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Market ClerkRecap
Wed Oct 21 · markets closed2 signals today108 insider buys this week · $250.3MCIRO short report next: Oct 31The week ahead

CDW

CDW Corp
NASDAQ · CONSUMER DISCRETIONARY · RETAIL-CATALOG & MAIL-ORDER HOUSES
158.28
+3.29 +2.12%
USD · close Oct 21
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Work order
27
FLAG · shorts 27
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
1 / 0
buys / sells · latest disclosed Sep 10
Big money
1 / 15
tracked funds hold it
Calls on record
0
nobody we score has called it yet
MKT CAP $19.8BP/E 19.0DIV YIELD 1.59%FCF YIELD 4.35%REV TTM $23.5B +7.4%NET INCOME $1.1B +0.3%NET DEBT $3.5B52W 99.30 – 159.37SEC XBRL · TTM TO Invalid Date

How CDW rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
50%
of sentences unchanged
Added
101
new sentences
Dropped
117
sentences removed
Length
−313
words, now 11,267

New in FY2025

  • Risk Factors.” Our Offerings Our offerings range from discrete hardware and software products and services to complex integrated solutions including one or more of these elements.
  • IT is important to both business operations and to drive greater growth and productivity.
  • To help our customers accomplish this, we have built a robust portfolio of integrated IT solutions across hybrid infrastructure, digital experience, security, digital velocity, and services that we provide in on-premise, hybrid, or cloud-based environments.
  • Our engineers work with our customers to design cloud solutions meeting their organizational, technology, and financial objectives.
  • We offer a broad portfolio of integrated IT solutions that include the following on-premise, hybrid, and cloud capabilities: • Hybrid Infrastructure : We assess our customers application infrastructure need, design flexible, resilient, and efficient solutions and manage the solution throughout its lifecycle.
  • We enable our customers with AI solutions that empower their end users and drive efficiency in business-critical functions.
  • Leveraging expertise in cloud-native deployment, DevOps, AI, and automation, we help customers improve business outcomes through scalable and secure technology implementations.
  • Although we believe customers increasingly view technology purchases as solutions rather than discrete product and service categories, our Net sales by major category, based upon our internal category classifications, was as follows: Year Ended December 31, 2025 2024 2023 (dollars in millions) Net Sales Percentage of Total Net Sales Net Sales Percentage of Total Net Sales Net Sales Percentage of Total Net Sales Hardware: Notebooks/Mobile Devices $ 5,638.0 25.1 % $ 5,089.9 24.2 % $ 4,690.5 21.9 % Netcomm Products 2,687.3 12.0 2,538.2 12.1 3,185.4 14.9 Collaboration 1,757.8 7.8 1,770.6 8.4 1,909.7 8.9 Data Storage and Servers 2,151.9 9.6 2,133.8 10.2 2,240.7 10.5 Desktops 1,332.8 5.9 1,111.2 5.3 1,069.1 5.0 Other Hardware 2,502.8 11.2 2,575.4 12.3 2,607.2 12.3 Total Hardware 16,070.6 71.6 15,219.1 72.5 15,702.6 73.5 Software (1) 4,203.0 18.7 3,804.4 18.1 3,799.3 17.8 Services (1) 2,035.7 9.1 1,867.3 8.9 1,761.3 8.2 Other (2) 114.8 0.6 107.9 0.5 112.8 0.5 Total Net sales $ 22,424.1 100.0 % $ 20,998.7 100.0 % $ 21,376.0 100.0 % (1) Certain software and services revenue is recorded on a net basis for accounting purposes.
  • We have approximately 14,800 coworkers across the globe, with 11,200 coworkers in the US and 3,600 coworkers in international locations.
  • Our coworker engagement strategy utilizes regular pulse surveys to gain a real-time insights of the coworker experience at CDW and enable faster action.
  • Our programs include, but are not limited to leadership development trainings, unique developmental opportunities for our high-potential emerging leaders, a robust training program for new sales coworkers, technical skill development training, AI proficiency and training resources, and coworker access to over 20,000 on-demand educational modules with new content updated frequently.
  • We provide a comprehensive benefits package to our coworkers based on eligibility and location including healthcare, retirement plans with profit sharing and match, tuition assistance, parental leave policies, adoption assistance, paid time off, paid volunteer hours, and philanthropic match programs.
  • The Board of Directors of CDW (the “Board” or “Board of Directors”) understands the importance of our respectful, performance-driven culture to our ongoing success and is actively engaged with our Chair, President, and Chief Executive Officer and our Chief Human Resources Officer across a broad range of human capital management topics.
  • In 2025, we implemented a new enterprise resource planning (“ERP”) system, along with the execution of other system transformation initiatives, that is resulting in more streamlined and efficient processes.
  • We expect to continue advancing these initiatives through incremental releases in 2026.
  • Information about our Executive Officers The following table lists the name, age as of February 20, 2026, and positions of each executive officer of the Company.
  • Leahy 61 Chair of our Board of Directors since January 2023; President and Chief Executive Officer and member of our Board of Directors since January 2019; Chief Revenue Officer from July 2017 to December 2018.
  • Connelly 60 Chief Commercial Officer and Executive Vice President since March 2025; Chief Commercial Officer from October 2024 to March 2025; Senior Vice President, Vertical Markets, from January 2024 to October 2024; Senior Vice President, Healthcare from September 2022 to December 2023; Chief Human Resources Officer and Senior Vice President, Coworker Services from December 2018 to September 2022.
