CDW Reports Third Quarter 2026 Earnings
Key Highlights
- ➤Q3 net sales $6,755 million, up 17.7% year over year
- ➤Q3 non-GAAP diluted EPS $3.26, up 20.4% year over year
- ➤Commercial segment net sales $3,979 million, up 20.8%
- ➤Q3 gross margin fell to 20.5% from 21.9%
- ➤Quarterly dividend approved at $0.680 per share, payable December 10, 2026
Expert Statements
Christine A. Leahy, Chair and Chief Executive Officer of CDW Corporation
“CDW delivered robust third quarter results, powered by broad-based strength across our diverse customer end-markets and strong momentum in enterprise AI adoption.”
Albert J. Miralles, Chief Financial Officer of CDW Corporation
“Strong customer demand and disciplined execution drove double-digit growth in gross profit, while operating leverage and capital management contributed to more than 20 percent growth in non-GAAP net income per diluted share.”
Christine A. Leahy, Chair and Chief Executive Officer of CDW Corporation
“In an environment defined by rapid technology change and increasing complexity, CDW’s role as a trusted advisor has never been more important.”
Christine A. Leahy, Chair and Chief Executive Officer of CDW Corporation
“Our ability to address customers’ needs across the full technology stack and lifecycle, together with our continued strategic investments, reinforces our confidence in our ability to outpace US IT addressable market growth by 200 to 300 basis points on a constant currency basis and drive sustainable long-term value for our customers and shareholders.”
Albert J. Miralles, Chief Financial Officer of CDW Corporation
“We continue to balance investments that support our customers and long-term growth with disciplined expense management and capital allocation, providing flexibility to deliver shareholder value.”
CDW Corporation (Nasdaq: CDW): (Dollars in millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Percent 2026 2025 Percent
Change Change Net sales$ 6,754.5$ 5,737.417.7 %$ 19,006.5$ 16,913.112.4 % Gross profit$ 1,385.3$ 1,255.510.3$ 3,895.1$ 3,619.07.6 Gross profit margin20.5 %21.9 %20.5 %21.4 % Operating income$ 489.5$ 443.310.4$ 1,294.1$ 1,224.95.6 Operating income margin7.2 %7.7 %6.8 %7.2 % Non-GAAP operating income(1)$ 619.8$ 530.616.8$ 1,627.7$ 1,494.38.9 Non-GAAP operating income margin(1)9.2 %9.2 %8.6 %8.8 % Net income$ 309.8$ 291.06.5$ 819.6$ 787.14.1 Non-GAAP net income(1)$ 410.2$ 357.214.8$ 1,075.9$ 987.49.0 Net income per diluted share$ 2.46$ 2.2111.6$ 6.43$ 5.948.2 Non-GAAP net income per diluted share(1)$ 3.26$ 2.7120.4$ 8.44$ 7.4513.3 Average daily sales(2)$ 105.5$ 89.617.7$ 99.5$ 88.612.4 (1 )Non-GAAP measures used in this release that are not based on accounting principles generally accepted in the United States of America ("GAAP") are each defined and reconciled to the most directly comparable GAAP measures in the attached schedules. (2) Defined as Net sales divided by the number of selling days. There were 64 selling days for both the three months ended September 30, 2026 and 2025. There were 191 selling days for both the nine months ended September 30, 2026 and 2025.
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