AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 19/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Scale, volume-based rebates and proprietary storage provide credible candidate advantages, but the passages do not establish a protected relative cost or differentiation advantage. Current pricing success alone cannot resolve this.
durability · — · Annual or quarterly procurement negotiations and management's conditional patent-barrier claim do not establish durable protection. Contracted revenue supplies visibility over finite terms rather than proof of enduring advantage.
customer dependency · — · Multiyear agreements and termination penalties demonstrate commitments, but migration costs and dependence beyond contract terms are not established. Concentrated AI purchasing does not itself demonstrate customer lock-in.
erosion resilience · — · Recent operating and pricing gains demonstrate resilience in the current period, but the evidence cannot establish resistance to structural erosion from direct procurement, technological substitution or supplier bargaining power.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Fiscal 2027 traditional server and PC selling-price gains are attributed primarily to pricing, with storage also benefiting. These are strong observed outcomes despite component inflation. Earlier selling-price declines and recent PC unit weakness limit durability; configuration enrichment is not counted as pure pricing.
retention · 2/4 · Multiyear contracts, substantive termination penalties and support tied to prior product sales demonstrate continuing engagement indirectly. They do not establish renewal rates or repeat purchases by the same hardware customers. Contract adjustments and concentrated AI buyers limit confidence.
margin resilience · 2/4 · First-half Fiscal 2027 pricing largely offset adverse AI mix despite component inflation, while operating income increased substantially. However, consolidated gross margin declined from 23.8% in Fiscal 2024 to 20.0% in Fiscal 2026 and 19.4% in the latest half. Mix effects prevent attributing that decline entirely to weak pricing.
contractual freedom · 2/4 · The principal-status disclosure includes establishing Dell's own pricing, and actual price changes demonstrate practical latitude. Ongoing price competition and committed supplier quantities with unresolved prices constrain economic freedom. Unilateral repricing rights within existing multiyear customer agreements are not established.
Predictability89
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 11.75
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.97
Financial strength41
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 61.66
- netDebtEbitGrade
- 50.98
- interestCoverageGrade
- 38.40
- currentRatioGrade
- 12.83
- Debt / FCF (x)
- 3.68
- Net debt / operating income (x)
- 2.45
- Interest coverage (x)
- 5.22
- Current ratio (x)
- 0.91
Capital allocation100
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 36.39
- 3-year average dilution (%)
- -2.75
- 3-year average SBC / revenue (%)
- 0.82
- cashConversionGrade
- 100.00
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Reported cash generation, investment and lower diluted shares demonstrate concrete allocation outcomes. In the latest half, $6.306 billion of operating cash flow accompanied $2.202 billion of capital spending, $5.424 billion of repurchases and $0.869 billion of dividends. Debt increased and purchase obligations rose from $18.8 billion to $34.8 billion. Customer financing explains part of funding needs, but the allocation record remains mixed; repurchase value creation is not established.
incentive alignment · 3/4 · Actual RSU grants, three-year relative shareholder return measurement, documented vesting and approved financial targets demonstrate meaningful performance alignment. CEO ownership is explicitly disclosed rather than inferred from founder status. Committee discretion and incomplete ownership detail prevent an exceptional grade.
execution · 3/4 · Fiscal 2026 growth and first-half Fiscal 2027 revenue of $90.813 billion, operating income of $9.041 billion and operating cash flow of $6.306 billion demonstrate strong delivery while research spending increased. Attribution to management is indirect: AI demand, data-center expansion and PC refresh also contributed. Earlier PC weakness and growing commitments constrain extrapolation.
governance · 2/4 · An independent board majority, independent committees and an elected Lead Independent Director provide actual safeguards. These coexist with approximately 91.7% voting concentration among the disclosed controlling groups as of March 9, 2026 and documented historical accounting revisions. Later conversion-related exhibit references do not establish every operative governance term; historical Delaware provisions are not assumed unchanged.
Evidence
Dell Technologies operates globally in over 170 countries, supported by a world-class organization across key functional areas, including technology and product development, marketing, sales, services, and financing.
Business — global operating footprint · Filed 16/03/2026
The terms and conditions of our vendor rebate programs are largely based on product volumes and are generally negotiated either at the beginning of the annual or quarterly period, depending on the program.
MD&A — volume-linked vendor rebate terms · Filed 08/09/2026
Our gross margins for the second quarter and first six months of Fiscal 2027 were not materially affected by any changes to the terms of our vendor rebate programs, as the amounts we received under these programs were generally stable relative to our total net cost.
MD&A — realized stability of vendor rebate terms · Filed 08/09/2026
•Supply chain: We experienced an increase in input costs, driven by higher component costs.
