v3.26.1
FINANCIAL SERVICES (Tables)
6 Months Ended
Jul. 31, 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:
July 31, 2026January 30, 2026
(in millions)
Customer receivables, gross (a)$20,542 $14,295 
Allowance for losses(314)(213)
Customer receivables, net20,228 14,082 
Residual interest202 198 
Financing receivables, net$20,430 $14,280 
Short-term$12,805 $8,458 
Long-term$7,625 $5,822 
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(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 EndedSix Months Ended
July 31, 2026August 1, 2025July 31, 2026August 1, 2025
(in millions)
Balances at beginning of period$212 $144 $213 $153 
Charge-offs, net of recoveries(20)(4)(30)(14)
Provision charged to income statement122 11 131 12 
Balances at end of period$314 $151 $314 $151 
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:
July 31, 2026January 30, 2026
(in millions)
Current 0 — 30 Days$20,304 $13,985 
Past Due 31 — 90 Days132 195 
Past Due > 90 Days106 115 
Total$20,542 $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:
July 31, 2026
Fiscal Year of Origination
20272026202520242023Years PriorTotal
(in millions)
Higher$2,586 $2,127 $1,314 $1,099 $327 $42 $7,495 
Mid4,246 3,440 669 204 57 8,623 
Lower3,048 906 245 136 74 15 4,424 
Total$9,880 $6,473 $2,228 $1,439 $458 $64 $20,542 
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 EndedSix Months Ended
July 31, 2026August 1, 2025July 31, 2026August 1, 2025
(in millions)
Interest income products
$81 $92 $167 $185 
Net revenue products
$3,711 $181 $4,245 $300 
Cost of net revenue products
3,244 178 3,769 309 
Gross margin products
$467 $$476 $(9)
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:
July 31, 2026
(in millions)
Fiscal 2027 (remaining six months)$4,262 
Fiscal 20282,759 
Fiscal 20292,072 
Fiscal 20301,080 
Fiscal 2031 and thereafter500 
Total undiscounted cash flows10,673 
Loans11,278 
Less: Unearned income(1,409)
Total customer receivables, gross$20,542 
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:
July 31, 2026January 30, 2026
(in millions)
Equipment under operating lease, gross$5,392 $4,651 
Accumulated depreciation(2,210)(2,192)
Equipment under operating lease, net$3,182 $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 EndedSix Months Ended
July 31, 2026August 1, 2025July 31, 2026August 1, 2025
(in millions)
Income related to lease payments$414 $390 $819 $748 
Depreciation expense $268 $256 $522 $500 
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:
July 31, 2026
(in millions)
Fiscal 2027 (remaining six months)$835 
Fiscal 20281,401 
Fiscal 2029946 
Fiscal 2030364 
Fiscal 2031 and thereafter191 
Total$3,737 
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:
July 31, 2026January 30, 2026
(in millions)
DFS U.S. debt:
Asset-based financing facility$3,845 $3,146 
Fixed-term securitization offerings 2,502 2,648 
Total DFS U.S. debt, principal amount6,347 5,794 
DFS international debt:
Securitization facility643 698 
Other borrowings899 851 
Dell Bank senior unsecured eurobonds1,729 1,796 
Total DFS international debt, principal amount3,271 3,345 
Total DFS debt, principal amount$9,618 $9,139 
Short-term$6,205 $5,719 
Long-term$3,413 $3,420 
The following table summarizes the Company’s outstanding debt as of the dates indicated:
July 31, 2026January 30, 2026
(in millions)
Senior Notes$24,073 $21,573 
Legacy Notes952 952 
DFS Debt (Note 4)
9,618 9,139 
Other104 99 
Total debt, principal amount34,747 31,763 
Debt issuance costs and net unamortized discount(281)(260)
Total debt, carrying value$34,466 $31,503 
Short-term$8,481 $7,990 
Long-term$25,985 $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:
July 31, 2026January 30, 2026
(in millions)
Assets held by consolidated VIEs:
Other current assets$169 $176 
Financing receivables, net of allowance:
Short-term$3,315 $3,280 
Long-term$3,039 $2,704 
Property, plant, and equipment, net$1,287 $984 
Liabilities held by consolidated VIEs:
Debt, net of unamortized debt issuance costs:
Short-term$4,819 $4,548 
Long-term$2,160 $1,933