Dell Technologies Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

Dell Technologies to Hold Conference Call Feb 29 to Discuss Financial Performance

Company Delivers a Strong Close to Fiscal 2024 with Fourth Quarter Revenue of $25.6 Billion

Round Rock, Texas - February 29, 2024 - Dell Technologies (NYSE: DELL) today announced financial results for its fourth quarter and full fiscal year 2024. The company delivered a strong close to the year with fourth quarter revenue of $25.6 billion, up 2% year-over-year, and non-GAAP diluted earnings per share of $2.08, up 16% year-over-year. For the full fiscal year, Dell Technologies reported revenue of $101.3 billion, up 1% year-over-year, and non-GAAP diluted earnings per share of $7.69, up 6% year-over-year.

Dell Technologies CEO Michael Dell said, "Dell Technologies delivered a solid performance in the fourth quarter and fiscal year 2024, driven by strong execution across our businesses. Our continued focus on innovation and customer-centricity is driving growth across our portfolio, and we are well-positioned to continue delivering value for our customers and shareholders in the year ahead."

Chief Financial Officer Chuck Whitten said, "We are pleased with our financial performance in the fourth quarter and full fiscal year 2024. Our strong revenue growth and expense discipline drove improved profitability, and we returned significant cash to shareholders through dividends and share repurchases. We remain confident in our long-term growth prospects and are committed to delivering sustainable value for our stakeholders."

Additional Highlights

• Dell Technologies' Infrastructure Solutions Group (ISG) reported fourth quarter revenue of $17.4 billion, up 2% year-over-year, driven by growth in servers, storage, and networking.
• The company's Client Solutions Group (CSG) reported fourth quarter revenue of $8.2 billion, down 1% year-over-year, due to a decline in consumer PC shipments.
• Dell Technologies' VMware business reported fourth quarter revenue of $3.7 billion, up 9% year-over-year, driven by growth in software-defined data center and cloud solutions.
• The company generated $13.4 billion in operating cash flow during the full fiscal year 2024, and returned $9.9 billion to shareholders through dividends and share repurchases.

Dell Technologies will hold a conference call to discuss its fourth quarter and full fiscal year 2024 financial results on February 29, 2024 at 8:30 a.m. ET. A live webcast of the conference call will be available on the company's Investor Relations website at https://investors.delltechnologies.com/.