DELL Q2 2027 Earnings Presentation

Page 1

Page 2

Copyright © Dell Inc. All Rights Reserved.2 Disclosures SPIN-OFF OF VMWARE, INC. On November 1, 2021, Dell Technologies Inc. completed its spin-off of VMware, Inc. In accordance with applicable accounting guidance, the results of VMware, Inc., excluding Dell's resale of VMware, Inc. offerings, have been presented as discontinued operations and therefore excluded from continuing operations for all periods prior to the spin-off. The results of Dell’s resale of VMware, Inc.’s (now known as VMware LLC) standalone offerings are classified within Corporate and other, which does not meet the definition of a reportable segment. The Consolidated Statements of Cash Flows have not been recast to reflect the operating cash flows of VMware, Inc. as discontinued operations. Except as noted, this presentation is consistent with the foregoing accounting guidance. NON-GAAP FINANCIAL MEASURES This presentation includes information about non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP interest and other, net, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. - basic and non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, non-GAAP selling, general, and administrative expenses, non-GAAP research and development expenses, non-GAAP adjustments and non-GAAP guidance, as well as adjusted EBITDA, free cash flow, adjusted free cash flow, VMware free cash flow, and adjusted free cash flow excluding VMware (collectively the “non-GAAP financial measures”), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles. We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in Appendix C and Appendix E. SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS Statements in this presentation that relate to future results and events are forward-looking statements and are based on Dell Technologies’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “could,” “estimate,” “expect,” "guidance," “intend,” “confidence,” “may,” “plan,” "project," “potential,” “should,” “will” and “would,” or similar expressions. 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, non-GAAP diluted earnings per share, ISG revenue growth, CSG revenue growth, non-GAAP operating income, non-GAAP operating expenses, AI server revenue and traditional server revenue, ISG operating income growth, CSG operating income growth, and interest and other expense. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including those discussed in Dell Technologies’ periodic 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. Dell Technologies assumes no obligation to update its forward-looking statements.

Page 3

Page 4

Copyright © Dell Inc. All Rights Reserved.4 Q2 FY27 Overview We're seeing the compounding benefits of our execution, competitive advantages, operating model, and broad portfolio • Record revenue of $47.0B, up +58% Y/Y , fueled by growth across all our core businesses • Record diluted EPS1 of $6.34, up +273% Y/Y , and record non-GAAP diluted EPS1,2 of $7.04, up +203% Y/Y Unprecedented AI Server demand with $60.9B Q2 orders, totaling $131.7B over the last year • AI Server revenue of $16.4B and a growing backlog to $95.0B exiting Q2 • Our opportunity pipeline continued to expand sequentially and is multiples of our backlog • Our Neocloud, Sovereign, and Enterprise customer base grew to over 6,500 customers • Expect AI Server revenue of $74B in FY273, or ~3x Y/Y Traditional Server and Storage growth driven by data center modernization for both AI and traditional workloads • Traditional server revenue grew +122% Y/Y driven by exceptionally strong broad-based demand growth • Storage growth +26% Y/Y with record demand growth in Dell-IP, now 6 consecutive quarters above the market • ISG profitability improved Y/Y to 15.0%, even with AI Server growing +100% Y/Y Broad-based CSG demand across all regions led by large enterprises in a dynamic environment • CSG revenue growth +20% Y/Y driven by the strongest Commercial growth, +22% Y/Y , in over 4 years • CSG profitability improved Y/Y to 7.6%, driven by pricing discipline and greater scale Strong cash quarter with $2.2B cash flow from operations and record $4.3B shareholder return • Record return reflects our commitment to capital deployment and confidence in our long-term value creation See supplemental slide in Appendix F, Slide 46 for endnotes with references to footnotes on this slide.

Page 5

Copyright © Dell Inc. All Rights Reserved.5 Strong AI server orders of $60.9B with $16.4B revenue and exiting backlog of $95.0B AI pipeline continued to grow sequentially and remains multiples of our backlog Cash Flow from Operations of $2.2B, and Adj. Free Cash Flow of $8.1B AI Opportunity Profitability ISG Non-GAAP Operating Income, up +160% Y/Y , and non-GAAP EPS, up +203% Y/Y , both growing faster than revenue CSG $ in millions, except per share amounts 2Q27 Y/Y Dell Technologies Revenue 46,971 58% Operating Income 5,385 204% Diluted EPS 1 $6.34 273% Non-GAAP Operating Income 2 5,929 160% Non-GAAP Diluted EPS 1,2 $7.04 203% Infrastructure Solutions Group ISG Revenue 31,782 89% Operating Income 4,781 225% AI-Optimized Servers Revenue 16,401 100% Traditional Servers & Networking Revenue 10,531 122% Storage Revenue 4,850 26% Client Solutions Group CSG Revenue 15,034 20% Operating Income 1,142 42% Commercial Revenue 13,192 22% Consumer Revenue 1,842 7% See supplemental slide in Appendix F, Slide 46 for endnotes with references to footnotes on this slide. Record revenue, +89% Y/Y , ten consecutive quarters of double- digit or better Y/Y growth Ninth consecutive quarter of double-digit or better Y/Y ISG operating income growth Commercial revenue grew for the eighth straight quarter, up +22% Y/Y Profitability remained strong driven by pricing discipline and greater scale Q2 Highlights Record revenue – up 58% Y/Y , record EPS1,2 – up 203%, the strength of our portfolio on display

Page 6

Copyright © Dell Inc. All Rights Reserved.6 CASH FLOW FROM ADJUSTED FCF1 $2.2B -13 % Y/Y $2.5B $8.1B +224 % Y/Y OPERATIONS $7.5B CAPITAL RETURNS $4.3B $2.5B $1.3B $1.2B $7.1B $4.7B $4.1B $2.2B $11.2B $12.5B $12.2B $1.7B $5.9B $6.9B $5.1B $11.5B $3.2B $12.4B $8.1B $18.1B $1.6B $2.2B $2.1B $4.3B Fiscal Quarter TTM Share Repo Dividend Cash Flow from Operations of $2.2B, leading to a YTD CFOps of $6.3B Cash Flow from Operations of $2.2B, and Adj. Free Cash Flow of $8.1B CFOps Capital Return Record $4.3B shareholder return reflects our commitment to capital deployment and long- term value creation Cash Position Core Leverage Ended the fiscal quarter with $14.2B of cash and investments See supplemental slide in Appendix F, Slide 46 for endnotes with references to footnotes on this slide. Our core leverage ratio2 ended Q2 at 0.8x Cash flow and capital returns Another strong quarter of cash generation with $2.2B CFOps, $8.1B Adj. FCF1, and record shareholder return of $4.3B

Page 7

Copyright © Dell Inc. All Rights Reserved.7 3Q27 Guidance1,2 FY27 Guidance1,2 Key Assumptions Revenue Non-GAAP Diluted EPS3 $49.0B ± $0.5B $6.50 ± $0.10 Up ~80% Y/Y Up ~150% Y/Y Revenue Non-GAAP Diluted EPS3 $192.0B ± $2.0B $25.50 ± $0.25 Up ~70% Y/Y Up ~150% Y/Y See supplemental slide in Appendix F, Slide 46 for endnotes with references to footnotes on this slide. • ISG revenue growth of ~120% • AI Server revenue of $74B, or 3x Y/Y • Traditional Server revenue growth just over 100% • Storage revenue growth up mid-teens percentage • CSG revenue growth up mid-teens percentage • Non-GAAP operating expenses dollars to be ~8% of revenue • Non-GAAP operating income growth of ~120% • Interest & Other expense between $1.4B and $1.5B • ISG revenue growth of ~145% Y/Y • AI Server revenue of ~$19.0B • CSG revenue growth of ~15% Y/Y • Non-GAAP operating expenses dollars down low single-digits Q/Q • Non-GAAP operating income growth of ~120% Y/Y • ISG operating income rate up just over 1 point Y/Y • CSG operating income rate moderating to ~6% • Diluted share count of roughly 651 million shares Guidance Raised our full-year FY27 revenue guidance by $25B to $192B and increased non-GAAP diluted EPS3 to $25.50

Page 8

Page 9

Copyright © Dell Inc. All Rights Reserved.9 Traditional server grew +122% Y/Y as demand continues to outpace supply, with over 10 points of share gain1 over the last two quarters Storage revenue grew +26% Y/Y , now six consecutive quarters of Dell-IP demand growth above the market REVENUE OPERATING INCOME $8.2B, +188% Y/Y $5.6B, +104% Y/Y $9.0B, +342% Y/Y $16.1B, +757% Y/Y $16.4B, +100% Y/Y $4.7B, -2% Y/Y $4.5B, -2% Y/Y $5.9B, +27% Y/Y $8.5B, +92% Y/Y $10.5B, +122% Y/Y $3.9B, -3% Y/Y $4.0B, -1% Y/Y $4.8B, +2% Y/Y $4.3B, +8% Y/Y $4.9B, +26% Y/Y $31.8B +89% Y/Y +10% Q/Q AI-Optimized Servers Traditional Servers & Networking Storage $31.8B$29.0B $19.6B $14.1B$16.8B +89% Y/Y +181% Y/Y +73% Y/Y +24% Y/Y+44% Y/Y $4.8B +225% Y/Y +56% Q/Q % of ISG revenue Basis points 8.8% 12.4% 14.8% 10.5% 15.0% -220bps Y/Y -90bps Y/Y -330bps Y/Y +80bps Y/Y +620bps Y/Y $4.8B $3.1B$2.9B $1.7B$1.5B +225% Y/Y +206% Y/Y+41% Y/Y +16% Y/Y+14% Y/Y Amounts are based on underlying data and may not visually foot due to rounding. Storage profitability continues to improve, with a higher mix of Dell-IP and rate expansion across our solutions Ninth consecutive quarter of double-digit or better ISG operating income growth, up +225% Y/Y See supplemental slide in Appendix F, Slide 46 for endnotes with references to footnotes on this slide. Infrastructure Solutions Group ISG momentum continued with a second consecutive record quarter for both revenue and operating income

Page 10

Copyright © Dell Inc. All Rights Reserved.10 Ecosystem Competitive Advantages Engineering Expertise Optimizing solutions at the data center level Rapid Scale Deployment Design to full installation to 1st token with exceptional pace Services Capabilities 24/7 - on site - ongoing support ORDERSREVENUEBACKLOG Financing Flexibility for Solutions & AI Data Centers FY27E AI server revenue expected to be $74B1 See supplemental slide in Appendix F, Slide 46 for endnotes with references to footnotes on this slide. ~3x Y/Y 1 AI Optimized Servers AI pipeline continues to expand with growing opportunities across Neocloud, Sovereign, and Enterprise customers

Page 11

Copyright © Dell Inc. All Rights Reserved.11 Images are for illustration only and actual product may appear different than shown. PowerRack for compute PowerRack for networking PowerRack for storage Comprehensive integration service options - Datacenter assessment sizing and workload analysis - Design and validated blueprints - Custom rack build and integration - Test and cluster wide verification Diverse portfolio and choices to suit every need - Any Domain: compute, networking, or storage - Any rack style: ORv3 (21”) or 19” - Any thermal management: liquid, air, CDUs, and more - Any processor: AMD, Intel, and NVIDIA - Any Fabric: Ethernet, InfiniBand - Any storage: file, block, or object Ongoing investment protection - Unified management - Rack and component level observability and remediation - One-call support for the entire rackRapid time-to-value with solutions that seamlessly scale #1 rack-scale infrastructure provider in CY20251 2X the number of rack- scale servers shipped than the closest competitor1 More than 6hrs from delivery to deployment, and in production2 Run AI workloads in just over See supplemental slide in Appendix F, Slide 47 for endnotes with references to footnotes on this slide. PowerEdge PowerSwitch Exascale Storage Dell PowerRack - built for AI and HPC giga-scale The most diverse portfolio of rack-scale infrastructure, purpose-designed for turnkey deployment, unified management, and streamlined operations at-scale

