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Technology · NYSE: DELL

Dell: how the business works

Dell Technologies sells servers, data storage and PCs to businesses, governments and consumers, with revenue of $113.5 billion in FY2026.

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Dell Technologies Inc. · Round Rock, Texas · Founded 1984

Last updated

Revenue, FY2026
$113.5B
Operating income, FY2026
$8.1B
Net income, FY2026
$5.9B
Employees, Jan 30, 2026
About 97,000
Michael Dell and related holders' votes, Apr 27, 2026 (proxy)
About 77.5%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Dell in 5 points

  1. 1 · What it sells

    Dell sells servers, data storage and networking gear to organizations, and PCs to businesses and consumers, with $113.5 billion of revenue in FY2026.

    More: what it sells

  2. 2 · Who pays it

    In FY2026, commercial PC buyers paid 38.8% of revenue, AI server buyers 21.7%, traditional server and networking buyers 17.2%, storage buyers 14.6%, consumers 6.1% and other 1.5%; Dell does not split revenue by customer type.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 of FY2026 revenue, Dell kept $5.23 as net income, including $490 million of pre-tax gains on investments and disposals (Cityfort calculation from FY2026 10-K), and $7.18 as operating income; in the first half of FY2027 it kept $8.34 and $9.96, with the $8.34 including $704 million of pre-tax investment gains.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Servers, networking and storage (ISG) brought in 53.6% of FY2026 revenue and 72% of the two business groups' operating income; PCs (CSG) brought in 44.9% and 28%.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Inventories rose to $21.3 billion on Jul 31, 2026 from $10.4 billion on Jan 30, 2026, and financing receivables rose to $20.4 billion from $14.3 billion.

    More: the one thing to watch

Sources: From Dell's FY2026 10-K, Q2 FY2027 10-Q and Q4 FY2026, Q1 FY2027 and Q2 FY2027 earnings releases · checked

See the full receipt and the management scorecard below

Sources (5)
Next: Where $100 goes

01Where the money goes · FY2026

Where does $100 of Dell's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Dell · FY2026

Receipt for every $100

Where $100 of Dell's money went in FY2026
Cost of products and services$80.0
Sales and administration$10.1
Research and development$2.8
Interest and other, net$0.8
Income tax$1.2
Kept as net income$5.2
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2026 10-K. Each line = line ÷ FY2026 revenue of $113.5 billion × 100. Interest and other items were a net cost, so revenue is all the money that came in.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Dell do?

Businesses, governments and consumers pay Dell for servers, storage and PCs; about $80 of every $100 went on the cost of those products and services in FY2026, and $5.23 was left as net income.

  • AI-optimized servers were 21.7% of revenue in FY2026, up from 2.1% in FY2024. In Q2 FY2027 they were 34.9%.
  • PCs were 44.9% of FY2026 revenue, but servers, networking and storage earned 72% of the two business groups' operating income.
Next: Who pays it

03Who pays it

Who pays Dell?

  • Commercial PC buyers

    39%

    of revenue

    Organizations buying notebooks, desktops, workstations, accessories and support.

  • AI server buyers

    22%

    of revenue

    So far mostly "a small number of larger customers and cloud service providers", Dell's FY2026 10-K says.

  • Traditional server and networking buyers

    17%

    of revenue

    Dell said on its Sep 1, 2026 call that this is mainly its long-standing enterprise customers.

  • Storage buyers

    15%

    of revenue

    Organizations buying systems to hold and protect their data.

  • Consumers

    6%

    of revenue

    Home users buying PCs and accessories.

  • Corporate and other

    2%

    of revenue

    Mainly past resale of VMware products and the Secureworks business, both now gone.

  • Commercial PC buyers39%
  • AI server buyers22%
  • Traditional server and networking buyers17%
  • Storage buyers15%
  • Consumers6%
  • Corporate and other2%

Customer concentration

One unnamed customer was 12% of FY2026 revenue, substantially all of it in servers, networking and storage. No customer reached 10% in FY2025 or FY2024. Dell does not disclose revenue by customer type, and its 10-Qs do not update the 12%.

Largest customer
12%
Sources (2)
Next: Why it makes money

04Why it makes money

Why does Dell make money?

Dell earns a thin margin on a large volume, and its running costs have not kept pace with sales.

Gross margin per $100 of revenue fell from $23.83 in FY2024 to $20.00 in FY2026, and Dell says AI servers pressure that rate. Sales, administration and research fell faster, from $17.71 to $12.82 per $100. In the first half of FY2027 Dell kept $8.34 of net income, including $704 million of pre-tax investment gains, and $9.96 of operating income per $100.

Operating income per $100 of revenue

$4.6$7.2

FY2022 to FY2026

  1. Organizations and consumers order servers, storage and PCs
  2. Dell buys components from outside vendors
  3. Its factories and contract manufacturers build the machines
  4. Dell sells them, with support and financing
  5. Larger volume spreads sales and research costs thinner
  6. Cash funds parts, customer financing, buybacks and dividends

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2026

Which businesses make up Dell?

  • Infrastructure Solutions Group (ISG)

    54%

    Servers, networking and storage. Dell's earnings releases state that it earned 72% of the two groups' operating income in FY2026 and 81% in Q2 FY2027.

    Revenue $60.8B · Operating profit $7.1B

  • Client Solutions Group (CSG)

    45%

    PCs and accessories for organizations and consumers. Dell's Q4 FY2026 earnings release states that it earned 28% of the two groups' operating income in FY2026.

    Revenue $51.0B · Operating profit $2.8B

  • Corporate and other

    2%

    Not a reporting segment. Mainly past VMware resale and Secureworks; Dell has ended or sold both.

