CDW
Updated: 24/09/2026, 14:58:24
CDW Corporation specializes in delivering comprehensive information technology services and products across North America and the United Kingdom. It strategically targets three core client divisions: corporate enterprises, small to medium-sized businesses, and public sector organizations. Their portfolio encompasses both individual hardware and software offerings, alongside sophisticated integrated IT solution packages. These comprehensive solutions span on-premise, hybrid, and cloud environments, addressing critical areas such as data center infrastructure, network management, digital workspace enablement, and robust security. Key hardware categories include mobile computing devices (laptops, tablets), network infrastructure components, desktop workstations, display units, and enterprise data storage systems, while software offerings feature application suites, cybersecurity tools, virtualization platforms, operating systems, and network management utilities. Beyond products, CDW delivers a broad spectrum of services, including expert advisory and design, custom software development, system implementation, ongoing managed services, specialized professional support, configuration assistance, and telecommunications solutions, complemented by product warranties. They also focus on providing mission-critical software, system, and network solutions. Furthermore, installation, deployment, and repair services are facilitated for customers, often leveraging a network of third-party partners. Their diverse clientele includes governmental bodies, educational institutions, healthcare providers, and businesses of all scales – from small enterprises to major corporations. Established in 1984, the company maintains its primary corporate offices in Vernon Hills, Illinois.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$22.4B
FY 2025 · Reported
Net income
$1.1B
FY 2025 · Reported
Gross margin
21.7%
FY 2025 · Calculated
Free cash flow
$1.1B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.7B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Business overview
Leading multi-brand IT solutions provider serving US, UK, and Canada customers
“is a leading multi-brand provider of information technology ("IT") solutions to business, government, education, and healthcare customers in the United States ("US"), the United Kingdom ("UK"), and Canada”
Company overview
Multi-brand IT solutions provider serving US, UK, and Canada with ~10,500 customer-facing coworkers and capabilities in ~150 countries
“a leading multi-brand provider of information technology ("IT") solutions to business, government, education, and healthcare customers in the United States ("US"), the United Kingdom ("UK"), and Canada”
Reportable segments
Three reportable segments: Corporate, Small Business, Public; plus Other (CDW UK, CDW Canada)
“We have three reportable segments: "Corporate," "Small Business," and "Public."”
Reportable segments (FY2025)
Three reportable segments: Corporate (US private >250 employees), Small Business (US private up to 250 employees), Public (US government, education, healthcare); CDW UK and CDW Canada in Other
“We have three reportable segments: "Corporate," "Small Business," and "Public."”
Professional services offering
Professional services (project managers, specialists, engineers); T&M or cost-based proportional recognition on fixed-fee projects
“the Company provides professional services, which include project managers, specialists and engineers recommending designing and implementing IT solutions”
US customer channels
Five US channels — corporate, small business, government, education, healthcare — each ≥$1.7 billion Net sales in 2025
“we currently have five dedicated customer channels: corporate, small business, government, education, and healthcare, each of which generated $1.7 billion or greater in Net sales in 2025”
Offerings portfolio
Hardware, software, and services spanning hybrid infrastructure, digital experience, security, digital velocity, and services in on-premise, hybrid, or cloud environments
“Our hardware category includes notebooks/mobile devices (including tablets), network communications ("netcomm products"), collaboration hardware, data storage and servers, desktop computers, and other hardware.”
US and UK/Canada revenue split (2025)
US ~90% of Net sales; UK and Canada combined $2.7 billion in 2025
“In our US business, which represents approximately 90% of our Net sales ... Net sales to customers in the UK and Canada combined generated $2.7 billion in 2025”
UK and Canada as non-reportable operating segments
CDW UK and CDW Canada operate in Other category
“We also have two other operating segments: CDW UK and CDW Canada, each of which do not meet the reportable segment quantitative thresholds”
Net sales by year
Net sales: $22,424.1M (2025), $20,998.7M (2024), $21,376.0M (2023)
“Net sales$22,424.1 $20,998.7 $21,376.0”
Net sales by segment FY2025 vs FY2024
Corporate $9,442.4M (42.1%), Public $8,535.2M (38.1%), Small Business $1,726.7M, Other $2,719.8M in FY2025
“Corporate$9,442.4 42.1 %$8,837.2 42.1 %$605.2 6.8 %”
Distribution centers
Three distribution centers (2 North America, 1 UK), >1 million sq ft, ~22 million units shipped annually
“We operate two distribution centers in North America and one distribution center in the UK, which combined provide more than 1 million square feet in size.”