  • Kulevich 60 Chief Legal Officer, Executive Vice President, Risk and Compliance, and Corporate Secretary since March 2025; Senior Vice President, General Counsel and Corporate Secretary from October 2017 to March 2025; Interim Chief People Officer from November 2023 to September 2024.
  • Mukesh Kumar 50 Chief Services and Solutions Officer and Executive Vice President since August 2025; President, Slalom Consulting (a technology consulting company) from October 2005 to July 2025.
  • Miralles 56 Chief Financial Officer and Executive Vice President, Enterprise Business Operations since March 2025; Chief Financial Officer and Senior Vice President, Enterprise Business Operations from January 2025 to March 2025; Senior Vice President and Chief Financial Officer from September 2021 to January 2025; Executive Vice President and Chief Financial Officer, CNA Financial Corporation (a commercial property and casualty insurance company) from February 2020 to September 2021; President, CNA Warranty from October 2019 to September 2021.
  • Sanderson 50 Chief Human Resources Officer and Executive Vice President, Coworker Success since March 2025; Senior Vice President, Coworker Success and Chief Human Resources Officer from September 2024 to March 2025; Executive Vice President and Chief Human Resources Officer, R1 RCM (a healthcare technology and services company) from November 2018 to September 2024.
  • Further, the sale, spin-off, or combination of any of our key vendor partners or wholesale distributors or certain of their business units, including any such sale to or combination with a vendor with whom we do not currently have a commercial relationship or whose products we do not sell, or our inability to develop relationships with new and emerging vendors and vendors that we have not historically represented in the marketplace, could have an adverse impact on our business, results of operations, or cash flows.
  • The technology industry is characterized by rapid innovation and the frequent introduction of new and enhanced hardware, software, and services, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions, and solutions that incorporate AI.
  • In addition, if we are unable to anticipate and expand our capabilities to keep pace with changes in technology and new hardware, software, and services, for example by providing the appropriate training to our account managers, specialists, and engineers to enable them to effectively sell and deliver such new solutions to customers, our business, results of operations, or cash flows could be adversely affected.
  • In rapidly evolving categories such as cloud-based solutions, AI, and software “as a service” solutions, our dependence on our vendor partners for innovation can add additional complexity as vendor channel strategies and authorization models may change more frequently.
  • Issues relating to the use or capabilities of AI, including social, ethical, and safety issues, in hardware, software, and services offerings may result in reputational harm, liability, or increased costs.
  • Social, ethical, and safety issues relating to the use of new and evolving technologies such as AI-based technologies, including generative AI in our hardware, software, and service offerings, as well as in our internal platforms, may result in reputational harm and liability.
  • We are increasingly utilizing AI in our business, including interactions with our coworkers, customers, and vendor partners and in the hardware, software, and services we offer, and we also plan to further invest resources to embed AI capabilities throughout our operations and enterprise to drive scale and efficiency.
  • As with many innovations, AI presents risks and challenges that could affect its adoption and usage, and therefore our business.
  • If we are unable to effectively and timely capitalize on the growth opportunities made available by the adoption of AI to drive our scale and efficiency, our business, results of operations, or cash flows could be adversely impacted.
  • As we invest in, use, enable, or offer solutions that draw controversy due to their perceived or actual impact on society and the environment, we may experience brand or reputational harm, competitive harm, and legal liability.
  • The rapid development and deployment of tools that leverage AI is also causing governments to consider and implement regulation of AI.
  • Such increased focus and potential government regulation of AI may also increase the burden and cost of compliance in this area, subjecting us to brand or reputational harm, competitive harm, and legal liability.
  • We operate in a highly competitive industry and compete with resellers, manufacturers who sell directly to customers, large service providers and system integrators, communications service providers, cloud providers, e-commerce companies, and office supply retailers, among others.
  • There may be new market entrants with non-traditional business, service, and delivery models, resulting in increased competition and changing industry dynamics.
  • Existing or future competitors also may seek to compete with us for acquisitions, which could have the effect of increasing the price of potential targets and reducing the number of suitable acquisitions.
  • These factors, in addition to competitive pressures resulting from the fragmented nature of our industry, could affect our sales, profit margins, and earnings.
  • We expect the competitive landscape to continue to evolve as new technologies and consumption models emerge, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions, and solutions that incorporate AI.
  • For example, growing hyperscaler marketplaces such as AWS Marketplace, Google Cloud Marketplace, and Microsoft Marketplace and evolving partner authorization and incentive models could change the role of traditional resellers, which may limit access to offerings, pressure margins, and restrict participation in certain channels.