    Revenue $1.7B · Operating profit $47M

How the mix changed

  • Infrastructure Solutions Group (ISG)
  • Client Solutions Group (CSG)
  • Corporate and other

Revenue by segment, FY2022 to FY2026.

US$

See the numbers
How the mix changed (US$)
YearInfrastructure Solutions Group (ISG)Client Solutions Group (CSG)Corporate and other
FY2022$34.4B$61.5B$5.4B
FY2023$38.4B$58.2B$5.7B
FY2024$33.9B$48.9B$5.6B
FY2025$43.6B$48.4B$3.6B
FY2026$60.8B$51.0B$1.7B
Sources (5)
Next: How has it done

06The numbers · Consolidated · US$

How has Dell done?

Revenue

$113.5BFY2026

Revenue fell to $88.4 billion in FY2024 from $102.3 billion in FY2023, then rose to $113.5 billion in FY2026; FY2022 is from continuing operations, after the VMware spin-off.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$101.2B
FY2023$102.3B
FY2024$88.4B
FY2025$95.6B
FY2026$113.5B
Q3 FY2025$24.4B
Q4 FY2025$23.9B
Q1 FY2026$23.4B
Q2 FY2026$29.8B
Q3 FY2026$27.0B
Q4 FY2026$33.4B
Q1 FY2027$43.8B
Q2 FY2027$47.0B

Net profit

$5.9BFY2026

Net income was $5.9 billion in FY2026; FY2022's $5.6 billion includes VMware until its spin-off and a $4.0 billion pre-tax Boomi gain, and FY2024 is as revised by Dell in its FY2025 10-K.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022$5.6B$6.26
FY2023$2.4B$3.24
FY2024$3.4B$4.60
FY2025$4.6B$6.38
FY2026$5.9B$8.68
Q3 FY2025$1.2B$1.64
Q4 FY2025$1.5B$2.15
Q1 FY2026$965M$1.37
Q2 FY2026$1.2B$1.70
Q3 FY2026$1.5B$2.28
Q4 FY2026$2.3B$3.37
Q1 FY2027$3.4B$5.24
Q2 FY2027$4.1B$6.34

Profit kept per $100 of revenue

$5.2FY2026

Net income per $100 of revenue was $5.23 in FY2026, and operating income per $100 rose from $4.60 in FY2022 to $7.18 in FY2026.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20225.5%8.1%
FY20232.4%8.7%
FY20243.8%9.9%
FY20254.8%9.8%
FY20265.2%9.8%

Free cash flow

$8.6BFY2026

Cash from operations minus purchases of property, equipment and capitalized software was $0.6 billion in FY2023, when accounts payable fell $8.5 billion, and $8.6 billion in FY2026, when they rose $12.7 billion.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022$10.3B$2.8B$7.5B
FY2023$3.6B$3.0B$562M
FY2024$8.7B$2.8B$5.9B
FY2025$4.5B$2.7B$1.9B
FY2026$11.2B$2.6B$8.6B
See all yearly numbers
Dell annual financials, FY2022–FY2026, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2022$101.2B$8.2B$5.6B$6.26$5.7B$10.3B$2.8B$7.5B
FY2023$102.3B$8.9B$2.4B$3.24–$3.6B$3.0B$562M
FY2024 (restated)$88.4B$8.7B$3.4B$4.60–$8.7B$2.8B$5.9B
FY2025$95.6B$9.4B$4.6B$6.38–$4.5B$2.7B$1.9B
FY2026$113.5B$11.2B$5.9B$8.68–$11.2B$2.6B$8.6B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Friday nearest January 31 (FY2026 ended Jan 30, 2026; FY2023 had 53 weeks, the others 52)). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net income attributable to Dell includes $615 million from VMware until its Nov 1, 2021 spin-off ($765 million less $150 million to other holders) and a $4.0 billion pre-tax gain on selling Boomi; from continuing operations it was $4,948 million. EPS is the continuing-operations figure; Dell also reports $0.76 from discontinued operations. Cash flow includes VMware until the spin-off; EBITDA and stock pay do not.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (17)
Next: What they said, and what happened

07Who runs it

Who runs Dell, and did they deliver?

  • Michael S. Dell

    Chairman and Chief Executive Officer · since 2007

    CEO of Dell Inc. from 1984 to July 2004, and again since January 2007. FY2026 total pay was $3.4 million.

  • Jeffrey W. Clarke

    Vice Chairman and Chief Operating Officer · since 2023

    Vice Chairman since September 2017, COO again since August 2023. FY2026 total pay was $154.3 million, including a one-time performance stock option valued at $132.4 million at grant.

  • David Kennedy

    Chief Financial Officer · since 2025

    Interim CFO from September 2025, after Yvonne McGill resigned; permanent from Nov 25, 2025.

  • Richard J. Rothberg

    General Counsel and Secretary · since 2013

    Retiring effective Feb 1, 2027, and staying through Apr 30, 2027 for the transition.

What they said, and what happened

6 delivered · 1 partly delivered · 3 too early to tell

  1. Said on Feb 27, 2025

    Dell guided FY2026 revenue of $101.0 billion to $105.0 billion, a midpoint of $103.0 billion, and GAAP diluted EPS of $7.85.

    What happened

    Reported revenue of $113.5 billion and diluted EPS of $8.68.

    Delivered

  2. Said on May 29, 2025

    Dell guided Q2 FY2026 revenue of $29.0 billion and GAAP diluted EPS of $1.85, both at the midpoint.

    What happened

    Revenue of $29.8 billion was above the midpoint; diluted EPS of $1.70 was below it.

    Partly delivered

  3. Said on Aug 28, 2025

    Dell guided Q3 FY2026 revenue of $27.0 billion and GAAP diluted EPS of $2.07, both at the midpoint.

