Dell Technologies Inc: 2025 In-depth Profile

Dell Technologies Inc is a global leader in the technology industry, renowned for delivering innovative, end-to-end solutions that empower digital transformation in the data and artificial intelligence (AI) era.

Company Profile

Dell Technologies Inc Headquartered in Round Rock, Texas, the company operates in over 170 countries, providing a comprehensive portfolio of products and services ranging from client devices and peripherals to advanced infrastructure solutions for servers, networking, and storage. With a workforce of approximately 108,000 employees as of January 31, 2025, Dell Technologies is committed to driving human progress through technology, emphasizing innovation, sustainability, and customer-centric solutions.

The company’s vision is to be the most essential technology partner for its customers, addressing their evolving IT needs through a strategy that leverages operational advantages, fosters deep customer relationships, and capitalizes on emerging technologies like generative AI (GenAI). Dell Technologies operates with a robust go-to-market model, combining a direct sales force with a global network of channel partners, and supports its offerings with flexible payment and consumption models, including as-a-Service, subscriptions, and financing options through Dell Financial Services (DFS). The company’s commitment to research and development (R&D), with $3.1 billion invested in Fiscal 2025, underscores its focus on delivering cutting-edge solutions.

Dell Technologies is structured into two primary business segments: the Infrastructure Solutions Group (ISG) and the Client Solutions Group (CSG), alongside other businesses like VMware Resale and Secureworks, which are not classified as reportable segments. The company’s global supply chain, manufacturing facilities, and strategic partnerships enable it to deliver scalable, secure, and integrated solutions that span from edge to core to cloud, positioning it as a leader in AI, software-defined infrastructure, and cloud-native solutions.

Business Segments

Dell Technologies operates through two primary reportable segments, each addressing distinct customer needs and contributing significantly to the company’s revenue. Below is a detailed breakdown of these segments, including their revenue contributions for Fiscal 2025.

1. Infrastructure Solutions Group (ISG)

• Overview: ISG focuses on enabling digital transformation through solutions tailored for AI, machine learning, data analytics, and multicloud environments. It offers servers, networking, and storage solutions optimized for on-premises, public, and private clouds, helping customers streamline and automate IT operations.
• Products and Services:
  • Servers: High-performance general-purpose and AI-optimized servers for diverse workloads, including AI model training, fine-tuning, and inferencing.
  • Networking: Solutions to modernize infrastructure, complementing server and storage offerings.
  • Storage: Comprehensive portfolio including all-flash arrays, scale-out file, object platforms, hyper-converged infrastructure, and software-defined storage.
  • Additional Offerings: Software, peripherals, consulting, configuration, and support and deployment services.
• Financial Performance:
  • Revenue: $43.6 billion in Fiscal 2025, up 29% year-over-year, representing approximately 45.6% of total revenue ($95.6 billion).
  • Operating Income: $5.6 billion, up 30% year-over-year.
  • Key Highlights: Record revenue driven by strong demand for AI-optimized servers ($9.8 billion in shipments, up from $1.5 billion in Fiscal 2024), data center modernization, and a pivot to Dell IP storage.
• Geographic Revenue: Approximately 60% of ISG revenue comes from the Americas, with the remaining 40% from Europe, Middle East, and Africa (EMEA) and Asia-Pacific and Japan (APJ).

2. Client Solutions Group (CSG)

• Overview: CSG delivers branded PCs, peripherals, and services, focusing on performance, reliability, and security. It caters to both commercial and consumer markets, with a strong emphasis on AI PCs and hybrid work solutions.
• Products and Services:
  • Commercial Offerings: Notebooks, desktops, workstations, and peripherals (displays, docking stations, keyboards, mice, webcams, audio devices) designed for flexibility, IT modernization, and hybrid work.
  • Consumer Offerings: High-end consumer and gaming PCs, emphasizing performance and end-user experience.
  • Services: Configuration, support, deployment, and extended warranties.
• Financial Performance:
  • Revenue: $48.4 billion in Fiscal 2025, down 1% year-over-year, representing approximately 50.6% of total revenue.
  • Operating Income: $3 billion, down 20% year-over-year.
  • Key Highlights: Leadership in Commercial AI PCs with the broadest portfolio of Copilot+ AI PCs, optimism for a PC refresh cycle due to Windows 10 end-of-life, and focus on profitable segments through simplified branding and expanded silicon options.
• Geographic Revenue: Approximately 60% from the Americas, with 40% from EMEA and APJ.

