Quiet changesMD&A
Technology trends are likely to evolve as and customers will prioritize spend that will produce the most important outcomes for their business.
Read it in 10-K Feb 20, 2026 at sec.gov
Screener
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SEC EDGAR
/CIK 0001402057
/10-K filed Feb 20, 2026, compared with Feb 21, 2025
/Numbers from the XBRL of the 10-Ks
Nasdaq
Technology · Internet Retail
CDW Corporation CDW
The 10-K against last year's
111 changes: 13 added, 34 removed, 63 reworded, 1 quiet changes
10-K Feb 20, 2026 vs Feb 21, 2025
Risk Factors
24.1%
of the text changed · 8,917 words now
MD&A
23.0%
of the text changed · 6,487 words now
Legal Proceedings
28.7%
of the text changed · 303 words now
Accounting Policies
5.8%
of the text changed · 5,476 words now
10-K 0001402057-26-000011 (Feb 20, 2026) vs 10-K 0001402057-25-000018 (Feb 21, 2025)
The paragraph that changed most in each section
The redline
Marked against last year's 10-K: cut words struck through, new words highlighted.
Risk Factors216 words changed in this paragraph; it is 40% similar to last year's version.
Social, ethical ethical, and safety issues relating to the use of new and evolving technologies such as artificial intelligence-based AI-based technologies, including generative AI in our hardware, software software, and service offerings, as well as in our internal platforms, may result in reputational harm and liability. Certain of We are increasingly utilizing AI in our business, including interactions with our coworkers, customers, and vendor partners and in the hardware, software software, and services we offer increasingly utilize AI, and, as offer, and we also plan to further invest resources to embed AI capabilities throughout our operations and enterprise to drive scale and efficiency. As with many innovations, AI presents risks and challenges that could affect its adoption, adoption and usage, and therefore our business. If we use, enable or offer solutions that draw controversy due are unable to their perceived or actual impact effectively and timely capitalize on society, we may experience brand or reputational harm, competitive harm and/or legal liability. Increased focus and potential government regulation of AI may also increase the burden and cost of compliance in this area, subjecting us to brand or reputational harm, competitive harm and/or legal liability. Failure to address AI issues growth opportunities made available by us or others in our industry could undermine public confidence in AI and slow the adoption of AI to drive our scale and efficiency, our business, results of operations, or cash flows could be adversely impacted. Further, the responsible development and deployment of AI requires ongoing investment in research, development and governance, which could adversely affect our products results of operation or cash flows. AI technologies are complex and services. rapidly evolving, and we face significant competition in the market and from other companies regarding such technologies.
Source: Item 1A, 10-K 0001402057-26-000011 vs Item 1A, 10-K 0001402057-25-000018
MD&A139 words changed in this paragraph; it is 30% similar to last year's version.
The cash conversion cycle increased decreased to 16 days at December 31, 2025, compared to 18 days at December 31, 2024, compared to 17 days at December 31, 2023. 2024. The overall increase improvement was primarily driven due to DIO, which declined by 2 days as a result of lower average stocking positions. DSO and DPO both increased due to an increase in DSO due to multi-year transactions and timing of collections. This was partially offset by an increase in DPO due to multi-year transactions and timing of payments. If customers continue to shift their software purchases to multi-year arrangements, unbilled receivables will continue to grow, which is offset by the growth in accounts payable to match the timing of collections due from customers with the payments due to vendors. Netted netted down revenue results in an increase in both DSO and DPO as the corresponding receivables and payables reflect the gross amounts due from customers and due to vendors while the corresponding sales and cost of sales are reflected on a net basis within Net sales. multi-year transactions.
Source: Item 7, 10-K 0001402057-26-000011 vs Item 7, 10-K 0001402057-25-000018
Legal Proceedings64 words changed in this paragraph; it is 69% similar to last year's version.
The Company is party to various legal proceedings that arise in the ordinary course of its business, which include commercial, intellectual property, employment, tort, and other litigation matters. The Company is also subject to audit by federal, state, international, national, provincial, and local authorities, and by various partners, group purchasing organizations, and customers, including government agencies, relating to purchases and sales under various contracts. In addition, the Company is subject to indemnification claims under various contracts. From time to time, certain customers of the Company file voluntary petitions for reorganization or liquidation under the US bankruptcy laws or similar laws of the jurisdictions for the Company’s business activities outside of the US. In such cases, certain pre-petition payments received by the Company could be considered preference items and subject to return to the bankruptcy administrator.
Source: Item 3, via Note 16 – Commitments and Contingencies, 10-K 0001402057-26-000011 vs Item 3, via Note 16 – Commitments and Contingencies, 10-K 0001402057-25-000018
Accounting Policies51 words changed in this paragraph; it is 70% similar to last year's version.
The Company’s vendor partners may provide warranties on the hardware the Company sells. These manufacturer warranties are assurance-type warranties and are not considered separate performance obligations. The warranties are not sold separately and only provide assurance that the hardware will conform with the manufacturer’s specifications. In some transactions, the vendor partner will provide the customer with an extended warranty. These extended warranties are sold separately and provide the customer with a service in addition to assurance that the product will function as expected. The Company considers these warranties to be separate performance obligations from the underlying product. For additional information regarding the accounting for extended warranties, see “Revenue Recognition for Services” below.
Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001402057-26-000011 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001402057-25-000018
Sentences and paragraphs added, removed or reworded
Every change, by type
Sentences and paragraphs of CDW's Risk Factors and MD&A, 10-K Feb 20, 2026 against 10-K Feb 21, 2025. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
Sources
The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.
Also
New risk factors: paragraphs with nothing like them last year, quoted in full.
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