Business trends — experienced input-cost increases · Filed 08/09/2026
Strong and accelerating industry demand for AI‑optimized solutions, together with current limitations in capacity from memory manufacturers, has resulted in global supply constraints and substantial inflation in memory component costs.
Business trends — memory supply constraints and inflation · Filed 08/09/2026
The portions of strategic supplier agreements for which certain commodities will be purchased at a price to be mutually agreed upon after the balance sheet date cannot be reasonably estimated and therefore are excluded from purchase obligations.
Purchase obligations — supplier quantities with future pricing · Filed 08/09/2026
As of July 31, 2026, we had purchase obligations of $34.8 billion, of which $24.6 billion is payable within twelve months.
Liquidity — purchase obligations at July 31, 2026 · Filed 08/09/2026
Additionally, these offerings typically result in multiyear agreements which generate recurring revenue streams over the term of the arrangement.
Business — multiyear payment and consumption agreements · Filed 16/03/2026
The value of the transaction price allocated to remaining performance obligations as of January 30, 2026 was approximately $82 billion.
Revenue note — remaining performance obligations · Filed 16/03/2026
The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancelable contracts where there is no substantive termination penalty.
Revenue note — exclusion of contracts without substantive termination penalties · Filed 16/03/2026
Remaining performance obligation estimates are subject to change and are affected by multiple factors, including terminations, changes in the scope of contracts, periodic revalidation, adjustments for revenue that have not materialized, and adjustments for currency.
Revenue note — changes to remaining performance obligations · Filed 16/03/2026
The increases were primarily attributable to growth within ISG services gross margin and, to a lesser extent, CSG services gross margin that were driven by support and maintenance associated with products sold in prior periods.
MD&A — support and maintenance associated with earlier product sales · Filed 25/03/2025
To date, the majority of revenue from our AI‑optimized servers offerings has involved purchases by a relatively small number of large customers and cloud service providers.
Risk disclosure — actual AI customer concentration · Filed 08/09/2026
We also face competition from non-traditional IT companies, including large Infrastructure-as-a-Service providers, that often buy their infrastructure directly from original design manufacturers.
Competition — cloud providers purchasing directly from manufacturers · Filed 16/03/2026
The Company expects to recognize approximately 78% of remaining performance obligations as revenue in the next twelve months, approximately 11% in the following twelve months, and the remainder thereafter.
Revenue note — timing of remaining performance obligations · Filed 16/03/2026
Patents, Trademarks, and Licenses
As of January 30, 2026, we held a worldwide portfolio of 25,859 granted patents and 8,189 pending patent applications.
Business — granted patents and pending applications · Filed 16/03/2026
During the second quarter and first six months of Fiscal 2027, storage net revenue increased 26% and 17%, respectively, primarily due to growth in demand for our Dell-IP storage offerings and disciplined pricing.
ISG results — storage demand and pricing · Filed 08/09/2026
Our product and process patents may establish barriers to entry, and we anticipate that our worldwide patent portfolio will continue to be of value in negotiating intellectual property rights with others in the industry.
Business — management's assessment of potential patent barriers · Filed 16/03/2026
We also hold licenses to use numerous third-party patents.
Business — third-party patent licenses · Filed 16/03/2026
Competition
We operate in an industry in which there are rapid technological advances in hardware, software, and services offerings, including AI, cloud, and security-related offerings.
Competition — rapid technological advances · Filed 16/03/2026
Our competitors may provide offerings that are less costly, perform better, or include additional features.
Risk factors — potential competing price and functionality · Filed 16/03/2026
On March 25, 2024, we terminated our Commercial Framework Agreement with VMware, whereby we acted as a distributor of VMware standalone products and services.
Business — termination of VMware distribution agreement · Filed 16/03/2026
Traditional servers and networking net revenue increased 122% and 108% during the second quarter and first six months of Fiscal 2027, respectively, primarily driven by an increase in the average selling price of these offerings, driven by disciplined pricing and, to a lesser extent, richer configurations.
ISG results — traditional server selling prices · Filed 08/09/2026
The increase in the average selling prices of our CSG offerings was primarily attributable to disciplined pricing.
CSG results — attribution of selling-price increases · Filed 08/09/2026
During the second quarter of Fiscal 2027, the increase was partially offset by a decrease in units sold.
CSG results — second-quarter commercial unit decline · Filed 08/09/2026
Consumer net revenue increased 7% and 8% during the second quarter and first six months of Fiscal 2027, respectively, due to an increase in the average selling prices of our consumer offerings, partially offset by a decline in units sold.
