NASDAQ: CDW · Technology Distributors
CDW Corporation
CDW is an IT solutions reseller that sells hardware, software, cloud, and services from more than 1,000 vendor partners, such as Cisco, Dell, HP, Lenovo, and Microsoft, to businesses, governments, schools, and healthcare organizations. About 90% of net sales come from the U.S.; CDW UK and CDW Canada account for the rest ($2.7 billion). FY2025 net sales were $22.4 billion (+6.8%), operating income $1.66 billion, and net income $1.07 billion. From 2026 it reports Commercial, Government, and Education segments.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-30) · filed 2026-11-04
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 7.4%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +6.7 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.13x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 19.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.95
Higher than 17% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 21% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 64% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 67% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 17% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$163.69close on 2026-11-04
Market cap$21.18B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 19.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 8.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 13.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.5%
At FY2025 year-end: 16.9x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 6.8x
Book value at FY2025 year-end
At FY2025 year-end: 11.6x
EBITDA for FY2025
At FY2025 year-end: 6.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$5.74B → $6.75B (vs. a year earlier)↑ +17.7%$5.74B → $6.75B (vs. a year earlier)
- Operating margin7.7% → 7.2% (vs. a year earlier)↓ −0.5 pts7.7% → 7.2% (vs. a year earlier)
- Net income$291M → $310M (vs. a year earlier)↑ +6.5%$291M → $310M (vs. a year earlier)
- Diluted EPS$2.21 → $2.46 (vs. a year earlier)↑ +11.3%$2.21 → $2.46 (vs. a year earlier)
- Cash$362M → $1.54B (vs. previous quarter-end)↑ +325.3%$362M → $1.54B (vs. previous quarter-end)
- Long-term debt$5.82B → $7.12B (vs. previous quarter-end)↑ +22.5%$5.82B → $7.12B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- CDW Corp
- Headquarters
- VERNON HILLS, IL
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CDW
- Industry
- Technology Distributors
- CIK
- 1402057
- Website
- https://www.cdw.com/ ↗
- IR page
- https://investor.cdw.com/ ↗
Workforce (as of FY2025 year-end)
Employees
14,800
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–38 days after quarter end (Feb 4, 2026; Feb 5, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 6, 2025 (+37 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | May 7, 2025 (+37 days) | May 7, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 26, 2024 10-K (+57 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Hardware
Devices and infrastructure
Examples: Notebooks and mobile devices, servers and storage, networking (netcomm)
From vendors such as Apple, Dell, HP, Lenovo, Cisco, and NetApp.
Software and cloud
Software and cloud
Examples: Microsoft, Adobe, Broadcom, AWS, Google
Licenses, subscriptions, and cloud consumption.
Services
Professional and managed services
Examples: Design, integration, and management of IT across hybrid infrastructure, digital experience, and security
Delivered through about 10,500 customer-facing coworkers, including engineers.
Descriptions are from the FY2025 Form 10-K's Item 1 and the Q2 2026 earnings release.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services. It calls itself "a leading multi-brand provider" of IT solutions without a figure.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Reorganization and 2026 results, from the 10-K and 8-Ks.
New segments
From January 1, 2026, CDW reorganized into Commercial (corporate, financial services, healthcare, with small business spread across channels), Government, and Education segments.
Source: Form 10-K (FY2025) Item 1
Q2 2026 growth
Net sales rose 10.0% to $6.57B, driven by storage and servers, notebooks and mobile devices, software, and netcomm; Government grew 13.6% and Education 0.7%.
Source: 8-K filed 2026-08-05 (Exhibit 99.1)
Refinancing
In December 2025 CDW entered a new five-year $2.88B senior unsecured credit facility (a $634.5M term loan and a $2.25B revolver).
