CDW CORP, 10-Q filed on 8/5/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 001-35985  
Entity Registrant Name CDW CORP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0273989  
Entity Address, Address Line One 200 N. Milwaukee Avenue  
Entity Address, City or Town Vernon Hills  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60061  
City Area Code 847  
Local Phone Number 465-6000  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol CDW  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   125,017,426
Entity Central Index Key 0001402057  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 361.8 $ 618.7
Accounts receivable, net of allowance for credit losses of $68.4 and $65.2, respectively 7,343.7 6,312.4
Merchandise inventory 981.8 563.4
Miscellaneous receivables 546.8 554.0
Prepaid expenses and other 446.4 452.0
Total current assets 9,680.5 8,500.5
Operating lease right-of-use assets 128.2 136.7
Property and equipment, net 166.0 171.5
Goodwill 4,652.1 4,662.3
Other intangible assets, net 1,095.7 1,186.4
Accounts receivable and other assets, noncurrent 1,532.3 1,370.8
Total Assets 17,254.8 16,028.2
Current liabilities:    
Accounts payable-trade 5,117.4 4,220.1
Accounts payable-inventory financing 465.2 352.6
Current maturities of long-term debt 1,008.9 1,007.5
Contract liabilities 576.6 534.0
Accrued expenses and other current liabilities:    
Compensation 295.3 318.8
Advertising 228.1 176.1
Sales and income taxes 78.1 82.9
Other 526.8 534.1
Total current liabilities 8,296.4 7,226.1
Long-term liabilities:    
Debt 4,808.1 4,622.3
Deferred income taxes 162.3 171.8
Operating lease liabilities 147.3 157.8
Accounts payable and other liabilities 1,398.6 1,244.1
Total long-term liabilities 6,516.3 6,196.0
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods 0.0 0.0
Common stock, $0.01 par value, 1,000.0 shares authorized; 125.3 and 129.4 shares outstanding, respectively 1.2 1.3
Paid-in capital 4,052.9 3,978.5
Accumulated deficit (1,488.9) (1,273.9)
Accumulated other comprehensive loss (123.1) (99.8)
Total stockholders’ equity 2,442.1 2,606.1
Total Liabilities and Stockholders’ Equity $ 17,254.8 $ 16,028.2
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Allowance for credit loss, current $ 68.4 $ 65.2
Common stock shares issued not disclosed Stockholders’ equity:  
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 100.0 100.0
Preferred stock, issued (in shares) 0.0 0.0
Preferred stock, outstanding (in shares) 0.0 0.0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000.0 1,000.0
Common stock, shares outstanding (in shares) 125.3 129.4
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Net sales $ 6,572.2 $ 5,976.6 $ 12,252.0 $ 11,175.7
Cost of sales 5,252.4 4,735.4 9,742.2 8,812.2
Gross profit 1,319.8 1,241.2 2,509.8 2,363.5
Selling and administrative expenses 891.2 821.0 1,705.2 1,581.9
Operating income 428.6 420.2 804.6 781.6
Interest expense, net (60.2) (56.8) (115.5) (113.9)
Other income (expense), net 4.5 1.5 2.8 1.2
Income before income taxes 372.9 364.9 691.9 668.9
Income tax expense (98.5) (93.7) (182.1) (172.8)
Net income $ 274.4 $ 271.2 $ 509.8 $ 496.1
Net income per common share:        
Basic (in dollars per share) $ 2.16 $ 2.06 $ 3.98 $ 3.76
Diluted (in dollars per share) $ 2.15 $ 2.05 $ 3.97 $ 3.73
Weighted-average common shares outstanding:        
Basic (in shares) 127.0 131.6 128.0 132.1
Diluted (in shares) 127.4 132.4 128.4 132.9
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 274.4 $ 271.2 $ 509.8 $ 496.1
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) from cash flow hedge 0.0 1.4 0.0 (0.4)
Reclassification of cash flow hedge to net income 0.2 0.2 0.4 0.4
Foreign currency translation adjustments (3.2) 55.0 (23.7) 73.8
Other comprehensive income (loss), net of tax (3.0) 56.6 (23.3) 73.8
Comprehensive income $ 271.4 $ 327.8 $ 486.5 $ 569.9
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 509.8 $ 496.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 150.2 148.2
Equity-based compensation expense 50.2 44.0
Deferred income taxes (9.0) (29.9)
Provision for credit losses 13.9 15.9
Other 2.3 (1.6)
Changes in assets and liabilities:    
Accounts receivable (1,054.0) (450.1)
Merchandise inventory (418.3) (147.3)
Other assets (126.7) (217.1)
Accounts payable-trade 896.2 384.7
Other liabilities 205.1 200.2
Net cash provided by operating activities 219.7 443.1
Cash flows from investing activities:    
Capital expenditures (53.9) (49.4)
Proceeds from short-term investments 0.0 211.1
Acquisitions of businesses, net of cash acquired (0.3) (5.0)
Other (4.6) (2.1)
Net cash (used in) provided by investing activities (58.8) 154.6
Cash flows from financing activities:    
Proceeds from borrowings under revolving credit facility 3,181.0 1,089.6
Repayments of borrowings under revolving credit facility (3,006.0) (1,089.6)
Repayments of long-term debt 0.0 (211.1)
Net change in accounts payable-inventory financing-supplier financing 50.6 65.2
Proceeds from accounts payable-inventory financing-product financing 62.5 0.0
Payments on accounts payable-inventory financing-product financing (0.5) 0.0
Repurchases of common stock (544.7) (350.1)
Proceeds from stock option exercises 9.7 25.2
Payment of incentive compensation plan withholding taxes (12.3) (20.9)
Dividend payments (160.9) (165.1)
Other 14.4 7.6
Net cash used in financing activities (406.2) (649.2)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (10.5) 25.0
Net decrease in cash, cash equivalents, and restricted cash (255.8) (26.5)
Cash, cash equivalents, and restricted cash—beginning of period [1] 618.9 507.7
Cash, cash equivalents and restricted cash—end of period [1] 363.1 481.2
Supplementary disclosure of cash flow information:    
Interest paid (116.9) (120.4)
Income taxes paid, net $ (202.2) $ (163.3)
[1] Restricted cash is presented within Prepaid expenses and other on the Consolidated Balance Sheets, as applicable.
