CDW
Connects businesses and public institutions with multi-brand IT products, cloud solutions, and services.
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Profile
Sells multi-brand hardware, software, cloud solutions, and services to commercial, government, education, and healthcare customers, mainly in the United States. Revenue is driven mostly by hardware, while vendor relationships, technical expertise, and logistics support a broader integration and lifecycle-services model.
Supplies hardware and software, then adds advisory, design, implementation, software development, managed services, and warranties for business, government, education, and healthcare customers. The portfolio spans notebooks and mobile devices, networking, collaboration, servers and storage, cloud, security, hybrid infrastructure, digital experience, and digital velocity.
Operates mainly in the United States through Commercial, Government, and Education segments, with UK and Canadian operations reported as Other. Customer-focused sellers, specialists, and engineers help design, procure, integrate, and manage multi-vendor systems across physical, virtual, and cloud environments.
Sits between more than 1,000 technology vendors and a broad institutional customer base, using purchasing scale, technical certifications, configuration, logistics, and lifecycle services to simplify complex deployments. Most sales still come from hardware, while performance also depends on short-term vendor authorizations, incentive programs, wholesale distributors, and customers’ technology spending.
Company facts
Categories
Key statistics
Year to date +10.9% · Average volume (30d) 1.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Morgan Stanley | Reiterate | Overweight | $170 | $171 | |
| Jun 23, 2026 | Morgan Stanley | Upgrade | Cautious | Overweight | $141 | $170 |
| May 27, 2026 | RBC Capital | Target | $130 | |||
| May 27, 2026 | JP Morgan | Upgrade | Neutral | Overweight | ||
| May 7, 2026 | UBS | Reiterate | Buy | $162 | $147 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $2.80 | $2.91 | +3.9% | $6.21B | $6.57B | +5.9% | −9.03% |
| May 6, 2026Q1 FY26 | $2.28 | $2.28 | 0.0% | $5.48B | $5.68B | +3.6% | +1.10% |
| Feb 4, 2026Q4 FY25 | $2.44 | $2.57 | +5.3% | $5.33B | $5.51B | +3.4% | +1.95% |
| Nov 4, 2025Q3 FY25 | $2.62 | $2.71 | +3.4% | $5.75B | $5.74B | −0.2% | +3.29% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.20B | $5.98B | $5.74B | $5.51B | $5.68B | $6.57B | |
| Gross profit | $1.12B | $1.24B | $1.26B | $1.25B | $1.19B | $1.32B | |
| Operating income | $361.4M | $420.2M | $443.3M | $430.7M | $377.0M | $428.6M | |
| Net income | $224.9M | $271.2M | $291.0M | $279.5M | $235.4M | $274.4M | |
| Diluted EPS | $1.69 | $2.05 | $2.21 | $2.14 | $1.82 | $2.15 | |
| Gross margin | 21.6% | 20.8% | 21.9% | 22.8% | 21.0% | 20.1% | |
| Operating margin | 7.0% | 7.0% | 7.7% | 7.8% | 6.6% | 6.5% |
Fiscal years (4-quarter sums)FY21 $20.82B · FY22 $23.75B · FY23 $21.38B · FY24 $21.00B · FY25 $22.42B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $361.8M · Total debt $5.96B · Total assets $17.25B · Shareholders' equity $2.44B
Dividends
Raised for 11 straight years — most recently to $0.63 from $0.625 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 25, 2026 | Aug 25 | Sep 10 | $0.63 | |
| May 22, 2026 | May 25 | Jun 10 | $0.63 | |
| Feb 25, 2026 | Feb 25 | Mar 10 | $0.63 | |
| Nov 25, 2025 | Nov 25 | Dec 10 | $0.63 | raised from $0.625 |
| Aug 25, 2025 | Aug 25 | Sep 10 | $0.625 | |
| May 23, 2025 | May 26 | Jun 10 | $0.625 | |
| Feb 25, 2025 | Feb 25 | Mar 11 | $0.625 | |
| Nov 25, 2024 | Nov 25 | Dec 10 | $0.625 | raised from $0.62 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 127.75M · Float 127.30M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 15.24M | 11.93% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 8.34M | 6.53% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 8.20M | 6.42% | 13F | Aug 13, 2026 |
| State Street Corp | 5.78M | 4.52% | 13F | Aug 7, 2026 |
| Harris Associates L P | 5.54M | 4.34% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Elizabeth H. Connelly | officer: See Remarks | −26,695 | $137.62 |
| May 27, 2026 | David W. Nelms | director | +18,000 | $111.43 |
| May 18, 2026 | Christine A. Leahy | director, officer: See Remarks | +4,830 | $103.40 |
| Dec 8, 2025 | Sona Chawla | officer: See Remarks | −7,400 | $146.17 |
Peers
- Insight Enterprises
Direct IT-solutions reseller across hardware, cloud, and services.
- Connection
Direct IT solutions reseller across enterprise, SMB, and public sectors
- ePlus
Services-heavy IT solutions VAR across SLED and managed services.
- TD SYNNEX
Global IT distributor and solutions aggregator adjacent to CDW channels.
- Ingram Micro
Channel-adjacent IT distribution and cloud marketplace overlap.
- ScanSource
Specialty distributor for hardware, SaaS, connectivity, and cloud.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CDW | $147.88 | +0.15% | $18.87B | 17.8 | 13.1 | 0.8 | +10.0% |
| Insight Enterprises | $155.65 | −0.05% | $4.70B | 22.8 | 12.3 | 0.5 | +14.7% |
| Connection | $79.67 | −0.14% | $2.01B | 21.1 | 18.4 | 0.7 | +12.4% |
| ePlus | $87.28 | −0.03% | $2.28B | 18.3 | 16.4 | 0.9 | +1.9% |
| TD SYNNEX | $253.97 | +0.06% | $20.31B | 18.2 | 12.9 | 0.3 | +31.0% |
| Ingram Micro | $28.60 | −0.38% | $6.62B | 15.6 | 8.2 | 0.1 | +13.6% |
| ScanSource | $56.55 | +0.04% | $1.15B | 15.5 | 12.1 | 0.4 | +17.3% |
| Median | 18.2 | 12.6 | 0.5 | +14.2% |