Source: 8-K filed 2025-12-23
Capex ÷ D&A (FY2025)
0.40x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$117M ÷ $296M = 0.40x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$3.21B
Latest year: $22M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $158M in FY2020 to $117M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$22.42B
As reported in the 10-K
Revenue CAGR (5 years)
+4.0%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($22,424M ÷ $18,468M) ^ (1÷5) − 1 = 4.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
7.4%
+1.0pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,656M ÷ $22,424M × 100 = 7.4%
ROE (FY2025)
43.0%▲favorable
6-year average: 68.1%
As reported in the 10-K
P/B (FY2025 end)
6.76x
formulafiscal year-end closing price ÷ book value per share
e.g.$136.20 ÷ $20.14 = 6.76x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
11.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($17,624M + $5,655M − $619M) ÷ ($1,656M + $296M) = 11.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.0% a year over 5 years (modest growth)
From $18.47B in FY2020 to $22.42B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 6.4% → 7.4%
How much operating profit is left per $100 of revenue. It moved +1.0 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 16.3% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 68.1% over 6 years (latest: 43.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Cisco, Dell Technologies, HP Inc., Hewlett Packard Enterprise, Lenovo, Microsoft (supplier)
07 · what it does
Key activities
Corporate
Advising on, procuring, integrating, and managing IT solutionsSmall Business
Selling and configuring IT productsPublic
Supplying and integrating ITOther
IT solutions
06 · what it draws on
Key resources
Corporate
Vendor partners and wholesale distributors- Sellers, specialists, and engineers
Small Business
Vendor partnersPublic
Vendor partners- Government contract vehicles
Other
Vendor partners
02 · why customers buy
Value propositions
- IT products, solutions and services from many vendors, tailored to customer needs; CDW cites scale and its performance-driven culture as competitive advantages.
04 · how it keeps them
Customer relationships
- Ongoing account relationships with businesses, governments and education and healthcare institutions.
03 · how it reaches them
Channels
- Its own sales and technical teams by customer segment (corporate, small business, public); drop-shipment arrangements with OEMs and distributors.
01 · who it serves
Customer segments
Corporate
Mid-size and large U.S. companiesSmall Business
U.S. small businessesPublic
Federal, state, and local governments; schools and universities; hospitalsOther
Customers in the UK and Canada
09 · where money goes
Cost structure
FY2025, share of revenue ($22.42B)
- Cost of revenue78.3%
- Selling, general & administrative14.3%
Operating profit left: 7.4% of revenue. Depreciation & amortization (inside the costs above): $296M. Capital spending: $117M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Corporate
Product resale- Software and cloud subscriptions
Small Business
Product resale- Services
Public
Product resale- Services
Other
Product resale- Services
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Corporate (US)
IT products, solutions, and services for U.S. private-sector businesses with more than 250 employees.
01 what it draws on
Inputs & resources
- Vendor partners and wholesale distributors
- Sellers, specialists, and engineers
02 what it does
Activities
- Advising on, procuring, integrating, and managing IT solutions
03 who it serves
Customers
- Mid-size and large U.S. companies
04 how money comes in
How it earns
- Product resale
- Software and cloud subscriptions
- Services
Corporate (US): how it makes money
- Net sales $9.4B and operating income $889M in FY2025.
Small Business (US)
The same offering for U.S. businesses with up to 250 employees.
01 what it draws on
Inputs & resources
- Vendor partners
02 what it does
Activities
- Selling and configuring IT products
03 who it serves
Customers
- U.S. small businesses
04 how money comes in
How it earns
- Product resale
- Services
Small Business (US): how it makes money
- Net sales $1.7B and operating income $203M in FY2025.
Public (US)
Government agencies and education and healthcare institutions in the U.S.
01 what it draws on
Inputs & resources
- Vendor partners
- Government contract vehicles
02 what it does
Activities
- Supplying and integrating IT
03 who it serves
Customers
- Federal, state, and local governments; schools and universities; hospitals
04 how money comes in
How it earns
- Product resale
- Services
Public (US): how it makes money
- Net sales $8.5B and operating income $750M in FY2025.
Other (UK and Canada)
CDW UK and CDW Canada.
01 what it draws on
Inputs & resources
- Vendor partners
02 what it does
Activities
- IT solutions
03 who it serves
Customers
- Customers in the UK and Canada
04 how money comes in
How it earns
- Product resale
- Services
Other (UK and Canada): how it makes money
- Net sales $2.7B and operating income $154M in FY2025; Q2 2026 net sales rose 22.9%.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
CDW’s public-sector demand depends on government spending and funding policy.