    What happened

    Reported revenue of $27.0 billion and diluted EPS of $2.28.

    Delivered

  4. Said on Nov 25, 2025

    Dell said on Nov 25, 2025 that it expected FY2026 AI server shipments of roughly $25 billion.

    What happened

    Dell said on Feb 26, 2026 that it shipped $25.2 billion; AI-optimized servers revenue was $24.7 billion.

    Delivered

  5. Said on Nov 25, 2025

    Dell guided Q4 FY2026 revenue of $31.5 billion and GAAP diluted EPS of $3.05, both at the midpoint.

    What happened

    Reported revenue of $33.4 billion and diluted EPS of $3.37.

    Delivered

  6. Said on Feb 26, 2026

    Dell guided Q1 FY2027 revenue of $35.2 billion and GAAP diluted EPS of $2.55, both at the midpoint.

    What happened

    Reported revenue of $43.8 billion and diluted EPS of $5.24, which includes $631 million of pre-tax investment gains.

    Delivered

  7. Said on May 28, 2026

    Dell guided Q2 FY2027 revenue of $44.5 billion and GAAP diluted EPS of $4.48, both at the midpoint.

    What happened

    Reported revenue of $47.0 billion and diluted EPS of $6.34.

    Delivered

  8. Said on Sep 1, 2026

    Dell guided Q3 FY2027 revenue of $49.0 billion at the midpoint and GAAP diluted EPS of $6.10.

    What happened

    Dell's events page lists Q3 FY2027 results for Nov 24, 2026.

    Too early to tell

  9. Said on Sep 1, 2026

    Dell guided FY2027 revenue of $192.0 billion at the midpoint and GAAP diluted EPS of $24.37.

    What happened

    Revenue in the first half of FY2027 was $90.8 billion, and diluted EPS was $11.58.

    Too early to tell

  10. Said on Oct 7, 2025

    Dell said at its Oct 7, 2025 analyst meeting that it aims to raise the dividend 10% or more a year through FY2030 and return over 80% of adjusted free cash flowCash from operations minus spending on buildings and equipment. Learn more.

    What happened

    The quarterly dividend rose 20% to $0.63 from Q1 FY2027. FY2030 is not yet reached.

    Too early to tell
Sources (17)
Next: What could go wrong

08What could go wrong

What could go wrong for Dell?

  • Concentration

    A few large buyers drive AI server sales

    One unnamed customer was 12% of FY2026 revenue, substantially all in ISG. Dell says AI solutions have so far been bought "primarily by a small number of larger customers and cloud service providers". It says larger orders can mean uneven results, more working capital and more credit.

    Watch The 10% customer note in the next 10-K, and Dell's AI customer count (more than 6,500 on Sep 1, 2026).

  • Cash and liquidity

    Cash is tied up in parts and customer loans

    Inventories rose to $21.3 billion on Jul 31, 2026 from $10.4 billion on Jan 30, 2026. Financing receivables rose to $20.4 billion from $14.3 billion. Cash from operations was $2.2 billion in Q2 FY2027, against net income of $4.1 billion. Accounts payable were $49.7 billion.

    Watch Inventories, accounts payable, financing receivables and cash from operations each quarter.

  • Demand

    AI revenue can arrive unevenly

    Dell's Q2 FY2027 10-Q describes "inherent non-linearity" in the timing of AI demand and shipments. AI server revenue was $8.2 billion in Q2 FY2026, $5.6 billion in Q3 FY2026 and $16.4 billion in Q2 FY2027. The Q3 FY2026 figure is a Cityfort calculation from FY2026 10-K and the Q4 FY2026, Q1 FY2027 and Q2 FY2027 earnings releases.

    Watch AI-optimized servers revenue each quarter, set against Dell's stated orders and backlog.

  • Raw-material prices

    Memory costs and supply

    The Q2 FY2027 10-Q says limited capacity at memory makers pushed memory component costs up substantially, and Dell expects component inflation through the rest of FY2027. All components come from outside vendors, some from a single source. Dell says more AI servers in the mix also pressure the margin rate.

    Watch Gross margin per $100 of revenue ($20.93 in Q2 FY2027, $17.75 in Q1 FY2027).

  • Debt

    Debt rose while equity stayed negative

    Total debt rose to $34.5 billion on Jul 31, 2026 from $31.5 billion on Jan 30, 2026, and Dell closed $5.0 billion more senior notes on Sep 15, 2026. Total equity was a $1.4 billion deficit, and Dell spent $5.4 billion on buybacks in the first half of FY2027.

    Watch Debt maturities and interest expense in each 10-Q and 10-K.

  • Governance

    One person controls most votes

    Class A and Class B shares carry 10 votes each and Class C one. The proxy says Michael Dell and related holders had about 77.5% of the votes on Apr 27, 2026. Dell also names its dependence on Michael Dell as a risk.

    Watch The ownership table in each proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more, and Schedule 13D and 13G filings.

  • Competition

    Competition on price

    Dell's FY2026 10-K says it faces product and price competition from branded and generic rivals. Large cloud providers often buy infrastructure directly from equipment designers, and customers could move workloads to them.

    Watch Segment operating margins each quarter (ISG 15.0%, CSG 7.6% in Q2 FY2027).

  • Governance

    Past control weakness

    Dell reported a material weakness in internal control at Jan 31, 2025, over supplier credits, and revised FY2024 and Q3 FY2025. It concluded its controls were effective at Jan 30, 2026 and its disclosure controls effective at Jul 31, 2026.

    Watch Item 9A in each 10-K and the auditor's opinion on internal control.

