Data Infrastructure Solutions

demand / volume affecting revenue

“Cash provided by operating activities was $6.5 billion during the first nine months of Fiscal 2026 and was driven by net revenue growth and profitability, partially offset by higher financing receivables and working capital levels, both of which were primarily impacted by increased demand for our AI-optimized server offerings.”

DELL 10-Q

credit / rates affecting interest expense

“58 Table of Contents Interest and Other, Net The following table presents information regarding interest and other, net for the periods indicated: Three Months Ended May 1, 2026 May 2, 2025 (in millions) Investment income, primarily interest $ 81 $ 31 Gain on investments, net 631 17 Interest expense (391) (354) Foreign exchange (17) (5) Gain on disposition of businesses and assets — 236 Other (12) (7) Total interest and other, net $ 292 $ (82) During the first quarter of Fiscal 2027, the change in interest and other, net was favorable primarily due to gains recognized within our strategic investments portfolio, partially offset by the gain on the sale of Secureworks recognized during the first quarter of Fiscal 2026.”

DELL 10-Q

product pipeline / R&D affecting expense

“57 Table of Contents Operating Expenses The following table presents information regarding our operating expenses for the periods indicated: Three Months Ended May 1, 2026 May 2, 2025 Dollars % of Net Revenue % Change Dollars % of Net Revenue (in millions, except percentages) Operating expenses: Selling, general, and administrative $ 3,143 7.3 % 6 % $ 2,964 12.6 % Research and development 983 2.2 % 22 % 808 3.5 % Total operating expenses $ 4,126 9.5 % 9 % $ 3,772 16.1 % Three Months Ended May 1, 2026 May 2, 2025 Dollars % of Net Revenue % Change Dollars % of Net Revenue (in millions, except percentages) Non-GAAP operating expenses $ 3,712 8.4 % 9 % $ 3,391 14.5 % During the first quarter of Fiscal 2027, total operating expenses increased 9% due to an increase in research and development (“R&D”) expenses and selling, general, and administrative (“SG&A”) expenses.”

DELL 10-Q