Dell Technologies is a global technology company that provides a broad and innovative solutions portfolio aimed at helping customers modernize their IT infrastructure and address workforce transformation . The company is organized into two main business units: the Infrastructure Solutions Group (ISG) and the Client Solutions Group (CSG) . Dell sells a range of products, including storage solutions, servers, networking solutions, branded PCs, peripherals, and third-party software .
- Client Solutions Group (CSG) - Provides branded PCs, including notebooks, desktops, and workstations, along with branded peripherals and third-party software. Offers services such as configuration, support, and extended warranties .
- Infrastructure Solutions Group (ISG) - Enables digital transformations with solutions that address AI, machine learning, data analytics, and multicloud environments. Offers a comprehensive storage portfolio, including all-flash arrays and hyper-converged infrastructure, as well as a server portfolio with high-performance and AI-optimized servers. Includes networking solutions .
- Other Businesses - Engages in the resale of VMware products and services, integrating VMware products with its offerings, reflecting these results within ISG or CSG depending on the nature of the offering .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael S. Dell ExecutiveBoard | Chairman and Chief Executive Officer | Non-Executive Chairman of SecureWorks Corp.; Honorary Member of the Foundation Board of the World Economic Forum; Member of Technology CEO Council; Business Roundtable; Advisory Boards at Tsinghua University and Indian School of Business; Board Member of Catalyst, Inc.; UN Global Advocate for Entrepreneurship. | Founder of Dell Inc. in 1984; led privatization in 2013 and public re-listing in 2018; spearheaded EMC acquisition to form Dell Technologies. | View Report → |
Jeffrey W. Clarke Executive | Vice Chairman and Chief Operating Officer | None. | Joined Dell in 1987; oversees Infrastructure Solutions Group, Client Solutions Group, and Global Operations; instrumental in Dell's global supply chain and manufacturing strategy. | |
Jennifer D. Saavedra Executive | Chief Human Resources Officer | None. | Joined Dell in 2005; leads HR strategy, talent development, and organizational culture; previously SVP of Talent and Culture. | |
Richard J. Rothberg Executive | General Counsel and Secretary | None. | Joined Dell in 1999; oversees global legal, compliance, ethics, and government affairs; previously led legal operations in EMEA, APJ, and Americas regions. | |
William F. Scannell Executive | President, Global Sales and Customer Operations | Board Member at IonQ, Inc.. | Joined Dell via EMC acquisition; leads global sales and customer operations; previously President of Global Enterprise Sales and Customer Operations. | |
Yvonne McGill Executive | Chief Financial Officer | Board Member at Applied Materials, Inc.. | Joined Dell in 1997; previously Corporate Controller and CFO of Infrastructure Solutions Group; extensive experience in financial planning, accounting, and investor relations. | |
David Grain Board | Director | CEO of Grain Management LLC; Director at Southern Company and New Fortress Energy Inc.; Trustee at Brookings Institution; Advisory Council Member at National Museum of African American History and Culture. | Founder of Grain Management LLC; extensive experience in media and communications investments; Lead Independent Director at Southern Company. | |
David W. Dorman Board | Director | Chairman of Infoworks.io; Director at PayPal Holdings, Inc.; Trustee at Georgia Tech Foundation; Advisor at Somewear Labs, Inc.. | Founding Partner of Centerview Capital Technology; former CEO of AT&T Corp.; extensive experience in technology and finance. | |
Egon Durban Board | Director | Co-CEO of Silver Lake; Director at Motorola Solutions, Unity Software, Endeavor Group Holdings, Qualtrics International, and TKO Group Holdings; Member of Business Council and Business Roundtable. | Co-CEO of Silver Lake; extensive experience in technology investments and global strategic leadership; previously served on boards of VMware, Twitter, and SecureWorks. | |
Ellen J. Kullman Board | Director | CEO of Carbon, Inc.; Director at Amgen Inc. and Goldman Sachs Group, Inc.; Trustee at Northwestern University; Advisor at Tufts University School of Engineering. | Former CEO of DuPont; recognized for leadership in technology, product development, and global business strategy. | |
Lynn Vojvodich Radakovich Board | Director | Director at Booking Holdings Inc., Ford Motor Company, and Figma, Inc.. | Former EVP and CMO at Salesforce; extensive experience in marketing and technology leadership. | |
Steve M. Mollenkopf Board | Director | Senior Advisor to Consello Group; Independent Chair of Boeing; Director at Boeing. | Former CEO of Qualcomm; extensive experience in technology and innovation; appointed Independent Chair of Boeing in March 2024. | |
William D. Green Board | Director | Chairman of GTY Technology Holdings Inc.; Director at S&P Global Inc.. | Former Chairman and CEO of Accenture; extensive experience in global business strategy and technology leadership. |
- Despite a growing AI server backlog of $4.5 billion, AI server revenue is expected to be slightly down quarter-over-quarter; can you clarify if this is due to the shift towards Blackwell, component availability, or other factors, and how you plan to address these issues?