Sources (9)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose 58% to $47.0 billion in Q2 FY2027, and GAAP diluted EPS rose to $6.34 from $1.70.
  • Dell stated an AI backlog of $95 billion at Jul 31, 2026, after $60.9 billion of orders in Q2 FY2027; AI-optimized servers revenue was $16.4 billion that quarter.
  • Operating income per $100 of revenue rose from $4.60 in FY2022 to $7.18 in FY2026 and $9.96 in the first half of FY2027.
  • Traditional servers and networking revenue rose 122% to $10.5 billion in Q2 FY2027.
  • Dell returned $4.3 billion to shareholders in Q2 FY2027, and the quarterly dividend rose 20% to $0.63.

What critics point to

  • One unnamed customer was 12% of FY2026 revenue, and Dell's FY2026 10-K says a small number of larger customers buy most of its AI products so far.
  • Cash from operations was $2.2 billion in Q2 FY2027, while Dell's adjusted free cash flow was $8.1 billion after adding back $6.7 billion of financing receivables growth.
  • Inventories rose to $21.3 billion from $10.4 billion, and total debt to $34.5 billion from $31.5 billion, in the six months to Jul 31, 2026.
  • The ISG margin moved between 8.8% and 18.1% across eight quarters, and the CFO said on Sep 1, 2026 "we would not expect every benefit to continue at this level".
  • Michael Dell and related holders had about 77.5% of the votes on Apr 27, 2026, and total equity was a $1.4 billion deficit at Jul 31, 2026.
Next: What to watch next

10What to watch next

What should you watch next at Dell?

Next event

Q3 FY2027 results

Nov 24, 2026

Date confirmed by the company

  • Q3 FY2027 against Dell's guidance

    Dell said on Sep 1, 2026 that it expects revenue of $49.0 billion at the midpoint and GAAP diluted EPS of $6.10. Its events page lists results for Nov 24, 2026.

  • AI revenue against stated orders

    AI-optimized servers revenue was $16.4 billion in Q2 FY2027. Dell said on Sep 1, 2026 that it expects $74.0 billion for FY2027, and it stated $95 billion of AI backlog on Jul 31, 2026.

  • Cash tied up in the business

    Inventories were $21.3 billion and financing receivables $20.4 billion on Jul 31, 2026. Cash from operations was $2.2 billion in Q2 FY2027.

Next: Key facts

11Key facts

Key facts about Dell

What does Dell do?
Dell Technologies designs, makes and sells servers, data storage, networking gear and PCs, and offers support and financing for them. Dell's revenue was $113.5 billion in FY2026, the year ended Jan 30, 2026, and it sells in over 170 countries.
What is Dell's business model?
Dell buys all of its components from outside vendors, builds or has others assemble the machines, and sells them directly and through partners. In FY2026 Dell's product revenue was $90.4 billion and its services revenue was $23.1 billion.
How does Dell make money?
Dell makes money on the gap between what it sells products and services for and what they cost. In FY2026 Dell kept $20.00 of gross margin per $100 of revenue, spent $12.82 on sales, administration and research, and had $7.18 left as operating income.
Is Dell profitable?
Yes. Dell's net income was $5.9 billion in FY2026, up from $4.6 billion in FY2025, and its operating income was $8.1 billion. The FY2026 net income includes $490 million of pre-tax gains on investments and disposals (Cityfort calculation from FY2026 10-K). Dell's net income in the first half of FY2027 was $7.6 billion, including $704 million of pre-tax investment gains.
What is Dell's revenue by segment?
In FY2026 Dell's Infrastructure Solutions Group (servers, networking, storage) had revenue of $60.8 billion, 53.6% of the total. Its Client Solutions Group (PCs) had $51.0 billion, 44.9%, and corporate and other had $1.7 billion, 1.5%.
How much does Dell earn from servers, including AI servers?
Dell's AI-optimized servers brought in $24.7 billion in FY2026, 21.7% of revenue, up from $9.3 billion in FY2025. Dell's traditional servers and networking brought in $19.5 billion, 17.2% of FY2026 revenue.
How much does Dell earn from data storage?
Dell's storage products brought in $16.6 billion in FY2026, 14.6% of revenue, compared with $16.5 billion in FY2022.
How much does Dell earn from PCs?
Dell's commercial PCs and related products brought in $44.1 billion in FY2026, 38.8% of revenue. Dell's consumer PCs brought in $6.9 billion, 6.1%, down from $15.9 billion in FY2022.
Who are Dell's customers?
Dell sells to large companies, government agencies, health care and education accounts, small and medium businesses and individuals. One customer, not named, was 12% of Dell's FY2026 revenue, and no customer reached 10% in FY2025 or FY2024.
Who owns Dell?
Dell's 2026 proxy statement says Michael Dell and related holders had about 45.7% of the shares and about 77.5% of the votes on Apr 27, 2026. Michael Dell alone held 40.9% of all common shares.
Sources (5)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Dell sell?

Dell sells the computers that organizations run on, and the PCs people work on. Servers are powerful computers that run websites, company software and AI programs. Storage systems hold an organization's data.

  • Commercial PCs ($44.1B in FY2026)

    Notebooks, desktops, workstations, screens and accessories for organizations, with support and extended warranties.

  • AI-optimized servers ($24.7B)

    Servers built for the heavy computing of training and running AI models.

  • Traditional servers and networking ($19.5B)

    General-purpose servers for everyday company software, and the gear that connects them.

  • Storage ($16.6B)

    Systems that hold and protect an organization's data.

  • Consumer PCs ($6.9B)

    PCs and accessories for home users, from everyday machines to high-end gaming ones.

  • Dell Financial Services

    Lends to and leases for customers buying from Dell. It funded $11.9 billion of new financing in FY2026; its results are spread across the segments.

