Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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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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Dell Technologies Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
An examination of the provided financial information reveals significant shifts in the company’s liabilities and stockholders’ equity over the six-year period. Total liabilities decreased substantially between 2021 and 2024, before increasing again in the final two years. Stockholders’ equity experienced a more pronounced decline, transitioning from a positive value to a deficit, and remained in a deficit position throughout the observed period.
- Current Liabilities
- Current liabilities generally decreased from 2021 to 2024, falling from US$54.132 billion to US$46.527 billion. A notable increase occurred in 2026, reaching US$63.269 billion. Accounts payable exhibited volatility, rising from US$21.696 billion in 2021 to US$27.143 billion in 2022, then decreasing to US$18.598 billion in 2023, and continuing to fluctuate. Short-term deferred revenue remained relatively stable, fluctuating between US$13.334 billion and US$16.525 billion. The presence of ‘Current liabilities held for sale’ beginning in 2025 suggests potential asset disposals.
- Non-Current Liabilities
- Non-current liabilities demonstrated a significant reduction from US$61.258 billion in 2021 to US$34.606 billion in 2024. A subsequent increase to US$40.487 billion was observed in 2026. Long-term debt followed a similar pattern, decreasing from US$41.622 billion to US$19.012 billion before rising to US$23.513 billion. Long-term deferred revenue remained relatively consistent, fluctuating between US$12.292 billion and US$14.744 billion.
- Total Liabilities
- Total liabilities decreased from US$115.390 billion in 2021 to US$81.133 billion in 2024, then increased to US$103.756 billion in 2026. This trend largely mirrors the combined movements of current and non-current liabilities.
- Stockholders’ Equity
- Total stockholders’ equity experienced a substantial decline, moving from a positive US$7.553 billion in 2021 to a deficit of US$2.470 billion by 2026. This decline was primarily driven by significant increases in treasury stock and a growing accumulated deficit. The accumulated deficit increased from US$13.751 billion in 2021 to US$3.325 billion in 2026. Redeemable shares were only present in 2021. Non-controlling interests were relatively small and decreased over time.
- Common Stock and Retained Earnings
- Common stock and capital in excess of par value showed a modest increase over the period, from US$16.849 billion to US$9.457 billion. However, this increase was overshadowed by the substantial growth in treasury stock, which moved from a cost of US$305 million to US$14.533 billion. The shift in retained earnings from a negative value to a positive value in 2026 indicates improving profitability in the later years of the period.
Overall, the company demonstrated a strategy of reducing debt between 2021 and 2024, but subsequently increased its liabilities. The significant decline in stockholders’ equity, coupled with the emergence of a deficit, warrants further investigation into the underlying causes, such as share repurchases and profitability trends. The positive shift in retained earnings in the final year suggests a potential turnaround in financial performance.