Page 12

Copyright © Dell Inc. All Rights Reserved.12 17G SERVERS • 4 – 5x more processing cores • 175 – 235% greater power efficiency • Replaces 5 – 7 legacy 14G servers The consolidation opportunity is significant; majority of our installed base running on 14th generation servers or older 17th and 18th generation servers replace 5-13 legacy servers 17th and 18th generation servers have higher ASPs driven by higher content rates Data Center Innovation & Consolidation 18G SERVERS • 8x more processing cores • 240 – 260% greater power efficiency • Replaces up to 13 legacy 14G servers Traditional server growth driven by data center modernization The strength and breadth of demand, combined with our continued share gains, demonstrate the competitiveness of our portfolio and the consistency of our execution • Gained ~10 points of share over the past decade 1 • #1 in mainstream server revenue1 • Refresh of installed base paves the way for continued data center modernization 23% 27% 29% 28% 28% 32% 34% 31% 29% 30% 33% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Leading Mainstream Server Share1 15% 10% Dell #2 #3 See supplemental slide in Appendix F, Slide 47 for endnotes with references to footnotes on this slide. Q1’26 TTM 2025

Page 13

Copyright © Dell Inc. All Rights Reserved.13 Storage growth driven by data center modernization Storage is becoming a more meaningful contributor to our growth and profitability – with growing Dell-IP mix, share gain, and accelerating product development Dell IP Portfolio PRIMARY SOFTWARE DEFINED DATA PROTECTION UNSTRUCTURED AI WORKLOADS FOR ENTERPRISES AND AT-SCALE CUSTOMERS PowerMax PowerStore PowerVault PowerFlex PowerProtect DataDomain PowerScale ObjectScalePowerProtect DataManager HIGH MID ENTRY Dell Data Engines End-to-end data lifecycle management Lightning File System World’s fastest parallel file system; 67% faster data access3 PowerScale and ObjectScale Provide performance, scalability, and security Leading Share1 External RAID High End ~20% of market Midrange ~65% of market AFA Unstructured PBBA (Data Protection HW) • #1 in all major categories of Storage1 • ~4 points of 1QCY26 External RAID share gain and growth above the market2 • Disaggregated architectures modernize data centers & optimize TCO Dell #2 #3 Dell AI Data Platform 25% 35% 24% 25% 26% 41% 11% 15% 13% 16% 21% 17% 9% 11% 10% 15% 13% 7% See supplemental slide in Appendix F, Slide 47 for endnotes with references to footnotes on this slide.

Page 14

Page 15

Copyright © Dell Inc. All Rights Reserved.15 +22% Y/Y Commercial growth, the eighth consecutive quarter of revenue growth +7% Y/Y Consumer growth, the fourth consecutive quarter of demand growth CSG profitability improved Y/Y to 7.6% driven by pricing discipline and greater scale CSG is our most capital- efficient business that serves as a source of significant cash generation and capital return to shareholders REVENUE OPERATING INCOME $10.8B, +2% Y/Y $10.6B, +5% Y/Y $11.6B, +16% Y/Y $13.0B, +18% Y/Y $13.2B, +22% Y/Y $1.7B, -7% Y/Y $1.9B, -7% Y/Y $1.9B, 0% Y/Y $1.6B, +9% Y/Y $1.8B, +7% Y/Y $15.0B +20% Y/Y +3% Q/Q Commercial Consumer $15.0B$14.6B $13.5B $12.5B$12.5B +20% Y/Y+17% Y/Y +14% Y/Y +3% Y/Y+1% Y/Y $1.1B +42% Y/Y -2% Q/Q % of CSG revenue Basis points 6.4% 6.0% 4.7% 8.0% 7.6% -20bps Y/Y -20bps Y/Y -60bps Y/Y +280bps Y/Y +120bps Y/Y $1,142M$1,170M $629M$748M$803M +42% Y/Y+79% Y/Y 0% Y/Y 0% Y/Y-2% Y/Y Amounts are based on underlying data and may not visually foot due to rounding. Client Solutions Group CSG revenue grew +20% Y/Y; PC growth continued driven by robust demand from large enterprises

Page 16

Copyright © Dell Inc. All Rights Reserved.16 Unit CAGR2 Dell Share #1 in Client revenue and expanding Commercial premium remains our primary focus area, with opportunities to increase scale elsewhere 6% 6% CY18-CY19 2QCY26 TTM Commercial Premium Chrome 8% ⇧ ~6 pts ~flat% ⇩ ~7 pts Commercial Premium Rest of Market Consumer Premium Consumer Mainstream Commercial Mainstream 18% 28% 14% 24% 33% 21% 28% 21% Industry Unit Mix1 (IDC) • Dell share has grown within our primary focus area • An opportunity exists to increase profitable presence within the remaining ~72% of the market 29% 8% See supplemental slide in Appendix F, Slide 47 for endnotes with references to footnotes on this slide.

Page 17

Page 18

Copyright © Dell Inc. All Rights Reserved.18 Investment thesis AI Leadership Driving Growth Dell’s high-growth AI business powers major infrastructure deployments, driving strong revenue & EPS growth Core Business Strength + Capital Efficiency Strong core performance and a capital-efficient model generate significant free cash flow Commitment to Shareholder Return Programmatic and opportunistic shareholder returns through disciplined capital allocation 7 – 9% Revenue growth 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY303 STRATEGYUNIQUE OPERATING MODEL We are leveraging our strengths to extend our leadership positions and capture new growth opportunities Leading end-to-end solutions portfolio1, with #1 positions across Client, Peripherals, AI and Traditional Servers, and Storage Largest GTM engine with a direct sales force and robust channel program that provides us with great insights and the ability to build deep customer relationships Industry’s leading Supply Chain that runs at global scale, yet nimble and agile to respond to macro and market fluctuations with built-in resilience Unmatched Global Services footprint with team members and service centers supporting customers around the world Applying AI to make our operating model even stronger and further competitive differentiation Attractive long- term financial framework2 See supplemental slide in Appendix F, Slide 47 for endnotes with references to footnotes on this slide.