What it does

  • Does: Sells directly through its own sales force and through resellers, system integrators, distributors and retailers
  • Does: Owns factories in the US, Malaysia, China, Brazil, India, Poland and Ireland
  • Does: Lends money or leases equipment to customers buying its products

What it does not do

  • Does not: Does not make its own components: all of them come from outside vendors
  • Does not: Does not own VMware any more: VMware was spun off on Nov 1, 2021, and Dell stopped reselling its standalone products on Mar 25, 2024
  • Does not: Does not name the customer that made up 12% of FY2026 revenue
Sources (1)
13How the money flows

13How the money flows · FY2026

How does money flow through Dell?

Money in

  • Products (servers, storage, PCs)$90.4B
  • Services (support, warranties, installation)$23.1B

The company

Dell

$113.5B came in

Money out

  • Cost of products and services$90.8B
  • Sales and administration$11.4B
  • Research and development$3.1B
  • Interest and other, net$886M
  • Income tax$1.3B
  • Net income$5.9B
  1. Customers paid Dell $113.5 billion in FY2026: $90.4 billion for products and $23.1 billion for services.
  2. Making and delivering those took $90.8 billion, leaving $22.7 billion of gross margin.
  3. Sales, administration and research took another $14.6 billion, leaving $8.1 billion of operating income.
  4. Interest and other items cost $0.9 billion, and income tax took $1.3 billion.
  5. That left $5.9 billion of net income.
Sources (1)
14What it needs to run

14What it needs to run

What does Dell need to run?

  • Components from outside vendors

    All components come from third parties, some from a single source. Purchase obligations were $34.8 billion at Jul 31, 2026, $24.6 billion of it within 12 months.

  • Factories and contract manufacturers

    Dell owns factories in seven countries. Contract manufacturers, mainly in Asia, assemble significant portions of its products.

  • People

    About 97,000 employees at Jan 30, 2026.

  • Research and development

    $3.1 billion in FY2026, up 3% from FY2025. Dell says most of it goes on software for its products.

  • Borrowed money

    Total debt was $34.5 billion at Jul 31, 2026. Part of it funds the loans and leases Dell gives its customers.

Sources (3)
15Where it sells

15Where it sells · FY2026

Where does Dell sell?

  • United States56%
  • Outside the US (no single country at 10% or more)44%
Sources (1)
16Where growth could come from

16Where growth could come from

Where could Dell's growth come from?

Dell said on Sep 1, 2026 that it expects Q3 FY2027 revenue of $49.0 billion at the midpoint and GAAP diluted EPS of $6.10. For FY2027 it guided revenue of $192.0 billion at the midpoint, including $74.0 billion from AI-optimized servers, and GAAP diluted EPS of $24.37. The midpoint of its FY2027 revenue guidance was $140.0 billion on Feb 26, 2026 and $167.0 billion on May 28, 2026.
Management statement, Sep 1, 2026. Reported as a statement, not our forecast.

  • AI-optimized servers

    Working

    $16.4B in Q2 FY2027, up 100%

    Revenue was $24.7 billion in FY2026, up from $9.3 billion in FY2025. Dell's FY2027 statement rose from roughly $50 billion in February to $60 billion in May and $74.0 billion in September 2026.

    Status: Working, on track against what the company said.

  • Traditional servers and networking

    Working

    $10.5B in Q2 FY2027, up 122%

    Up from $4.7 billion a year earlier. Dell said on its Sep 1, 2026 call that demand exceeded supply, and came mainly from its long-standing enterprise customers.

    Status: Working, on track against what the company said.

  • Storage

    Mixed

    $4.9B in Q2 FY2027, up 26%

    Yearly storage revenue barely moved, from $16.5 billion in FY2022 to $16.6 billion in FY2026.

    Status: Mixed, partly on track.

  • Commercial PCs

    Working

    $13.2B in Q2 FY2027, up 22%

    Yearly revenue rose from $40.8 billion in FY2025 to $44.1 billion in FY2026.

    Status: Working, on track against what the company said.

  • Consumer PCs

    Mixed

    $1.8B in Q2 FY2027, up 7%

    Yearly revenue fell from $15.9 billion in FY2022 to $6.9 billion in FY2026.

    Status: Mixed, partly on track.

  • Customer financing

    Mixed

    $20.4B of receivables, Jul 31, 2026

    New financing was $10.3 billion in the first half of FY2027, up from $4.0 billion a year earlier. The charge-off rate (loans written off) was 0.5% in Q2 FY2027, up from 0.1%. The CFO said on Sep 1, 2026 that involvement stays selective.

    Status: Mixed, partly on track.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (7)
17The company's own measures (non-GAAP)

17The company's own measures · FY2026 to Q2 FY2027

What do Dell's own measures show?

Adjusted (non-GAAP) figures and company-stated measures are Dell's own, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Operating income, FY2026

    $8.1B

    Company's own measure: Non-GAAP operating income, FY2026

    $10.0B

    Dell leaves out amortization of acquired intangibles, stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more and other corporate items such as severance and transaction costs.

  • Official (GAAP): Diluted EPS, FY2026

    $8.68

    Company's own measure: Non-GAAP diluted EPS, FY2026

    $10.30

    Same adjustments, after their tax effect.

  • Official (GAAP): Diluted EPS, Q1 FY2027

    $5.24

    Company's own measure: Non-GAAP diluted EPS, Q1 FY2027

    $4.86

    Here the GAAP figure is higher, because Dell's measure removes $631 million of investment gains.

  • Official (GAAP): Diluted EPS, Q2 FY2027

    $6.34

    Company's own measure: Non-GAAP diluted EPS, Q2 FY2027

    $7.04

    Dell leaves out amortization, stock-based compensation and other corporate items, and $73 million of investment gains.

