Analysis of Debt
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Dell Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2019
- Return on Equity (ROE) since 2019
- Aggregate Accruals
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Total Debt (Carrying Amount)
Dell Technologies Inc., balance sheet: debt
US$ in millions
| Jan 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | ||
|---|---|---|---|---|---|---|---|
| Short-term debt | |||||||
| Long-term debt | |||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2026-01-30), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29).
The carrying amount of total debt exhibited considerable fluctuation over the observed period. Initially, a substantial decrease is noted, followed by a period of relative stabilization and then a final increase.
- Overall Trend
- The total debt began at US$47,984 million in January 2021. A significant reduction occurred in the following year, reaching US$26,954 million by January 2022. Subsequently, the debt level increased to US$29,588 million in February 2023 before decreasing again to US$25,994 million in February 2024. The most recent two periods show an increase, reaching US$24,567 million in January 2025 and then US$31,503 million in January 2026.
- Short-Term Debt
- Short-term debt demonstrated variability. It decreased from US$6,362 million in January 2021 to US$5,823 million in January 2022, then increased to US$6,982 million in February 2024. A decrease to US$5,204 million is observed in January 2025, followed by a substantial increase to US$7,990 million in January 2026.
- Long-Term Debt
- Long-term debt experienced a more pronounced initial decline, falling from US$41,622 million in January 2021 to US$21,131 million in January 2022. It then showed a moderate increase to US$23,015 million in February 2023, followed by a decrease to US$19,012 million in February 2024. The final two periods show an increase, reaching US$19,363 million in January 2025 and US$23,513 million in January 2026.
The largest single-year decrease in total debt occurred between January 2021 and January 2022. The most recent period, between January 2025 and January 2026, shows the largest single-year increase. The composition of the debt also shifted, with long-term debt contributing a larger proportion of the total in the earlier periods and a more balanced contribution in the later periods.
Total Debt (Fair Value)
| Jan 30, 2026 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Senior Secured Credit Facilities | |
| Senior Notes | |
| Legacy Notes | |
| EMC Notes | |
| VMware Notes and VMware Term Loan Facility | |
| DFS Debt | |
| Margin Loan Facility | |
| Other | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2026-01-30).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2026-01-30).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =