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CDWCDW Corporation

Technology · Internet Retail · Nasdaq
CDW quote by TradingView
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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 FactorsRedline ↓
24.1%
of the text changed · 8,917 words now
MD&ARedline ↓
23.0%
of the text changed · 6,487 words now
Legal ProceedingsRedline ↓
28.7%
of the text changed · 303 words now
Accounting PoliciesRedline ↓
5.8%
of the text changed · 5,476 words now

10-K 0001402057-26-000011 (2026-02-20) vs 10-K 0001402057-25-000018 (2025-02-21)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 216 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&A 139 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 Proceedings 64 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 Policies 51 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

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of CDW's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21. Each links to the text at sec.gov.

All 111 Added 13Removed 34Reworded 63Quiet changes 1
RemovedRisk Factors
other reasons. Additionally, the relocation of key distributors utilized in our purchasing model could increase our need for, and the cost of, working capital and have an adverse effect on our business, results of operations or cash flows.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Restrictive covenants under our senior credit facilities and, to a lesser degree, our indentures may adversely affect our operations and liquidity.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Our senior credit facilities and, to a lesser degree, our indentures contain, and any future indebtedness of ours may contain, various covenants that limit our ability to, among other things:

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
As a result of these covenants, we are limited in the manner in which we conduct our business and we may be unable to engage in favorable business activities or finance future operations or capital needs. A breach of any of these covenants or any of the other restrictive covenants would result in a default under our senior credit facilities. Upon the occurrence of an event of default under our senior credit facilities, the lenders:

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
•could elect to declare all borrowings outstanding thereunder, together with accrued and unpaid interest and fees, to be due and payable; or

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
The acceleration of amounts outstanding under our senior credit facilities would likely trigger an event of default under our existing indentures.

Read it in 10-K 2025-02-21 at sec.gov ↗

Show the other 14
RemovedRisk Factors
If the lenders under our senior credit facilities accelerate the repayment of borrowings, we may not have sufficient assets to repay our senior credit facilities and our other indebtedness or the ability to borrow sufficient funds to refinance such

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
indebtedness. Even if we were able to obtain new financing, it may not be on commercially reasonable terms, or terms that are acceptable to us.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Major debt rating agencies regularly evaluate our debt based on a number of factors, and any rating assigned could be lowered or withdrawn by a rating agency if, in that rating agency’s judgment, future circumstances relating to the basis of the rating, such as adverse changes in our financial position, so warrant. We may not be able to maintain our existing investment grade ratings from certain credit rating agencies, and the failure to do so could increase the cost of servicing certain of our existing indebtedness and make it more difficult to raise debt financing on favorable terms in the future.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
We and our subsidiaries may be able to incur substantially more debt, including secured debt. This could further increase the risks associated with our leverage.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Net sales decreased $377 million, or 1.8%, with lower Net sales across all operating segments. The decrease was primarily due to a decrease in netcomm, partially offset by an increase in notebooks/mobile devices. Continued economic uncertainty and the complex technology landscape has led customers to be cautious and measured in their approach to technology spending, leading to a decline in Net sales.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Net sales by segment, in dollars and as a percentage of total Net sales, and the year-over-year dollar and percentage change in Net sales by segment are as follows:

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
plus accrued and unpaid interest, fees and expenses. During the fourth quarter of 2024, we redeemed the remaining outstanding 5.500% Senior Notes due 2024, which were scheduled to mature on December 1, 2024, at par for $184 million.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
The following tables set forth Balance Sheet information as of December 31, 2024 and December 31, 2023, and Statement of Operations information for the years ended December 31, 2024 and 2023 for the accounts of the Issuers and the accounts of the Guarantors (the “Obligor Group”). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
determination of fair value and goodwill impairment for each reporting unit. However, since our last quantitative analysis, our past estimates of fair value would not have indicated an impairment when revised to include subsequent years’ actual results.

Read it in 10-K 2025-02-21 at sec.gov ↗

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