CDW · Consumer

CDW Corp

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-07

• Revenue Performance and MixImportance 38 · Surprise 40
  CDW reported second-quarter 2026 net sales of $6,572.2 million, up 10.0% year over year from $5,976.6 million. Six-month net sales reached $12,252.0 million, up 9.6% from $11,175.7 million. Growth was driven by…

10-Q · 2026-08-05

• Workforce Reduction and OptimizationImportance 63 · Surprise 82
  CDW incurred $44.2 million of workplace optimization costs in the six months ended June 30, 2026, compared with $12.8 million in the prior-year period. The costs include workforce reductions and charges related to…
• Liquidity and Debt PositionImportance 61 · Surprise 32
  CDW had $5.8 billion of total unsecured indebtedness and $362 million of cash and cash equivalents as of June 30, 2026, producing net debt of $5,455.2 million. Availability under the variable-rate senior unsecured…
• Interest Rate EnvironmentImportance 61 · Surprise 32
  CDW finances operations and capital expenditures partly through a variable-rate senior unsecured revolving loan facility. As of June 30, 2026, the company had $5.8 billion of total unsecured indebtedness and $1.7…
• Geographic Market CommentaryImportance 59 · Surprise 48
  Sales in the Other category, comprising CDW UK and CDW Canada, increased 20.4% in the first six months and 22.9% in the second quarter. Growth was primarily driven by customer demand for notebooks and mobile devices…
• Supply Chain And InventoryImportance 58 · Surprise 42
  AI-related demand for memory-intensive products and broader hardware demand are influencing supply chains and creating pricing pressure. Merchandise inventory increased by $418.3 million during the first six months,…
• Operating Cash Flow TrendsImportance 57 · Surprise 64
  Net cash provided by operating activities declined $223.4 million to $219.7 million in the six months ended June 30, 2026 from $443.1 million in the prior-year period. Free cash flow fell to $165.8 million from $393.7…
• Capital Return ProgramImportance 52 · Surprise 42
  CDW repurchased 4.5 million shares for $545 million during the six months ended June 30, 2026. On May 13, 2026, the Board authorized a $1 billion increase to the share repurchase program. The company paid two 2026…
• Revenue Performance and MixImportance 49 · Surprise 32
  Six-month net sales increased 9.6% year over year to $12,252.0 million from $11,175.7 million, while second-quarter sales increased 10.0% to $6,572.2 million. Growth was driven primarily by data storage and servers,…
• Gross Margin DriversImportance 49 · Surprise 32
  Six-month gross profit increased 6.2% to $2,509.8 million, but gross profit margin declined 60 basis points to 20.5% from 21.1%. The decline was primarily caused by mix into and lower margins in certain hardware…
• Operating Expense TrendsImportance 49 · Surprise 32
  Selling and administrative expenses increased $123 million, or 7.8%, to $1,705.2 million in the six months ended June 30, 2026. The increase was primarily attributable to higher compensation expense, including…
• Operating Income and MarginsImportance 49 · Surprise 32
  Six-month operating income increased 2.9% to $804.6 million from $781.6 million, while operating margin declined to 6.6% from 7.0%. Second-quarter operating income increased 2.0% to $428.6 million, with margin falling…
• End-Market Demand TrendsImportance 49 · Surprise 32
  Six-month net sales increased 9.6%, with customer demand concentrated in data storage and servers, notebooks and mobile devices, software, and netcomm products. Commercial demand increased 9.4%, led by data storage and…
• Product Mix And PricingImportance 36 · Surprise 40
  Higher sales were partly offset by lower gross profit margins from mix into certain hardware categories and lower margins in those categories. The pressure was most pronounced in Government, where the six-month gross…
• AI Infrastructure DemandImportance 32 · Surprise 42
  Rapid adoption of artificial intelligence applications and related data center investments are increasing demand for memory-intensive products. CDW says customers are investing in AI-ready infrastructure, cloud and…
• Income Tax Rate ChangesImportance 31 · Surprise 32
  Six-month income tax expense increased 5.4% to $182.1 million from $172.8 million. The effective tax rate increased to 26.3% from 25.8%, primarily because current-year tax shortfalls replaced prior-year excess tax…
• Macroeconomic Factors ImpactImportance 29 · Surprise 24
  CDW reports that economic conditions remain complex because of uncertainty surrounding global trade policies and geopolitical conditions. These conditions may affect customer willingness and ability to spend on IT,…
• Government Funding UncertaintyImportance 17 · Surprise 24
  Changes and uncertainty in spending policies, budget priorities, timing, and funding levels are affecting government, healthcare, and education customers. CDW specifically identifies potential U.S. government shutdowns…
• Distribution ChannelsImportance 10 · Surprise 6
  CDW serves business, government, education, and healthcare customers through Commercial, Government, and Education segments, with CDW UK and CDW Canada reported in Other. Its portfolio includes more than 100,000…

