dell-20260901 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 1, 2026   ______________________ Dell Technologies Inc. (Exact name of registrant as specified in its charter)   ______________________ Texas 001-37867 80-0890963 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) One Dell Way Round Rock, Texas 78682 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 800 )  289-3355 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class C Common Stock, par value $0.01 per share DELL New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Item 2.02    Results of Operations and Financial Condition. On September 1, 2026, Dell Technologies Inc. (the “Company” or “Dell”) issued a press release announcing its financial results for its fiscal quarter ended July 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this current report. In accordance with General Instruction B.2 to Form 8-K, the information contained in this Item 2.02 and in Exhibit 99.1 to this current report is being “furnished” with the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under such section. Further, such information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless specifically identified as being incorporated therein by reference. Item 9.01    Financial Statements and Exhibits. (d)  Exhibits. The following documents are herewith filed or furnished as exhibits to this report: Exhibit Number    Description 99.1    Press Release of Dell Technologies Inc. dated September 1 , 2026. 104 Cover Page Interactive Data File — the cover page XBRL tags are embedded within the Inline XBRL document. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 1, 2026 Dell Technologies Inc. By: /s/ Christopher A. Garcia Christopher A. Garcia Senior Vice President and Assistant Secretary  (Duly Authorized Officer)   3 EX-99.1 2 exhibit991earnings8kq2fy27.htm EX-99.1 Document Exhibit 99.1   Dell Technologies Delivers Second Quarter Fiscal 2027 Financial Results ROUND ROCK, Texas — Sept. 1, 2026 — Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2027 second quarter and provides guidance for its fiscal 2027 third quarter and full year. Second-Quarter Summary • Record revenue of $47.0 billion, up 58% year over year • Record diluted earnings per share (EPS) of $6.34, up 273% year over year, and record non-GAAP diluted EPS of $7.04, up 203% • Cash flow from operations of $2.2 billion • Full-year FY27 revenue guidance of $192.0 billion, up 69% year over year • Full-year FY27 EPS guidance of $24.37 and non-GAAP EPS guidance of $25.50, up 181% and 148% year over year, respectively “IT environments have shifted from cost centers to value drivers that fuel growth and competitive advantage, and customers are investing accordingly – creating opportunity across our portfolio,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “That’s clearest in our AI server business where we booked a record $60.9 billion in orders, recognized a record $16.4 billion in revenue and exited the quarter with a record $95 billion backlog. We’re seeing broader revenue growth as well, with traditional servers and networking up 122%, storage up 26% and our client solutions up 20% year over year. Our second quarter results underscore the compounding benefits of our competitive advantages, the breadth of our portfolio and the strength of our operating model.” “In our second quarter, we delivered record revenue of $47 billion, record EPS and a record $4.3 billion returned to shareholders,” said David Kennedy, chief financial officer, Dell Technologies. “Our advantages reinforce one another, and throughout the quarter we used these strengths to drive growth, share gains, profitability and cash generation. With AI momentum accelerating and our opportunity expanding across the portfolio, we’re raising our full-year FY27 revenue outlook by $25 billion to $192 billion, up nearly 70% year over year.” Infrastructure Solutions Group (ISG) • Record revenue: $31.8 billion, up 89% year over year • Record AI-Optimized Servers revenue: $16.4 billion, up 100% year over year • Record Traditional Servers and Networking revenue: $10.5 billion, up 122% year over year • Record second-quarter Storage revenue: $4.9 billion, up 26% year over year • Record operating income: $4.8 billion, up 225% year over year Client Solutions Group (CSG) • Revenue: $15.0 billion, up 20% year over year • Record Commercial Client revenue: $13.2 billion, up 22% year over year • Consumer revenue: $1.8 billion, up 