Dell Technologies Delivers Third Quarter Fiscal 2025 Financial

Dell Technologies Delivers Third Quarter Fiscal 2025 Financial Results

DELL TECHNOLOGIES INC. Reconciliation of Selected Non-GAAP Financial Measures (in millions, except percentages; unaudited; continued on next page)

	Three Months Ended			Nine Months Ended
	November 1, 2024	November 3, 2023	Change	November 1, 2024	November 3, 2023	Change
Gross margin	$ 5,307	$ 5,148	3 %	$ 15,424	$ 15,553	(1) %
Non-GAAP adjustments:
Amortization of intangibles	60	84		179	247
Stock-based compensation expense	39	37		115	112
Other corporate expenses	31	7		130	64
Non-GAAP gross margin	$ 5,437	$ 5,276	3 %	$ 15,848	$ 15,976	(1) %

Operating expenses	$ 3,639	$ 3,662	(1) %	$ 11,494	$ 11,833	(3) %
Non-GAAP adjustments:
Amortization of intangibles	(108)	(123)		(325)	(376)
Stock-based compensation expense	(159)	(190)		(484)	(563)
Other corporate expenses	(134)	(37)		(544)	(457)
Non-GAAP operating expenses	$ 3,238	$ 3,312	(2) %	$ 10,141	$ 10,437	(3) %

Operating income	$ 1,668	$ 1,486	12 %	$ 3,930	$ 3,720	6 %
Non-GAAP adjustments:
Amortization of intangibles	168	207		504	623
Stock-based compensation expense	198	227		599	675
Other corporate expenses	165	44		674	521
Non-GAAP operating income	$ 2,199	$ 1,964	12 %	$ 5,707	$ 5,539	3 %

Net income	$ 1,127	$ 1,004	12 %	$ 2,923	$ 2,037	43 %
Non-GAAP adjustments:
Amortization of intangibles	168	207		504	623
Stock-based compensation expense	198	227		599	675
Other corporate expenses	166	36		665	566
Fair value adjustments on equity investments	(46)	(8)		(21)	36
Aggregate adjustment for income taxes (a)	(73)	(77)		(836)	(302)
Non-GAAP net income	$ 1,540	$ 1,389	11 %	$ 3,834	$ 3,635	5 %


(a)	Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

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