Government as customer
Government customers
Customer spending is affected by government spending and funding policies.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Export controls, sanctions and tariffs
Products or components could become subject to tariffs.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Corporate
9,442.4 (42%)profit 889.3 · margin 9.4%
Small Business
1,726.7 (8%)profit 203.2 · margin 11.8%
Public
8,535.2 (38%)profit 750.3 · margin 8.8%
Other (UK, Canada)
2,719.8 (12%)profit 154.2 · margin 5.7%
Source: Form 10-K (FY2025) — Note 17, Segment Information Profit is segment operating income, before $341M of headquarters costs. From January 1, 2026, the segments became Commercial, Government, and Education (plus Other).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
CDW resells products from more than 1,000 vendor partners and wholesale distributors. Vendor agreements may include return privileges, price protection, purchase discounts, and vendor incentive programs, and CDW holds the highest certifications from many major vendors.
Three largest vendor partners
Over $2.0B of net sales each in 2025
The 10-K doesn't name them.
Source: Form 10-K (FY2025) — Item 1
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Businesses of all sizes, government agencies, and education and healthcare institutions, mainly in the U.S.
Named by the company
No customer is named.
What the filings disclose
- The U.S. business represents about 90% of net sales; UK and Canada combined were $2.7B in 2025. (Form 10-K (FY2025), Item 1)
Suppliers
More than 1,000 vendor partners and wholesale distributors.
Named by the company
- Cisco, Dell Technologies, HP Inc., Hewlett Packard Enterprise, Lenovo, Microsoft — Among the well-established vendor partners named in the 10-K, along with Adobe, Apple, AWS, Broadcom, Google, IBM, Intel, NetApp, Nutanix, Nvidia, Palo Alto Networks, Pure Storage, and Samsung.Form 10-K (FY2025) — Item 1, Partners
What the filings disclose
- CDW generated over $2.0B of net sales from each of its three largest vendor partners in 2025. (Form 10-K (FY2025), Item 1)
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
CDW's 10-K says it competes with resellers, manufacturers selling direct, large service providers and system integrators, cloud providers, hyperscaler marketplaces, e-commerce companies, office supply retailers, and smaller regional value-added resellers. No company is named.
Competitors named in the 10-K
CDW's 10-K doesn't name competitors.
Peer group the company chose
Peer group index for 2025 (10-K performance graph), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Selected on criteria such as similar size, B2B distribution, technology industry membership, similar customers, services, and margins.
- Accenturesite ↗
- Arrow Electronicssite ↗
- Avnetsite ↗
- Best Buysite ↗
- CGIsite ↗
- Cognizantsite ↗
- DXC Technologysite ↗
- Flexsite ↗
- Genuine Partssite ↗
- Henry Scheinsite ↗
- Hewlett Packard Enterprisesite ↗
- Insight Enterprisessite ↗
- Jabilsite ↗
- LKQsite ↗
- TD SYNNEXsite ↗
- W.W. Graingersite ↗
- Wesco Internationalsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
CDW's recent deals have added cloud services capabilities.
Cash spent on acquisitions, FY2020–FY2025: $3.21B
Nov 2024
Mission Cloud Services
$330M base purchase price
Cloud services provider; fully allocated to the Corporate segment.
- Stated purpose (company)
- Not stated in the filings.
