Dell Technologies Inc.

This synthesis is limited by what is on file. The data includes annual revenue for eight fiscal years and operating income for four fiscal years, drawn from XBRL company facts. It does not include MD&A text, risk-factor text, FACT-classified news headlines, or forensic scores. For that reason, this write-up cannot explain why revenue or operating income changed, and it cannot compare management's description of the business with the reported numbers. What the figures do show is a fiscal 2026 year in which revenue reached $113.54 billion and operating income reached $8.15 billion, both higher than the prior year. Operating margin was about 5.6% in fiscal 2023, about 5.9% in fiscal 2024, about 6.5% in fiscal 2025, and about 7.2% in fiscal 2026. That pattern shows a gradual widening over the four years for which operating income is on file, but it does not show why. No Beneish M-Score, Piotroski F-Score, Altman Z-Score, or Fog Index is on file for DELL, so none is reported here. A Beneish M-Score is a screening model that looks for patterns sometimes associated with earnings manipulation, and an elevated result is a prompt for a closer read rather than proof of wrongdoing. A Piotroski F-Score counts how many of a set of financial-health checks a company passes. An Altman Z-Score estimates financial distress risk. A Fog Index estimates how hard a passage of text is to read. Readers may want to look at the forensic scores once they are available, and at the company's own 10-K, particularly the MD&A and risk factors sections, to test the figures above against management's explanations.

Catalyst.The data on file does not include MD&A text, so this section cannot report what management attributes the results to. The reported figures show revenue of $113.54 billion in fiscal 2026, up from $95.57 billion in fiscal 2025, an increase of about 18.8%. Operating income rose from $6.24 billion to $8.15 billion over the same period, an increase of about 30.6%. Because operating income grew faster than revenue, the operating margin, calculated as operating income divided by revenue, moved from about 6.5% to about 7.2%. The drivers behind these changes are not in the data provided.

Hidden risk.Revenue has not moved in a straight line. In fiscal 2023 revenue was $102.3 billion, and it fell to $88.42 billion in fiscal 2024, a decline of about 13.6%. Operating income fell about 9.7% over that same year, from $5.77 billion to $5.21 billion. The fiscal 2026 rebound therefore follows a period of decline. The risk-factor text that would explain how exposed the business is to swings like this is not on file, so this write-up cannot describe it.