Dell Technologies Inc

Dell Technologies sells personal computers and the equipment that runs data centers to businesses, governments and consumers in more than 170 countries. It reports two segments. The larger, the Infrastructure Solutions Group (ISG), sells servers, storage systems and networking gear, including servers built to train and run artificial intelligence (AI) models. ISG brought in $60.8 billion, or 53.6% of Dell's $113.5 billion in revenue, in the fiscal year ended January 30, 2026.

The Client Solutions Group (CSG) sells Dell-branded notebooks, desktops and workstations, plus monitors, docking stations, keyboards and other accessories, to commercial and consumer customers. It brought in $51.0 billion, or 44.9% of revenue. Products made up 79.6% of total revenue. Services such as support, deployment and extended warranties made up 20.4%. The United States accounted for 55.6% of sales. Dell sells through its own sales force and through channel partners, the resellers that carry its products.

Customers can pay up front or over time through leases, loans, subscriptions and pay-per-use plans, which create recurring revenue. Dell Financial Services, its lending arm, funded $11.9 billion of customer financing in fiscal 2026. It held a $14.3 billion portfolio of financing receivables (money customers owe) as of January 30, 2026. Dell no longer resells standalone VMware software, and it sold its Secureworks cybersecurity unit in February 2025.

• In Q2 FY2027 (ended Jul 31, 2026), revenue was $46.97B, up 57.7% from a year earlier, and net income was $4.13B (+255.1%).
• For fiscal 2026, revenue was $113.54B (+18.8% year over year; +5.5% a year from FY2021 to FY2026) with a 5.2% net margin.

• Over FY2022–FY2026: $15.06B in buybacks and $4.77B in dividends.
• At least 3 consecutive annual increases: every fiscal year in the SEC data (FY2023–FY2026) shows an increase; the true streak may be longer.
• Regular dividends per share grew +16.7% a year over 3 years (FY2023–FY2026).
• Dividends took 24.6% of earnings and 17.1% of free cash flow in the latest fiscal year.

Rank among 1514 US companies

Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 145 sales ($148.0M), 2 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in DELL

1. Growing exposure to AI server demand. AI-optimized servers grew large enough that Dell began reporting them separately late in fiscal 2026. Dell warns that the nature of AI demand could hurt its operating performance, so a slowdown would weigh on results.
2. Michael Dell and Silver Lake control votes. Michael Dell, alone and with Silver Lake, holds a majority of voting power through a multi-class share structure. As a controlled company, Dell is exempt from some NYSE governance rules that protect public shareholders.
3. Reliance on key suppliers, some single-source. Dell buys critical components from outside vendors, sometimes from a single supplier. Shortages, delays or price increases could hold up shipments and squeeze an operating margin that was 7.2% in fiscal 2026.
4. Competition, including from cloud providers. Rivals may offer cheaper or better products, which could erode Dell's market share and profits. ISG also faces growing pressure from Infrastructure-as-a-Service providers, which rent computing power over the internet rather than sell equipment.
5. Heavy debt and negative shareholders' equity. As of July 31, 2026, Dell had $34.5 billion of total debt against $14.2 billion of cash and investments, and shareholders' equity was negative. Debt can limit flexibility in a downturn.
6. Weak economies and tariffs can hurt sales. Customers may put off purchases when inflation and interest rates run high. Tariffs and trade disputes could raise Dell's costs and prices, and 44.4% of fiscal 2026 revenue came from outside the U.S.

• Oct 21, 2026 Executive or board change
• Sep 15, 2026 Major agreement signed; New debt or financial obligation
• Sep 10, 2026 Other company announcement
• Sep 1, 2026 Quarterly results released
• Jul 6, 2026 Change to shareholder rights; Bylaws or fiscal year changed
• Jul 1, 2026 Change to shareholder rights; Shareholder vote results; Other company announcement
• Jun 17, 2026 Unregistered sale of shares
• Jun 16, 2026 Major agreement signed; New debt or financial obligation
• Jun 12, 2026 Other company announcement
• Jun 10, 2026 Major agreement signed; Major agreement ended; New debt or financial obligation

Dell pays a small but growing dividend. It paid none in fiscal 2021 or 2022. It then raised its per-share dividend each year, from $1.32 in fiscal 2023 to $2.10 in fiscal 2026, or about 16.7% growth a year. In fiscal 2026 the payout used 24.6% of earnings and 17.1% of free cash flow (cash left after running and investing in the business). The yield was 0.48% as of October 27, 2026, so the stock offers little income. Share repurchases (buybacks) are larger: $15.1 billion over fiscal 2022 to 2026, versus $4.8 billion in dividends. Dell warns it may not keep paying dividends at the rate announced in February 2026.

The shares swing hard. They fell 45.9% in the 2020 COVID crash and regained their prior peak about 3.4 months after the low. In the 2022 bear market they fell 43.6% and took about 10.6 months to recover. A single stock like Dell carries more risk than a diversified fund.