Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Dell Technologies Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Federal	149)	605)	166)	(526)	(150)	461)
State/local	33)	176)	76)	29)	69)	74)
Foreign	601)	739)	960)	1,061)	887)	616)
Current	783)	1,520)	1,202)	564)	806)	1,151)
Federal	(106)	(483)	(54)	23)	(862)	(1,150)
State/local	(42)	(103)	—)	(145)	(150)	(85)
Foreign	57)	(131)	(167)	(277)	(5,327)	(96)
Deferred	(91)	(717)	(221)	(399)	(6,339)	(1,331)
Income tax expense (benefit)	692)	803)	981)	165)	(5,533)	(180)

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Dell Technologies Inc. current increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Dell Technologies Inc. deferred decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Dell Technologies Inc. income tax expense (benefit) decreased from 2022 to 2023 and from 2023 to 2024.

Dell Technologies Inc., effective income tax rate (EITR) reconciliation

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
State income taxes, net of federal tax benefit	-0.20%	2.00%	1.70%	-1.50%	1,194.60%	0.50%
Tax impact of foreign operations	2.70%	-0.80%	-0.30%	2.20%	-2,741.30%	-19.50%
Impact of intangible property transfers	0.00%	0.00%	0.00%	-1.60%	123,367.90%	0.00%
Change in valuation allowance	0.30%	0.40%	0.40%	0.50%	1,030.60%	-6.60%
Indirect tax effects of adoption of new revenue standard	0.00%	0.00%	0.00%	0.00%	0.00%	6.50%
U.S. Tax Reform	0.00%	0.00%	0.00%	0.00%	0.00%	1.50%
U.S. tax audit settlement	0.00%	0.00%	0.00%	-20.30%	7,615.70%	0.00%
Non-deductible transaction-related costs	0.00%	0.80%	1.20%	0.70%	-700.00%	-1.90%
Stock-based compensation expense	-0.90%	-2.40%	-2.40%	-1.60%	5,873.20%	4.10%
U.S. R&D tax credits	-4.60%	-2.60%	-1.30%	-3.80%	4,424.90%	6.90%
Legal entity restructuring	0.00%	0.00%	-4.10%	0.00%	0.00%	0.00%
RSA Security divestiture	0.00%	0.00%	0.00%	7.80%	0.00%	0.00%
Class V transaction litigation settlement	0.00%	5.80%	0.00%	0.00%	0.00%	0.00%
Other	-0.50%	0.70%	0.40%	1.10%	-1,761.60%	-4.90%
Effective tax rate	17.80%	24.90%	16.60%	4.50%	138,325.00%	7.60%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Dell Technologies Inc. effective tax rate increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Dell Technologies Inc., components of deferred tax assets and liabilities

US$ in millions

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Deferred revenue and warranty provisions	1,878)	1,959)	1,555)	1,851)	1,672)	1,267)
Credit carryforwards	554)	938)	1,094)	1,531)	1,951)	1,927)
Loss carryforwards	619)	467)	379)	614)	580)	466)
Operating and compensation related accruals	478)	506)	512)	774)	744)	683)
Capitalized research and development	302)	263)	—)	—)	—)	—)
Operating leases	—)	—)	—)	238)	239)	—)
Intangible assets	—)	—)	—)	3,060)	2,420)	—)
Other	320)	417)	396)	494)	312)	310)
Deferred tax assets	4,151)	4,550)	3,936)	8,562)	7,918)	4,653)
Valuation allowance	(1,232)	(1,535)	(1,423)	(1,709)	(1,687)	(1,704)
Deferred tax assets, net of valuation allowance	2,919)	3,015)	2,513)	6,853)	6,231)	2,949)
Leasing and financing	(397)	(363)	(382)	(375)	(369)	(356)
Operating leases	—)	—)	—)	(208)	(210)	—)
Property and equipment	(377)	(470)	(452)	(539)	(509)	(547)
Intangibles	(338)	(483)	(673)	—)	—)	(3,254)
Other	(375)	(339)	(363)	(303)	(205)	(242)
Deferred tax liabilities	(1,487)	(1,655)	(1,870)	(1,425)	(1,293)	(4,399)
Net deferred tax assets (liabilities)	1,432)	1,360)	643)	5,428)	4,938)	(1,450)

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

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Item	Description	The company
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Dell Technologies Inc. deferred tax assets increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Deferred tax assets, net of valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Dell Technologies Inc. deferred tax assets, net of valuation allowance increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Dell Technologies Inc. net deferred tax assets (liabilities) increased from 2022 to 2023 and from 2023 to 2024.