Vendor partner / OEM channel model
Sales through vendor partners (OEMs, software publishers, cloud providers) and wholesale distributors with rebates and co-op advertising
“We are a leading sales channel partner for many original equipment manufacturers ("OEMs"), software publishers, and cloud providers (collectively, our "vendor partners") and wholesale distributors”
Competitive advantages
Scale, vertical/geographic channel organization, specialist expertise, cross-border coverage, and top-tier vendor certifications
“We believe the combination of our competitive advantages of scale, performance-driven culture, and enhanced capabilities will help drive sustainable, profitable growth”
Highly competitive industry with multiple competitor classes
Competes with resellers, direct-selling manufacturers, service providers/integrators, communications providers, cloud providers, e-commerce companies, and office supply retailers
“We operate in a highly competitive industry and compete with resellers, manufacturers who sell directly to customers, large service providers and system integrators, communications service providers, cloud providers, e-commerce companies, and office supply retailers, among others.”
FY2025 demand drivers
Sales growth driven primarily by notebooks/mobile devices, software, desktops, services, and netcomm products
“The increase in customer demand drove Net sales growth primarily in notebooks/mobile devices, software, desktops, services, and netcomm products.”
IT demand outpacing economic growth
Management believes IT demand will outpace general economic growth, fueled by cloud and AI and demand for security/efficiency/productivity
“We believe that demand for IT will outpace general economic growth in the markets we serve, fueled by new technologies, including hybrid and cloud computing and artificial intelligence ("AI")”
2026 segment realignment
Effective Jan 1, 2026, realigned into Commercial, Government, and Education segments
“Effective January 1, 2026, we realigned our customer-facing organization to better meet the evolving needs of our customers and end markets.”
Plans to embed AI capabilities throughout operations for scale and efficiency
Company plans to further invest resources to embed AI capabilities throughout its operations and enterprise to drive scale and efficiency
“we also plan to further invest resources to embed AI capabilities throughout our operations and enterprise to drive scale and efficiency.”
Revolving credit facility activity
$2,604.4M revolving credit borrowings drawn and repaid in 2025; issued $592.5M long-term debt and extinguished $593.5M
“Proceeds from borrowings under revolving credit facilities2,604.4 294.2 207.6”
Debt and financing capacity as of Dec 31, 2025
$5.6B total debt, $353M inventory financing obligations, ability to borrow additional $1.9B
“As of December 31, 2025, we had $5.6 billion of total debt outstanding and $353 million of obligations outstanding under our inventory financing agreements”
Economic and trade policy uncertainty affecting IT spending
Challenging economic conditions and trade/geopolitical uncertainty may affect customer IT spending timing
“The prevailing economic conditions remain challenging, largely due to ongoing uncertainty surrounding evolving global trade policies and geopolitical conditions”
Segment realignment effective January 1, 2026
From January 1, 2026, segments become Commercial, Government, Education; recast historical results from Q1 2026
“Effective January 1, 2026, we realigned our customer-facing organization to better meet the evolving needs of our customers and end markets.”
Working capital and receivables build
Receivables rose to $6,312.4M (from $5,135.8M), a $1,166.5M operating cash drag; allowance for credit losses increased to $65.2M; provision for credit losses $37.2M
“Accounts receivable(1,166.5)(559.4)(54.5) ... net of allowance for credit losses of $65.2 and $43.3”
Public sector contract compliance risk
Public sector sales highly regulated; noncompliance risks fines, termination, debarment
“Noncompliance with contract provisions, government procurement regulations, or other applicable laws or regulations (including the False Claims Act, the Medicare and Medicaid Anti-Kickback Statute”
Memory/storage supply constraint tied to AI demand
High-performance memory and storage shortage driven by AI/datacenter prioritization may constrain device and server supply
“more recent tightening in the availability of high-performance memory and storage as demand has increased significantly and OEMs are prioritizing datacenters and AI workloads”
Short-term vendor contracts terminable upon notice
Contracts with vendor partners are primarily short-term and many arrangements are terminable upon notice by either party
“our contracts with our vendor partners are primarily short-term and many of these arrangements are terminable upon notice by either party.”
