts on Facebook and LinkedIn.

View original content to download multimedia:https://www.prnewswire.com/news-releases/service-experts-opens-new-franchise-location-in-fulshear-texas-302832235.html

SOURCE Service Experts LLC

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Sony Electronics Launches the FX5, a Cinema Line Camera with a Newly Developed Image Sensor, Open Gate Recording, Internal RAW Recording, and Enhanced Operability

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58 minutes ago

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July 22, 2026

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New Dedicated Viewfinder and Separate XLR Handle Unit Also Available

SAN DIEGO, July 22, 2026 /PRNewswire/ — Sony Electronics introduces the FX5, a new full-frame camera in its Cinema Line series. A newly developed fully stacked CMOS image sensor raises sensitivity performance[1] with 15+ stops of dynamic range, three base ISO settings[2], and a Dual Gain shooting[3] mode. For the first time in the Cinema Line FX series, the FX5 supports Open Gate shooting and in-camera recording in X-OCN, Sony’s proprietary RAW format. It shoots 5K at up to 60 fps, 4K at up to 120 fps, and FHD at up to 240 fps. The result pairs the Cinema Line look[4] with production-ready operability in a compact, portable body. Also released are two optional accessories: a detachable OLED viewfinder and an XLR handle unit that records in-camera at up to 96 kHz, 32-bit float.

“The FX5 builds on Sony’s Cinema Line expertise, praised by cinematographers and video creators worldwide,” said Yang Cheng, Vice President of Imaging Solutions, Sony Electronics Inc. “We wanted to build on the FX3, taking it one step further with the inclusion of some VENICE 2 features, like internal RAW recording and Open Gate. Features like these have been highly requested and will allow creators more creative freedom with an easier workflow.”

Availability and Price

ILME-FX5 with XLR Handle Unit will be available mid-August for a suggested retail price of $5,499.99 USD / $6,999.99 CAD.ILME-FX5B body will be available mid-August for a suggested retail price of $4,899.99 USD / $6,299.99 CAD.

Claudio Miranda, ASC, cinematographer of films including “Top Gun: Maverick” and “F1® The Movie,” conducted a test shoot with the FX5:

“I felt that FX5 is a camera that combines high quality image expression and mobility in a compact body, enabling people to use it across a wide range of shooting environments.”

Gareth Edwards, director of “The Creator,” “Rogue One: A Star Wars Story,” and “Jurassic World: Rebirth,” shot with the FX5 on a project spanning Cambodia, Thailand, and Nepal.

“Guerrilla filmmaking just went to the next level as the FX5 is the run-and-gun cinema camera to beat.”

The project is available on YouTube: https://www.youtube.com/watch?v=gVFG7m_seUg

FX5 Key Features

A newly developed image sensor and the latest high-speed image processing engine

Uses a full-frame, fully-stacked Exmor RS™ CMOS image sensor and the latest BIONZ XR2™ high-speed image processing engine with a dedicated AI processing unit.In S-Log3, captures 15+ stops of dynamic range.Three base ISOs of ISO 800, ISO 4000, and ISO 12800[2] keep noise low across a wide range of conditions. The Dual Gain Shooting function,[3] a first for the FX series, draws more from the sensor for smoother gradation and wider latitude while reducing noise and preserving shadow detail.Also a first for the FX series, the camera supports 3:2 full-pixel readout across the entire sensor, or Open Gate shooting[5], plus 17:9, 16:9, and Super 35mm scan modes. In-camera recording in X-OCN, Sony’s proprietary 16-bit scene-linear RAW format, captures high quality without an external recorder. Alongside X-OCN LT, the new X-OCN C1 and X-OCN C2 codecs cut data size to speed transfer and streamline post-production.

High-precision AF powered by AI and detailed settings that support intentional shooting

AI-based human pose estimation recognizes a subject’s eyes, head, and body, holding strong AF performance even in dark scenes. Real-time Tracking follows subjects automatically.Auto Tracing White Balance (ATW) combines visible-light and IR (infrared) sensor data with deep-learning light-source estimation to read scenes accurately, giving more stable[5] and natural white balance in shade, indoors, and other conditions.Noise suppression settings (on/off) give flexibility to match shooting intent and post-production workflows.A de-squeeze function supports anamorphic lenses at 1.3x, 1.5x, 1.6x, 1.8x, and 2.0x.