v3.26.1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2024   132.6      
Beginning balance at Dec. 31, 2024 $ 2,352.7 $ 1.3 $ 3,834.4 $ (1,322.9) $ (160.1)
Shareholders' Equity (Deficit) [Roll Forward]          
Net income 496.1     496.1  
Equity-based compensation expense 44.0   44.0    
Shares issued under equity-based compensation plans (in shares)   0.4      
Shares issued under equity-based compensation plans 25.2   25.2    
Coworker Stock Purchase Plan (in shares)   0.1      
Coworker Stock Purchase Plan 13.8   13.8    
Repurchases of common stock (in shares)   (2.0)      
Repurchases of common stock (350.1)     (350.1)  
Dividends paid (165.1)   1.6 (166.7)  
Incentive compensation plan stock withheld for taxes (20.9)     (20.9)  
Unrealized gain (loss) from hedge accounting (0.4)       (0.4)
Reclassification of cash flow hedge to net income 0.4       0.4
Foreign currency translation and other 71.5   0.1 (2.4) 73.8
Ending balance (in shares) at Jun. 30, 2025   131.1      
Ending balance at Jun. 30, 2025 2,467.2 $ 1.3 3,919.1 (1,366.9) (86.3)
Beginning balance (in shares) at Mar. 31, 2025   131.7      
Beginning balance at Mar. 31, 2025 2,323.1 $ 1.3 3,866.5 (1,401.8) (142.9)
Shareholders' Equity (Deficit) [Roll Forward]          
Net income 271.2     271.2  
Equity-based compensation expense 23.5   23.5    
Shares issued under equity-based compensation plans (in shares)   0.2      
Shares issued under equity-based compensation plans 19.3   19.3    
Coworker Stock Purchase Plan (in shares)   0.1      
Coworker Stock Purchase Plan 8.9   8.9    
Repurchases of common stock (in shares)   (0.9)      
Repurchases of common stock (150.0)     (150.0)  
Dividends paid (82.3)   0.8 (83.1)  
Incentive compensation plan stock withheld for taxes (2.3)     (2.3)  
Unrealized gain (loss) from hedge accounting 1.4       1.4
Reclassification of cash flow hedge to net income 0.2       0.2
Foreign currency translation and other 54.2   0.1 (0.9) 55.0
Ending balance (in shares) at Jun. 30, 2025   131.1      
Ending balance at Jun. 30, 2025 $ 2,467.2 $ 1.3 3,919.1 (1,366.9) (86.3)
Beginning balance (in shares) at Dec. 31, 2025 129.4 129.4      
Beginning balance at Dec. 31, 2025 $ 2,606.1 $ 1.3 3,978.5 (1,273.9) (99.8)
Shareholders' Equity (Deficit) [Roll Forward]          
Net income 509.8     509.8  
Equity-based compensation expense 50.2   50.2    
Shares issued under equity-based compensation plans (in shares)   0.3      
Shares issued under equity-based compensation plans 9.7   9.7    
Coworker Stock Purchase Plan (in shares)   0.1      
Coworker Stock Purchase Plan 11.9   11.9    
Repurchases of common stock (in shares)   (4.5)      
Repurchases of common stock (544.7) $ (0.1)   (544.6)  
Dividends paid (160.9)   2.2 (163.1)  
Incentive compensation plan stock withheld for taxes (12.3)     (12.3)  
Unrealized gain (loss) from hedge accounting 0.0        
Reclassification of cash flow hedge to net income 0.4       0.4
Foreign currency translation and other $ (28.1)   0.4 (4.8) (23.7)
Ending balance (in shares) at Jun. 30, 2026 125.3 125.3      
Ending balance at Jun. 30, 2026 $ 2,442.1 $ 1.2 4,052.9 (1,488.9) (123.1)
Beginning balance (in shares) at Mar. 31, 2026   128.0      
Beginning balance at Mar. 31, 2026 2,555.4 $ 1.2 4,008.9 (1,334.6) (120.1)
Shareholders' Equity (Deficit) [Roll Forward]          
Net income 274.4     274.4  
Equity-based compensation expense 28.1   28.1    
Shares issued under equity-based compensation plans (in shares)   0.1      
Shares issued under equity-based compensation plans 7.1   7.1    
Coworker Stock Purchase Plan (in shares)   0.1      
Coworker Stock Purchase Plan 7.6   7.6    
Repurchases of common stock (in shares)   (2.9)      
Repurchases of common stock (343.7)     (343.7)  
Dividends paid (79.8)   1.0 (80.8)  
Incentive compensation plan stock withheld for taxes (1.9)     (1.9)  
Unrealized gain (loss) from hedge accounting 0.0        
Reclassification of cash flow hedge to net income 0.2       0.2
Foreign currency translation and other $ (5.3)   0.2 (2.3) (3.2)
Ending balance (in shares) at Jun. 30, 2026 125.3 125.3      
Ending balance at Jun. 30, 2026 $ 2,442.1 $ 1.2 $ 4,052.9 $ (1,488.9) $ (123.1)
v3.26.1
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Stockholders' Equity [Abstract]        
Dividends paid (in dollars per share) $ 0.630 $ 0.625 $ 1.260 $ 1.250
v3.26.1
Description of Business and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
CDW Corporation (“Parent”) is a leading multi-brand provider of information technology (“IT”) solutions to business, government, education, and healthcare customers in the United States (“US”), the United Kingdom (“UK”), and Canada. The Company’s broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.
Throughout this report, each of the terms the “Company” and “CDW” refer to Parent and its subsidiaries, collectively.
Parent has two 100% owned subsidiaries, CDW LLC and CDW Finance Corporation. CDW LLC is an Illinois limited liability company that, together with its 100% owned subsidiaries, holds all material assets and conducts all business activities and operations of the Company. CDW Finance Corporation is a Delaware corporation formed for the sole purpose of acting as co-issuer of certain debt obligations and does not hold any material assets or engage in any business activities or operations.
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025 (the “Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the US Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The presentation of the Consolidated Financial Statements requires the Company to make estimates and assumptions that affect reported amounts and related disclosures. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company’s financial position, results of operations, comprehensive income, cash flows, and changes in stockholders’ equity as of the dates and for the periods indicated. The unaudited results of operations for such interim periods reported are not necessarily indicative of results for the full year.
These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “December 31, 2025 Consolidated Financial Statements”). The significant accounting policies and estimates used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2025 Consolidated Financial Statements.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Parent and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.
v3.26.1
Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2026
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU removes stage-based capitalization rules for internal-use software to increase the operability of the recognition guidance considering different methods of software development. The ASU is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities may apply the guidance using a prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact the ASU will have on its Consolidated Financial Statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient to simplify the estimation of expected credit losses for current accounts receivable and current contract assets that arise from
transactions accounted for under Topic 606, Revenue from Contracts with Customers. The ASU is effective for annual periods, including interim reporting periods, beginning after December 15, 2025, with early adoption permitted. Entities that elect the practical expedient should apply the amendments in this ASU on a prospective basis. The Company adopted this ASU on January 1, 2026, and elected to apply the practical expedient, which did not have any impact on its Consolidated Financial Statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-240). This ASU requires entities to disclose disaggregated information about specific natural expense categories in the notes to the financial statements. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. Entities should apply the amendments on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the ASU will have on its disclosures.
v3.26.1
Accounts Receivable and Contract Balances
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Accounts Receivable and Contract Balances Accounts Receivable and Contract Balances
Accounts Receivable
The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:
June 30, 2026December 31, 2025
Accounts receivable, current(1)
$5,798.0 $5,014.9 
Unbilled accounts receivable, current(1)
1,545.7 1,297.5 
Unbilled accounts receivable, noncurrent(2)
1,393.5 1,245.4 
Total accounts receivable$8,737.2 $7,557.8 
(1)Accounts receivable, current and Unbilled accounts receivable, current are presented within Accounts receivable, net of allowance for credit losses on the Consolidated Balance Sheets.