Page 19

Copyright © Dell Inc. All Rights Reserved.19 Committed to long-term value creation Our strategy, operating model and track record of execution have us well positioned 7 – 9% Revenue growth 15%+ Diluted EPS growth 100%+ NI to adj. FCF conversion 80%+ Target return of adj. FCF to shareholders 10%+ Dividend growth rate FY26-FY302 Long-term financial framework1 11 – 14% Infrastructure Solutions Group 2 – 3% Client Solutions Group • AI-driven growth • Share gain across businesses • Leverage strong go-to-market engine $4.88 $6.22 $7.61 $7.37 $8.14 $10.30 FY21 FY22 FY23 FY24 FY25 FY26 Non-GAAP Diluted EPS3 +16% CAGR FY21-FY26 • Durable revenue growth • Drive gross profit growth • Operating expense scaling • Programmatic and opportunistic share buybacks $6.5 $5.2 $1.5 $5.6 $3.1 $11.5 FY21 FY22 FY23 FY24 FY25 FY26 Adjusted FCF ($B)4 • Growth & operational excellence driving cash generation • ~$5.6B avg. FY21-FY264 • Differentiated negative cash conversion cycle $2.8 $2.1 $2.6 $6.0 757 716 705 696 652 FY22 FY23 FY24 FY25 FY26 Share Repurchase and Shares Outstanding share repurchase ($B) shares outstanding (M) • Commitment to return over 80% of adjusted FCF to shareholders • Committed to IG rating and 1.5x core leverage target • Targeted M&A to accelerate strategy $1.32 $1.48 $1.78 $2.10 $2.52 FY23 FY24 FY25 FY26 FY27 FY28E FY29E FY30E Dividend 10%+ annually • Target to grow the dividend at 10% or better annually through FY302 +12% +20% +18% ~$5.6B Avg See supplemental slide in Appendix F, Slide 48 for endnotes with references to footnotes on this slide. 5 +20%

Page 20

Copyright © Dell Inc. All Rights Reserved.20 $24.7B AI-optimized Server revenue in FY26, up +$15B and over 150% Y/Y Core Debt Leverage at 1.4x4 exiting FY26 Significant track record of shareholder return Multiple levers driving shareholder return with Non-GAAP Diluted EPS1 more than doubling over the last 5 fiscal years See supplemental slide in Appendix F, Slide 48 for endnotes with references to footnotes on this slide. Value Creation Milestones in the Last Five Years ~14% reduction to fully diluted share count FY22 Q4 to FY26 Q4 VMware spin-off FY21 S&P 500 inclusion FY25 $4.88 $6.22 $7.61 $7.37 $8.14 $10.30 FY21 FY22 FY23 FY24 FY25 FY26 Diluted EPS1 16% CAGR $86.8B $101.2B $102.3B $88.4B $95.6B $113.5B FY21 FY22 FY23 FY24 FY25 FY26 Revenue1 5.5% CAGR $3.8B $3.2B $3.9B $7.5B FY21 FY22 FY23 FY24 FY25 FY26 Capital Return $18.3B cumulative return from dividend inception through FY26 17.5% Dividend CAGR FY23-FY27E3 ~$5.6B average annual Adj. FCF2 generated FY21-FY26 GROWTHNon-GAAP Diluted EPS1 more than doubled FY21-FY26 CASH FLOW & CAPITAL RETURN CAPITAL STRUCUTRE & GOVERNANCE Enhanced BoD Governance: Named Lead Independent Director 100% committee independence $18.3B cumulative return since dividend inception FY23 Q1 – FY26 Q4 (Non-GAAP) (Non-GAAP)

Page 21

Copyright © Dell Inc. All Rights Reserved.21 Dell Technologies strategy Leverage our strengths to extend our leadership and capture new growth Leading end-to-end solutions1 Unique operating model INNOVATION PEOPLE & CULTURE CUSTOMER-CENTRICITY #1 Client Business Workstations PC Monitors Server External Storage Purpose-Built Backup Appliances AI Infrastructure Industry’s largest GTM engine Broad global ecosystem of partners Extensive direct sales force Modern online and consumption experiences Industry-leading supply chain Resilient, agile, sustainable at global scale Global distribution and logistics centers Automated and AI-driven Unmatched global services End-to-end portfolio spanning entire solution lifecycle Proven expertise to drive transformative outcomes Global footprint of AI- enhanced services and support See supplemental slide in Appendix F, Slide 48 for endnotes with references to footnotes on this slide.

Page 22

Copyright © Dell Inc. All Rights Reserved.22 We are applying AI to make our operating model even stronger AI projects focus on what makes Dell differentiated … to deepen our competitive advantages AI INNOVATION AI SKILLING CUSTOMER-FIRST AI Unique operating model + AI Leading end-to-end solutions Industry’s largest GTM engine Industry-leading supply chain Unmatched global services Parts Planning Next Best ActionPredictive Systems Digital Service Assistant Knowledge Assistant Product Advisor Sales Chat/SearchCoding Assistant

Page 23

Page 24

Copyright © Dell Inc. All Rights Reserved.24 Consolidated GAAP results in millions, except per share amounts 2Q26 3Q26 4Q26 1Q27 2Q27 Y/Y Q/Q Revenue 29,776 27,005 33,379 43,842 46,971 58% 7% Gross Margin 5,447 5,593 6,730 7,782 9,830 80% 26% Gross margin as a % of revenue 18.3% 20.7% 20.2% 17.8% 20.9% Selling, general, and administrative 2,889 2,722 2,841 3,143 3,336 15% 6% Research and development 785 752 797 983 1,109 41% 13% Operating Expenses 3,674 3,474 3,638 4,126 4,445 21% 8% Operating expenses as a % of revenue 12.3% 12.9% 10.9% 9.5% 9.5% Operating Income 1,773 2,119 3,092 3,656 5,385 204% 47% Operating income as a % of revenue 6.0% 7.8% 9.3% 8.3% 11.5% Interest and Other, Net (333) (178) (293) 292 (254) 24% -187% Income Tax Expense 276 393 540 510 998 262% 96% Effective tax rate % 19.2% 20.2% 19.3% 12.9% 19.5% Net Income 1,164 1,548 2,259 3,438 4,133 255% 20% Earnings Per Share - basic $1.72 $2.31 $3.42 $5.30 $6.41 273% 21% Earnings Per Share - diluted $1.70 $2.28 $3.37 $5.24 $6.34 273% 21% Weighted average shares outstanding - basic 678 671 660 649 645 -5% -1% Weighted average shares outstanding - diluted 686 680 670 656 652 -5% -1%

