Filing Flows › CDW (CDW) › Q2 2026 › vs Q2 2025
CDW (CDW) Q2 2026 vs Q2 2025 (year over year)
CDW's revenue rose $596M (+10%) from $6.0B in Q2 2025 to $6.6B in Q2 2026. The biggest changes: Hardware +$601M (+14%); Other Hardware −$19.8M (-3%); Collaboration +$5.6M (+1%). Gross margin 20.1% against 20.8% (-0.7 pts).
CDW, Q2 2026: revenue $6.6B (+10% year over year), operating margin 6.5%, net earnings $274M, operating cash flow −$55.1M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 20.1% | 20.8% | -0.7 pts |
| Operating margin | 6.5% | 7.0% | -0.5 pts |
| Net margin | 4.2% | 4.5% | -0.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Notebooks/Mobile Devices | $1.8B | $1.6B | $174M | +11% |
| Software | $1.1B | $990M | $124M | +13% |
| Data Storage and Servers | $845M | $641M | $204M | +32% |
| Netcomm Products | $830M | $740M | $89.9M | +12% |
| Desktops | $372M | $363M | $9.3M | +3% |
| Hardware | $4.9B | $4.3B | $601M | +14% |
| Other Hardware | $634M | $654M | −$19.8M | -3% |
| Services | $521M | $515M | $5.5M | +1% |
| Collaboration | $472M | $467M | $5.6M | +1% |
| Other | $32.2M | $29.2M | $3.0M | +10% |
| Revenue | $6.6B | $6.0B | $596M | +10% |
| Gross profit | $1.3B | $1.2B | $78.6M | +6% |
| Cost of revenue | $5.3B | $4.7B | $517M | +11% |
| Operating profit | $429M | $420M | $8.4M | +2% |
| Operating expenses | $891M | $821M | $70.2M | +9% |
| Pre-tax earnings | $373M | $365M | $8.0M | +2% |
| Other expense, net | $55.7M | $55.3M | $400K | +0.7% |
| Net earnings | $274M | $271M | $3.2M | +1% |
| Income tax | $98.5M | $93.7M | $4.8M | +5% |
| Operating cash sources | $433M | $212M | $221M | +104% |
| Depreciation & amortization | $75.1M | $73.3M | $1.8M | +2% |
| Share-based compensation | $28.1M | $23.5M | $4.6M | +20% |
| Cash used in operations | $55.1M | −$156M | $211M | — |
| Working capital & other | $433M | $212M | $221M | +104% |
Questions
How much did CDW's revenue grow year over year in Q2 2026?
CDW's revenue rose $596M (+10%) from $6.0B in Q2 2025 to $6.6B in Q2 2026.
What drove CDW's revenue change in Q2 2026?
Hardware +$601M (+14%); Other Hardware −$19.8M (-3%); Collaboration +$5.6M (+1%).