Jun 2026 (Q2 FY26) — Aug 5, 2026
CDW Q2 FY26 — Record Sales and EPS Driven by AI Infrastructure Demand
Read the full callCDW (CDW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CDW earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,572 | +10.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 6.5 | −0.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 274 | +1.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
25 of 32 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gross profit growth | mid-single-digit year-over-year growth | Mar 2026 | Second quarter gross profit of $1.3 billion was up 6.3% year-over-year. This was modestly above our expectation for a mid-single-digit year-over-year increase. | Achieved |
| Gross margin | slightly higher than 2025 levels | Dec 2025 | This means full year 2026 gross margin would be modestly below the full year 2025, although well above the levels from 3-plus years ago. | Revised Down |
| Annual run rate improvements from Geared for Growth initiative | $100 million | Mar 2026 | we expect our geared for growth efforts to pay dividends in the second half of the year and further improved expense efficiency thereafter as initiatives scale across the organization. | On Track |
7 of CDW Corp's 49 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 46 more targets are in the full ledger.
Claimed
- Net sales of $6.6 billion, up 10%, setting a new all-time quarterly record.
- Non-GAAP earnings per diluted share of $2.91, up 12%, setting a new all-time quarterly record.
- International net sales increased approximately 23%, led by a record quarter in Canada and strong momentum in the U.K.
- Commercial net sales increased 9%, driven by infrastructure modernization, cloud, and AI-readiness initiatives.
- Government net sales increased approximately 14%, driven by improving federal demand and continued momentum across state and local customers.
Qualified
- Gross margin was 20.1%, down 70 basis points year-over-year, primarily due to a mix shift towards large hardware infrastructure opportunities.
- Professional and managed services were impacted by deployment timing and customer prioritization of hardware and cloud investments.
- Adjusted free cash flow year-to-date was $278 million, representing 42% of non-GAAP net income, below the stated 80%-90% conversion target.
- Full year 2026 gross margin is expected to be modestly below full year 2025 levels.
- Higher education continued to operate in a constrained funding environment, impacting Education segment growth.
Price
$152.65 +1.44% · +$2.17
Performance +0.1% 1Y
1Y: $152.45 on 17 Oct 2025 → $152.65. High $159.37 (31 Oct 2025), low $99.3 (12 May 2026).
- Previous close
- $150.48
- 52-week range
- $99.3 – $159.37
- One year
- −1.76%
Overview
- Symbol
- CDW
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
25 of 32 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Gross profit growth | mid-single-digit year-over-year growth | Mar 2026 | Second quarter gross profit of $1.3 billion was up 6.3% year-over-year. This was modestly above our expectation for a mid-single-digit year-over-year increase. | Achieved |
| Gross margin | slightly higher than 2025 levels | Dec 2025 | This means full year 2026 gross margin would be modestly below the full year 2025, although well above the levels from 3-plus years ago. | Revised Down |
| Annual run rate improvements from Geared for Growth initiative | $100 million | Mar 2026 | we expect our geared for growth efforts to pay dividends in the second half of the year and further improved expense efficiency thereafter as initiatives scale across the organization. | On Track |
Claimed
- Net sales of $6.6 billion, up 10%, setting a new all-time quarterly record.
- Non-GAAP earnings per diluted share of $2.91, up 12%, setting a new all-time quarterly record.
- International net sales increased approximately 23%, led by a record quarter in Canada and strong momentum in the U.K.
- Commercial net sales increased 9%, driven by infrastructure modernization, cloud, and AI-readiness initiatives.
- Government net sales increased approximately 14%, driven by improving federal demand and continued momentum across state and local customers.
Qualified
- Gross margin was 20.1%, down 70 basis points year-over-year, primarily due to a mix shift towards large hardware infrastructure opportunities.
- Professional and managed services were impacted by deployment timing and customer prioritization of hardware and cloud investments.
- Adjusted free cash flow year-to-date was $278 million, representing 42% of non-GAAP net income, below the stated 80%-90% conversion target.
- Full year 2026 gross margin is expected to be modestly below full year 2025 levels.
- Higher education continued to operate in a constrained funding environment, impacting Education segment growth.
