CDW Corporation

CDW

$153.92

+3.53%

2026-09-03 16:00:01 EDT+$5.25

Technology

Information Technology Services

NASDAQ

Active Trading

CDW Corporation specializes in delivering comprehensive information technology services and products across North America and the United Kingdom. It strategically targets three ...

Price Action of CDW

$153.92

+3.53%+$5.25

High—

Low—

52W High-8.5%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

CDW Corporation is a Fortune 500 company founded in 1984 by Michael Krasny, headquartered in Vernon Hills, Illinois. With over 14,800 employees, CDW provides comprehensive IT solutions, including hardware (laptops, desktops, networking, storage), software (security, virtualization, management), and services (advisory, implementation, managed services, configuration). The company serves three core divisions: ...CDW Corporation is a Fortune 500 company founded in 1984 by Michael Krasny, headquartered in Vernon Hills, Illinois. With over 14,800 employees, CDW provides comprehensive IT solutions, including hardware (laptops, desktops, networking, storage), software (security, virtualization, management), and services (advisory, implementation, managed services, configuration). The company serves three core divisions: corporate enterprises, small-to-medium businesses, and public sector organizations (government, education, healthcare). With a revenue of approximately $23.5 billion (TTM) and a market cap of around $17.35 billion, CDW generates gross margins of about 21.4% and net margins of 4.6%, with an EBITDA margin of 7.8%. The company's financial strategy includes a debt-to-equity ratio of 2.44, a current ratio of 1.17, and a free cash flow yield of 6.4%. Key leadership includes CEO Christine Leahy and founder Michael Krasny. CDW emphasizes partnerships with leading vendors, a customer-centric approach, and expanding capabilities in cloud, security, and managed services, aiming for long-term growth and shareholder value through dividends and reinvestment.ExpandCollapse

Founded

1984

Employees

14800

CEO

Christine A. Leahy

Full Name

CDW Corporation

Sector

Technology

Industry

Information Technology Services

ROE

42.60%

Market Cap

$19.66B

Current Ratio

1.17

WACC

7.64%

ROIC

15.64%

Contact Information

https://www.cdw.com

847 465 6000

200 North Milwaukee Avenue, Vernon Hills, IL 60061

Key Metrics of CDW

Snapshot

Latest / TTM · 6 periods

Market Cap

$19.66B

ROCE

18.7%

EV / EBITDA

13.84x

-0.1% YoY

FCF Yield

5.6%

-0.4% YoY

Cash Conversion Cycle

40.9d

Current Ratio

1.17

Quick take

TTM —

Positive CCC

Financial Highlights of CDW

Profitability trend

Latest / TTM · 6 periods

Gross Margin

21.4%

Net Margin

4.6%

P/E Ratio

18.43x

n/a

Debt / Equity

2.44

n/a

Current Ratio

1.17

Dividend Yield

1.6%

Understanding

TTM —

High debt to equity

Calendar of CDW

Upcoming

Sep 10, 2026In 6 days
Dividend payment
$2.52 per share
Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $2.94 · Revenue $6.17B · 7 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $2.83 · Revenue $5.82B · 7 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $10.93 · Revenue $24.24B · 7 analysts

Recent history

Aug 25, 2026
Ex-dividend date
$2.52 per share
Aug 5, 2026
Q2 FY2026 · Results reported
EPS $2.15 · Revenue $6.57B
View filing
May 6, 2026
Q1 FY2026 · Results reported
EPS $1.82 · Revenue $5.68B
View filing
Feb 20, 2026
FY2025 · Annual results
EPS $8.08 · Revenue $22.42B
View filing
Nov 4, 2025
Q3 FY2025 · Results reported
EPS $2.21 · Revenue $5.74B
View filing
Aug 6, 2025
Q2 FY2025 · Results reported
EPS $2.05 · Revenue $5.98B
View filing

Financial Statements of CDW

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$22.4B	+6.8%	+15.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$1.1B	-1.0%	+16.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+21.7%	-0.8%	-4.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+7.4%	-6.1%	-1.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+4.8%	-7.3%	+0.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$1.1B	-5.8%	-33.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+4.9%	-11.8%	-42.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	242.9%	-4.6%	+1.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	1.18x	-12.7%	+0.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$16.0B	+9.2%	+4.9%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	8.08 vs 9.89	-18.3%	2.15 vs 2.94	-26.8%
Revenue Surprise	$22.4B vs $22.3B	+0.8%	$6.6B vs $6.2B	+6.6%

Insider Transactions of CDW

Acquisitions (A)

Since Jun 10, 2026

Disposals (D)

Since Jun 10, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 17, 2026	Kumar Mukesh	officer: See Remarks	Common Stock, par value $0.01	D	1,147	$139.42
Aug 7, 2026	CONNELLY ELIZABETH H.	officer: See Remarks	Common Stock, par value $0.01	A	14,900	$98.21
Aug 7, 2026	CONNELLY ELIZABETH H.	officer: See Remarks	Common Stock, par value $0.01	A	11,795	$95.57
Aug 7, 2026	CONNELLY ELIZABETH H.	officer: See Remarks	Common Stock, par value $0.01	D	26,695	$137.62
Aug 7, 2026	CONNELLY ELIZABETH H.	officer: See Remarks	Employee Stock Option (Right to Buy)	D	11,795	$95.57