Page 25

Copyright © Dell Inc. All Rights Reserved.25 Consolidated non-GAAP results1 in millions, except per share amounts 2Q26 3Q26 4Q26 1Q27 2Q27 Y/Y Q/Q Revenue 29,776 27,005 33,379 43,842 46,971 58% 7% Gross Margin 5,572 5,686 6,844 7,947 9,929 78% 25% Gross margin as a % of revenue 18.7% 21.1% 20.5% 18.1% 21.1% Selling, general, and administrative 2,580 2,510 2,599 2,835 3,088 20% 9% Research and development 708 673 707 877 912 29% 4% Operating Expenses 3,288 3,183 3,306 3,712 4,000 22% 8% Operating expenses as a % of revenue 11.0% 11.8% 9.9% 8.4% 8.5% Operating Income 2,284 2,503 3,538 4,235 5,929 160% 40% Operating income as a % of revenue 7.7% 9.3% 10.6% 9.7% 12.6% Interest and Other, Net (344) (354) (358) (344) (331) 4% 4% Income Tax Expense 2 349 387 573 701 1,007 189% 44% Effective tax rate % 18.0% 18.0% 18.0% 18.0% 18.0% Net Income 1,591 1,762 2,607 3,190 4,591 189% 44% Earnings Per Share - basic $2.35 $2.63 $3.95 $4.92 $7.12 203% 45% Earnings Per Share - diluted $2.32 $2.59 $3.89 $4.86 $7.04 203% 45% Weighted average shares outstanding - basic 678 671 660 649 645 -5% -1% Weighted average shares outstanding - diluted 686 680 670 656 652 -5% -1% 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 2 Our non-GAAP income tax expense is calculated using a fixed estimated annual tax rate.

Page 26

Copyright © Dell Inc. All Rights Reserved.26 Business units trending 1 See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 Y/Y Q/Q Dell Technologies Revenue 29,776 27,005 33,379 43,842 46,971 58% 7% Operating Income 1,773 2,119 3,092 3,656 5,385 204% 47% Non-GAAP Operating Income 1 2,284 2,503 3,538 4,235 5,929 160% 40% ISG + CSG ISG + CSG Revenue 29,303 26,585 33,096 43,618 46,816 60% 7% ISG + CSG Operating Income 2,273 2,491 3,529 4,225 5,923 161% 40% Infrastructure Solutions Group ISG Revenue 16,800 14,107 19,602 29,009 31,782 89% 10% Operating Income 1,470 1,743 2,900 3,055 4,781 225% 56% AI-Optimized Servers Revenue 8,208 5,641 8,952 16,132 16,401 100% 2% Traditional Servers & Networking Revenue 4,736 4,484 5,853 8,543 10,531 122% 23% Storage Revenue 3,856 3,982 4,797 4,334 4,850 26% 12% Client Solutions Group CSG Revenue 12,503 12,478 13,494 14,609 15,034 20% 3% Operating Income 803 748 629 1,170 1,142 42% -2% Commercial Revenue 10,781 10,621 11,614 13,020 13,192 22% 1% Consumer Revenue 1,722 1,857 1,880 1,589 1,842 7% 16% Corporate and Other Other Revenue 473 420 283 224 155 -67% -31% Operating Income 11 12 9 10 6 -45% -40%

Page 27

Page 28

Copyright © Dell Inc. All Rights Reserved.28 Debt summary $ in billions 1 2Q26 3Q26 4Q26 1Q27 2Q27 Revolver — — — — — Senior Notes 19.1 21.6 21.6 21.1 24.1 Legacy Notes 1.0 1.0 1.0 1.0 1.0 DFS Allocated Debt (3.7) (4.7) (5.5) (5.3) (11.0) Total Core Debt 2 16.3 17.9 17.0 16.7 14.0 Other 0.1 0.1 0.1 0.1 0.1 DFS Debt 8.8 8.9 9.1 9.3 9.6 DFS Allocated Debt 3.7 4.7 5.5 5.3 11.0 Total DFS Related Debt 12.5 13.6 14.6 14.6 20.7 Total Debt, principal amount 28.9 31.5 31.8 31.4 34.7 1 Principal face value. 2 Core debt represents the total principal amount of our debt, less DFS related debt and other debt. Amounts are based on underlying data and may not visually foot due to rounding.

Page 29

Copyright © Dell Inc. All Rights Reserved.29 $ in billions 2Q26 3Q26 4Q26 1Q27 2Q27 Originations 1 2.4 3.1 4.8 2.8 7.5 Y/Y — 94% 96% 71% 213% Trailing twelve months 8.1 9.6 11.9 13.1 18.2 Y/Y -5% 16% 42% 61% 125% Financing Receivables 2 12.0 13.2 14.3 14.0 20.4 Operating Leases 3 2.3 2.4 2.5 2.7 3.2 Total Managed Assets 4 15.0 15.8 18.4 18.5 23.7 Y/Y 1% 7% 22% 25% 58% DFS summary 1 Originations represent the amounts of financing provided by DFS to customers for equipment and related software and services, including third-party originations. 2 Amounts represent financing receivables included on the Dell Technologies Consolidated Statements of Financial Position. 3 Amounts represent net carrying value of equipment for DFS operating leases. 4 Total managed assets consists of financing receivables, syndicated receivables DFS still services, operating leases, and comm itted contract value for flex on demand. Amounts are based on underlying data and may not visually foot due to rounding.

Page 30

Page 31

Copyright © Dell Inc. All Rights Reserved.31 $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 GAAP gross margin 5,447 5,593 6,730 7,782 9,830 Amortization of intangibles 1 39 41 41 26 31 Stock-based compensation 37 38 43 44 43 Other corporate expenses 2 49 14 30 95 25 Total adjustments to gross margin 125 93 114 165 99 Non-GAAP gross margin 5,572 5,686 6,844 7,947 9,929 Non-GAAP gross margin as a % of revenue 18.7% 21.1% 20.5% 18.1% 21.1% Supplemental non-GAAP measures Gross margin 1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 2 Consists of severance, impairment, and other costs.