and 61 more.

Gone since FY2024

  • Risk Factors.” We believe we have sustainable competitive advantages that differentiate us in the marketplace.
  • We have built a strong sales organization and deep services and solutions capabilities over time and expect to continue to invest to enhance these capabilities.
  • We believe the combination of our competitive advantages of scale, performance-driven culture and enhanced capabilities will help drive sustainable, profitable growth for us today and in the future.
  • Our scale enables us to have a national and international footprint, as well as invest in resources to meet specific customer end-market needs.
  • Our sellers are organized around unique customer end-markets that are both vertically and geographically focused.
  • Our scale enables our ability to invest in specialists and engineers who work directly with our sellers to help customers implement complex IT solutions.
  • We have cross-border relationships that enable us to serve the needs of our US, UK and Canadian-based customers in approximately 150 countries.
  • Our strong, execution-oriented culture is underpinned by our compensation system.
  • Our Offerings Our offerings range from discrete hardware and software products and services to complex integrated solutions including one or more of these elements.
  • IT is important to both critical business operations and to drive greater growth and productivity.
  • To help our customers accomplish this, we have built a robust portfolio of solutions across hybrid infrastructure, digital experience, security, digital velocity and services that we provide in on-premise, hybrid or cloud-based environments.
  • Engineers work with our customers to design cloud solutions meeting their organizational, technology and financial objectives.
  • We offer a broad portfolio of integrated solutions that include the following on-premise, hybrid and cloud capabilities: • Hybrid Infrastructure : We assess our customers application infrastructure need, design flexible, resilient and efficient solutions and manage the solution throughout its lifecycle.
  • We enable our customers with artificial intelligence (“AI”) solutions that empower their end users and drive efficiency in business-critical functions.
  • Leveraging expertise in cloud-native deployment, DevOps, artificial intelligence and automation, we help customers improve business outcomes through scalable and secure technology implementations.
  • Although we believe customers increasingly view technology purchases as solutions rather than discrete product and service categories, our Net sales by major category, based upon our internal category classifications, was as follows: Year Ended December 31, 2024 2023 2022 (dollars in millions) Net Sales Percentage of Total Net Sales Net Sales Percentage of Total Net Sales Net Sales Percentage of Total Net Sales Hardware: Notebooks/Mobile Devices $ 5,089.9 24.2 % $ 4,690.5 21.9 % $ 6,179.7 26.0 % Netcomm Products 2,538.2 12.1 3,185.4 14.9 2,729.7 11.5 Collaboration 1,770.6 8.4 1,909.7 8.9 2,394.8 10.1 Data Storage and Servers 2,133.8 10.2 2,240.7 10.5 2,479.0 10.4 Desktops 1,111.2 5.3 1,069.1 5.0 1,284.9 5.4 Other Hardware 2,575.4 12.3 2,607.2 12.3 3,022.9 12.7 Total Hardware 15,219.1 72.5 15,702.6 73.5 18,091.0 76.1 Software (1) 3,804.4 18.1 3,799.3 17.8 3,684.9 15.5 Services (1) 1,867.3 8.9 1,761.3 8.2 1,842.0 7.8 Other (2) 107.9 0.5 112.8 0.5 130.8 0.6 Total Net sales $ 20,998.7 100.0 % $ 21,376.0 100.0 % $ 23,748.7 100.0 % (1) Certain software and services revenue is recorded on a net basis for accounting purposes.
  • We have approximately 15,100 coworkers across the globe, with 11,500 coworkers in the US and 3,600 coworkers in international locations.
  • Our coworker engagement strategy utilizes periodic surveys as well as virtual listening groups to gain a real-time understanding of the coworker experience at CDW.
  • Our programs include, but are not limited to leadership development trainings, unique developmental opportunities for our high-potential emerging leaders, a robust training program for new sales coworkers, technical skill development training, a 12-month apprentice-style program for aspiring engineers and coworker access to over 20,000 on-demand educational modules with new content updated frequently.
  • We provide a comprehensive benefits package to our coworkers, including healthcare, retirement plans with profit sharing and match, tuition assistance, parental leave policies, adoption assistance, paid time off, paid volunteer hours and philanthropic match programs based upon eligibility and location.
  • Our Board understands the importance of our respectful, performance-driven culture to our ongoing success and is actively engaged with our Chair and Chief Executive Officer and our Chief Human Resources Officer across a broad range of human capital management topics.
  • We are in the process of implementing a new enterprise resource planning (“ERP”) system, along with other system transformation initiatives, that will enable us to streamline processes and enhance visibility in our key business processes.