Source: Form 10-K (FY2025) — Note 3
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 18,468 | 20,821 | 23,749 | 21,376 | 20,999 | 22,424 |
| Operating income | 1,179 | 1,419 | 1,735 | 1,681 | 1,651 | 1,656 |
| Pretax income | 1,002 | 1,298 | 1,488 | 1,450 | 1,435 | 1,427 |
| Net income (attributable) | 789 | 989 | 1,115 | 1,104 | 1,078 | 1,067 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.7% | 14.1% | -10.0% | -1.8% | 6.8% |
| Operating margincalcoperating income ÷ revenue × 100 | 6.4% | 6.8% | 7.3% | 7.9% | 7.9% | 7.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 4.3% | 4.7% | 4.7% | 5.2% | 5.1% | 4.8% |
| Balance sheet ($M) | ||||||
| Total assets | 9,345 | 13,199 | 13,132 | 13,285 | 14,678 | 16,028 |
| Total equity | 1,297 | 706 | 1,603 | 2,043 | 2,353 | 2,606 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,954 | 6,905 | 5,959 | 5,673 | 5,876 | 5,655 |
| Equity ratio | 13.9% | 5.3% | 12.2% | 15.4% | 16.0% | 16.3% |
| ROE | 60.8% | 98.7% | 96.5% | 60.6% | 49.0% | 43.0% |
| Cash flow ($M) | ||||||
| Operating CF | 1,314 | 785 | 1,336 | 1,599 | 1,277 | 1,205 |
| Investing CF | -201 | -2,770 | -164 | -230 | -659 | 70 |
| Financing CF | 139 | 833 | -1,102 | -1,099 | -687 | -1,184 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,156 | 685 | 1,208 | 1,451 | 1,155 | 1,088 |
| Cash and equivalents | 1,410 | 258 | 315 | 589 | 504 | 619 |
| Per share & other | ||||||
| EPS ($) | 5.45 | 7.04 | 8.13 | 8.10 | 7.97 | 8.08 |
| BVPS ($) | 9.14 | 5.24 | 11.83 | 15.23 | 17.74 | 20.14 |
| Dividend per share ($) | 1.54 | 1.70 | 2.09 | 2.39 | 2.49 | 2.51 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 28.3% | 24.1% | 25.7% | 29.5% | 31.2% | 31.0% |
| P/E (x) | 24.2 | 29.1 | 22.0 | 28.1 | 21.8 | 16.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 13.2 | 21.3 | 14.7 | 18.2 | 14.8 | 11.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 14.42 | 39.12 | 15.09 | 14.92 | 9.81 | 6.76 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $6.75B+17.7% | $490M+10.4% | $310M+6.5% | $2.46 |
| 2026-06-30 | $6.57B+10.0% | $429M+2.0% | $274M+1.2% | $2.15 |
| 2026-03-31 | $5.68B+9.2% | $376M+4.0% | $235M+4.7% | $1.82 |
| 2025-12-31 † | $5.51B+6.3% | $431M+5.4% | $280M+5.8% | — |
| 2025-09-30 | $5.74B | $443M | $291M | $2.21 |
| 2025-06-30 | $5.98B | $420M | $271M | $2.05 |
| 2025-03-31 | $5.2B | $361M | $225M | $1.69 |
| 2024-12-31 † | $5.19B | $409M | $264M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
15.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,656M × (1 − 24.5%) ÷ $8,245M × 100 = 15.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.44%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $17.62B ÷ ($17.62B + $5.66B) = 75.7%
e.g.Debt weight: $5.66B ÷ ($17.62B + $5.66B) = 24.3%
e.g.WACC: 10.2% × 75.7% + 4.0% × (1 − 24.5%) × 24.3% = 8.44%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.0%–10.1% and ROIC − WACC runs +5.0 to +8.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.44% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.95 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.18%
- Cost of debt
- 4.02%
- Tax rate
- 24.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 76% : 24%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.44%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.95 (price-derived adjusted beta. Raw β 0.93, R² 0.13, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.930 + 0.33 = 0.953
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.95 × 5.5% = 10.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.4% − 4.2%
Past FCF growth (FY2020–FY2025)
-1.2%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+4.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.09B (operating CF − capex); enterprise value $26.22B = market cap $21.18B (latest close, 2026-11-04) + debt $5.66B − cash and short-term investments $619M; r = WACC of 8.4% using this page’s default assumptions (β 0.95, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$26.54B
FCF $1.09B ÷ (8.4% − 4.3%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.4% | 7.4% | 8.4% | 9.4% | 10.4% |
|---|---|---|---|---|---|
| 0% | 0.65x | 0.56x | 0.49x | 0.44x | 0.40x |
| 2% | 0.94x | 0.77x | 0.65x | 0.56x | 0.49x |
| 4% | 1.73x | 1.22x | 0.94x | 0.77x | 0.65x |
| 6% | 10.38x | 2.96x | 1.73x | 1.22x | 0.94x |
| 8% | — | — | 10.38x | 2.96x | 1.73x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.24x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -0.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 116%
Most profit comes from core operations.
- !