- With the move to NBL systems featuring up to 72 GPUs per server, and given the higher GPU content that's harder to mark up, how should we think about the evolution of gross profit dollars and margins in your AI server business?
- As enterprise and large customers become more cautious with PC and storage spending, particularly in your highest margin storage products, can you provide clarity on your expectations for storage growth next year?
- You previously expected AI server sales to drive storage and services demand, but this hasn't materialized as anticipated; can you explain why storage demand hasn't matched AI server growth and what steps you're taking to capitalize on this opportunity?
- With your key customers migrating AI platforms from Hopper to Blackwell and potential shifts from HGX to DGX and MGX platforms, what are your underlying assumptions for the platform mix, and how might this impact your AI server business strategy?
Research analysts who have asked questions during Dell Technologies earnings calls.
Amit Daryanani
Evercore
5 questions for DELL
Asiya Merchant
Citigroup Global Markets Inc.
5 questions for DELL
David Vogt
UBS Group AG
5 questions for DELL
Erik Woodring
Morgan Stanley
5 questions for DELL
Michael Ng
Goldman Sachs
5 questions for DELL
Samik Chatterjee
JPMorgan Chase & Co.
5 questions for DELL
Simon Leopold
Raymond James
5 questions for DELL
Wamsi Mohan
Bank of America Merrill Lynch
5 questions for DELL
Aaron Rakers
Wells Fargo
4 questions for DELL
Ben Reitzes
Melius Research LLC
3 questions for DELL
Mehdi Hosseini
Susquehanna Financial Group
3 questions for DELL
Steven Fox
Fox Research
3 questions for DELL
Benjamin Reitzes
Melius Research
2 questions for DELL
Krish Sankar
TD Cowen
2 questions for DELL
Toni Sacconaghi
Bernstein
2 questions for DELL
Ananda Baruah
Loop Capital Markets LLC
1 question for DELL
Matthew Niknam
Deutsche Bank
1 question for DELL
Matt Niknam
Deutsche Bank
1 question for DELL
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
1 question for DELL
Timothy Long
Barclays
1 question for DELL
Vijay Rakesh
Mizuho
1 question for DELL
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Moogsoft Inc. | 2023 | Moogsoft Inc. was acquired by Dell Technologies, with the deal completed on November 3, 2023, and it generated $82 million in goodwill recognized under the Infrastructure Solutions Group segment. |
Recent press releases and 8-K filings for DELL.
- Dell raised its long-term targets to 7–9% revenue growth, 15%+ EPS growth, 100% net income to free cash flow conversion, and plans to return 80%+ of free cash flow to shareholders while growing the dividend through FY30.
- Management highlighted a surge in AI investment: AI CapEx is now expected to exceed $400 billion in 2025 (vs. $200 billion prior), with AI hardware and services spend rising from $124 billion to >$310 billion by 2027, and inference demand jumping from 1 quadrillion to 57 quadrillion tokens by 2028.
- The Dell AI Factory has been deployed in 3,000+ enterprises and leverages a disaggregated storage architecture that delivers 83% faster read throughput for unstructured AI data.
- In Infrastructure Solutions Group, Dell lifted its long-term revenue CAGR target to 11–14% (from 6–8%), underpinned by market‐leading compute and storage share gains.
- Client Solutions Group will prioritize commercial PC share gains, improved fixed-consumer profitability, and expanded peripheral attach to drive scale and margins.
- Raises long-term revenue growth target to 7–9% annually from 3–4%, reflecting strong AI infrastructure demand.
- Boosts adjusted EPS growth forecast to 15%+ per year, nearly doubling its prior 8% estimate.
- Commits to 10%+ annual dividend increases through 2030, extending the previous dividend policy by two years.
- Reaffirms Q3 and FY2026 guidance, including Q3 revenue of $26.5–27.5 billion and FY2026 revenue of $105–109 billion alongside EPS targets.
- CEO Michael Dell cites robust customer demand for AI compute, storage, and networking as the growth driver.
- Dell sets a long-term financial framework targeting 7–9% revenue CAGR, 15%+ EPS growth, >100% NI to adj. FCF conversion, and >80% of FCF returned to shareholders, with 10%+ annual dividend growth through FY30.
