Dell Technologies
28 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
U.S. federal, state, and local governments
earns fromnamed as a riskOur contracts with U.S. federal, state, and local governments and with foreign governments represent a significant source of business and are subject to future funding that may affect the extension or termination of programs and to the right of such governments to terminate contracts for convenience or non-appropriation.Risk factors (Item 1A)
AI customers and cloud service providers
concentrated innamed as a riskWhile we expect the buyer base for our AI solutions to continue to expand, to date our AI solutions have been purchased primarily by a small number of larger customers and cloud service providers.Risk factors (Item 1A)
Suppliers
Contract manufacturers
depends onnamed as a riskA significant concentration of such outsourced manufacturing is performed by only a few contract manufacturers, often in single locations.Risk factors (Item 1A)
Also named by AIOT, COHR, CSCO, GNRC, GOOG, HROW, KEYS, LITE and 6 more
Single-source and limited-source suppliers
depends onnamed as a riskA delay in the supply of a critical single- or limited-source product or component may prevent the timely shipment of the related product in desired quantities or configurations.Risk factors (Item 1A)
Partners and platforms
Channel partners (resellers, system integrators, distributors, retailers)
earns from · approximately 40% of our net revenuenamed as a riskDuring Fiscal 2026, our other sales channels generated approximately 40% of our net revenue.Business (Item 1)
VMware
depends onWe continue to integrate and embed certain VMware products and services with our VxRail solution for end-user customers.Business (Item 1)
Other companies
Dell Financial Services (DFS)
insures or lends to · $14.3 billion global portfolio of financing receivablesnamed as a riskDFS funded $11.9 billion of originations in Fiscal 2026 and as of January 30, 2026 maintains a $14.3 billion global portfolio of financing receivables with a strong credit quality.Business (Item 1)
Silver Lake Partners
approximately 91.7% of the total voting powernamed as a riskBecause of these disparate voting rights, Michael Dell and the Susan Lieberman Dell Separate Property Trust (the “MD stockholders”) and certain investment funds affiliated with Silver Lake Partners (the “SLP stockholders”) collectively held common stock representing approximately 91.7% of the total voting power of our outstanding common stock as of March 9, 2026.Risk factors (Item 1A)
DFS securitization borrowings
exposed to its price · $3.0 billionnamed as a riskAs of January 30, 2026, borrowings exposed to interest rate fluctuations were $3.0 billion relative to total borrowings of $31.5 billion, and accrued interest at an annual rate between 2.96% and 4.82%.Market risk (Item 7A)
Strategic investments in non-marketable securities
exposed to its price · $1.6 billionnamed as a riskAs of January 30, 2026 and January 31, 2025, we held strategic investments in non-marketable securities of $1.6 billion and $1.5 billion, respectively.Market risk (Item 7A)
Michael S. Dell
depends onnamed as a riskWe are highly dependent on the services of Michael S. Dell, our founder, Chief Executive Officer, and largest stockholder.Risk factors (Item 1A)
Personal computer market
earns fromnamed as a riskCSG faces risks and uncertainties from fundamental changes in the personal computer market, including a decline in worldwide revenues for notebooks, desktops, and workstations, and lower shipment forecasts for these products due to a general lengthening of the replacement cycle.Risk factors (Item 1A)
Competitors
Infrastructure-as-a-Service providers
competes withnamed as a riskWe also face competition from non-traditional IT companies, including large Infrastructure-as-a-Service providers, that often buy their infrastructure directly from original design manufacturers.Business (Item 1)
Places
Non-U.S. markets
earns from · approximately 45% of our consolidated net revenuenamed as a riskSales outside the United States accounted for approximately 45% of our consolidated net revenue for Fiscal 2026.Risk factors (Item 1A)
Also named by ABT, DOV, IBM, ITW, LRCX, MA, MDLZ, PH and 4 more
Americas
concentrated in · Approximately 65% of ISG revenueApproximately 65% of ISG revenue is generated by sales to customers in the Americas, with the remaining portion derived from sales to customers in the Europe, Middle East, and Africa region (“EMEA”) and the Asia-Pacific and Japan region (“APJ”).Business (Item 1)
Also named by BLK, CYRX, EMR, FDS, FICO, GGG, GS, HLIO and 6 more
