CDW (CDW) 10-K Summary — Year Ended Dec 31, 2025
CDW Corporation filed its annual report for the most recent fiscal year. The filing describes the company's business, financial results, risk factors, and capital allocation activities.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
CDW Corporation filed its annual report for the most recent fiscal year. The filing describes the company's business, financial results, risk factors, and capital allocation activities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$22.4B
Revenue reported for the fiscal year.
Operating income
$1.7B
Income from operations reported for the year.
Net income
$1.1B
Net income reported for the year.
Operating cash flow
$1.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $23.7B | +14.1% |
| Dec 31, 2023 | $21.4B | -10.0% |
| Dec 31, 2024 | $21B | -1.8% |
| Dec 31, 2025 | $22.4B | +6.8% |
Business overview
CDW is a provider of information technology solutions, including hardware, software, and services, to business, government, education, and healthcare customers. The company operates through a direct sales model and offers a broad portfolio of products from multiple vendors. Its business overview is outlined in Item 1 of the filing.
Financial performance
Revenue for the period was reported at a level that increased compared to the prior period. Operating income and net income were both positive, and cash generated from operations was also positive. The trend data shows revenue has fluctuated over recent periods, with the most recent period showing an increase.
Material risks
The filing identifies risk factors in Item 1A, which include potential impacts from economic conditions, competition, and cybersecurity threats. The company also notes unresolved staff comments and discusses cybersecurity as a separate item. These risks are described without quantification.
Liquidity and capital
The company has an active share repurchase program, with a remaining authorized amount as of the end of the period. Repurchases during the period were conducted in open market transactions, and the program may be modified or suspended at any time based on market conditions and other factors.
What to watch
Investors should monitor any changes in the company's share repurchase authorization or activity in the next filing.