Filing Flows › CDW (CDW) › Q3 2026 › vs Q2 2026
CDW (CDW) Q3 2026 vs Q2 2026 (quarter over quarter)
CDW's revenue rose $182M (+3%) from $6.6B in Q2 2026 to $6.8B in Q3 2026. The biggest changes: Data Storage and Servers +$130M (+15%); Hardware +$82.3M (+2%); Collaboration −$26.5M (-6%). Gross margin 20.5% against 20.1% (+0.4 pts).
CDW, Q3 2026: revenue $6.8B (+18% year over year), operating margin 7.2%, net earnings $310M, operating cash flow $399M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 20.5% | 20.1% | +0.4 pts |
| Operating margin | 7.2% | 6.5% | +0.7 pts |
| Net margin | 4.6% | 4.2% | +0.4 pts |
| Free cash flow margin | 5.5% | -1.3% | +6.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Notebooks/Mobile Devices | $1.7B | $1.8B | −$3.9M | -0.2% |
| Software | $1.3B | $1.1B | $136M | +12% |
| Netcomm Products | $800M | $830M | −$30.4M | -4% |
| Other Hardware | $609M | $634M | −$24.9M | -4% |
| Services | $526M | $521M | $5.4M | +1% |
| Hardware | $4.9B | $4.9B | $82.3M | +2% |
| Data Storage and Servers | $975M | $845M | $130M | +15% |
| Collaboration | $446M | $472M | −$26.5M | -6% |
| Desktops | $368M | $372M | −$4.0M | -1% |
| Other | $32.5M | $32.2M | $300K | +0.9% |
| Revenue | $6.8B | $6.6B | $182M | +3% |
| Gross profit | $1.4B | $1.3B | $65.5M | +5% |
| Cost of revenue | $5.4B | $5.3B | $117M | +2% |
| Operating profit | $490M | $429M | $60.9M | +14% |
| Operating expenses | $896M | $891M | $4.6M | +0.5% |
| Pre-tax earnings | $424M | $373M | $51.0M | +14% |
| Other expense, net | $65.6M | $55.7M | $9.9M | +18% |
| Net earnings | $310M | $274M | $35.4M | +13% |
| Income tax | $114M | $98.5M | $15.6M | +16% |
| Depreciation & amortization | $75.1M | $75.1M | $0 | 0% |
| Share-based compensation | $26.7M | $28.1M | −$1.4M | -5% |
| Working capital & other | $12.8M | $433M | −$420M | -97% |
| Operating cash flow | $399M | −$55.1M | $454M | — |
| Free cash flow (OCF − capex) | $372M | −$82.6M | $455M | — |
| Capital expenditures | $26.8M | $27.5M | −$700K | -3% |
Questions
How much did CDW's revenue grow quarter over quarter in Q3 2026?
CDW's revenue rose $182M (+3%) from $6.6B in Q2 2026 to $6.8B in Q3 2026.
What drove CDW's revenue change in Q3 2026?
Data Storage and Servers +$130M (+15%); Hardware +$82.3M (+2%); Collaboration −$26.5M (-6%).