7% year over year 1 • Operating income: $1.1 billion, up 42% year over year Capital Return Dell Technologies returned a record $4.3 billion to shareholders in the second quarter through share repurchases and dividends. Additionally, on Sept. 1 the company’s board of directors declared a quarterly cash dividend of $0.63 per common share, which will be payable on Oct. 30 to shareholders of record as of Oct. 20. Guidance Summary (in billions, except percentages and per share amounts) Third-Quarter Guidance Q3FY27 (% Y/Y) Revenue $ 49.0  81  % GAAP diluted EPS $ 6.10  168  % Non-GAAP diluted EPS $ 6.50  151  % Full-Year Guidance FY27 Previous FY27 Updated (% Y/Y) Revenue $ 167.0  $ 192.0  69  % AI-Optimized Servers revenue $ 60.0  $ 74.0  200  % GAAP diluted EPS $ 17.31  $ 24.37  181  % Non-GAAP diluted EPS $ 17.90  $ 25.50  148  % 2 Second Quarter Fiscal 2027 Financial Results Three Months Ended Six Months Ended July 31, 2026 August 1, 2025 Change July 31, 2026 August 1, 2025 Change (in millions, except per share amounts and percentages; unaudited) Net revenue $ 46,971  $ 29,776  58% $ 90,813  $ 53,154  71% Operating income $ 5,385  $ 1,773  204% $ 9,041  $ 2,938  208% Net income $ 4,133  $ 1,164  255% $ 7,571  $ 2,129  256% Change in cash from operating activities $ 2,225  $ 2,543  (13)% $ 6,306  $ 5,339  18% Earnings per share — diluted $ 6.34  $ 1.70  273% $ 11.58  $ 3.07  277% Non-GAAP operating income $ 5,929  $ 2,284  160% $ 10,164  $ 3,950  157% Non-GAAP net income $ 4,591  $ 1,591  189% $ 7,781  $ 2,677  191% Adjusted free cash flow $ 8,149  $ 2,518  224% $ 11,314  $ 4,750  138% Non-GAAP earnings per share — diluted $ 7.04  $ 2.32  203% $ 11.90  $ 3.86  208% Information about Dell Technologies’ non-GAAP financial measures is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year over year unless otherwise noted. Operating Segments Results Three Months Ended Six Months Ended July 31, 2026 August 1, 2025 Change July 31, 2026 August 1, 2025 Change (in millions, except percentages; unaudited) Infrastructure Solutions Group (ISG): Net revenue: AI-Optimized Servers $ 16,401  $ 8,208  100% $ 32,533  $ 10,090  222% Traditional Servers and Networking 10,531  4,736  122% 19,074  9,175  108% Storage 4,850  3,856  26% 9,184  7,852  17% Total ISG net revenue $ 31,782  $ 16,800  89% $ 60,791  $ 27,117  124% Operating income: ISG operating income $ 4,781  $ 1,470  225% $ 7,836  $ 2,468  218% % of ISG net revenue 15.0  % 8.8  % 12.9  % 9.1  % % of total reportable segment operating income 81  % 65  % 77  % 63  % Client Solutions Group (CSG): Net revenue: Commercial $ 13,192  $ 10,781  22% $ 26,212  $ 21,827  20% Consumer 1,842  1,722  7% 3,431  3,185  8% Total CSG net revenue $ 15,034  $ 12,503  20% $ 29,643  $ 25,012  19% Operating income: CSG operating income $ 1,142  $ 803  42% $ 2,312  $ 1,456  59% % of CSG net revenue 7.6  % 6.4  % 7.8  % 5.8  % % of total reportable segment operating income 19  % 35  % 23  % 37  % 3 Conference call information As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Sept. 1 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 may be downloaded from investors.delltechnologies.com. The conference call will be presented 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 presentation, the final remarks and presentation with additional financial and operating information will be available following the presentation, 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. Contacts Investors: Investor_Relations@Dell.com Media: Media.Relations@Dell.com # # # Copyright © 2026 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 earnings per share – 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. Forward-looking statements include, among others, any statements regarding Dell Technologies’ expectations for third-quarter and full-year fiscal 2027 revenue, GAAP diluted earnings per share and non-GAAP diluted earnings per share, and for full-year fiscal 2027 AI-optimized servers revenue, as well as any other statements regarding Dell Technologies’ prospects and its future operations, financial condition, volumes, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing. 