HP and Lenovo: The Larger PC MakersThin moat

Dell Technologies (DELL) — moat facet

Dell ships fewer PCs than Lenovo or HP and holds its ground only where business buyers value its sales force and support.

In PCs Dell competes with two companies that ship more machines than it does. IDC's figures for the second calendar quarter of 2026 put Lenovo at 24.4% of worldwide shipments, HP at 19.1%, Dell at 13.6% and Apple at 9.9%1. Dell shipped 9.3 million units, down 5%, in a market that fell 4.9% to 68.2 million2.

Worldwide PC shipment share, calendar Q2 2026 (%)Lenovo24.4%HP19.1%Dell13.6%Apple9.9%IDC via MacTrast
A solid third.

This is a contest of scale in a commodity-like market, and Dell is not the largest. A larger rival spreads design and marketing costs over more units and has more buying power with component makers. That shows in Dell's consumer line, which fell from $15,888 million in fiscal 2022 to $6,922 million in fiscal 202634.

Dell holds its own in commercial PCs, where the buyer is a company, the sale comes with support contracts and the direct sales force counts. Commercial revenue rose 8% in fiscal 20265.

The market values say something about the two businesses. HP Inc., essentially a PC and printer company, was worth $28.98 billion on 25 September 20266. Dell's valuation, more than twelve times as large, is overwhelmingly a bet on its servers.

Lenovo is the only company that appears in both of IDC's rival tables used in this app, first in PCs with 24.4%7 and fourth in servers with 4.6%8. It competes with Dell across more of its business than any other single company in those tables.

In PCs Dell is a solid third, not a leader. Its share of shipments, 13.6% in the latest quarter9, says where it stands; a drift below 13% while Lenovo and HP hold theirs would mean Dell is losing even the commercial ground its sales force protects.

Moat trajectory: Holding steady

13.6% share, units -5% in a market -4.9%.

The number that tests this moat
Third-party estimate
Dell share of PC shipments (IDC)
13.6% (calendar Q2 2026)

Dell's PC position; a drift below 13% would mean it is losing commercial ground too.

Source: IDC PC shipments Q2 2026 (MacTrast) ↗
References
  1. Third-party estimateIDC's figures for the second calendar quarter of 2026 put Lenovo at 24.4% of worldwide shipments, HP at 19.1%, Dell at 13.6% and Apple at 9.9%.
    IDC worldwide PC shipments, calendar Q2 2026, reported by MacTrast - Lenovo 24.4%, HP 19.1%, Dell 13.6% (9.3 million units, down 5%), Apple 9.9%; market 68.2 million units, down 4.9%. — Q2 2026 · publ. July 2026 · source ↗
  2. Third-party estimateDell shipped 9.3 million units, down 5%, in a market that fell 4.9% to 68.2 million.
    IDC worldwide PC shipments, calendar Q2 2026, reported by MacTrast - Lenovo 24.4%, HP 19.1%, Dell 13.6% (9.3 million units, down 5%), Apple 9.9%; market 68.2 million units, down 4.9%. — Q2 2026 · publ. July 2026 · source ↗
  3. ReportedThat shows in Dell's consumer line, which fell from $15,888 million in fiscal 2022 to $6,922 million in fiscal 2026.
    Dell Technologies Form 10-K for fiscal 2024 - segment revenue and operating income for fiscal 2022-2024, headcount, and the VMware spin-off and Boomi sale. — FY2024 · publ. March 2024 · source ↗
  4. ReportedThat shows in Dell's consumer line, which fell from $15,888 million in fiscal 2022 to $6,922 million in fiscal 2026.
    Dell Technologies Form 10-K for fiscal 2026 (year ended 30 January 2026) - Item 7 MD&A and segment note: ISG and CSG revenue, operating income and drivers. — FY2026 · publ. March 2026 · source ↗
  5. ReportedCommercial revenue rose 8% in fiscal 2026.
    Dell Technologies Form 10-K for fiscal 2026 (year ended 30 January 2026) - Item 1 business: history, customers, employees, channels and management. — FY2026 · publ. March 2026 · source ↗
  6. ReportedHP Inc., essentially a PC and printer company, was worth $28.98 billion on 25 September 2026.
    Dell Technologies market capitalisation history - $357.89 billion on 25 September 2026, up from $32.64 billion at the relisting; market values of HP Inc. ($28.98B) and Super Micro Computer ($27.24B). — 2018-2026 · publ. September 2026 · source ↗
  7. Third-party estimateLenovo is the only company that appears in both of IDC's rival tables used in this app, first in PCs with 24.4% and fourth in servers with 4.6%.
    IDC worldwide PC shipments, calendar Q2 2026, reported by MacTrast - Lenovo 24.4%, HP 19.1%, Dell 13.6% (9.3 million units, down 5%), Apple 9.9%; market 68.2 million units, down 4.9%. — Q2 2026 · publ. July 2026 · source ↗
  8. Third-party estimateLenovo is the only company that appears in both of IDC's rival tables used in this app, first in PCs with 24.4% and fourth in servers with 4.6%.
    IDC worldwide server market, calendar Q1 2026, reported by Electronics Weekly - Dell first with 16.5% revenue share and 244.1% growth; Supermicro 7.6%, Lenovo 4.6%, HPE 3.0%; ODM direct share down from 64.1% to 50.2%. — Q1 2026 · publ. June 2026 · source ↗
  9. Third-party estimateIts share of shipments, 13.6% in the latest quarter, says where it stands; a drift below 13% while Lenovo and HP hold theirs would mean Dell is losing even the commercial ground its sales force protects.
    IDC worldwide PC shipments, calendar Q2 2026, reported by MacTrast - Lenovo 24.4%, HP 19.1%, Dell 13.6% (9.3 million units, down 5%), Apple 9.9%; market 68.2 million units, down 4.9%. — Q2 2026 · publ. July 2026 · source ↗
Sources
Generated September 26, 2026