Earnings call · 2026-08-05

• Guidance and OutlookImportance 63 · Surprise 60
  CDW raised its full-year 2026 outlook and expects the U.S. IT addressable market to grow in the mid-single digits on a customer-spend basis. The company expects 200 to 300 basis points of outperformance versus that…
• Gross Margin DriversImportance 61 · Surprise 32
  Second-quarter gross profit was $1.3 billion, up 6.3% year-over-year, while gross margin declined 70 basis points to 20.1%. The margin decline reflected a greater mix of large hardware infrastructure opportunities tied…
• Capital Return ProgramImportance 58 · Surprise 42
  CDW returned $344 million through share repurchases and $80 million through dividends during the second quarter. First-half 2026 share repurchases totaled approximately $545 million, compared with $653 million for all…
• Operating Expense TrendsImportance 55 · Surprise 32
  Non-GAAP SG&A totaled $764 million, representing 57.9% of gross profit, down 20 basis points year-over-year and 410 basis points sequentially. Non-GAAP operating income increased 7% to approximately $556 million,…
• Revenue Performance and MixImportance 54 · Surprise 40
  Second-quarter net sales were $6.6 billion, up 10% year-over-year and a quarterly record. Hardware revenue increased 10%, with servers, storage and networking delivering healthy double-digit growth, while notebooks and…
• Segment Revenue PerformanceImportance 48 · Surprise 40
  Commercial net sales increased 9%, including 11% growth in Corporate, 9% growth in Healthcare, and 2% growth in Financial Services. Government net sales increased approximately 14%, driven by improving federal demand…
• Market Demand TrendsImportance 48 · Surprise 40
  CDW reported healthy demand for infrastructure modernization, cloud, AI readiness, security and resilience, with written demand exceeding invoicing and backlog significantly elevated. Commercial demand increased 9%,…
• Products and TechnologyImportance 48 · Surprise 40
  Hardware revenue increased 10%, with servers, storage and networking delivering very healthy double-digit growth and notebooks and desktops increasing a combined 10%. Software grew at a low-double-digit rate, led by…
• AI Infrastructure DemandImportance 40 · Surprise 42
  Management said customer investment in AI readiness and modernization is driving strong infrastructure demand, with AI activity expanding from large enterprises into health care, education, commercial customers and…
• Liquidity and Debt PositionImportance 37 · Surprise 6
  Period-end net debt was $5.5 billion. Liquidity was approximately $2 billion, consisting of cash plus revolver availability. Net leverage ended the quarter at 2.5x, within CDW's target range of 2x to 3x. Management…
• AI Governance ExpansionImportance 34 · Surprise 42
  CDW designed an AI 360 Framework for a Western state technology office to consolidate isolated AI projects into an operating model covering strategy, governance, infrastructure, security, data and application…
• Working Capital and Cash FlowImportance 32 · Surprise 24
  Adjusted free cash flow was $278 million year-to-date, equal to 42% of non-GAAP net income, below CDW's 80% to 90% conversion target. The three-month average cash conversion cycle was 21 days, within the company's…
• Distribution Channels and PartnershipsImportance 31 · Surprise 42
  AI labs are increasingly viewing the channel as an ally and strong route to market after initially assessing its value. CDW has seen progress in partner programs, relationships and investment from AI labs seeking to…
• Services Growth OutlookImportance 24 · Surprise 30
  Management expects services demand to increase as customers progress from infrastructure procurement into implementation, optimization and ongoing operations. Services are embedded across AI readiness, deployment,…
• Customer DynamicsImportance 23 · Surprise 24
  Customers are shifting or reallocating budgets toward technology when investments are tied to mission-critical outcomes, productivity, infrastructure modernization, security and AI. CDW is seeing technology budgets…
• Competition and Pricing PressureImportance 20 · Surprise 24
  CDW operates in a competitive environment but said it maintained pricing discipline and passed through price increases under its cost-plus regime. Management reported no like-for-like margin pressure; the effect on mix…
• Supply Chain ConstraintsImportance 17 · Surprise 24
  Product availability and delivery conditions became more normalized after several quarters of customer urgency around AI hardware and memory inflation. CDW still has product-delivery delays in its backlog, but…
• Macroeconomic Factors ImpactImportance 17 · Surprise 24
  Management described the technology environment as dynamic, with pricing volatility, inflationary pricing and cautious customer spending affecting purchasing decisions. Customers are engaging more frequently to analyze…
• Interest Rate EnvironmentImportance 13 · Surprise 6
  CDW reported that second-quarter net interest expense increased by approximately $3 million year over year because of higher average borrowings. Period-end net debt was $5.5 billion, and net leverage was 2.5 times,…

8-K · 2026-08-05

• Leadership TransitionImportance 31 · Surprise 42
  CFO Albert J. Miralles plans to retire in 2027 after a 35-year career with CDW. He will remain CFO until a successor is appointed and will then serve in an advisory capacity to support the transition. CDW has begun…