AI adoption presents reputational, legal, regulatory, and cybersecurity risks
AI use in offerings and internal platforms may result in reputational harm, liability, increased regulation compliance costs, and cybersecurity exposure
“Social, ethical, and safety issues relating to the use of new and evolving technologies such as AI-based technologies, including generative AI in our hardware, software, and service offerings, as well as in our internal platforms, may result in reputational harm and liability.”
Hyperscaler marketplaces could disintermediate traditional resellers
Growing hyperscaler marketplaces (AWS, Google Cloud, Microsoft) and evolving partner models may limit access to offerings and pressure margins
“growing hyperscaler marketplaces such as AWS Marketplace, Google Cloud Marketplace, and Microsoft Marketplace and evolving partner authorization and incentive models could change the role of traditional resellers, which may limit access to offerings, pressure margins, and restrict participation in certain channels.”
Dependence on vendor partner innovation including cloud, AI, and as-a-service solutions
Sales depend on continued innovations by vendor partners in cloud, hyper-converged infrastructure, embedded software, and AI solutions
“The technology industry is characterized by rapid innovation and the frequent introduction of new and enhanced hardware, software, and services, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions, and solutions that incorporate AI.”
Potential supply disruptions from AI-related demand on supplier capacity
Potential supply disruptions from suppliers, including capacity limitations and cost increases from heightened AI workload demand
“potential disruptions in the supply of products from our suppliers, including capacity limitations and cost increases resulting from heightened demand related to artificial intelligence workloads”
Competition and technology disruption risk
Highly competitive market; competitors include resellers, direct manufacturers, cloud providers, hyperscaler marketplaces, e-commerce, and office supply retailers; new consumption models may disrupt the business model
“We face competition from resellers, manufacturers who sell directly to customers, large service providers and system integrators, cloud providers, hyperscaler marketplaces, e-commerce companies, and office supply retailers”
Government spending and procurement policy exposure including US government shutdowns
Exposed to adverse changes in government spending and funding policies, federal procurement policies, and US government shutdowns
“decreases, delays, or changes in spending on technology products and services, including impacts of adverse changes in government spending and funding policies, federal procurement policies, and US government shutdowns”
Vendor credit terms affect working capital needs
A reduction in the amount or a change in the terms of credit granted by vendor partners could increase working capital needs and cost
“a reduction in the amount or a change in the terms of credit granted to us by our vendor partners could increase our need for, and the cost of, working capital”
Dependence on IT systems including third-party hosted and cloud applications
Business success depends on continuing operation of IT systems, increasingly relying on externally hosted cloud-based enterprise applications
“As we increasingly rely on cloud-based enterprise applications to support critical business functions, our operational performance depends in part on the availability, reliability, and proper integration of these externally hosted systems.”
Data security breaches and cybersecurity threats
Risk of data security breaches and failure to protect IT systems from cybersecurity threats
“potential breaches of data security and failure to protect our IT systems from cybersecurity threats”
Public sector contract compliance and legal proceedings exposure
Risk of failure to comply with public sector contracts, legal proceedings/investigations including IP infringement claims, and evolving regulation
“potential failures to comply with public sector contracts or applicable laws and regulations”
Leverage and debt agreement obligations
Level of indebtedness and obligations imposed by debt agreements identified as a risk factor
“our level of indebtedness and the obligations imposed by agreements and instruments relating to our indebtedness”
US business represents approximately 90% of Net sales, making CDW's revenue heavily US-concentrated.
“In our US business, which represents approximately 90% of our Net sales”
Cisco is one of six OEM vendor partners whose products account for a significant portion of CDW's sales.
“A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft.”
A significant portion of CDW's sales derive from Apple products; loss of relationship or diminished product availability would reduce supply and impact competitive position.
“A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft.”
Dell Technologies is one of six key OEM vendor partners behind a significant portion of CDW sales.
“A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft.”
Microsoft is one of six key OEM/software vendor partners behind a significant portion of CDW sales.
“A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft.”
Public segment was 38.1% of FY2025 net sales; government spending policies, budget priorities, and shutdown risk can reduce or delay purchases; contracts terminable for convenience.
“Changes and uncertainty related to spending policies, budget priorities, timing and funding levels are key factors influencing the purchasing levels of government, healthcare and education customers.”
