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CDW Corporation

CDW Corporation

NASDAQ•CDW
CEO: Ms. Christine A. Leahy J.D.
Sector: Technology
Industry: Information Technology Services
Listing Date: 2013-06-27
CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. It also provides hardware products comprising notebooks/mobile devices, tablets, network communications, desktop computers, collaboration, data storage and servers, and others; and software products, such as cloud solutions, software assurance, application suites, security, virtualization, operating systems, and network management. In addition, the company offers advisory and design, software development, implementation, managed, professional, configuration, partner, and telecom services, as well as warranties; delivers and manages mission critical software, systems, and network solutions; and implementation and installation, and repair services to its customers through various third-party service providers. It serves government, education, and healthcare customers; and small, medium, and large business customers. CDW Corporation was formerly known as CDW Computer Centers, Inc. and changed its name to CDW Corporation in June 2003. The company was founded in 1984 and is based in Vernon Hills, Illinois.
Contact Information
200 North Milwaukee Avenue, Vernon Hills, IL, 60061, United States
847-465-6000
www.cdw.com
Market Cap
$17.15B
P/E (TTM)
16.4
20.9
Dividend Yield
1.9%
52W High
$222.92
52W Low
$126.93
52W Range
5%
Rank23Top 9.4%
5.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$5.74B+4.00%
4-Quarter Trend

EPS

$2.22-6.33%
4-Quarter Trend

FCF

$298.50M-3.24%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Sales Growth Nine Months Net Sales grew 7.0% to $16.91B; Corporate segment sales up 8.9% year-to-date.
Gross Profit Dollar Increase Nine Months Gross Profit dollars increased 5.0% to $3.62B, driven by higher sales volume across segments.
Strategic Acquisition Completed Completed Mission Cloud Services acquisition for $330M, expanding IT solutions capabilities across key markets.
Q3 Segment Sales Momentum Small Business segment Q3 Net Sales increased 14.2% to $433.8M, showing strong customer acquisition momentum.

Risk Factors

Q3 Net Income Decline Q3 Net Income decreased 8.0% to $291.0M, impacted by higher selling and administrative costs incurred.
Margin Compression Noted Nine Months Gross Profit Margin compressed 40 bps to 21.4% due to lower hardware rates and mix.
Operating Cash Flow Reduction Nine Months Net Cash from Operations fell $160.6M to $771.4M, driven by working capital changes.
ERP Implementation Controls New ERP system implemented; management continues monitoring internal control effectiveness post-transition.

Outlook

Technology Trend Adoption Focus Strategy focuses on leveraging AI, cloud, and security solutions to drive customer optimization spending.
Liquidity Assessment Positive Liquidity expected to remain adequate for next year, contingent on business plan execution success.
Debt Repayment Activity Repaid remaining $211M principal of 4.125% Senior Notes due 2025 at maturity during Q2 2025.
Future Dividend Discretion Future dividend payments remain subject to Board discretion based on results, capital needs, and restrictions.

Peer Comparison

Revenue (TTM)

United Microelectronics CorporationUMC
$236.13B
+4.1%
CDW CorporationCDW
$22.10B
+6.1%
Leidos Holdings, Inc.LDOS
$17.33B
+6.5%

Gross Margin (Latest Quarter)

Check Point Software Technologies Ltd.CHKP
85.3%
-2.1pp
F5, Inc.FFIV
82.2%
+1.5pp
Corpay, Inc.CPAY
70.8%
-7.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
LDOS$24.89B17.730.8%38.6%
UMC$23.20B17.511.5%13.7%
CPAY$22.43B21.428.8%41.1%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.4%
Moderate Growth
4Q Net Income CAGR
3.3%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 4, 2026
|
EPS:$2.43
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|
    Revenue: $5.74B+4.0%
    |
    EPS: $2.22-6.3%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 6, 2025|
    Revenue: $5.98B+10.2%
    |
    EPS: $2.06-1.9%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $5.20B+6.7%
    |
    EPS: $1.70+5.6%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 21, 2025|
    Revenue: $21.00B-1.8%
    |
    EPS: $8.06-1.7%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 30, 2024|
    Revenue: $5.52B-2.0%
    |
    EPS: $2.37+0.9%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 31, 2024|
    Revenue: $5.42B-3.6%
    |
    EPS: $2.10+7.7%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 1, 2024|
    Revenue: $4.87B-4.5%
    |
    EPS: $1.61-5.3%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 26, 2024|
    Revenue: $21.38B-10.0%
    |
    EPS: $8.20-0.5%
    Beat