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CDW Corporation (CDW) stock

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NASDAQ: CDW Nasdaq Technology Distributors Next results ~November 4, 2026

C+ Fundamentals grade

CDW Corporation is a multi-brand provider of information technology to organisations in the United States, United Kingdom and Canada. Its offerings span individual hardware and software products through to integrated IT solutions and services, covering on-premise and cloud environments across hybrid infrastructure, digital experience and security. It positions itself in the middle of the IT ecosystem, buying from manufacturers, software publishers, cloud providers and wholesale distributors and reselling those products, licences and services to customers, while also earning vendor incentives such as rebates and cooperative advertising reimbursements. It lists more than 100,000 products from over 1,000 vendor partners, including Apple, Cisco, Dell, Microsoft and Nvidia.

Its clients are over 250,000 business, government, education and healthcare customers, served by roughly 10,500 customer-facing staff including specialists and engineers.

The company reports three segments, Corporate, Small Business and Public, with CDW UK and CDW Canada grouped separately; a realignment into Commercial, Government and Education takes effect from January 2026. The US accounts for about 90% of net sales. A Fortune 500 and S&P 500 member, it can deliver in roughly 150 countries.

Based on CDW Corporation's 10-K filed February 20, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$82–$180 across our lower- and higher-growth cases (-0.5%–9.5% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 21% above our base value.

Price used: $150.59, November 2, 2026

CDW Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter CDW files

Where CDW stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $23.5bn, up 7.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 3.7%. The diluted share count is down 2.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $130 a share, against a share price of $155. At that price, our model says the market is pricing in about 7.0% a year of cash-flow growth for five years, faster than the 2.5% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

CDW Corporation's trailing-twelve-month revenue grew 7.4% year on year, with a free-cash-flow margin of 3.7%. Where it stands out: operating margin of 7.1% ranks 1 of 12 technology distributors companies we cover. Where it lags: long-term debt as % of assets of 27.9% ranks 8 of 8 technology distributors companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$82–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 15.6% while net income grew 0.3%: a 16pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.9% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 0.8 against the S&P 500.
  • Weak cash conversion. Free cash flow was 80% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 27.9% ranks 8 of 8 technology distributors companies we cover (median 12.4%).
  • Below peers: change in growth rate. Change in growth rate of +0.0pp ranks 11 of 12 technology distributors companies we cover (median +4.5pp).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$2.91 against an average estimate of $2.80: beat by 4.0%
Revenue
$6.57bn, up 10.0% on a year earlier
Share reaction
-7.8% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $2.98

CDW's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.1%
  • 1 week-7.7%
  • 1 month+13.0%
  • This year+12.3%
  • 1 year-3.6%
  • 5 years-13.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$23.5B
Operating margin
7.1%
Net margin
4.6%
EPS (TTM, diluted)
$8.32

Growth

Revenue growth
+7.4%
Change in growth rate
+0.0 pts
Share count change
−2.9%

Cash

Free cash flow (TTM)
$860M
FCF margin
3.7%
Stock pay % of revenue
0.4%

Earnings

Last results
August 5, 2026
Next results (est.)
November 3, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Leadership
  4. Deal
  5. Agreement
  6. Agreement
  7. Deal
  8. Insider trade
  9. Leadership
  10. Dividend
  11. Results
  12. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CDW Corporation valuation models and calculator

What the price is pricing in

The share price implies about 7.0% a year of cash-flow growth for five years.That is close to the 2.5% a year revenue growth CDW has delivered.

  • Priced in7.0%
  • Last 12 months7.4%
  • 3 years a year1.6%
  • 5 years a year2.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($149.74, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$120
Price used
$149.74close November 3, 2026
Implied change
▼ 17%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of CDW Corporation's free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2026 Q2 TTM), growing 5.2% and 4.3% in the next two years (forecasts, guidance and its record), then back to 4.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$82–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of CDW Corporation's free cash flow after stock-based pay ( $1.1B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value CDW Corporation as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$82–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$94–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$110–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$110–$120 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CDW Corporation with Technology Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −35%
  • Revenue growth 5 points higher ▲ +45%
  • Free-cash-flow margin 1 point lower ▼ −38%
  • Last year's free-cash-flow margin change, if it persists ▼ −27%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $82$128$187$266$369$501
8.5% $53$86$129$185$258$352
10% $35$60$93$137$192$264

