Dell Technologies Inc. (DELL): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out how Dell Technologies Inc. actually makes its money now, especially after that massive pivot from just selling PCs. Honestly, the engine driving their $95.6 billion in FY2025 revenue isn't just client devices anymore; it's the aggressive push into enterprise AI infrastructure, which you can see clearly when you break down their Business Model Canvas. We're talking about a company that managed $6.2 billion in operating income by balancing direct sales with a huge channel network and betting big on services like Dell APEX. Dig into the nine blocks below to see exactly how this hardware giant is retooling for the AI decade; it's a masterclass in strategic adaptation, and you'll want to see the details.

Dell Technologies Inc. (DELL) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Dell Technologies Inc. running and growing, especially in the AI era. These aren't just vendor agreements; they are deep integrations that define product capability and market reach. Here's the breakdown of the key partnerships as of late 2025.

AI Infrastructure Co-Engineering

The collaboration with NVIDIA is central to Dell Technologies Inc.'s high-end server and AI strategy. This partnership is about delivering pre-integrated, high-density AI compute power.

• The Dell AI Factory with NVIDIA platform is being enhanced to speed enterprise AI deployment.
• Integration of Dell storage solutions, ObjectScale and PowerScale, with NVIDIA's Dynamo technology enables a 19 times faster response time compared to standard vLLM.
• Dell is expanding its PowerEdge server lineup with the XE8712, which the company claims will deliver the industry's highest GPU density, supporting up to 144 NVIDIA Blackwell GPUs per Dell IR7000 rack.
• Dell is broadening its Enterprise SONiC Distribution to support NVIDIA Spectrum-X platforms, adding to existing support for NVIDIA's Cumulus OS.

Global Channel Reach

The channel ecosystem is massive, acting as a primary engine for sales across the globe. This network is critical for market penetration, especially as Dell focuses on the AI PC refresh cycle.

According to Dell Technologies Inc. announcements regarding the 2025 Partner Program, the partner ecosystem contributes approximately 50 percent of the company's net revenue.

Processor Supply Alliances

Dell Technologies Inc. is actively diversifying its processor supply base, moving beyond singular reliance to capture performance advantages across different product tiers. This involves deep collaboration with both established and emerging chip designers.

• Dell is reducing reliance on Intel CPUs by embracing processors from AMD and Qualcomm for PC and server products.
• New Dell Pro devices are powered by AMD Ryzen AI PRO processors, marking a significant milestone in that strategic collaboration.
• At CES 2025, Dell decided to incorporate new AMD processors into some of its commercial computers, a move that affects high-margin sectors.

Hybrid Cloud Integration

Integration with major public cloud players is essential for Dell Technologies Inc.'s hybrid and multi-cloud strategy, often centered around its APEX as-a-service solutions.

The partnership with Microsoft continues to be a cornerstone for hybrid cloud management, with recent advancements announced at Microsoft Ignite 2025:

• Expanded support for Azure Local with Dell Private Cloud and Dell PowerStore, simplifying hybrid and multicloud management through automated lifecycle management.
• Dell PowerScale for Azure simplifies storage for data-intensive workloads across on-premises and cloud environments.
• Dell's AI PC portfolio is optimized for Windows 11 and Microsoft 365 integration.

The relationship with Google focuses on bringing Google's AI capabilities on-premises:

• Google Gemini is available to deploy on-premises as part of Dell's Google distributed cloud, leveraging Dell PowerEdge XE9680 and XE9780 servers.
• Dell Technologies Cloud OneFS for Google Cloud allows moving workloads up to 50 petabytes between on-premises Dell file storage and Google Cloud.

For AI model deployment, Dell is working with Meta:

• Dell AI Solutions with Llama allow prototyping and building agent-based enterprise AI applications using Meta's Llama Stack distribution and Llama 4 models on Dell infrastructure.

Component Suppliers and Supply Chain

Dell Technologies Inc.'s legendary supply chain efficiency is built on deep, just-in-time relationships with component manufacturers globally. This model minimizes capital tied up in inventory.

Dell operates a build-to-order model, sourcing components just in time for assembly based on customer orders. This approach allows Dell to maintain less than 6 days of inventory, significantly outpacing the competitor average of 6 weeks.

Key component suppliers Dell works with for real-time coordination include:

• Intel (though diversification is occurring)
• Samsung, Toshiba, Sony, and Seagate.