  • Official (GAAP): Net cash from operating activities, FY2026

    $11.2B

    Company's own measure: Free cash flow, FY2026 (Dell's definition)

    $8.6B

    Dell subtracts capital spending net of proceeds from selling facilities, land and other assets. This page's free cash flow ($8,552 million) subtracts gross spending. About $1.4 billion of the $2.6 billion spending was assets used in a customer contract.

  • Official (GAAP): Net cash from operating activities, FY2026

    $11.2B

    Company's own measure: Adjusted free cash flow, FY2026

    $11.5B

    Dell's free cash flow plus the change in financing receivables and equipment under operating leases, so cash lent to customers is added back.

  • Official (GAAP): Net cash from operating activities, Q2 FY2027

    $2.2B

    Company's own measure: Adjusted free cash flow, Q2 FY2027

    $8.1B

    Dell's free cash flow of $986 million, plus $6,667 million of financing receivables growth and $496 million of equipment under operating leases.

  • Official (GAAP): AI-optimized servers revenue, Q2 FY2027

    $16.4B

    Company's own measure: AI orders, Q2 FY2027 (company-stated)

    $60.9B

    Orders Dell says it booked in the quarter; not in the audited statements. Dell states $64.1 billion for FY2026 and $131.7 billion for the 12 months to Jul 31, 2026.

  • Official (GAAP): Remaining performance obligations, Jul 31, 2026 (about)

    $132.0B

    Company's own measure: AI backlog, Jul 31, 2026 (company-stated)

    $95.0B

    Backlog is unfilled AI orders as Dell states them. Remaining performance obligationsSigned contracts with customers that have not been billed yet. are contracted revenue not yet recognized, and count product backlog only when manufacturing orders are non-cancelable. Never added or subtracted.

  • Official (GAAP): Total debt, carrying value, Jul 31, 2026

    $34.5B

    Company's own measure: Core debt, Jul 31, 2026 (Dell's split, principal)

    $14.0B

    Senior and legacy notes less the part Dell allocates to financial services. In six months core debt fell $3,035 million while senior notes rose $2,500 million and that allocation rose $5,535 million. Dell states core leverage of 0.8x.

  • Official (GAAP): Total debt, carrying value, Jul 31, 2026

    $34.5B

    Company's own measure: DFS-related debt, Jul 31, 2026 (Dell's split, principal)

    $20.7B

    Debt Dell links to Dell Financial Services (DFS), its customer lending arm.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (6)
18Financial strength and debt

18Financial strength · Jul 31, 2026

How much debt does Dell have?

At Jul 31, 2026 Dell's debt exceeded its cash by $22.9 billion, about twice the $11.2 billion of FY2026 cash from operations.
  • Total debt$34.5B
  • Cash and investments$11.6B
  • Net debt (debt minus cash)$22.9B
  • Net worth (shareholders' money)−$1.4B
Interest cover
5.2×
how many times operating profit covers interest
  • Net debt is a Cityfort calculation from Q2 FY2027 10-Q: $34,466 million of debt less $11,569 million of cash and equivalents. The debt includes borrowing that funds customer financing, and financing receivables were $20.4 billion on the same date.
  • Equity is negative ($1.4 billion deficit), so debt-to-equity is not meaningful. Treasury stock (shares bought back) was $20.0 billion, and retained earnings were $10.1 billion.
  • Interest coverage is FY2026 operating income divided by interest expense: $8,149 million ÷ $1,560 million (Cityfort calculation from FY2026 10-K).
  • After Jul 31, 2026 Dell closed $5.0 billion of new senior notes on Sep 15, partly to repay notes due in 2026. Its $6.0 billion revolving credit line was replaced on Jun 10, 2026.
  • Purchase obligations were $34.8 billion at Jul 31, 2026, and supplier-finance invoices within accounts payable were $3.1 billion. Guarantees for contract manufacturers run up to $8.6 billion; Dell calls the likelihood of paying remote.
Sources (6)
19Who owns it

19Who owns it · ownership as of Apr 27, 2026

Who owns Dell?

Michael Dell controls the votes. The proxy says he and the other MD stockholders hold about 45.7% of the shares and about 77.5% of the votes. Directors and executives (15 people) hold 41.5% of the shares and 69.8% of the votes (Cityfort calculation from the 2026 proxy statement). Dell is a "controlled company" under NYSE rules. Class D has no shares outstanding.
Officers and directors (as a group), shares
41.5%
Officers and directors (as a group), votes
69.8%

Shares vs votes by class

Dell has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes78.6%
  • Class B common stock: share of all votes12.4%
  • Class C common stock: share of all votes9.0%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Dell share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares outstanding on Sep 1, 2026 (10-Q cover). Share and vote percentages are a Cityfort calculation from Q2 FY2027 10-Q.)276.710Michael Dell 89.2%; the SLD Trust 10.8% (Apr 27, 2026)43.5%78.6%No
Class B common stock (Shares outstanding on Sep 1, 2026, down from 47.8 million on Apr 27, 2026 through conversions into Class C. Convertible one for one into Class C.)43.610Silver Lake holders (Apr 27, 2026)6.9%12.4%No
Class C common stock (Shares outstanding on Sep 1, 2026 (10-Q cover).)315.41Public investors and insiders; the only class that trades, on the NYSE as DELL49.6%9.0%Yes
Holders of 5% or more
Dell holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Michael S. Dell (founder, Chairman and CEO)40.9%69.7%Apr 27, 2026S20246,834,081 Class A and 18,840,608 Class C shares, including 2,682,335 Class C held by his foundation. Excludes the SLD Trust, which the proxy says he may be deemed to own. Votes are a Cityfort calculation from the 2026 proxy statement.
Silver Lake holders6.7%–Sep 9, 2026S31, S2042,809,317 shares, including 42,478,400 Class B (Schedule 13D/A filed Sep 11, 2026). The proxy showed 7.4% on Apr 27, 2026. Silver Lake's Egon Durban sits on Dell's board.
SLD Trust (Susan Lieberman Dell Separate Property Trust)4.8%–Apr 27, 2026S2029,890,896 Class A and 1,380,000 Class C shares, as reported in the 2026 proxy from a Feb 13, 2024 Schedule 13G/A.
Vanguard Capital Management3.5%–Mar 31, 2026S20, S32, S3322,512,097 Class C shares, 3.5% of all common shares and 6.9% of Class C in the proxy; its Schedule 13G states 7.07% of the class. The Vanguard Group reported 0% after a Jan 12, 2026 internal realignment.
BlackRock3.5%–Sep 30, 2024S2022,819,963 Class C shares, 3.5% of all common shares and 7.0% of Class C, from a Schedule 13G filed Nov 8, 2024, as reported in the 2026 proxy.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (6)
20What it does with profit

