v3.26.1
FINANCIAL SERVICES (Tables)
3 Months Ended
May 01, 2026
Receivables [Abstract]  
Schedule of Components of Financing Receivables Segregated by Portfolio Segment
The following table presents the components of the Company’s financing receivables as of the dates indicated:
 May 1, 2026January 30, 2026
 (in millions)
Customer receivables, gross (a)$13,966 $14,295 
Allowance for losses(212)(213)
Customer receivables, net13,754 14,082 
Residual interest196 198 
Financing receivables, net$13,950 $14,280 
Short-term$8,237 $8,458 
Long-term$5,713 $5,822 
____________________
(a)Customer receivables, gross include amounts due from customers under fixed-term leases and loans and accrued interest.
Schedule of Changes in Allowance for Financing Receivables Losses
The following table presents the changes in allowance for financing receivable losses for the periods indicated:
Three Months Ended
May 1, 2026May 2, 2025
(in millions)
Balances at beginning of period$213 $153 
Charge-offs, net of recoveries(10)(10)
Provision charged to income statement
Balances at end of period$212 $144 
Schedule of Aging of Customer's Financing Receivables
The following table presents the aging of the Company’s customer financing receivables, gross, including accrued interest, as of the dates indicated:
May 1, 2026January 30, 2026
(in millions)
Current 0 — 30 Days$13,723 $13,985 
Past Due 31 — 90 Days120 195 
Past Due > 90 Days123 115 
Total$13,966 $14,295 
Schedule of Customer Receivables, Gross, Including Accrued Interest, by Credit Quality Indicator, Segregated by Class
The following tables present customer receivables, gross, including accrued interest, by credit quality indicator, as of the dates indicated:
May 1, 2026
Fiscal Year of Origination
20272026202520242023Years PriorTotal
(in millions)
Higher$980 $2,378 $1,508 $1,185 $420 $54 $6,525 
Mid705 3,492 962 299 89 11 5,558 
Lower356 992 268 163 88 16 1,883 
Total$2,041 $6,862 $2,738 $1,647 $597 $81 $13,966 

January 30, 2026
Fiscal Year of Origination
20262025202420232022Years PriorTotal
(in millions)
Higher$2,671 $1,683 $1,430 $564 $84 $14 $6,446 
Mid4,077 1,354 419 163 22 6,036 
Lower1,153 321 209 109 11 10 1,813 
Total$7,901 $3,358 $2,058 $836 $117 $25 $14,295 
Schedule of Net Revenue, Cost of Net Revenue, and Gross Margin Recognized
The following table presents amounts included in the Condensed Consolidated Statements of Income related to sales-type lease activity for the periods indicated:
Three Months Ended
May 1, 2026May 2, 2025
(in millions)
Interest income products
$86 $93 
Net revenue products
$534 $119 
Cost of net revenue products
525 131 
Gross margin products
$$(12)
Schedule of Future Maturity of Fixed-Term Customer Leases
The following table presents the future maturity of the Company’s customer leases and associated financing payments, and reconciles the undiscounted cash flows to the customer receivables, gross recognized on the Condensed Consolidated Statements of Financial Position as of the date indicated:
May 1, 2026
(in millions)
Fiscal 2027 (remaining nine months)$2,382 
Fiscal 20282,090 
Fiscal 20291,373 
Fiscal 2030645 
Fiscal 2031 and thereafter328 
Total undiscounted cash flows6,818 
Loans8,337 
Less: Unearned income(1,189)
Total customer receivables, gross$13,966 
Schedule of Components of Operating Lease Portfolio Included in Property, Plant, and Equipment, Net
The following table presents the components of the Company’s operating lease portfolio included in property, plant, and equipment, net as of the dates indicated:
May 1, 2026January 30, 2026
(in millions)
Equipment under operating lease, gross$4,946 $4,651 
Less: Accumulated depreciation(2,215)(2,192)
Equipment under operating lease, net$2,731 $2,459 
Schedule of Operating Lease Income Related to Lease Payments and Depreciation Expense
The following table presents operating lease income related to lease payments and depreciation expense for the Company’s operating lease portfolio for the periods indicated:
Three Months Ended
May 1, 2026May 2, 2025
(in millions)
Income related to lease payments$405 $358 
Depreciation expense $254 $244 
Schedule of Future Payments to be Received in Operating Lease Contracts
The following table presents the future payments to be received by the Company in operating lease contracts as of the date indicated:
May 1, 2026
(in millions)
Fiscal 2027 (remaining nine months)$1,111 
Fiscal 20281,118 
Fiscal 2029711 
Fiscal 2030240 
Fiscal 2031 and thereafter114 
Total$3,294 
Schedule of DFS Debt
The following table presents DFS debt as of the dates indicated and excludes the allocated portion of the Company’s other borrowings, which represents the additional amount considered to fund the DFS business:
May 1, 2026January 30, 2026
(in millions)
DFS U.S. debt:
Asset-based financing facility$2,901 $3,146 
Fixed-term securitization offerings 3,033 2,648 
Total DFS U.S. debt, principal amount5,934 5,794 
DFS international debt:
Securitization facility656 698 
Other borrowings928 851 
Dell Bank senior unsecured eurobonds1,760 1,796 
Total DFS international debt, principal amount3,344 3,345 
Total DFS debt, principal amount$9,278 $9,139 
Short-term$5,775 $5,719 
Long-term$3,503 $3,420 
The following table summarizes the Company’s outstanding debt as of the dates indicated:
 May 1, 2026January 30, 2026
(in millions)
Senior Notes$21,073 $21,573 
Legacy Notes952 952 
DFS Debt (Note 4)
9,278 9,139 
Other110 99 
Total debt, principal amount31,413 31,763 
Unamortized discount, net of unamortized premium(109)(112)
Debt issuance costs(143)(148)
Total debt, carrying value$31,161 $31,503 
Short-term$7,550 $7,990 
Long-term$23,611 $23,513 
Schedule of Assets and Liabilities Held by the Consolidated VIEs
The following table presents the assets and liabilities held by the consolidated VIEs as of the dates indicated, which are included in the Condensed Consolidated Statements of Financial Position:
 May 1, 2026January 30, 2026
 (in millions)
Assets held by consolidated VIEs:
Other current assets$174 $176 
Financing receivables, net of allowance:
Short-term$3,143 $3,280 
Long-term$2,945 $2,704 
Property, plant, and equipment, net$964 $984 
Liabilities held by consolidated VIEs:
Debt, net of unamortized debt issuance costs:
Short-term$4,373 $4,548 
Long-term$2,204 $1,933