NASDAQ$CDW

CDW Corp · Q2 2025 earnings

Q2 2025 earnings · · Before market open · Investor relations

Briefing

CDW Corp reported Q2 2025 results with net sales of $5.98 billion and net income of $271 million.

CDW delivered 10.2% year-over-year net sales growth in Q2 2025 driven by strength in notebooks, software, and netcomm products across Corporate and Public segments. Gross profit margin declined 100 basis points to 20.8% while operating income margin was 7.0%. The company maintained a strong balance sheet with $481 million in cash and continued share repurchases and dividends.

  • Net sales rose 10.2% to $5.98 billion with broad-based growth across all segments.
  • Gross profit margin contracted 100 bps to 20.8% due to hardware mix and lower netted-down revenue contribution.
  • Non-GAAP operating income margin was 8.7% and diluted EPS was $2.05.
  • Public segment healthcare channel grew 24% while education declined 11%.

Headline financials

Total Revenue

$5.98B

Previous: $5.42B+10.2%
EPS (adj)

$2.05

Previous: $2.07-1.0%
Non-GAAP Operating Income Margin

8.7%

Previous: 9.4%-7.4%
Operating Income Margin

7.0%

Previous: 8.0%-12.5%
Average Daily Sales

$93.4M

Previous: $84.7M+10.3%
Effective Income Tax Rate

25.7%

Previous: 26.0%-1.2%
Gross Profit Margin

20.8%

Previous: 21.8%-4.6%
Capital Expenditures

-$49.4M

Previous: -$60.4M+18.2%
Net Income

$271M

Previous: $281M-3.5%
Operating Income

$420M

Previous: $433M-3.0%
Gross Profit

$1.24B

Previous: $1.18B+4.9%
Cash & Equivalents

$481M

Previous: $665M-27.7%
Total Assets

$15.3B

Previous: $13.6B+11.9%

Revenue & EPS history

CDW · Revenue · Quarterly

$5.98B

Q2 2025+10.2%vs Q2 2024
Beat estimate in 8 of 16 quarters(50%)
ActualEstimate

Revenue by segment

CDW · $5.98B total across 4 segments · Q2 2025

  • Corporate
    $2.58B
  • Public
    $2.29B
  • Other
    $672M
  • Small Business
    $431M

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports

Historical avg

+1.1%

Avg return

Earnings day

+0.3%

Avg return

5 days after

+1.5%

Avg return

30 days after

61%

31 / 51 earnings

Positive

+11.2%

Q3 2018

Best reaction

-14.4%

Q3 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2025
Q1 2026+2.2%-25.0%-2.7%
Q4 2025+9.4%+13.7%-2.2%
Q3 2025-8.7%-8.0%-6.6%
Q1 2025+7.1%+15.2%+8.7%
Q4 2024+3.4%-3.9%-15.5%
Q3 2024-14.4%-13.1%-20.0%
Q2 2024-8.1%-11.1%-2.9%
Q1 2024-9.7%-8.3%-7.5%
Q4 2023+5.8%+5.0%+7.6%
Q3 2023+3.1%+5.3%+6.1%
Q2 2023+6.4%+8.3%+13.8%
Q1 2023-2.4%-1.0%+3.8%
Q4 2022+2.0%+6.0%-4.4%
Q3 2022+0.1%-0.2%+10.1%
Q2 2022-0.2%-1.0%-6.6%
Q1 2022+2.1%-1.7%+4.7%
Q4 2021-5.8%-9.6%-12.7%
Q3 2021-2.2%-2.1%+1.3%
Q2 2021+2.9%+2.3%+9.4%
Q1 2021-2.1%-2.8%-5.0%
Q4 2020+3.5%+2.5%+5.6%
Q3 2020+6.6%+12.6%+7.0%
Q2 2020-4.0%-5.5%-4.4%
Q1 2020-3.0%-4.6%+14.0%
Q4 2019-2.5%-0.1%-18.0%
Q3 2019+3.0%+6.6%+6.0%
Q2 2019+4.3%-5.3%+1.7%
Q1 2019+2.0%+3.3%-6.8%
Q4 2018+5.8%+8.6%+8.1%
Q3 2018+11.2%+9.3%+15.5%
Q2 2018+1.6%+2.5%+4.4%
Q1 2018+2.9%+5.5%+11.9%
Q4 2017-5.7%-6.7%+1.6%
Q3 2017+0.0%+0.3%-1.2%
Q2 2017-0.8%+0.0%-2.7%
Q1 2017+0.2%-0.0%+3.7%
Q4 2016+7.0%+9.9%+11.5%
Q3 2016-2.5%+0.3%+17.0%
Q2 2016+3.9%+5.5%+5.0%
Q1 2016+5.6%
Q4 2015-1.6%
Q3 2015+4.0%
Q2 2015+8.8%
Q1 2015-5.0%
Q4 2014-0.2%
Q3 2014+4.0%
Q2 2014-1.0%
Q1 2014+5.6%
Q4 2013+2.7%
Q3 2013+4.3%
Q2 2013+5.2%
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q4 2010
Q2 2011
Q1 2011
Q3 2010
Q2 2010
Q1 2010

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