Page 32

Copyright © Dell Inc. All Rights Reserved.32 1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 2 Consists primarily of severance expenses, payroll taxes associated with stock -based compensation, transaction-related expenses, impairment charges, and incentive charges related to equity investments. $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 GAAP selling, general, and administrative 2,889 2,722 2,841 3,143 3,336 Amortization of intangibles 1 (86) (80) (84) (71) (65) Stock-based compensation (95) (81) (97) (96) (93) Other corporate expenses 2 (128) (51) (61) (141) (90) Non-GAAP selling, general, and administrative 2,580 2,510 2,599 2,835 3,088 GAAP research and development 785 752 797 983 1,109 Stock-based compensation (47) (46) (49) (49) (48) Other corporate expenses 2 (30) (33) (41) (57) (149) Non-GAAP research and development 708 673 707 877 912 GAAP operating expenses 3,674 3,474 3,638 4,126 4,445 Amortization of intangibles 1 (86) (80) (84) (71) (65) Stock-based compensation (142) (127) (146) (145) (141) Other corporate expenses 2 (158) (84) (102) (198) (239) Total adjustments to operating expenses (386) (291) (332) (414) (445) Non-GAAP operating expenses 3,288 3,183 3,306 3,712 4,000 Non-GAAP operating expenses as a % of revenue 11.0% 11.8% 9.9% 8.4% 8.5% Supplemental non-GAAP measures Selling, general, and administrative; research and development; and operating expenses

Page 33

Copyright © Dell Inc. All Rights Reserved.33 Supplemental non-GAAP measures Operating income $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 GAAP operating income 1,773 2,119 3,092 3,656 5,385 Non-GAAP adjustments: Amortization of intangibles 1 125 121 125 97 96 Stock-based compensation 179 165 189 189 184 Other corporate expenses 2 207 98 132 293 264 Total adjustments to operating income 511 384 446 579 544 Non-GAAP operating income 2,284 2,503 3,538 4,235 5,929 Non-GAAP operating income as a % of revenue 7.7% 9.3% 10.6% 9.7% 12.6% 1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 2 Consists primarily of severance expenses, payroll taxes associated with stock -based compensation, transaction-related expenses, impairment charges, and incentive charges related to equity investments.

Page 34

Copyright © Dell Inc. All Rights Reserved.34 Supplemental non-GAAP measures Interest and other $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 GAAP interest and other, net: Investment income, primarily interest 64 72 89 81 81 Gain on investments, net 4 173 60 631 73 Interest expense (399) (396) (411) (391) (415) Foreign exchange (15) (37) (38) (17) (15) Other 13 10 7 (12) 22 GAAP interest and other, net (333) (178) (293) 292 (254) Adjustments: Non-GAAP adjustments 1 (11) (176) (65) (636) (77) Non-GAAP interest and other, net (344) (354) (358) (344) (331) Non-GAAP interest and other, net as a % of revenue -1.2% -1.3% -1.1% -0.8% -0.7% 1 Primarily consists of the (gain) loss on strategic investments, which includes recurring fair value adjustments on equity inv estments

Page 35

Copyright © Dell Inc. All Rights Reserved.35 $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 GAAP income tax expense 276 393 540 510 998 Total aggregate adjustment for income taxes 1 73 (6) 33 191 9 Non-GAAP income tax expense 349 387 573 701 1,007 GAAP net income 1,164 1,548 2,259 3,438 4,133 Non-GAAP adjustments: Amortization of intangibles 2 125 121 125 97 96 Stock-based compensation 179 165 189 189 184 Other corporate (income) expenses 3 200 95 127 288 260 Fair value adjustments on equity investments 4 (4) (173) (60) (631) (73) Aggregate adjustment for income taxes 1 (73) 6 (33) (191) (9) Total adjustments 427 214 348 (248) 458 Non-GAAP net income 1,591 1,762 2,607 3,190 4,591 Non-GAAP net income as a % of revenue 5.3% 6.5% 7.8% 7.3% 9.8% Supplemental non-GAAP measures Income tax expense and net income 1 Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items. Our non -GAAP income tax expense is calculated using a fixed estimated annual tax rate. 2 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 3 Consists primarily of severance expenses, payroll taxes associated with stock -based compensation, transaction-related expenses, impairment charges, and incentive charges related to equity investments. 4 Consists of the (gain) loss on strategic investments, which includes recurring and nonrecurring fair value adjustments on equ ity and other investments.

Page 36

Copyright © Dell Inc. All Rights Reserved.36 Supplemental non-GAAP measures Adjusted EBITDA $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 GAAP net income 1,164 1,548 2,259 3,438 4,133 Adjustments: Interest and other, net 333 178 293 (292) 254 Income tax provision 276 393 540 510 998 Depreciation and amortization 762 756 773 758 754 EBITDA 2,535 2,875 3,865 4,414 6,139 Adjustments: Stock-based compensation 179 165 189 189 184 Other corporate expenses 1 207 98 132 293 264 Adjusted EBITDA 2,921 3,138 4,186 4,896 6,587 Adjusted EBITDA as a % of revenue 9.8% 11.6% 12.5% 11.2% 14.0% 1 Consists primarily of severance expenses, payroll taxes associated with stock -based compensation, transaction-related expenses, impairment charges, and incentive charges related to equity investments.

Page 37

Copyright © Dell Inc. All Rights Reserved.37 Supplemental non-GAAP measures Adjusted free cash flow $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 Cash flow from operations 2,543 1,172 4,674 4,081 2,225 Adjustments: Capital expenditures and capitalized software development costs, net 1 (675) (666) (721) (963) (1,239) Free cash flow 1,868 506 3,953 3,118 986 Adjustments: Financing receivables 2 592 1,135 1,036 (263) 6,667 Equipment under operating leases 3 58 29 99 310 496 Adjusted free cash flow 2,518 1,670 5,088 3,165 8,149 1 Capital expenditures and capitalized software development costs, net includes proceeds from sales of facilities, land, and ot her assets. 2 Financing receivables represent the operating cash flow impact from the change in DFS financing receivables. 3 Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases an d contractually embedded leases identified within flexible consumption arrangements.

Page 38

Copyright © Dell Inc. All Rights Reserved.38 Supplemental non-GAAP measures Adjusted free cash flow $ in millions FY21 FY22 FY23 FY24 FY25 FY26 Cash flow from operations 11,407 10,307 3,565 8,676 4,521 11,185 Adjustments: Capital expenditures and capitalized software development costs, net 1 (2,062) (2,755) (2,993) (2,753) (2,563) (2,630) Free cash flow 9,345 7,552 572 5,923 1,958 8,555 Adjustments: Financing receivables 2 728 241 461 (309) 951 2,740 Equipment under operating leases 3 474 394 500 (7) 188 213 Adjusted free cash flow 10,547 8,187 1,533 5,607 3,097 11,508 VMware cash flow from operations 4,409 3,220 — — — — Adjustments: VMware capital expenditures (329) (263) — — — — VMware free cash flow 4,080 2,957 — — — — Adjusted free cash flow excluding VMware 6,467 5,230 1,533 5,607 3,097 11,508 1 Capital expenditures and capitalized software development costs, net includes proceeds from sales of facilities, land, and ot her assets. 2 Financing receivables represent the operating cash flow impact from the change in DFS financing receivables. 3 Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases an d contractually embedded leases identified within flexible consumption arrangements. Amounts are based on underlying data and may not visually foot due to rounding.