Finance: review the inventory holding cost savings against the increased complexity of managing the multi-sourcing strategy by end of Q1 2026.

Dell Technologies Inc. (DELL) - Canvas Business Model: Key Activities

Manufacturing and assembly of customized hardware

Dell Technologies Inc. operates a build-to-order model, which is central to its manufacturing activity, allowing it to minimize inventory and respond quickly to specific customer demands. This model helps the company capture approximately 15% of the PC vendor market share. The company's logistics capabilities support this by achieving a throughput of tens of millions of units annually through direct shipping. The focus on customized hardware is evident in the Infrastructure Solutions Group (ISG) segment, which saw revenue growth of 22% in the fourth quarter of fiscal 2025.

Research and development (R&D) of AI and hybrid cloud solutions

Investment in innovation is quantified by R&D expenses, which represented 3.2% of net revenue for both Fiscal 2025 and Fiscal 2024. This investment supports the development of AI-centric solutions. Momentum in this area is reflected by the AI server backlog, which stood at roughly $9 billion as of February 27, 2025. The company continues to support R&D initiatives to introduce new and enhanced solutions into the market.

Global supply chain and logistics management

The supply chain relies on a push-pull strategy, aiming for minimal inventory counts to avoid obsolescence, a necessity given the rapid changes in computer technology. A key metric showing the efficiency of product handling is the percentage of product collected, which reached 33.7% in Fiscal 2025. Furthermore, the company reports on its use of sustainable materials in products, totaling 52,029,921 kg in Fiscal 2025, with 17.4% of products made from recycled, renewable or reduced carbon emissions material.

Direct sales and enterprise account management

This activity drives the core financial performance across segments. For the full Fiscal 2025 year, total revenue for Dell Technologies Inc. was $95.6 billion, which was an 8% increase year over year. The total employee base supporting these activities and operations was approximately 108,000 as of January 31, 2025. The company's operating income for the full year reached $6.2 billion.

Delivering Dell APEX as-a-Service offerings

The as-a-Service portfolio, which spans PCs, servers, storage, and cloud platforms, is a strategic focus. Dell Technologies Inc. was named a Leader in the 2025 IDC MarketScape for Device as a Service (DaaS). While specific revenue for APEX is often grouped, analyst models for the 'Other business revenue' category, which includes APEX, projected a mid-3% year-over-year growth rate for fiscal 2025.

Here's a quick look at the top-line results for the full Fiscal Year 2025:

The key areas of focus within the business model are supported by these operational and financial outcomes:

• The AI server backlog reached approximately $9 billion exiting the fiscal year.
• The company announced a cash dividend increase of 18%.
• Scope 1 greenhouse gas (GHG) emissions were 36,700 MT CO2e in FY25.
• The company approved a $10 billion increase in its share repurchase authorization.

Dell Technologies Inc. (DELL) - Canvas Business Model: Key Resources

You're looking at the core assets Dell Technologies Inc. deploys to make its business model run, and honestly, the numbers from late 2025 tell a clear story of scale and focused investment. These aren't just abstract concepts; they are hard assets, both tangible and intangible, that drive revenue generation.

The first pillar is the physical backbone: the global, efficient direct-to-customer supply chain. This system is what allows Dell Technologies to configure and ship complex enterprise solutions directly, bypassing layers of traditional distribution for many orders. This direct model is a massive operational advantage, especially when dealing with high-volume, customized hardware.

Next, we look at the intangible assets, particularly the intellectual property (IP) portfolio. Dell Technologies has built deep expertise across critical, high-growth areas. This IP is what underpins their offerings in storage, servers, and the burgeoning AI platforms space. The market validates this focus; as of the end of the fiscal year, the AI server backlog alone stood at roughly $9 billion.

Brand equity and long-standing enterprise customer relationships are another critical, non-physical resource. These relationships, often spanning decades with large corporations and public institutions, provide a stable base for recurring revenue and cross-selling opportunities. The company maintains a field sales force specifically dedicated to serving these largest customers globally.

The financial muscle supporting these operations is substantial. For the full fiscal year 2025, Dell Technologies posted an operating income of $6.2 billion. This financial strength is crucial for funding the next wave of innovation and maintaining shareholder returns. The company demonstrated confidence in its future by announcing an 18% increase in its annual cash dividend for the upcoming period.

