10-K 0001402057-26-000011 (2026-02-20) vs 10-K 0001402057-25-000018 (2025-02-21)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 8,917 |
24.1% |
| MD&A | Item 7 | 6,487 |
23.0% |
| Legal Proceedings | Item 3, via Note 16 – Commitments and Contingencies | 303 |
28.7% |
| Accounting Policies | Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies | 5,476 |
5.8% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
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
AddedRisk Factors
Social, ethical, and safety issues relating to the use of new and evolving technologies such as AI-based technologies, including generative AI in our hardware, software, and service offerings, as well as in our internal platforms, may result in reputational harm and liability. We are increasingly utilizing AI in our business, including interactions with our coworkers, customers, and vendor partners and in the hardware, software, and services we 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 and usage, and therefore our business. If we are unable to effectively and timely capitalize on the growth opportunities made available by 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 results of operation or cash flows. AI technologies are complex and rapidly evolving, and we face significant competition in the market and from other companies regarding such technologies.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
We operate in a highly competitive industry and compete with resellers, manufacturers who sell directly to customers, large service providers and system integrators, communications service providers, cloud providers, e-commerce companies, and office supply retailers, among others. There may be new market entrants with non-traditional business, service, and delivery models, resulting in increased competition and changing industry dynamics. Existing or future competitors also may seek to compete with us for acquisitions, which could have the effect of increasing the price of potential targets and reducing the number of suitable acquisitions. These factors, in addition to competitive pressures resulting from the fragmented nature of our industry, could affect our sales, profit margins, and earnings.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
anticipated benefits, or could be defective, contain a security vulnerability, or be improperly installed or managed, and could add costs, complications, and disruptions to our ongoing operations. Implementation of new systems or significant changes to existing systems may also require updates to related business processes and internal controls, which could increase the risk of errors or delays until such controls are fully established.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
Our services include professional services, managed services, warranties, configuration services, partner services, and telecom services. Additionally, we deliver and manage mission critical software, systems, and network solutions for our customers. We also offer certain services, such as implementation and installation services and repair services, to our customers through
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
We are engaged in a number of strategic and transformational initiatives intended to enable customer‑facing coworkers, accelerate profitable growth, and deliver a full portfolio of capabilities. However, the execution of these initiatives is subject to significant risks and uncertainties, and there can be no assurance regarding the timing or realization of anticipated benefits.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
Our global operations span a variety of legal regimes, subjecting us to numerous complex, diverse, evolving, and at times potentially inconsistent or conflicting laws and regulations in a number of areas, including labor and employment, advertising,
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
Our level of indebtedness and obligations pursuant to the agreements and instruments reflecting our indebtedness could adversely affect our business, results of operations, and cash flows.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
A breach of any restrictive covenants under our senior unsecured credit facilities or indentures may result in a default under the terms of that agreement or instrument, upon which we may suffer adverse consequences, including the acceleration of the amounts outstanding thereunder, the trigger of cross-default provisions under other agreements or instruments, and an inability to borrow additional amounts.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedRisk Factors
We may fail to meet announced guidance or market expectations associated with our financial results, which could adversely affect the market price of our stock. Any guidance we provide is based on certain assumptions, which may or may not prove to be correct. Failure to meet announced guidance or market expectations going forward, particularly with respect to our operational and financial results and expectations regarding the success of our strategies and related guidance, whether due to our assumptions not being met or the impact of various risks and uncertainties, may result in either or both a decline in or increased volatility in the market price of our stock. In addition, price and volume fluctuations in the stock market as a whole may affect the market price of our stock in ways that may be unrelated to our financial performance.
