One Customer, 12% of RevenueThin moat

Dell Technologies (DELL) — moat facet

One unnamed buyer took 12% of Dell's revenue in fiscal 2026, about a fifth of its infrastructure segment.

In fiscal 2026 Dell disclosed, for the first time in the years covered here, a customer large enough to name as a share of revenue. One customer accounted for 12% of consolidated net revenue, substantially all of it from infrastructure products; no customer reached 10% in fiscal 2025 or fiscal 20241.

FY2026 net revenue, largest customer against the rest ($M)Largest customer about 13,625 — 12%All other customers about 99,913 — 88%Dell Form 10-K FY2026; 12% share applied to revenue, calculated
About one dollar in eight from one buyer.

Twelve percent of $113,538 million is about $13.6 billion2. Since substantially all of it was infrastructure revenue, that customer alone represented about 22% of ISG's $60,826 million3, and more than half the size of Dell's AI server revenue for the year, $24,683 million4.

Dell does not name the buyer. The only AI customer Dell has named in its results releases is xAI, in February 2025: "The deals we’ve booked with xAI and others puts our AI server backlog at roughly $9 billion as of today"5. That does not identify the 12% customer, and it would be a guess to say it does.

The disclosure changes the character of Dell's customer risk. A PC business with millions of buyers loses little from any one; an AI business where one buyer takes a fifth of segment revenue can lose a great deal from one decision.

The concentration is new because the AI business is new. In fiscal 2024, when AI servers were $1,873 million of revenue6, no customer reached 10%7. Two years later the AI line was $24,683 million and one buyer, substantially all of it infrastructure, took 12%.

The quarterly filing for the second quarter of fiscal 2027 repeats no customer percentage8, so the next data point is the fiscal 2027 annual report. The share of the largest customer, 12% for fiscal 20269, is the number to look for there; a rise with ISG growing 124% in the first half10 would be no surprise, and it would make Dell's growth more fragile.

Moat trajectory: Narrowing

From below 10% to 12% in one year.

The number that tests this moat
Moat Explorer calc
Largest customer revenue, estimated
About $13.6bn (FY2026), about 22% of ISG

Dependence on one AI buyer; a larger share in FY2027 would make growth more fragile.

