CDW at a glance
CDW Corporation (CDW, SEC CIK 1402057) filed its latest 10-K annual report on February 20, 2026, a 10-Q quarterly report on August 5, 2026, an 8-K current report on September 21, 2026 and Form 4 insider filings as recently as October 5, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), CDW Corporation (CDW) reported revenue of $22.4 billion (up 6.8% from FY2024) and net income of $1.1 billion. Diluted EPS was $8.08.
- As of June 30, 2026, 38 institutional investment managers tracked by SignalX reported holding CDW Corporation (CDW) shares worth $8.7 billion in 13F-HR filings.
- In the last 90 days, CDW insiders reported 0 open-market purchases ($0) and 1 open-market sale ($3.7M) on Form 4, a net sale of $3.7M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $22.4B
- +6.8% vs prior year
- Insiders · 90 days
- 0 buys · 1 sell
- Net −$3.7M
- 13F holders
- 38 funds
- $8.7B · +0 vs prior quarter
- Latest 8-K
- Sep 21, 2026
- Item 1.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- Regulatory risk: compliance with EU General Data Protection Regulation and California Privacy Rights Act due to potential data breaches and associated penalties
- Geopolitical risk: exposure to cyberattacks from state-sponsored organizations increasing during armed conflicts affecting system security
- Operational risk: dependence on Ingram Micro and TD SYNNEX wholesale distributors constituting over 25% of total purchases
- Market disruption risk: competitive threat from cloud marketplaces like AWS Marketplace, Google Cloud Marketplace, Microsoft Marketplace reducing reseller access
- Financial risk: key-person dependency on leadership, specialists, and engineers amid a highly competitive talent market with rising labor costs
Business Overview
- Core business: multi-brand IT solutions provider serving business, government, education, healthcare in US, UK, Canada
- New reporting segments effective 1/1/2026: Commercial (includes small business), Government, Education versus prior Corporate, Small Business, Public
- Strategic focus on evolving customer-facing organization to better meet market needs and consolidate segments for enhanced specialization
- $2.7B net sales from UK and Canada in 2025; US business 90% of sales with five dedicated customer channels, each >$1.7B net sales in 2025
- Distribution centers ship ~22 million units annually; drop-ship accounts for 51% of North America net sales in 2025 indicating expanded logistics efficiency
Management Discussion & Analysis
- Revenue $22,424M, up 6.8% YoY ($1,425M increase) driven by notebooks, software, desktops, services, and netcomm products
- Operating margin 7.4% vs 7.9%, gross profit margin 21.7% vs 21.9%, net income down 1.0% to $1,067M
- Best segment: Corporate with sales $9,442M (+6.8%), gross profit margin 23.3%, operating income $889M
- Worst segment: Education with sales decline of 1.8% (-$58M); Other segments grew but lower margin than Corporate
- Operating cash flow $1,205M, adjusted free cash flow $1,086M; capital expenditures $117M; no specific buybacks/dividends disclosed
- Management cites ongoing economic uncertainty, inflation, geopolitical risks, shifting IT spending to AI, cloud, security, and “as a service” models as key risks and opportunities
AI summary of the CDW 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $6,572.2M, up 10.0% YoY from $5,976.6M
- Gross margin 20.1% vs 20.8%; operating margin 6.5% vs 7.0% YoY
- Best segment Other: sales $825.7M, up 22.9%; worst Education: sales $933.1M, up 0.7%
- Operating cash flow $219.7M vs $443.1M; adjusted free cash flow $278.4M vs $458.9M
- Headwinds: trade-policy and geopolitical uncertainty, supply-chain pricing pressure, budget risks, potential US government shutdowns
Risk Factors
- No material changes to risk factors during six months ended June 30, 2026
- Carried-forward risks remain those disclosed in 2025 Form 10-K
- Share-repurchase authorization increased $1 billion on May 13, 2026
- $1,138 million remaining under repurchase program as of June 30, 2026
AI summary of the CDW 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 1.01: Entry into a Material Definitive Agreement
- $1.5B senior-note issuance: $600M due 2029, $500M due 2032, and $400M due 2033
- Fixed annual interest rates of 5.700%, 6.100%, and 6.350%, respectively, increasing CDW’s interest obligations
Item 1.01: Entry into a Material Definitive Agreement
- $1.5B senior-note offering: $600M due 2029, $500M due 2032, and $400M due 2033
- Fixed interest rates of 5.700%, 6.100%, and 6.350%, respectively, increasing future interest obligations
Item 5.02: Departure/Appointment of Directors or Principal Officers
