Filing Flows › CDW (CDW) › How it makes money
How CDW (CDW) makes money
CDW (CDW) made $6.8B of revenue in the third quarter 2026 (Q3 2026), +18% from a year earlier. Hardware brought in $4.9B (73%); Data Storage and Servers brought in $975M (14%); Collaboration brought in $446M (7%). Of every dollar of revenue, 21¢ was left as gross profit, 7¢ was left as operating profit, 5¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Hardware | $4.9B | 73.0% | +2% | +11% |
| ↳ Notebooks/Mobile Devices | $1.7B | 25.9% | -0.2% | +22% |
| ↳ Software | $1.3B | 18.5% | +12% | +14% |
| ↳ Netcomm Products | $800M | 11.8% | -4% | +9% |
| ↳ Other Hardware | $609M | 9.0% | -4% | -7% |
| ↳ Services | $526M | 7.8% | +1% | +0.1% |
| Data Storage and Servers | $975M | 14.4% | +15% | +107% |
| Collaboration | $446M | 6.6% | -6% | -2% |
| Desktops | $368M | 5.5% | -1% | +7% |
| Other | $32.5M | 0.5% | +0.9% | +9% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $6.8B | 100.0% |
| Cost of revenue | $5.4B | 79.5% |
| Gross profit | $1.4B | 20.5% |
| Operating expenses | $896M | 13.3% |
| Operating profit | $490M | 7.2% |
| Income tax | $114M | 1.7% |
| Net earnings | $310M | 4.6% |
| Operating cash flow | $399M | 5.9% |
| Free cash flow | $372M | 5.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $6.8B | +18% |
| Q2 2026 | $6.6B | +10% |
| Q1 2026 | $5.7B | +9% |
| Q4 2025 | $5.5B | +6% |
| Q3 2025 | $5.7B | +4% |
| Q2 2025 | $6.0B | +10% |
| Q1 2025 | $5.2B | +7% |
From CDW's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does CDW make money?
CDW (CDW) made $6.8B of revenue in the third quarter 2026 (Q3 2026), +18% from a year earlier. Hardware brought in $4.9B (73%); Data Storage and Servers brought in $975M (14%); Collaboration brought in $446M (7%). Of every dollar of revenue, 21¢ was left as gross profit, 7¢ was left as operating profit, 5¢ was left as net earnings.
What is CDW's biggest business?
Hardware: $4.9B in the third quarter 2026, 73% of revenue, +11% from a year earlier.
What is CDW's profit margin?
Net earnings were $310M, 4.6% of revenue, in the third quarter 2026; the operating margin was 7.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.