CSG results — consumer selling prices and unit decline · Filed 08/09/2026
During Fiscal 2026, commercial net revenue increased 8% primarily due to an increase in units sold and richer configurations, partially offset by a decline in average selling prices.
CSG results — Fiscal 2026 commercial selling-price decline · Filed 16/03/2026
Consumer net revenue decreased 8% during Fiscal 2026 due to a decline in average selling prices and units sold.
CSG results — Fiscal 2026 consumer price and unit declines · Filed 16/03/2026
During the first six months of Fiscal 2027, gross margin percentage and non-GAAP gross margin percentage decreased 10 basis points to 19.4% and 30 basis points to 19.7%, respectively, primarily due to a shift in mix towards our AI-optimized servers offerings, the effect of which was largely offset by disciplined pricing.
MD&A — first-half gross margin mix and pricing effects · Filed 08/09/2026
Fiscal Year Ended January 30, 2026 January 31, 2025 February 2, 2024 Dollars % of Net Revenue % Change Dollars % of Net Revenue % Change Dollars % of Net Revenue (in millions, except percentages and per share amounts) Net revenue: Products $ 90,405 79.6 % 27 % $ 71,420 74.7 % 11 % $ 64,353 72.8 % Services 23,133 20.4 % (4) % 24,147 25.3 % — % 24,072 27.2 % Total net revenue $ 113,538 100.0 % 19 % $ 95,567 100.0 % 8 % $ 88,425 100.0 % Gross margin: Products $ 12,348 13.7 % 10 % $ 11,258 15.8 % — % $ 11,237 17.5 % Services 10,359 44.8 % 4 % 9,992 41.4 % 2 % 9,832 40.8 % Total gross margin $ 22,707 20.0 % 7 % $ 21,250 22.2 % 1 % $ 21,069 23.8 % Operating expenses $ 14,558 12.8 % (3) % $ 15,013 15.7 % (4) % $ 15,658 17.7 % Operating income $ 8,149 7.2 % 31 % $ 6,237 6.5 % 15 % $ 5,411 6.1 % Net income $ 5,936 5.2 % 30 % $ 4,576 4.8 % 36 % $ 3,372 3.8 % Earnings per share attributable to Dell Technologies — diluted $ 8.68 36 % $ 6.38 39 % $ 4.60 Cash flow from operations $ 11,185 147 % $ 4,521 (48) % $ 8,676 Non-GAAP Financial Information Fiscal Year Ended January 30, 2026 January 31, 2025 February 2, 2024 Dollars % of Net Revenue % Change Dollars % of Net Revenue % Change Dollars % of Net Revenue (in millions, except percentages and per share amounts) Non-GAAP gross margin: Products $ 12,599 13.9 % 9 % $ 11,574 16.2 % (1) % $ 11,642 18.1 % Services 10,560 45.6 % 3 % 10,236 42.4 % 2 % 10,002 41.6 % Total non-GAAP gross margin $ 23,159 20.4 % 6 % $ 21,810 22.8 % 1 % $ 21,644 24.5 % Non-GAAP operating expenses $ 13,168 11.6 % (1) % $ 13,281 13.9 % (4) % $ 13,766 15.6 % Non-GAAP operating income $ 9,991 8.8 % 17 % $ 8,529 8.9 % 8 % $ 7,878 8.9 % Non-GAAP net income $ 7,046 6.2 % 20 % $ 5,865 6.1 % 8 % $ 5,422 6.1 % Non-GAAP earnings per share attributable to Dell Technologies — diluted $ 10.30 27 % $ 8.14 10 % $ 7.37 Free cash flow $ 8,555 337 % $ 1,958 (67) % $ 5,923 Adjusted free cash flow $ 11,508 272 % $ 3,097 (45) % $ 5,607 Non-GAAP product gross margin, non-GAAP services gross margin, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP earnings per share attributable to Dell Technologies - diluted, free cash flow, and adjusted free cash flow are not measurements of financial performance prepared in accordance with GAAP.
