Pc Connection Inc

Latest Results (15.04.2026):

Pc Connection Inc — fourth quarter of 2025: The company reported Q4 net sales of $702.9 million (down 0.8% year‑over‑year) and gross profit of $135.6 million (up 4.5%), driving a 19.3% gross margin (up 100 bps). GAAP net income was $20.7 million (essentially flat y/y) with diluted EPS of $0.82; adjusted diluted EPS was $0.91. For the full year 2025, net sales were about $2.9 billion (up 2.5%), gross profit $539.3 million (up 3.8%), and adjusted diluted EPS was $3.44 (up vs. $3.25 prior year).

Key quarterly financials

Q4 net sales $702.9M (‑0.8% y/y), gross billings ~$1.1B (+2.9%), gross profit $135.6M (+4.5%), gross margin 19.3% (+100 bps), GAAP net income $20.7M (flat), diluted EPS $0.82 (vs. $0.78), adjusted diluted EPS $0.91 (vs. $0.78).

Profitability and non‑GAAP metrics

Adjusted EBITDA for the quarter was $31.8M (up 13% y/y); LTM adjusted EBITDA was $126.4M (up 6% y/y). Operating margin in Q4 was 3.4% and full‑year adjusted measures improved vs. prior year.

Segment performance

Business Solutions: net sales $273.5M (+4.2%), gross profit $69.8M (+11.4%) and margin 25.5% (+160 bps). Enterprise Solutions: net sales $338.7M (+11.9%), gross profit $48.2M (+7.1%), margin 14.2% (‑70 bps). Public Sector Solutions: net sales $90.8M (‑36.8%), gross profit $17.6M (‑20.5%), margin 19.4% (+400 bps).

Product mix trends

Notebooks/mobility & desktops declined (‑4%) and made up ~45% of Q4 net sales. Software grew strongly (+24%) and rose to 12% of net sales. Servers/storage down 14% (7% of sales); networking +2% (8% of sales); accessories down 7% (11% of sales).

Balance sheet and cash

Cash and cash equivalents $193.2M and short‑term investments $213.5M (total ~$406.7M). Accounts receivable $648.0M, inventories $143.6M (up vs. prior year). Total assets $1.351B; total liabilities $440.8M; total stockholders’ equity ~$910.1M.

Full‑year 2025 snapshot

Full‑year net sales ~$2.9B (+2.5%), gross profit $539.3M (+3.8%) with gross margin 18.8% (+20 bps). GAAP net income $83.7M (‑3.9% y/y), diluted EPS $3.27 (vs. $3.29), adjusted diluted EPS $3.44 (up vs. $3.25).