To keep the IP pipeline flowing, dedicated investment in research and development (R&D) is non-negotiable. For FY2025, Dell Technologies committed $3.1 billion to R&D initiatives. This investment level, which represented 3.2% of net revenue for both Fiscal 2025 and Fiscal 2024, shows a sustained commitment to innovation in areas like AI-optimized hardware and software development operations.

Here's a quick look at the scale of the financial and investment resources deployed in FY2025:

The operational scale is best understood through segment performance, which relies heavily on these key resources:

• Infrastructure Solutions Group (ISG) revenue for Q4 FY2025 grew 22% year-over-year.
• Servers and Networking revenue in Q4 FY2025 reached $6.6 billion, up 37%.
• The company's total headcount as of January 31, 2025, was approximately 108,000 employees.
• Strategic investments in non-marketable securities totaled $1.5 billion as of January 31, 2025.

Also, consider the distribution channels that leverage these resources. The direct sales force serves the largest accounts, but other channels are still vital. In Fiscal 2025, other sales channels generated approximately 50% of net revenue.

Dell Technologies Inc. (DELL) - Canvas Business Model: Value Propositions

You're looking at the core promises Dell Technologies Inc. is making to the market as of late 2025, especially as the AI wave reshapes everything. It's all about delivering the infrastructure and endpoints for this new era.

End-to-end AI infrastructure (Dell AI Factory) for enterprise scale

Dell Technologies Inc. is positioning the Dell AI Factory with NVIDIA as the end-to-end solution for enterprise AI deployment. The company is the world's number one provider of AI infrastructure. More than 3,000 global customers are accelerating their AI initiatives with this factory approach. The value proposition here is speed and cost control; the Dell AI Factory approach can be up to 62% more cost effective for inferencing Large Language Models (LLMs) on-premises compared to the public cloud. Furthermore, new PowerEdge servers are designed to deliver AI model training capabilities up to four times faster than their predecessors, supporting up to 192 NVIDIA Blackwell Ultra chips in a single system. This focus is translating directly to financial performance, with AI driving significant growth. For instance, in the first quarter of fiscal 2025, AI-optimized server orders increased sequentially to $2.6 billion, with shipments up more than 100% to $1.7 billion. By the second quarter of fiscal 2026, the Infrastructure Solutions Group (ISG) revenue surged to $16.8 billion (up 44% year over year), fueled by AI servers, where the company shipped $8.2 billion worth of products. Dell Technologies Inc. has increased its full-year fiscal 2026 AI server shipment forecast to $20 billion, and by November 2025, the projection climbed further to $25 billion for fiscal 2026, building on an AI server backlog of roughly $9 billion as of the end of Q4 FY2025. The company targets a $174 billion AI hardware and services market by 2027.

Customizable, high-performance client devices (AI PCs)

Dell Technologies Inc. is the number one provider of commercial AI PCs, emphasizing customizable, high-performance devices for on-device AI inference. The Dell Pro Max Plus laptop is cited as the world's first mobile workstation with an enterprise-grade discrete Neural Processing Unit (NPU), capable of running today's 109-billion-parameter model locally. The Dell Pro AI Studio software platform is a key enabler, expected to reduce AI application development and deployment time by as much as 75%, moving from six months down to six weeks. The market trend supports this focus: AI PCs are projected to represent 31% of the total worldwide PC market by the end of 2025. For context on the broader business, the Client Solutions Group (CSG) reported revenue of $12.0 billion in Q1 FY2025, with commercial client revenue at $10.2 billion (up 3% year over year). In Q2 FY2025, commercial client revenue was flat at $10.6 billion. The company shipped 9.5 million PCs in Q1 2025, claiming a 15.1 percent market share overall, with PC sales growing five percent year over year on sales of $12.5 billion in the period leading up to June 2025.

• Dell Pro Max tier offers maximum performance for intensive workloads.
• New thermal technology improves airflow by 20% in commercial laptops.
• AI PCs are expected to make up 64% of the PC market by 2028.
• 74% of consumers reportedly stopped technology purchases due to confusion.

