ORGANIZATION
Dell Technologies
American computer company founded by Michael Dell in 1984. It grew on a direct model, selling PCs to customers without going through dealers, and in 2001 called itself the world's largest direct computer systems company. In October 2013 Michael Dell, the investment firm Silver Lake and others bought out the public shareholders and took it private; in September 2016 it acquired the storage company EMC in a deal it calls a US$64 billion acquisition; and in December 2018, after the Class V share exchange, its stock returned to trading on the New York Stock Exchange. It now runs two businesses, CSG for PCs and ISG for servers, storage and networking. Revenue for the fiscal year ended January 2026 was US$113.5 billion, of which AI-optimized servers were US$24.7 billion, up 166%. Headquarters: Round Rock, Texas.
Organization
- Founded
- 1984
- Status
- Active
- Active
- 1984–
- Appearances
- 00
- Name
- ENDell TechnologiesJAデル・テクノロジーズ
Dell is an American computer company founded by Michael Dell in 1984. Its 2001 annual report on Form 10-K says it began with a simple concept: by selling personal computers directly to customers, the company could best understand their needs. The parent company today is Dell Technologies, headquartered in Round Rock, Texas, with about 97,000 employees as of 30 January 2026. Michael Dell was CEO from 1984 until July 2004 and returned to the role in January 2007.
The direct model, and after
What made Dell's name was the way it sold. The 2001 10-K argued that selling directly avoided dealer mark-ups and channel inventory costs and reduced the risk of obsolescence in a fast-moving market, and it called Dell "the world's largest direct computer systems company". Revenue for the fiscal year ended February 2001 was US$31.9 billion, and the company said it had become the world's number one computer systems company by global market-share estimates in April 2001. Both are Dell's own statements. In those years the Zip drive was at one point fitted as standard on its built-to-order PCs.
Direct sales did not stay the headline. According to the 10-K for the fiscal year ended February 2019, resellers, system integrators, distributors, retailers and other channels contributed over 50% of revenue.
Going private, EMC, and back to the market
In the 2010s Dell changed its ownership twice.
| When | What | Details (SEC filings) |
|---|---|---|
| 29 October 2013 | Going private | Public shareholders bought out at US$13.75 a share in cash; the company becomes owned by Michael Dell and his family trust, funds affiliated with Silver Lake and with MSDC, and members of management. Delisted from NASDAQ |
| 7 September 2016 | EMC acquired | Each EMC share receives US$24.05 in cash plus 0.11146 of a Class V share tracking VMware. Dell calls it a US$64 billion acquisition, financed largely with about US$45.9 billion of debt |
| 28 December 2018 | Class V transaction | Class V shares exchanged for US$14 billion in cash and new Class C shares, which begin regular-way trading on the New York Stock Exchange |
The parent was incorporated in January 2013 as Denali Holding for the buyout and renamed Dell Technologies in August 2016. EMC was also the company that had bought Iomega, the maker of the Zip drive. VMware, which came with EMC, was acquired by Broadcom in November 2023, and Dell ended its agreement to resell VMware products in March 2024.
From a PC maker to an AI-server maker
The business now has two halves. Figures for the fiscal year ended January 2026 are from the 10-K.
| Segment | What it sells | Revenue, FY ended Jan 2026 |
|---|---|---|
| ISG (Infrastructure Solutions Group) | Servers, storage and networking, including AI-optimized servers | US$60.8 bn (+40%) |
| CSG (Client Solutions Group) | PCs and peripherals | US$51.0 bn (+5%) |
AI-optimized server revenue went from US$1.9 billion in the year ended February 2024 to US$9.3 billion and then US$24.7 billion, roughly thirteen-fold in two years. The weight of the business has moved from the PCs it started with to servers, and ISG now outsells CSG. The 10-K also notes the cost: a richer mix of AI servers lowers the gross margin rate, and financing receivables, the credit Dell extends to customers, rose to US$14.3 billion from US$11.2 billion. On the PC side, Dell was among the makers of the first Copilot+ PCs in 2024.
Key events
- 1984: founded by Michael Dell.
- 2001: calls itself the world's largest direct computer systems company.
- July 2004: Michael Dell steps down as CEO (returns January 2007).
- 29 October 2013: taken private.
- 7 September 2016: EMC acquisition completed.
- 28 December 2018: after the Class V transaction, trading resumes on the New York Stock Exchange.
- March 2024: agreement to resell VMware products ended.
Financials
Fiscal year ended 30 January 2026, per the 10-K.
- Revenue: US$113.5 bn (+19%)
- of which AI-optimized servers: US$24.7 bn (+166%)
- Net income attributable to Dell Technologies: US$5.9 bn (prior year US$4.6 bn)
- Cash from operating activities: US$11.2 bn
- Employees: about 97,000
Questions this page answers
- What was Dell's direct model?
- Selling PCs straight to customers instead of through dealers. Dell's 2001 annual report said that selling directly let it understand customers' needs and avoid dealer mark-ups, channel inventory costs and the risk of obsolescence. By the fiscal year ended February 2019, though, resellers and other non-direct channels contributed over 50% of its revenue.
- How did Dell go private and come back to the market?
- On 29 October 2013 public shareholders were bought out at US$13.75 a share in cash, leaving the company owned by Michael Dell and his family trust, funds affiliated with Silver Lake and others. As part of the price for EMC in 2016 it issued Class V shares tracking VMware; on 28 December 2018 it exchanged those for cash and new Class C shares, which began regular-way trading on the New York Stock Exchange.
- How big is Dell's AI server business?
- AI-optimized server revenue was US$24.7 billion in the fiscal year ended January 2026, up 166%, from US$9.3 billion the year before and US$1.9 billion the year before that. It lifted ISG revenue 40% to US$60.8 billion, ahead of the US$51.0 billion from CSG, the PC business.
Sources
FY2026 revenue, segment revenue, AI-optimized server revenue and net income; headcount; Michael Dell's tenure as CEO; the end of the VMware resale relationship
PrimaryDell Technologies Inc., Annual Report on Form 10-K for the fiscal year ended February 1, 2019 — SEC
Incorporation as Denali Holding and the 29 October 2013 going-private transaction, the 7 September 2016 EMC merger and its consideration, the 28 December 2018 Class V transaction and NYSE trading, and other channels contributing over 50% of revenue
Michael Dell's founding of the company in 1984, the rationale and advantages of the direct model, FY2001 revenue of US$31.9 billion, and its self-description as the world's largest direct computer systems company
PrimaryDell Inc., Current Report on Form 8-K, October 29, 2013 — SEC
Completion of the merger, the US$13.75 cash consideration per share, the new owners, and delisting from NASDAQ
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