CDW Corp

Company facts

Industry

Retail-Catalog & Mail-Order Houses

Headquarters

Vernon Hills, Illinois

Most recent report

10-Q, filed Aug 5, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1402057

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 1 positive, 3 notable, and 4 negative flags.

• Financial Statements (Item 1)

  Full financials with segment realignment, cash burn, and debt maturity.
  Notable

  • DOJ civil investigation into E-Rate program bids; no further activity since Nov 2024.
  • Company realigned into three segments (Commercial, Government, Education) effective Jan 1, 2026.

• Management's Discussion (Item 2)

  Q2 results, segment margins, cash flow deterioration, and new financing.
  Notable

  • Board added $1B to share repurchase program on May 13, 2026; $545M spent in H1.
  Negative

  • Gross profit margin fell 70bps to 20.1% in Q2, driven by mix into lower-margin hardware.
  • Government segment gross margin cratered 320bps to 19.3% in Q2, worse than any other segment.
  • Operating cash flow dropped to $219.7M from $443.1M, a 50% decline in H1 2026.
  • Cash conversion cycle worsened to 21 days from 16 days, driven by slower collections.

• Unregistered Sales and Repurchases (Item 2)

  New $1B buyback authorization and $1.138B remaining are material for capital allocation.
  Positive

  • New $1 billion buyback authorization boosts remaining capacity to $1.138B as of June 30, 2026.

What changed: Jun 2026 vs. Mar 2026

About 12% of CDW's Jun 2026 10-Q is new information. 35 paragraphs were added, 108 changed, and 27 removed. Below are the most important lines SECSift identified.

• Item 2 73
• Item 1 30
• Item 6 2
• Item 3 1
• Item 4 1
• Item 1A 1