10-K · February 20, 2026
CDW reported Net sales of $22,424.1 million in 2025, up from $20,998.7 million in 2024, and positions itself as a multi‑brand IT solutions provider serving over 250,000 customers across the US, UK and Canada. The…
Earnings analysis · 10-Q
CDW earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
CDW Corporation reported strong Q1 2026 earnings with revenue of $5.68 billion, exceeding prior estimates and showing a 9.2% increase year-over-year, while EPS also surpassed expectations at $2.28. Segment performance…
Read full summary
CDW Corporation reported strong Q1 2026 earnings with revenue of $5.68 billion, exceeding prior estimates and showing a 9.2% increase year-over-year, while EPS also surpassed expectations at $2.28. Segment performance varied, with solid growth in Commercial and Other segments, but some margin pressure was noted across the Government segment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.28
- Segment
- Commercial
- Segment
- Government
- Segment
- Education
- Segment
- Other
What stood out
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Revenue Growth Exceeds Expectations
Actual revenue reached $5.68 billion, up 9.2% from $5.20 billion in Q1 2025.
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EPS Surpasses Consensus
Reported EPS of $2.28 compared to consensus estimate of $2.26.
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Strong Segment Performance
Commercial segment revenues grew by 9.6%, totaling $3.57 billion.
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Increased Free Cash Flow
Free cash flow improved slightly to $248.4 million from $260.3 million year-over-year.
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Decreased Interest Expense
Interest expense net decreased by $2 million, reflecting lower debt levels.
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Higher Net Sales Across Segments
All operating segments reported increased net sales with Commercial and Other segments leading.
What to watch
-
Declining Gross Margin
Gross margin decreased to 21.0% in Q1 2026 from 21.6% in Q1 2025.
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Operating Income Margin Compression
Operating income margin reduced to 6.6% from 7.0% year-over-year due to increased selling expenses.
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Economic and Geopolitical Uncertainties
Management highlighted ongoing global trade and geopolitical uncertainties affecting technology spending.
Management's outlook
No updated numeric guidance was provided.
Earlier filings 4
10-Q · May 7, 2025
CDW reported net sales of $5,199.1 million for the quarter, up $326.4 million (+6.7%) versus the prior-year quarter, with diluted EPS of $1.69 (vs. $1.59). Operating income rose to $361.4 million and gross profit…
10-K · February 21, 2025
CDW describes itself as a large, multi‑brand IT solutions provider with scale across the US, UK and Canada, serving over 250,000 customers and offering hardware, software and services across the IT lifecycle. 2024 Net…
10-Q · May 1, 2024
CDW reported Q1 net sales of $4,872.7 million, down $230.4 million (4.5%) versus $5,103.1 million in the prior-year quarter. Gross profit declined to $1,063.3 million but gross margin ticked up to ~21.8%; operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.