- CFO Albert J. Miralles retiring March 31, 2027, creating a pending finance leadership transition
- Successor will be appointed before Miralles shifts to Executive Advisor through March 31, 2028
Item EX-99.1: Item EX-99.1
- CFO Albert J. Miralles plans to retire in 2027 after a 35-year career
- Miralles remains CFO until successor appointment, then shifts to an advisory role
AI summaries of CDW 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for CDW
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- Fund moves. Which tracked funds opened, added or cut CDW, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| NELMS DAVID W | A | Oct 1, 2026 | 258 | - |
| Swedish Joseph | A | Oct 1, 2026 | 212 | - |
| Sanderson Katherine Elizabeth | F | Sep 24, 2026 | 231.81 | $153.74 |
| MIRALLES ALBERT JOSEPH JR | A | Sep 10, 2026 | 299.33 | $142.60 |
| KULEVICH FREDERICK J. | A | Sep 10, 2026 | 184.67 | $142.60 |
| LEAHY CHRISTINE A | A | Sep 10, 2026 | 825.3 | $142.60 |
| ADDICOTT VIRGINIA C. | A | Sep 10, 2026 | 82.13 | $142.60 |
| CONNELLY ELIZABETH H. | A | Sep 10, 2026 | 237.88 | $142.60 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $21.0B | $22.4B |
| Gross Profit | - | $4.6B | $4.9B |
| Operating Income | - | $1.7B | $1.7B |
| Net Income | - | $1.1B | $1.1B |
| Gross Margin | - | 21.9% | 21.7% |
| Op. Margin | - | 7.9% | 7.4% |
| Net Margin | - | 5.1% | 4.8% |
| Balance Sheet | |||
| Total Assets | $13.3B | $14.7B | $16.0B |
| Equity | $2.0B | $2.4B | $2.6B |
| ROE | - | 45.8% | 40.9% |
| Per Share | |||
| EPS | - | $7.97 | $8.08 |
| Cash Flow | |||
| Operating CF | - | $1.3B | $1.2B |
| CapEx | - | $122.6M | $117.1M |
Source: XBRL data in CDW Corporation (CDW)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate CDW share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 38 | $8.71B |
| Q1 2026 | 38 | $7.33B |
| Q4 2025 | 39 | $7.75B |
| Q3 2025 | 43 | $9.09B |
| Q2 2025 | 43 | $9.66B |
| Q1 2025 | 37 | $6.75B |
| Q4 2024 | 34 | $6.11B |
| Q3 2024 | 29 | $3.36B |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 301 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
CDW filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Sep 28, 2026 | - | - | - |
| 8-K | Sep 21, 2026 | - | Analysis | - |
| 8-K | Sep 15, 2026 | - | Analysis | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 4 | Aug 11, 2026 | - | - | - |
| 8-K | Aug 5, 2026 | - | Analysis | - |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 | Analysis |
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CDW SEC filings: frequently asked questions
Are CDW insiders buying or selling?
In the last 90 days, CDW Corporation (CDW) officers, directors and 10% owners reported no open-market purchases and 1 open-market sale worth $3.7 million by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold CDW stock?
As of June 30, 2026, the largest CDW Corporation (CDW) holders among the 13F filers tracked by SignalX were BlackRock ($2.1 billion), Vanguard Capital Management LLC ($1.2 billion), Vanguard Portfolio Management LLC ($1.2 billion), State Street Corp ($812.9 million), Invesco Ltd ($528.6 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was CDW's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), CDW Corporation (CDW) reported revenue of $22.4 billion (up 6.8% from FY2024) and net income of $1.1 billion. Diluted EPS was $8.08. The figures come from the XBRL data in the 10-K.
What are the main risks in CDW's latest 10-K?
In the 10-K filed February 20, 2026, CDW Corporation (CDW) flagged: Regulatory risk: compliance with EU General Data Protection Regulation and California Privacy Rights Act due to potential data breaches and associated penalties. Geopolitical risk: exposure to cyberattacks from state-sponsored organizations increasing during armed conflicts affecting system security. (AI summary of the Risk Factors section.)
What did CDW report in its latest 8-K?
CDW Corporation (CDW) filed an 8-K on September 21, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement). $1.5B senior-note issuance: $600M due 2029, $500M due 2032, and $400M due 2033.
What are the latest CDW SEC filings?
CDW Corporation (CDW) filed its latest 10-K annual report on February 20, 2026, a 10-Q quarterly report on August 5, 2026, an 8-K current report on September 21, 2026 and a Form 4 insider filing on October 5, 2026.
What is CDW's SEC CIK number?
CDW Corporation (CDW)'s SEC Central Index Key (CIK) is 1402057. EDGAR lists every CDW filing under that number.
Ask anything about CDW
The research agent reads CDW's filings, financials, insider trades and 13F holders, then answers with sources.