NASDAQ: CDW
CDW CorpCIK 0001402057 · SIC 5961 · Catalog & Mail-Order Houses
CDW Corporation (together with its subsidiaries, the “Company,” “CDW”, “we”, “us”, or “our”), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology (“IT”) solutions to business, government, education, and healthcare customers in the… About this business →
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(dollars and shares in millions, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 6,572.2 | 5,976.6 | 12,252.0 | 11,175.7 |
| Cost of sales | 5,252.4 | 4,735.4 | 9,742.2 | 8,812.2 |
| Gross profit | 1,319.8 | 1,241.2 | 2,509.8 | 2,363.5 |
| Selling and administrative expenses | 891.2 | 821.0 | 1,705.2 | 1,581.9 |
| Operating income | 428.6 | 420.2 | 804.6 | 781.6 |
| Interest expense, net | (60.2) | (56.8) | (115.5) | (113.9) |
| Other income (expense), net | 4.5 | 1.5 | 2.8 | 1.2 |
| Income before income taxes | 372.9 | 364.9 | 691.9 | 668.9 |
| Income tax expense | (98.5) | (93.7) | (182.1) | (172.8) |
| Net income | 274.4 | 271.2 | 509.8 | 496.1 |
| Net income per common share: | ||||
| Basic | 2.16 | 2.06 | 3.98 | 3.76 |
| Diluted | 2.15 | 2.05 | 3.97 | 3.73 |
| Weighted-average common shares outstanding: | ||||
| Basic | 127.0 | 131.6 | 128.0 | 132.1 |
| Diluted | 127.4 | 132.4 | 128.4 | 132.9 |
Consolidated Balance Sheets
(dollars and shares in millions, except per share amounts)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | 361.8 | 618.7 |
| Accounts receivable, net of allowance for credit losses of $68.4 and $65.2, respectively | 7,343.7 | 6,312.4 |
| Merchandise inventory | 981.8 | 563.4 |
| Miscellaneous receivables | 546.8 | 554.0 |
| Prepaid expenses and other | 446.4 | 452.0 |
| Total current assets | 9,680.5 | 8,500.5 |
| Operating lease right-of-use assets | 128.2 | 136.7 |
| Property and equipment, net | 166.0 | 171.5 |
| Goodwill | 4,652.1 | 4,662.3 |
| Other intangible assets, net | 1,095.7 | 1,186.4 |
| Accounts receivable and other assets, noncurrent | 1,532.3 | 1,370.8 |
| Total Assets | 17,254.8 | 16,028.2 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable-trade | 5,117.4 | 4,220.1 |
| Accounts payable-inventory financing | 465.2 | 352.6 |
| Current maturities of long-term debt | 1,008.9 | 1,007.5 |
| Contract liabilities | 576.6 | 534.0 |
| Accrued expenses and other current liabilities: | ||
| Compensation | 295.3 | 318.8 |
| Advertising | 228.1 | 176.1 |
| Sales and income taxes | 78.1 | 82.9 |
| Other | 526.8 | 534.1 |
| Total current liabilities | 8,296.4 | 7,226.1 |
| Long-term liabilities: | ||
| Debt | 4,808.1 | 4,622.3 |
| Deferred income taxes | 162.3 | 171.8 |
| Operating lease liabilities | 147.3 | 157.8 |
| Accounts payable and other liabilities | 1,398.6 | 1,244.1 |
| Total long-term liabilities | 6,516.3 | 6,196.0 |
| Commitments and contingencies (Note 10) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods | — | — |
| Common stock, $0.01 par value, 1,000.0 shares authorized; 125.3 and 129.4 shares outstanding, respectively | 1.2 | 1.3 |
| Paid-in capital | 4,052.9 | 3,978.5 |
| Accumulated deficit | (1,488.9) | (1,273.9) |
| Accumulated other comprehensive loss | (123.1) | (99.8) |
| Total stockholders’ equity | 2,442.1 | 2,606.1 |
| Total Liabilities and Stockholders’ Equity | 17,254.8 | 16,028.2 |
Consolidated Statements of Cash Flows (Unaudited)
(dollars in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 509.8 | 496.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 150.2 | 148.2 |
| Equity-based compensation expense | 50.2 | 44.0 |
| Deferred income taxes | (9.0) | (29.9) |
| Provision for credit losses | 13.9 | 15.9 |
| Other | 2.3 | (1.6) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (1,054.0) | (450.1) |
| Merchandise inventory | (418.3) | (147.3) |
| Other assets | (126.7) | (217.1) |
| Accounts payable-trade | 896.2 | 384.7 |
| Other liabilities | 205.1 | 200.2 |
| Net cash provided by operating activities | 219.7 | 443.1 |
| Cash flows from investing activities: | ||
| Capital expenditures | (53.9) | (49.4) |
| Proceeds from short-term investments | — | 211.1 |
| Acquisitions of businesses, net of cash acquired | (0.3) | (5.0) |
| Other | (4.6) | (2.1) |
| Net cash (used in) provided by investing activities | (58.8) | 154.6 |
| Cash flows from financing activities: | ||
| Proceeds from borrowings under revolving credit facility | 3,181.0 | 1,089.6 |
| Repayments of borrowings under revolving credit facility | (3,006.0) | (1,089.6) |
| Repayments of long-term debt | — | (211.1) |
| Net change in accounts payable-inventory financing-supplier financing | 50.6 | 65.2 |
| Proceeds from accounts payable-inventory financing-product financing | 62.5 | — |
| Payments on accounts payable-inventory financing-product financing | (0.5) | — |
| Repurchases of common stock | (544.7) | (350.1) |
| Proceeds from stock option exercises | 9.7 | 25.2 |
| Payment of incentive compensation plan withholding taxes | (12.3) | (20.9) |
| Dividend payments | (160.9) | (165.1) |
| Other | 14.4 | 7.6 |
| Net cash used in financing activities | (406.2) | (649.2) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10.5) | 25.0 |
| Net decrease in cash, cash equivalents, and restricted cash | (255.8) | (26.5) |