20What it does with profit

What does Dell do with its profit?

Dividends began in FY2023. The quarterly dividend rose to $0.63 from Q1 FY2027, up 20%, and was declared again on Sep 1, 2026. The board added $10 billion to the buyback program on Feb 26, 2026, and about $15.2 billion remained after that approval.

Dividend per share

$2.10FY2026

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2023$1.32–
FY2024$1.48–
FY2025$1.78–
FY2026$2.10–

  • Buyback · Jan 28, 2022

    Shares repurchased during FY2022 (cash paid).

    $1.5B

  • Buyback · Feb 3, 2023

    Shares repurchased during FY2023 (cash paid).

    $2.9B

  • Buyback · Feb 2, 2024

    Shares repurchased during FY2024 (cash paid).

    $2.1B

  • Buyback · Jan 31, 2025

    Shares repurchased during FY2025 (cash paid).

    $2.6B

  • Buyback · Jan 30, 2026

    Shares repurchased during FY2026 (cash paid), about 54 million shares.

    $6.0B

  • Buyback · Jul 31, 2026

    Shares repurchased in the first half of FY2027 (cash paid), about 20 million shares. In Q2 FY2027 Dell bought 9.5 million at an average of $401, the CFO said on Sep 1, 2026.

    $5.4B

  • Money raised · Jun 16, 2026

    Closed $3.0 billion of senior notes.

    $3.0B

  • Money raised · Sep 15, 2026

    Closed $5.0 billion of senior notes due 2029 to 2037, with coupons of 5.10% to 5.90%.

    $5.0B

Sources (9)
21Governance signals

21Governance signals

What do Dell's governance filings show?

Auditor
PricewaterhouseCoopers LLP, since 1986
Auditor changes
None in the period covered
Audit qualifications
FY2025: PwC's report in the FY2025 10-K said Dell "did not maintain, in all material respects, effective internal control over financial reporting" at Jan 31, 2025, because of a material weakness over non-recurring supplier credits.
Related-party dealings
In FY2026 Dell family entities bought $5.3 million of Dell products and Silver Lake entities paid $5.3 million; Vanguard paid $15.0 million and BlackRock $14.8 million. The proxy calls these standard commercial terms. Michael Dell reimburses about $2.4 million for personal security, and Dell leases his private aircraft for business travel.
Credit rating
No public credit rating found

Flags to know about

  • auditor

    FY2025 material weakness and revised results

    In FY2025 Dell found supplier credits not recorded or recorded in the wrong period, from "the actions of certain procurement employees". It revised FY2024 operating income from $5,211 million to $5,411 million and net income from $3,211 million to $3,388 million; revenue did not change. Q3 FY2025 was revised too. Dell concluded its controls were effective at Jan 30, 2026.

  • other

    Controlled company and share votes

    Dell is a controlled company under NYSE rules, so it is exempt from the independent-majority board requirement. The proxy says the board currently has an independent majority. Shareholder agreements give Silver Lake and Michael Dell nominating rights.

  • other

    One-time stock option for the COO

    Jeffrey Clarke received a performance stock option in 2025 over 2.5 million Class C shares at $141.77, valued at $132.4 million at grant. It vests only if market-value and adjusted free cash flow goals are met by Jan 31, 2031. The CEO-to-median-employee pay ratio was 43 to 1.

  • other

    Move to Texas

    Dell became a Texas corporation on Jul 1, 2026. Suits brought on the company's behalf against directors or officers now need holders of at least 3% of the shares.

  • other

    401(k) class action

    A putative class action filed Jan 28, 2026 (Lowbruck v. Dell, W.D. Texas) alleges breach of fiduciary duties over Dell's 401(k) plan. Dell said it intends to defend the action.

  • disclosure

    What Dell does not disclose

    Dell does not name customers, split revenue by customer type or disclose AI server margins. Filings mention an investment grade rating goal but give no rating, so this page states none.

Sources (9)
22What the market paid

22What the market paid · price as of Nov 4, 2026

What did the market pay for Dell on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: Dell's Class C shares closed at $372.36; the close on Oct 27, 2026 was $501.96. Market value = $372.36 × 635.8 million shares of all classes on Sep 1, 2026 = about $236.8 billion (Cityfort calculation from the Nov 4, 2026 closing price and the Q2 FY2027 10-Q cover). Only Class C trades; the others are counted at its price. P/E is price ÷ earnings per share: 21.6 on $17.23, the sum of diluted EPS for the four quarters to Jul 31, 2026 which includes $937 million of pre-tax investment gains (both Cityfort calculations from the Nov 4, 2026 closing price and the Q3 FY2026 to Q2 FY2027 earnings releases), and 42.9 on FY2026 diluted EPS of $8.68. P/B is not shown because equity is negative. EV/EBITDA is not shown because debt includes borrowing for customer financing.

