CDW Q3 FY2026: Revenue Up 17.7%, Non-GAAP EPS $3.26 Beats Consensus
CDW beat on the bottom line and grew revenue 17.7%, but the mix was expensive: gross margin fell to 20.5% from 21.9%. Non-GAAP EPS of $3.26 cleared the $3.0092 consensus by roughly 8.3%, helped by a 4.6% smaller diluted share count. Read the revenue line and the gross margin line side by side — one is growing far faster than the other, and that gap is the whole story of this quarter.
1 · Expected vs. Actual
Free preview belowNon-GAAP EPS of $3.26 beat the $3.0092 consensus and grew 20.4% from $2.71, while GAAP EPS rose 11.6% to $2.46. A diluted share count of 125.7 million versus 131.8 million a year earlier did part of the work, backed by $108.0 million of buybacks in the quarter. Net income of $309.8 million grew only 6.5% because the effective tax rate rose to 26.9% from 25.3%.
Revenue of $6.75 billion rose 17.7% from $5.74 billion, or 17.8% in constant currency, on the same 64 selling days both periods. Commercial led at $3.98 billion, up 20.8%, with the UK and Canadian 'Other' unit up 26.0%, while Government and Education trailed at 9.9% and 7.5%. The mix inside the growth matters more than the headline: hardware accounted for $4.95 billion of the quarter, and notebooks and mobile devices alone for $1.75 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-04
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