Earnings summaries and quarterly performance for CDW.
Executive leadership at CDW.
Christine Leahy
Detailed
Chair, President and Chief Executive Officer
CEO
Albert Miralles
Detailed
Chief Financial Officer and Executive Vice President, Enterprise Business Operations
Elizabeth Connelly
Detailed
Chief Commercial Officer and Executive Vice President
Frederick Kulevich
Detailed
Chief Legal Officer, Executive Vice President, Risk and Compliance, and Corporate Secretary
Katherine Sanderson
Detailed
Chief Human Resources Officer and Executive Vice President, Coworker Success
Mukesh Kumar
Detailed
Chief Services and Solutions Officer
Sona Chawla
Detailed
Chief Growth and Innovation Officer and Executive Vice President
Board of directors at CDW.
Anthony Foxx
Detailed
Director
David Nelms
Detailed
Director
Donna Zarcone
Detailed
Director
James Bell
Detailed
Lead Independent Director
Joseph Swedish
Detailed
Director
Kelly Grier
Detailed
Director
Lynda Clarizio
Detailed
Director
Marc Jones
Detailed
Director
Sanjay Mehrotra
Detailed
Director
Virginia Addicott
Detailed
Director
Research analysts who have asked questions during CDW earnings calls.
Amit Daryanani
Evercore
6 questions for CDW
Also covers: AAPL, AKAM, ANET +22 more
Keith Housum
Northcoast Research
6 questions for CDW
Also covers: AXON, BRC, CGNX +10 more
Samik Chatterjee
JPMorgan Chase & Co.
6 questions for CDW
Also covers: AAPL, ANET, APH +32 more
David Vogt
UBS Group AG
5 questions for CDW
Also covers: AAPL, ANET, CIEN +12 more
Erik Woodring
Morgan Stanley
5 questions for CDW
Also covers: AAPL, CRCT, DELL +19 more
Harry Read
Redburn Atlantic
4 questions for CDW
Also covers: DAVA, NSIT
Ruplu Bhattacharya
Bank of America
3 questions for CDW
Also covers: ARW, AVT, CNXC +13 more
Adam Tindall
Raymond James
2 questions for CDW
Asiya Merchant
Citigroup Global Markets Inc.
2 questions for CDW
Also covers: APH, CRCT, DELL +12 more
Adam Tindle
Raymond James
1 question for CDW
Also covers: ALRM, ARLO, CHKP +14 more
Dong Wang
Nomura Instinet
1 question for CDW
Also covers: CLS, CRSR, FLEX +6 more
George Wang
Barclays PLC
1 question for CDW
Also covers: FLEX, JBL, NTNX +2 more
Harry Reid
Redburn
1 question for CDW
Matthew Sheerin
Stifel
1 question for CDW
Also covers: ARW, AVT, CLS +8 more
Maya Neuman
Morgan Stanley
1 question for CDW
Also covers: CRCT, HPQ, INGM +4 more
Recent press releases and 8-K filings for CDW.
CDW reports Q3 2025 results
CDW
Earnings
Dividends
Revenue Acceleration/Inflection
- Net sales rose 4% to $5.74 billion in Q3 2025, driven by strong demand for IT solutions including hardware, software, and services.
- Net income was $291 million, down year-over-year due to higher selling and administrative expenses, resulting in an 8% decline in operating income.
- Basic EPS decreased to $2.22 (diluted EPS $2.21) from $2.37 (diluted $2.34) a year ago.
- Quarterly dividend increased 1% to $0.63 per share, payable December 10, 2025, to shareholders of record November 25, 2025.
- Operating margin fell to 7.7% from 8.7%, while free cash flow margin held steady at 5.2%.
Nov 4, 2025, 2:00 PM
CDW reports Q3 2025 results
CDW
Earnings
Guidance Update
Dividends
- Net sales of $5.7 billion (+4% YoY), gross profit of $1.3 billion (+5%), non-GAAP operating income of $531 million (-1%), EPS of $2.71 (+3%), and adjusted free cash flow of $209 million.
