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: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 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).
An analysis of the liabilities and equity structure reveals a significant transition in the company's financial positioning, characterized by a strategic shift in debt composition and a comprehensive recovery of retained earnings offset by aggressive share repurchases.
- Current Liabilities and Obligations
- Current liabilities exhibit substantial volatility, peaking at 69.7 billion USD in October 2021 before stabilizing and then surging to 83.7 billion USD by July 2026. This recent expansion is primarily driven by accounts payable, which grew from 18.4 billion USD in May 2020 to 49.7 billion USD by July 2026, indicating a significant increase in short-term operational obligations or supplier financing.
- Long-Term Debt Trajectory
- A pronounced deleveraging trend occurred between May 2020 and July 2022, with long-term debt falling from 48.3 billion USD to a low of 17.8 billion USD. However, this trend reversed in subsequent periods, with long-term debt rising back to 25.9 billion USD by July 2026, suggesting a renewed reliance on long-term borrowing to fund operations or strategic initiatives.
- Retained Earnings and Profitability
- The retained earnings account demonstrates a consistent and strong recovery. Starting from an accumulated deficit of 16.8 billion USD in May 2020, the balance improved steadily, crossing into positive territory in August 2023 and reaching 10.0 billion USD by July 2026. This trajectory indicates sustained net profitability over the analyzed period.
- Equity Structure and Share Buybacks
- Despite the improvement in retained earnings, total stockholders' equity remains in a deficit position for much of the period, ending at negative 1.4 billion USD in July 2026. This paradox is explained by a massive increase in treasury stock at cost, which grew from negative 305 million USD in May 2020 to negative 20.0 billion USD by July 2026, signaling an aggressive capital return strategy through share buybacks that outweighs the accumulation of retained earnings.
- Total Capitalization Trends
- Total liabilities have fluctuated significantly, declining from 116.5 billion USD in May 2020 to a low of 81.1 billion USD in November 2024, before rising sharply to 128.8 billion USD by July 2026. The overall balance sheet size has expanded, driven predominantly by the surge in current liabilities in the final quarters of the period.