Dell Technologies Inc., adjustments to financial statements

US$ in millions

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Adjustment to Total Assets
Total assets (as reported)	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Less: Noncurrent deferred tax assets, net	1,432)	1,360)	643)	5,428)	4,938)	—)
Total assets (adjusted)	80,657)	88,251)	92,092)	117,987)	113,923)	111,820)
Adjustment to Total Liabilities
Total liabilities (as reported)	84,398)	92,636)	94,315)	115,390)	115,077)	111,566)
Less: Noncurrent deferred tax liabilities, net	—)	—)	—)	—)	—)	1,450)
Total liabilities (adjusted)	84,398)	92,636)	94,315)	115,390)	115,077)	110,116)
Adjustment to Total Dell Technologies Inc. Stockholders’ Equity (deficit)
Total Dell Technologies Inc. stockholders’ equity (deficit) (as reported)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)	(5,765)
Less: Net deferred tax assets (liabilities)	1,432)	1,360)	643)	5,428)	4,938)	(1,450)
Total Dell Technologies Inc. stockholders’ equity (deficit) (adjusted)	(3,836)	(4,482)	(2,328)	(2,949)	(6,512)	(4,315)
Adjustment to Net Income (loss) Attributable To Dell Technologies Inc.
Net income (loss) attributable to Dell Technologies Inc. (as reported)	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Add: Deferred income tax expense (benefit)	(91)	(717)	(221)	(399)	(6,339)	(1,331)
Net income (loss) attributable to Dell Technologies Inc. (adjusted)	3,120)	1,725)	5,342)	2,851)	(1,723)	(3,641)

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

Dell Technologies Inc., Financial Data: Reported vs. Adjusted

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Dell Technologies Inc., adjusted financial ratios

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Net Profit Margin
Reported net profit margin	3.63%	2.39%	5.50%	3.45%	5.01%	-2.55%
Adjusted net profit margin	3.53%	1.69%	5.28%	3.03%	-1.87%	-4.02%
Total Asset Turnover
Reported total asset turnover	1.08	1.14	1.09	0.76	0.78	0.81
Adjusted total asset turnover	1.10	1.16	1.10	0.80	0.81	0.81
Financial Leverage
Reported financial leverage	—	—	—	49.78	—	—
Adjusted financial leverage	—	—	—	—	—	—
Return on Equity (ROE)
Reported ROE	—	—	—	131.10%	—	—
Adjusted ROE	—	—	—	—	—	—
Return on Assets (ROA)
Reported ROA	3.91%	2.73%	6.00%	2.63%	3.88%	-2.07%
Adjusted ROA	3.87%	1.95%	5.80%	2.42%	-1.51%	-3.26%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Dell Technologies Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Dell Technologies Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dell Technologies Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Dell Technologies Inc., Financial Ratios: Reported vs. Adjusted

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Profitability Ratio
Net profit margin¹	3.63%	2.39%	5.50%	3.45%	5.01%	-2.55%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Dell Technologies Inc.	3,120)	1,725)	5,342)	2,851)	(1,723)	(3,641)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Profitability Ratio
Adjusted net profit margin²	3.53%	1.69%	5.28%	3.03%	-1.87%	-4.02%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Net revenue
= 100 × 3,211 ÷ 88,425 = 3.63%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Dell Technologies Inc. ÷ Net revenue
= 100 × 3,120 ÷ 88,425 = 3.53%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Dell Technologies Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Total assets	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Activity Ratio
Total asset turnover¹	1.08	1.14	1.09	0.76	0.78	0.81
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Adjusted total assets	80,657)	88,251)	92,092)	117,987)	113,923)	111,820)
Activity Ratio
Adjusted total asset turnover²	1.10	1.16	1.10	0.80	0.81	0.81

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 88,425 ÷ 82,089 = 1.08

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 88,425 ÷ 80,657 = 1.10

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Dell Technologies Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Total Dell Technologies Inc. stockholders’ equity (deficit)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)	(5,765)
Solvency Ratio
Financial leverage¹	—	—	—	49.78	—	—
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	80,657)	88,251)	92,092)	117,987)	113,923)	111,820)
Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)	(3,836)	(4,482)	(2,328)	(2,949)	(6,512)	(4,315)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 82,089 ÷ -2,404 = —

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)
= 80,657 ÷ -3,836 = —

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Total Dell Technologies Inc. stockholders’ equity (deficit)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)	(5,765)
Profitability Ratio
ROE¹	—	—	—	131.10%	—	—
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Dell Technologies Inc.	3,120)	1,725)	5,342)	2,851)	(1,723)	(3,641)
Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)	(3,836)	(4,482)	(2,328)	(2,949)	(6,512)	(4,315)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 100 × 3,211 ÷ -2,404 = —

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Dell Technologies Inc. ÷ Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)
= 100 × 3,120 ÷ -3,836 = —

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Total assets	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Profitability Ratio
ROA¹	3.91%	2.73%	6.00%	2.63%	3.88%	-2.07%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Dell Technologies Inc.	3,120)	1,725)	5,342)	2,851)	(1,723)	(3,641)
Adjusted total assets	80,657)	88,251)	92,092)	117,987)	113,923)	111,820)
Profitability Ratio
Adjusted ROA²	3.87%	1.95%	5.80%	2.42%	-1.51%	-3.26%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Total assets
= 100 × 3,211 ÷ 82,089 = 3.91%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Dell Technologies Inc. ÷ Adjusted total assets
= 100 × 3,120 ÷ 80,657 = 3.87%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dell Technologies Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Dell Technologies Inc. (NYSE:DELL)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Adjustments to Financial Statements: Removal of Deferred Taxes

Dell Technologies Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Dell Technologies Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)