---
title: "Dell Technologies: Business Model"
description: "Dell Technologies revenue by business segment and geography from its fiscal 2026 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/dell-technologies/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Dell Technologies: Business Model & Revenue Engine

## Direct Answer

Dell Technologies reports revenue across 2 business segments in its fiscal 2026 Form 10-K. Infrastructure Solutions Group is the largest, with $60.8 billion of revenue (54% of the total), followed by Client Solutions at $51.0 billion (45%). 56% of revenue came from the United States.

## How Does Dell Technologies Make Money?

No single line supplies a majority of revenue: the largest, Infrastructure Solutions Group, is 54%, which spreads Dell Technologies's exposure across several demand drivers. Between fiscal 2025 and 2026, Infrastructure Solutions Group grew fastest (+39.5%) and Client Solutions slowest (+5.4%), so the revenue mix tilts toward Infrastructure Solutions Group while that gap lasts.

| Segment | FY2026 revenue | FY2025 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Infrastructure Solutions Group | $60.8 billion | $43.6 billion | 53.6% | 39.5% |
| Client Solutions | $51.0 billion | $48.4 billion | 44.9% | 5.4% |

![Bar chart of Dell Technologies revenue by segment for fiscal 2026: Infrastructure Solutions Group 53.6%, Client Solutions 44.9%.](https://www.getswoopr.com/images/charts/dell-technologies-business-model-segment-mix.webp)
*Dell Technologies revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Dell Technologies Segments Earn the Most?

| Segment | FY2026 segment operating income | Segment margin |
| --- | --- | --- |
| Infrastructure Solutions Group | $7.1 billion | 11.7% |
| Client Solutions | $2.8 billion | 5.6% |

Segment operating income is the profit measure Dell Technologies reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Dell Technologies more safely than against another company.

## What Does Dell Technologies Sell?

Dell Technologies also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2026 revenue | FY2025 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Product | $90.4 billion | $71.4 billion | 79.6% | 26.6% |
| Service | $23.1 billion | $24.1 billion | 20.4% | -4.2% |

## Where Does Dell Technologies's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2026 revenue | FY2025 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $63.1 billion | $51.0 billion | 55.6% | 23.8% |
| Outside the United States | $50.4 billion | $44.6 billion | 44.4% | 13.1% |

## What the Segment Figures Do Not Show

The rows above add up to 98% of Dell Technologies's reported revenue for fiscal 2026; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Dell Technologies reported in the segment note and revenue disclosures of its Form 10-K filed March 16, 2026 (accession 0001571996-26-000008), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2026; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Dell Technologies's business segments?

In its fiscal 2026 Form 10-K, Dell Technologies reports revenue for Infrastructure Solutions Group and Client Solutions.

### Which part of Dell Technologies brings in the most revenue?

Infrastructure Solutions Group, with $60.8 billion of revenue in fiscal 2026, or 54% of the total.

### How much of Dell Technologies's revenue comes from outside the United States?

44% in fiscal 2026, by the geographic breakdown Dell Technologies reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Dell Technologies Inc. Form 10-K filed March 16, 2026](https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm)
- [SEC EDGAR: Dell Technologies Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1571996&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Dell Technologies company dossier](https://www.getswoopr.com/stocks/companies/dell-technologies/)
- [Dell Technologies financial metrics](https://www.getswoopr.com/stocks/companies/dell-technologies/metrics/)
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- [Dell Technologies peer comparison](https://www.getswoopr.com/stocks/companies/dell-technologies/competitors/)
- [Dell Technologies business model and revenue mix](https://www.getswoopr.com/stocks/companies/dell-technologies/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

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