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CDW (CDW) investor relations material
CDW Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 net sales reached $5.5 billion, up 6.3% year-over-year, with gross profit of $1.25 billion, up 8.6%, and non-GAAP net income per share of $2.57, up 3.8%.
Full-year 2025 net sales were $22.4 billion, up 6.8%, with gross profit of $4.87 billion, up 5.9%, and record non-GAAP net income per share of $10.02, up 5.2%.
Strong performance in small business, state and local government, and education offset federal headwinds from the government shutdown.
Cloud, software, and professional managed services delivered double-digit growth, driving the highest gross margin of the year.
Board approved a quarterly cash dividend of $0.630 per share, payable March 10, 2026.
Financial highlights
Q4 gross margin was 22.8%, up 50 basis points year-over-year; full year gross margin was 21.7%.
Q4 non-GAAP operating income was $502 million, up 0.6%, with a margin of 9.1%; full year non-GAAP operating margin was 8.9%.
Q4 non-GAAP net income was $336 million, up 0.9%, and non-GAAP EPS was $2.57, up 3.8%.
Full-year adjusted free cash flow was $1.09 billion, converting 82% of non-GAAP net income.
Net income per diluted share for the year was $8.08, up 1.3%.
Outlook and guidance
2026 U.S. IT addressable market expected to grow low single digits, with 200–300 basis points of outperformance targeted.
Gross profit for 2026 expected to grow low single digits, with gross margin slightly higher than 2025.
Full-year non-GAAP EPS projected to grow mid-single digits; Q1 non-GAAP EPS expected up mid-single digits year-over-year.
Currency impact expected to be neutral; cash conversion cycle projected in high teens to low 20s.
First half of 2026 to see stronger hardware growth, with a shift to higher-margin software and services in the second half.
- TimeTickerHeadlineOpen
- 7 FebCHEMPLASTS
Net losses widened and revenue fell year-over-year amid regulatory and market headwinds. - 7 FebSBIN
Q3 FY26 net profit reached ₹21,028.15 crore, driven by robust income and strategic divestments. - 6 FebHTOO
Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist. - 6 FebVSAT
Q3 revenue up 3% to $1.16B, net income $25M, strong cash flow, Ligado boost, satellite focus. - 6 FebWEC
Targets 7–8% EPS growth, $37.5B capex, and coal exit by 2032 amid surging data center demand. - 6 FebBR
Q2 FY26 recurring revenue grew 8% and adjusted EPS guidance was raised to 9-12%. - 6 FebFFWM
Merger vote includes new non-voting stock class with limited conversion and no voting rights. - 6 FebKKR
Charter amendments seek to modernize governance and establish one share, one vote by 2026. - 6 FebARI
Proposed $9B real estate loan portfolio acquisition highlights disciplined, long-term strategy. - 6 FebSMCI
Q2 revenue jumped 123% to $12.7B, with FY26 guidance raised to at least $40B.
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