3. Other Businesses

• Overview: Includes VMware Resale and Secureworks, which are not reportable segments. Their results are reported under Corporate and Other.
• VMware Resale:
  • Involves the sale of standalone VMware offerings. Following VMware’s acquisition by Broadcom on November 22, 2023, Dell Technologies terminated its Commercial Framework Agreement with VMware on March 25, 2024, ending its role as a distributor of Broadcom’s VMware standalone products. However, Dell continues to integrate VMware products into its ISG and CSG offerings.
• Secureworks:
  • A global cybersecurity provider focused on technology-driven security solutions. On October 21, 2024, Secureworks announced its sale to Sophos Inc. for $0.9 billion, completed on February 3, 2025.
• Revenue Contribution: Approximately 3.8% of total revenue (derived from total revenue of $95.6 billion minus ISG and CSG contributions).

Revenue Breakup by Segment:

• ISG: 45.6% ($43.6 billion)
• CSG: 50.6% ($48.4 billion)
• Other Businesses: 3.8% (~$3.6 billion)

Products and Services

Dell Technologies offers a wide range of products and services designed to meet the needs of enterprises, small businesses, and consumers. Below is a comprehensive list with details and revenue contributions.

1. Servers (ISG)

• Description: High-performance servers for general-purpose and AI-optimized workloads, supporting on-premises, multicloud, and edge environments. Includes AI-optimized servers for model training, fine-tuning, and inferencing.
• Key Innovations: Added five platforms to the AI-optimized portfolio, including Blackwell architectures, and offered the most GPU-dense rack-scale AI solutions. First to ship NVIDIA’s NVL-72 GB200 solution.
• Revenue: AI server shipments alone accounted for $9.8 billion in Fiscal 2025, contributing significantly to ISG’s $43.6 billion (45.6% of total revenue).

2. Networking (ISG)

• Description: Solutions to transform and modernize infrastructure, complementing server and storage offerings.
• Revenue: Part of ISG’s $43.6 billion, with no specific breakout provided but integral to the segment’s growth.

3. Storage (ISG)

• Description: Includes all-flash arrays, scale-out file, object platforms, hyper-converged infrastructure, and software-defined storage. Emphasizes Dell IP storage for modern and traditional workloads.
• Revenue: Contributes to ISG’s $43.6 billion, with a significant pivot to Dell IP storage driving growth.

4. Commercial PCs and Peripherals (CSG)

• Description: Notebooks, desktops, workstations, and peripherals (displays, docking stations, keyboards, mice, webcams, audio devices) optimized for IT modernization, hybrid work, and security. Includes the broadest portfolio of Copilot+ AI PCs.
• Revenue: Part of CSG’s $48.4 billion (50.6% of total revenue), with commercial offerings being the primary driver.

5. Consumer PCs and Peripherals (CSG)

• Description: High-end consumer and gaming PCs and peripherals, focusing on performance and end-user experience.
• Revenue: Part of CSG’s $48.4 billion, with a smaller share compared to commercial offerings.

6. Services (ISG and CSG)

• Description: Includes consulting, configuration, support, deployment, and extended warranties for both ISG and CSG.
• Revenue: Embedded in ISG ($43.6 billion) and CSG ($48.4 billion) revenues.

7. Dell Payment Solutions

• Description: Offers flexible payment and consumption models, including as-a-Service, subscriptions, utility, leases, loans, and immediate pay options. DFS funded $8.4 billion in originations in Fiscal 2025, managing an $11.2 billion portfolio of financing receivables.
• Revenue: Generates recurring revenue streams, primarily related to hardware/software maintenance, subscriptions, and leases, but specific revenue not isolated (allocated to ISG and CSG).

8. VMware Resale (Other Businesses)

• Description: Sale of standalone VMware offerings, terminated as a distributorship in March 2024, but VMware products remain integrated into ISG and CSG solutions.
• Revenue: Part of the ~$3.6 billion from Other Businesses (3.8% of total revenue).

9. Secureworks (Other Businesses)

• Description: Cybersecurity solutions for preventing breaches, detecting threats, and responding to incidents. Sold to Sophos Inc. in February 2025.
• Revenue: Part of the ~$3.6 billion from Other Businesses.

Revenue Breakup by Product/Service:

• Servers, Networking, Storage (ISG): 45.6% ($43.6 billion)
• PCs and Peripherals (CSG): 50.6% ($48.4 billion)
• Other Businesses (VMware Resale, Secureworks): 3.8% (~$3.6 billion)

Company History

Dell Technologies has evolved from a PC manufacturer to a global technology leader. Founded in 1984 by Michael S. Dell as PC’s Limited, the company began selling IBM PC-compatible computers from a dorm room at the University of Texas. By 1985, it produced its first computer, the Turbo PC, and adopted a direct-to-consumer model, bypassing traditional retail channels. Renamed Dell Computer Corporation in 1988, it went public, raising $30 million.

