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CDWCDW

Legal name
CDW Corp.
Sector
Consumer
Industry
Retail-Catalog & Mail-Order Houses
Exchange
Nasdaq

Stock Price $CDW

Latest filings

You are here#40 of 41 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q328-K113

CDW filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 113 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $22.42B
YoY changeLargest recent move+14.1%in FY22Latest +6.8%

1 older move runs past ±20% (largest +22.9%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CDW Financial Metrics60 metrics

Income Statement14

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

CDW Financial Overview 2021–2025

Updated Nov 4, 2026

CDW's gross margin climbed 460 basis points, from 17.1%a in FY2021 to 21.7% in FY2025, yet operating margin rose only from 6.8% to 7.4%. The gap is the story. CDW has become much better at what it sells, but rising costs have absorbed nearly all of that gain. Earnings growth now depends more on buybacks and sales volume than on efficiency.

Revenue grew from $20.82 billion in FY2021 to $22.42 billionb in FY2025, with a dip to $20.99 billion in FY2024 along the way. Diluted EPS moved from $7.04 to $8.08, a gain of about 15% on a much smaller operating profit lift. In FY2025, sales rose 6.8% and gross profit rose 5.9% to $4.87 billion. But selling and administrative expenses jumped 9.0% to $3.22 billion, leaving operating income flat at $1.66 billion, up just 0.3%. Net income slipped 1.0% to $1.07 billion.

Cash is the pressure point. Operating cash flow fell to $1.21 billionc from $1.28 billion, as receivables grew by $1.17 billion. CDW still returned $653 million in buybacks and $328.6 million in dividends. Total debt was $5.6 billion, with $1.9 billion of revolver availability. At the close of FY2025, the stock was $136.20, or 16.9x earnings, for a market cap of $17.6 billion.

Recent Developments (Q1 and Q2 2026)

Sales accelerated in Q2 2026, rising 10.0% to $6.57 billiond after 9.2% growth in Q1 2026. Margins moved the other way. Gross margin fell to 20.1% in Q2, down 70 basis points, on a shift toward lower-margin hardware. Selling and administrative expenses rose 8.6%, so operating income grew only 2.0% to $428.6 million. Diluted EPS of $2.15 rose 5.1%, helped by diluted shares falling to 127.4 million from 132.4 million. Six-month operating cash flow halved to $219.7 million as receivables and inventory built. CFO Albert Miralles will retire in 2027. The Board added $1 billion to buybacks in May, and CDW sold $1.5 billion of senior notes in September.

Bull: volume is strong and buybacks are funded. Bear: margins and cash conversion are weakening while debt rises. The stock traded at 17.3x earnings as of the August 4, 2026 report, not today.

What to watch: gross margin and cash conversion cycle trends; CFO successor announcement

