Filing Flows › CDW (CDW) › Q3 2025
CDW (CDW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
CDW (CDW) reported revenue of $5.7B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -4% from the quarter before. Operating margin was 7.7%, net earnings $291M (5.1% of revenue).
CDW, Q3 2025: revenue $5.7B (+4% year over year), operating margin 7.7%, net earnings $291M, operating cash flow $328M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.7B | -4% | +4% |
| Gross profit | $1.3B | +1% | +5% |
| Operating profit | $443M | +5% | -8% |
| Net earnings | $291M | +7% | -8% |
| Operating cash flow | $328M | +111% | -4% |
| Free cash flow | $298M | +124% | -3% |
What changed
Revenue was $5.7B in Q3 2025, up 4% year over year and down 4% from the previous quarter. Notebooks/Mobile Devices was the largest line at 25% of revenue. Netcomm Products added $0.07B year over year (up 10%), 31% of the total change. Data Storage and Servers declined 7%.
Gross margin was 21.9%, up 0.1 points from a year earlier. Operating profit was $0.44B, a 7.7% margin (down 1.0 points year over year). Operating profit fell $0.04B even though revenue rose $0.22B versus a year earlier, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 4%. Net earnings were $0.29B, down 8% year over year. The effective tax rate was 25.3%.
Operating cash flow was $0.33B (down 4% year over year), 113% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.06B. Capital expenditures of $0.03B left free cash flow of $0.30B.
Questions
What was CDW's revenue in the third quarter 2025?
CDW (CDW) reported revenue of $5.7B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -4% from the quarter before.
Was CDW profitable in the third quarter 2025?
Operating profit was $443M (7.7% of revenue) and net earnings $291M.
Source: CDW 10-Q on SEC EDGAR.