Dell
Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence (“AI”) era.
10-K, Mar 16, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
Business
How does Dell make money?
ISG is 53.6% of revenue.
Source and method
Revenue by segments, FY2026.
annual report FY2026 · 0001571996-26-000008 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($113.5B). Rest 1.5% not in this split.
- ISG: $60.8B · 53.6%
- CSG: $51.0B · 44.9%
What is left of every $100?
Of every $100 in revenue, $5 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $113.5B
- Gross profit: $22.7B
- Operating income: $8.1B
- Net income: $5.9B
- Free cash flow: $8.6B
Where do customers sit?
55.6% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001571996-26-000008 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“These solutions range from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes.”
“With our extensive portfolio and commitment to innovation, we design, deploy, and support secure, integrated solutions that extend from the edge to the core to the cloud.”
“We deliver AI-optimized, software-defined, and cloud native infrastructure solutions across a broad partner ecosystem to help customers address evolving information technology (“IT”) needs, drive outcomes, and capture growth as customer spending priorities evolve.”
Item 1 · Business · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
Where did the growth actually come from?
ISG drove 87% of Dell’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +40%
“Net Revenue — During Fiscal 2026, ISG net revenue increased 40%, driven primarily by strength in our AI-optimized servers offerings and, to a lesser extent, our traditional servers and networking offerings.”
Item 7 · MD&A · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
Position (in the company’s words)
“We provide leading end-to-end solutions across our portfolio of products and services.”
Item 1 · Business · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
R&D +3%
“R&D expenses increased 3% during Fiscal 2026, principally due to continued support of investments in R&D initiatives.”
Item 7 · MD&A · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
Number check (R&D expense): stated 3% matches stored growth (+2.6%, ±10%)
R&D expense: $3.1B FY2026 · +2.6% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 19% to $113.5B.
Revenue grew 58% YoY to $47.0B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 22.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
7.2% operating margin, up from 6.5%.
20.0% gross margin, down from 22.2%.
Operating income grew 31% to $8.1B.
Net income grew 29% to $5.9B.
R&D grew 2.6% to $3.1B.
SG&A fell 4.5% to $11.4B.
EPS diluted grew 36% to $8.68.
11.5% operating margin, up from 6.0%.
20.9% gross margin, up from 18.3%.
Operating income grew 204% YoY to $5.4B.
Net income grew 255% YoY to $4.1B.
R&D grew 41% YoY to $1.1B.
SG&A grew 15% YoY to $3.3B.
EPS diluted grew 273% YoY to $6.34.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $8 of every $100 as free cash.
Operating cash flow grew 147% to $11.2B.
Capex fell 0.7% to $2.6B.
Buybacks grew 132% to $6.0B.
Dividends grew 14% to $1.5B.
Stock-based compensation fell 7.9% to $723M.
Free cash flow fell 47% YoY to $986M.
Operating cash flow fell 13% YoY to $2.2B.
Capex grew 84% YoY to $1.2B.
Buybacks grew 304% YoY to $3.8B.
Dividends grew 11% YoY to $405M.
Stock-based compensation grew 2.8% YoY to $184M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$11.5B cash vs $31.5B debt.
Total debt grew 28% to $31.5B.
Interest expense grew 12% to $1.6B.
Total assets grew 27% to $101.3B.
Equity: −$2.5B in FY2026.
Cash grew 42% YoY to $11.6B.
Total debt grew 20% YoY to $34.5B.
Interest expense: $400M.
Total assets grew 43% YoY to $127.4B.
Equity: −$1.4B in FY2027 Q2.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
What drives the business?
ISG revenue grew 40% to $60.8B.
CSG revenue grew 5.4% to $51.0B.
ISG revenue grew 89% YoY to $31.8B.
CSG revenue grew 20% YoY to $15.0B.
Source & method
- Counted
- Operating figures and sub-segments the company reports.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 12% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Dell annual report)
“One customer accounted for 12% of the Company's consolidated net revenue for the fiscal year ended January 30, 2026, with substantially all of such net revenue attributable to the sale of ISG offerings.”
10-K · 0001571996-26-000008 · filed Mar 16, 2026 · basis: filing text, verified verbatim
Suppliers named by Dell
No supplier among the covered companies is named in the filings.
Dell holds stakes in
No stake in a covered company found in SEC filings.
Others name Dell
5 competitor mentions (e.g. Arista, Everpure, HPE, IBM) · 3 other mentions (e.g. Arista, Celestica, Nokia) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 41 risk factors, one per theme.
Supply chain and manufacturing
“Our relationships with our product and component vendors could harm our business by adversely affecting product availability, delivery, reliability, and cost.”
Item 1A · Risk Factors · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
Competition
“Competitive pressures may adversely affect our industry unit share position, revenue, and profitability.”
Item 1A · Risk Factors · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
AI and new products
“The nature of the demand for AI solutions may have adverse effects on our operating performance.”
Item 1A · Risk Factors · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
Economic conditions
“Adverse global economic conditions may harm our business and result in reduced net revenue and profitability.”
Item 1A · Risk Factors · 10-K · 0001571996-26-000008 · filed Mar 16, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Dell Michael S holds 45.7%.
Dell Michael S45.7%
13G/A · as of Dec 31, 2025 · filed Feb 6, 2026
Vanguard Capital Management LLC7.07%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Susan Lieberman Dell Separate Property Trust10.7% (then)
13G/A · as of Dec 31, 2023 · filed Feb 13, 2024 · older than 18 months, current position unknown
BlackRock, Inc.6.8% (then)
13G · filed Nov 8, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
10 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.1%
24.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.0%
19.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.8%
13.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Bank Of America Corp /De/4.6%
10.8M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Jpmorgan Chase & Co4.4%
10.4M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,132 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 2625 sales · $3.5B sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 37 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Discontinued operations | not reported | not reported | ||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | ||||||
| EPS diluted | not reported | not reported | not reported | not reported | ||||||
| Wtd. shares basic | not reported | not reported | not reported | |||||||
| Wtd. shares diluted | not reported | not reported | not reported | |||||||
Segments 2
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue CSG calc. | not reported | |||||||||
| Revenue ISG calc. | not reported | |||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | ||||||||||
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values