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$36.80$46.10$62.19$73.37$130.76$122.20$191.69$169.17$217.97$168.78$134.08$150.59
Market value$6.3bn$7.7bn$9.8bn$11.3bn$19.3bn$17.7bn$26.9bn$23.2bn$29.7bn$22.8bn$17.7bn$19.6bn
+ Net debt (− = net cash)$3.2bn$3.0bn$3.1bn$3.0bn$3.2bn$2.5bn$6.6bn$5.6bn$5.1bn$5.4bn$5.0bn$5.5bn
Enterprise value$9.6bn$10.7bn$13.0bn$14.3bn$22.5bn$20.2bn$33.6bn$28.8bn$34.8bn$28.2bn$22.7bn$25.0bn
Multiples
Price / sales 0.5x0.6x0.7x0.7x1.1x1.0x1.3x1.0x1.4x1.1x0.8x0.8x
Price / earnings 15.7x18.0x18.8x17.5x26.2x22.4x27.2x20.8x26.9x21.2x16.6x18.1x
Price / free cash flow 33.7x14.2x14.1x13.7x24.4x15.3x39.3x19.2x20.5x19.8x16.3x22.7x
EV / EBITDA 9.9x9.9x11.5x11.4x16.1x12.6x20.9x14.2x17.8x14.6x11.7x12.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard CDW's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 8.2% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 17.7%, moving by 2.2 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 6.8%; its worst year was 5.8%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.6% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $6.2bn and EPS of $2.98 (range $2.88 to $3.20) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.98 +10% $24.3bn +8%
Next $12.06 +10% $25.2bn +4%

Next year's EPS estimate has moved +2.4% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.1% on 90 days ago. In the last 30 days, 2 analysts raised CDW Corporation's forecast and 0 cut it.

Consensus EPS forecast CDW Corporation, last 90 days
$10.50 $11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.76 Current fiscal year, 60 days ago: $10.93 Current fiscal year, 30 days ago: $10.96 Current fiscal year, 7 days ago: $10.97 Current fiscal year, Now: $10.98 $10.98 Next fiscal year, 90 days ago: $11.78 Next fiscal year, 60 days ago: $11.94 Next fiscal year, 30 days ago: $12.02 Next fiscal year, 7 days ago: $12.04 Next fiscal year, Now: $12.06 $12.06

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.76$11.78
60 days ago $10.93$11.94
30 days ago $10.96$12.02
7 days ago $10.97$12.04
Now $10.98$12.06

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.80 $2.91 +4.0%
Mar 2026 $2.29 $2.28 −0.3%
Dec 2025 $2.44 $2.57 +5.1%
Sept 2025 $2.62 $2.71 +3.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in CDW Corporation's latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows CDW Corporation's revenue by +5.2% next year and +4.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.5%, weight 68%) and the company's own record (+4.5%, weight 32%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy770%
Hold330%
Sell00%

Monthly trend

  1. Oct 202625310
  2. Sep 202625310
  3. Aug 202625310
  4. Jul 202625310

Counts of recommendations published by analysts covering CDW Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.3%
of tradable shares
Days to cover
5.98
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
14,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.6%

$156.19 on October 31, 2025 to $150.59

ThenNowEffect
Revenue (last 12 months) $21.9bn $23.5bn +7.4%
Net margin 4.9% 4.6% −6.6%
P/E multiple 19.4x 18.1x −6.7%
Share count 134m 130m +3.0%

Biggest factor: revenue.