How it's calculated: 12% of FY2026 net revenue ($113,538M); divided by ISG revenue ($60,826M), since substantially all of it was ISG.
Source: Moat Explorer calculation from Dell filings ↗
References
  1. ReportedOne customer accounted for 12% of consolidated net revenue, substantially all of it from infrastructure products; no customer reached 10% in fiscal 2025 or fiscal 2024.
    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 ↗
  2. Moat Explorer calcTwelve percent of $113,538 million is about $13.6 billion.
    Moat Explorer calculation from Dell Technologies' reported figures ($ millions unless stated; fiscal years labelled by the year they end). Margins FY2026: gross margin 22,707 / 113,538 = 20.0% (FY2024 21,069 / 88,425 = 23.8%; FY2025 21,250 / 95,567 = 22.2%); operating margin 8,149 / 113,538 = 7.2%. Products gross margin 90,405 - 78,057 = 12,348, 12,348 / 90,405 = 13.7%; services gross margin 23,133 - 12,774 = 10,359, 10,359 / 23,133 = 44.8%; services share of revenue 23,133 / 113,538 = 20.4%; services share of gross margin 10,359 / 22,707 = 45.6%. Growth FY2026: revenue 113,538 / 95,567 - 1 = 18.8%; services 23,133 / 24,147 - 1 = -4.2%; ISG revenue 60,826 / 43,593 - 1 = 39.5%; ISG operating income 7,111 / 5,579 - 1 = 27.5%; United States 63,140 / 51,014 - 1 = 23.8%; foreign 50,398 / 44,553 - 1 = 13.1%. Revenue FY2024 to FY2026 113,538 / 88,425 - 1 = 28.4%; employees 97,000 / 120,000 - 1 = -19.2%; revenue per employee 88,425 / 120,000 = 0.74 and 113,538 / 97,000 = 1.17. AI servers: 24,683 / 1,873 = 13.2 times; share of revenue 24,683 / 113,538 = 21.7% (FY2024 1,873 / 88,425 = 2.1%); share of ISG 24,683 / 60,826 = 40.6%; Q2 FY2027 share of ISG 16,401 / 31,782 = 51.6%; first half 16,132 + 16,401 = 32,533, 32,533 / 74,000 = 44.0%; second half needed 74,000 - 32,533 = 41,467, about 20,700 a quarter; FY2027 guidance share 74.0 / 192.0 = 38.5%; FY2027 guidance 74.0 / 24.683 = 3.0 times. Orders: Q4 FY2026 AI orders about 64 - 30 = 34 billion; Q2 FY2027 orders to revenue 60.9 / 16.4 = 3.7. ISG share of segment operating income: FY2024 4,286 / 7,998 = 53.6%; FY2026 7,111 / 9,944 = 71.5%. Q2 FY2027 CSG share 1,142 / (4,781 + 1,142) = 19.3%. ISG operating margin: FY2022 3,736 / 34,366 = 10.9%; FY2023 5,045 / 38,356 = 13.2%. CSG operating margin: FY2024 3,712 / 48,916 = 7.6%; Q1 FY2026 653 / 12,509 = 5.2%; Q2 FY2026 803 / 12,503 = 6.4%; Q4 FY2026 629 / 13,494 = 4.7%; Q1 FY2027 1,170 / 14,609 = 8.0%; Q2 FY2027 1,142 / 15,034 = 7.6%. CSG operating income FY2022 to FY2026 2,833 / 4,365 - 1 = -35.1%. Q2 FY2027 client: CSG revenue 15,034 / 12,503 - 1 = 20.2%; CSG operating income 1,142 / 803 - 1 = 42.2%. Traditional servers and networking first half FY2027 8,543 + 10,531 = 19,074. Servers and networking growth FY2025 27,136 / 17,624 - 1 = 54.0%, FY2026 44,195 / 27,136 - 1 = 62.9%; share of revenue 44,195 / 113,538 = 38.9%; Q2 FY2027 16,401 + 10,531 = 26,932, 26,932 / 46,971 = 57.3%. Line changes FY2022 to FY2026: servers and networking 44,195 / 17,901 - 1 = 146.9%; storage 16,631 / 16,465 - 1 = 1.0%; commercial 44,062 / 45,576 - 1 = -3.3%; consumer 6,922 / 15,888 - 1 = -56.4%. Storage 16,631 / 17,958 - 1 = -7.4%; storage share of revenue 16,631 / 113,538 = 14.6%; storage share of ISG 16,631 / 60,826 = 27.3%. Consumer share of revenue 15,888 / 101,197 = 15.7% (FY2022) and 6,922 / 113,538 = 6.1% (FY2026); consumer against FY2015 6,922 / 10,880 - 1 = -36.4%. Commercial share of revenue 44,062 / 113,538 = 38.8%. Servers and networking plus commercial 44,195 + 44,062 = 88,257, 88,257 / 113,538 = 