The full ledger
Open CDW Corp’s full ledger
A free account opens 5 company ledgers a month. All 49 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
CDW earnings calls (CDW)
Financials
What the filings say
Net profit, year on year: +1% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,517 | 5,186 | 5,199 | 5,977 | 5,737 | 5,511 | 5,680 | 6,572 |
| Operating profit | 482 | 409 | 361 | 420 | 443 | 431 | 376 | 429 |
| Operating margin | 8.7% | 7.9% | 7.0% | 7.0% | 7.7% | 7.8% | 6.6% | 6.5% |
| Profit before tax | 428 | 352 | 304 | 365 | 389 | 369 | 319 | 373 |
| Tax rate | 26.0% | 24.8% | 26.0% | 25.7% | 25.3% | 24.3% | 26.2% | 26.4% |
| Net profit | 316 | 264 | 225 | 271 | 291 | 280 | 235 | 274 |
| EPS ($ per share) | 2.37 | — | 1.70 | 2.06 | 2.22 | — | 1.82 | 2.16 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -1,893 | -2,019 | -1,813 | -2,571 | -1,764 | -1,525 | -1,323 | -1,274 |
| Total liabilities | 6,193 | 7,039 | 8,048 | 12,494 | 11,528 | 11,242 | 12,326 | 13,422 |
| Fixed assets | 156 | 363 | 176 | 196 | 189 | 196 | 192 | 172 |
| Investments | — | — | — | — | — | 0 | 214 | 0 |
| Total assets | 7,168 | 7,999 | 9,345 | 13,199 | 13,132 | 13,285 | 14,678 | 16,028 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 906 | 1,027 | 1,314 | 785 | 1,336 | 1,599 | 1,277 | 1,205 |
| Cash from investing | -86 | -331 | -201 | -2,770 | -164 | -230 | -659 | 70 |
| Cash from financing | -755 | -750 | 139 | 833 | -1,102 | -1,099 | -687 | -1,184 |
| Net cash flow | 62 | -52 | 1,256 | -1,152 | 57 | 274 | -81 | 111 |
| Capital expenditure | -86 | -236 | -158 | -100 | -128 | -148 | -123 | -117 |
| Free cash flow | 820 | 791 | 1,156 | 685 | 1,208 | 1,451 | 1,155 | 1,088 |
CDW revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Commercial | — | — | — | — | — | — | 63% | 60% | — |
| Education | — | — | — | — | — | — | 12% | 14% | — |
| Government | — | — | — | — | — | — | 11% | 13% | — |
| All Other Segments | 12% | 12% | 13% | 11% | 12% | 12% | 14% | 13% | +22.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 87% ↓ 1 pt
- Non Us 13% ↑ 1 pt
As CDW cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
125 filings between Nov 24, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$2.51M
2 purchases by 2 insiders
Sales
$4.76M
2 sales by 2 insiders
Compensation
not trading decisions- 100
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 dispositions to the issuer, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CONNELLY ELIZABETH H. | — | $3.67M | Aug 7, 2026 |
| NELMS DAVID W | $2.01M | — | May 27, 2026 |
| Chawla Sona | — | $1.08M | Dec 8, 2025 |
| LEAHY CHRISTINE A | $499.4K | — | May 18, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | NELMS DAVID W Director | Award | 258 | $0 |
| Oct 1, 2026 | Swedish Joseph Director | Award | 212 | $0 |
| Sep 24, 2026 | Sanderson Katherine Elizabeth See Remarks | Tax withheld | 232 | $35.6K |
| Sep 10, 2026 | TAN HANG See Remarks | Award | 213 | $30.3K |
| Sep 10, 2026 | MIRALLES ALBERT JOSEPH JR See Remarks | Award | 299 | $42.7K |
| Sep 10, 2026 | Jones Marc Ellis Director | Award | 20 | $2.8K |
| Sep 10, 2026 | LEAHY CHRISTINE A See Remarks | Award | 825 | $117.7K |