Read it in 10-K 2026-02-20 at sec.gov ↗
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
•making it more difficult for us to satisfy our obligations with respect to our indebtedness;
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
•merge or consolidate with other companies or transfer all or substantially all of our assets; and
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 ↗
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 ↗
RewordedRisk Factors
An adverse change or anticipated change in government spending or funding policies (such as budget cuts or limitations), limitations or funding delays), shifts in budget priorities, reductions in revenue levels or significant government shutdowns could cause our customers to reduce or delay their purchases or to terminate or not renew their contracts with us, which could adversely affect our business, results of operations or cash flows.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Any While we expect to continue to pay a quarterly cash dividend on our common stock, any determination to pay dividends on, or repurchase, shares of our common stock in the future will depend be at the discretion of our Board of Directors and depends upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations considerations, and other factors our Board of Directors deems relevant.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
If the warehouse and distribution equipment or operations at one of our distribution centers or such facilities or operations of our outsource partners were to be seriously damaged damaged, such as in a fire, or disrupted by a natural disaster, which may increase in number or severity as a result of climate change, or other adverse occurrence, including disruption related to political or social unrest, we could utilize another distribution center or third-party distributors to ship products to experience significant interruptions in our customers. services and may incur material incremental operating costs.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
If we do not pay dividends or continue to repurchase shares of our common stock in the future, realization of a gain on your an investment in our common stock will depend entirely on the appreciation of the price of our common stock, which may never occur. occur due to the potential volatility of the market price of our common stock.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Also, once implemented, the new information technology systems, updates to existing information technology systems systems, and related technology may not provide the intended efficiencies or anticipated benefits, or could be defective, contain a security vulnerability or improperly installed or managed, and could add costs, complications and disruptions to our ongoing operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Weak or unstable economic conditions generally, inflation conditions, inflation, and actions taken by central banks to counter inflation (such as those that prevailed in recent years), inflation, sustained uncertainty about global political conditions, periods of intense diplomatic or armed conflict, government spending cuts or prolonged governmental shutdowns, and the impact of new government policies (including the introduction of new or increased taxes, the imposition of minimum taxes taxes, or new or increased limitations on deductions, credits credits, or other tax benefits, or any other changes to tax laws), or a tightening of credit markets, including as a result of rising interest rates or bank failures, could cause our customers and potential customers to postpone or reduce spending on technology products or services or put downward pressure on prices, which could have an adverse effect on our business, results of operations operations, or cash flows.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Certain Additionally, certain of our borrowings, primarily borrowings under our senior unsecured credit facilities, are at variable rates of interest and expose us to interest rate risk. risk, which under certain conditions could cause our debt service obligations to increase significantly.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
We also are dependent upon our vendor partners for the development and marketing of hardware, software software, and services to compete effectively with hardware, software software, and services of vendors whose products and services we do not currently offer or that we are not authorized to offer in one or more customer channels.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
If we purchase inventory in anticipation of customer demand that does not materialize, or if customers reduce, delay delay, or decommit from orders, and if we were unable to return the inventory to a vendor partner, we would be exposed to an increased risk of inventory obsolescence. obsolescence which could adversely affect our business, results of operations, or cash flows.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
If As we invest in, use, enable enable, or offer solutions that draw controversy due to their perceived or actual impact on society, society and the environment, we may experience brand or reputational harm, competitive harm and/or harm, and legal liability.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Additionally, strikes, inclement weather, natural disasters disasters, or other service interruptions by such shippers or periods of increased demand on delivery services, such as those we have experienced during the COVID-19 pandemic, services could materially adversely affect our ability to deliver or receive products on a timely basis.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedRisk Factors
Our future operating results may fluctuate significantly, significantly due to the volatility and rapidly changing state of the technology industry, which may result in volatility in the market price of our stock and could impact our ability to operate our business effectively.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
Effective January 1, 2026, we realigned our customer-facing organization to better meet the evolving needs of our customers and end markets. As a result, we will have the following three reportable segments: “Commercial,” “Government,” and “Education.” Our “Commercial” segment will be comprised of corporate, financial services, and healthcare customers in the US, each of which will represent a unique customer channel. Small business customers will be included across the customer channels within our “Commercial” segment. Our “Government” segment will be comprised of federal, state, and local agencies in the US. The “Education” segment will be comprised of primary, secondary, and higher education institutions in the US. CDW UK and CDW Canada will remain unchanged in this new reporting structure, in an all other category (“Other”). We will reflect this change in segment presentation, including the recasting of historical results, in our periodic and annual reports beginning with the period ending March 31, 2026.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
Net sales increased $1,425 million, or 6.8%, with higher Net sales across all operating segments. Broadly, while economic and geopolitical uncertainty persists, all of our segments continued to experience improved customer spending during the period. The increase in customer demand drove Net sales growth primarily in notebooks/mobile devices, software, desktops, services, and netcomm products.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
In December 2025, we entered into a new credit agreement consisting of a five‑year $2.25 billion senior unsecured revolving loan facility (the “Revolving Loan Facility”) and a five‑year $634.5 million senior unsecured term loan facility (the “Term Loan Facility”). The Revolving Loan Facility replaced our previous senior unsecured revolving loan facility and increased the borrowing capacity available to us by $650 million. The Term Loan Facility replaces the previous senior unsecured term loan facility, and the principal amount of the term loan remains unchanged.
Read it in 10-K 2026-02-20 at sec.gov ↗
AddedMD&A
Given that Parent, the sole Guarantor of the notes, is a holding company that does not conduct business operations of its own and depends on cash dividends, distributions, and other transfers from its subsidiaries to meet its obligations, we concluded that providing summarized financial information of the Issuers and Guarantor on an unconsolidated basis, excluding the non-guarantor subsidiaries, would not provide meaningful information to investors.
