Income StatementBalance SheetCash FlowSegments
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Dell Technologies Business Segments

Business, geographic, and product segment breakdowns

Dell Technologies generates $113.54B in annual revenue across 2 key segments: Client Solutions Group ($43.7B), and Infrastructure Solutions Group ($45.0B). The company-wide operating margin is 7.18%. Based on the Q1 2026 filing.

Client Solutions Group (TTM)$43.7BInfrastructure Solutions Group (TTM)$45.0B
Latest FilingQ1 2026
Report Date2026-03-16
Market Cap$191.75B
P/E Ratio32.30
ROE-300.4%

Products & Services

Total net revenue

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Commercial$10.1B$10.0B$11.0B$10.8B$10.6B$11.6B
AI-optimized servers$2.3B$2.3B$6.2B$6.2B$6.2B$6.2B
Traditional servers and networking$4.5B$4.5B$4.9B$4.9B$4.9B$4.9B
Storage$4.0B$4.7B$4.0B$3.9B$4.0B$4.8B
Consumer$2.0B$1.9B$1.5B$1.7B$1.9B$1.9B
Servers and networking$7.4B$6.6B$6.3B$12.9B$10.1B—

Cost of Revenue

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Products$15.5B$14.8B$15.1B$21.0B$18.3B$23.6B
Services$3.5B$3.3B$3.3B$3.3B$3.1B$3.0B

Geographic

Total debt capacity

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Foreign countries$871.0M$831.0M$903.0M$913.0M$925.0M$958.0M
Europe$544.0M$520.0M$565.0M$457.0M$463.0M$479.0M
Australia and New Zealand$296.0M$279.0M$271.0M$273.0M$279.0M$300.0M
Middle East$150.0M$150.0M$150.0M$150.0M$150.0M$150.0M

Long-Term Debt, Gross

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Foreign countries$3.2B$2.9B$3.2B$3.1B$3.1B$3.3B

Total net revenue

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
United States$12.8B$12.8B$15.8B$15.8B$15.8B$15.8B
Foreign countries$11.1B$11.1B$12.6B$12.6B$12.6B$12.6B

Business Segments

Cost of Revenue

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Infrastructure Solutions Group$7.8B$7.3B$7.1B$13.2B$10.3B$14.5B
Client Solutions Group$10.3B$10.2B$10.7B$10.6B$10.6B$11.7B

Goodwill

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Infrastructure Solutions Group$15.0B$14.9B$15.1B$15.1B$15.1B$15.3B
Client Solutions Group$4.2B$4.2B$4.2B$4.2B$4.2B$4.2B

Impact of foreign currency translation

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Infrastructure Solutions Group—-$123.0M$195.0M$21.0M$22.0M$128.0M
Client Solutions Group$0.0$0.0$0.0$0.0$0.0$0.0

Operating Income (Loss)

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Infrastructure Solutions Group$1.5B$2.1B$998.0M$1.5B$1.7B$2.9B
Client Solutions Group$747.0M$631.0M$653.0M$803.0M$748.0M$629.0M

R&D

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Infrastructure Solutions Group$501.0M$505.0M$574.0M$562.0M$540.0M$560.0M
Client Solutions Group$119.0M$117.0M$136.0M$146.0M$133.0M$147.0M

Selling, general, and administrative

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Infrastructure Solutions Group$1.6B$1.5B$1.7B$1.6B$1.6B$1.6B
Client Solutions Group$928.0M$901.0M$982.0M$972.0M$958.0M$986.0M

Total net revenue

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Infrastructure Solutions Group$11.4B$11.4B$10.3B$16.8B$14.1B$19.6B
Client Solutions Group$12.1B$11.9B$12.5B$12.5B$12.5B$13.5B