Days sales outstanding: 63 → 93 days
Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,205M ÷ $1,067M = 1.13x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,656M ÷ $1,427M × 100 = 116%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($5,136M + $6,312M) ÷ 2 ÷ $22,424M × 365 = 93 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($605M + $563M) ÷ 2 ÷ $17,551M × 365 = 12 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 16 of 416
- Beta (adjusted)
- 0.95
Reported total 107.8%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 4% of covered companies have more
above 1 = swings more than the market
- 134.8M shares reported by 756 13F filers ÷ 125.0M shares outstanding on 2026-07-31. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-10 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Broad customer base
In the U.S., five customer channels — corporate, small business, government, education, and healthcare — each generated $1.7B or more of net sales in 2025.
Evidence: Form 10-K (FY2025) Item 1
2. Vendor-neutral breadth
More than 100,000 products and services from more than 1,000 vendor partners.
Evidence: Form 10-K (FY2025) Item 1
3. Steady cash returns
CDW repurchased $653M of stock in 2025, paid $329M of dividends, and raised its buyback authorization by $1B in May 2026; the quarterly dividend is $0.63.
Evidence: Form 10-K (FY2025) Item 5; 8-Ks filed 2026-05-13 and 2026-08-05
4. Experienced sales force
More than 50% of U.S. net sales come from account managers with over seven years of tenure.
Evidence: Form 10-K (FY2025) Item 1
Weaknesses
1. Thin margins
Operating margin was 7.4% in 2025 (7.9% in 2024), and gross margin fell to 20.1% in Q2 2026 from 20.8%.
Evidence: Form 10-K (FY2025) MD&A; 8-K filed 2026-08-05
2. Flat earnings
Net income was $1.10B in FY2023, $1.08B in FY2024, and $1.07B in FY2025.
Evidence: SEC EDGAR XBRL
3. Leverage and thin equity
Interest-bearing debt was $5.7B against $2.6B of equity at year-end 2025.
Evidence: SEC EDGAR XBRL
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.84%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
31%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.2%
(Operating CF − capex) ÷ market cap
1. Growing dividend
Dividends per share rose from $1.70 (FY2021) to $2.505 (FY2025), and CDW says its dividend has increased nearly fifteen-fold since its 2013 IPO.
- What has to hold
- Cash flow remains steady.
- The other side
- Earnings have been flat since FY2022.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-08-05 (Exhibit 99.2)
2. Shrinking share count
Shares outstanding fell from 135.5M (FY2022) to 129.4M (FY2025).
- What has to hold
- Buybacks continue.
- The other side
- Buybacks compete with debt reduction.
Evidence: SEC EDGAR XBRL
P/E, dividend yield, payout ratio, and FCF yield use the FY2025 year-end share price. Interest expense is shown net of interest income, as CDW reports it.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.6x
$619M vs. $1.01B
Interest coverage (operating income ÷ interest expense)
7.3x
$1.66B vs. $227M
Free cash flow ÷ dividends paid
3.3x
$1.09B vs. $329M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -10.0% in FY2023 ($23.75B → $21.38B) | Not yet, as of FY2025 |
| Operating income | -3.1% in FY2023 ($1.74B → $1.68B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
End-market diversity
Five U.S. channels of $1.7B+ each plus UK and Canada.
Source: Form 10-K (FY2025), Item 1
Credit facility
A $2.25B revolving facility within a five-year $2.88B unsecured credit facility from December 2025.
Source: 8-K filed 2025-12-23
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
CDW reports ordinary-course commercial, IP and employment litigation and contract audits, plus a 2024 DOJ False Claims Act inquiry into its E-Rate program bids.
1 open matter
DOJ E-Rate False Claims Act inquiry
PendingGovernment investigationU.S. Department of Justice
A June 11, 2024 civil investigative demand requested information on bids CDW submitted for contracts funded by the Schools and Libraries (E-Rate) Program. CDW responded in November 2024 and is unaware of further activity.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: CDW does not believe a material loss beyond amounts recognized is reasonably possible.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
IT spending cycles
- Company disclosure (summarized from the 10-K)
- Economic and geopolitical uncertainty affects customer IT spending; net sales fell in 2023 and 2024 before rising 6.8% in 2025.
- Company’s stated mitigation
- Diverse customer end markets, which CDW says have helped it weather economic and technology cycles.
