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CDW (CDW) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · CDW (CDW) Q3 2026 earnings results →

Q3 2026 Revenue up 18% year over year to $6.8B · 5¢ of every $1 of revenue kept as net profit · operating margin 7.2%

CDW made $6.8B in Q3 2026 (+18% Y/Y): Hardware $4.9B, Data Storage and Servers $975M, Collaboration $446M. Operating margin 7.2%, net earnings $310M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$6.8B
Year over year+18%
Operating margin7.2%
Net earnings$310M
Operating cash flow$399M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

CDW Q3 2026 revenue breakdown: Sankey diagram of revenue (Hardware, Data Storage and Servers, Collaboration, Desktops), costs, profit and cash flow
CDW Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $6.8B in Q3 2026, up 18% year over year and up 3% from the previous quarter. Notebooks/Mobile Devices was the largest line at 26% of revenue. Data Storage and Servers added $0.51B year over year (up 107%), 50% of the total change. Other Hardware declined 7%.

Gross margin was 20.5%, down 1.4 points from Q3 2025. Operating profit was $0.49B, a 7.2% margin (down 0.5 points year over year). Of the extra revenue versus Q3 2025, 5% reached operating profit, below the 8% margin then. Operating expenses grew 10% against revenue growth of 18%. Net earnings were $0.31B, up 6% year over year. The effective tax rate was 26.9%.

Operating cash flow was $0.40B (up 21% year over year), 129% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.03B of share-based compensation. Capital expenditures of $0.03B left free cash flow of $0.37B.

Quarterly history

CDW revenue by quarterCDW revenue by quarter$5.2BQ1 2025$6.0BQ2 2025$5.7BQ3 2025$5.5BQ4 2025$5.7BQ1 2026$6.6BQ2 2026$6.8BQ3 2026
CDW net earnings by quarterCDW net earnings by quarter$225MQ1 2025$271MQ2 2025$291MQ3 2025$280MQ4 2025$235MQ1 2026$274MQ2 2026$310MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$6.8B+18%7.2%$310M$399M
Q2 202610-QAug 5, 2026$6.6B+10%6.5%$274M−$55.1M
Q1 202610-QMay 6, 2026$5.7B+9%6.6%$235M$275M
Q4 202510-KFeb 20, 2026$5.5B+6%7.8%$280M$434M
Q3 202510-QNov 4, 2025$5.7B+4%7.7%$291M$328M
Q2 202510-QAug 6, 2025$6.0B+10%7.0%$271M$156M
Q1 202510-QMay 7, 2025$5.2B+7%7.0%$225M$287M

Charts

CDW: revenue growth, year over year and quarter over quarterCDW: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q1 2025+10%+15%Q2 2025+4%-4%Q3 2025+6%-4%Q4 2025+9%+3%Q1 2026+10%+16%Q2 2026+18%+3%Q3 2026
Latest (Q3 2026): Y/Y +18%, Q/Q +3%.
CDW: where the cash came from (+) and went (−), TTM to Q3 2026CDW: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)$2.1BCash drawn (+) / kept (−)−$1.1BOperating cash flow$1.1BBuybacks−$806MAcquisitions−$467MOther financing−$323MDividends−$321MCapital spending−$119MShares issued$22.5MTaxes on employees’ shares−$17.0MExchange rates−$10.8MOther investing−$9.7M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
CDW: profit against cash, quarter by quarterCDW: profit against cash, quarter by quarterNet incomeOperating cash flow$264M$345MQ4 2024$225M$287MQ1 2025$271M$156MQ2 2025$291M$328MQ3 2025$280M$434MQ4 2025$235M$275MQ1 2026$274M−$55.1MQ2 2026$310M$399MQ3 2026
Latest (Q3 2026): Net income $310M, Operating cash flow $399M.
CDW: diluted shares by fiscal yearCDW: diluted shares by fiscal year145MFY2020140MFY2021137MFY2022136MFY2023135MFY2024132MFY2025
-8.8% since FY2020: buybacks shrank the count.
CDW: long-term debt falling due (FY2025)CDW: long-term debt falling due (FY2025)$1.0B2026$6.4M2027$1.1B2028$700M2029$1.2B2030$1.6BLater
Cash $619M, short-term investments $0, long-term debt — at 2025-12-31.
CDW in its industry: growth against margin (23 companies, SIC 5961)CDW in its industry: growth against margin (23 companies, SIC 5961)revenue growth, year over year →↑ operating marginmedian +8%median 1%AMZNCPNGWCHWYNSITOld QVC Group, Inc.QVCGPTRNNXHGCTRVLVSFIXAKATDUPHNSTLVLUGROVHOURDIBSGIFTAMZECAHOCDW (+18%, 7%)
Retail-Catalog & Mail-Order Houses; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About CDW

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.

In its own words, from its 10-K, filed Feb 20, 2026.

CDW against its Retail-Catalog & Mail-Order Houses peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +10%. Operating margin: 7.2% against the peers' median 3.1%.

CompanyQuarterRevenueY/YOp. margin
CDW CDWQ3 2026$6.8B+18%7.2%
AMZN Amazon.comQ3 2026$201.9B+12%13.9%
CPNG CoupangQ3 2026$10.0B+8%-4.5%
W WayfairQ3 2026$3.4B+10%3.1%
CHWY ChewyQ2 FY27$3.3B+7%2.8%
NSIT Insight EnterprisesQ3 2026$2.4B+22%2.8%
Old QVC GroupQ2 2026$2.0B-11%2.6%
QVCG QVC GroupQ2 2026$1.8B-11%3.5%
PTRN Pattern GroupQ3 2026$886M+38%4.2%

Source: CDW 10-Q on SEC EDGAR · CIK 1402057 · Retail-Catalog & Mail-Order Houses

Guidance and outlook

CDW: what its forward-looking statements are about (10-Q filed 2026-11-04)CDW: what its forward-looking statements are about (10-Q filed 2026-11-04)Demand2The economy1Buybacks & dividends1Other1
5 statements; tone -0.20 (−1 all cautious, +1 all confident); 3 hedged.
CDW: outlook statements against the filing beforeCDW: outlook statements against the filing beforeCautious1

13F: who owns CDW and who is buying

Largest holders of CDW (13F)Largest holders of CDW (13F)Vanguard Group$2.4BBlackRock$2.1BVanguard Capital Management LLC$1.2BVanguard Portfolio Management LLC$1.2BState Street$813MHarris Associates L P$780MBoston Partners$739MGeode Capital Management, LLC$548MHotchkis & Wiley Capital Manageme…$531MInvesco$529M
Funds' net buying of CDW by quarter (13F)Funds' net buying of CDW by quarter (13F)−$82.8M2024-09−$701M2024-12$53.8M2025-03$275M2025-06−$563M2025-09−$298M2025-12$308M2026-03$1.0B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CDW

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：CDW（CDW）财报

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