CDW

CDW CorporationNASDAQ · Technology Distributors · Information Technology

Previous close

153.79

Change

−11.41 / −6.91%

FinDog View

Neutral

52-Week Range ?

97.12 – 166.15

P/E (TTM) ?

19.1

Forward P/E ?

12.6

Based on consensus earnings for the next 12 months

Market Cap

$18.4B

+20.00%

S&P 500 −0.91% over same period

Volume / Avg Volume

2.4M / 1.3M

1.93× average

Latest earnings analysisFY2026 Q2Reported 2026-08-05

CDW Q2 FY2026: revenue up 10.0%, but margin and cash flow slip

CDW's fiscal 2026 second quarter was a growth story with a thinner profit layer: revenue rose 10.0% to $6.5722 billion and non-GAAP EPS of $2.91 beat the $2.8275 consensus, but gross margin fell to 20.1% and free cash flow turned negative at -$82.6 million. Read the quarter as demand-led, not efficiency-led — the top line and earnings per share both improved, yet the cash and margin lines show what that growth cost.

Read the full analysis →

Revenue$6.57BYoY +10.00%

EPS (non-GAAP)$2.91Beatest. $2.83

Next-day move+1.33%

Price History

Closing price · USD1M 6M 1Y 5Y

Historical P/E

Close ÷ trailing four-quarter EPS · Period median 16.81M 6M 1Y 5Y

Recent Earnings

Click to read the FinDog analysis

Period	Reported	Revenue	EPS Actual / Est.	Next-Day Move	Analysis
FY2026 Q2 Quarter ended 2026-06	2026-08-05	$6.6B	2.91 / 2.83	+1.33%	Read analysis →
FY2026 Q1 Quarter ended 2026-03	2026-05-06	$5.7B	2.28 / 2.31	+1.10%	Pending
FY2025 Q4 Quarter ended 2025-12	2026-02-04	$22.4B	2.57 / 2.47	+1.95%	Pending
FY2025 Q3 Quarter ended 2025-09	2025-11-04	$5.7B	2.71 / 2.65	+3.29%	Pending
FY2025 Q2 Quarter ended 2025-06	2025-08-06	$6.0B	2.60 / —	−2.19%	Pending
FY2025 Q1 Quarter ended 2025-03	2025-05-07	$5.2B	2.15 / —	+2.60%	Pending

Next Earnings

Date and consensus from the earnings calendar; the analysis is generated automatically after the releaseEarnings Calendar →

Report date

2026-11-04

in 3 days · Pre-market

Consensus EPS

$3.01

Last quarter EPS $2.91

Avg. next-day move over the last 6 reports

±2.1%

Decision Panel

Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market data

Valuation

P/E is at percentile 32 of its 5-year rangeMid-range

5-year range 15.3 – 30.0 · Median 21.9

Last 4 quarters: $848M in buybacks + $324M in dividends, 6.36% of market cap combined

P/E (TTM)

19.1

P/B

8.5

P/S

0.9

Dividend Yield

1.14%

Earnings Reaction

Over the last 6 reports, the stock moved ±2.1% on average on the first trading day after, rising 5 times

Most recent +1.33%

Volatility & Correlation

1-year beta 0.62 · Correlation with S&P 500 0.13Low beta

Annualized volatility 57% vs. 12% for the S&P 500

Insider Trading

View all →

Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions

Buy 0 · $0.00MSell 1 · $3.7MNet selling $3.7M

08-07CONNELLY ELIZABETH H.See RemarksSell$3.7M26,695 shares · Avg price 137.62

Multi-Quarter Financial Trends

View all quarters →

Last 12 quarters · As reported by the company

Quarter	Revenue ($B)	YoY	Gross Margin	Operating Income ($B)	Net Income ($B)	Free Cash Flow ($B)	EPS
FY2026 Q2	6.57	+10.0%	20.1%	0.43	0.27	-0.08	2.15
FY2026 Q1	5.68	+9.2%	21.0%	0.38	0.24	0.25	1.82
FY2025 Q4	5.51	+6.3%	22.8%	0.43	0.28	0.40	2.13
FY2025 Q3	5.74	+4.0%	21.9%	0.44	0.29	0.30	2.21
FY2025 Q2	5.98	+10.2%	20.8%	0.42	0.27	0.13	2.05
FY2025 Q1	5.20	+6.7%	21.6%	0.36	0.22	0.26	1.69
FY2024 Q4	5.19	+3.3%	22.3%	0.41	0.26	0.32	1.97
FY2024 Q3	5.52	−2.0%	21.8%	0.48	0.32	0.31	2.34
FY2024 Q2	5.42	−3.6%	21.8%	0.43	0.28	0.12	2.07
FY2024 Q1	4.87	−4.5%	21.8%	0.33	0.22	0.41	1.59
FY2023 Q4	5.02	−7.7%	23.0%	0.44	0.30	0.50	2.18
FY2023 Q3	5.63	−9.4%	21.8%	0.48	0.32	0.43	2.32