Page 39

Copyright © Dell Inc. All Rights Reserved.39 Supplemental FY21 - FY26 non-GAAP Measures $ in millions, except per share amounts FY21 FY22 FY23 FY24 FY25 FY26 Revenue 86,670 101,197 102,301 88,425 95,567 113,538 Impact of purchase accounting 1 106 32 — — — — Non-GAAP revenue 86,776 101,229 102,301 88,425 95,567 113,538 Net income from continuing operations attributable to Dell Technologies Inc. 2,249 4,948 2,442 3,388 4,592 5,936 Amortization of intangibles1 2,277 1,708 1,014 833 667 497 Stock-based compensation 487 808 931 878 785 723 Other corporate expenses 2 (64) (1,806) 1,796 793 830 364 Fair value adjustment on equity investments 3 (427) (572) 206 (47) (177) (254) Aggregate adjustment for income taxes 4 (772) (156) (642) (407) (816) (220) Total non-GAAP adjustments attributable to non-controlling interest (6) (7) (13) (13) (18) — Total adjustments to net income attributable to Dell Technologies Inc. 1,495 (25) 3,292 2,037 1,271 1,110 Non-GAAP net income attributable to Dell Technologies Inc. 3,744 4,923 5,734 5,425 5,863 7,046 Net income attributable to Dell Technologies Inc. 2,249 4,948 2,442 3,388 4,592 5,936 Weighted-average shares outstanding - basic 744 762 734 720 705 675 Earnings per share attributable to Dell Technologies Inc. - basic $3.02 $6.49 $3.33 $4.71 $6.51 $8.79 Weighted-average shares outstanding - diluted 767 791 753 736 720 684 Earnings per share attributable to Dell Technologies Inc. - diluted $2.93 $6.26 $3.24 $4.60 $6.38 $8.68 Non-GAAP net income attributable to Dell Technologies Inc. 3,744 4,923 5,734 5,425 5,863 7,046 Weighted-average shares outstanding - basic 744 762 734 720 705 675 Non-GAAP earnings per share attributable to Dell Technologies Inc. - basic $5.03 $6.46 $7.81 $7.53 $8.32 $10.44 Weighted-average shares outstanding - diluted 767 791 753 736 720 684 Non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted $4.88 $6.22 $7.61 $7.37 $8.14 $10.30 1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17. 2 Consists 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. 3 Consists of the (gain) loss on strategic investments, which includes recurring and nonrecurring fair value adjustments on equ ity and other investments. 4 Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items. Beginning in fiscal 2025, our non-GAAP income tax expense is calculated using a fixed estimated annual tax rate.

Page 40

Page 41

Copyright © Dell Inc. All Rights Reserved.41 Balance Sheet Assets $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 Current assets: Cash and cash equivalents 8,145 9,569 11,528 11,578 11,569 Accounts receivable, net 15,023 11,721 17,585 25,854 22,918 Short-term financing receivables, net 5,952 6,427 8,458 8,237 12,805 Inventories, net 7,211 6,949 10,437 15,052 21,290 Other current assets 9,181 8,436 9,594 9,886 11,965 Total current assets 45,512 43,102 57,602 70,607 80,547 Property, plant, and equipment, net 6,458 6,538 6,676 6,945 7,417 Long-term investments 1,596 1,760 1,730 2,484 2,679 Long-term financing receivables, net 6,071 6,725 5,822 5,713 7,625 Goodwill 19,336 19,358 19,547 19,504 19,448 Intangible assets, net 4,748 4,628 4,533 4,439 4,347 Other non-current assets 5,455 5,368 5,376 5,221 5,330 Total assets 89,176 87,479 101,286 114,913 127,393

Page 42

Copyright © Dell Inc. All Rights Reserved.42 Balance Sheet Liabilities and equity $ in millions 2Q26 3Q26 4Q26 1Q27 2Q27 Current liabilities: Short-term debt 7,154 7,394 7,990 7,550 8,481 Accounts payable 27,463 23,794 33,630 45,261 49,723 Accrued and other 6,486 6,679 8,315 8,594 10,738 Short-term deferred revenue 13,759 12,649 13,334 13,193 14,761 Total current liabilities 54,862 50,516 63,269 74,598 83,703 Long-term debt 21,535 23,849 23,513 23,611 25,985 Long-term deferred revenue 12,422 12,459 13,596 14,259 14,957 Other non-current liabilities 3,123 3,275 3,378 3,849 4,175 Total liabilities 91,942 90,099 103,756 116,317 128,820 Total stockholders' equity (deficit) (2,766) (2,620) (2,470) (1,404) (1,427) Total liabilities and stockholders' equity 89,176 87,479 101,286 114,913 127,393

Page 43

Page 44

Copyright © Dell Inc. All Rights Reserved.44 Supplemental non-GAAP Measures Financial guidance1 3Q27 FY27 Diluted EPS Diluted EPS GAAP guidance $6.00 - $6.20 $24.12 - $24.62 Estimated adjustments for: Amortization of intangibles 2 0.15 0.60 Stock-based compensation 0.29 1.16 Other corporate expenses 3 — 0.84 Fair value adjustments on equity investments 4 — (1.08) Aggregate adjustment for income taxes 5 (0.04) (0.39) Non-GAAP guidance $6.40 - $6.60 $25.25 - $25.75 1 Amounts are subject to change with no obligation to reconcile these estimates. Amounts may not visually foot due to underlyin g data. Additionally, revenue is the same for both GAAP and Non -GAAP guidance, respectively. 2 Amortization of intangibles represents an estimate for acquisitions completed as of July 31, 2026 and does not include estimates for potential acquisitions, if any, during FY27. 3 Consists primarily of severance expenses, payroll taxes associated with stock -based compensation, transaction-related expenses, impairment charges, and incentive charges related to equity investments. No estimate is included for severance expense as such expense cannot be reasonably estimated at this time. 4 No estimates are included for potential fair value adjustments on strategic investments given the potential volatility of eit her gains or losses on those equity investments. 5 The FY27 aggregate adjustment to reconcile from GAAP to Non -GAAP income tax expense is approximately $0.3 billion. This aggregate adjustment for income taxes is the estimated combined income tax effect for the adjustments shown above as well as an adjustment for discrete tax items. Our non -GAAP income tax is calculated using a fixed estimated annual tax rate.