  • The significant system transformation initiatives, including ERP, are anticipated to be released in 2025 with incremental system transformation releases continuing in 2026.
  • Information about our Executive Officers The following table lists the name, age as of February 21, 2025 and positions of each executive officer of the Company.
  • Leahy 60 Chair of our Board of Directors since January 2023; President and Chief Executive Officer and member of our Board of Directors since January 2019; Chief Revenue Officer from July 2017 to December 2018.
  • Sona Chawla 57 Chief Growth and Innovation Officer since January 2020; President, Kohl’s Corporation (an omnichannel retailer) from May 2018 to October 2019 and Chief Operating Officer, Kohl’s Corporation from November 2015 to May 2018.
  • Connelly 59 Chief Commercial Officer since October 2024; Senior Vice President, Vertical Markets, from January 2024 to October 2024; Senior Vice President, Healthcare from September 2022 to December 2023; Chief Human Resources Officer and Senior Vice President, Coworker Services from December 2018 to September 2022.
  • Kulevich 59 Senior Vice President, General Counsel and Corporate Secretary since October 2017 and Interim Chief People Officer from November 2023 to September 2024.
  • Miralles 55 Chief Financial Officer and Senior Vice President, Enterprise Business Operations since January 2025; Senior Vice President and Chief Financial Officer from September 2021 to January 2025; Executive Vice President and Chief Financial Officer, CNA Financial Corporation (a commercial property and casualty insurance company) from February 2020 to September 2021; President, CNA Warranty from October 2019 to September 2021; Executive Vice President and Chief Risk Officer of the CNA Insurance Companies from January 2018 to October 2019.
  • Sanderson 49 Senior Vice President, Coworker Success and Chief Human Resources Officer since September 2024; Executive Vice President and Chief Human Resources Officer, R1 RCM (a healthcare technology and services company) from November 2018 to September 2024.
  • Further, the sale, spin-off or combination of any of our key vendor partners or wholesale distributors and/or certain of their business units, including any such sale to or combination with a vendor with whom we do not currently have a commercial relationship or whose products we do not sell, or our inability to develop relationships with new and emerging vendors and vendors that we have not historically represented in the marketplace, could have an adverse impact on our business, results of operations or cash flows.
  • The technology industry is characterized by rapid innovation and the frequent introduction of new and enhanced hardware, software and services, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions and solutions that incorporate artificial intelligence.
  • In addition, if we are unable to anticipate and expand our capabilities to keep pace with changes in technology and new hardware, software and services, for example by providing the appropriate training to our account managers, specialists and engineers to enable them to effectively sell and deliver such new offerings to customers, our business, results of operations or cash flows could be adversely affected.
  • Issues relating to the use or capabilities of artificial intelligence, including social, ethical and safety issues, in hardware, software and services offerings may result in reputational harm, liability or increased costs.
  • Social, ethical and safety issues relating to the use of new and evolving technologies such as artificial intelligence-based technologies, including generative AI in our hardware, software and service offerings, as well as in our internal platforms, may result in reputational harm and liability.
  • Certain of the hardware, software and services we offer increasingly utilize AI, and, as with many innovations, AI presents risks and challenges that could affect its adoption, and therefore our business.
  • If we use, enable or offer solutions that draw controversy due to their perceived or actual impact on society, we may experience brand or reputational harm, competitive harm and/or legal liability.
  • Increased focus and potential government regulation of AI may also increase the burden and cost of compliance in this area, subjecting us to brand or reputational harm, competitive harm and/or legal liability.
  • We compete with resellers, manufacturers who sell directly to customers, large service providers and system integrators, communications service providers, cloud providers, e-commerce companies and office supply retailers, among others.
  • We expect the competitive landscape to continue to evolve as new technologies and consumption models emerge, such as cloud-based and other “as a service” solutions, hyper-converged infrastructure, embedded software solutions and solutions that incorporate artificial intelligence.

and 77 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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