Last 3 years −24.8%

$200.27 on November 3, 2023 to $150.59

ThenNowEffect
Revenue (last 12 months) $22.4bn $23.5bn +5.0%
Net margin 4.8% 4.6% −4.5%
P/E multiple 25.5x 18.1x −28.9%
Share count 137m 130m +5.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CDW+57%−12%+29%−23%−21%+12%
Industry peers (median)+38%−8%+36%+5%−11%+49%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CDW75%42%67%42%33%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CDW−15%−26%−24%−33%−33%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from March 27, 2024 to May 12, 2026. Getting back needed a 152% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$98.25 – $165.20
From 52-week high
−8.8%
vs 50-day average
+2.2%
vs 200-day average
+13.8%
Volatility (1 year)
47%
Beta vs S&P 500
0.80

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±8.1%
After a week
5 up, 7 down
typical move ±9.2%
After a month
5 up, 7 down
typical move ±6.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −7.8% −0.4% −11.3% +0.4%
May 6, 2026 −19.4% +1.1% −26.6% −2.2%
February 4, 2026 +11.6% −1.7% +7.0% −1.7%
November 4, 2025 −5.5% −0.8% −7.9% −6.2%
August 6, 2025 −2.0% +0.7% +1.4% +3.1%
May 7, 2025 +9.9% +1.1% +15.5% +9.1%
February 5, 2025 +0.3% +0.8% −5.2% −15.3%
October 30, 2024 −14.4% −2.3% −7.8% −19.7%
July 31, 2024 −8.1% +0.2% −10.1% −3.8%
May 1, 2024 −9.7% +0.6% −8.9% −7.3%
February 7, 2024 +5.8% +0.9% +3.9% +7.8%
November 1, 2023 +3.1% +3.0% +4.4% +6.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How CDW Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.18× the last 60 days’ realised volatility .
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CDW CDW Corporation Grade C+ $148.99

Own 100 shares, sell the $155 call expiring December 18, 2026 (46 days) for $9.10 a share — $910 per contract.

Previous session · Bid $9.10, ask $11.30, quoted Mon 2 Nov, 17:18 New York time with CDW at $148.99. Option prices move with the shares: check the live chain at your broker before trading.

  • If CDW ends below $155: you keep your shares and the $910 — 6.1% extra on the position, 48.5% a year at that pace.
  • If it ends above $155: your shares are sold at $155, a total return of 10.1% including the premium — at or above our value of ~$120.
$1.5k $0 −$2.8k Our value $120 Break-even $139.89 Price $148.99
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$910
Annualised
48.5%
Break-even
$139.89
Max gain
$1,511
Chance of selling
~47%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $140 put and sell the $155 call, both expiring December 18, 2026 (46 days).

  • Net credit of $1.60 a share ($160 per contract of 100 shares).
  • Worst case at expiry: -5.0%, if the shares fall below $140 (-6.0% from today).
  • Best case at expiry: +5.1%, if the shares rise above $155 (+4.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $120: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

