$CDW · CDW Corp
CDW filed its Q3 FY2026 10-Q, reporting net sales of $6.755B (+17.7% YoY), net income of $309.8M, and diluted GAAP EPS of $2.46. Gross margin was 20.5% and operating margin 7.2%. Nine-month revenue reached $19.006B with net income of $819.6M.
- Q3 net sales rose 17.7% YoY to $6.755B.
- Adjusted EPS was $3.26 versus $2.46 GAAP diluted EPS.
- Net income grew to $309.8M from $291.0M a year ago.
- Gross margin was 20.5%, down from 21.4% in the prior-year period.
- Cash and equivalents jumped to $1.538B from $618.7M at year-end.
Extended-hours last trade $169.65, +0.53% vs regular close and +0.45% vs price-at-filing, a muted reaction despite the strong top-line beat.
CDW delivered a strong double-digit revenue beat with expanding profitability, though margin compression and weaker cash flow warrant attention.
CDW's 17.7% revenue growth reflects robust IT hardware and services demand, outpacing typical IT distribution peers.
Gross margin compressed to 20.5% from 21.4% YoY, and operating cash flow fell to $618.5M from $771.4M on higher receivables and inventory.