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; competitive pressures; Dell Technologies’ ability to successfully execute its strategy; Dell Technologies’ relationships with third-party suppliers for products and components; Dell Technologies’ use of single-source or limited-source suppliers; effects on Dell Technologies’ operating performance related to demand for AI solutions; management of Dell Technologies’ AI solutions and use of AI in internal functions and operations; Dell Technologies’ ability to deliver high-quality products, software, and services and to manage solutions and products and services transitions in an effective manner; Dell Technologies’ ability to successfully implement its cost efficiency plans; security incidents, including cyber-attacks; 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; Dell Technologies’ ability to successfully execute on strategic initiatives including acquisitions and divestitures; access to the capital markets by Dell Technologies or its customers; weak economic conditions, changing customer mix, and the effect of additional regulation on Dell Technologies’ financial services activities; counterparty default risks; material impairment of the value of 4 goodwill or intangible assets; 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; adverse legislative or regulatory tax changes, expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; declines in fair value or impairment of portfolio investments; unfavorable results of legal proceedings; evolving and varied expectations and regulatory requirements relating to sustainability issues; the effect of global climate change and related legal, regulatory or market measures; compliance with environmental and safety laws; compliance requirements of anti-corruption laws, economic sanctions and other trade laws, human rights laws, or other laws regulating its international operations; 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 January 30, 2026, 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. 5 DELL TECHNOLOGIES INC. Condensed Consolidated Statements of Income and Related Financial Highlights (in millions, except per share amounts and percentages; unaudited) Three Months Ended Six Months Ended July 31, 2026 August 1, 2025 Change July 31, 2026 August 1, 2025 Change Net revenue: Products $ 41,112  $ 23,935  72% $ 79,217  $ 41,534  91% Services 5,859  5,841  —% 11,596  11,620  —% Total net revenue 46,971  29,776  58% 90,813  53,154  71% Cost of net revenue: Products 33,990  21,044  62% 66,842  36,160  85% Services 3,151  3,285  (4)% 6,359  6,610  (4)% Total cost of revenue 37,141  24,329  53% 73,201  42,770  71% Gross margin 9,830  5,447  80% 17,612  10,384  70% Operating expenses: Selling, general, and administrative 3,336  2,889  15% 6,479  5,853  11% Research and development 1,109  785  41% 2,092  1,593  31% Total operating expenses 4,445  3,674  21% 8,571  7,446  15% Operating income 5,385  1,773  204% 9,041  2,938  208% Interest and other, net (254) (333) 24% 38  (415) 109% Income before income taxes 5,131  1,440  256% 9,079  2,523  260% Income tax expense 998  276  262% 1,508  394  283% Net income $ 4,133  $ 1,164  255% $ 7,571  $ 2,129  256% Earnings per share: Basic $ 6.41  $ 1.72  273% $ 11.70  $ 3.11  276% Diluted $ 6.34  $ 1.70  273% $ 11.58  $ 3.07  277% Weighted average shares: Basic 645  678  (5)% 647 685 (6)% Diluted 652  686  (5)% 654 694 (6)% Percentage of Total Net Revenue: Gross margin 20.9  % 18.3  % 19.4  % 19.5  % Selling, general, and administrative 7.1  % 9.7  % 7.1  % 11.0  % Research and development 2.4  % 2.6  % 2.3  % 3.0  % Operating expenses 9.5  % 12.3  % 9.4  % 14.0  % Operating income 11.5  % 6.0  % 10.0  % 5.5  % Income before income taxes 10.9  % 4.8  % 10.0  % 4.7  % Net income 8.8  % 3.9  % 8.3  % 4.0  % Income tax rate 19.5  % 19.2  % 16.6  % 15.6  % Amounts are based on underlying data and may not visually foot due to rounding. 6 DELL TECHNOLOGIES INC. Condensed Consolidated Statements of Financial Position (in millions; unaudited) July 31, 2026 January 30, 2026 ASSETS Current assets: Cash and cash equivalents $ 11,569  $ 11,528  Accounts receivable, net of allowance of $56 and $77 22,918  17,585  Short-term financing receivables, net of allowance of $186 and $121 12,805  8,458  Inventories 21,290  10,437  Other current assets 11,965  9,594  Total current assets 80,547  57,602  Property, plant, and equipment, net 7,417  6,676  Long-term investments 2,679  1,730  Long-term financing receivables, net of allowance of $128 and $92 7,625  5,822  Goodwill 19,448  19,547  Intangible assets, net 4,347  4,533  Other non-current assets 5,330  5,376  Total assets $ 127,393  $ 101,286  LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term debt $ 8,481  $ 7,990  A