Peers

Largest by market cap in the sector · Latest quarterView Information Technology sector →

Ticker	Company	Market Cap	P/E	Revenue YoY	Gross Margin	1M	View
CDW	CDW Corporation	$18.4B	19.1	+10.0%	20.1%	+20.00%	Neutral
NVDA	Nvidia	$4.90T	25.8	+105.9%	75.0%	−10.39%	Bullish	Compare
AAPL	Apple Inc.	$5.05T	39.3	+16.4%	50.1%	+3.49%	Bullish	Compare
MSFT	Microsoft	$3.87T	27.2	+18.8%	67.8%	+1.76%	Bullish	Compare
AVGO	Broadcom	$1.55T	40.4	+85.5%	69.1%	−7.15%	Bullish	Compare
MU	Micron Technology	$989B	11.8	+379.3%	86.8%	−16.93%	Bullish	Compare
AMD	Advanced Micro Devices	$817B	143.0	+50.1%	53.8%	−17.48%	Bullish	Compare
INTC	Intel	$339B	—	+20.9%	43.0%	−45.30%	Bullish	Compare
PLTR	Palantir Technologies	$444B	156.5	+92.8%	84.7%	−1.57%	Bullish	Compare

The View in One Line

Revenue +10% and non-GAAP EPS beat, but gross margin fell to 20.1%, operating profit +2%, FCF negative; margin and cash pressure unresolved, neutral.

Updated 2026-10-30

Notable Institutional Holders

Citadel Advisors · Ken Griffin$61.9MReduced −72%
Renaissance Technologies$2.8MReduced −96%
Bridgewater Associates · Ray Dalio$1.8MReduced −53%
Duquesne Family Office · Stanley Druckenmiller$104,629

As of 2026-06-30

ETFs holding it

RSP Invesco S&P 500 Equal Weight ETF0.23%
XLK Technology Select Sector SPDR Fund0.12%
VIG Vanguard Dividend Appreciation ETF0.08%
VYM Vanguard High Dividend Yield ETF0.08%
VOO Vanguard S&P 500 ETF0.03%
IVV iShares Core S&P 500 ETF0.03%
SPY SPDR S&P 500 ETF Trust0.03%
VTI Vanguard Total Stock Market ETF0.03%

Weights estimated at latest prices

Key Events

10-19Management Change
CDW Expands Board to Ten, Appoints Sam Balaji as Director
On October 15, 2026, CDW increased its board from nine to ten directors and appointed Saranga (Sam) Balaji as a director; he will serve on the Audit Committee.Source ↗
09-21Capital Actions
CDW issues $1.5 billion senior notes
CDW completed the sale of $600 million 2029 notes, $500 million 2032 notes, and $400 million 2033 notes, totaling $1.5 billion, on September 21, 2026.Source ↗
09-15Capital Actions
CDW Issues $1.5 Billion in Senior Notes
On September 14, 2026, CDW reached an underwriting agreement to issue $600 million of senior notes due 2029, $500 million due 2032 and $400 million due 2033, with settlement expected on September 21.Source ↗
08-05Capital Actions
CDW Reports Q2 Results and Declares Quarterly Dividend
On August 5, 2026, CDW released its Q2 earnings and declared a quarterly cash dividend of $0.63 per share, payable September 10.Source ↗
08-05Management Change
CFO Miralles to Retire in 2027; Company Begins Succession Transition
CDW chief financial officer Albert J. Miralles informed the company on August 3, 2026 that he plans to retire in 2027, and will remain until a successor is named before transitioning to an advisory role.Source ↗
05-26Governance
CDW Shareholders Approve Written Consent Right and Director Elections
At CDW's May 21, 2026 annual meeting, shareholders passed a bylaw amendment allowing shareholder action by written consent and elected nine directors to terms through 2027.Source ↗
05-13Capital Actions
CDW Board Approves $1 Billion Increase to Buyback Program
On May 13, 2026, CDW announced that its board approved a $1 billion increase to its share repurchase program, effective immediately.Source ↗
05-06Capital Actions
CDW Reports Q1 Results and Declares Quarterly Dividend
On May 6, 2026, CDW reported first-quarter results and declared a quarterly cash dividend of $0.63 per share, payable June 10.Source ↗

Key Financial Trends

Quarterly Revenue ($B)6.6

Gross Margin20.1%

Free Cash Flow ($B)-0.1