8-K · 2026-08-05

• Liquidity and Debt PositionImportance 61 · Surprise 32
  At June 30, 2026, CDW held $361.8 million of cash and total debt of $5,817.0 million, producing net debt of $5,455.2 million. Net debt increased from $5,011.1 million at December 31, 2025 and $5,151.7 million at June…
• Market Demand TrendsImportance 60 · Surprise 40
  Second-quarter net sales increased 10.0% year over year to $6,572 million, with customer demand concentrated in data storage and servers, notebooks and mobile devices, software, and netcomm products. Management said…
• Headcount / RestructuringImportance 59 · Surprise 82
  Workplace optimization charges totaled $44.2 million in second-quarter 2026, up from $12.7 million in second-quarter 2025. The charges included costs related to workforce reductions and reductions in CDW’s real-estate…
• Geographic Market CommentaryImportance 59 · Surprise 48
  CDW’s UK and Canadian operations, reported together as Other, generated $826 million of second-quarter sales, up 22.9% year over year. The Other category was the fastest-growing reported geographic grouping and…
• Customer DynamicsImportance 54 · Surprise 40
  Commercial segment sales rose 9.2% to $3,965 million, led by Corporate customers with 10.7% growth and Healthcare customers with 9.1% growth. Financial Services sales increased 1.8% in the quarter, a slower pace than…
• Segment Revenue PerformanceImportance 52 · Surprise 30
  Commercial segment revenue increased 9.2% year over year to $3,965 million, including growth of 10.7% from Corporate customers, 9.1% from Healthcare customers, and 1.8% from Financial Services customers. Government…
• Operating Cash Flow TrendsImportance 51 · Surprise 64
  Cash provided by operating activities fell to $219.7 million in the first six months of 2026 from $443.1 million in the first six months of 2025. Capital expenditures increased to $53.9 million from $49.4 million,…
• Gross Margin DriversImportance 49 · Surprise 32
  Second-quarter gross profit increased 6.3% to $1,319.8 million from $1,241.2 million. Gross profit margin declined to 20.1% from 20.8%, a 70-basis-point decrease despite higher gross profit. The margin reduction was…
• Operating Expense TrendsImportance 49 · Surprise 32
  Second-quarter selling and administrative expense increased 8.6% to $891.2 million from $821.0 million. The increase was primarily attributable to higher compensation expense, including performance-based incentives,…
• Capital Return ProgramImportance 49 · Surprise 32
  CDW’s Board approved a quarterly cash dividend of $0.630 per common share on August 5, 2026. The dividend is scheduled to be paid on September 10, 2026, to stockholders of record at the close of business on August 25,…
• Revenue Performance and MixImportance 47 · Surprise 22
  Second-quarter 2026 net sales increased 10.0% year over year to $6,572.2 million from $5,976.6 million, while constant-currency sales increased 9.9%. Average daily sales also increased 10.0% to $102.7 million because…
• Guidance / OutlookImportance 23 · Surprise 24
  CDW said it remains confident it can exceed U.S. IT addressable-market growth by 200 to 300 basis points on a constant-currency basis. The outlook is supported by demand for infrastructure modernization, cloud, and…

News · 2026-08-05

• Capital Return ProgramImportance 74 · Surprise 58
  CDW authorized a $1 billion share-repurchase program as part of its capital-allocation priorities. Share repurchases reduced the share count by 3.5% year over year and helped support adjusted EPS growth to $2.91, up…
• Guidance / OutlookImportance 62 · Surprise 68
  Management raised its full-year 2026 outlook and expects the U.S. IT addressable market to grow in the mid-single digits. CDW expects to outperform that market by 200 to 300 basis points. Analysts and management…
• Revenue Performance and MixImportance 38 · Surprise 40
  CDW reported second-quarter 2026 net sales of $6,572.2 million, up 10.0% year over year from $5,976.6 million. Six-month net sales reached $12,252.0 million, up 9.6% from $11,175.7 million. Growth was driven by…
• AI Infrastructure DemandImportance 36 · Surprise 40
  CDW’s second-quarter net sales growth was attributed to customer investment in infrastructure modernization, artificial-intelligence readiness, cloud technologies and security. Demand was particularly strong for data…
• Gross Margin DriversImportance 31 · Surprise 32
  Second-quarter gross profit increased 6.3% year over year to $1,319.8 million from $1,241.2 million. Gross margin declined to 20.1% from 20.8%, a 70-basis-point contraction despite 10.0% revenue growth. The margin…
• Leadership TransitionImportance 31 · Surprise 42
  Chief Financial Officer Albert J. Miralles plans to retire in 2027 after a 35-year career with CDW. He will remain CFO until a successor is appointed and then serve in an advisory role to support the transition. CDW…

News · 2026-08-04

• Revenue Performance and MixImportance 38 · Surprise 40
  CDW reported second-quarter 2026 net sales of $6,572.2 million, up 10.0% year over year from $5,976.6 million. Six-month net sales reached $12,252.0 million, up 9.6% from $11,175.7 million. Growth was driven by…