Filing Flows › PC Connection (CNXN) › Q4 2025
PC Connection (CNXN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
PC Connection (CNXN) reported revenue of $703M for the fourth quarter 2025 (Q4 2025), -0.8% from a year earlier and -0.9% from the quarter before. Operating margin was 3.4%, net earnings $20.7M (2.9% of revenue).
PC Connection, Q4 2025: revenue $703M (-0.8% year over year), operating margin 3.4%, net earnings $20.7M, operating cash flow $27.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $703M | -0.9% | -0.8% |
| Gross profit | $136M | -2% | +4% |
| Operating profit | $23.6M | -22% | +4% |
| Net earnings | $20.7M | -16% | 0% |
| Operating cash flow | $27.4M | -57% | +9% |
| Free cash flow | $25.2M | -59% | +10% |
What changed
Revenue was $702.9M in Q4 2025, down 1% year over year and down 1% from the previous quarter. Notebooks/Mobility was the largest line at 34% of revenue.
Gross margin was 19.3%, up 1.0 points from a year earlier. Operating profit was $23.6M, a 3.4% margin (up 0.2 points year over year). Operating expenses grew 5% against a revenue fall of 1%. Net earnings were $20.7M, roughly flat year over year. The effective tax rate was 23.7%.
Operating cash flow was $27.4M (up 9% year over year), 132% of net earnings. Non-cash charges added back $2.9M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $1.6M. Capital expenditures of $2.2M left free cash flow of $25.2M.
Questions
What was PC Connection's revenue in the fourth quarter 2025?
PC Connection (CNXN) reported revenue of $703M for the fourth quarter 2025 (Q4 2025), -0.8% from a year earlier and -0.9% from the quarter before.
Was PC Connection profitable in the fourth quarter 2025?
Operating profit was $23.6M (3.4% of revenue) and net earnings $20.7M.
Source: PC Connection 10-K on SEC EDGAR.