77.7%. Corporate and other FY2022 101,197 - 17,901 - 16,465 - 45,576 - 15,888 = 5,367; corporate and other change 1,728 / 5,624 - 1 = -69.3%. Geography: United States share 43,986 / 88,425 = 49.7% (FY2024), 51,014 / 95,567 = 53.4% (FY2025), 63,140 / 113,538 = 55.6% (FY2026). Largest customer: 12% x 113,538 = 13,625; 13,625 / 60,826 = 22.4% of ISG; all other customers 113,538 - 13,625 = 99,913. Remaining performance obligations due within twelve months: 132 x 77% = 101.6 billion. Server share: Dell lead over Supermicro 16.5 - 7.6 = 8.9 points in Q1 2026 against 10 - 9.5 = 0.5 points in 2025; Supermicro plus HPE 7.6 + 3.0 = 10.6%. Inventories 21,290 / 10,437 = 2.04 times; payables 49,723 - 33,630 = 16,093; inventory increase 21,290 - 10,437 = 10,853; payables less inventories 49,723 - 21,290 = 28,433; payables less inventories and receivables 49,723 - 21,290 - 22,918 = 5,515. DFS-related debt 20,660 / 14,646 - 1 = 41.1%. Debt: FY2020 7,737 + 44,319 = 52,056; net core debt 13,983 - 11,569 = 2,414; net debt 31,503 - 11,528 = 19,975 (January 2026) and 34,466 - 11,569 = 22,897 (July 2026); interest paid 1,354 / 8,149 = 16.6%. Goodwill and intangibles 19,547 + 4,533 = 24,080, 24,080 / 101,286 = 23.8%; other assets 101,286 - 24,080 = 77,206. Capital returns: buybacks first half FY2027 5.4 billion / 20 million shares = about $270 a share; dividends paid 1,459 / 5,936 = 24.6% of net income; annual dividend 0.37 x 4 = 1.48, 0.445 x 4 = 1.78, 0.525 x 4 = 2.10, 0.63 x 4 = 2.52, 2.52 / 1.48 - 1 = 70%; Q2 FY2027 buybacks and dividends 3,796 + 405 = 4,201. Guidance: FY2027 revenue 192.0 / 113.538 - 1 = 69%; non-AI revenue 192.0 - 74.0 = 118.0 against 113,538 - 24,683 = 88,855, 118.0 / 88.855 - 1 = 32.8%; implied second half 192.0 - 90.8 = 101.2 billion; implied fourth quarter 101.2 - 49.0 = 52.2 billion; implied second-half GAAP EPS 24.37 - 11.58 = 12.79; guidance raised 192 - 140 = 52 billion. Voting at 1 September 2026: Class A 276,744,341 / 635,812,750 = 43.5% of shares; votes 276.7 million x 10 = 2,767 million, Class B 43.6 million x 10 = 436 million, Class C 315.4 million; total 3,519 million; Class A 2,767 / 3,519 = 78.6%, Class B 436 / 3,519 = 12.4%, Class C 315 / 3,519 = 9.0%. Valuation: trailing revenue 113,538 - 53,154 + 90,813 = 151,197; trailing net income 5,936 - 2,129 + 7,571 = 11,378; P/E 357.89 / 11.378 = 31.5; P/S 357.89 / 151.2 = 2.37; year-end market value over the next fiscal year: 37.89 / 4.616 = 8.2, 54.95 / 3.250 = 16.9, 42.90 / 5.563 = 7.7, 28.80 / 2.442 = 11.8, 54.43 / 3.388 = 16.1, 82.18 / 4.592 = 17.9, 86.61 / 5.936 = 14.6. Q2 FY2027 cash from operations 2,225 / 4,133 = 54%. Further: ISG operating income 7,111 / 4,286 - 1 = 65.9%; Q2 FY2026 AI orders about 30 - 12.1 - 12.3 = 5.6 billion; operating income 8,149 / 2,622 = 3.1 times (FY2020 to FY2026); NVIDIA Data Center revenue against Dell ISG revenue 89.0 / 31.782 = 2.8 times; buybacks 2,080 + 2,588 + 6,014 = 10,682; ISG revenue 60,826 / 14,714 = 4.1 times (FY2015 to FY2026); IEIT, Lenovo and HPE 2025 server shares 4.1 + 4.0 + 3.1 = 11.2%; Commercial share of client revenue 45,576 / 61,464 = 74.2% (FY2022), 39,814 / 48,916 = 81.4% (FY2024); consumer share of revenue 9,102 / 88,425 = 10.3% (FY2024); Dell server growth against the market 244.1 / 80.4 = 3.0 times. Services share of Q2 FY2027 revenue 5,859 / 46,971 = 12.5%; commercial share of client revenue 44,062 / 50,984 = 86.4%; client revenue growth FY2026 50,984 / 48,393 - 1 = 5.4%; consumer Q1 FY2027 1,589 / 1,463 - 1 = 8.6%; CSG first half FY2027 2,312 / 29,643 = 7.8%; annual