CDW Corporation in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CDW Corporation
$20B $21B $22B $23B $24B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $21.8B Revenue (TTM), FY23 Q4: $21.4B Revenue (TTM), FY24 Q1: $21.1B Revenue (TTM), FY24 Q2: $20.9B Revenue (TTM), FY24 Q3: $20.8B Revenue (TTM), FY24 Q4: $21B Revenue (TTM), FY25 Q1: $21.3B Revenue (TTM), FY25 Q2: $21.9B Revenue (TTM), FY25 Q3: $22.1B Revenue (TTM), FY25 Q4: $22.4B Revenue (TTM), FY26 Q1: $22.9B Revenue (TTM), FY26 Q2: $23.5B $23.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $21.8B
FY23 Q4 $21.4B
FY24 Q1 $21.1B
FY24 Q2 $20.9B
FY24 Q3 $20.8B
FY24 Q4 $21B
FY25 Q1 $21.3B
FY25 Q2 $21.9B
FY25 Q3 $22.1B
FY25 Q4 $22.4B
FY26 Q1 $22.9B
FY26 Q2 $23.5B
Revenue growth, TTM YoY CDW Corporation
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -8.6% Revenue growth, TTM YoY, FY23 Q4: -10.0% Revenue growth, TTM YoY, FY24 Q1: -7.7% Revenue growth, TTM YoY, FY24 Q2: -6.4% Revenue growth, TTM YoY, FY24 Q3: -4.4% Revenue growth, TTM YoY, FY24 Q4: -1.8% Revenue growth, TTM YoY, FY25 Q1: 0.8% Revenue growth, TTM YoY, FY25 Q2: 4.5% Revenue growth, TTM YoY, FY25 Q3: 6.1% Revenue growth, TTM YoY, FY25 Q4: 6.8% Revenue growth, TTM YoY, FY26 Q1: 7.4% Revenue growth, TTM YoY, FY26 Q2: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -8.6%
FY23 Q4 -10.0%
FY24 Q1 -7.7%
FY24 Q2 -6.4%
FY24 Q3 -4.4%
FY24 Q4 -1.8%
FY25 Q1 0.8%
FY25 Q2 4.5%
FY25 Q3 6.1%
FY25 Q4 6.8%
FY26 Q1 7.4%
FY26 Q2 7.4%
Operating margin (TTM) CDW Corporation
7% 7.5% 8% 8.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 7.8% Operating margin (TTM), FY23 Q4: 7.9% Operating margin (TTM), FY24 Q1: 7.8% Operating margin (TTM), FY24 Q2: 8.0% Operating margin (TTM), FY24 Q3: 8.1% Operating margin (TTM), FY24 Q4: 7.9% Operating margin (TTM), FY25 Q1: 7.9% Operating margin (TTM), FY25 Q2: 7.6% Operating margin (TTM), FY25 Q3: 7.4% Operating margin (TTM), FY25 Q4: 7.4% Operating margin (TTM), FY26 Q1: 7.3% Operating margin (TTM), FY26 Q2: 7.1% 7.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 7.8%
FY23 Q4 7.9%
FY24 Q1 7.8%
FY24 Q2 8.0%
FY24 Q3 8.1%
FY24 Q4 7.9%
FY25 Q1 7.9%
FY25 Q2 7.6%
FY25 Q3 7.4%
FY25 Q4 7.4%
FY26 Q1 7.3%
FY26 Q2 7.1%
FCF margin (TTM) CDW Corporation
3% 4% 5% 6% 7% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.3% FCF margin (TTM), FY23 Q4: 6.8% FCF margin (TTM), FY24 Q1: 7.2% FCF margin (TTM), FY24 Q2: 7.0% FCF margin (TTM), FY24 Q3: 6.4% FCF margin (TTM), FY24 Q4: 5.5% FCF margin (TTM), FY25 Q1: 4.7% FCF margin (TTM), FY25 Q2: 4.7% FCF margin (TTM), FY25 Q3: 4.6% FCF margin (TTM), FY25 Q4: 4.9% FCF margin (TTM), FY26 Q1: 4.7% FCF margin (TTM), FY26 Q2: 3.7% 3.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.3%
FY23 Q4 6.8%
FY24 Q1 7.2%
FY24 Q2 7.0%
FY24 Q3 6.4%
FY24 Q4 5.5%
FY25 Q1 4.7%
FY25 Q2 4.7%
FY25 Q3 4.6%
FY25 Q4 4.9%
FY26 Q1 4.7%
FY26 Q2 3.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar CDW took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $22.4B
  2. Cost of revenue $17.6B · 78.3%
  3. Gross profit $4.9B · 21.7%
  4. Selling, general and admin $3.2B · 14.3%
  5. Operating income $1.7B · 7.4%
  6. Income tax $361M · 1.6%
  7. Interest and other $228M · 1.0%
  8. Net income $1.1B · 4.8%

