Analysis of Revenues
Revenues as Reported
Dell Technologies Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2026-01-30), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29).
Overall net revenue exhibited volatility throughout the observed period. Initial growth from 2021 to 2023 was followed by a significant decline in 2024, with subsequent recovery projected through 2026. A detailed examination of segment performance reveals varying trends contributing to these overall results.
- Infrastructure Solutions Group (ISG)
- The ISG demonstrated consistent growth from 2021 to 2023, increasing from US$32.588 billion to US$38.356 billion. A decrease was noted in 2024 to US$33.885 billion, but strong projected growth is anticipated, reaching US$60.826 billion by 2026. This growth is largely driven by the rapid expansion of AI-optimized servers, which show no revenue until 2024, when they contribute US$1.873 billion, and then experience substantial increases, reaching US$24.683 billion by 2026. Traditional servers and networking experienced a decline in 2024, but are projected to recover modestly. Storage revenue remained relatively stable across the period, fluctuating within a narrow range.
- Client Solutions Group (CSG)
- The CSG experienced substantial growth from 2021 to 2022, increasing from US$48.355 billion to US$61.464 billion. However, revenue decreased in both 2023 and 2024, falling to US$48.916 billion. Projections indicate a relatively flat revenue trajectory for this segment through 2026. Within CSG, the Commercial segment showed initial growth, peaking in 2022, followed by declines in 2023 and 2024, with a modest recovery expected. The Consumer segment experienced a consistent decline throughout the period, decreasing from US$12.959 billion in 2021 to a projected US$6.922 billion in 2026.
- VMware
- VMware revenue was reported for 2021 at US$11.873 billion, but no subsequent revenue figures are available for this segment. This suggests a potential divestiture or restructuring impacting its reporting.
- Segment Net Revenue & Corporate/Other
- Segment net revenue generally mirrored the overall net revenue trend, with growth in the initial years followed by a decline in 2024 and a projected recovery. Corporate and other revenue was initially high in 2022, but decreased significantly through 2026, suggesting cost management or changes in corporate activities. The decrease in Corporate and other revenue contributes to the overall net revenue trend.
The significant revenue increase projected for 2025 and 2026 is heavily reliant on the continued growth of the AI-optimized server business within the ISG. The decline in the Consumer segment of the CSG represents a consistent negative trend, while the performance of the Commercial segment within CSG is more volatile. The absence of VMware revenue after 2021 warrants further investigation.