CDW
CDW Corporation145.02
+0.14+0.1%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Memory chop, AI inflection detailed
Q&A unpacked memory pricing dynamics, flagging Q1 pull-forward akin to Q4's $50M and choppier client/server demand amid fluid single- to double-digit hikes, with no supply snags yet but H2 risks baked into modest growth outlook. Management expects modest gross margin expansion, lighter H1 hardware fading to H2 netted-down cloud/services strength. AI hits inflection: customers shift to production, CDW orchestrates full-stack for SMB/mid-market. Corporate trails nimble SMB on adoption cycles. OpEx leverage flows from fixed-cost tweaks. Watch H2 supply.
Key Stats
Market Cap
19.01BP/E (TTM)
18.36Basic EPS (TTM)
7.90Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
CDW drove FY2025 net sales to $22.4B, up 6.8% y/y, with notebooks/mobile up 10.8% to $5.6B and software rising 10.5% to $4.2B, while services grew 9.0% to $2.0B; yet gross margins slipped 20bps to 21.7% from hardware pricing pressures. Operating income held steady at $1.7B (7.4% margin) despite 9.0% higher selling expenses from compensation and transformation costs. All segments expanded, led by Small Business (+13.3%) and Other (+9.7%). Q4 repurchases totaled 1.1M shares; debt stood at $5.6B with $1.9B revolver availability. Vendor partner shifts could squeeze margins.
8-K
Q4 sales up 6.3%, dividend declared
CDW posted Q4 net sales of $5.5B, up 6.3% from 2024, with full-year sales climbing 6.8% to $22.4B amid persistent uncertainty. Gross profit margins expanded to 22.8% in Q4, fueled by software and services; non-GAAP EPS hit $2.57. Board declared $0.630 quarterly dividend, payable March 10. Sales grew despite headwinds.
8-K
CDW refinances $2.9B credit facility
CDW LLC secured a $2.9B five-year senior unsecured credit facility on December 17, 2025, consolidating prior term and revolving loans. The deal funds working capital and general corporate needs with a $635M term loan fully drawn and $2.25B revolver, maturing in five years. Leverage covenant caps at 4.00:1.00, rising to 4.50:1.00 post-qualified acquisition. Executives extended comp protection to 2029.
8-K
Q3 sales up 4%, dividend rises
CDW posted Q3 net sales of $5,737M, up 4.0% from $5,517M last year, with small business surging 14.2% but operating income dipping 8.0% to $443M on higher expenses. Services and cloud fueled resilient margins. Board hiked quarterly dividend 1% to $0.630 per share, payable December 10. Cash flows strong.
10-Q
Q3 FY2025 results
CDW posted Q3 net sales of $5.7B, up 4.0% y/y, with gross profit at 21.9% edging prior year's 21.8%; operating income fell 8.0% y/y to $443M from higher selling expenses including performance-based comp and amortization. Diluted EPS of $2.21 tracks net income of $291M over 131.8M shares, down from $2.34 y/y. Operating cash flow YTD hit $771M minus $79M capex for $692M FCF (derived), cash at $453M with $1.3B revolver availability and $5.6B debt steady. Mission acquisition closed Nov 2024 for $330M base. Shares buybacks totaled $500M YTD. DOJ probes E-Rate bids.
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