Flexible, consumption-based IT via Dell APEX

Dell Technologies Inc. offers flexible, consumption-based IT through Dell APEX, which is a core offering within the Infrastructure Solutions Group (ISG). While specific, standalone revenue figures for APEX are not explicitly broken out in the latest reports, the overall ISG segment is a primary growth driver. ISG delivered record revenue of $11.6 billion in Q2 FY2025, a 38% increase year-over-year. In Q4 FY2025, ISG revenue grew by 22% year over year to $11.4 billion. The company returned $1.1 billion to shareholders through dividends and repurchases in Q1 FY2025, and later increased its annual cash dividend by 18%, signaling confidence in recurring revenue streams like APEX. Furthermore, PowerStore customers have realized savings of over eight exabytes of capacity through deduplication and compression, a benefit often associated with consumption-based, optimized infrastructure services.

Integrated data protection and cybersecurity solutions

Integrated data protection and cybersecurity are embedded value propositions, particularly within the AI Factory and infrastructure modernization efforts. In May 2025, Dell Technologies Inc. introduced advanced storage, cyber resiliency, and automation innovations to enhance modern disaggregated data centers. The company's focus on zero-trust security is mentioned in the context of simplifying the deployment of AI workloads on the Dell AI Factory. Customers using PowerStore have saved over eight exabytes of capacity via deduplication and compression, which speaks directly to data management and protection efficiency. The company also offers solutions that help organizations securely run scalable AI agents on-premises through collaborations, such as with Glean.

Architectural flexibility to avoid single vendor dependencies

The value proposition of architectural flexibility is delivered through a strategic shift toward a disaggregated data center architecture. This approach is designed to capture the operational excellence of hyperconverged systems while providing the scalability and modularity of traditional architectures, all with cloud-native automation. This directly addresses the need to avoid single vendor dependencies by offering an open stack. The company is collaborating with AI ecosystem players to deliver tailored solutions that integrate into existing IT environments. For example, Dell is delivering Power Switch Ethernet models based on NVIDIA networking, expanding its partnership to include x800 switches in its portfolio. The overall company full-year revenue for fiscal 2025 was $95.6 billion, up 8% year over year, with guidance for fiscal 2026 revenue between $101.0 billion and $105.0 billion, suggesting a strategy built on a broad, flexible portfolio rather than a single technology lock-in.

Dell Technologies Inc. (DELL) - Canvas Business Model: Customer Relationships

You're looking at how Dell Technologies Inc. manages its connections with its massive customer base as of late 2025. It's a multi-pronged approach, really, because the needs of a Fortune 50 company deploying AI factories are worlds apart from someone buying a laptop for college.

Dedicated, high-touch sales teams for large enterprises

For the biggest players, the relationship is direct and deep. This is where the Infrastructure Solutions Group (ISG) shines, especially with the AI boom. The AI server backlog alone hit roughly $9 billion as of the end of fiscal year 2025. That kind of business doesn't happen over a website checkout; it requires dedicated teams working on complex, multi-quarter deployments. The scale of the enterprise relationship is clear when you see the ISG revenue growth, even if the overall FY2025 revenue was $95.6 billion.

Self-service and online configuration for consumers (Dell.com)

On the other end, you have the Client Solutions Group (CSG), which still accounts for a huge chunk of the business, reporting $48.4 billion in revenue for fiscal year 2025. For consumers, the relationship is almost entirely transactional and self-directed via Dell.com, where you configure your own machine. This segment saw its Q4 revenue at $11.9 billion, though the consumer portion specifically was down 12% in that quarter to $1.9 billion. It's a high-volume, low-touch model for this group.

Partner-led engagement for mid-market and SMBs

The middle ground, covering mid-market and small-to-medium businesses (SMBs), relies heavily on the channel. While the exact partner revenue isn't broken out, the Commercial Client revenue in Q4 FY2025 was $10.0 billion, up 5%, suggesting that partner engagement is key to capturing that commercial volume outside the largest direct enterprise deals. This channel strategy helps Dell scale its reach without needing a dedicated, high-touch team for every single smaller account.

Long-term service contracts and premium support (ProSupport)

The move toward recurring revenue and deeper customer lock-in is visible in the service side. These long-term service contracts, like ProSupport, are critical for predictable income. We can see the investment in fulfilling these contracts through the financial reporting: the amortization of deferred costs to fulfill revenue-generating contracts for the fiscal year ended January 31, 2025, was $7.6 billion. Plus, the company signaled confidence in its future earnings by increasing its annual cash dividend by 18%.