(2)Unbilled accounts receivable, noncurrent is presented net of allowance for credit losses herein and is presented within Accounts receivable and other assets, noncurrent on the Consolidated Balance Sheets.
From time to time, the Company transfers certain accounts receivable, without recourse, to third-party financial companies as a method to reduce the Company’s credit exposure and accelerate cash collections. Such transfers are recognized as a sale and the related accounts receivable are derecognized from the Consolidated Balance Sheets upon receipt of payment from the third-party financing company. During the six months ended June 30, 2026 and 2025, the Company sold approximately $287 million and $294 million of accounts receivable, respectively.
Contract Balances
Contract assets and liabilities represent the difference in the timing of revenue recognition from receipt of cash from customers. Contract assets represent revenue recognized on performance obligations satisfied or partially satisfied for which the Company has no unconditional right to consideration. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. The following table details information about the Company’s contract balances recognized on the Consolidated Balance Sheets:
June 30, 2026December 31, 2025
Contract assets(1)
$138.8 $159.0 
Contract liabilities(2)(3)
$637.6 $565.0 
(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.
(2)Includes $61 million and $31 million of long-term contract liabilities that are presented within Long-term liabilities - Accounts payable and other liabilities on the Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively.
(3)For the six months ended June 30, 2026 and 2025, the Company recognized revenue of $335 million and $270 million, respectively, related to its contract liabilities that were included in the beginning balance of the respective periods.
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of June 30, 2026, related to non-cancelable managed and professional services contracts whereby the Company is acting as the principal and the duration is longer than 12 months, which is expected to be recognized over future periods.
Within 1 YearYears 1-2Years 2-3Thereafter
Remaining performance obligations$128.2 $53.8 $18.7 $5.1 
v3.26.1
Goodwill
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill Goodwill
In connection with the segment realignment effective January 1, 2026, as described in Note 11 (Segment Information), the Company reassessed its reporting units. Goodwill previously allocated to the Corporate and Small Business reporting units was primarily assigned to the Commercial reporting unit. Goodwill previously allocated to the Public reporting unit was allocated to the Government, Education, and Commercial reporting units using a relative fair value approach. The Company performed a quantitative impairment analysis of goodwill under the new reporting unit structure as of January 1, 2026. Based on the results of the impairment analysis performed, the Company determined that the fair values of all reporting units exceeded their respective carrying values and that no impairment existed.
v3.26.1
Inventory Financing Agreements
 6 Months Ended
Jun. 30, 2026
Inventory Financing Agreements [Abstract]  
Inventory Financing Agreements Inventory Financing Agreements
Supplier Financing
The Company has entered into agreements with financial institutions to facilitate the purchase of inventory from designated suppliers under certain terms and conditions to enhance liquidity. Under these agreements, the Company receives extended payment terms, which generally do not exceed 90 days, and agrees to pay the financial institutions a stated amount of confirmed invoices from its designated suppliers. The Company does not incur any interest or other incremental expenses associated with these agreements as balances are paid when they are due. Additionally, the Company has no involvement in establishing the terms or conditions of the arrangements between its suppliers and the financial institutions.
The amounts outstanding under these agreements as of June 30, 2026 and December 31, 2025, were $403 million and $353 million, respectively, and are presented within Accounts payable-inventory financing on the Consolidated Balance Sheets. The majority of such outstanding amounts relates to a floorplan sub-facility that is incorporated in the Company’s Revolving Loan Facility, as defined within Note 6 (Debt). A portion of the Company’s availability under the Revolving Loan Facility is reserved to cover the obligation to pay the financial institution. For additional information regarding the Revolving Loan Facility, see Note 6 (Debt).
Product Financing
In 2026, the Company entered into a financing arrangement involving an independent third-party intermediary to facilitate the fulfillment of a customer contract. In this arrangement, the intermediary procures and holds legal title to certain inventory, destined for the customer, but the Company retains control over the inventory’s economic benefits and risks. Accordingly, the inventory is included on the Consolidated Balance Sheets within Merchandise inventory, and the related obligation to the intermediary is recorded within Accounts payable-inventory financing. The purchase price with the intermediary is set at the original cost plus contractual financing costs, which are recognized as interest expense over the term of the arrangement. The arrangement is designed to support the inventory held for customer fulfillment over an extended delivery period, resulting in financing terms that may exceed 90 days. The amounts outstanding under this agreement as of June 30, 2026 were $62 million.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
June 30, 2026December 31, 2025
Maturity DateInterest RateAmountAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2030Variable$175.0 $— 
Term Loan
Senior unsecured term loan facilityDecember 2030Variable634.5 634.5 
Unsecured Senior Notes
Senior notes due 2026December 20262.670%1,000.0 1,000.0 
Senior notes due 2028April 20284.250%600.0 600.0 
Senior notes due 2028December 20283.276%500.0 500.0 
Senior notes due 2029February 20293.250%700.0 700.0 
Senior notes due 2030March 20305.100%600.0 600.0 
Senior notes due 2031December 20313.569%1,000.0 1,000.0 
Senior notes due 2034August 20345.550%600.0 600.0 
Total unsecured senior notes5,000.0 5,000.0 
Receivable financing liability25.9 15.3 
Other long-term obligations3.5 5.5 
Unamortized debt issuance costs and discount(21.9)(25.5)
Current maturities of long-term debt(1,008.9)(1,007.5)
Total long-term debt$4,808.1 $4,622.3 
As of June 30, 2026, the Company is in compliance with the covenants under its credit agreements and indentures.
Senior Credit Facility
The Company has a credit agreement (the “Senior Credit Facility”) consisting of a five‑year senior unsecured revolving loan facility (the “Revolving Loan Facility”) and a five‑year senior unsecured term loan facility (the “Term Loan Facility”) with a variable interest rate. The interest rate for the Senior Credit Facility is based on the Secured Overnight Financing Rate (“SOFR”) plus a margin based on the Company’s senior unsecured rating.
The Company can draw tranches from the Revolving Loan Facility denominated in US dollars, British pounds, Canadian dollars, or Euros. The Revolving Loan Facility is used by the Company for borrowings, issuances of letters of credit, and floorplan financing. As of June 30, 2026, the Company could have borrowed up to an additional $1.7 billion under the Revolving Loan Facility. As of June 30, 2026, the Revolving Loan Facility had $393 million reserved for the floorplan sub-facility.
