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CDW 8-K Report, Financial Results (Feb 4, 2026)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed February 4, 2026
Period End
February 4, 2026
Security
CDW
In the 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 · Aug ’20Aug ’20
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Oct ’24Oct ’24

01—Abstract

Summary

Summary of the 8-K filed February 4, 2026. Cited figures are marked; the original filing is the authoritative source.

CDW Corporation reported fourth quarter and full year 2025 results on February 4, 2026.

Fourth quarter net sales rose 6.3% to $5,511.0 milliona from $5,186.0 million, with gross profit up 8.6% to $1,254.4 million and gross profit margin improving to 22.8% from 22.3%, primarily due to a higher contribution of netted down revenue. Operating income grew 5.4% to $430.7 million, while Non-GAAP operating income rose 0.6% to $502.4 million. Net income increased 5.8% to $279.5 million, and net income per diluted share was $2.14 versus $1.97.

Non-GAAP net income per diluted share was $2.57b, up 3.8%. For full year 2025, net sales increased 6.8% to $22,424.1 million and gross profit rose 5.9% to $4,873.4 million, though gross profit margin declined to 21.7% from 21.9%, which the company attributed to decreased rates in certain hardware categories. Operating income was nearly flat at $1,655.6 million (up 0.3%), and Selling and administrative expenses rose 9.0% to $3,217.8 million, driven by higher performance-based compensation, transformation costs, and coworker-related costs.

Full year net income declined 1.0% to $1,066.6 millionc, while Non-GAAP net income per diluted share increased 5.2% to $10.02. Net cash provided by operating activities was $1,205.2 million, and management stated that approximately $982 million was returned to shareholders through dividends and share repurchases during the year. The Board declared a quarterly cash dividend of $0.630 per share, payable March 10, 2026 to holders of record on February 25, 2026.

For 2026, management continues to target exceeding US IT addressable market growth by 200 to 300 basis points. The company also stated that approximately $685 milliond remained under its share repurchase program as of December 31, 2025.

02—Key points

Key Highlights

  1. Fourth quarter net sales increased 6.3% to $5,511.0 million, with Average Daily Sales up 4.6%; the Small Business segment grew 18.4% on an average daily sales basis and the Public segment grew 7.0%.
  2. Full year 2025 net sales rose 6.8% to $22,424.1 million, with notebooks/mobile devices, software, desktops, services, and netcomm products cited as growth drivers.
  3. Full year gross profit margin fell to 21.7% from 21.9%, primarily due to decreased rates in certain hardware categories, while fourth quarter gross profit margin improved to 22.8% from 22.3%.
  4. Full year Selling and administrative expenses increased 9.0% to $3,217.8 million, reflecting higher performance-based compensation, transformation costs, and coworker-related costs.
  5. Full year GAAP net income declined 1.0% to $1,066.6 million, while Non-GAAP net income per diluted share rose 5.2% to $10.02.
  6. Free cash flow for 2025 was $1,088.1 million, and net debt decreased to $5,011.1 million from $5,125.1 million.
  7. The Board declared a quarterly dividend of $0.630 per share, and management targets 200 to 300 basis points of outgrowth over US IT addressable market growth in 2026.

03—Questions

Frequently Asked Questions

  1. How did CDW perform in the fourth quarter of 2025?

    Net sales rose 6.3% to $5,511.0 million, operating income increased 5.4% to $430.7 million, and net income increased 5.8% to $279.5 million. Net income per diluted share was $2.14, compared with $1.97 a year earlier. Growth was led by software, notebooks/mobile devices, and services.

  2. Why did full-year net income decline despite higher sales?

    Full-year net sales grew 6.8%, but gross profit margin fell to 21.7% from 21.9%, and Selling and administrative expenses rose 9.0%, driven by higher performance-based compensation, transformation costs, and coworker-related costs. Operating income was roughly flat at $1,655.6 million, and net income declined 1.0% to $1,066.6 million, with the effective tax rate rising to 25.3% from 24.9%.

  3. What is the dividend announcement?

    The Board declared a quarterly cash dividend of $0.630 per common share, payable March 10, 2026 to stockholders of record as of the close of business on February 25, 2026.

  4. How much capital did CDW return to shareholders and how much buyback authorization remains?

    Management stated that approximately $982 million was returned to shareholders via dividends and share repurchases in 2025. As of December 31, 2025, approximately $685 million remained under the share repurchase program.

  5. What is management's outlook for 2026?

    Management continues to target exceeding US IT addressable market growth by 200 to 300 basis points in 2026. The filing does not provide specific revenue or earnings guidance.

04—Continue

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