Dell Technologies Inc. (NYSE:DELL)

The analysis of annual revenue data reveals several notable trends and shifts across various business segments over the examined periods.

Servers and Networking

This segment experienced fluctuations over the years, with revenues decreasing from 17,127 million USD in early 2020 to 16,497 million USD in 2021, followed by an increase to 20,398 million USD by early 2023. However, a decline occurred in 2024, dropping to 17,624 million USD, before a substantial recovery to 27,136 million USD in 2025. This pattern suggests cyclical demand and potential market volatility in this segment.

Storage

The storage segment showed a general declining trend from 16,842 million USD in 2020 to 16,261 million USD in 2024, with a slight upturn to 16,457 million USD in 2025. Despite minor variations, the overall revenue for this segment remained relatively stable but slightly decreasing, indicating a mature market or increased competition.

Infrastructure Solutions Group (ISG)

ISG revenues mirrored combined trends of its components, starting at 33,969 million USD in 2020, dipping in 2021 to 32,588 million USD, then ascending steadily to 38,356 million USD in 2023. A decline occurred in 2024, aligning with reduced revenues in servers and storage, followed by a marked increase to 43,593 million USD in 2025, highlighting a strong rebound and growth potential.

Commercial Segment

The commercial segment demonstrated robust growth from 34,277 million USD in 2020 to a peak of 45,576 million USD in 2022. This was followed by a plateau in 2023, a notable drop in 2024 to 39,814 million USD, and a slight recovery to 40,844 million USD in 2025. The fluctuations may be linked to changing corporate IT spending patterns or market conditions.

Consumer Segment

Consumer revenues exhibited a rise from 11,561 million USD in 2020 to 15,888 million USD in 2022, after which a significant decline occurred, dropping to 9,102 million USD in 2024 and further to 7,549 million USD in 2025. The sharp decrease suggests challenges in the consumer market, possibly due to competitive pressures or shifting consumer preferences.

Client Solutions Group (CSG)

The CSG segment showed consistent growth, increasing from 45,838 million USD in 2020 to a peak of 61,464 million USD in 2022. However, it then fell to 48,916 million USD in 2024 and slightly decreased again to 48,393 million USD in 2025, indicating a possible market saturation or competitive difficulties post-2022 peak.

VMware

Revenue data for VMware is available only through 2021, showing growth from 10,905 million USD in 2020 to 11,873 million USD in 2021. Subsequent years lack data, which may reflect business restructuring or reporting changes.

Segment Net Revenue

Overall segment net revenue showed a gradual increase from 90,712 million USD in 2020 to 96,569 million USD in 2023, followed by a decrease to 82,801 million USD in 2024, and recovery to 91,986 million USD in 2025. This indicates general business growth with intermittent setbacks.

Corporate and Other

Corporate and other revenues remained relatively stable until 2021, with a notable increase in 2022 to 5,367 million USD and maintaining similar levels through 2024, before a decline to 3,581 million USD in 2025. The spike followed by a decrease suggests possible one-time gains or changes in corporate-level activities.

Net Revenue

Net revenue showed a consistent upward trend from 92,154 million USD in 2020 to 102,301 million USD in 2023. However, net revenue declined sharply to 88,425 million USD in 2024 before rebounding to 95,567 million USD in 2025, signaling volatility likely driven by segment-specific performance and external factors.