CDW Corporation

The filings describe a business whose revenue has recovered steadily but is still below its 2022 peak. Annual net sales were $16.24 billion in 2018, $23.75 billion in 2022, $21.38 billion in 2023, $21.00 billion in 2024, and $22.42 billion in 2025. Hardware remained the largest category at 71.6% of 2025 net sales, while Software at 18.7% and Services at 9.1% grew faster in dollar terms. That mix matters because the 10-K notes that certain software and services revenue is recorded on a net basis, so the category percentages of net sales do not represent the category percentages of gross profit. Readers may want to look at the gross profit disclosures in the full 10-K to judge how much the higher-margin categories contribute. The filing also says CDW has approximately 14,800 coworkers, and that more than 50% of US net sales come from account managers with more than seven years of tenure, which concentrates customer relationships in experienced staff. On capital allocation, the 10-Q reports 1.6 million shares repurchased in the first quarter of 2026 and approximately $484 million remaining under the repurchase program as of March 31, 2026. The program may be modified, suspended, or discontinued at any time. No forensic scores are on file for CDW, so this synthesis does not assess a Beneish M-Score, Piotroski F-Score, Altman Z-Score, or Fog Index. Those measures are not replaced here by any judgment, and readers may want to consult a dedicated screening tool before drawing conclusions about earnings quality. The data provided also does not include the debt amounts, cash flow statement, or balance sheet figures that the risk factors reference, so the indebtedness risk cannot be sized from this material.

Catalyst.CDW's net sales rose to $22.42 billion in 2025 from $21.00 billion in 2024, an increase of about 6.8%. The category table in the 10-K shows where that growth came from. Notebooks and mobile devices grew to $5,638.0 million from $5,089.9 million, and Desktops rose to $1,332.8 million from $1,111.2 million. Software grew to $4,203.0 million from $3,804.4 million, about 10.5%, and Services grew to $2,035.7 million from $1,867.3 million, about 9.0%. Netcomm Products and Other Hardware both declined in 2025. Management describes customers increasingly buying integrated solutions across hybrid infrastructure, digital experience, security, and digital velocity. The Q1 2026 10-Q excerpt provided does not include quarterly sales results, so the most recent quarter's performance cannot be assessed from this data.

Hidden risk.CDW depends on its vendor partners and wholesale distributors, and its risk factors flag reliance on certain key vendors. Cooperative advertising reimbursements, which offset a significant portion of CDW's marketing expense, are at the discretion of vendor partners and are typically tied to sales commitments. The risk factors also cite supply disruptions and cost increases tied to heightened demand for artificial intelligence workloads, along with exposure to public sector contracts and US government shutdowns or procurement policy changes. The 10-Q states there were no material changes to risk factors. Also note that 2025 net sales of $22.42 billion remain below the $23.75 billion reported for 2022.