CDW · 10-Q · 2026Q2 · Full report

Operating Income and Margins

CDW Corp · 2026-08-05 · Importance 49 · Surprise 32 · No source text

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 to 6.5% from 7.0%. Education operating income rose 28.4% to $104.5 million for six months, and Other operating income rose 20.6% to $98.5 million. Commercial operating income increased only 0.7% to $737.3 million because higher gross profit was substantially offset by compensation expense, while Government operating income rose 11.2% to $85.1 million as lower compensation more than offset lower gross profit.

Key facts

• Non-GAAP operating income for three months ended June 30, 2026: $556.0 million and Non-GAAP operating income margin: 8.5% source
• Non-GAAP operating income for six months ended June 30, 2026: $1,007.9 million and Non-GAAP operating income margin: 8.2% source
• Non-GAAP net income for three months ended June 30, 2026: $370.4 million and Non-GAAP net income per diluted share: $2.91 source
• Non-GAAP net income for six months ended June 30, 2026: $665.7 million and Non-GAAP net income per diluted share: $5.18 source
• Three months ended June 30, 2026 Operating income: $428.6 million source
• Six months ended June 30, 2026 Operating income: $804.6 million source
• Commercial segment operating income for three months ended June 30, 2026: $382.6 million (9.6% of segment net sales), up $10.9 million or 2.9% source
• Three months ended June 30, 2026 Net income: $274.4 million, up 1.2% from $271.2 million in prior year source

Impact estimates