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. 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 (quarterly data)
US$ in millions
Based on: 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 examination of the balance sheet information reveals significant fluctuations in both liabilities and stockholders’ equity over the observed period. Total liabilities demonstrate a generally increasing trend from May 2020 through October 2022, followed by a decrease, and then a substantial increase by October 2025. Stockholders’ equity exhibits more volatility, transitioning from a deficit position to positive equity, then declining again before stabilizing in the latter part of the period.
- Short-Term Debt
- Short-term debt displays considerable variability. It initially increased from May 2020 to July 2020, then decreased significantly before rising sharply in October 2021. Subsequent quarters show a more moderate fluctuation, generally remaining between approximately US$5.5 billion and US$8 billion, with a slight increase towards the end of the period. This suggests active management of short-term financing needs.
- Accounts Payable
- Accounts payable consistently represents a substantial portion of current liabilities. A general upward trend is observed from May 2020 to July 2022, peaking at US$27.143 billion. A subsequent decline is noted, followed by another increase towards the end of the period, reaching US$33.630 billion in November 2023. This pattern may reflect changes in purchasing activity and payment terms with suppliers.
- Long-Term Debt
- Long-term debt decreased steadily from May 2020 to January 2022, falling from US$48.353 billion to US$21.131 billion. It then experienced a moderate increase, but remained below its initial levels throughout the observed period. This indicates a potential strategy of debt reduction or refinancing. The final values suggest a stabilization around US$23-24 billion.
- Total Liabilities
- Total liabilities peaked in October 2022 at US$135.677 billion, following a period of growth. A significant decrease occurred in the subsequent quarters, reaching a low of US$82.089 billion in May 2024. However, liabilities then increased substantially, reaching US$101.286 billion by October 2025. This suggests a possible shift in financing strategies or significant new obligations.
- Stockholders’ Equity
- The company initially reported a deficit in stockholders’ equity, which gradually improved, becoming positive by January 2021. Equity continued to grow through October 2021, reaching US$14.194 billion. However, a subsequent decline led to another deficit position by February 2024. While there is some recovery towards the end of the period, the overall trend indicates ongoing challenges in building and maintaining positive equity. The presence of redeemable shares and accumulated other comprehensive loss contribute to the volatility of this section.
- Deferred Revenue
- Both short-term and long-term deferred revenue demonstrate a relatively stable pattern over the period. Short-term deferred revenue fluctuates between approximately US$13 billion and US$17 billion, while long-term deferred revenue remains in the range of US$12 billion to US$15 billion. This suggests consistent revenue recognition practices related to deferred obligations.
Overall, the balance sheet reflects a dynamic financial position. The company actively manages its debt levels, with notable shifts in both short-term and long-term obligations. Stockholders’ equity remains a concern, exhibiting significant volatility and a tendency towards deficit positions. The substantial increase in total liabilities towards the end of the period warrants further investigation to understand the underlying drivers.