Page 45

Page 46

Copyright © Dell Inc. All Rights Reserved.46 Endnotes Page 4: Q2 FY27 Overview 1. See supplemental slides in Appendix A for weighted average shares and EPS calculation. 2. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 3. Based on guidance as of September 01, 2026. Page 5: Q2 Highlights 1. See supplemental slides in Appendix A for weighted average shares and EPS calculation. 2. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Page 6: Cash flow and capital returns 1. See supplemental slides in Appendix C for reconciliation of free cash flow (FCF) and adjusted FCF to cash flow from operations. 2. Core leverage ratio is calculated as Core debt / ((TTM adj. EBITDA) - (TTM DFS adj. EBITDA)). DFS adj. EBITDA calculated as a 4% return on assets comprised of financing receivables and DFS operating lease balance. 4% return on assets is derived from a peer benchmark analysis and is an indicative proxy for DFS EBITDA. Page 7: Guidance 1. See supplemental slide in Appendix E for reconciliation of forward-looking non-GAAP measures to their most directly comparable GAAP measures. 2. Based on guidance as of September 01, 2026. 3. Dell Technologies assumes an 18% Non-GAAP fixed estimated annual tax rate. Page 9: Infrastructure Solutions Group 1. IDC WW Quarterly Server Tracker, CY26Q1; Refers to Mainstream Core Server Revenue share and is based on x86, non-accelerated, and OEM vendor type and includes: Rackscale, Large System, Standard Rack Optimized, Tower, and Blade. All statistics are presented on a TTM basis. Page 10: AI Optimized Servers 1. Based on guidance as of September 01, 2026.

Page 47

Copyright © Dell Inc. All Rights Reserved.47 Endnotes Page 11: Dell PowerRack - built for AI and HPC giga-scale 1. Based on IDC data on CY25 rack-scale units sold worldwide. 2. Based on a Principled Technologies report commissioned by Dell, Accelerate AI time to value with Dell Services, May 2026. Actual results may vary. Page 12: Traditional server growth driven by data center modernization 1. IDC WW Quarterly Server Tracker, CY26Q1; Refers to Mainstream Core Server Revenue share and is based on x86, non-accelerated, and OEM vendor type and includes: Rackscale, Large System, Standard Rack Optimized, Tower, and Blade. All statistics are presented on a TTM basis. Page 13: Storage growth driven by data center modernization 1. IDC WW Quarterly Enterprise Storage Systems Quarterly Tracker, CY26Q1; IDC WW Converged Systems Quarterly Tracker, CY26Q1; IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY26Q1. Entry represents systems priced < $25k. Midrange represents systems priced $25k < $250k. High-End includes systems priced > $250k. Unstructured refers to Scale Out, NAS, non-PBBA, and includes object and file. Chart stats are on a TTM basis and refer to External RAID. 2. IDC WW Quarterly Enterprise Storage Systems Quarterly Tracker, CY26Q1; Stat is on a quarterly basis and refers to External RAID. 3. Based on Dell internal analysis, Feb 2026. Actual performance may vary. Page 16: #1 in Client revenue and expanding 1. Per IDC WW Quarterly PC Device Tracker, CY26Q2. Premium includes units with ASP > $800; Mainstream includes units with ASP <= $800. 2. CAGR and share growth calculated from the average of CY18 and CY19 to CY26Q2 TTM, 7 years. 3. Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY27. Page 18: Investment thesis 1. Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY27; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY26Q2 using data for 2Q26; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY26Q2 using data for 2Q26; Server (Revenue) - IDC WW Quarterly Server Tracker CY26Q1 using data for 1Q26; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY26Q1 using data for 1Q26; PBBA (Revenue) – IDC WW Purpose-Built Backup Appliance (PBBA) CY26Q1 using data for 1Q26; AI Infrastructure (Revenue) - IDC Quarterly Artificial Intelligence Infrastructure Tracker CY26Q1 using data for 1Q26. All statistics are presented on a TTM basis. 2. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 3. Subject to ongoing board evaluation and approval.

Page 48

Copyright © Dell Inc. All Rights Reserved.48 Endnotes Page 19: Committed to long-term value creation 1. Long-term financial guidance is provided on a non-GAAP basis. We cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of non-GAAP financial measures at the beginning of the presentation for more information. 2. Subject to ongoing board evaluation and approval. 3. See supplemental slides in Appendix C for weighted average shares, EPS calculation, and reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 4. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents historical adjusted free cash flow excluding VMware. 5. Dividends have not yet been declared for remainder of FY27. Page 20: Significant track record of shareholder return 1. See supplemental slides in Appendix C for weighted average shares, EPS calculation, and reconciliation of non-GAAP measures to their most directly comparable GAAP measures. 2. See supplemental slides in Appendix C for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents historical adjusted free cash flow excluding VMware. 3. Dividends have not yet been declared for remainder of FY27. 4. Core leverage ratio is calculated as Core debt / ((TTM adj. EBITDA) - (TTM DFS adj. EBITDA)). DFS adj. EBITDA calculated as a 4% return on assets comprised of financing receivables and DFS operating lease balance. 4% return on assets is derived from a peer benchmark analysis and is an indicative proxy for DFS EBITDA. Page 21: Dell Technologies strategy 1. Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q2 FY27; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY26Q2 using data for 2Q26; PC Monitors (Units) - IDC WW Quarterly Monitor Tracker CY26Q2 using data for 2Q26; Server (Revenue) - IDC WW Quarterly Server Tracker CY26Q1 using data for 1Q26; External Storage (Revenue) - IDC WW Quarterly Enterprise Storage Systems Tracker CY26Q1 using data for 1Q26; PBBA (Revenue) – IDC WW Purpose-Built Backup Appliance (PBBA) CY26Q1 using data for 1Q26; AI Infrastructure (Revenue) - IDC Quarterly Artificial Intelligence Infrastructure Tracker CY26Q1 using data for 1Q26. All statistics are presented on a TTM basis.

Slides