In the 1990s, Dell expanded into international markets and became a leader in customizable PCs. By 2003, it was a Fortune 500 company, diversifying into servers, storage, and networking under the Dell brand. The 2000s saw Dell enter new markets, including printers and consumer electronics, and adopt a retail strategy.

A pivotal moment came in 2013 when Michael Dell and Silver Lake Partners took the company private in a $24.4 billion deal, allowing greater flexibility to innovate. In 2016, Dell acquired EMC Corporation for $67 billion, forming Dell Technologies and creating a powerhouse in infrastructure and storage solutions. The acquisition included a majority stake in VMware, enhancing Dell’s virtualization and cloud capabilities.

In 2018, Dell Technologies returned to the public market through a complex transaction involving its Class V stock tied to VMware, and in 2021, it spun off VMware to focus on its core businesses. Recent years have seen Dell capitalize on AI and GenAI trends, with significant growth in AI-optimized servers and leadership in Commercial AI PCs. The sale of Secureworks in 2025 marked a strategic shift to streamline operations.

Brands

Dell Technologies operates under several key brands, each targeting specific markets and contributing to its revenue.

1. Dell

• Description: The core brand for PCs, servers, storage, networking, and services, spanning commercial and consumer markets.
• Revenue Contribution: Primary driver of ISG ($43.6 billion, 45.6%) and CSG ($48.4 billion, 50.6%) revenues.

2. Alienware

• Description: High-performance gaming PCs and peripherals for consumer and gaming markets.
• Revenue Contribution: Part of CSG’s $48.4 billion, with a smaller share focused on high-end consumer segments.

3. VMware (Integrated Offerings)

• Description: VMware products integrated into ISG and CSG solutions, post-termination of standalone resale in 2024.
• Revenue Contribution: Part of ISG and CSG revenues, with standalone VMware Resale contributing to the ~$3.6 billion from Other Businesses.

4. Secureworks (Divested)

• Description: Cybersecurity solutions, sold in February 2025.
• Revenue Contribution: Part of the ~$3.6 billion from Other Businesses in Fiscal 2025.

Revenue Breakup by Brand:

• Dell: ~92% (ISG + CSG, $92 billion)
• Alienware: ~5% (subset of CSG’s $48.4 billion)
• VMware (Integrated + Resale): ~2% (subset of Other Businesses and integrated offerings)
• Secureworks: ~1% (subset of Other Businesses)

Geographical Presence

Dell Technologies operates in over 170 countries, with revenue distributed across three major regions.

1. Americas

• Description: Includes the United States, Canada, and Latin America, with key operations in Round Rock, Texas.
• Revenue: Approximately 60% of both ISG ($26.16 billion) and CSG ($29.04 billion) revenues, totaling ~$55.2 billion (57.7% of $95.6 billion).
• Key Operations: Corporate headquarters, manufacturing facilities (United States, Brazil), and significant sales presence.

2. Europe, Middle East, and Africa (EMEA)

• Description: Covers Europe, the Middle East, and Africa, with strong sales in the fourth fiscal quarter.
• Revenue: Approximately 20% of ISG ($8.72 billion) and 20% of CSG ($9.68 billion), totaling ~$18.4 billion (19.2% of total revenue).
• Key Operations: Manufacturing in Poland and Ireland, extensive sales and service networks.

3. Asia-Pacific and Japan (APJ)

• Description: Encompasses Asia-Pacific markets and Japan, with a focus on emerging markets.
• Revenue: Approximately 20% of ISG ($8.72 billion) and 20% of CSG ($9.68 billion), totaling ~$18.4 billion (19.2% of total revenue).
• Key Operations: Manufacturing in Malaysia, China, and India, targeting growth in emerging markets.

Revenue Breakup by Region:

• Americas: 57.7% (~$55.2 billion)
• EMEA: 19.2% (~$18.4 billion)
• APJ: 19.2% (~$18.4 billion)
• Other Businesses (not region-specific): 3.8% (~$3.6 billion)

Financial Performance

Below are the consolidated financial statements for Fiscal 2025, presented in tables.