dividend cost 0.63 x 4 x 635.8 million = about 1,602; remaining performance obligations 132 / 38 = 3.5 times; EPS guidance 24.37 / 11.52 = 2.1 times; AI backlog against second-half AI revenue needed 95 / 41.5 = 2.3 times; commercial first half FY2027 13,020 + 13,192 = 26,212, 26,212 / 44,062 = 59.5%; storage share of ISG 16,261 / 33,885 = 48.0% (FY2024) and 4,850 / 31,782 = 15.3% (Q2 FY2027); consumer share of Q2 FY2027 revenue 1,842 / 46,971 = 3.9%; AI orders less AI revenue in Q2 FY2027 60.9 - 16.4 = 44.5 billion; consumer share of client revenue 10,880 / 39,634 = 27.5% (FY2015) and 6,922 / 50,984 = 13.6% (FY2026) - segment margins and growth rates. — FY2015-FY2027 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Dell Technologies' Forms 10-K and 10-Q, results releases, IDC data and market data; operands shown in the source line.
  3. Moat Explorer calcSince substantially all of it was infrastructure revenue, that customer alone represented about 22% of ISG's $60,826 million, and more than half the size of Dell's AI server revenue for the year, $24,683 million.
    Moat Explorer calculation from Dell Technologies' reported figures ($ millions unless stated; fiscal years labelled by the year they end). Margins FY2026: gross margin 22,707 / 113,538 = 20.0% (FY2024 21,069 / 88,425 = 23.8%; FY2025 21,250 / 95,567 = 22.2%); operating margin 8,149 / 113,538 = 7.2%. Products gross margin 90,405 - 78,057 = 12,348, 12,348 / 90,405 = 13.7%; services gross margin 23,133 - 12,774 = 10,359, 10,359 / 23,133 = 44.8%; services share of revenue 23,133 / 113,538 = 20.4%; services share of gross margin 10,359 / 22,707 = 45.6%. Growth FY2026: revenue 113,538 / 95,567 - 1 = 18.8%; services 23,133 / 24,147 - 1 = -4.2%; ISG revenue 60,826 / 43,593 - 1 = 39.5%; ISG operating income 7,111 / 5,579 - 1 = 27.5%; United States 63,140 / 51,014 - 1 = 23.8%; foreign 50,398 / 44,553 - 1 = 13.1%. Revenue FY2024 to FY2026 113,538 / 88,425 - 1 = 28.4%; employees 97,000 / 120,000 - 1 = -19.2%; revenue per employee 88,425 / 120,000 = 0.74 and 113,538 / 97,000 = 1.17. AI servers: 24,683 / 1,873 = 13.2 times; share of revenue 24,683 / 113,538 = 21.7% (FY2024 1,873 / 88,425 = 2.1%); share of ISG 24,683 / 60,826 = 40.6%; Q2 FY2027 share of ISG 16,401 / 31,782 = 51.6%; first half 16,132 + 16,401 = 32,533, 32,533 / 74,000 = 44.0%; second half needed 74,000 - 32,533 = 41,467, about 20,700 a quarter; FY2027 guidance share 74.0 / 192.0 = 38.5%; FY2027 guidance 74.0 / 24.683 = 3.0 times. Orders: Q4 FY2026 AI orders about 64 - 30 = 34 billion; Q2 FY2027 orders to revenue 60.9 / 16.4 = 3.7. ISG share of segment operating income: FY2024 4,286 / 7,998 = 53.6%; FY2026 7,111 / 9,944 = 71.5%. Q2 FY2027 CSG share 1,142 / (4,781 + 1,142) = 19.3%. ISG operating margin: FY2022 3,736 / 34,366 = 10.9%; FY2023 5,045 / 38,356 = 13.2%. CSG operating margin: FY2024 3,712 / 48,916 = 7.6%; Q1 FY2026 653 / 12,509 = 5.2%; Q2 FY2026 803 / 12,503 = 6.4%; Q4 FY2026 629 / 13,494 = 4.7%; Q1 FY2027 1,170 / 14,609 = 8.0%; Q2 FY2027 1,142 / 15,034 = 7.6%. CSG operating income FY2022 to FY2026 2,833 / 4,365 - 1 = -35.1%. Q2 FY2027 client: CSG revenue 15,034 / 12,503 - 1 = 20.2%; CSG operating income 1,142 / 803 - 1 = 42.2%. Traditional servers and networking first half FY2027 8,543 + 10,531 = 19,074. Servers and networking growth FY2025 27,136 / 17,624 - 1 = 54.0%, FY2026 44,195 / 27,136 - 1 = 62.9%; share of revenue 44,195 / 113,538 = 38.9%; Q2 FY2027 16,401 + 10,531 = 26,932, 26,932 / 46,971 = 57.3%. Line changes FY2022 to FY2026: servers and networking 44,195 / 