MD&A — Fiscal 2024–2026 consolidated operating results · Filed 16/03/2026
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts; unaudited) Three Months Ended Six Months Ended July 31, 2026 August 1, 2025 July 31, 2026 August 1, 2025 Net revenue: Products $ 41,112 $ 23,935 $ 79,217 $ 41,534 Services 5,859 5,841 11,596 11,620 Total net revenue 46,971 29,776 90,813 53,154 Cost of net revenue: Products 33,990 21,044 66,842 36,160 Services 3,151 3,285 6,359 6,610 Total cost of net revenue 37,141 24,329 73,201 42,770 Gross margin 9,830 5,447 17,612 10,384 Operating expenses: Selling, general, and administrative 3,336 2,889 6,479 5,853 Research and development 1,109 785 2,092 1,593 Total operating expenses 4,445 3,674 8,571 7,446 Operating income 5,385 1,773 9,041 2,938 Interest and other, net (254) (333) 38 (415) Income before income taxes 5,131 1,440 9,079 2,523 Income tax expense 998 276 1,508 394 Net income $ 4,133 $ 1,164 $ 7,571 $ 2,129 Earnings per share: Basic $ 6.41 $ 1.72 $ 11.70 $ 3.11 Diluted $ 6.34 $ 1.70 $ 11.58 $ 3.07 Weighted-average shares outstanding: Basic 645 678 647 685 Diluted 652 686 654 694 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Financial statements — first-half Fiscal 2027 operating results and diluted shares · Filed 08/09/2026
Indicators that we control a good or service before transferring to a customer include, but are not limited to, Dell Technologies being the primary obligor to the customer, establishing our own pricing, and having inventory and credit risks.
Revenue recognition — principal-status indicators including own pricing · Filed 16/03/2026
We face ongoing product and price competition in all areas of our business from both branded and generic competitors, including companies that specialize in one or more of our product or service lines.
Competition — ongoing branded and generic product and price competition · Filed 16/03/2026
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Six Months Ended July 31, 2026 August 1, 2025 Cash flows from operating activities: Net income $ 7,571 $ 2,129 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,512 1,500 Stock-based compensation expense 373 369 Deferred income taxes 23 (127) Other, net (a) (454) 389 Changes in assets and liabilities: Accounts receivable (5,428) (4,574) Financing receivables (6,404) (569) Inventories (10,940) (615) Other assets and liabilities 761 612 Accounts payable 16,203 6,615 Deferred revenue 3,089 (390) Change in cash from operating activities 6,306 5,339 Cash flows from investing activities: Purchases of investments (335) (125) Sales of equity and other investments 90 59 Capital expenditures and capitalized software development costs (2,202) (1,243) Divestitures of businesses and assets, net — 533 Other 43 33 Change in cash from investing activities (2,404) (743) Cash flows from financing activities: Repurchases of common stock (5,424) (2,920) Repurchases of common stock for employee tax withholdings (555) (357) Payments of dividends and dividend equivalents (869) (762) Proceeds from debt 6,851 7,270 Repayments of debt (3,805) (3,424) Debt-related costs and other, net (34) (35) Change in cash from financing activities (3,836) (228) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (35) 104 Change in cash, cash equivalents, and restricted cash 31 4,472 Cash, cash equivalents, and restricted cash at beginning of the period 11,706 3,819 Cash, cash equivalents, and restricted cash at end of the period $ 11,737 $ 8,291 ____________________ (a) During the six months ended July 31, 2026, other, net, includes $0.6 billion of gains recognized within the Company’s strategic investments portfolio.
Financial statements — first-half cash generation, investment and capital returns · Filed 08/09/2026
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) NOTE 6 — DEBT The following table summarizes the Company’s outstanding debt as of the dates indicated: July 31, 2026 January 30, 2026 (in millions) Senior Notes $ 24,073 $ 21,573 Legacy Notes 952 952 DFS Debt (Note 4) 9,618 9,139 Other 104 99 Total debt, principal amount 34,747 31,763 Debt issuance costs and net unamortized discount (281) (260) Total debt, carrying value $ 34,466 $ 31,503 Short-term $ 8,481 $ 7,990 Long-term $ 25,985 $ 23,513 The Company completed the following transactions during the six months ended July 31, 2026: •repayment of the remaining outstanding $0.5 billion principal amount of 6.02% Senior Notes due June 2026; and •issuance of $1.0 billion principal amount of 4.75% Senior Notes due July 2031, $0.75 billion principal amount of 5.00% Senior Notes due February 2034, and $1.25 billion principal amount of 5.25% Senior Notes due February 2037, the net proceeds of which the Company intends to use for general corporate purposes, which may include the repayment of debt.
Debt note — debt balances and financing transactions · Filed 08/09/2026
DFS Cash Flow Impacts — DFS offerings are initially funded through cash on hand at the time of origination, some of which is subsequently replaced with financing.
Liquidity — initial cash funding of customer financing · Filed 08/09/2026
In Fiscal 2026, all of our other NEOs were granted time-based and performance-based RSUs.
Compensation discussion — actual Fiscal 2026 RSU grants · Filed 15/05/2026
relative total shareholder return (“rTSR”), which we define as the cumulative total shareholder return measured against a peer group of companies belonging to the Standard & Poor’s 500 Information Technology Index over a three-year performance period (also weighted 50%).