Earnings Call Transcript of CDW

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Hello, everyone. Thank you for joining us, and welcome to the CDW Second Quarter Earnings Call. [Operator Instructions] I will now hand the conference over to Steve O'Brien with Investor Relations. Steve, please go ahead. Steven O'Brien: Thank you, Joel. Good morning, everyone. Joining me today to review our second quarter 2026 results are Chris Leahy, our Chair and Chief Executive Officer; and Al Miralles, our Chief Financial Officer. Our earnings release was distributed this morning and is available on our website, investor.cdw.com, along with supplemental slides that you can use to follow along during the call. I'd like to remind you that certain comments made in this presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Those statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Additional information concerning these risks and uncertainties is contained in the earnings release we furnished to the SEC today and in the company's other filings with the SEC. CDW assumes no obligation to update the information presented during this webcast. Our presentation also includes certain non-GAAP financial measures, for instance, non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income and non-GAAP earnings per diluted share, non-GAAP selling and administrative expenses, non-GAAP effective tax rate, net sales on a constant currency basis, free cash flow and adjusted free cash flow. Non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts in the slides made available on our website and in our earnings release. Please note, all references to growth rates or dollar amount changes in our remarks today are versus the comparable period in 2025, with net sales growth rates described on an average daily basis, unless otherwise indicated. Replay of this webcast will be posted to our website later today. This conference call is property of CDW and may not be recorded or rebroadcast without specific written permission from the company. With that, let me turn the call over to Chris. Christine Leahy: Thank you, Steve, and good morning, everyone. Before we begin our review of the quarter, I want to briefly address the announcement we issued this morning regarding Al's planned retirement. We shared that Al plans to retire in 2027 after an extensive career following the completion of an orderly transition. He'll remain in his current role until his successor is appointed, and we will then continue to serve in an advisory capacity to ensure continuity. The search for his successor is currently underway. On a personal note, I want to thank Al for his many contributions to CDW's success. He has been a trusted partner to me, an exceptional leader for our coworkers and a driving force behind the growth and evolution of our …

Leadership Team of CDW

11 executives

Name	Title	Compensation	Gender	Year Born	Status
Christine A. Leahy	Chair of the Board, President & Chief Executive Officer	USD 3,249,570	Female	1965	Active
Albert Joseph Miralles Jr.	Chief Financial Officer & Executive Vice President of Enterprise Business Operations	USD 1,589,188	Male	1970	Active
Elizabeth H. Connelly	Executive VP & Chief Commercial Officer	USD 1,365,215	Female	1965	Active
Mukesh Kumar	Executive VP and Chief Services & Solutions Officer	USD 1,322,921	Male	1976	Active
Frederick J. Kulevich	Chief Legal Officer, Executive Vice President of Risk & Compliance and Corporate Secretary	USD 733,905	Male	1966	Active
Peter Richard Locy	Senior VP, Controller & Chief Accounting Officer	—	Male	1980	Active
Sanjay Sood	Chief Technology Officer & Senior Vice President	—	—	—	Active
Michael S. Drory	Senior Vice President of Digital, Strategy & Corporate Development	—	Male	—	Active
Steven O'Brien	Vice President of Investor Relations	—	Male	—	Active
Sara Granack	Vice President of Corporate Communications & Reputation	—	—	—	Active
Anand J. Rao	Senior VP and Chief Marketing Officer	—	Male	—	Active

Recent News of CDW

24/7 Wall Street8/14/2026Neutral

Income Investors Have Small Window To Collect These Dividend Payments

Income investors have a narrow window to capture a wave of dividend payments locking in this month.

Zacks Investment Research8/7/2026Neutral

Here's Why CDW (CDW) is a Strong Momentum Stock

The Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage.

Seeking Alpha8/7/2026Neutral

CDW Corporation: Operating Leverage Fading As The Sales Shift

CDW Corporation delivered 9.9% YoY top-line growth, but margin compression and operating leverage erosion muted the positive impact. EPS rose 4.8%, primarily driven by aggressive buybacks reducing share count by 3.5% YoY, not by core operating improvements. COGS outpaced revenue growth, with hardware sales up 10% YoY but service revenues stagnating, deepening margin pressure.

Seeking Alpha8/5/2026Neutral

CDW Corporation (CDW) Q2 2026 Earnings Call Transcript

Zacks Investment Research8/5/2026Neutral

CDW Q2 Earnings & Sales Beat, Soar Y/Y on AI & Infrastructure Spending

CDW's second-quarter sales rose 10% as broad technology demand and international strength lifted adjusted EPS 12% despite margin pressure.

Historical Employee Count of CDW

Current

14,800

Change

-1.99%

Minimum

13,900

Maximum

15,100

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	14,800	10-K	Feb 20, 2026	View
Dec 31, 2024	15,100	10-K	Feb 21, 2025	View
Dec 31, 2023	15,100	10-K	Feb 26, 2024	View
Dec 31, 2022	15,100	10-K	Feb 24, 2023	View
Dec 31, 2021	13,900	10-K	Feb 28, 2022	View

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CDW Corporation