Shares of revenue. Source: CDW's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 7.2 8.8 9.6 10.1 10.8 12.1 13.0 13.7 14.8 16.2 18.0 18.5 20.8 23.7 21.4 21.0 22.4 23.5
Gross profit 1.1 1.4 1.6 1.7 1.8 1.9 2.1 2.3 2.5 2.7 3.0 3.2 3.6 4.7 4.7 4.6 4.9 5.0
EBITDA 0.2 0.6 0.7 0.7 0.7 0.9 1.0 1.1 1.1 1.3 1.4 1.6 1.6 2.0 2.0 1.9 2.0 2.0
Operating income −0.0 0.4 0.5 0.5 0.5 0.7 0.7 0.8 0.9 1.0 1.1 1.2 1.4 1.7 1.7 1.7 1.7 1.7
Net income −0.4 −0.0 0.0 0.1 0.1 0.2 0.4 0.4 0.5 0.6 0.7 0.8 1.0 1.1 1.1 1.1 1.1 1.1
Diluted EPS — −$0.20 $0.12 $0.82 $0.84 $1.42 $2.35 $2.56 $3.31 $4.19 $4.99 $5.45 $7.04 $8.13 $8.10 $7.97 $8.08 $8.32
Growth (year on year)
Revenue — +22.9% +9.1% +5.5% +6.3% +12.1% +7.6% +5.3% +8.5% +9.5% +11.0% +2.4% +12.7% +14.1% −10.0% −1.8% +6.8% +7.4%
EBITDA — +201.7% +20.2% +6.7% −0.6% +22.9% +10.0% +10.8% +4.9% +11.1% +11.8% +14.6% +0.3% +25.8% −3.7% −1.3% +1.3% +0.9%
Operating income — — +33.5% +8.5% −0.4% +32.3% +10.3% +10.5% +5.7% +13.9% +14.8% +4.0% +20.3% +22.3% −3.1% −1.8% +0.3% +0.4%
Net income — — — — — — +64.6% +5.5% +23.1% +22.9% +14.6% +7.0% +25.4% +12.7% −0.9% −2.4% −1.0% +0.3%
Diluted EPS — — — — — — +65.5% +8.9% +29.3% +26.6% +19.1% +9.2% +29.2% +15.5% −0.4% −1.6% +1.4% +3.4%
Margins
Gross margin 15.8% 15.8% 16.5% 16.5% 16.3% 15.9% 16.3% 17.0% 16.5% 16.7% 16.9% 17.4% 17.1% 19.7% 21.8% 21.9% 21.7% 21.4%
EBITDA margin 2.6% 6.4% 7.0% 7.1% 6.7% 7.3% 7.5% 7.9% 7.6% 7.7% 7.8% 8.7% 7.7% 8.5% 9.1% 9.2% 8.7% 8.4%
Operating margin −0.4% 4.0% 4.9% 5.0% 4.7% 5.6% 5.7% 6.0% 5.8% 6.1% 6.3% 6.4% 6.8% 7.3% 7.9% 7.9% 7.4% 7.1%
Net margin −5.2% −0.3% 0.2% 1.2% 1.2% 2.0% 3.1% 3.1% 3.5% 4.0% 4.1% 4.3% 4.7% 4.7% 5.2% 5.1% 4.8% 4.6%
Free-cash-flow margin 1.3% 4.3% 1.8% 2.7% 3.0% 3.1% 1.4% 4.0% 4.7% 5.0% 4.4% 6.3% 3.3% 5.1% 6.8% 5.5% 4.9% 3.7%
Cash flow
Cash from operations 0.1 0.4 0.2 0.3 0.4 0.4 0.3 0.6 0.8 0.9 1.0 1.3 0.8 1.3 1.6 1.3 1.2 1.0
Capital spending 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow 0.1 0.4 0.2 0.3 0.3 0.4 0.2 0.5 0.7 0.8 0.8 1.2 0.7 1.2 1.5 1.2 1.1 0.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.1 0.4 0.1 0.3 0.3 0.4 0.2 0.5 0.7 0.8 0.7 1.1 0.6 1.1 1.4 1.1 1.0 0.8
Balance sheet
Cash 0.1 0.0 0.1 0.0 0.2 0.3 0.0 0.3 0.1 0.2 0.2 1.4 0.3 0.3 0.6 0.5 0.6 0.4
Total debt 0.0 4.3 4.1 3.8 3.3 3.2 3.3 3.3 3.3 3.2 3.3 4.0 6.9 6.0 5.7 5.9 5.7 5.8
Net debt (negative = net cash) −0.1 4.3 4.0 3.7 3.1 2.8 3.2 3.0 3.1 3.0 3.2 2.5 6.6 5.6 5.1 5.4 5.0 5.5
Diluted shares — 144m 145m 146m 159m 173m 172m 166m 158m 154m 148m 145m 141m 137m 136m 135m 132m 130m
Returned to shareholders
Dividends — — 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.4 0.5 0.5 0.7 0.3 1.5 0.0 0.5 0.5 0.7 0.8
Total returned 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.4 0.6 0.7 0.8 0.6 1.7 0.3 0.8 0.8 1.0 1.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $17.3bn
Short-term assets $9.7bnLonger-term assets $7.6bn
What it owes, and who funded it · $10.7bn
Short-term liabilities $8.3bnShareholders' equity $2.4bn
  • Short-term assets cover short-term liabilities $9.7bn of assets due within a year against $8.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $362m of cash against $5.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 238% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 957% to 238% over five years.
  • A year's operating cash flow covers at least 20% of debt $982m of operating cash flow against $5.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From CDW Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$848M
Dividends (TTM)
$324M
Returned to shareholders
136%
of free cash flow
Buybacks, last 3 fiscal years
$1.7B
Diluted share count
−2.9%
year over year
Total shareholder yield
6.2%
dividends 1.7% + buybacks 4.5% of market value
Dividend payout ratio
30%
of net income paid out
Sales & admin spending
14.2%
of revenue
Days sales outstanding
114 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in technology distributors
Last 12 months unless stated CDW AVT ARW INGM NSIT SNX Median
Revenue, last 12 months $23.5bn $27.6bn $35.9bn $58.6bn $8.6bn $75.7bn $5.9bn
Revenue growth, last 12 months 7.4% 24.5% 26.1% 14.8% 2.7% 24.1% 14.4%
Revenue growth, 3-year average 1.6% 1.4% 0.1% — −4.0% 8.4% 1.4%
Revenue growth, latest quarter 10.0% 47.7% 31.8% 20.8% 14.7% 37.7% 22.0%
Gross margin 21.4% 10.4% 11.3% 6.6% 22.1% 6.9% 12.4%
Operating margin 7.1% 2.6% 3.4% 1.8% 4.6% 2.7% 3.2%
Operating margin, 3-year average 7.6% 2.8% 3.2% 1.8% 4.4% 2.3% 3.0%
Net margin 4.6% 1.2% 2.3% 0.8% 2.5% 1.8% 2.4%
Cash from operations / revenue 4.2% −1.0% 2.6% 0.5% 4.9% −0.8% 2.4%
Free-cash-flow margin 3.7% −1.3% 2.3% 0.3% 4.6% −1.1% 1.3%
Free-cash-flow margin, 3-year average 5.1% 1.1% 2.7% −0.3% 4.8% 0.3% 2.5%
Stock pay / revenue 0.4% 0.2% 0.1% 0.1% 0.4% 0.1% 0.4%
Change in share count −2.9% −4.6% −1.7% −0.2% −13.2% −3.9% −2.0%