17,901 - 1 = 146.9%; storage 16,631 / 16,465 - 1 = 1.0%; commercial 44,062 / 45,576 - 1 = -3.3%; consumer 6,922 / 15,888 - 1 = -56.4%. Storage 16,631 / 17,958 - 1 = -7.4%; storage share of revenue 16,631 / 113,538 = 14.6%; storage share of ISG 16,631 / 60,826 = 27.3%. Consumer share of revenue 15,888 / 101,197 = 15.7% (FY2022) and 6,922 / 113,538 = 6.1% (FY2026); consumer against FY2015 6,922 / 10,880 - 1 = -36.4%. Commercial share of revenue 44,062 / 113,538 = 38.8%. Servers and networking plus commercial 44,195 + 44,062 = 88,257, 88,257 / 113,538 = 77.7%. Corporate and other FY2022 101,197 - 17,901 - 16,465 - 45,576 - 15,888 = 5,367; corporate and other change 1,728 / 5,624 - 1 = -69.3%. Geography: United States share 43,986 / 88,425 = 49.7% (FY2024), 51,014 / 95,567 = 53.4% (FY2025), 63,140 / 113,538 = 55.6% (FY2026). Largest customer: 12% x 113,538 = 13,625; 13,625 / 60,826 = 22.4% of ISG; all other customers 113,538 - 13,625 = 99,913. Remaining performance obligations due within twelve months: 132 x 77% = 101.6 billion. Server share: Dell lead over Supermicro 16.5 - 7.6 = 8.9 points in Q1 2026 against 10 - 9.5 = 0.5 points in 2025; Supermicro plus HPE 7.6 + 3.0 = 10.6%. Inventories 21,290 / 10,437 = 2.04 times; payables 49,723 - 33,630 = 16,093; inventory increase 21,290 - 10,437 = 10,853; payables less inventories 49,723 - 21,290 = 28,433; payables less inventories and receivables 49,723 - 21,290 - 22,918 = 5,515. DFS-related debt 20,660 / 14,646 - 1 = 41.1%. Debt: FY2020 7,737 + 44,319 = 52,056; net core debt 13,983 - 11,569 = 2,414; net debt 31,503 - 11,528 = 19,975 (January 2026) and 34,466 - 11,569 = 22,897 (July 2026); interest paid 1,354 / 8,149 = 16.6%. Goodwill and intangibles 19,547 + 4,533 = 24,080, 24,080 / 101,286 = 23.8%; other assets 101,286 - 24,080 = 77,206. Capital returns: buybacks first half FY2027 5.4 billion / 20 million shares = about $270 a share; dividends paid 1,459 / 5,936 = 24.6% of net income; annual dividend 0.37 x 4 = 1.48, 0.445 x 4 = 1.78, 0.525 x 4 = 2.10, 0.63 x 4 = 2.52, 2.52 / 1.48 - 1 = 70%; Q2 FY2027 buybacks and dividends 3,796 + 405 = 4,201. Guidance: FY2027 revenue 192.0 / 113.538 - 1 = 69%; non-AI revenue 192.0 - 74.0 = 118.0 against 113,538 - 24,683 = 88,855, 118.0 / 88.855 - 1 = 32.8%; implied second half 192.0 - 90.8 = 101.2 billion; implied fourth quarter 101.2 - 49.0 = 52.2 billion; implied second-half GAAP EPS 24.37 - 11.58 = 12.79; guidance raised 192 - 140 = 52 billion. Voting at 1 September 2026: Class A 276,744,341 / 635,812,750 = 43.5% of shares; votes 276.7 million x 10 = 2,767 million, Class B 43.6 million x 10 = 436 million, Class C 315.4 million; total 3,519 million; Class A 2,767 / 3,519 = 78.6%, Class B 436 / 3,519 = 12.4%, Class C 315 / 3,519 = 9.0%. Valuation: trailing revenue 113,538 - 53,154 + 90,813 = 151,197; trailing net income 5,936 - 2,129 + 7,571 = 11,378; P/E 357.89 / 11.378 = 31.5; P/S 357.89 / 151.2 = 2.37; year-end market value over the next fiscal year: 37.89 / 4.616 = 8.2, 54.95 / 3.250 = 16.9, 42.90 / 5.563 = 7.7, 28.80 / 2.442 = 11.8, 54.43 / 3.388 = 16.1, 82.18 / 4.592 = 17.9, 86.61 / 5.936 = 14.6. Q2 FY2027 cash from operations 2,225 / 4,133 = 54%. Further: ISG operating income 7,111 / 4,286 - 1 = 65.9%; Q2 FY2026 AI orders about 30 - 12.1 - 12.3 = 5.6 billion; operating income 8,149 / 2,622 = 3.1 times (FY2020 to FY2026); NVIDIA Data Center revenue against Dell ISG revenue 89.0 / 31.782 = 2.8 times; buybacks 2,080 + 2,588 + 6,014 = 10,682; ISG revenue 60,826 / 14,714 = 4.1 times (FY2015 to FY2026); IEIT, Lenovo