03—Filings

Recent SEC Filings

  1. 8-KCDW 8-K Report, Financial Results (Nov 4, 2026)
  2. 8-KCDW 8-K Report, Executive Changes (Oct 19, 2026)CDW Corporation filed a Form 8-K on October 19, 2026 to report the appointment of Saranga (Sam) Balaji to its Board of Directors. The Board increased its size from nine to ten directors and appointed Mr. Balaji effective immediately, with the appointment made on October 15, 2026. The Board determined that he is independent under Nasdaq Global Select Market listing standards, and he will serve on the Audit Committee. Mr. Balaji will receive a prorated portion of the annual compensation paid to non-employee directors, as described in the company's definitive proxy statement filed April 10, 2026. He will also enter into the company's standard indemnification agreement. The filing states there are no arrangements or understandings under which he was selected as a director, and he has no material interest in any related-person transaction requiring disclosure under Item 404(a) of Regulation S-K. The filing also furnishes a press release dated October 19, 2026 (Exhibit 99.1) announcing the appointment. According to that release, Mr. Balaji was formerly Global Chief Executive Officer of Consulting & Advisory at Deloitte, currently serves on the board of BlackLine, and brings more than three decades of experience in technology, advisory and global business leadership. The filing contains no financial results or guidance.
  3. 8-KCDW 8-K Report, Material Agreement (Sep 21, 2026)On September 21, 2026, CDW LLC and CDW Finance Corporation (the Co-Issuers) completed the sale of three series of senior notes in a registered offering: $600,000,000 of 5.700% Senior Notes due 2029 at an issue price of 99.908%, $500,000,000 of 6.100% Senior Notes due 2032 at 100.000%, and $400,000,000 of 6.350% Senior Notes due 2033 at 99.805%. CDW Corporation fully and unconditionally guarantees the notes on an unsecured senior basis, and no subsidiary of the company guarantees them. Interest accrues from September 21, 2026, and is paid semi-annually. The notes were issued under a base indenture dated December 1, 2014, as supplemented by three new supplemental indentures dated September 21, 2026, with U.S. Bank Trust Company, National Association, as trustee. The Co-Issuers may redeem each series before its par call date at a make-whole price based on treasury rates plus 15 basis points for the 2029 notes, 20 basis points for the 2032 notes, and 25 basis points for the 2033 notes. On or after the par call dates (August 21, 2029, December 15, 2031, and July 21, 2033, respectively), redemption is at 100% of principal plus accrued interest. Upon a Change of Control Repurchase Event, holders may require repurchase at 101% of principal plus accrued interest. The indenture includes covenants that limit liens securing debt, sale and lease-back transactions, and consolidations, mergers, or dispositions of all or substantially all assets, subject to exceptions. It also includes customary events of default, including cross-acceleration. The filing describes the new debt under Items 1.01 and 2.03 as a direct financial obligation.
  4. 8-KCDW 8-K Report, Material Agreement (Sep 15, 2026)CDW LLC and CDW Finance Corporation (the Co-Issuers), with CDW Corporation as guarantor, entered into an underwriting agreement dated September 14, 2026 with BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Wells Fargo Securities, LLC as representatives of the underwriters. Under the agreement, the Co-Issuers agreed to issue and sell in a registered public offering $600,000,000 of 5.700% Senior Notes due 2029, $500,000,000 of 6.100% Senior Notes due 2032, and $400,000,000 of 6.350% Senior Notes due 2033, for total aggregate principal of $1.5 billion. The offering is expected to close on September 21, 2026, subject to customary closing conditions. The offering is being made under an effective Form S-3ASR registration statement (File No. 333-293652) first filed February 23, 2026, along with a preliminary prospectus supplement dated September 14, 2026 and a free writing prospectus of the same date. The underwriting agreement includes customary representations, warranties, and mutual indemnification and contribution provisions. Certain information in the agreement has been redacted under Item 601(a)(6) of Regulation S-K. For investors, the filing's key content is the size, pricing structure by maturity, and guarantee arrangement of the new senior notes. The filing does not state the use of proceeds, the offering price, or the resulting effect on the company's debt or financial position.
  5. 8-KCDW 8-K Report, Financial Results (Aug 5, 2026)CDW Corporation reported second quarter 2026 results in an 8-K furnished on August 5, 2026. Net sales rose 10.0 percent to $6,572.2 million from $5,976.6 million, and gross profit increased 6.3 percent to $1,319.8 million, though gross profit margin declined to 20.1 percent from 20.8 percent, which the company attributed mainly to mix into lower-margin hardware categories. Operating income grew 2.0 percent to $428.6 million, while Non-GAAP operating income rose 7.0 percent to $556.0 million. Net income was $274.4 million, up 1.2 percent, and diluted EPS was $2.15 versus $2.05, while Non-GAAP diluted EPS rose 11.9 percent to $2.91. Growth was led by the Commercial segment (up 9.2 percent to $3,965.4 million), Government (up 13.6 percent), and Other (the UK and Canada, up 22.9 percent), with Education nearly flat at 0.7 percent growth. Cash generation weakened in the first half of 2026. Net cash provided by operating activities was $219.7 million versus $443.1 million a year earlier, and free cash flow was $165.8 million versus $393.7 million. Accounts receivable rose to $7,343.7 million from $6,312.4 million at December 31, 2025, and inventory increased to $981.8 million from $563.4 million. Total debt was $5,817.0 million at June 30, 2026, compared with $5,629.8 million at December 31, 2025, and cash fell to $361.8 million. The Board declared a quarterly cash dividend of $0.630 per share, payable September 10, 2026 to holders of record on August 25, 2026. The filing states that approximately $1,138 million remained under the share repurchase program as of June 30, 2026. Management reiterated its confidence in exceeding US IT addressable market growth by 200 to 300 basis points on a constant currency basis.
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04—See also

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