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Screener / SEC EDGAR /CIK 0001402057 /10-K filed Feb 20, 2026, compared with Feb 21, 2025 /Numbers from the XBRL of the 10-Ks
Technology peers:
LRCXCDWADBECTSHINTUTXN
Nasdaq Technology · Internet Retail

CDW Corporation CDW

CDW quote by TradingView
Headquarters
Vernon Hills, IL
CEO
Christine A. Leahy
Next results
around Feb 3, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $22.4B through the costs to a net profit of $1.1B · income statement of the 10-K

7% operating margin
Revenue to Gross profit: $4.9BRevenue to Cost of revenue: $17.6BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $589.0M Revenue: $22.4B REVENUE $22.4B +7% Y/Y Gross profit: $4.9B · 22% margin GROSS PROFIT $4.9B 22% margin · +6% Y/Y Cost of revenue: $17.6B · 78% of revenue COST OF REVENUE $17.6B 78% of revenue Operating profit: $1.7B · 7% margin OPERATING PROFIT $1.7B 7% margin · +0% Y/Y Operating expenses: $3.2B · 14% of revenue OPERATING EXPENSES $3.2B 14% of revenue Net profit: $1.1B · 5% margin NET PROFIT $1.1B 5% margin · −1% Y/Y Tax & other: $589.0M · 3% of revenue TAX & OTHER $589.0M 3% of revenue
Gross profit $4.9B 22% margin · +6% Y/Y
Operating profit $1.7B 7% margin · +0% Y/Y
Net profit $1.1B 5% margin · −1% Y/Y
The full income statement, year by year

CDW among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 6.8%, above 18% of 74 peers (their median 14.1%) REVENUE GROWTH 6.8% · above 18% Gross margin: 21.0%, above 7% of 67 peers (their median 58.0%) GROSS MARGIN 21.0% · above 7% Operating margin: 7.0%, above 16% of 70 peers (their median 23.8%) OPERATING MARGIN 7.0% · above 16% Net margin: 4.5%, above 12% of 74 peers (their median 19.2%) NET MARGIN 4.5% · above 12% FCF margin: 3.8%, above 7% of 70 peers (their median 23.7%) FCF MARGIN 3.8% · above 7% Return on capital: 12.7%, above 51% of 61 peers (their median 12.6%) RETURN ON CAPITAL 12.7% · above 51%
CDW Peer median Below the median

What changed

9 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 20, 2026 against Feb 21, 2025.

Risk factors
9 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +22.9% vs revenue +6.8% (+16.1 pts)
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +22.9% vs revenue +6.8% (+16.1 pts)
  • Cash from operations $1.2B vs net income $1.1B (FY ending Dec 31, 2025)
9 more checks with nothing to note
  • Inventory -6.9% vs revenue +6.8% (-13.7 pts)
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Revenue recognition – Professional Services
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

9 paragraphs in Risk Factors that were not in the 10-K filed Feb 21, 2025. Quoted as filed.

All 9 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    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…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    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…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    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…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$23.7B$21.4B$21.0B$22.4B
Net income$1.1B$1.1B$1.1B$1.1B
Operating cash flow$1.3B$1.6B$1.3B$1.2B
Free cash flow$1.2B$1.5B$1.2B$1.1B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$22.4B ▲ 6.8% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

CDW Corporation, Vernon Hills, IL · from the 10-K filed Feb 20, 2026

CDW Corporation (together with its subsidiaries, the “Company,” “CDW”, “we”, “us”, or “our”), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology (“IT”) solutions to business, government, education, and healthcare customers in the United States (“US”), the United Kingdom (“UK”), and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.

Headquarters
Vernon Hills, IL
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 4, 2026
Incorporated in
DE

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Sources

The 10-K filed Feb 20, 2026 (open at SEC), compared with the 10-K filed Feb 21, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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