- Since FY21, Dell has delivered a 14% diluted EPS CAGR, generated ~$4.9 B average annual adjusted FCF, and returned $14.5 B to shareholders since FY23.
- AI adoption is positioned as a key growth driver, with AI capex estimated to drive ~45% of US GDP growth and contribute $15 T to global GDP by 2030.
- Committed to capital returns, Dell repurchased $2.9 B of shares in FY25 and increased dividends from $1.32 in FY23 to $1.78 in FY25, targeting >80% FCF return.
- Annual revenue growth target increased to 7–9%, up from 3–4%.
- Annual non-GAAP diluted EPS growth target lifted to 15% or better, from 8%.
- Dividend growth commitment extended through FY2030 with over 80% of adjusted free cash flow to be returned to shareholders via dividends and share repurchases.
- Plans to grow AI business to $20 billion in two years and has returned $14.5 billion to shareholders since FY23.
- Dell International LLC and EMC Corporation entered into a supplemental indenture dated October 6, 2025 to issue $750 million 4.150% Senior Notes due 2029 at 99.961% of face value, maturing February 15, 2029.
- The issuers also established terms under supplemental indentures for $1.25 billion 4.750% Senior Notes due 2032 at 99.717%, maturing October 6, 2032 , and $1.25 billion 5.100% Senior Notes due 2036 at 99.633%, maturing February 15, 2036.
- A supplemental indenture for 4.500% Senior Notes due 2031 was filed as Exhibit 4.2, alongside global note forms for all four series, under the base indenture dated January 24, 2023.
- Underwriting agreement entered September 22, 2025 between Dell International L.L.C. and EMC Corporation (co-issuers), Dell Technologies Inc. and affiliates as guarantors, and a syndicate of underwriters to sell $4.5 billion of senior unsecured notes.
- Four tranches offered: $750 million 4.150% notes due February 15, 2029; $1.25 billion 4.500% notes due February 15, 2031; $1.25 billion 4.750% notes due October 6, 2032; $1.25 billion 5.100% notes due February 15, 2036.
- Notes priced at 99.961% (2029), 100.000% (2031), 99.717% (2032) and 99.633% (2036) of par.
- Expected closing on October 6, 2025, with net proceeds to redeem part of the 6.020% senior notes due 2026 and for general corporate purposes.
- Dell Technologies will offer 2U servers featuring the NVIDIA RTX PRO 6000 Blackwell GPUs, enabling accelerated computing in on-premises data centers alongside partners such as Cisco, HPE and Lenovo.
- RTX PRO Servers deliver up to 45× higher performance and 18× greater energy efficiency versus CPU-only 2U systems.
- Dell’s AI Data Platform is updated with Dell PowerEdge R7725 2U servers incorporating two RTX PRO 6000 GPUs, NVIDIA AI Enterprise software and NVIDIA networking.
- RTX PRO Servers—supporting two, four or eight GPUs per chassis—are certified for NVIDIA AI Enterprise, with configurations available to order now and 2U mainstream systems shipping later this year.
- Strong Q1 performance with $10.3B in revenue, representing 12% YoY growth, and operating margins near $1B, marking the fifth consecutive quarter of double-digit revenue growth.
- Record order momentum highlighted by $12.1B in record orders and a $14.4B backlog, underscoring robust pipeline demand in the AI portfolio.
- Innovative portfolio expansion with a focus on integrating Dell IP across compute, networking, and storage to optimize AI and data center solutions, along with the launch of new server generations and strategic customer engagements.
- Dell Technologies Inc. announced on April 1, 2025, a public offering of four series of senior notes totaling $4 billion, with maturities in 2028, 2030, 2032, and 2035.
- The notes feature coupon rates of 4.750%, 5.000%, 5.300%, and 5.500% and are issued at prices from approximately 99.681% to 99.981%, with detailed terms outlined in their respective supplemental indentures.
- The offering was conducted under a shelf registration statement on Form S-3ASR, with the notes as senior unsecured obligations ranking equally with the company's other senior indebtedness.
- Dell International L.L.C. and EMC Corporation (both subsidiaries of Dell Technologies Inc.) entered an underwriting agreement on March 26, 2025 to issue and sell four series of Senior Notes—due 2028, 2030, 2032, and 2035—with aggregate principal amounts of $1 billion each.
- The offering includes pricing details at 99.981%, 99.834%, 99.907%, and 99.681% of the principal amounts respectively, with closing expected on April 1, 2025 for uses including general corporate purposes and potential debt repayment.