An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Dell Technologies Inc., adjustments to financial statements

US$ in millions

	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
Adjustment to Total Assets
Total assets (as reported)	79,746)	82,089)	89,611)	92,735)	123,415)	118,861)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Total assets (adjusted)	79,746)	82,089)	89,611)	92,735)	123,415)	118,861)
Adjustment to Total Debt
Total debt (as reported)	24,567)	25,994)	29,588)	26,954)	47,984)	52,056)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)	—)
Add: Current operating lease liabilities (included in Accrued and other current liabilities)	236)	253)	260)	287)	436)	432)
Add: Non-current operating lease liabilities (included in Other non-current liabilities)	522)	576)	630)	720)	1,787)	1,360)
Total debt (adjusted)	25,325)	26,823)	30,478)	27,961)	50,207)	53,848)

Based on: 10-K (reporting date: 2025-01-31), 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).

^{1, 2} Equal to total present value of future operating lease payments.

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

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Dell Technologies Inc., adjusted financial ratios

	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
Total Asset Turnover¹
Reported total asset turnover	1.20	1.08	1.14	1.09	0.76	0.78
Adjusted total asset turnover	1.20	1.08	1.14	1.09	0.76	0.78
Debt to Equity²
Reported debt to equity	—	—	—	—	19.36	—
Adjusted debt to equity	—	—	—	—	20.25	—
Return on Assets³ (ROA)
Reported ROA	5.76%	3.91%	2.73%	6.00%	2.63%	3.88%
Adjusted ROA	5.76%	3.91%	2.73%	6.00%	2.63%	3.88%

Based on: 10-K (reporting date: 2025-01-31), 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).

¹ See details »

² See details »

³ See details »

Financial 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 deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Dell Technologies Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

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

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	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net revenue	95,567)	88,425)	102,301)	101,197)	94,224)	92,154)
Total assets	79,746)	82,089)	89,611)	92,735)	123,415)	118,861)
Activity Ratio
Total asset turnover¹	1.20	1.08	1.14	1.09	0.76	0.78
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net revenue	95,567)	88,425)	102,301)	101,197)	94,224)	92,154)
Adjusted total assets	79,746)	82,089)	89,611)	92,735)	123,415)	118,861)
Activity Ratio
Adjusted total asset turnover²	1.20	1.08	1.14	1.09	0.76	0.78

Based on: 10-K (reporting date: 2025-01-31), 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).

2025 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 95,567 ÷ 79,746 = 1.20

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 95,567 ÷ 79,746 = 1.20

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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 deteriorated from 2023 to 2024 but then improved from 2024 to 2025 exceeding 2023 level.

	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total debt	24,567)	25,994)	29,588)	26,954)	47,984)	52,056)
Total Dell Technologies Inc. stockholders’ equity (deficit)	(1,482)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)
Solvency Ratio
Debt to equity¹	—	—	—	—	19.36	—
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	25,325)	26,823)	30,478)	27,961)	50,207)	53,848)
Total Dell Technologies Inc. stockholders’ equity (deficit)	(1,482)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)
Solvency Ratio
Adjusted debt to equity²	—	—	—	—	20.25	—

Based on: 10-K (reporting date: 2025-01-31), 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).

2025 Calculations

¹ Debt to equity = Total debt ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 24,567 ÷ -1,482 = —

² Adjusted debt to equity = Adjusted total debt ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 25,325 ÷ -1,482 = —

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	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Dell Technologies Inc.	4,592)	3,211)	2,442)	5,563)	3,250)	4,616)
Total assets	79,746)	82,089)	89,611)	92,735)	123,415)	118,861)
Profitability Ratio
ROA¹	5.76%	3.91%	2.73%	6.00%	2.63%	3.88%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income attributable to Dell Technologies Inc.	4,592)	3,211)	2,442)	5,563)	3,250)	4,616)
Adjusted total assets	79,746)	82,089)	89,611)	92,735)	123,415)	118,861)
Profitability Ratio
Adjusted ROA²	5.76%	3.91%	2.73%	6.00%	2.63%	3.88%

Based on: 10-K (reporting date: 2025-01-31), 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).

2025 Calculations

¹ ROA = 100 × Net income attributable to Dell Technologies Inc. ÷ Total assets
= 100 × 4,592 ÷ 79,746 = 5.76%

² Adjusted ROA = 100 × Net income attributable to Dell Technologies Inc. ÷ Adjusted total assets
= 100 × 4,592 ÷ 79,746 = 5.76%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Dell Technologies Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Dell Technologies Inc. (NYSE:DELL)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

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

Adjusted Financial Ratios for Operating Leases (Summary)

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

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)