Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Dell Technologies Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
Net income	4,576)	3,195)	2,422)	5,707)	3,505)	5,529)
Depreciation and amortization	3,123)	3,303)	3,156)	4,551)	5,390)	6,143)
Stock-based compensation expense	785)	878)	931)	1,622)	1,609)	1,262)
Deferred income taxes	(208)	(91)	(717)	(365)	(399)	(6,339)
Other, net	453)	609)	961)	(3,130)	(88)	938)
Accounts receivable	(1,295)	2,977)	113)	(2,193)	(396)	(286)
Financing receivables	(951)	309)	(461)	(241)	(728)	(1,329)
Inventories	(3,515)	975)	875)	(2,514)	(243)	311)
Other assets and liabilities	2,347)	(1,470)	973)	(1,948)	(1,656)	(1,559)
Due from/to related party, net	—)	(652)	649)	479)	—)	—)
Accounts payable	1,703)	(335)	(8,546)	5,742)	1,598)	894)
Deferred revenue	(2,497)	(1,022)	3,209)	2,597)	2,815)	3,727)
Changes in assets and liabilities	(4,208)	782)	(3,188)	1,922)	1,390)	1,758)
Adjustments to reconcile net income to net cash provided by operating activities	(55)	5,481)	1,143)	4,600)	7,902)	3,762)
Change in cash from operating activities	4,521)	8,676)	3,565)	10,307)	11,407)	9,291)
Purchases of investments	(125)	(172)	(108)	(414)	(338)	(181)
Maturities and sales of investments	382)	226)	116)	513)	169)	497)
Capital expenditures and capitalized software development costs	(2,652)	(2,756)	(3,003)	(2,796)	(2,082)	(2,576)
Acquisition of businesses and assets, net	—)	(126)	(70)	(16)	(424)	(2,463)
Divestitures of businesses, net	—)	—)	—)	3,957)	2,187)	(3)
Other	180)	45)	41)	62)	28)	40)
Change in cash from investing activities	(2,215)	(2,783)	(3,024)	1,306)	(460)	(4,686)
Dividends paid by VMware, Inc. to non-controlling interests	—)	—)	—)	(2,240)	—)	—)
Proceeds from the issuance of common stock	1)	10)	5)	334)	452)	658)
Repurchases of common stock	(2,588)	(2,080)	(2,883)	(1,496)	(1,604)	(3,006)
Repurchases of common stock for employee tax withholdings	(577)	(372)	(398)	(342)	—)	(547)
Net transfer of cash, cash equivalents, and restricted cash to VMware, Inc.	—)	—)	—)	(5,052)	—)	—)
Payments of dividends and dividend equivalents	(1,275)	(1,072)	(964)	—)	—)	—)
Proceeds from debt	9,258)	7,775)	12,479)	20,425)	16,391)	20,481)
Repayments of debt	(10,570)	(11,246)	(9,825)	(26,723)	(20,919)	(22,117)
Debt-related costs and other, net	(64)	(109)	(39)	(1,515)	(270)	(73)
Change in cash from financing activities	(5,815)	(7,094)	(1,625)	(16,609)	(5,950)	(4,604)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(179)	(186)	(104)	(106)	36)	(90)
Change in cash, cash equivalents, and restricted cash	(3,688)	(1,387)	(1,188)	(5,102)	5,033)	(89)
Cash, cash equivalents, and restricted cash at beginning of the period	7,507)	8,894)	10,082)	15,184)	10,151)	10,240)
Cash, cash equivalents, and restricted cash at end of the period	3,819)	7,507)	8,894)	10,082)	15,184)	10,151)

Based on: 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), 10-K (reporting date: 2020-01-31).

Net Income: The net income shows a fluctuating trend, starting at 5,529 million US$ in 2020, dipping to 3,505 million US$ in 2021, then rising sharply to 5,707 million US$ in 2022. It again declined substantially in 2023 to 2,422 million US$, but then gradually recovered to 4,576 million US$ by 2025.
Depreciation and Amortization: There is a consistent declining trend in depreciation and amortization expenses, dropping from 6,143 million US$ in 2020 to 3,123 million US$ in 2025, indicating a potential decrease in capital asset base or changes in asset valuation policies.
Stock-based Compensation Expense: This expense increased from 1,262 million US$ in 2020 to a peak of 1,622 million US$ in 2022 but has been declining since, reaching 785 million US$ in 2025, suggesting a reduction in equity-based compensation.
Deferred Income Taxes: The values for deferred income taxes are mostly negative, with an extreme negative value in 2020 (-6,339 million US$). Subsequently, these amounts decreased in magnitude and fluctuated modestly, indicating variability in tax timing differences.
Other, Net: This item shows volatility, with a large positive amount in 2020 (938 million US$), negative values in 2021 and 2022, followed by positive figures again from 2023 onward, suggesting irregular or non-recurring gains and losses.
Changes in Working Capital Components: Several components such as accounts receivable, inventories, and accounts payable exhibit wide fluctuations. Accounts receivable and inventories show large swings from negative to positive values, reflecting changes in sales, collections, and inventory management. Accounts payable notably spikes in 2022 (5,742 million US$) before turning sharply negative in 2023, indicating significant supplier payment changes.
Deferred Revenue: Deferred revenue decreases steadily from 3,727 million US$ in 2020 to negative values in 2024 and 2025, which may reflect reduced advance payments from customers or changes in revenue recognition policies.
Cash Flows from Operating Activities: Overall, cash flow from operations remains strong, peaking at 11,407 million US$ in 2021, with a decline in subsequent years but recovering to 8,676 million US$ in 2024 before dropping to 4,521 million US$ in 2025. Adjustments to reconcile net income show similar variability, indicating changes in non-cash items or working capital movements.
Cash Flows from Investing Activities: The net cash from investing activities moves from negative 4,686 million US$ in 2020 to positive 1,306 million US$ in 2022, then back to negative again through 2025. Capital expenditures remain relatively steady around 2,600–3,000 million US$ annually, showing ongoing investment in fixed assets. Acquisition and divestiture activities are inconsistent, with significant divestiture cash inflows in 2021 and 2022.
Cash Flows from Financing Activities: There is a notable shift from highly negative cash flows from financing activities in 2020 and 2021 to even larger negative flows in 2022 and maintained negative cash flows in later years, primarily driven by repayments exceeding proceeds from debt issuance. Stock repurchases are consistently significant, often exceeding 2,000 million US$ annually, with varying dividend payments. Proceeds from common stock issuance are minimal in later years.
Overall Cash Position: The cash, cash equivalents, and restricted cash balance fluctuates considerably, rising from 10,151 million US$ at the end of 2020 to a peak of 15,184 million US$ in 2021, then declining steadily each year thereafter, reaching 3,819 million US$ at the end of 2025. This reflects the combined effects of operating, investing, and financing activities, along with exchange rate impacts and other non-operating flows.
Summary: The financial data reveals a company experiencing variable profitability but maintaining strong operational cash generation. Capital expenditures remain stable, supporting ongoing operations, while debt levels and financing activities reflect active management of capital structure, including substantial stock repurchases. The declining cash balances in recent years suggest increased cash outflows or strategic uses of cash resources. Volatility in working capital accounts points to dynamic operational conditions, possibly influenced by market or internal changes.

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Dell Technologies Inc. (NYSE:DELL)

Cash Flow Statement