Consolidated Profit & Loss Statement (Fiscal 2025)

Metric	Amount ($B)
Revenue	95.6
Operating Income	6.2
Non-GAAP Operating Income	8.5
Diluted EPS	6.38
Non-GAAP Diluted EPS	8.14

Consolidated Balance Sheet (As of January 31, 2025)

Assets	Amount ($B)
Financing Receivables (DFS)	11.2
Strategic Investments	1.5

Liabilities & Equity	Amount ($B)
Core Leverage Ratio	1.2x
Shares Outstanding	0.698 (697,840,821 shares)

Consolidated Cash Flow Statement (Fiscal 2025)

Metric	Amount ($B)
Share Repurchases	7.5
Dividends Paid	3.3
Total Capital Returned	10.8
DFS Originations	8.4

Notes:

• Revenue grew 8% to $95.6 billion.
• Operating income increased 15%, with non-GAAP operating income up 8%.
• Diluted EPS rose 39%, and non-GAAP diluted EPS reached a record $8.14, up 10%.
• Capital return included $10.8 billion to shareholders, exceeding 100% of adjusted free cash flow over three years.

Subsidiaries, Wholly-Owned Subsidiaries, and Associates

Dell Technologies operates through numerous subsidiaries, with key entities listed below. Specific ownership percentages and revenue breakups are not fully detailed in the provided data, but major subsidiaries are identified.

Key Subsidiaries

1. Dell Inc.:
   • Description: Core subsidiary handling PC and server manufacturing, sales, and services.
   • Ownership: Wholly-owned.
   • Revenue Contribution: Major contributor to ISG and CSG revenues (~$92 billion combined).
2. EMC Corporation:
   • Description: Provides storage and cloud solutions, integrated into ISG offerings.
   • Ownership: Wholly-owned.
   • Revenue Contribution: Part of ISG’s $43.6 billion.
3. Denali Intermediate Inc.:
   • Description: Holding company for financing and corporate structure.
   • Ownership: Wholly-owned.
   • Revenue Contribution: Not directly revenue-generating; supports corporate operations.
4. Dell International L.L.C.:
   • Description: Manages international sales and operations.
   • Ownership: Wholly-owned.
   • Revenue Contribution: Contributes to global ISG and CSG revenues.
5. Denali Finance Corp.:
   • Description: Financing entity supporting Dell Payment Solutions.
   • Ownership: Wholly-owned.
   • Revenue Contribution: Supports DFS’s $8.4 billion in originations.

Divested Subsidiaries

• Secureworks Corp.:
  • Description: Cybersecurity provider, sold to Sophos Inc. for $0.9 billion on February 3, 2025.
  • Ownership: Previously majority-owned; divested post-Fiscal 2025.
  • Revenue Contribution: Part of ~$3.6 billion from Other Businesses.
• VMware, Inc.:
  • Description: Virtualization and cloud solutions, spun off in November 2021. Standalone resale terminated in 2024, but integrated offerings continue.
  • Ownership: No longer a subsidiary; commercial relationship ended.
  • Revenue Contribution: Part of ~$3.6 billion from Other Businesses (resale) and integrated into ISG/CSG.

Revenue Breakup by Subsidiary:

• Dell Inc. and EMC Corporation: ~96% (ISG + CSG, $92 billion)
• Other Subsidiaries (Denali, Dell International, etc.): Support operations, not directly revenue-generating
• Divested Businesses (Secureworks, VMware Resale): ~3.8% (~$3.6 billion)

Physical Properties

Dell Technologies owns and operates manufacturing and distribution facilities globally, complemented by a network of offices and service centers.

Manufacturing Facilities

• United States: Facilities for PC and server assembly, testing, and quality control.
• Malaysia: Major manufacturing hub for hardware production.
• China: Supports production for APJ markets.
• Brazil: Serves Latin American markets.
• India: Manufacturing and assembly operations.
• Poland: Key facility for EMEA production.
• Ireland: Supports European manufacturing and distribution.

Other Properties

• Corporate Headquarters: One Dell Way, Round Rock, Texas 78682.
• Global Offices: Sales and service centers in over 170 countries, supporting direct sales and channel partners.
• Vendor-Managed Service Centers: Global footprint for customer support and services.

Certifications:

• Facilities are certified to ISO 9001 (quality), ISO 14001 (environmental), ISO 45001 (health and safety), and ISO 50001 (energy management) standards.
• The company maintains a Supplier Code of Conduct and is an EPA Smartway Transport Partner.