Five dedicated US channels each generated $1.7 billion or greater in Net sales in 2025, providing diversified end-market revenue.
“each of which generated $1.7 billion or greater in Net sales in 2025”
TD SYNNEX is one of two wholesale distributors accounting for over 25% of total purchases.
“purchases from two wholesale distributors, Ingram Micro and TD SYNNEX, represent over 25% of our total purchases.”
Ingram Micro is one of two wholesale distributors from whom purchases represent over 25% of total purchases; loss would reduce supply and impact product cost.
“purchases from two wholesale distributors, Ingram Micro and TD SYNNEX, represent over 25% of our total purchases.”
CDW carries substantial debt with $1,007.5M maturing currently and $227.4M net interest expense, making interest rates a cost driver.
“Interest expense, net(227.4)(214.5)(226.6)”
AI-driven OEM prioritization of datacenters has tightened memory/storage availability, lengthening lead times and raising prices for client devices and servers that CDW resells.
“pushing commercial devices and many server configurations into longer lead times and higher pricing”
Growth of hyperscaler marketplaces and evolving partner authorization/incentive models could change the reseller role, limit access to offerings, and pressure margins.
“growing hyperscaler marketplaces such as AWS Marketplace, Google Cloud Marketplace, and Microsoft Marketplace and evolving partner authorization and incentive models could change the role of traditional resellers”
Management expects IT demand to outpace general economic growth fueled by hybrid/cloud computing and AI, positioning AI as a demand driver.
“fueled by new technologies, including hybrid and cloud computing and artificial intelligence ("AI")”
Adverse changes in government spending/funding policies, federal procurement policies, and US government shutdowns can decrease or delay CDW's technology product and services sales.
“decreases, delays, or changes in spending on technology products and services, including impacts of adverse changes in government spending and funding policies, federal procurement policies, and US government shutdowns”
Vendor partners manufacture or purchase significant portion of products sold in Asia, exposing supply chain to trade restrictions, tariffs, and regional instability.
“our vendor partners manufacture or purchase a significant portion of the products we sell outside of the US, primarily in Asia”
Professional services revenue depends on fixed-fee project contracts where estimated costs to complete drive recognized revenue; estimation risk noted by auditor.
“Revenue from professional services is recognized either on a time and materials basis or proportionally as costs are incurred for fixed fee project work.”
Trade restrictions, tariffs, and sanctions could increase product cost or reduce supply, adversely affecting business and margins.
“Trade restrictions, including new or increased tariffs or quotas, embargoes, sanctions, safeguards, and customs restrictions against the products we sell, could increase the cost or reduce the supply of product available to us”
Technology trends drive customer adoption of cloud, AI, software-defined architectures and hybrid on/off-premise combinations, plus shift to as-a-service consumption.
“These trends are driving customer adoption of cloud, AI, software defined architectures and hybrid on-premise and off-premise combinations.”
CDW competes with cloud providers and hyperscaler marketplaces, among others; evolving consumption models like cloud and 'as a service' can create new and stronger competitors.
“We face competition from resellers, manufacturers who sell directly to customers, large service providers and system integrators, cloud providers, hyperscaler marketplaces, e-commerce companies, and office supply retailers”
AI is a technology trend driving customer adoption and CDW's orchestrated solutions, while simultaneously constraining memory/storage supply via OEM datacenter prioritization.
“We have orchestrated solutions that leverage security, software, artificial intelligence ("AI"), and hybrid and cloud offerings to help customers achieve their objectives.”
Growing receivables ($6,312.4M) and rising credit-loss allowance ($65.2M vs $43.3M) expose earnings and cash flow to customer credit conditions.
“Provision for credit losses37.2 32.2 14.9”
Reports in USD with notable foreign currency translation adjustments ($59.7M gain in 2025), indicating non-USD operations affect comprehensive income.
“Foreign currency translation adjustments59.7 (33.0)29.7”
DOJ Civil Investigative Demand (June 11, 2024) regarding E-Rate Program bids creates potential civil/criminal liability and contract termination/debarment risk.
“The DOJ requested information relating to bids the Company submitted for contracts funded in whole or in part by the Schools and Libraries Program (E-Rate Program).”
UK and Canada net sales combined were $2.7 billion in 2025; CDW UK is an operating segment in Other.
“Net sales to customers in the UK and Canada combined generated $2.7 billion in 2025”
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