Median of all 12 companies we cover in technology distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 technology distributors companies
Measure Company Peer median Rank
Revenue growth Growth 7.4% 14.8% 9 of 12
Change in growth rate Growth +0.0pp +4.5pp 11 of 12
Gross margin Profitability 21.4% 13.6% 3 of 12
Operating margin Profitability 7.1% 3.4% 1 of 12
Net margin Profitability 4.6% 2.4% 1 of 12
Free-cash-flow margin Cash generation 3.7% 2.3% 3 of 12
Stock pay as % of revenue Cash generation 0.4% 0.4% 6 of 11
Long-term debt as % of assets Balance sheet 27.9% 12.4% 8 of 8
Change in share count Balance sheet -2.9% -1.7% 5 of 12
Days sales outstanding Balance sheet 114 days 91 days 9 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Corporate Segment Private Sector Business $9.4B 42.1% ▲ 6.8%
Public Segment Government Agencies Education and Healthcare $8.5B 38.1% ▲ 4.6%
All Other Segments $2.7B 12.1% ▲ 9.7%
Small Business $1.7B 7.7% ▲ 13.3%
Products and services
Line of business Revenue Share YoY
Total Hardware $16.1B 71.9% ▲ 5.6%
Notebooks Mobile Devices $5.6B 35.1% ▲ 10.8%
Software Products $4.2B 26.2% ▲ 10.5%
Other Hardware $2.5B 15.6% ▼ 2.8%
Services $2B 12.7% ▲ 9.0%
Collaboration $1.8B 10.9% ▼ 0.7%
Netcomm Products $2.7B 12.0% ▲ 5.9%
Data Storage and Servers $2.2B 9.6% ▲ 0.8%
Desktops $1.3B 6.0% ▲ 19.9%
Other Products and Services $115M 0.5% ▲ 6.4%
Geography
Region Revenue Share YoY
United States $19.6B 87.5% ▲ 6.3%
Outside the US $2.8B 12.5% ▲ 10.3%