| Cash, cash equivalents, and restricted cash—beginning of period(1) | 618.9 | 507.7 |
| Cash, cash equivalents, and restricted cash—end of period(1) | 363.1 | 481.2 |
| Supplementary disclosure of cash flow information: | ||
| Interest paid | (116.9) | (120.4) |
| Income taxes paid, net | (202.2) | (163.3) |
Amounts as printed on the EDGAR/iXBRL face — (dollars and shares in millions, except per share amounts); (dollars in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About CDW Corp
Source: Item 1 (Business) from the 10-K filed February 20, 2026. Description as filed by the company with the SEC.
Item 1. Business
Our Company
CDW Corporation (together with its subsidiaries, the “Company,” “CDW”, “we”, “us”, or “our”), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology (“IT”) solutions to business, government, education, and healthcare customers in the United States (“US”), the United Kingdom (“UK”), and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.
We are vendor, technology, and consumption model unbiased, offering a broad selection of products and multi-branded IT solutions. Our solutions are delivered in physical, virtual, and cloud-based environments through approximately 10,500 customer-facing coworkers, including sellers, highly-skilled specialists, and engineers. We are a leading sales channel partner for many original equipment manufacturers (“OEMs”), software publishers, and cloud providers (collectively, our “vendor partners”) and wholesale distributors, whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise, and extensive customer access.
We simplify the complexities of technology solutions across design, selection, procurement, integration, and management for our customers. Our goal is to have our customers, regardless of their size, view us as a trusted adviser and extension of their IT workforce. Our multi-brand offering approach across our vendor partners enables us to provide the solutions and services that best address each customer’s specific requirements to enable their desired business outcomes.
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We have capabilities to provide integrated IT solutions in approximately 150 countries for customers with primary locations in the US, UK, and Canada, which are large and growing markets. These are highly fragmented markets served by thousands of IT resellers and solutions providers. We believe that demand for IT will outpace general economic growth in the markets we serve, fueled by new technologies, including hybrid and cloud computing and artificial intelligence (“AI”), as well as growing end-user demand for security, efficiency, and productivity.
Value Proposition
We are positioned in the middle of the IT ecosystem where we procure products from vendor partners and wholesale distributors and provide added value to our customers by helping them navigate through complex options and implement the best solution for their business. In this role, we believe we provide unique value to both our vendor partners and our customers.
Our value proposition to our customers Our value proposition to our vendor partners
● Broad selection of products and multi-branded IT solutions ●
Access to over 250,000 customers
● Value-added services with integration capabilities ● Large and established customer channels
● Highly-skilled specialists and engineers ● Strong distribution and implementation capabilities
● Solutions across IT lifecycle ● Customer relationships driving insight into technology roadmaps
● Industry vertical expertise ● Industry vertical expertise
Customers
We provide integrated IT solutions to over 250,000 business, government, education, and healthcare customers throughout the US, UK, and Canada.
We serve our customers through sales teams focused on customer end-markets that are supported by highly-skilled specialists and engineers. Our market segmentation allows us to customize our offerings and to provide enhanced expertise in designing and implementing IT solutions that meet our customers’ specific needs.
We have three reportable segments: “Corporate,” “Small Business,” and “Public.” Our Corporate segment primarily serves US private sector business customers with more than 250 employees. Our Small Business segment primarily serves US private sector business customers with up to 250 employees. Our Public segment is comprised of government agencies and education and healthcare institutions in the US. We also have two other operating segments: CDW UK and CDW Canada, each of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category (“Other”).
In our US business, which represents approximately 90% of our Net sales, we currently have five dedicated customer channels: corporate, small business, government, education, and healthcare, each of which generated $1.7 billion or greater in Net sales in 2025. Net sales to customers in the UK and Canada combined generated $2.7 billion in 2025. We believe this diversity of customer end-markets provides us with multiple avenues for growth and has been a key factor in our ability to weather economic and technology cycles and gain market share.