Here's a quick look at how the two main customer-facing segments stacked up in FY2025:

Community and social media engagement for consumer feedback

For gauging overall sentiment, the company monitors broader customer perception. The Net Promoter Score (NPS) for Dell Technologies was reported at 16, which suggests a healthy, though not industry-leading, level of customer satisfaction and loyalty. This metric is what investors watch to see if the high-touch and self-service models are actually working.

• Net Promoter Score (NPS) as of late 2025: 16.
• Total FY2025 Revenue: $95.6 billion.
• FY2025 Non-GAAP Operating Income: $8.5 billion.
• Q3 2025 Quarterly Revenue: $29.8 billion.
• Annual Cash Dividend Increase: 18%.

Dell Technologies Inc. (DELL) - Canvas Business Model: Channels

You're looking at the pathways Dell Technologies Inc. uses to get its hardware, software, and services to customers as of late 2025. It's a hybrid model, leaning heavily on partners now, which is a big shift from its early days.

The overall financial scale for the last fully reported fiscal year provides context for these channels:

Direct-to-consumer online store (Dell.com)

This channel primarily serves the Consumer segment of the Client Solutions Group. For the fourth quarter of fiscal 2025, Consumer revenue was $1.9 billion, down 12% year-over-year.

Direct sales force for commercial and government accounts

This force targets large enterprises and government entities, often for complex Infrastructure Solutions Group (ISG) deals and high-volume Client Solutions Group (CSG) commercial sales. The company has an estimated 30,000 salespeople.

• Commercial Client revenue for Q4 FY2025 was $10.0 billion, up 5%.
• AI server orders booked in Q3 FY2026 reached $12.3 billion.
• The total AI server backlog stood at a record $18.4 billion at the end of Q3 FY2026.

Global network of value-added resellers (VARs) and distributors

The partner ecosystem is a massive component of Dell Technologies Inc.'s go-to-market engine, especially for storage and enterprise solutions. Partners contributed 50% of net revenues across the four quarters leading up to Q3 2025.

The 2025 Partner Programme included specific incentives:

• Titanium partners received a 2% Storage+ growth incentive upon meeting quarterly targets.
• Titanium partners could receive an incremental 1.5% client growth incentive for meeting quarterly client PC unit targets.
• A 3X AI Networking base rebate multiplier was offered on PowerSwitch Z-series.

Retail partnerships for pre-configured consumer products

This channel moves standardized consumer products through third-party retailers. Consumer revenue for the fourth quarter of fiscal 2025 was $1.9 billion.

Cloud marketplaces for as-a-Service offerings

While specific marketplace revenue figures aren't explicitly broken out, the growth trajectory of the Infrastructure Solutions Group (ISG) suggests strong adoption of as-a-Service models, often transacted via these digital storefronts or through service contracts.

Long-term guidance suggests the ISG segment, which includes storage, software, and servers, is expected to see compounded annual revenue growth between 11% and 14% over the next four years, up from prior expectations of 6% to 8%.

Dell Technologies Inc. (DELL) - Canvas Business Model: Customer Segments

You're looking at the core customers Dell Technologies Inc. serves as of late 2025, which is a mix of massive global entities and individual end-users. The company's reach into the largest corporations is extensive; as of Fiscal Year 2025 (FY25), Dell Technologies served 97% of the Fortune 500.

The Client Solutions Group (CSG) directly addresses individual consumers and students, alongside commercial clients. For the fourth quarter of FY25, the revenue split within this group shows the relative size of the consumer base versus the commercial/enterprise base.

Public Sector customers, including government, healthcare, and education, are served alongside large enterprises through dedicated account teams globally. This segment is part of the broader enterprise market where Dell maintains deep relationships.

For Cloud Service Providers requiring hyperscale infrastructure, the focus is heavily on AI. Dell Technologies reported that AI server shipments for the full Fiscal Year 2025 reached $9.8 billion, up significantly from $1.5 billion in FY24. Furthermore, the AI server backlog stood at roughly $9 billion as of the end of FY25.

Overall, the company's full-year FY25 revenue hit $95.6 billion, up 8% year over year. The Infrastructure Solutions Group (ISG), which captures much of the hyperscale and large enterprise infrastructure spend, delivered record revenue of $43.6 billion in FY25, marking a 29% increase.

Dell Technologies uses a field sales force to serve its largest customers, which includes both large enterprises and public institutions. The company's total R&D investment for Fiscal 2025 was $3.1 billion.