Share price
$372.36
Market value (market cap)
$236.8B
P/E
21.6×

Source: DELL historical closing prices, Oct 26 to Nov 4, 2026; Form 10-Q, Q2 fiscal 2027 (ended Jul 31, 2026); Earnings release, Q2 fiscal 2027 (8-K Ex. 99.1) and 4 more

Sources (7)
23How it got here

23How it got here

How did Dell get here?

  1. 1984

    Milestone

    Michael Dell starts as CEO

    Michael Dell was CEO of Dell Inc. from 1984 to July 2004, and has been again since January 2007.

  2. 2013

    Business-model change

    Going private

    Dell Technologies Inc. acquired Dell Inc. on Oct 29, 2013, in what Dell calls the going-private transaction.

  3. 2016

    Business-model change

    EMC merger

    Dell acquired EMC by merger on Sep 7, 2016. Dell consolidated VMware until its 2021 spin-off.

  4. 2018

    Milestone

    Class V shares exchanged

    On Dec 28, 2018 Dell paid $14.0 billion in cash and issued 149,387,617 Class C shares for all its Class V tracking stock.

  5. 2021

    Business-model change

    VMware spin-off and Boomi sale

    VMware was spun off on Nov 1, 2021. Dell also sold Boomi in FY2022, for a $4.0 billion pre-tax gain.

  6. 2024

    Milestone

    VMware resale ends

    Broadcom bought VMware on Nov 22, 2023, and Dell ended its distribution agreement on Mar 25, 2024.

  7. 2025

    Crisis

    Material weakness and revised results

    Dell's FY2025 10-K reported a material weakness over supplier credits and revised FY2024 net income to $3,388 million.

  8. 2025

    Milestone

    Secureworks sold

    Sophos bought Secureworks on Feb 3, 2025 for about $0.9 billion; Dell received about $0.6 billion in cash.

  9. 2026

    Business-model change

    AI servers reach a fifth of revenue

    AI-optimized servers were 21.7% of FY2026 revenue. Dell began reporting them separately in Q4 FY2026.

  10. 2026

    Milestone

    Move to Texas

    Dell became a Texas corporation on Jul 1, 2026; it was a Delaware one before.

Sources (7)

24Sources and changes

Where every number on this page comes from

Sources (39 documents)
  1. S1Form 10-K, fiscal year 2026 (ended Jan 30, 2026) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 16, 2026
  2. S2Form 10-K, fiscal year 2025 (ended Jan 31, 2025) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2025
  3. S3Form 10-K, fiscal year 2024 (ended Feb 2, 2024) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2024
  4. S4Form 10-K, fiscal year 2023 (ended Feb 3, 2023) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 30, 2023
  5. S5Form 10-K, fiscal year 2022 (ended Jan 28, 2022) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 24, 2022
  6. S6Form 10-Q, Q2 fiscal 2027 (ended Jul 31, 2026) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2026
  7. S7Form 10-Q, Q1 fiscal 2027 (ended May 1, 2026) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 9, 2026
  8. S8Form 10-Q, Q3 fiscal 2026 (ended Oct 31, 2025) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 9, 2025
  9. S9Form 10-Q, Q2 fiscal 2026 (ended Aug 1, 2025) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2025
  10. S10Form 10-Q, Q1 fiscal 2026 (ended May 2, 2025) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 10, 2025
  11. S11Form 10-Q, Q3 fiscal 2025 (ended Nov 1, 2024) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 10, 2024
  12. S12Earnings release, Q2 fiscal 2027 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
  13. S13Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 28, 2026
  14. S14Earnings release, Q4 and full fiscal 2026 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
  15. S15Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 25, 2025
  16. S16Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2025
  17. S17Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 29, 2025
  18. S18Earnings release, Q4 and full fiscal 2025 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
  19. S19Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 26, 2024
  20. S20Proxy statement (DEF 14A), 2026 annual meeting · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2026
  21. S218-K: Texas redomestication, annual meeting vote · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 1, 2026
  22. S228-K: General Counsel retirement · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2026
  23. S238-K: $5.0B senior notes closed Sep 15, 2026 · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 15, 2026
  24. S248-K: $6.0B revolving credit agreement · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 10, 2026
  25. S258-K: $3.0B senior notes closed Jun 16, 2026 · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 16, 2026
  26. S268-K: Silver Lake Class B to Class C conversions · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 17, 2026
  27. S278-K: performance stock option for Jeffrey Clarke · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 2, 2025
  28. S288-K: CFO change · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2025
  29. S30Release: long-term financial framework, Oct 7, 2025 (8-K Ex. 99.2) · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 7, 2025
  30. S31Schedule 13D/A No. 15, Silver Lake · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2026
  31. S32Schedule 13G, Vanguard Capital Management · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  32. S33Schedule 13G/A, The Vanguard Group · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  33. S34Schedule 13G/A No. 7, Michael S. Dell · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2026
  34. S35Earnings call transcript, Q2 fiscal 2027 · Dell Technologies Inc. · Tier 1: company or exchange filing · Sep 1, 2026
  35. S36Earnings call transcript, Q1 fiscal 2027 · Dell Technologies Inc. · Tier 1: company or exchange filing · May 28, 2026
  36. S37Earnings call transcript, Q4 fiscal 2026 · Dell Technologies Inc. · Tier 1: company or exchange filing · Feb 26, 2026
  37. S41DELL historical closing prices, Oct 26 to Nov 4, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 4, 2026
  38. S42Dell Technologies investor events page (Q3 fiscal 2027 results date) · Dell Technologies Inc. · Tier 3: context only · Nov 5, 2026
  39. S468-K: underwriting agreement for the September 2026 notes, use of proceeds · Dell Technologies Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 10, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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