Americas
concentrated in · Approximately 60% of CSG revenueApproximately 60% of CSG revenue is generated by sales to customers in the Americas, with the remaining portion derived from sales to customers in EMEA and APJ.Business (Item 1)
Also named by BLK, CYRX, EMR, FDS, FICO, GGG, GS, HLIO and 6 more
Hazards
Iran conflict
named as a riskFactors contributing to weak or unstable global or regional economic conditions, including those attributable to geopolitical volatility associated with terrorism, military conflicts (including the Iran conflict), and other events, extreme weather (such as wildfires or flooding), international trade protection measures and disputes, or public health issues, also could harm our business by contributing to product shortages or delays, supply chain disruptions, insolvency of key suppliers, customers and counterparties, increased product costs and associated price increases, reduced global sales, and other adverse effects on our operations.Risk factors (Item 1A)
Commodities and inputs
Euro
exposed to its pricenamed as a riskDuring Fiscal 2026, the principal foreign currencies in which Dell Technologies transacted business were the Euro, Indian Rupee, Japanese Yen, British Pound, Canadian Dollar, and Australian Dollar.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Regulators
U.S. Department of Commerce
subject toSuch regulation includes the activities of the U.S. Federal Communications Commission; the anti-trust regulatory activities of the U.S. Federal Trade Commission, the U.S. Department of Justice, and the European Union; the consumer protection laws and financial services regulation of the U.S. Federal Trade Commission and various U.S. governmental agencies; the export regulatory activities of the U.S. Department of Commerce and the U.S. Department of the Treasury; the import regulatory activities of the U.S. Customs and Border Protection; the product safety regulatory activities of the U.S. Consumer Product Safety Commission and the U.S. Department of Transportation; the health information privacy and security requirements of the U.S. Department of Health and Human Services; and the environmental, employment and labor, and other regulatory activities of a variety of governmental authorities in each of the countries in which we conduct business.Business (Item 1)
Also named by AIR, ALAB, AMKR, AXON, DLTR, ENTG, FSLR, INTC and 9 more
Laws and programs
U.S. Foreign Corrupt Practices Act
subject tonamed as a riskViolations of the U.S. Foreign Corrupt Practices Act or other anti-corruption laws or export control, customs, trade, or economic sanctions laws may result in severe criminal or civil sanctions and penalties, and we and our subsidiaries may be subject to other liabilities that could have a material adverse effect on our business, results of operations, and financial condition.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
OECD Pillar Two global minimum tax
subject tonamed as a riskMany countries, including countries in which we have tax holidays, have enacted or are in the process of enacting laws based on the Pillar Two proposal.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
Tariffs and trade restrictions
subject tonamed as a riskTrade policies and disputes could result in increased tariffs and other trade restrictions and protectionist measures, which could increase our manufacturing costs, increase prices of and reduce demand for our products, limit our ability to sell to certain customers, hamper our procurement of components or raw materials, or impede or slow the movement of our goods across borders.Risk factors (Item 1A)
Dodd-Frank Act conflict minerals provisions
subject tonamed as a riskWe incur costs to comply with the disclosure requirements of this law and other costs relating to the sourcing and availability of minerals used in our products.Business (Item 1)
Also named by RS
EU Forced Labor Regulation
subject tonamed as a riskWe are subject to various human rights laws, including provisions of the EU Forced Labor Regulations, U.S. Uniform Forced Labor Protection Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act intended to improve transparency and accountability concerning the supply of minerals originating from the conflict zones of the Democratic Republic of the Congo or adjoining countries.Risk factors (Item 1A)
European copyright levies
subject tonamed as a riskIn addition, our operating costs could increase because of copyright levies or similar fees by rights holders and collection agencies in European and other countries.Risk factors (Item 1A)