Effective January 1, 2026, we realigned our customer-facing organization to better meet the evolving needs of our customers and end markets. As a result, we will have the following three reportable segments: “Commercial,” “Government,” and “Education.” Our “Commercial” segment will be comprised of corporate, financial services, and healthcare customers in the US, each of which will represent a unique customer channel. Small business customers will be included across the customer channels within our “Commercial” segment. Our “Government” segment will be comprised of federal, state, and local agencies in the US. The “Education” segment will be comprised of primary, secondary, and higher education institutions in the US. CDW UK and CDW Canada will remain unchanged in this new reporting structure, in an all other category (“Other”). We will reflect this change in segment presentation, including the recasting of historical results, in our periodic and annual reports beginning with the period ending March 31, 2026.
Partners
We offer more than 100,000 products and services from more than 1,000 vendor partners, including well-established companies such as Adobe, APC, Apple, Amazon Web Services, Broadcom Inc., Cisco, Dell Technologies, Google, Hewlett Packard Enterprise, HP Inc., IBM, Intel, Lenovo, Microsoft, NetApp, Nutanix, Nvidia, Palo Alto Networks, Pure Storage, and Samsung, as well as from emerging technology companies. This broad portfolio of vendor partners and technologies enables us to offer customers significant options and meet customer demand for the products and solutions that best meet their needs. We believe our value proposition to vendor partners enables us to evolve our offering as new technologies emerge and new companies seek us as a channel partner.
In 2025, we generated over $2.0 billion of Net sales from each of our three largest vendor partners. We have received the highest level of certification from major vendor partners such as Broadcom Inc., Cisco, Dell Technologies, Hewlett Packard Enterprise, IBM, Lenovo, Microsoft, NetApp, Nutanix, Palo Alto Networks, and Samsung which reflects the extensive product and solution knowledge and capabilities that we bring to our customers. These certifications also provide us with access to favorable pricing, tools, and resources, including vendor incentive programs, which we use to provide additional value to our customers. Our vendor partners also regularly recognize us with top awards and select us to develop and grow new customer solutions.
Product Procurement
We may purchase all or only some of the products and services our vendor partners offer for resale to our customers or for inclusion in the solutions we offer. Each vendor partner agreement provides for specific terms and conditions, which may include one or more of the following: product return privileges, price protection policies, purchase discounts, and vendor incentive programs, such as purchase or sales rebates and cooperative advertising reimbursements. We also purchase software from major software publishers and cloud providers for resale to our customers or for inclusion in the solutions we offer. Our agreements allow us to resell cloud based solutions, software or other licensed products to the end-user customer.
In addition to purchasing products and certain services directly from our vendor partners, we purchase products and certain services from wholesale distributors for resale to our customers or for inclusion in the solutions we offer. These wholesale distributors provide logistics management and supply-chain services for us, as well as for our vendor partners.
Inventory Management
We operate two distribution centers in North America and one distribution center in the UK, which combined provide more than 1 million square feet in size. Leveraging our distribution and logistics capabilities, we handle and ship approximately 22 million units annually on an aggregate basis from our distribution centers.
We also have drop-shipment arrangements with many of our OEMs and wholesale distributors, which permit us to offer products to our customers without having to take physical delivery at our distribution centers. These arrangements represented approximately 51% of total North America Net sales in 2025.
We believe that the location of our distribution centers allows us to efficiently ship products to our customers and provide timely access to our principal distributors. We believe that our logistics and configuration capabilities delivered by our highly-skilled and certified team enable us to customize technology for our customers to meet their unique needs.
We believe competitive sources of supply are available in substantially all of the product categories that we offer.
Competition
The market for technology products, solutions, and services is highly competitive and subject to economic conditions and rapid technological changes. This competitive environment includes the ability to tailor solutions to customer needs, the quality and breadth of product and service offerings, knowledge and expertise of sales force, customer service, price, product availability, speed of delivery, and credit availability. We face competition from resellers, manufacturers who sell directly to customers, large service providers and system integrators, cloud providers, hyperscaler marketplaces, e-commerce companies, and office supply retailers, among others. We also face competition from smaller, local, or regional value-added resellers that typically focus on a single solution suite or portfolio of solutions from one or two vendor partners.
We believe we have sustainable, competitive advantages that differentiate us in the marketplace. We focus on providing high-quality service to gain new customers and retain existing customers. We have built a strong sales organization and deep services and solutions capabilities over time and expect to continue to invest to enhance these capabilities. We believe the combination of our competitive advantages of scale, performance-driven culture, and enhanced capabilities will help drive sustainable, profitable growth for us today and in the future. Our scale enables us to have a national and international footprint, as well as invest in resources to meet specific customer end-market needs. Our sellers are organized around unique customer end-markets that are both vertically and geographically focused. Our scale enables our ability to invest in specialists and engineers who work directly with our sellers to help customers implement complex IT solutions. We have cross-border relationships that enable us to serve the needs of our US, UK, and Canadian-based customers in approximately 150 countries. Our strong, execution-oriented culture is underpinned by our competitive compensation program.
We believe we are well positioned to compete within this marketplace due to our competitive advantages. We expect the competitive landscape to continue to evolve as new technologies and consumption models emerge, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions, and solutions that incorporate AI. While innovation can help our business as it creates new offerings for us to sell, it can also disrupt our business model and create new and stronger competitors. For additional information on the risks associated with competition, see “