- Small business and international strength, with small business delivering double-digit growth and government net sales up 8%, offset by education net sales down 9%; services revenue rose 9% and now represents 9% of total net sales.
- Capital returned: $150 million in share repurchases and $82 million in dividends in Q3; $747 million returned YTD (112% of FCF); dividend raised 1% to $2.52 annually; net leverage at 2.5×.
- Guidance: Maintained full-year 2025 outlook—U.S. IT market growth in low single digits with CDW outperformance of 200–300 bps; full-year non-GAAP EPS to grow low single digits; Q4 gross profit to increase low-to-mid single digits YoY.
Nov 4, 2025, 1:30 PM
CDW reports Q3 2025 earnings
CDW
Earnings
- Net sales of $5.74 billion, up 4.0% year-over-year (3.8% constant currency)
- GAAP operating income of $443.3 million (7.7% margin) versus $481.6 million (8.7% margin) in Q3 2024
- Non-GAAP operating income of $530.6 million (9.2% margin) compared to $534.0 million (9.7% margin) last year
- Non-GAAP net income per diluted share of $2.71, up from $2.63 in Q3 2024
Nov 4, 2025, 1:30 PM
CDW reports Q3 2025 results
CDW
Earnings
Guidance Update
Share Buyback
- CDW delivered $5.7 billion in net sales (+4%), $1.3 billion in gross profit (+5%), $531 million in non-GAAP operating income (-1%) and $2.71 non-GAAP EPS (+3%) in Q3 2025.
- Returned $747 million to shareholders year-to-date (112% of adjusted FCF), including $150 million in share repurchases and $82 million in dividends; raised the annual dividend ~1% to $2.52; net leverage was 2.5× at quarter end.
- Maintained full-year 2025 outlook: U.S. IT market to grow low single digits with a 200–300 bp CDW outperformance, full-year gross profit up low to mid-single digits, margins roughly flat, and non-GAAP EPS up low single digits; Q4 gross profit expected to grow low to mid-single digits and EPS to be slightly down year-over-year.
- Software, cloud, security, services and client devices drove results: professional and managed services grew 14%, netted-down revenues represented 36% of gross profit, and small business and corporate channels posted above-market growth.
- Balance sheet remained strong with $5.2 billion net debt, $1.8 billion in liquidity, an 11-day cash conversion cycle, and $209 million of adjusted free cash flow in Q3 (YTD $668 million, 68% of non-GAAP net income).
Nov 4, 2025, 1:30 PM
CDW announces Q3 2025 results
CDW
Earnings
Dividends
Share Buyback
- CDW delivered Q3 net sales of $5.7 B (+4 % YoY), gross profit of $1.3 B (+5 %), non-GAAP operating income of $531 M (–0.6 %), and non-GAAP EPS of $2.71 (+3 %).
- Adjusted free cash flow was $209 M in Q3 and $668 M YTD (68 % of non-GAAP net income); net debt was $5.2 B, liquidity $1.8 B, and the cash conversion cycle 11 days.
- Balanced end-market performance: small business sales and GP grew double digits; government net sales +8 %; healthcare GP outpaced its 7 % sales growth; education net sales fell 9 % but GP rose on mix.
- Returned $747 M to shareholders YTD via $150 M in share repurchases and $82 M dividends (112 % of FCF), raised the dividend 1 % to $2.52/sh; maintains full-year outlook of low-single-digit U.S. IT market growth with 200–300 bps CDW outperformance amid macro and government-shutdown uncertainties.
Nov 4, 2025, 1:30 PM
CDW announces Q3 2025 results
CDW
Earnings
Dividends
Guidance Update
- CDW reported $5.7 billion net sales, up 4%, and $1.3 billion gross profit, up 5% in Q3 2025.
- Non-GAAP operating income was $531 million, non-GAAP EPS was $2.71 (up 3%), and adjusted free cash flow reached $209 million.
- The company returned $747 million to shareholders YTD, including $150 million in share repurchases and a 1% dividend increase to $2.52 annually.