From CDW Corporation's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$18.9B
Institutions reporting
747
Shares held vs prior quarter
▲ 6.8%
Positions opened / closed
102 / 106

Top buyers and sellers, Q2 2026: 356 institutions bought and 405 sold ; the biggest buyer was Hotchkis & Wiley Capital Management LLC (+1.8M shares) and the biggest seller Citadel Advisors LLC (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.1B 15.2M 11.3% ▲ 3.5%
Vanguard Capital Management LLC $1.2B 8.3M 6.2% ▼ 0.9%
Vanguard Portfolio Management LLC $1.2B 8.2M 6.1% ▲ 0.2%
State Street Corp $813M 5.8M 4.3% ▲ 0.8%
Harris Associates L P $780M 5.5M 4.1% ▲ 3.0%
Boston Partners $739M 5.3M 3.9% ▲ 33.6%
Geode Capital Management, LLC $548M 3.9M 2.9% ▲ 2.7%
Hotchkis & Wiley Capital Management LLC $531M 3.8M 2.8% ▲ 86.3%
Invesco Ltd. $529M 3.8M 2.8% ▲ 41.2%
Morgan Stanley $502M 3.6M 2.7% ▲ 19.2%
Jpmorgan Chase & Co $470M 3.4M 2.5% ▲ 4.8%
Allspring Global Investments Holdings, LLC $432M 3.1M 2.3% ▲ 23.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CDW Corporation's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.5M 2 trades by 2 insiders, last 12 months Insider sales History → $4.8M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $2.3M net selling
Insider Date Trade Shares Price Value
Connelly Elizabeth H. See Remarks August 7, 2026 Sell 26,695 $137.62 $3.7M
Nelms David W Director May 27, 2026 Buy 18,000 $111.43 $2M
Leahy Christine A See Remarks May 18, 2026 Buy 4,830 $103.39 $499,398
Chawla Sona See Remarks December 8, 2025 Sell 7,400 $146.17 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 31 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 7 sales of CDW Corporation shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded August 19, 2026, filed September 10, 2026
  • April McClain Delaney(D-MD 6):Sale (full), $1,001 - $15,000, traded May 19, 2026, filed June 5, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded May 18, 2026, filed June 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 4, 2026
  • November 4, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on CDW Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CDW Corporation in brief

What does CDW Corporation do?
CDW Corporation is a US-listed company in the technology distributors industry. Its financial year ends in December.
What is CDW Corporation's stock ticker?
CDW Corporation trades under the ticker CDW on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CDW Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, CDW Corporation reported revenue of $23.5B, 7.4% higher than a year earlier, according to its SEC filings.
What is CDW Corporation's free cash flow?
CDW Corporation's free-cash-flow margin is 3.7% of revenue over the trailing twelve months, ranking 3 of the 12 technology distributors companies we cover.
What is CDW Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of CDW Corporation's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$82–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are CDW Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is CDW Corporation buying back stock, and does it pay a dividend?
CDW Corporation spent $848M on share repurchases over the trailing twelve months, and its diluted share count fell 2.9% over the year.
What is CDW Corporation's market cap?
On November 2, 2026, CDW Corporation's market capitalisation was about $19.6B, with a price-to-earnings ratio of 18.1 and net debt of $5.5B. Market figures come from third-party market data and may be delayed.
Does CDW Corporation pay a dividend?
Yes: CDW Corporation paid $324M in dividends over the trailing twelve months, a dividend yield of 1.72% and a payout ratio of 30.0%.
How much debt does CDW Corporation have?
CDW Corporation's debt-to-equity ratio is 238.2%, from its latest balance sheet (957.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are CDW Corporation's competitors?
In our Technology Distributors peer group, the companies closest to CDW Corporation are Avnet Inc, Arrow Electronics, Inc., Ingram Micro Holding Corp, Insight Enterprises Inc and TD Synnex Corp. The side-by-side comparison below sets their revenue, margins and growth against CDW Corporation's.
Are insiders buying or selling CDW Corporation stock?
Over the last 12 months, CDW Corporation's directors and officers reported 2 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is CDW Corporation's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CDW Corporation announces its own schedule.