No mandatory payments are required on the principal amount of the Term Loan Facility until its maturity date on December 17, 2030.
Unsecured Senior Notes
The unsecured senior notes have a fixed interest rate, which is paid semi-annually.
Receivable Financing
The receivable financing liability primarily relates to proceeds from third-party financial institutions on future accounts receivable from customer contracts. While the terms of such agreements may be on a non-recourse basis, the related revenue had not been recognized and no accounts receivable existed at the time the proceeds were received.
Accordingly, the proceeds from these arrangements are recognized as a liability, which is subsequently settled through collections from the related customer contracts as revenue is recognized. During the six months ended June 30, 2026, the Company received $12 million of proceeds under these agreements.
Fair Value
The fair values of the unsecured senior notes were estimated using quoted market prices for identical liabilities that are traded in over-the-counter secondary markets. The fair value of the Term Loan Facility was estimated using dealer quotes and other market observable inputs for comparable liabilities. The unsecured senior notes and Term Loan Facility were classified as Level 2 within the fair value hierarchy. The carrying value of the Revolving Loan Facility approximates fair value.
The approximate fair values and related carrying values of the Company’s long-term debt, including current maturities and excluding unamortized discount and unamortized debt issuance costs, were as follows:
June 30, 2026December 31, 2025
Fair value$5,681.8 $5,552.5 
Carrying value$5,838.9 $5,655.3 
v3.26.1
Fair Value Measurements and Financial Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
Derivative Instruments
The Company may use derivative financial instruments to manage its exposure to interest rate risk. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The following sections detail the Company’s derivative financial instruments.
Interest Rate Collars
The Company’s variable interest rate debt creates interest rate risk. The Company has interest rate collar agreements that provide for a contractually specified interest rate cap and an interest rate floor based on SOFR. The Company receives payment from the counterparty if SOFR is greater than the cap or pays the counterparty if SOFR is below the floor. If SOFR is between the floor and cap, no payment is due to either party. There were no new interest rate collar agreements executed during the six months ended June 30, 2026.
As of June 30, 2026 and December 31, 2025, the interest rate collar agreements were classified within Current liabilities - Other on the Consolidated Balance Sheets for which the fair value was not material. The total notional amount of the interest rate collar agreements was $400 million as of June 30, 2026 and December 31, 2025, which will mature on September 30, 2026.
The fair values of the Company’s interest rate collar agreements are classified as Level 2 in the fair value hierarchy. The valuation of the interest rate collar agreements is derived using a discounted cash flow analysis on the expected cash receipts or cash disbursements that would occur if variable interest rates rise above or fall below the strike rates of the interest rate cap and interest rate floor, respectively. This analysis reflects the contractual terms of the interest rate collar agreements, including the period to maturity, and uses observable market-based inputs, including SOFR curves and implied volatilities. The Company also incorporates insignificant credit valuation adjustments to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. The counterparty credit spreads are based on publicly available credit information obtained from a third-party credit data provider.
The interest rate collars are designated as cash flow hedges. The changes in the fair value of derivatives that qualify as cash flow hedges are recorded in Accumulated other comprehensive loss (“AOCL”) and are subsequently reclassified into Interest expense, net in the period when the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2026 and 2025, the changes in fair value for the effective portion of the derivative financial instruments and the reclassification from AOCL to Interest expense, net were not material.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense was $99 million and $94 million for the three months ended June 30, 2026 and 2025, respectively. The effective income tax rate was 26.4% and 25.7% for the three months ended June 30, 2026 and 2025, respectively.
Income tax expense was $182 million and $173 million for the six months ended June 30, 2026 and 2025, respectively. The effective income tax rate was 26.3% and 25.8% for the six months ended June 30, 2026 and 2025, respectively.
The effective income tax rate for the three months ended June 30, 2026 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes. The effective income tax rate for the six months ended June 30, 2026 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes and tax shortfalls on equity-based compensation, partially offset by tax credits. The effective income tax rate for the three and six months ended June 30, 2025 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes, partially offset by excess tax benefits on equity-based compensation.
v3.26.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The numerator for both basic and diluted earnings per share is Net income. The denominator for basic earnings per share is the weighted-average shares outstanding during the period.
A reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Basic weighted-average shares outstanding127.0131.6128.0132.1 
Effect of dilutive securities(1)
0.40.80.40.8 
Diluted weighted-average shares outstanding(2)
127.4132.4128.4132.9 
(1)The dilutive effect of outstanding stock options, restricted stock units, performance share units, and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method.
(2)There were fewer than 0.7 million potential common shares excluded from diluted weighted-average shares outstanding for both the three and six months ended June 30, 2026 and 2025. Inclusion of these common shares in diluted weighted-average shares outstanding would have had an anti-dilutive effect.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is party to various legal proceedings that arise in the ordinary course of its business, which include commercial, intellectual property, employment, tort, and other litigation matters. The Company is also subject to audit by federal, state, international, national, provincial, and local authorities, and by various partners, group purchasing organizations, and customers, including government agencies, relating to purchases and sales under various contracts. In addition, the Company is subject to indemnification claims under various contracts. From time to time, certain customers of the Company file voluntary petitions for reorganization or liquidation under the US bankruptcy laws or similar laws of the jurisdictions for the Company’s business activities outside of the US. In such cases, certain pre-petition payments received by the Company could be considered preference items and subject to return to the bankruptcy administrator.
As of June 30, 2026, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these proceedings and matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s Consolidated Financial Statements could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters.
The Company received a Civil Investigative Demand, issued by the Department of Justice (“DOJ”) on June 11, 2024, in connection with a False Claims Act investigation. The DOJ requested information relating to bids that the Company submitted for contracts funded in whole or in part by the Schools and Libraries Program (E-Rate Program). The Company provided information in response to the CID in November 2024. The Company is unaware of any further activity in the matter and therefore is unable to assess the probability of any particular outcome or financial impact, if any, at this time.
v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Effective January 1, 2026, the Company realigned its customer‑facing sales organization to better align with the evolving needs of its customer end markets. As a result of this realignment, the Company revised its internal reporting structure, which changed the manner in which the chief operating decision maker (“CODM”), who is the Chief Executive Officer, evaluates performance, allocates resources, and manages operations. Following the realignment, the Company has three reportable segments: Commercial, Government, and Education. In addition, there are two other operating segments: CDW UK and CDW Canada, both of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category (“Other”).
The Commercial reportable segment primarily serves corporate, financial services, and healthcare customers in the US, each of which represents a unique customer channel. The Government reportable segment primarily serves federal, state, and local agencies in the US, along with certain private sector business customers that primarily support or interact with government agencies. The Education reportable segment primarily serves primary, secondary, and higher education institutions in the US. Historically reported segment financial information has been recast to reflect the new segment structure.
The profit and loss measures are consistent across all reportable segments and on a consolidated basis. Additionally, the CODM reviews key profit and loss measures for each reportable segment consistently based on both segment Gross profit and Operating income. Specifically, the CODM reviews Gross profit by segment to establish forecasting and evaluate profitability and Operating income by segment to make investment strategy and performance-based compensation decisions. Segment information for Total assets and capital expenditures is not presented given that such information is not used in measuring segment performance or allocating resources between segments.
The Company has centralized logistics and headquarters functions that provide services to the segments. The logistics function includes purchasing, distribution, and fulfillment services to support the Commercial, Government, and Education segments. As a result, costs associated with the logistics function are fully allocated to all of these segments based on a percentage of certain sales metrics. The centralized headquarters function provides services in areas such as accounting, information technology, marketing, legal, and coworker services. Headquarters function costs that are not allocated to the segments are included under the heading of “Headquarters” in the tables below. The Company updated its methodology for allocating headquarters function costs to better distinguish between costs that directly support the operating segments and costs that are enterprise‑wide in nature, consistent with how those costs are managed and reviewed by the CODM. These costs were allocated to the segments based on activity-based drivers. The updated methodology was applied to historical periods presented, resulting in an adjusted amount of operating expense retained by Headquarters.
Information about the Company’s segments for the three and six months ended June 30, 2026 and 2025 is as follows:
CommercialGovernmentEducationOtherHeadquartersTotal
Three Months Ended June 30, 2026
Net sales$3,965.4 $848.0 $933.1 $825.7 $— $6,572.2 
Cost of sales3,120.1 684.3 780.1 667.9 — 5,252.4 
Gross profit845.3 163.7 153.0 157.8 — 1,319.8 
Other segment expense items(1)
462.7 103.8 87.9 105.8 131.0 891.2 
Operating income (loss)$382.6 $59.9 $65.1 $52.0 $(131.0)$428.6 
Other Segment Information(2)
Depreciation and amortization expense$27.0 $10.4 $3.3 $8.0 $26.6 $75.3 
Three Months Ended June 30, 2025
Net sales$3,631.3 $746.6 $926.6 $672.1 $— $5,976.6 
Cost of sales2,842.1 578.4 784.8 530.1 — 4,735.4 
Gross profit789.2 168.2 141.8 142.0 — 1,241.2 
Other segment expense items(1)
417.5 117.2 85.7 99.4 101.2 821.0 
Operating income (loss)$371.7 $51.0 $56.1 $42.6 $(101.2)$420.2 
Other Segment Information(2)
Depreciation and amortization expense$24.3 $12.5 $4.6 $7.1 $24.8 $73.3 
Six Months Ended June 30, 2026
Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $— $12,252.0 
Cost of sales5,891.4 1,192.5 1,342.6 1,315.7 — 9,742.2 
Gross profit1,643.4 288.4 265.5 312.5 — 2,509.8 
Other segment expense items(1)
906.1 203.3 161.0 214.0 220.8 1,705.2 
Operating income (loss)$737.3 $85.1 $104.5 $98.5 $(220.8)$804.6 
Other Segment Information(2)
Depreciation and amortization expense$53.8 $20.9 $7.0 $15.8 $52.7 $150.2 
Six Months Ended June 30, 2025
Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $— $11,175.7 
Cost of sales5,347.6 1,048.4 1,337.9 1,078.3 — 8,812.2 
Gross profit1,539.0 303.1 247.2 274.2 — 2,363.5 
Other segment expense items(1)
806.6 226.6 165.8 192.5 190.4 1,581.9 
Operating income (loss)$732.4 $76.5 $81.4 $81.7 $(190.4)$781.6 
Other Segment Information(2)
Depreciation and amortization expense$50.9 $24.8 $8.8 $13.9 $49.8 $148.2 
(1)Primarily includes payroll and other coworker costs, advertising expense and other selling and administrative costs.
(2)Depreciation and amortization expense is primarily included within Other segment expense items.
Geographic Areas and Revenue Mix
Three Months Ended June 30, 2026
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$3,942.6 $848.0 $933.1 $9.1 $5,732.8 
Rest of World22.8 — — 816.6 839.4 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
Major Product and Services
Hardware$2,903.7 $579.4 $794.9 $627.0 $4,905.0 
Software719.1 187.4 90.9 116.9 1,114.3 
Services316.2 79.9 46.7 77.9 520.7 
Other(2)
26.4 1.3 0.6 3.9 32.2 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
Sales by Customer Channel
Corporate$2,618.1 $— $— $— $2,618.1 
Financial Services487.1 — — — 487.1 
Healthcare860.2 — — — 860.2 
Government— 848.0 — — 848.0 
Education— — 933.1 — 933.1 
Other— — — 825.7 825.7 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$3,401.6 $723.5 $858.5 $715.3 $5,698.9 
Transferred at a point in time where CDW is agent324.7 59.0 45.3 45.2 474.2 
Transferred over time where CDW is principal239.1 65.5 29.3 65.2 399.1 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Three Months Ended June 30, 2025
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$3,600.4 $746.6 $926.2 $5.4 $5,278.6 
Rest of World30.9 — 0.4 666.7 698.0 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
Major Product and Services
Hardware$2,646.8 $505.2 $813.2 $476.8 $4,442.0 
Software651.8 158.2 70.8 109.4 990.2 
Services311.4 81.6 40.8 81.4 515.2 
Other(2)
21.3 1.6 1.8 4.5 29.2 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
Sales by Customer Channel
Corporate$2,364.4 $— $— $— $2,364.4 
Financial Services478.6 — — — 478.6 
Healthcare788.3 — — — 788.3 
Government— 746.6 — — 746.6 
Education— — 926.6 — 926.6 
Other— — — 672.1 672.1 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$3,116.5 $625.2 $860.8 $560.1 $5,162.6 
Transferred at a point in time where CDW is agent277.5 51.8 36.6 42.5 408.4 
Transferred over time where CDW is principal237.3 69.6 29.2 69.5 405.6 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Six Months Ended June 30, 2026
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$7,488.3 $1,480.8 $1,608.0 $16.6 $10,593.7 
Rest of World46.5 0.1 0.1 1,611.6 1,658.3 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
Major Product and Services
Hardware$5,401.3 $1,010.0 $1,370.0 $1,238.6 $9,019.9 
Software1,459.0 335.7 151.1 223.4 2,169.2 
Services623.4 133.0 86.0 158.8 1,001.2 
Other(2)
51.1 2.2 1.0 7.4 61.7 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
Sales by Customer Channel
Corporate$4,992.4 $— $— $— $4,992.4 
Financial Services915.5 — — — 915.5 
Healthcare1,626.9 — — — 1,626.9 
Government— 1,480.9 — — 1,480.9 
Education— — 1,608.1 — 1,608.1 
Other— — — 1,628.2 1,628.2 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$6,434.4 $1,264.9 $1,477.2 $1,408.8 $10,585.3 
Transferred at a point in time where CDW is agent621.8 103.5 75.1 84.5 884.9 
Transferred over time where CDW is principal478.6 112.5 55.8 134.9 781.8 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Six Months Ended June 30, 2025
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$6,825.3 $1,349.3 $1,584.5 $11.1 $9,770.2 
Rest of World61.3 2.2 0.6 1,341.4 1,405.5 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
Major Product and Services
Hardware$4,929.3 $898.1 $1,377.0 $981.9 $8,186.3 
Software1,303.7 304.2 126.4 204.2 1,938.5 
Services611.3 145.9 78.4 158.9 994.5 
Other(2)
42.3 3.3 3.3 7.5 56.4 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
Sales by Customer Channel
Corporate$4,554.4 $— $— $— $4,554.4 
Financial Services812.7 — — — 812.7 
Healthcare1,519.5 — — — 1,519.5 
Government— 1,351.5 — — 1,351.5 
Education— — 1,585.1 — 1,585.1 
Other— — — 1,352.5 1,352.5 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$5,848.2 $1,131.6 $1,464.5 $1,134.7 $9,579.0 
Transferred at a point in time where CDW is agent575.4 94.8 64.8 83.6 818.6 
Transferred over time where CDW is principal463.0 125.1 55.8 134.2 778.1 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
The following table presents Net sales by major category for the three and six months ended June 30, 2026 and 2025. Categories are based upon internal classifications.