Excellent operability and high mobility in a compact, lightweight body

5-axis optical in-body image stabilization anchors the image, and the latest stabilization unit roughly doubles the roll correction range of the previous system[6] to suppress rotational blur. Active Mode and the new Dynamic Active Mode[7] keep handheld footage steady.A 3.5-type, approximately 2.76-million-dot 16:9 touch-panel LCD monitor, larger than the FX3’s, mounts on a 4-axis multi-angle arm. It tilts ~98 degrees up, 40 degrees down, and opens ~180 degrees to the side, with a high-brightness adjustable panel. Shooting information sits around the edges of the screen so it never overlaps the image. The “BIG6” home screen, carried over from CineAlta cameras, gathers key settings such as frame rate, exposure, and LUTs so creators can focus on the shot.A new menu system gives operability consistent with CineAlta cameras and the FX6 on a shared production.

High reliability and expandability to support professional production environments

A high-efficiency cooling fan and optimized heat dissipation keep the camera stable through long recording sessions.The lightweight, rigid body carries screw holes in multiple locations to attach accessories directly, so you can build rigs without a cage.Integration with the Monitor & Control application brings video monitoring and remote operation to smartphones, tablets, and Mac.Uses the recently released high-capacity NP-SA100 battery (2670 mAh), which holds approximately 1.3 times the capacity of the Z-series NP-FZ100 for longer shooting.Two USB Type-C™ ports accept timecode input through an optional timecode adapter cable and external power through USB Power Delivery (PD),[9] for stable long-duration shooting.A wired LAN terminal enables remote operation and a stable network connection, with the expandability professional production networks require.

Planned Firmware Update ver. 2.0 (coming 2027)[10]

A planned update will add higher resolution high frame rate shooting up to 240 fps in X-OCN, XAVC S-I recording in 3:2 (Open Gate shooting), an optimized interface for vertical shooting, and a frame grab function.

Accessibility and environmental considerations

Accessibility features support visual recognition and operation, including a screen reader[11] that reads menus aloud and an enlarged menu display.Recycled plastic accounts for approximately 30% or more of the camera’s parts.[12] The Thailand and China sites that build the camera run on 100% renewable energy.[13] Product bags use plant-derived nonwoven fabric,[14] cutting packaging plastic and lowering environmental impact.

Optional Accessories

0.58-type OLED Viewfinder “DVF-EL1”

This detachable viewfinder carries a 0.58-type, approximately 7.07-million-dot OLED panel.[8] It supports HDR display with a DCI-P3-equivalent color gamut and 10-bit gradation. The wide gamut confirms subject colors accurately, and HDR reveals fine detail when shooting and playing back high-contrast scenes.Approximately 0.9x magnification[15] and you can switch between display modes that prioritize resolution or eye point.A tilt mechanism moves from 0 to approximately 90 degrees upward for comfortable monitoring at low, high, and handheld angles.

XLR Handle Unit “XLR-H2”

The XLR-H2 carries two XLR/TRS combo terminals and supports up to 4-channel audio input. Dual AD converters digitize microphone signals with high precision across a wide dynamic range and record in-camera at up to 96 kHz, 32-bit float. It connects directly to the body through the Multi Interface (MI) Shoe for stable digital transmission.

Timecode Adapter Cable “VMC-BNCU1”

The optional USB-C to BNC timecode adapter cable feeds timecode from external devices into the camera. It synchronizes multiple cameras and external audio devices for timecode-based workflows across multicamera shooting, broadcasting, and filmmaking.

