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	7,990)	5,204)	6,982)	6,573)	5,823)	6,362)
Long-term debt	23,513)	19,363)	19,012)	23,015)	21,131)	41,622)
Total debt (carrying amount)	31,503)	24,567)	25,994)	29,588)	26,954)	47,984)

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.

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	Jan 30, 2026
Selected Financial Data (US$ in millions)
Senior Secured Credit Facilities	—)
Senior Notes	21,800)
Legacy Notes	1,000)
EMC Notes	—)
VMware Notes and VMware Term Loan Facility	—)
DFS Debt	8,900)
Margin Loan Facility	—)
Other	99)
Total debt (fair value)	31,799)
Financial Ratio
Debt, fair value to carrying amount ratio	1.01

Based on: 10-K (reporting date: 2026-01-30).

Weighted-average interest rate on debt: 7.85%

Interest rate	Debt amount¹	Interest rate × Debt amount
8.35%	21,573)	1,801)
7.10%	952)	68)
6.75%	9,139)	617)
Total	31,664)	2,486)
7.85%

Based on: 10-K (reporting date: 2026-01-30).

¹ US$ in millions

² Weighted-average interest rate = 100 × 2,486 ÷ 31,664 = 7.85%

Dell Technologies Inc. (NYSE:DELL)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt