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CDW CDW Operating Income

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Segments

By segment

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Commercial$382.6M
Education$65.1M
Government$59.9M
Other$52M+22.1%

Other financials

Income statement

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Revenue$6.6B+10.0%
Gross profit$1.3B+6.3%
Net income$274.4M+1.2%
EPS (diluted)$2.15+4.9%

Balance sheet

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Cash & equivalents$361.8M-24.8%
Total debt$6.0B+3.4%
Total equity$2.4B-1.0%
Total assets$17.3B+13.0%

Cash flow

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Operating cash flow$274.8M-4.3%
CapEx$27.5M+22.2%
Free cash flow$248.4M-4.6%

Valuation

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Market cap$17.9B-17.9%
Enterprise value$23.5B-13.2%
P/E16.6×-3.7×
P/S0.8×-0.2×

Profitability

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Gross margin21.4%-0.2pp
Operating margin7.1%-0.5pp
Net margin4.6%-0.3pp
FCF margin4.7%0.0pp

Returns & leverage

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Return on equity44%-2.4pp
Debt / equity2.4×+0.1×
Current ratio1.2×-0.2×

Where this comes from

Reported directly by CDW in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: CDW’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:04 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001402057-26-000065
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Cost of sales5,252.44,735.49,742.28,812.2
Gross profit1,319.81,241.22,509.82,363.5
Selling and administrative expenses891.2821.01,705.21,581.9
Operating income428.6420.2804.6781.6
Interest expense, net(60.2)(56.8)(115.5)(113.9)
Other income (expense), net4.51.52.81.2
Income before income taxes372.9364.9691.9668.9
Income tax expense(98.5)(93.7)(182.1)(172.8)

Item 1. Financial Statements

FAQ

What is CDW's operating income?
CDW (CDW) reported operating income of $428.6M in Q2 2026.
How has CDW's operating income changed year-over-year?
CDW's operating income increased by 2.0% year-over-year, from $420.2M to $428.6M.
What is the long-term trend for CDW's operating income?
Over 4 years (2021 to 2025), CDW's operating income has grown at a 3.9% compound annual growth rate (CAGR), from $1.42B to $1.66B.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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