Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
The financial data indicates several notable trends in the company's liabilities, equity, and related financial items over the observed periods.
- Short-term Debt
- Short-term debt shows significant fluctuations, initially rising steadily from 4,884 million USD in May 2019 to a peak of 16,280 million USD in October 2021, followed by a pronounced decline and recurring volatility thereafter. The most recent values indicate a decline relative to peak levels, but with periodic increases suggesting occasional short-term borrowing.
- Accounts Payable
- Accounts payable increased gradually from 18,097 million USD in May 2019 to a peak of 27,463 million USD by August 2025. Despite some short-term dips, the overall trend is upward, indicating growing obligations to suppliers and other trade creditors over time.
- Due to Related Party
- Values for amounts due to related parties appear sporadically starting only in early 2022, with fluctuating but generally modest balances, peaking at 2,067 million USD in May 2023. Lack of data prior to 2022 limits trend analysis for this item.
- Accrued and Other Current Liabilities
- This category fluctuates modestly but remains generally stable around 6,000 to 9,000 million USD, showing no clear long-term trend but some short-term variability.
- Short-term Deferred Revenue
- Short-term deferred revenue remains relatively stable, oscillating between approximately 13,000 and 17,000 million USD throughout the timeline, with slight increases during mid-periods and subsequent mild decreases, suggesting consistent revenue recognition timing patterns.
- Current Liabilities Held for Sale
- Reported only intermittently in small amounts around 200-365 million USD, indicating occasional disposal or reclassification of current liabilities held for sale.
- Total Current Liabilities
- Current liabilities grew from approximately 43,479 million USD in May 2019 to a peak of nearly 69,702 million USD in October 2021, before declining thereafter. The data suggests a peak in short-term obligations around late 2021 followed by a gradual reduction.
- Long-term Debt
- Long-term debt shows a declining trend over the majority of the periods, from 48,640 million USD in May 2019 down to a trough near 17,811 million USD in August 2024. There is a slight uptick observed towards the end of the data series, indicating some recent increase in long-term borrowings.
- Long-term Deferred Revenue
- This item remained relatively steady, fluctuating around 12,000 to 14,000 million USD, showing no significant upward or downward trend.
- Other Non-current Liabilities
- Other non-current liabilities have decreased gradually from about 6,525 million USD to around 3,123 million USD by mid-2024, indicating progressive reductions or settlements in these obligations.
- Total Non-current Liabilities
- Overall non-current liabilities declined from 66,300 million USD in May 2019 to approximately 33,451 million USD by August 2024, illustrating a substantial reduction primarily driven by lower long-term debt and other non-current liabilities.
- Total Liabilities
- Total liabilities show an initial increase from approximately 109,779 million USD to a peak of 121,483 million USD in October 2021, followed by a marked decrease to around 81,133 million USD in May 2025. This reflects a broad deleveraging trend after late 2021.
- Redeemable Shares
- Redeemable shares decrease steadily from 1,774 million USD to zero after early 2022, indicating redemption or conversion into other equity forms.
- Common Stock and Capital in Excess of Par Value
- This component steadily increases from 15,179 million USD to about 9,132 million USD by August 2024, with a notable step-down after January 2022, likely reflecting capital restructuring or share repurchase activities.
- Treasury Stock at Cost
- Treasury stock shows a consistent increase in negative value from -65 million USD to -11,419 million USD, reflecting ongoing share repurchases or buyback programs, thereby reducing stockholders’ equity.
- Retained Earnings (Accumulated Deficit)
- Retained earnings have improved overall, moving from a deficit of -21,053 million USD in May 2019 to a near breakeven and slightly positive balance of 231 million USD by May 2025, indicating gradual recovery or profitability improvements over time.
- Accumulated Other Comprehensive Loss
- This loss fluctuates moderately between approx. -900 and -300 million USD, showing no clear trend but continuous presence of other comprehensive losses.
- Total Stockholders’ Equity (Deficit)
- Equity values fluctuate substantially, with negative equity in early periods turning positive as of mid-2020 and peaking at 14,194 million USD in October 2021. Subsequently, equity reverses to negative territory again by early 2022 and remains negative thereafter, indicating volatility in net assets and possibly reflecting restructuring or valuation adjustments.
- Non-controlling Interests
- Non-controlling interests remain small and relatively stable around 90 to 5,500 million USD initially, then drastically drop to about 100 million USD or less after early 2022, consistent with restructuring or divestitures affecting minority interests.
- Total Liabilities and Stockholders’ Equity (Deficit)
- The total balances remain consistent with the sum of liabilities and equities, ranging between approximately 109,892 million USD and 135,677 million USD in earlier periods before reducing to about 86,176 million USD near the end, reflecting the overall contraction in net assets and liabilities.
In summary, the analysis reveals a pattern of rising liabilities through mid-2021 followed by significant deleveraging. Equity experienced corresponding gains and losses linked to share repurchases, restructuring, and improved retained earnings. The company appears to be managing its capital structure actively, indicated by shifting debt maturities and equity balances. The overall improvement in retained earnings points toward operational recovery despite fluctuations in equity due to external financial activities.