- This site’s assessment
- Impact Med / Likelihood Med
- 2Competition & technology shift
Competition and channel shifts
- Company disclosure (summarized from the 10-K)
- Competitors include resellers, manufacturers selling direct, service providers and system integrators, cloud providers, hyperscaler marketplaces, e-commerce companies, and office supply retailers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Customer/supplier concentration
Vendor dependence
- Company disclosure (summarized from the 10-K)
- Each of the three largest vendor partners supplied over $2.0B of 2025 net sales; vendor contracts are mostly short-term and terminable on notice, and a reduction in vendor programs or funding could hurt results.
- Company’s stated mitigation
- More than 1,000 vendor partners.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Information security
Cybersecurity
- Company disclosure (summarized from the 10-K)
- Breaches of data security or failure to protect IT systems are listed among CDW's key risks.
- Company’s stated mitigation
- In addition to our policies and procedures to manage and identify cybersecurity risks, we have an incident response plan designed to analyze, contain, remediate, and communicate cybersecurity matters to help ensure a timely and robust response to actual or attempted incidents.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Funding & liquidity
Indebtedness
- Company disclosure (summarized from the 10-K)
- CDW had $5.6B of total debt and $353M of inventory financing obligations at year-end 2025, and the 10-K says this indebtedness could adversely affect its business.
- Company’s stated mitigation
- A new five-year $2.88B unsecured credit facility (December 2025).
- This site’s assessment
- Impact Med / Likelihood Low
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
We operate in a highly competitive industry and compete with resellers, manufacturers who sell directly to customers, large service providers and system integrators, communications service providers, cloud providers, e-commerce companies, and office supply retailers, among others. There may be new market entrants with non-traditional business, service, and delivery models, resulting in increased competition and changing industry dynamics. Existing or future competitors also may seek to compete with us for acquisitions, which could have the effect of increasing the price of potential targets and reducing the number of suitable acquisitions. These factors, in addition to competitive pressures resulting from the fragmented nature of our industry, could affect our sales, profit margins, and earnings.
We are engaged in a number of strategic and transformational initiatives intended to enable customer‑facing coworkers, accelerate profitable growth, and deliver a full portfolio of capabilities. Read more
However, the execution of these initiatives is subject to significant risks and uncertainties, and there can be no assurance regarding the timing or realization of anticipated benefits.
• requiring us to comply with restrictive covenants (including, among other things, limitations on incurring or guaranteeing additional indebtedness and merging or consolidating with other companies or disposing of substantially all of our assets) in our senior unsecured credit facilities and indentures, which may limit the manner in which we conduct our business;
A breach of any restrictive covenants under our senior unsecured credit facilities or indentures may result in a default under the terms of that agreement or instrument, upon which we may suffer adverse consequences, including the acceleration of the amounts outstanding thereunder, the trigger of cross-default provisions under other agreements or instruments, and an inability to borrow additional amounts.
We may fail to meet announced guidance or market expectations associated with our financial results, which could adversely affect the market price of our stock. Read more
Any guidance we provide is based on certain assumptions, which may or may not prove to be correct. Failure to meet announced guidance or market expectations going forward, particularly with respect to our operational and financial results and expectations regarding the success of our strategies and related guidance, whether due to our assumptions not being met or the impact of various risks and uncertainties, may result in either or both a decline in or increased volatility in the market price of our stock. In addition, price and volume fluctuations in the stock market as a whole may affect the market price of our stock in ways that may be unrelated to our financial performance.
No longer in the text (4)
Restrictive covenants under our senior credit facilities and, to a lesser degree, our indentures may adversely affect our operations and liquidity.
Our senior credit facilities and, to a lesser degree, our indentures contain, and any future indebtedness of ours may contain, various covenants that limit our ability to, among other things:
As a result of these covenants, we are limited in the manner in which we conduct our business and we may be unable to engage in favorable business activities or finance future operations or capital needs. Read more
A breach of any of these covenants or any of the other restrictive covenants would result in a default under our senior credit facilities. Upon the occurrence of an event of default under our senior credit facilities, the lenders:
The acceleration of amounts outstanding under our senior credit facilities would likely trigger an event of default under our existing indentures.
13 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 20, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
25
What to watch going forwardSite analysis
- Results under the new Commercial, Government, and Education segments.
- Gross margin pressure from product mix.
- Infrastructure and AI-related demand.
- Pace of buybacks under the expanded authorization.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-20
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent CDW Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.