Filing Flows › CDW (CDW) › Q3 2026 › vs Q3 2025
CDW (CDW) Q3 2026 vs Q3 2025 (year over year)
CDW's revenue rose $1.0B (+18%) from $5.7B in Q3 2025 to $6.8B in Q3 2026. The biggest changes: Data Storage and Servers +$505M (+107%); Hardware +$491M (+11%); Desktops +$25.1M (+7%). Gross margin 20.5% against 21.9% (-1.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 20.5% | 21.9% | -1.4 pts |
| Operating margin | 7.2% | 7.7% | -0.5 pts |
| Net margin | 4.6% | 5.1% | -0.5 pts |
| Free cash flow margin | 5.5% | 5.2% | +0.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Notebooks/Mobile Devices | $1.7B | $1.4B | $314M | +22% |
| Software | $1.3B | $1.1B | $157M | +14% |
| Netcomm Products | $800M | $736M | $63.7M | +9% |
| Other Hardware | $609M | $653M | −$44.0M | -7% |
| Services | $526M | $526M | $500K | +0.1% |
| Hardware | $4.9B | $4.4B | $491M | +11% |
| Data Storage and Servers | $975M | $470M | $505M | +107% |
| Collaboration | $446M | $453M | −$7.3M | -2% |
| Desktops | $368M | $343M | $25.1M | +7% |
| Other | $32.5M | $29.7M | $2.8M | +9% |
| Revenue | $6.8B | $5.7B | $1.0B | +18% |
| Gross profit | $1.4B | $1.3B | $130M | +10% |
| Cost of revenue | $5.4B | $4.5B | $887M | +20% |
| Operating profit | $490M | $443M | $46.2M | +10% |
| Operating expenses | $896M | $812M | $83.6M | +10% |
| Pre-tax earnings | $424M | $389M | $34.5M | +9% |
| Other expense, net | $65.6M | $53.9M | $11.7M | +22% |
| Net earnings | $310M | $291M | $18.8M | +6% |
| Income tax | $114M | $98.4M | $15.7M | +16% |
| Depreciation & amortization | $75.1M | $73.3M | $1.8M | +2% |
| Share-based compensation | $26.7M | $27.1M | −$400K | -1% |
| Working capital & other | $12.8M | $63.1M | −$50.3M | -80% |
| Operating cash flow | $399M | $328M | $70.5M | +21% |
| Free cash flow (OCF − capex) | $372M | $298M | $73.5M | +25% |
| Capital expenditures | $26.8M | $29.8M | −$3.0M | -10% |
Questions
How much did CDW's revenue grow year over year in Q3 2026?
CDW's revenue rose $1.0B (+18%) from $5.7B in Q3 2025 to $6.8B in Q3 2026.
What drove CDW's revenue change in Q3 2026?
Data Storage and Servers +$505M (+107%); Hardware +$491M (+11%); Desktops +$25.1M (+7%).