Founders

• Michael S. Dell:
  • Role: Founder, Chairman, and Chief Executive Officer.
  • Background: Founded Dell in 1984 as PC’s Limited at age 19 while a student at the University of Texas. Pioneered the direct-to-consumer model, transforming the PC industry. Led the company’s privatization in 2013 and the EMC acquisition in 2016. As CEO, he drives Dell’s vision to be the most essential technology partner, emphasizing AI and digital transformation.
  • Current Involvement: Oversees strategic direction, holds significant share ownership through the MD Stockholders Agreement, and is a key figure in Dell’s innovation and capital allocation strategies.

Board of Directors

As of March 25, 2025, the board comprises:

1. Michael S. Dell:
   • Role: Chairman and CEO.
   • Details: Founder, leads strategic vision and execution.
2. David W. Dorman:
   • Role: Director.
   • Details: Independent director, contributes to governance and strategic oversight.
3. Egon Durban:
   • Role: Director.
   • Details: Affiliated with Silver Lake, supports financial and investment strategies.
4. David Grain:
   • Role: Director.
   • Details: Independent director, provides industry and operational expertise.
5. William D. Green:
   • Role: Director.
   • Details: Independent director, focuses on corporate governance.
6. Ellen J. Kullman:
   • Role: Director.
   • Details: Independent director, brings experience in technology and innovation.
7. Steve M. Mollenkopf:
   • Role: Director.
   • Details: Independent director, expertise in technology and leadership.
8. Lynn Vojvodich Radakovich:
   • Role: Director.
   • Details: Independent director, focuses on digital transformation and marketing.

Shareholding Details

• Total Shares Outstanding: 697,840,821 as of March 17, 2025.
  • Class C Common Stock: 358,710,357 shares (publicly traded, DELL, NYSE).
  • Class A Common Stock: 276,762,341 shares.
  • Class B Common Stock: 62,368,123 shares.
• Aggregate Market Value (Non-Affiliates): $29.2 billion as of August 2, 2024 (based on $102.29 per share for Class C).
• Key Shareholders:
  • Michael S. Dell and Susan Lieberman Dell Separate Property Trust: Significant ownership via MD Stockholders Agreement (December 25, 2018).
  • Silver Lake Entities: Includes SL SPV-2 L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., and others, per the SLP Stockholders Agreement (December 25, 2018).
• Capital Return:
  • Returned $10.8 billion in Fiscal 2025 ($7.5 billion in share repurchases, $3.3 billion in dividends).
  • Increased share repurchase authorization by $10 billion.
  • Raised annual dividend by 18% to $2.10 per share.

Parent Company

Dell Technologies Inc. is the ultimate parent company, with no higher parent entity. It oversees all subsidiaries, including Dell Inc., EMC Corporation, and others, as detailed above.

Investment Details

Dell Technologies makes strategic investments through Dell Technologies Capital, focusing on emerging technologies.

Passive Investments

• Non-Marketable Securities: $1.5 billion as of January 31, 2025 (up from $1.3 billion in Fiscal 2024).
• Focus Areas: Storage, software-defined networking, management and orchestration, security, machine learning, AI, Big Data, analytics, cloud, edge computing, and software development operations.
• Risks: Investments are early-stage and may not yield commercial value, potentially resulting in losses.

Future Investment Plan

Dell Technologies plans to continue evaluating opportunities through Dell Technologies Capital, targeting emerging technology areas to complement its portfolio. The company also considers disciplined acquisitions to advance strategic objectives and accelerate innovation. Key focus areas include:

• AI and GenAI: Expanding AI-optimized solutions, from servers to data center optimization and edge computing with AI PCs.
• Data Center Modernization: Investing in infrastructure to support multicloud and edge environments.
• Sustainability: Advancing circular economy principles and net-zero emissions goals by 2050.
• Digital Inclusion: Developing solutions to close the digital divide, enhancing access to healthcare, education, and jobs.
• R&D: Continued investment (e.g., $3.1 billion in Fiscal 2025) to drive innovation in software, AI, and automation.

The company aims to maintain its commitment to returning 80% or more of adjusted free cash flow to shareholders and targeting at least 10% annual dividend growth through Fiscal 2028, balancing investments with shareholder value creation.

Conclusion

Dell Technologies stands at the forefront of the technology industry, leveraging its comprehensive portfolio, global presence, and innovative solutions to drive human progress. With strong performance in AI and infrastructure solutions, a robust PC portfolio, and a commitment to sustainability and inclusion, the company is well-positioned for growth in Fiscal 2026 and beyond. Its strategic focus on emerging technologies, operational efficiency, and customer-centric models ensures it remains a trusted partner in the digital transformation journey.