Filing Flows › CDW (CDW) › Q2 2025
CDW (CDW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
CDW (CDW) reported revenue of $6.0B for the second quarter 2025 (Q2 2025), +10% from a year earlier and +15% from the quarter before. Operating margin was 7.0%, net earnings $271M (4.5% of revenue).
CDW, Q2 2025: revenue $6.0B (+10% year over year), operating margin 7.0%, net earnings $271M, operating cash flow $156M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.0B | +15% | +10% |
| Gross profit | $1.2B | +11% | +5% |
| Operating profit | $420M | +16% | -3% |
| Net earnings | $271M | +21% | -4% |
| Operating cash flow | $156M | -46% | +4% |
| Free cash flow | $133M | -49% | +12% |
What changed
Revenue was $6.0B in Q2 2025, up 10% year over year and up 15% from the previous quarter. Notebooks/Mobile Devices was the largest line at 26% of revenue. Notebooks/Mobile Devices added $0.14B year over year (up 10%), 25% of the total change. Collaboration declined 5%.
Gross margin was 20.8%, down 1.0 points from a year earlier. Operating profit was $0.42B, a 7.0% margin (down 1.0 points year over year). Operating profit fell $0.01B even though revenue rose $0.55B versus a year earlier, so costs grew faster than sales. Operating expenses grew 9% against revenue growth of 10%. Net earnings were $0.27B, down 4% year over year. The effective tax rate was 25.7%.
Operating cash flow was $0.16B (up 4% year over year), 57% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.21B. Capital expenditures of $0.02B left free cash flow of $0.13B.
Questions
What was CDW's revenue in the second quarter 2025?
CDW (CDW) reported revenue of $6.0B for the second quarter 2025 (Q2 2025), +10% from a year earlier and +15% from the quarter before.
Was CDW profitable in the second quarter 2025?
Operating profit was $420M (7.0% of revenue) and net earnings $271M.
Source: CDW 10-Q on SEC EDGAR.