CDW (CDW) FY2025 results: revenue $22.4 billion, up 6.8% on the year

CDW is a multi-brand provider of information technology solutions to business, government, education and healthcare customers in the United States, the United Kingdom and Canada. What it sells runs from discrete hardware and software products to integrated solutions and services covering on-premise and cloud capability across hybrid infrastructure, digital experience and security. It describes itself as unbiased on vendor, technology and consumption model, and it delivers through approximately 10,500 customer-facing coworkers, including sellers, specialists and engineers. It sits in the middle of the technology ecosystem, buying from original equipment manufacturers, software publishers, cloud providers and wholesale distributors and helping customers pick and implement what suits them, while giving those vendor partners a cost-effective route to market. It can deliver integrated solutions in approximately 150 countries for customers based in its three home markets, which it describes as large, growing and highly fragmented, served by thousands of resellers and solutions providers.

Customers and segments

The company serves over 250,000 customers through sales teams organised by end-market and supported by specialists and engineers. There were three reportable segments during 2025: Corporate, covering United States private sector customers with more than 250 employees; Small Business, covering those with up to 250; and Public, covering government agencies and education and healthcare institutions. CDW UK and CDW Canada sit in an all other category. The United States business is approximately 90% of net sales, run through five dedicated channels, corporate, small business, government, education and healthcare. From 1 January 2026 the customer-facing organisation was realigned into three new reportable segments, Commercial, covering corporate, financial services and healthcare customers with small business customers spread across those channels, Government, covering federal, state and local agencies, and Education, covering primary, secondary and higher education, with the United Kingdom and Canada unchanged, and the filing states that historical results will be recast from the period ending 31 March 2026.

Partners and procurement

More than 100,000 products and services come from more than 1,000 vendor partners, among them Adobe, APC, Apple, Amazon Web Services, Broadcom, Cisco, Dell Technologies, Google, Hewlett Packard Enterprise, HP, IBM, Intel, Lenovo, Microsoft, NetApp, Nutanix, Nvidia, Palo Alto Networks, Pure Storage and Samsung, alongside emerging technology companies. Each vendor agreement sets its own terms, which may include product return privileges, price protection, purchase discounts and incentive programmes such as purchase or sales rebates and cooperative advertising reimbursements. Software is bought from major publishers and cloud providers for resale or for inclusion in solutions, and products and certain services also come from wholesale distributors, which provide logistics management and supply-chain services both to CDW and to its vendor partners.

Moving the goods

Two distribution centres in North America and one in the United Kingdom together cover more than 1 million square feet, and approximately 22 million units are handled and shipped from them each year. Drop-shipment arrangements with many manufacturers and wholesale distributors let the company sell products without taking physical delivery, and those arrangements were approximately 51% of total North America net sales in 2025. The company states that competitive sources of supply are available in substantially all the product categories it offers.

What the solutions cover

Hardware spans notebooks and mobile devices including tablets, network communications, collaboration hardware, data storage and servers, desktop computers and other hardware. Software spans cloud solutions, software assurance, application suites, security, virtualisation, collaboration and productivity applications, operating systems and network management. Services cover advisory and design, software development, implementation, managed services and warranties. The integrated portfolio is grouped into hybrid infrastructure, digital experience, security, digital velocity and services, delivered on-premise, hybrid or in the cloud. Hybrid infrastructure work assesses application infrastructure needs and designs and manages solutions across converged and hyper-converged infrastructure, physical and virtualised servers, software defined automation, hybrid storage, power and cooling and data centre networking. Digital experience work connects laptops, desktops, IP phones, mobile devices and print systems and ties together email, chat, social media, voice and video. Cloud work covers public, private and hybrid deployments, with migration, integration and managed services to help customers adopt and run them.

People

The company has approximately 14,800 coworkers worldwide, 11,200 of them in the United States and 3,600 in international locations. More than 50% of United States net sales are generated by account managers with more than seven years of tenure. No coworkers are represented by a labour union or covered by a collective bargaining agreement.

From CDW's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.