Short answer
CDW Corporation (CDW) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $22.4B (+6.8% year over year) and net income of $1.1B.
- Top risk flagged: Regulatory risk: compliance with EU General Data Protection Regulation and California Privacy Rights Act due to potential data breaches and associated penalties
FY2025 key financial metrics · XBRL
- Revenue
- $22.4B
- +6.8% YoY
- Net income
- $1.1B
- −1.0% YoY
- Operating margin
- 7.4%
- −0.5 pp YoY
- Gross margin
- 21.7%
- −0.2 pp YoY
- EPS (diluted)
- $8.08
- +1.4% YoY
- ROE
- 40.9%
- −4.9 pp YoY
- Operating cash flow
- $1.2B
- −5.6% YoY
Source: XBRL data from the CDW Corporation (CDW) FY2025 10-K on SEC EDGAR. USD.
CDW Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
Generated from the filing text; verify against the original. How to read a 10-K
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