CDW Corp
cdw.comWhat Do They Do?
Sells technology products, integrated systems, and technology services to businesses, government and education institutions, and healthcare organizations.
10-K for FY2025, filed Feb 20, 2026CDW Corporation (together with its subsidiaries, the “Company,” “CDW”, “we”, “us”, or “our”), a Fortune 500 company and member of the S&P…View ↗
We provide integrated IT solutions to over 250,000 business, government, education, and healthcare customers throughout the US, UK, and…View ↗
Our offerings range from discrete hardware and software products and services to complex integrated solutions including one or more of…View ↗
How Do They Make Money?
Most revenue comes from hardware sales; customers pay when equipment is delivered. Customers also buy software licenses and cloud subscriptions, while project services are billed as work is performed and managed support runs over a contract term.
10-K for FY2025, filed Feb 20, 2026Revenues from the sale of hardware are recognized on a gross basis as the Company is acting as a principal in these transactions, with the…View ↗
Depending on the nature of the software, the Company may be acting as a principal or an agent. For perpetual licenses and term licenses…View ↗
The Company sells cloud computing solutions which include Software as a Service (“SaaS”) and Infrastructure as a Service (“IaaS”). SaaS…View ↗
The Company provides professional services, which include project managers, specialists, and engineers, recommending, designing, and…View ↗
The Company provides hosted and managed services which primarily includes IT support services and data center services, such as managed and…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service ↗
$22.4B
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10-K for FY2025, filed Feb 20, 2026
$22.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Hardware
Sold outright
10-K for FY2025, filed Feb 20, 2026 |
72%
FY2022: 76%
|
Hardware, FY2025
$16.1B Sources
|
Sold outright |
|
Software
Mix
10-K for FY2025, filed Feb 20, 2026 |
19%
FY2022: 16%
|
Software, FY2025
$4.2B Sources
|
Mix |
|
Services
|
9.1%
FY2022: 7.8%
|
Services, FY2025
$2B Sources
|
|
|
Other
|
0.5%
FY2022: 0.6%
|
Other, FY2025
$114.8M Sources
|
Who Are Their Customers?
Organizes sales teams around customer markets, supported by specialists and engineers who design and implement tailored IT solutions.
10-K for FY2025, filed Feb 20, 2026We serve our customers through sales teams focused on customer end-markets that are supported by highly-skilled specialists and engineers.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.
10-K for FY2025, filed Feb 20, 2026
$1.7BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.1BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.1BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$274.4MView ↗
- ▲ +1%
- vs $271.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
CFO Albert J. Miralles plans to retire in 2027
He will remain until a successor is named and then support the company in an advisory role.
Sources
8-K, filed Aug 5, 2026
On August 3, 2026, Albert J. Miralles, Chief Financial Officer and Executive Vice President, Enterprise Business Operations, informed CDW…View ↗
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Aug 5, 2026
CDW targets growth above the US IT market
Management expects to exceed US IT addressable market growth by 200 to 300 basis points.
Sources
8-K, filed Aug 5, 2026
"As technology environments become more complex and evolve at an accelerating pace, CDW’s role as a trusted advisor is more relevant than…View ↗
Flat. Revenue was $22.4B in FY2025, about the same as the $20.8B of FY2021.
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