CDWCDW Corporation
- Headquarters
- Vernon Hills, IL
- CEO
- Christine A. Leahy
- Next results
- around Feb 3, 2027
The biggest changes in the 10-K filed 2026-02-20, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Revenue
+6.8% FY to 2025-12-31 vs 2024-12-31“Corporate segment Net sales increased $605 million, or 6.8%, primarily due to increased customer demand primarily in software, notebooks/mobile devices, netcomm products, and desktops.”
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“Small Business segment Net sales increased $203 million, or 13.3%, primarily due to increased customer demand primarily in notebooks/mobile devices, software, and desktops.”
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Cash from operations
-5.6% FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Operating margin
7.9% → 7.4% (-0.5 pts) FY to 2025-12-31 vs 2024-12-31“Corporate segment Operating income increased $10 million, or 1.1%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation, amortization expense on acquisition-related intangible assets, and coworker-related costs.”
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“Public segment Operating income increased $4 million, or 0.6%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation, transformation related costs, and coworker-related costs.”
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Gross margin
21.9% → 21.7% (-0.2 pts) FY to 2025-12-31 vs 2024-12-31“Gross profit increased $271 million, or 5.9%, due to higher Net sales, partially offset by lower gross profit margin.”
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“Gross profit margin decreased 20 basis points, to 21.7%, primarily driven by decreased rates in certain hardware categories.”
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Net income
-1.0% FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on CDW in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CDW/export.csv") into a cell.