Applications Supporting Production with the FX5

Monitor & Control ver. 3.0
Scheduled for July 2026 or later, enables wired and wireless video monitoring and camera control.[16] For details, please visit: (link)Catalyst Prepare ver. 3.0 
Scheduled for August 2026 or later. Catalyst Prepare and Catalyst Browse, which provide high-precision video stabilization and color editing, merge into Catalyst Prepare ver. 3.0. For details, please visit: (link)

For main specifications and details, please visit the product website.

https://electronics.sony.com/imaging/interchangeable-lens-cameras/all-interchangeable-lens-cameras/p/ilmefx5

https://electronics.sony.com/imaging/interchangeable-lens-cameras/all-interchangeable-lens-cameras/p/ilmefx5b

[1] Compared to “FX3”.
[2] Manual Base ISO selection is supported only in Cine EI and Flexible ISO modes.  In Cine EI Quick mode, the optimal Base ISO is selected automatically according to the Exposure Index setting. 
[3] Gain is limited to the equivalent of 18 dB. This function may not be available depending on shooting settings.
[4] Refers to visual expression, including the color and tone of images.
[5] Available only when recording in X-OCN.
[6] Compared to “FX3”. Based on Sony internal measurements.
[7] In Dynamic active Mode, angle of view is reduced more than in Active Mode, and Clear Image Zoom is not available. Dynamic active Mode is available up to 60 fps, and Active Mode is available up to 120 fps. The maximum gain in Dynamic active Mode is 26 dB. Depending on the codec and frame-rate settings, Dynamic active Mode may not be available. For details, see the Help Guide: https://helpguide.sony.net/ilc/2630/v1/h_zz/  
[8] Cannot be used together with accessories attached via the Multi Interface (MI) Shoe, such as the handle unit.
[9] USB Power Delivery (PD) compatible external power supply and USB cable are not included.
[10] Features and specifications are subject to change without prior notice.
[11] Supported languages vary by sales region/country. Some menu items are not supported by the screen reader function.
[12] Based on Sony research. Applies to recycled plastic used in the product body.
[13] Production sites may change depending on the production period.
[14] Plant-derived nonwoven fabric may not be available depending on the production period.
[15] With a 50 mm lens at infinity, -1 m⁻¹.
[16] For further details and to download Monitor & Control, see: https://www.sony.net/ccmc/?cid=son-mandc—20260722. Download app at Google Play and the App Store. Network services, content, and operating system and software subject to terms and conditions and may be changed, interrupted or discontinued at any time and may require fees, registration and credit card information.  

About Sony Electronics Inc.

Sony Electronics is a subsidiary of Sony Corporation of America and an affiliate of Sony Group Corporation, one of the most comprehensive entertainment companies in the world, with a portfolio that encompasses electronics, music, motion pictures, mobile, gaming, robotics and financial services. Headquartered in San Diego, California, Sony Electronics is a leader in electronics for the consumer and professional markets. Operations include research and development, engineering, sales, marketing, distribution and customer service. Sony Electronics creates products that innovate and inspire generations, such as the award-winning Alpha Interchangeable Lens Cameras and revolutionary high-resolution audio products.

 

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SOURCE Sony Electronics, Inc.

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Crush Security Names Jeff Skeldon VP of Sales, Rounds Out Leadership Team Ahead of Black Hat USA 2026

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58 minutes ago

on

July 22, 2026

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Sales and go-to-market veteran who helped build Accuvant and Optiv joins Joshua Jones, Clayton Riness, and Joshua Johnson as Crush builds out its executive leadership!

SCOTTSDALE, Ariz., July 22, 2026 /PRNewswire/ — Crush Security, the AI-native “Super VAR” is a first of its kind partner with a platform built to give CISOs back control of how they buy and manage cybersecurity technology, today announced Jeff Skeldon has joined the company as Vice President of Sales. Jeff’s hire caps a run of senior leadership additions as Crush prepares for a full week of customer events at Black Hat USA 2026 next week in sunny Las Vegas.

Jeff spent decades helping build two of the industry’s defining go-to-market organizations in the partner ecosystem. He joined Accuvant in 2005 and rose to Director of Sales for the SoCal region, staying through Accuvant’s 2015 merger that formed Optiv, where he then served as Vice President of Sales, West, through 2018. He went on to lead enterprise sales at Netskope and, most recently, served as Vice President of Worldwide Sales at ArmorCode.