and HPE 2025 server shares 4.1 + 4.0 + 3.1 = 11.2%; Commercial share of client revenue 45,576 / 61,464 = 74.2% (FY2022), 39,814 / 48,916 = 81.4% (FY2024); consumer share of revenue 9,102 / 88,425 = 10.3% (FY2024); Dell server growth against the market 244.1 / 80.4 = 3.0 times. Services share of Q2 FY2027 revenue 5,859 / 46,971 = 12.5%; commercial share of client revenue 44,062 / 50,984 = 86.4%; client revenue growth FY2026 50,984 / 48,393 - 1 = 5.4%; consumer Q1 FY2027 1,589 / 1,463 - 1 = 8.6%; CSG first half FY2027 2,312 / 29,643 = 7.8%; annual dividend cost 0.63 x 4 x 635.8 million = about 1,602; remaining performance obligations 132 / 38 = 3.5 times; EPS guidance 24.37 / 11.52 = 2.1 times; AI backlog against second-half AI revenue needed 95 / 41.5 = 2.3 times; commercial first half FY2027 13,020 + 13,192 = 26,212, 26,212 / 44,062 = 59.5%; storage share of ISG 16,261 / 33,885 = 48.0% (FY2024) and 4,850 / 31,782 = 15.3% (Q2 FY2027); consumer share of Q2 FY2027 revenue 1,842 / 46,971 = 3.9%; AI orders less AI revenue in Q2 FY2027 60.9 - 16.4 = 44.5 billion; consumer share of client revenue 10,880 / 39,634 = 27.5% (FY2015) and 6,922 / 50,984 = 13.6% (FY2026) - revenue mix, concentration, geography and market share. — FY2015-FY2027 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Dell Technologies' Forms 10-K and 10-Q, results releases, IDC data and market data; operands shown in the source line.
  4. ReportedSince substantially all of it was infrastructure revenue, that customer alone represented about 22% of ISG's $60,826 million, and more than half the size of Dell's AI server revenue for the year, $24,683 million.
    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. ReportedThe only AI customer Dell has named in its results releases is xAI, in February 2025: "The deals we’ve booked with xAI and others puts our AI server backlog at roughly $9 billion as of today".
    Dell Technologies fourth-quarter and full-year fiscal 2025 results release, Form 8-K exhibit 99.1. — FY2025 · publ. 27 February 2025 · source ↗
  6. ReportedIn fiscal 2024, when AI servers were $1,873 million of revenue, no customer reached 10%.
    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 ↗
  7. ReportedIn fiscal 2024, when AI servers were $1,873 million of revenue, no customer reached 10%.
    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 ↗
  8. ReportedThe quarterly filing for the second quarter of fiscal 2027 repeats no customer percentage, so the next data point is the fiscal 2027 annual report.
    Dell Technologies Form 10-Q for the quarter ended 31 July 2026 - remaining performance obligations, debt, deferred revenue, purchase obligations, share counts and risk disclosures. — Q2 FY2027 · publ. 8 September 2026 · source ↗
  9. ReportedThe share of the largest customer, 12% for fiscal 2026, is the number to look for there; a rise with ISG growing 124% in the first half would be no surprise, and it would make Dell's growth more fragile.
    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 ↗
  10. ReportedThe share of the largest customer, 12% for fiscal 2026, is the number to look for there; a rise with ISG growing 124% in the first half would be no surprise, and it would make Dell's growth more fragile.
    Dell Technologies second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - segment results, AI orders and backlog, and full-year guidance - ISG and CSG segment revenue and operating income. — Q2 FY2027 · publ. 1 September 2026 · source ↗
Sources
Generated September 26, 2026