Filing Flows › CDW (CDW) › Q4 2025
CDW (CDW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
CDW (CDW) reported revenue of $5.5B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -4% from the quarter before. Operating margin was 7.8%, net earnings $280M (5.1% of revenue).
CDW, Q4 2025: revenue $5.5B (+6% year over year), operating margin 7.8%, net earnings $280M, operating cash flow $434M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.5B | -4% | +6% |
| Gross profit | $1.3B | -0.1% | +9% |
| Operating profit | $431M | -3% | +5% |
| Net earnings | $280M | -4% | +6% |
| Operating cash flow | $434M | +32% | +26% |
| Free cash flow | $396M | +33% | +25% |
What changed
Revenue was $5.5B in Q4 2025, up 6% year over year and down 4% from the previous quarter. Notebooks/Mobile Devices was the largest line at 23% of revenue.
Gross margin was 22.8%, up 0.5 points from a year earlier. Operating profit was $0.43B, a 7.8% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 8% margin then. Operating expenses grew 10% against revenue growth of 6%. Net earnings were $0.28B, up 6% year over year. The effective tax rate was 24.3%.
Operating cash flow was $0.43B (up 26% year over year), 155% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.07B. Capital expenditures of $0.04B left free cash flow of $0.40B.
Questions
What was CDW's revenue in the fourth quarter 2025?
CDW (CDW) reported revenue of $5.5B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -4% from the quarter before.
Was CDW profitable in the fourth quarter 2025?
Operating profit was $431M (7.8% of revenue) and net earnings $280M.
Source: CDW 10-K on SEC EDGAR.