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CDW

CDW Q2 2026 Earnings

Reported Aug 5, 2026 at 7:06 AM ET · SEC Source

Q2 26 EPS

$2.91

BEAT +3.97%

Est. $2.80

Q2 26 Revenue

$6.57B

BEAT +5.90%

Est. $6.21B

vs S&P Since Q2 26

-7.7%

TRAILING MARKET

CDW -8.2% vs S&P -0.5%

Market Reaction

Did CDW Beat Earnings? Q2 2026 Results

CDW Corp delivered a strong second quarter for fiscal 2026, beating Wall Street expectations on both the top and bottom lines as accelerating demand for AI infrastructure and data center equipment powered the IT distributor's best growth in recent pe… Read more CDW Corp delivered a strong second quarter for fiscal 2026, beating Wall Street expectations on both the top and bottom lines as accelerating demand for AI infrastructure and data center equipment powered the IT distributor's best growth in recent periods. Non-GAAP earnings per share came in at $2.91, topping the $2.80 consensus estimate by 3.97%, while net sales of $6.57 billion exceeded the $6.21 billion forecast by 5.90% and grew 10.0% year-over-year, well ahead of the modest expansion analysts had penciled in heading into the print. The primary engine behind the outperformance was broad-based customer demand across data storage, servers, notebooks, software, and networking products, with the Government segment surging 13.6% to $848.00 million and the International segment jumping 22.9% to $825.70 million. Despite some gross margin compression tied to a mix shift toward lower-margin hardware, CDW's operating leverage held up well enough to drive non-GAAP operating income 7.0% higher to $556.00 million. Looking ahead, management expressed confidence in exceeding US IT market growth by 200 to 300 basis points on a constant currency basis, pointing to customers increasingly moving from AI exploration into practical, scalable deployments.

Key Takeaways

  • • Strong customer demand for data storage and servers
  • • Growth in notebooks/mobile devices sales
  • • Increased software spending
  • • Growth in netcomm products
  • • Customers advancing investments in infrastructure modernization, cloud, and AI-enabled technologies
  • • Higher contribution of netted down revenue partially offsetting margin pressure
  • • Disciplined expense management driving non-GAAP operating income expansion

CDW Forward Guidance & Outlook

CDW expressed confidence in its ability to exceed US IT addressable market growth by 200 to 300 basis points on a constant currency basis. Management highlighted that customers are increasingly moving beyond AI exploration toward scaling practical use cases, creating demand for trusted partners with integration expertise across the full technology stack. The company plans to continue balancing growth investments with operational efficiency while maintaining a disciplined approach to working capital and capital allocation.

24/7 Wall St

CDW YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CDW Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“CDW delivered strong second quarter results as customers advanced investments in infrastructure modernization, cloud, and AI-enabled technologies. As organizations move beyond AI exploration and focus on scaling practical use cases, they increasingly rely on trusted partners with the expertise to integrate solutions across the full technology stack. Our diversified portfolio, customer-centric strategy, and services-led capabilities position us well to capture evolving technology demand and drive long-term value creation.”

— Christine A. Leahy, Q2 2026 Earnings Press Release

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