What Dell Technologies Inc. told the SEC could break it.

With ~45% of revenue from outside the U.S. and global manufacturing/contract manufacturing, Dell is exposed to trade-protection measures including increases in tariffs and trade barriers and other changes in international trade arrangements.

“Our international operations face many risks and uncertainties, including varied local economic and labor conditions; political instability; public health issues; changes in the U.S. and international regulatory environments; the impacts of trade protection measures, including increases in tariffs and trade barriers, and other changes in international trade arrangements that could adversely affect our ability to conduct business in non-U.S.”

Dell is subject to U.S. export controls, customs, economic sanctions/embargoes, anti-corruption (FCPA), and Dodd-Frank conflict-minerals rules on minerals sourced from the DRC region — violations of which could bring severe criminal/civil penalties.

“We are subject to provisions of 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.”

In fiscal 2026, one (unnamed) customer accounted for 12% of Dell's consolidated net revenue — substantially all from ISG (server/storage) offerings, reflecting concentrated AI-server demand — a new concentration versus prior years when no customer reached 10%.

“One customer accounted for 12 % of the Company's consolidated net revenue for the fiscal year ended January 30, 2026, with substantially all of such net revenue attributable to the sale of ISG offerings. No single customer accounted for 10% or more of the Company's consolidated net revenue for the fiscal years ended January 31, 2025 and February 2, 2024.”

Dell's multi-class share structure concentrates ~91.7% of total voting power in affiliated holders (Michael Dell and related parties), limiting unaffiliated holders' influence and having caused exclusion from certain stock indices.

“91.7% of the total voting power of our outstanding common stock as of March 9, 2026. The limited ability of unaffiliated holders of the Class C Common Stock to influence matters requiring stockholder approval may adversely affect the trading price of the Class C Common Stock.”

Although Dell buys from many qualified suppliers, where multiple sources are unavailable it relies on single- or limited-source supply; it also uses a limited number of contract manufacturers to assemble a portion of its products (buying components and reselling them to those CMs).

“In some cases, where multiple sources of supply are not available, we rely on a single source or a limited number of sources of supply if we believe it is advantageous to do so because of performance, quality, support, delivery, capacity, or price considerations.”