Three Months Ended June 30,
2026
2025
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$1,751.5 26.7 %$1,577.1 26.4 %
Netcomm Products829.9 12.6 740.0 12.4 
Collaboration472.5 7.2 466.9 7.8 
Data Storage and Servers844.8 12.9 641.2 10.7 
Desktops372.3 5.7 363.0 6.1 
Other Hardware634.0 9.5 653.8 10.9 
Total Hardware4,905.0 74.6 4,442.0 74.3 
Software(1)
1,114.3 17.0 990.2 16.6 
Services(1)
520.7 7.9 515.2 8.6 
Other(2)
32.2 0.5 29.2 0.5 
Total Net sales$6,572.2 100.0 %$5,976.6 100.0 %
Six Months Ended June 30,
2026
2025
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$3,161.5 25.8 %$2,924.8 26.2 %
Netcomm Products1,505.2 12.3 1,287.5 11.5 
Collaboration903.8 7.4 869.7 7.8 
Data Storage and Servers1,532.0 12.5 1,161.8 10.4 
Desktops704.6 5.8 710.1 6.4 
Other Hardware1,212.8 9.9 1,232.4 11.0 
Total Hardware9,019.9 73.7 8,186.3 73.3 
Software(1)
2,169.2 17.7 1,938.5 17.3 
Services(1)
1,001.2 8.2 994.5 8.9 
Other(2)
61.7 0.4 56.4 0.5 
Total Net sales$12,252.0 100.0 %$11,175.7 100.0 %
(1)Certain software and services revenues are recorded on a net basis as the Company is acting as an agent in the transaction. As a result, the category percentage of net revenues is not representative of the category percentage of gross profits.
(2)Includes items such as delivery charges to customers.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Description of Business
Description of Business
CDW Corporation (“Parent”) is a leading multi-brand provider of information technology (“IT”) solutions to business, government, education, and healthcare customers in the United States (“US”), the United Kingdom (“UK”), and Canada. The Company’s broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.
Throughout this report, each of the terms the “Company” and “CDW” refer to Parent and its subsidiaries, collectively.
Parent has two 100% owned subsidiaries, CDW LLC and CDW Finance Corporation. CDW LLC is an Illinois limited liability company that, together with its 100% owned subsidiaries, holds all material assets and conducts all business activities and operations of the Company. CDW Finance Corporation is a Delaware corporation formed for the sole purpose of acting as co-issuer of certain debt obligations and does not hold any material assets or engage in any business activities or operations.
Basis of Presentation
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025 (the “Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the US Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The presentation of the Consolidated Financial Statements requires the Company to make estimates and assumptions that affect reported amounts and related disclosures. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company’s financial position, results of operations, comprehensive income, cash flows, and changes in stockholders’ equity as of the dates and for the periods indicated. The unaudited results of operations for such interim periods reported are not necessarily indicative of results for the full year.
These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “December 31, 2025 Consolidated Financial Statements”). The significant accounting policies and estimates used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2025 Consolidated Financial Statements.
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Parent and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.
Recent Accounting Pronouncements Recent Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU removes stage-based capitalization rules for internal-use software to increase the operability of the recognition guidance considering different methods of software development. The ASU is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities may apply the guidance using a prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact the ASU will have on its Consolidated Financial Statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient to simplify the estimation of expected credit losses for current accounts receivable and current contract assets that arise from
transactions accounted for under Topic 606, Revenue from Contracts with Customers. The ASU is effective for annual periods, including interim reporting periods, beginning after December 15, 2025, with early adoption permitted. Entities that elect the practical expedient should apply the amendments in this ASU on a prospective basis. The Company adopted this ASU on January 1, 2026, and elected to apply the practical expedient, which did not have any impact on its Consolidated Financial Statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-240). This ASU requires entities to disclose disaggregated information about specific natural expense categories in the notes to the financial statements. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. Entities should apply the amendments on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the ASU will have on its disclosures.
v3.26.1
Accounts Receivable and Contract Balances (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Accounts Receivable
The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:
June 30, 2026December 31, 2025
Accounts receivable, current(1)
$5,798.0 $5,014.9 
Unbilled accounts receivable, current(1)
1,545.7 1,297.5 
Unbilled accounts receivable, noncurrent(2)
1,393.5 1,245.4 
Total accounts receivable$8,737.2 $7,557.8 
(1)Accounts receivable, current and Unbilled accounts receivable, current are presented within Accounts receivable, net of allowance for credit losses on the Consolidated Balance Sheets.
(2)Unbilled accounts receivable, noncurrent is presented net of allowance for credit losses herein and is presented within Accounts receivable and other assets, noncurrent on the Consolidated Balance Sheets.
Schedule of Contract with Customer The following table details information about the Company’s contract balances recognized on the Consolidated Balance Sheets:
June 30, 2026December 31, 2025
Contract assets(1)
$138.8 $159.0 
Contract liabilities(2)(3)
$637.6 $565.0 
(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.
(2)Includes $61 million and $31 million of long-term contract liabilities that are presented within Long-term liabilities - Accounts payable and other liabilities on the Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively.
(3)For the six months ended June 30, 2026 and 2025, the Company recognized revenue of $335 million and $270 million, respectively, related to its contract liabilities that were included in the beginning balance of the respective periods.
Schedule of Remaining Performance Obligations The following table represents the total transaction price for the remaining performance obligations as of June 30, 2026, related to non-cancelable managed and professional services contracts whereby the Company is acting as the principal and the duration is longer than 12 months, which is expected to be recognized over future periods.
