# CDW Corporation (CDW)

> Source: Nexqual · https://nexqual.com/CDW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CDW Corporation (CDW), nexqual.com/CDW" · informational, not investment advice.

**Price:** USD 164.62 (+4.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 158.28 · day 154.89–165.52 · 52w 97.12–165.56 · market cap $20.6B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $23.5B, net income $1.08B (4.6% margin), free cash flow $860M (SEC filings).
- Valuation: P/E 19.1x (avg 22.3x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold CDW (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.10 on a 1–5 scale) (10 analysts), mean target USD 158.67 (range 148–171).
- Total return with dividends: 1Y +6.0% vs S&P 500 +14.9%; 5Y -7.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 2.98, revenue estimate $6.18B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $20.8B | $23.7B | $21.4B | $21.0B | $22.4B | $23.5B |
| Gross profit | $3.57B | $4.69B | $4.65B | $4.60B | $4.87B | — |
| Operating income | $1.42B | $1.74B | $1.68B | $1.65B | $1.66B | $1.68B |
| Net income | $989M | $1.11B | $1.10B | $1.08B | $1.07B | $1.08B |
| EPS (diluted) | $7.04 | $8.13 | $8.10 | $7.97 | $8.08 | — |
| Free cash flow | $685M | $1.21B | $1.45B | $1.15B | $1.09B | $860M |
| Gross margin | 17.1% | 19.7% | 21.8% | 21.9% | 21.7% | — |
| Operating margin | 6.8% | 7.3% | 7.9% | 7.9% | 7.4% | 7.1% |
| Net margin | 4.7% | 4.7% | 5.2% | 5.1% | 4.8% | 4.6% |
| Revenue growth | +12.7% | +14.1% | -10.0% | -1.8% | +6.8% | — |
| Cash + short-term investments | $258M | $315M | $589M | $718M | $619M | — |
| Total debt | $6.90B | $5.96B | $5.67B | $5.88B | $5.66B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.1x · P/S 0.9x · P/FCF 23.9x · P/B 8.4x · FCF yield 4.18% · Earnings yield 5.25% · Dividend yield (paid, TTM) 1.58% · Buyback yield (TTM) 4.12%
P/E at fiscal year-ends: Dec 2025 16.9x, Dec 2024 21.8x, Dec 2023 28.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CDW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 1.09% | $371M | Added +136.6% |
| Bill Nygren | Oakmark Funds | 1.04% | $780M | Added +3.0% |

## Analysts
Consensus Buy (mean 2.10 on a 1–5 scale), 10 analysts; mean target USD 158.67 (low 148, high 171).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Barclays | Target lowered | Equal-Weight | $150 → $148 |
| 2026-09-08 | Barclays | Target raised | Equal-Weight | $123 → $150 |
| 2026-08-06 | Morgan Stanley | Target raised | Overweight | $170 → $171 |
| 2026-07-13 | Citigroup | Target raised | Neutral | $123 → $145 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +6.0% | -7.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.0% | -1.6% |
| Volatility (annualized) | 47.8% | 32.5% |
| Max drawdown | -37.1% (Oct 2025→May 2026) | -58.9% (Mar 2024→May 2026) |

## Peers (Information Technology Services)
BR (Broadridge Financial Solutions,) USD 186.12 +4.39% · FIS (Fidelity National Information S) USD 38.29 +5.13% · WIT (Wipro Limited) USD 2.19 +1.86% · GIB (CGI Inc.) USD 82.15 +3.24% · LDOS (Leidos Holdings, Inc.) USD 134.73 +4.26% · FISV (Fiserv, Inc.) USD 50.82 +5.41%

## More
Full page: https://nexqual.com/CDW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Commercial | $3.97B | 60.3% | +9.2% | $382.6M | 9.6% |
| Education | $933.1M | 14.2% | +0.7% | $65.1M | 7.0% |
| Government | $848.0M | 12.9% | +13.6% | $59.9M | 7.1% |
| Other | $825.7M | 12.6% | +22.9% | $52.0M | 6.3% |
| Corporate costs (not allocated) | — | — | — | -$131.0M | — |
| Total revenue | $6.57B | 100% | — | $428.6M | 6.5% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hardware | $2.90B | 44.2% | +9.7% |
| — Netcomm Products (part of Hardware) | $829.9M | 12.6% | +12.1% |
| — Software (part of Hardware) | $719.1M | 10.9% | +10.3% |
| — Other Hardware (part of Hardware) | $634.0M | 9.6% | -3.0% |
| — Desktops (part of Hardware) | $372.3M | 5.7% | +2.6% |
| — Services (part of Hardware) | $316.2M | 4.8% | +1.5% |
| — Other (part of Hardware) | $26.4M | 0.4% | +23.9% |
| Notebooks/Mobile Devices | $1.75B | 26.7% | +11.1% |
| Data Storage and Servers | $844.8M | 12.9% | +31.8% |
| Collaboration | $472.5M | 7.2% | +1.2% |
| Total revenue | $6.57B | 100% | — |
The lines above cover 90.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.73B | 87.2% | +8.6% |
| Rest of World | $839.4M | 12.8% | +20.3% |
| Total revenue | $6.57B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet 2 determinable."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.98 | $2.90 | +2.7% | $6.18B | 10 |
| Next quarter (ends 2026-12-31) | $2.81 | $2.78 | +1.2% | $5.85B | 10 |
| Current fiscal year (ends 2026-12-31) | $10.97 | $10.76 | +2.0% | $24.29B | 10 |
| Next fiscal year (ends 2027-12-31) | $12.04 | $11.78 | +2.2% | $25.21B | 10 |