CDW Corporation

Latest Results (29.08.2026):

CDW Corporation reported results for the fourth quarter of 2025: Q4 net sales were $5,511.0 million (up 6.3% year-over-year; +4.6% on an average daily sales basis), with gross profit of $1,254.4 million (up 8.6%) and gross margin of 22.8%. GAAP net income for the quarter was $279.5 million (up 5.8%) and diluted EPS was $2.14 (up 8.8%). Non‑GAAP measures showed modest increases (non‑GAAP operating income $502.4 million, non‑GAAP net income $335.6 million). The company’s Board approved a quarterly cash dividend of $0.630 per share to be paid March 10, 2026.

Net sales (Q4 2025)

Q4 net sales: $5,511.0M (+6.3% vs Q4 2024). Average daily sales rose 4.6% (constant currency +4.3%). Full‑year 2025 net sales: $22,424.1M (+6.8% vs 2024).

Profitability (Q4 2025)

Q4 gross profit $1,254.4M (+8.6%); gross margin 22.8% (vs 22.3% in Q4 2024). GAAP operating income $430.7M (+5.4%) with operating margin 7.8% (vs 7.9% prior year). Non‑GAAP operating income $502.4M (+0.6%) and non‑GAAP operating margin 9.1% (down from 9.6%).

Earnings and per‑share results (Q4 2025)

GAAP net income $279.5M (+5.8%) and diluted EPS $2.14 (+8.8%). Non‑GAAP net income $335.6M (+0.9%) and non‑GAAP diluted EPS $2.57 (+3.8%). Weighted average diluted shares were 130.6M in Q4.

Segment performance (Q4 2025)

Q4 average daily sales by segment: Small Business +18.4% (to $457M), Public +7.0% (to $2,016M; education +12.9%, healthcare +4.6%, government +4.3%), Corporate -0.6% (to $2,370M), Other (UK & Canada) +8.4% (to $669M). Sales growth driven by software, notebooks/mobile devices, and services.

Costs, tax and margins (Q4 2025)

Selling & administrative expenses rose 10.3% to $823.7M (higher performance‑based compensation and coworker costs). Interest expense, net was $58.5M (up 3.5%). Effective tax rate 24.3% (down from 24.8%), Q4 income tax expense $89.6M.

Cash flow and capital returns (full year 2025)

Net cash provided by operating activities for 2025: $1,205.2M. Free cash flow: $1,088.1M; adjusted free cash flow: $1,085.5M. Management returned approximately $982M to shareholders in 2025 via dividends and share repurchases. Board approved Q1 2026 dividend of $0.630/share (record Feb 25, 2026; pay Mar 10, 2026).

Balance sheet and liquidity (as of Dec 31, 2025)

Cash and cash equivalents $618.7M. Total debt $5,629.8M; net debt $5,011.1M. Revolver availability $1,925.8M; cash + revolver availability $2,544.5M. Total assets $16,028.2M; total stockholders’ equity $2,606.1M.

Working capital and operational metrics (Q4 2025)

Days sales outstanding 95 (vs 84 prior year), days of supply in inventory 11, days of purchases outstanding (90), cash conversion cycle 16 days (vs 18). Management cites disciplined working capital management supporting cash generation and capital flexibility.