| Sep 10, 2026 | CONNELLY ELIZABETH H. See Remarks | Award | 238 | $33.9K |
| Sep 10, 2026 | NELMS DAVID W Director | Award | 148 | $21.0K |
| Sep 10, 2026 | KULEVICH FREDERICK J. See Remarks | Award | 185 | $26.3K |
| Sep 10, 2026 | CLARIZIO LYNDA M Director | Award | 7 | $1.0K |
| Sep 10, 2026 | ADDICOTT VIRGINIA C. Director | Award | 82 | $11.7K |
| Sep 10, 2026 | Foxx Anthony R Director | Award | 30 | $4.2K |
| Sep 10, 2026 | Sanderson Katherine Elizabeth See Remarks | Award | 243 | $34.7K |
| Sep 10, 2026 | Swedish Joseph Director | Award | 29 | $4.2K |
| Sep 10, 2026 | LOCY PETER R See Remarks | Award | 29 | $4.2K |
| Sep 10, 2026 | Kumar Mukesh See Remarks | Award | 192 | $27.4K |
| Sep 10, 2026 | Grier Kelly J Director | Award | 7 | $1.0K |
| Sep 10, 2026 | BELL JAMES A Director | Award | 96 | $13.6K |
| Aug 17, 2026 | Kumar Mukesh See Remarks | Tax withheld | 1,147 | $160.0K |
| Aug 7, 2026 | CONNELLY ELIZABETH H. See Remarks | Option exercise | 14,900 | $1.46M |
| Aug 7, 2026 | CONNELLY ELIZABETH H. See Remarks | Sale | 26,695 | $3.67M |
| Aug 7, 2026 | CONNELLY ELIZABETH H. See Remarks | Option exercise | 11,795 | $1.13M |
| Jul 1, 2026 | NELMS DAVID W Director | Award | 229 | $0 |
| Jul 1, 2026 | Swedish Joseph Director | Award | 208 | $0 |
| Jun 10, 2026 | KULEVICH FREDERICK J. See Remarks | Award | 65 | $8.4K |
| Jun 10, 2026 | MIRALLES ALBERT JOSEPH JR See Remarks | Award | 108 | $14.0K |
| Jun 10, 2026 | BELL JAMES A Director | Award | 105 | $13.6K |
| Jun 10, 2026 | Swedish Joseph Director | Award | 31 | $4.0K |
| Jun 10, 2026 | Grier Kelly J Director | Award | 8 | $1.0K |
| Jun 10, 2026 | Sanderson Katherine Elizabeth See Remarks | Award | 65 | $8.4K |
| Jun 10, 2026 | Jones Marc Ellis Director | Award | 22 | $2.8K |
| Jun 10, 2026 | TAN HANG See Remarks | Award | 165 | $21.3K |
| Jun 10, 2026 | CLARIZIO LYNDA M Director | Award | 8 | $1.0K |
| Jun 10, 2026 | CONNELLY ELIZABETH H. See Remarks | Award | 88 | $11.4K |
| Jun 10, 2026 | LEAHY CHRISTINE A See Remarks | Award | 298 | $38.6K |
| Jun 10, 2026 | Kumar Mukesh See Remarks | Award | 105 | $13.6K |
| Jun 10, 2026 | NELMS DAVID W Director | Award | 161 | $20.8K |
| Jun 10, 2026 | LOCY PETER R See Remarks | Award | 19 | $2.4K |
| Jun 10, 2026 | ADDICOTT VIRGINIA C. Director | Award | 90 | $11.7K |
| Jun 10, 2026 | Foxx Anthony R Director | Award | 33 | $4.2K |
| May 27, 2026 | NELMS DAVID W Director | Purchase | 18,000 | $2.01M |
| May 18, 2026 | LEAHY CHRISTINE A See Remarks | Purchase | 4,830 | $499.4K |
| May 11, 2026 | LOCY PETER R See Remarks | Award | 1,950 | $0 |
| May 11, 2026 | TAN HANG See Remarks | Award | 33,802 | $0 |
| Apr 1, 2026 | NELMS DAVID W Director | Award | 236 | $0 |
| Apr 1, 2026 | Swedish Joseph Director | Award | 236 | $0 |
| Mar 19, 2026 | Sanderson Katherine Elizabeth See Remarks | Tax withheld | 8 | $992 |
| Mar 16, 2026 | Sanderson Katherine Elizabeth See Remarks | Tax withheld | 2,205 | $256.1K |
| Mar 12, 2026 | LOCY PETER R See Remarks | Tax withheld | 112 | $13.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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