DELL · Forward model · CSG Commercial
What has to happen in CSG Commercial
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CSG Commercial
Basis quarter$13.02B
Final quarter$14.74B
Implied CAGR+3%
Final revenue mix31%
The PC business that stopped being boring. $13,020M in the basis quarter, up 18% year over year, and guided by management to roughly 20% CSG growth in Q2 - a Windows refresh cycle and AI-PC attach arriving at the same moment as the memory shortage that is inflating the bill of materials. CSG segment operating margin improved to 8.0% from 5.2%, so Dell is passing component cost through rather than absorbing it.
Last four quarters
2026 Q2
$10.78B
Reported
2026 Q3
$10.62B
Reported
2026 Q4
$11.61B
Reported
2027 Q1
$13.02B
Reported
Commercial notebooks and desktopsCommercial peripherals, displays and services attach
Sequential growth
+1.0%/qtr
decaying toward +0.5%
CSG guided to about 20% year-over-year in Q2; on the $10,781M year-ago base that is near flat sequentially.
CSG Commercial
Latest: $14.74B (2032Q1E)
| Period | Value |
|---|---|
| 2025Q1 | $10.15B |
| 2025Q2 | $10.56B |
| 2025Q3 | $10.14B |
| 2025Q4 | $10.00B |
| 2026Q1 | $11.05B |
| 2026Q2 | $10.78B |
| 2026Q3 | $10.62B |
| 2026Q4 | $11.61B |
| 2027Q1 | $13.02B |
| 2027Q2E | $13.15B |
| 2027Q3E | $13.27B |
| 2027Q4E | $13.38B |
| 2028Q1E | $13.48B |
| 2028Q2E | $13.57B |
| 2028Q3E | $13.66B |
| 2028Q4E | $13.75B |
| 2029Q1E | $13.83B |
| 2029Q2E | $13.91B |
| 2029Q3E | $13.99B |
| 2029Q4E | $14.07B |
| 2030Q1E | $14.15B |
| 2030Q2E | $14.22B |
| 2030Q3E | $14.30B |
| 2030Q4E | $14.37B |
| 2031Q1E | $14.45B |
| 2031Q2E | $14.52B |
| 2031Q3E | $14.59B |
| 2031Q4E | $14.67B |
| 2032Q1E | $14.74B |
Assumptions & reasoning
- Fully disclosed for nine consecutive quarters. Commercial is 89% of Client Solutions Group revenue; Consumer is the rest.
- Dell reports no PC unit shipments in its own filings, so there is no honest unit-times-price driver available here. Sequential growth on the reported line is the only driver the disclosure supports, and it is bounded by the roughly 20% CSG growth management guided for Q2 - about $12.9B on the year-ago base, which is near flat sequentially.
- The 8.0% CSG segment margin depends on continued price pass-through of memory inflation. If Dell has to absorb component cost instead of billing it, this is the line where it shows up first, and it is 30% of company revenue.
- The Windows refresh is a pull-forward. It borrows demand from later quarters, which is why the terminal rate is 2% a year - replacement-market growth - rather than anything resembling the current 18%.