Within 1 YearYears 1-2Years 2-3Thereafter
Remaining performance obligations$128.2 $53.8 $18.7 $5.1 
v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
June 30, 2026December 31, 2025
Maturity DateInterest RateAmountAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2030Variable$175.0 $— 
Term Loan
Senior unsecured term loan facilityDecember 2030Variable634.5 634.5 
Unsecured Senior Notes
Senior notes due 2026December 20262.670%1,000.0 1,000.0 
Senior notes due 2028April 20284.250%600.0 600.0 
Senior notes due 2028December 20283.276%500.0 500.0 
Senior notes due 2029February 20293.250%700.0 700.0 
Senior notes due 2030March 20305.100%600.0 600.0 
Senior notes due 2031December 20313.569%1,000.0 1,000.0 
Senior notes due 2034August 20345.550%600.0 600.0 
Total unsecured senior notes5,000.0 5,000.0 
Receivable financing liability25.9 15.3 
Other long-term obligations3.5 5.5 
Unamortized debt issuance costs and discount(21.9)(25.5)
Current maturities of long-term debt(1,008.9)(1,007.5)
Total long-term debt$4,808.1 $4,622.3 
Schedule of Carrying Value of Long-Term Debt
The approximate fair values and related carrying values of the Company’s long-term debt, including current maturities and excluding unamortized discount and unamortized debt issuance costs, were as follows:
June 30, 2026December 31, 2025
Fair value$5,681.8 $5,552.5 
Carrying value$5,838.9 $5,655.3 
v3.26.1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares
A reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Basic weighted-average shares outstanding127.0131.6128.0132.1 
Effect of dilutive securities(1)
0.40.80.40.8 
Diluted weighted-average shares outstanding(2)
127.4132.4128.4132.9 
(1)The dilutive effect of outstanding stock options, restricted stock units, performance share units, and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method.
(2)There were fewer than 0.7 million potential common shares excluded from diluted weighted-average shares outstanding for both the three and six months ended June 30, 2026 and 2025. Inclusion of these common shares in diluted weighted-average shares outstanding would have had an anti-dilutive effect.
v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information
Information about the Company’s segments for the three and six months ended June 30, 2026 and 2025 is as follows:
CommercialGovernmentEducationOtherHeadquartersTotal
Three Months Ended June 30, 2026
Net sales$3,965.4 $848.0 $933.1 $825.7 $— $6,572.2 
Cost of sales3,120.1 684.3 780.1 667.9 — 5,252.4 
Gross profit845.3 163.7 153.0 157.8 — 1,319.8 
Other segment expense items(1)
462.7 103.8 87.9 105.8 131.0 891.2 
Operating income (loss)$382.6 $59.9 $65.1 $52.0 $(131.0)$428.6 
Other Segment Information(2)
Depreciation and amortization expense$27.0 $10.4 $3.3 $8.0 $26.6 $75.3 
Three Months Ended June 30, 2025
Net sales$3,631.3 $746.6 $926.6 $672.1 $— $5,976.6 
Cost of sales2,842.1 578.4 784.8 530.1 — 4,735.4 
Gross profit789.2 168.2 141.8 142.0 — 1,241.2 
Other segment expense items(1)
417.5 117.2 85.7 99.4 101.2 821.0 
Operating income (loss)$371.7 $51.0 $56.1 $42.6 $(101.2)$420.2 
Other Segment Information(2)
Depreciation and amortization expense$24.3 $12.5 $4.6 $7.1 $24.8 $73.3 
Six Months Ended June 30, 2026
Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $— $12,252.0 
Cost of sales5,891.4 1,192.5 1,342.6 1,315.7 — 9,742.2 
Gross profit1,643.4 288.4 265.5 312.5 — 2,509.8 
Other segment expense items(1)
906.1 203.3 161.0 214.0 220.8 1,705.2 
Operating income (loss)$737.3 $85.1 $104.5 $98.5 $(220.8)$804.6 
Other Segment Information(2)
Depreciation and amortization expense$53.8 $20.9 $7.0 $15.8 $52.7 $150.2 
Six Months Ended June 30, 2025
Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $— $11,175.7 
Cost of sales5,347.6 1,048.4 1,337.9 1,078.3 — 8,812.2 
Gross profit1,539.0 303.1 247.2 274.2 — 2,363.5 
Other segment expense items(1)
806.6 226.6 165.8 192.5 190.4 1,581.9 
Operating income (loss)$732.4 $76.5 $81.4 $81.7 $(190.4)$781.6 
Other Segment Information(2)
Depreciation and amortization expense$50.9 $24.8 $8.8 $13.9 $49.8 $148.2 
(1)Primarily includes payroll and other coworker costs, advertising expense and other selling and administrative costs.
(2)Depreciation and amortization expense is primarily included within Other segment expense items.