Read it in 10-K 2026-02-20 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
Operating income by segment, in dollars and as a percentage of Net sales by segment, and the year-over-year percentage change are as follows:
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
(3)Includes Headquarters’ function costs that are not allocated to the segments.
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
(2)The change is primarily due to timing of collections, including multi-year transactions.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
(4)The change is primarily due to timing of payments, including multi-year transactions.
Read it in 10-K 2025-02-21 at sec.gov ↗
RemovedMD&A
(5)The change is primarily due to higher Miscellaneous receivables and Prepaid expenses and other in 2024.
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 ↗
RewordedMD&A
Year Ended December 31, (dollars in millions, except per share amounts) 2025 2024 2023 Net sales $22,424.1 $20,998.7 $21,376.0 Gross profit $4,873.4 $4,602.4 $4,652.4 Gross profit margin 21.9 % 21.8% 21.7% 21.9% Operating income $1,655.6 $1,651.3 $1,680.9 Operating income margin 7.9 % 7.4% 7.9% Non-GAAP operating income $1,996.7 $1,947.0 $2,039.1 Non-GAAP operating income margin 9.3 % 9.5% 8.9% 9.3% Net income $1,066.6 $1,077.8 $1,104.3 Non-GAAP net income $1,323.0 $1,287.2 $1,346.2 Net income per diluted share $8.08 $7.97 $8.10 Non-GAAP net income per diluted share $10.02 $9.52 $9.88 Average daily sales(1) $88.3 $82.7 $84.2 Net debt(2) $5,125.1 $5,056.2 Cash conversion cycle (in days)(3) 18 17 Net cash provided by operating activities $1,277.3 $1,598.7 Adjusted free cash flow(4) $1,079.0 $1,426.8
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Year Ended December 31, (dollars in millions) 2024 Percentage 2025 Percent of Net Sales 2023 Percentage 2024 Percent of Net Sales Percent Change Operating income, as reported $ 1,655.6 7.4% $ 1,651.3 7.9% $ 1,680.9 7.9% (1.8)% Amortization of intangibles(1) 169.8 150.9 154.4 Equity-based compensation 83.6 64.7 93.7 Transformation initiatives(2) 57.9 34.8 27.1 Acquisition and integration expenses 7.6 12.2 30.0 Workplace optimization(3) 16.2 25.4 47.7 Other adjustments 6.0 7.7 5.3 Non-GAAP operating income $ 1,996.7 8.9% $ 1,947.0 9.3% $ 2,039.1 9.5% (4.5)%
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Other Small Business segment Operating income decreased $30 increased $22 million, or 21.1%, 12.3%, primarily due to increased transformation initiative expense, lower higher Gross profit dollars and dollars, partially offset by an increased bad debt expense provision for expected credit losses. losses and higher performance-based compensation.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
(1)Segment operating income gross profit includes the segment’s direct operating income, gross profit, allocations for gross profit from logistics services, and allocations for certain Headquarters’ costs, allocations for income and expenses from logistics services, certain inventory adjustments and adjustments, volume rebates rebates, and cooperative advertising from vendors.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Operating income decreased $30 increased $4 million, or 1.8%, 0.3%, to $1,656 million for the year ended December 31, 2025, compared to $1,651 million for the year ended December 31, 2024, compared to $1,681 million for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Corporate segment Net sales decreased $124 in Other increased $240 million, or 1.4%, 9.7%, primarily due to a decrease in netcomm products, partially offset by an increase in notebooks/mobile devices devices, desktops, and software. services within UK and Canada operations.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Corporate segment Net sales decreased $124 increased $605 million, or 1.4%, 6.8%, primarily due to a decrease increased customer demand primarily in software, notebooks/mobile devices, netcomm products, partially offset by an increase in notebooks/mobile devices and software. desktops.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
The uncertainty in the current economic environment resulted in, has impacted and may continue to result in, a delay, pause or reduction impact the timing of our customers’ investments in technology by our customers. technology.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Public segment Operating income increased $11 $4 million, or 1.5%, 0.6%, primarily due to decreased acquisition higher Gross profit dollars, partially offset by higher performance-based compensation, transformation related costs, and integration coworker-related costs.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Each series of our outstanding unsecured senior notes (collectively, the “Notes”) are issued by CDW LLC and CDW Finance Corporation (the “Issuers”) and are guaranteed by Parent and certain of CDW LLC’s direct and indirect, 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries” and, together with Parent, the “Guarantors”). “Guarantor”).
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
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.
Read it in 10-K 2026-02-20 at sec.gov ↗
RewordedMD&A
Net cash used in financing activities decreased $412 increased $498 million in 2024 for the year ended December 31, 2025 compared to 2023. December 31, 2024.
Read it in 10-K 2026-02-20 at sec.gov ↗
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 2026-02-20 at sec.gov ↗