- CDW maintained its 2025 outlook of low-single-digit IT market growth, 200–300 bp market outperformance, and low-mid-single-digit gross profit growth.
Nov 4, 2025, 1:30 PM
CDW reports Q3 2025 earnings
CDW
Earnings
- CDW’s Q3 2025 net sales were $5.74 billion, up 4.0% year-over-year.
- Gross profit rose 4.6% to $1.26 billion, with margin improving to 21.9% from 21.8%.
- Operating income declined 8.0% to $443 million (7.7% margin), while Non-GAAP operating income was $531 million (9.2% margin).
- Net income fell 8.0% to $291 million (diluted EPS $2.21, down 5.8%), and Non-GAAP net income rose 0.6% to $357 million (Non-GAAP diluted EPS $2.71, up 3.0%).
- By segment, Q3 net sales were $2.255 billion (Corporate, +4.4%), $434 million (Small Business, +14.2%), $2.350 billion (Public, +0.6%) and $698 million in Other (UK/Canada, +9.1%).
Nov 4, 2025, 12:03 PM
CDW outlines Q2 performance, guidance, and AI strategy at Citi Global TMT Conference
CDW
Guidance Update
M&A
- CDW delivered 10% year-over-year revenue growth in calendar Q2, driven by resilient performance across end markets, with Enterprise exceeding expectations; management has baked in muted federal and education growth for H2 2025 in its outlook.
- The company expects 2025 gross margins roughly in line with 2024, underpinned by balanced “full-stack, full-lifecycle” offerings; the focus remains on expanding higher-margin services, cloud solutions, and managed services to drive durable gross profit growth and operating leverage.
- AI adoption is in the early innings: CDW is the #1 Microsoft Copilot partner, helping clients with data readiness and multi-cloud deployments, while also committing to an AI-native workforce by January 2026 and embedding AI-driven agents internally to boost productivity.
- Strong free cash flow generation supports a disciplined capital allocation framework—dividends, buybacks (increased during Q2), and strategic M&A—highlighted by the Mission Cloud Services AWS practice acquisition, which has been successfully integrated to enhance cloud capabilities.
Sep 3, 2025, 1:30 PM
CDW Addresses Macro Volatility and Strategic Priorities
CDW
Guidance Update
New Projects/Investments
- CDW executives acknowledge macro uncertainty and policy volatility, but emphasize that technology spending remains a non-discretionary and essential element for competitive advantage.
- The company is actively investing in AI and cloud services, leveraging a full stack, full lifecycle approach to enhance managed services and capture emerging markets like AI-enabled PCs.
- There is cautious guidance for segments such as federal and K-12 education, with executives noting modest declines in certain government areas despite strong overall demand.
May 13, 2025, 1:31 PM
CDW Announces Q1 2025 Earnings Results & Dividend Declaration
CDW
Earnings
Guidance Update
Dividends
Share Buyback
Revenue Acceleration/Inflection
- CDW reported net sales of $5.2 billion in Q1 2025, up 6.7% YoY, driven by strong performance across multiple channels and effective cost management .
- Non-GAAP operating income increased by 10% to approximately $444 million with non-GAAP EPS of $2.15, reflecting disciplined pricing and strategic capital allocation .
- The Board declared a quarterly cash dividend of $0.625 per share, payable on June 10, 2025, reinforcing its commitment to shareholder returns .
- Operating income rose 10.2% to $361 million and gross profit climbed to $1.1 billion (21.6% margin), underscoring strong core performance .
- Full year 2025 outlook forecasts low single-digit IT market growth and stable gross margins amid cautious customer behavior and pull-forward effects in client device purchases .
- CDW remains focused on capital allocation with planned dividend increases and share repurchases, maintaining a robust balance sheet with net debt around $5.2 billion .
May 7, 2025, 12:31 PM
Quarterly earnings call transcripts for CDW.
Ask Fintool AI Agent
Get instant answers from SEC filings, earnings calls & more