“Jeff has helped build two of the most important go-to-market organizations cybersecurity has ever seen. He’s joining Crush at the exact moment we’re rewriting how CISOs manage their entire technology stack — not just what they buy, but how they buy it and who they trust to help them manage it. Jeff is the right person to lead that charge.”
— Josh Jones, Co-Founder and CEO of Crush Security.

“Cybersecurity and risk management face a volume and velocity challenge in many ways. Crush provides a critical control plane and ‘context layer’ for customers to align their program maturity, security framework, gaps, and solution choices — all while optimizing costs and time to value. Crush isn’t another ‘me too’ trying to recapture what the early players built. It’s a real shift back to mission first. I come from a long line of protectors and built a reputation on integrity and trust over many years. I’m deeply proud to join this team of like-minded people. Josh Jones had me at ‘I just want to win and do right by people.”
— Jeff Skeldon, Vice President of Sales at Crush Security.

“What sets Crush Security apart is that they’ve built a platform, not just another reseller relationship. Their focus on unbiased validation and outcome-driven recommendations means our technology gets in front of the right customers for the right reasons. That’s a rare and refreshing approach in this space.”
— Pete Martin, Co-Founder and CEO of Realm.Security.

“CISOs are being asked to adopt AI faster than they can govern it. Crush helps them cut through the noise and buy what actually fits their program. JetStream makes sure those systems stay visible, attributed, and governed in production. We are proud to build that with a team that puts the mission first.” 
— Jared Phipps, Co-Founder and COO of JetStream Security.

Building a First-Class Leadership team
Jeff’s appointment follows a series of regional leadership hires as Crush scales its go-to-market organization nationally. The company also welcomes:

Rob Bouknight — Regional Vice President, WestSteve Duncombe — Regional Vice President, CentralAli Alwan — Regional Vice President, EastJason Eberhardt — Vice President of Channel Development

Together, the team gives Crush dedicated leadership across every U.S. region and its channel partner ecosystem as the company scales its Software Resell, Automated Compliance, and Intelligence platform with a personal AI assistant, Cassandra. Cassandra helps small and large organizations alike by being your virtual security architect that comes free with every client.

Crush at Black Hat USA 2026
As Elon Musk put it in a January 2026 post, “AI is a supersonic tsunami.” Crush Security is built to keep up at that same speed in cyber — delivering the next generation of AI-powered security value when buying technology and managing a cybersecurity program through intelligence.

Crush Security will bring its new leadership team to Black Hat USA 2026, running August 1–6 at the Mandalay Bay Convention Center in Las Vegas. Crush is hosting customer and partner events throughout the week as part of its push to build brand presence as the first cybersecurity Super VAR — a single platform combining systems integration, unbiased software resell, automated compliance, and AI-powered threat intelligence, built to give CISOs back control of how they evaluate, buy, and manage technology across their programs.

Crush will host five signature events throughout the week, based out of the Aria, Vdara, Caesars, and Cosmopolitan alongside one-on-one meetings with customers and partners throughout the conference:

DinnersAn Absinthe show for 100+ customersAn IV clinic offering on-site wellness treatmentsA helicopter experience unlike anything else at the conference

About Crush Security
Crush Security is a veteran-owned, AI-native cybersecurity company headquartered in Scottsdale, Arizona. Built as the industry’s first Super VAR, Crush combines systems integration, unbiased software resell, automated compliance, and AI-powered threat intelligence through its Cassandra platform — giving CISOs a single, unbiased source of record to evaluate, buy, and manage their security programs. Crush was founded by Josh Jones, Clayton Riness, and Josh Johnson.

View original content to download multimedia:https://www.prnewswire.com/news-releases/crush-security-names-jeff-skeldon-vp-of-sales-rounds-out-leadership-team-ahead-of-black-hat-usa-2026-302832201.html

SOURCE Crush Security Group Inc

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