Stock Analysis on Net

Dell Technologies Inc. (NYSE:DELL)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Dell Technologies Inc., adjusted current assets

US$ in millions

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Current assets 36,229 35,947 42,351 45,033 43,567 36,868
Adjustments
Add: Allowance for expected credit losses 63 71 78 90 104 94
After Adjustment
Adjusted current assets 36,292 36,018 42,429 45,123 43,671 36,962

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).


Adjustments to Total Assets

Dell Technologies Inc., adjusted total assets

US$ in millions

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Total assets 79,746 82,089 89,611 92,735 123,415 118,861
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for expected credit losses 63 71 78 90 104 94
Less: Noncurrent deferred tax assets, net2 1,606 1,432 1,360 643 5,428 4,938
After Adjustment
Adjusted total assets 78,203 80,728 88,329 92,182 118,091 114,017

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 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax assets, net. See details »


Adjustments to Current Liabilities

Dell Technologies Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Current liabilities 46,527 48,494 51,654 56,219 54,132 52,456
Adjustments
Less: Short-term deferred revenue 13,673 15,318 15,542 14,261 16,525 14,881
After Adjustment
Adjusted current liabilities 32,854 33,176 36,112 41,958 37,607 37,575

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).


Adjustments to Total Liabilities

Dell Technologies Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Total liabilities 81,133 84,398 92,636 94,315 115,390 115,077
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Noncurrent deferred tax liabilities2
Less: Deferred revenue 25,965 29,145 30,286 27,573 30,801 27,800
Less: Warranty liability 424 426 467 480 473 496
Less: Severance liability 238 352 408 74 138 196
After Adjustment
Adjusted total liabilities 54,506 54,475 61,475 66,188 83,978 86,585

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 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Dell Technologies Inc., adjusted total Dell Technologies Inc. stockholders’ equity (deficit)

US$ in millions

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Total Dell Technologies Inc. stockholders’ equity (deficit) (1,482) (2,404) (3,122) (1,685) 2,479 (1,574)
Adjustments
Less: Net deferred tax assets (liabilities)1 1,606 1,432 1,360 643 5,428 4,938
Add: Allowance for expected credit losses 63 71 78 90 104 94
Add: Deferred revenue 25,965 29,145 30,286 27,573 30,801 27,800
Add: Warranty liability 424 426 467 480 473 496
Add: Severance liability 238 352 408 74 138 196
Add: Non-controlling interests 95 95 97 105 5,074 4,729
After Adjustment
Adjusted total stockholders’ equity (deficit) 23,697 26,253 26,854 25,994 33,641 26,803

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 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Dell Technologies Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Short-term debt 5,204 6,982 6,573 5,823 6,362 7,737
Long-term debt 19,363 19,012 23,015 21,131 41,622 44,319
Total reported 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)
Total reported capital 23,085 23,590 26,466 25,269 50,463 50,482
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current operating lease liabilities (included in Accrued and other current liabilities)2 236 253 260 287 436 432
Add: Non-current operating lease liabilities (included in Other non-current liabilities)3 522 576 630 720 1,787 1,360
Adjusted total debt 25,325 26,823 30,478 27,961 50,207 53,848
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 1,606 1,432 1,360 643 5,428 4,938
Add: Allowance for expected credit losses 63 71 78 90 104 94
Add: Deferred revenue 25,965 29,145 30,286 27,573 30,801 27,800
Add: Warranty liability 424 426 467 480 473 496
Add: Severance liability 238 352 408 74 138 196
Add: Non-controlling interests 95 95 97 105 5,074 4,729
Adjusted total stockholders’ equity (deficit) 23,697 26,253 26,854 25,994 33,641 26,803
After Adjustment
Adjusted total capital 49,022 53,076 57,332 53,955 83,848 80,651

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 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities (included in Accrued and other current liabilities). See details »

3 Non-current operating lease liabilities (included in Other non-current liabilities). See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Dell Technologies Inc., adjusted net revenue

US$ in millions

Microsoft Excel
12 months ended: Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Net revenue 95,567 88,425 102,301 101,197 94,224 92,154
Adjustment
Add: Increase (decrease) in deferred revenue (3,180) (1,141) 2,713 1,981 3,001 3,790
After Adjustment
Adjusted net revenue 92,387 87,284 105,014 103,178 97,225 95,944

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).


Adjustments to Reported Income

Dell Technologies Inc., adjusted net income attributable to Dell Technologies Inc.

US$ in millions

Microsoft Excel
12 months ended: Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
As Reported
Net income attributable to Dell Technologies Inc. 4,592 3,211 2,442 5,563 3,250 4,616
Adjustments
Add: Deferred income tax expense (benefit)1 (208) (91) (717) (221) (399) (6,339)
Add: Increase (decrease) in allowance for expected credit losses (8) (7) (12) (9) 10 9
Add: Increase (decrease) in deferred revenue (3,180) (1,141) 2,713 1,981 3,001 3,790
Add: Increase (decrease) in warranty liability (2) (41) (13) 7 (23) (28)
Add: Increase (decrease) in severance liability (114) (56) 334 (35) (58) 50
Less: Income from discontinued operations, net of income taxes 765
Add: Other comprehensive income (loss), net of tax (139) 201 (571) (125) 395 (242)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest (16) (16) (21) 144 255 913
After Adjustment
Adjusted net income 925 2,060 4,155 6,540 6,431 2,769

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 Deferred income tax expense (benefit). See details »