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CDW (CDW) investor relations material
CDW Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net sales for Q3 2025 rose 4.0% year-over-year to $5.74 billion, with growth across all segments, driven by demand for netcomm products, notebooks, desktops, software, and services, partially offset by declines in data storage and servers.
Gross profit increased 4.6% to $1.26 billion, with gross margin up 10 basis points to 21.9%.
Non-GAAP net income per diluted share for Q3 2025 was $2.71, up 3.0% year-over-year; net income was $291 million, down 8.0% due to higher expenses.
Non-GAAP operating income was $531 million, nearly flat year-over-year, while operating income declined 8.0% to $443 million.
Board approved a quarterly dividend of $0.630 per share, payable December 10, 2025.
Financial highlights
Net sales for the nine months ended September 30, 2025, rose 7.0% to $16.91 billion; adjusted free cash flow for the nine months was $668 million.
Cash conversion cycle improved to 11 days, below target range.
Selling and administrative expenses rose 12.9% to $812 million, mainly due to higher performance-based compensation and transformation costs.
Net debt as of September 30, 2025, was $5.18 billion, with total debt at $5.63 billion.
Free cash flow for the nine months was $692 million, down from $838 million in the prior year.
Outlook and guidance
Maintains full-year 2025 outlook for low single-digit IT market growth, targeting 200–300 basis points outperformance on a constant currency basis.
Expects low to mid-single-digit gross profit growth for the full year, with second-half contribution slightly above the first half.
2025 gross margins expected to be consistent with 2024 and well above rates from three-plus years ago.
Fourth-quarter non-GAAP net income per diluted share expected to be down slightly year-over-year and sequentially.
Outlook assumes continued friction in government and education, potential healthcare funding shortfalls, and general economic caution, but does not factor in recession or major tariff changes.
What is the outlook for transformation costs?
Why did operating cash flow decrease YTD?
What caused the decline in Education segment sales?
AI's impact on future revenue growth?
How does market volatility impact capital spend?
Can services sustain its accelerated growth?
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Frequently asked questions
CDW Corporation provides integrated information technology solutions to customers worldwide. The company offers hardware and software products, installation and integration services, lifecycle support services, information technology outsourcing, and value-added reseller program. The company also provides visual communications, network infrastructure, unified communications, business continuity and disaster recovery, server virtualization and cloud computing, as well as project implementation and management services. CDW Corporation serves small business owners; small and medium-sized enterprises; educational institutions; public agencies; healthcare organizations; commercial facilities managers at hotels and venues; data centers; and wireless networks operators in the United States and internationally. The company is based in Lincolnshire, Illinois.
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