CDW Corp
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+ FollowMarket Cap$19.63B
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Earnings Call Q2 2026
August 5, 2026 - AI Summary
Strong Q2 financial performance (record quarter) with AI-driven demand
- Net sales $6.6B (+10% YoY); gross profit $1.3B (+6%); non-GAAP operating income $556M (+7%); non-GAAP EPS $2.91 (+12%).
- Set all-time quarterly records for net sales, gross profit, and non-GAAP EPS.
- Demand described as healthy despite cautious customers; AI activity is increasingly influencing buying, especially infrastructure modernization, AI readiness, security, cloud, and resilience.
Margin trend: gross margin down, driven by mix—not pricing issues
- Q2 gross margin 20.1% (-70 bps YoY); CFO attributed weakness mainly to mix from large enterprise infrastructure opportunities and lower relative services contribution.
- CFO stated there was no like-for-like margin pressure from inability to price or cost-plus discipline—pricing remained disciplined in a competitive environment.
- Netted-down / net proceeds revenues were up 16.1% and represented 35.9% of gross profit (+300 bps YoY, +140 bps QoQ), supporting profit dollars despite margin compression.
Operating leverage improving, with “Geared for Growth” benefits expected to show up more in H2
- Non-GAAP SG&A as % of gross profit 57.9% (improved modestly YoY and more sequentially QoQ); CFO expects the expense ratio to continue improving into the second half.
- EPS grew faster than gross profit in Q2 (operating leverage improving), and management said they expected the inflection primarily from expense discipline/efficiency, with Geared for Growth benefits playing out more meaningfully in the back half.
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$156.22
9.7% downside
Current Fair Value
9.7% downsideOvervalued by 9.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $19.63 Billion |
|---|---|
| Enterprise Value | $25.94 Billion |
| Annual dividend | $2.52 |
| Dividend yield | 1.61% |
| Earnings per Share | $8.13 |
| Beta | 0.92 |
| Outstanding Shares | 125,100,000 |
Return
| Return on Equity | 41.70% |
|---|---|
| Return on Assets | 5.61% |
| Return on Invested Capital | 16.19% |
Valuation & Multiples
| P/E Ratio | 18.23 |
|---|---|
| PEG | 282.25 |
| Price to Sales | 0.89 |
| Price to Book Ratio | 8.24 |
| Enterprise Value to Revenue | 1.06 |
| Enterprise Value to EBIT | 15.1 |
| Enterprise Value to Net Income | 23 |
| Total Debt to Enterprise | 0.3 |
| Debt to Equity | 2.98 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$3.26
Est. $2.98Revenue
$6.75 B
Est. $6.19 BNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$2.81
Consensus analyst estimateRevenue Estimate
$6.22 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 81.94% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 17.79%▼ 89.02% |
|---|---|
| Total Invested | $2.91B▼ 84.72% |
| Investors Holding | 374▼ 409.00% |