CDW · 10-Q · 2026Q3 · Full report

Operating Income and Margins

CDW Corp · 2026-11-04 · Importance 48 · Surprise 40 · Contradicted

Operating income rose 10.4% to $489.5 million in the third quarter but operating margin declined from 7.7% to 7.2%. For the first nine months, operating income increased 5.6% to $1,294.1 million and margin fell from 7.2% to 6.8%. Non-GAAP operating income increased 16.8% to $619.8 million for the quarter and 8.9% to $1,627.7 million for nine months; non-GAAP margin was 9.2% for the quarter and 8.6% year to date. Higher gross profit supported income growth, while lower gross margins and higher expenses constrained reported operating margins.

Key facts

Impact estimates

metricdirectionstageexpectedbasis
operating_incomepositiverealized+1.0%For the nine months ended September 30, 2026, CDW operating income increased 5.6% to $1,294.1 million, while operating income margin…
net_incomepositiverealized+0.5%For the nine months ended September 30, 2026, CDW net income increased 4.1% to $819.6 million.
marginnegativerealized-0.4%For the nine months ended September 30, 2026, CDW operating income increased 5.6% to $1,294.1 million, while operating income margin…