• Large Enterprises are a core focus, with service provided to 97% of the Fortune 500 as of FY25.
• The Client Solutions Group (CSG) revenue for the full year FY25 was $48.4 billion.
• Dell Financial Services funded $8.4 billion of originations in Fiscal 2025.

Dell Technologies Inc. (DELL) - Canvas Business Model: Cost Structure

You're looking at the major outlays Dell Technologies Inc. makes to keep the lights on and the servers shipping as of late 2025. Honestly, for a company this size, the cost structure is dominated by the physical goods they sell, but the operating expenses tell a story about efficiency efforts.

The biggest chunk, by far, is the Cost of goods sold (COGS) for hardware components and manufacturing. For the full fiscal year ended January 31, 2025, the Total cost of net revenue-which is essentially COGS-came in at $74,317 million. This massive figure covers everything from the raw silicon and memory chips to the assembly and testing of your Latitude laptops and PowerEdge servers. Breaking that down, the cost for Products was $60,162 million, while the cost associated with Services was $14,155 million for the same period.

Next up, we look at the overhead required to run the business, which is captured in Operating Expenses. Total Operating Expenses for fiscal year 2025 were $15,013 million. You'll see that the largest component here is the Sales, General, and Administrative (SG&A) expenses, which totaled $11,952 million for the year. That SG&A line includes everything from the sales commissions you mentioned to the rent on your offices globally; for instance, SG&A expenses decreased 7% during Fiscal 2025, driven by a decrease in employee compensation and benefits expense, principally due to a decline in overall headcount. The third quarter of FY2025 showed this efficiency focus, with operating expenses declining 2% year-over-year to $3.2 billion, which Dell attributed to process efficiencies and the use of AI for higher productivity.

The commitment to future products shows in the Significant R&D expenditure. For the full fiscal year 2025, Research and Development expenses were $3,061 million. This was a 9% increase during Fiscal 2025, showing continued investment in areas like AI infrastructure, even as overall headcount declined. That figure is close to the $3.1 billion mark you referenced.

While specific line items for Global logistics and supply chain operation costs and detailed Marketing and advertising spend aren't cleanly separated from the main COGS and SG&A buckets in the top-line summary, they are embedded within those figures. Logistics costs are a critical part of COGS, especially with the complexity of moving high-value AI server components globally. Marketing spend, covering both enterprise and consumer markets, is a driver within the $11,952 million SG&A total. The company's focus on profitability suggests tight control over these variable costs.

Here's a quick look at the major cost components for the full fiscal year ended January 31, 2025:

You can see the cost discipline in action when you compare the changes:

• Total Cost of Net Revenue grew by 10%, slightly outpacing the 8% total revenue growth.
• Total Operating Expenses actually shrank by 4%, which is a direct result of the 7% drop in SG&A.
• R&D, however, was an area of increased spending, up 9% to support future product development.

Finance: draft 13-week cash view by Friday.

Dell Technologies Inc. (DELL) - Canvas Business Model: Revenue Streams

You're looking at how Dell Technologies Inc. actually brings in the money, which is a mix of selling big-ticket hardware and increasingly, recurring services. Honestly, the hardware sales still drive the bulk of the top line, but the shift to as-a-Service is the strategic focus you need to watch.

Product sales are clearly segmented into two massive buckets. The Infrastructure Solutions Group (ISG) is where the AI-driven growth is showing up, with servers and networking leading the charge. The Client Solutions Group (CSG) is the traditional PC and laptop business, which has seen more fluctuation.

Here are the key revenue figures for the full fiscal year 2025:

Services and Support are a critical component, designed to provide stability alongside the cyclical hardware sales. You can see this segment contributing approximately 30% of total revenue, which is a significant portion of the overall $95.6 billion top line.

Beyond the direct sales of servers and PCs, Dell Technologies Inc. is building out recurring revenue streams. This is where the future valuation story gets interesting, moving away from pure transactional sales.

The revenue streams from recurring and software elements include:

• Software and licensing fees for proprietary platforms.
• Subscription revenue from Dell APEX as-a-Service offerings.

To be fair, while the hardware numbers are concrete, the specific FY2025 dollar amount for the APEX subscription revenue isn't always broken out separately in the same way as ISG or CSG, but the focus on growing this as-a-Service model is defintely clear in their strategy.

Finance: draft 13-week cash view by Friday.