Compensation discussion — three-year relative shareholder return weighting · Filed 15/05/2026
A corresponding number of performance-based RSUs vested on March 15, 2026.
Compensation discussion — actual March 2026 performance RSU vesting · Filed 15/05/2026
Mr. Dell does not receive equity incentives because the Compensation Committee of the Board of Directors (the “Committee”) believes that his interests are appropriately aligned with the interests of our stockholders as a result of his substantial ownership interest in the Company.
Compensation discussion — disclosed CEO ownership interest · Filed 15/05/2026
The Committee retains discretion to adjust IBP measures and consider such other factors as it deems appropriate, including macroeconomic conditions and significant corporate transactions.
Compensation discussion — committee discretion over incentive measures · Filed 15/05/2026
Goals ($ in billions)(1) Percentage of Target Financial Funding Performance Measure Weight Threshold Plan (Target) Above Plan (Maximum) Results Year 1 (Fiscal 2026) Non-GAAP Net Revenue(2) 25% 92.1 102.3 117.6 111.8 144%(4) Non-GAAP Operating Income(3) 25% 8.6 9.6 11.0 9.9 Funding Percentage 50% 100% 200% (1) Financial performance goals for Fiscal 2026 were approved by the Committee in March 2025.
Compensation discussion — approved financial targets and achieved results · Filed 15/05/2026
Although we currently maintain a board composed of a majority of independent directors and three standing committees of the board composed entirely of independent directors, we may decide in the future to change our board membership and committee composition so that the board is not composed of a majority of independent directors or one or more committees, other than the audit committee, are not composed entirely of independent directors.
Governance risk — actual independent board and committees · Filed 16/03/2026
Because of these disparate voting rights, Michael Dell and the Susan Lieberman Dell Separate Property Trust (the “MD stockholders”) and certain investment funds affiliated with Silver Lake Partners (the “SLP stockholders”) collectively held common stock representing approximately 91.7% of the total voting power of our outstanding common stock as of March 9, 2026.
Governance risk — voting concentration as of March 9, 2026 · Filed 16/03/2026
Kullman to serve as the Company’s Lead Independent Director.
Governance — elected Lead Independent Director · Filed 15/05/2026
Condensed Consolidated Statements of Cash Flows
Three Months Ended
Six Months Ended
Nine Months Ended
May 3, 2024
August 2, 2024
November 1, 2024
As Reported
Adjustment
As Revised
As Reported
Adjustment
As Revised
As Reported
Adjustment
As Revised
(in millions)
Cash flow from operations:
Net income
$
955
$
37
$
992
$
1,796
$
78
$
1,874
$
2,923
$
121
$
3,044
Adjustments to reconcile net income to net cash provided by operating activities:
Other assets and liabilities
$
(592)
$
(1)
$
(593)
$
250
$
(3)
$
247
As discussed in Note 1 and Note 22 of the Notes to the Consolidated Financial Statements included in this report, the Consolidated Financial Statements were revised for the fiscal year ended February 2, 2024 and the unaudited interim periods for Fiscal 2025 and Fiscal 2024 to correct for the overstatement of cost of net revenue to the Consolidated Statements of Income, net of the related income tax effect, and the corresponding amounts affecting the Consolidated Statements of Financial Position.
Financial statement revisions — correction of overstated costs · Filed 25/03/2025
70 Table of Contents ITEM 6 — EXHIBITS Exhibit Number Description 2.1 Plan of Conversion (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 1, 2026) (Commission File No.
Exhibits — July 2026 conversion plan reference · Filed 08/09/2026
Certificate of Formation of Dell Technologies Inc.
Exhibits — certificate of formation · Filed 08/09/2026
(incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 1, 2026) (Commission File No.
Exhibits — July 2026 certificate filing reference · Filed 08/09/2026
•Technology refresh: Within our ISG business, we continue to see customers modernize and consolidate their data centers as more customers transition to next-generation products and expand capacity to support growing workloads, which has resulted in significant demand within our traditional servers and networking offerings and our storage offerings.
Business trends — data-center refresh and capacity expansion · Filed 08/09/2026
Additionally, within our CSG business, the PC refresh cycle is underway as customers continue to upgrade their devices, which has contributed to significant demand for our commercial offerings.
Business trends — PC refresh contribution · Filed 08/09/2026
As of January 30, 2026, the Company had purchase obligations of $18.8 billion, with $16.8 billion payable within 12 months.
Liquidity — January 2026 purchase obligations · Filed 16/03/2026