Schedule of Disaggregation of Revenue
Three Months Ended June 30, 2026
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$3,942.6 $848.0 $933.1 $9.1 $5,732.8 
Rest of World22.8 — — 816.6 839.4 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
Major Product and Services
Hardware$2,903.7 $579.4 $794.9 $627.0 $4,905.0 
Software719.1 187.4 90.9 116.9 1,114.3 
Services316.2 79.9 46.7 77.9 520.7 
Other(2)
26.4 1.3 0.6 3.9 32.2 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
Sales by Customer Channel
Corporate$2,618.1 $— $— $— $2,618.1 
Financial Services487.1 — — — 487.1 
Healthcare860.2 — — — 860.2 
Government— 848.0 — — 848.0 
Education— — 933.1 — 933.1 
Other— — — 825.7 825.7 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$3,401.6 $723.5 $858.5 $715.3 $5,698.9 
Transferred at a point in time where CDW is agent324.7 59.0 45.3 45.2 474.2 
Transferred over time where CDW is principal239.1 65.5 29.3 65.2 399.1 
Total Net sales$3,965.4 $848.0 $933.1 $825.7 $6,572.2 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Three Months Ended June 30, 2025
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$3,600.4 $746.6 $926.2 $5.4 $5,278.6 
Rest of World30.9 — 0.4 666.7 698.0 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
Major Product and Services
Hardware$2,646.8 $505.2 $813.2 $476.8 $4,442.0 
Software651.8 158.2 70.8 109.4 990.2 
Services311.4 81.6 40.8 81.4 515.2 
Other(2)
21.3 1.6 1.8 4.5 29.2 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
Sales by Customer Channel
Corporate$2,364.4 $— $— $— $2,364.4 
Financial Services478.6 — — — 478.6 
Healthcare788.3 — — — 788.3 
Government— 746.6 — — 746.6 
Education— — 926.6 — 926.6 
Other— — — 672.1 672.1 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$3,116.5 $625.2 $860.8 $560.1 $5,162.6 
Transferred at a point in time where CDW is agent277.5 51.8 36.6 42.5 408.4 
Transferred over time where CDW is principal237.3 69.6 29.2 69.5 405.6 
Total Net sales$3,631.3 $746.6 $926.6 $672.1 $5,976.6 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Six Months Ended June 30, 2026
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$7,488.3 $1,480.8 $1,608.0 $16.6 $10,593.7 
Rest of World46.5 0.1 0.1 1,611.6 1,658.3 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
Major Product and Services
Hardware$5,401.3 $1,010.0 $1,370.0 $1,238.6 $9,019.9 
Software1,459.0 335.7 151.1 223.4 2,169.2 
Services623.4 133.0 86.0 158.8 1,001.2 
Other(2)
51.1 2.2 1.0 7.4 61.7 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
Sales by Customer Channel
Corporate$4,992.4 $— $— $— $4,992.4 
Financial Services915.5 — — — 915.5 
Healthcare1,626.9 — — — 1,626.9 
Government— 1,480.9 — — 1,480.9 
Education— — 1,608.1 — 1,608.1 
Other— — — 1,628.2 1,628.2 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$6,434.4 $1,264.9 $1,477.2 $1,408.8 $10,585.3 
Transferred at a point in time where CDW is agent621.8 103.5 75.1 84.5 884.9 
Transferred over time where CDW is principal478.6 112.5 55.8 134.9 781.8 
Total Net sales$7,534.8 $1,480.9 $1,608.1 $1,628.2 $12,252.0 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Six Months Ended June 30, 2025
CommercialGovernmentEducationOtherTotal
Geography(1)
United States$6,825.3 $1,349.3 $1,584.5 $11.1 $9,770.2 
Rest of World61.3 2.2 0.6 1,341.4 1,405.5 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
Major Product and Services
Hardware$4,929.3 $898.1 $1,377.0 $981.9 $8,186.3 
Software1,303.7 304.2 126.4 204.2 1,938.5 
Services611.3 145.9 78.4 158.9 994.5 
Other(2)
42.3 3.3 3.3 7.5 56.4 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
Sales by Customer Channel
Corporate$4,554.4 $— $— $— $4,554.4 
Financial Services812.7 — — — 812.7 
Healthcare1,519.5 — — — 1,519.5 
Government— 1,351.5 — — 1,351.5 
Education— — 1,585.1 — 1,585.1 
Other— — — 1,352.5 1,352.5 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$5,848.2 $1,131.6 $1,464.5 $1,134.7 $9,579.0 
Transferred at a point in time where CDW is agent575.4 94.8 64.8 83.6 818.6 
Transferred over time where CDW is principal463.0 125.1 55.8 134.2 778.1 
Total Net sales$6,886.6 $1,351.5 $1,585.1 $1,352.5 $11,175.7 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
The following table presents Net sales by major category for the three and six months ended June 30, 2026 and 2025. Categories are based upon internal classifications.
Three Months Ended June 30,
2026
2025
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$1,751.5 26.7 %$1,577.1 26.4 %
Netcomm Products829.9 12.6 740.0 12.4 
Collaboration472.5 7.2 466.9 7.8 
Data Storage and Servers844.8 12.9 641.2 10.7 
Desktops372.3 5.7 363.0 6.1 
Other Hardware634.0 9.5 653.8 10.9 
Total Hardware4,905.0 74.6 4,442.0 74.3 
Software(1)
1,114.3 17.0 990.2 16.6 
Services(1)
520.7 7.9 515.2 8.6 
Other(2)
32.2 0.5 29.2 0.5 
Total Net sales$6,572.2 100.0 %$5,976.6 100.0 %
Six Months Ended June 30,
2026
2025
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$3,161.5 25.8 %$2,924.8 26.2 %
Netcomm Products1,505.2 12.3 1,287.5 11.5 
Collaboration903.8 7.4 869.7 7.8 
Data Storage and Servers1,532.0 12.5 1,161.8 10.4 
Desktops704.6 5.8 710.1 6.4 
Other Hardware1,212.8 9.9 1,232.4 11.0 
Total Hardware9,019.9 73.7 8,186.3 73.3 
Software(1)
2,169.2 17.7 1,938.5 17.3 
Services(1)
1,001.2 8.2 994.5 8.9 
Other(2)
61.7 0.4 56.4 0.5 
Total Net sales$12,252.0 100.0 %$11,175.7 100.0 %
(1)Certain software and services revenues are recorded on a net basis as the Company is acting as an agent in the transaction. As a result, the category percentage of net revenues is not representative of the category percentage of gross profits.
(2)Includes items such as delivery charges to customers.
v3.26.1
Description of Business and Summary of Significant Accounting Policies (Details)
Jun. 30, 2026
subsidiary
Accounting Policies [Abstract]  
Number of owned subsidiaries 2
v3.26.1
Accounts Receivable and Contract Balances - Schedule of Accounts Receivable (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Accounts receivable, current $ 5,798.0 $ 5,014.9
Unbilled accounts receivable, current 1,545.7 1,297.5
Unbilled accounts receivable, noncurrent 1,393.5 1,245.4
Total accounts receivable $ 8,737.2 $ 7,557.8
v3.26.1
Accounts Receivable and Contract Balances - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]    
Accounts receivable, sale $ 287 $ 294
v3.26.1
Accounts Receivable and Contract Balances - Schedule of Contract with Customer (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Contract assets $ 138.8   $ 159.0
Contract liabilities 637.6   565.0
Revenue recognized from contract with customer 335.0 $ 270.0  
Long-term Contract with Customer      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Contract liabilities $ 61.0   $ 31.0
v3.26.1
Accounts Receivable and Contract Balances - Schedule of Remaining Performance Obligations (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period 1 year
Remaining performance obligations $ 128.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period 1 year
Remaining performance obligations $ 53.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period 1 year
Remaining performance obligations $ 18.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period
Remaining performance obligations $ 5.1
v3.26.1
Inventory Financing Agreements (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Inventory Financing Agreements [Line Items]    
Inventory financing agreement, payment terms (in days) 90 days  
Accounts Payable, Inventory Financing - Supplier Financing    
Inventory Financing Agreements [Line Items]    
Inventory financing agreements $ 403 $ 353
Accounts Payable, Inventory Financing - Product Financing    
Inventory Financing Agreements [Line Items]    
Inventory financing agreements $ 62  
v3.26.1
Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Other long-term obligations $ 5,838.9 $ 5,655.3
Unamortized debt issuance costs and discount (21.9) (25.5)
Current maturities of long-term debt (1,008.9) (1,007.5)
Total long-term debt 4,808.1 4,622.3
Senior unsecured revolving loan facility due 2030    
Debt Instrument [Line Items]    
Other long-term obligations 175.0 0.0
Senior unsecured term loan facility due 2030    
Debt Instrument [Line Items]    
Other long-term obligations $ 634.5 634.5
Senior notes due 2026    
Debt Instrument [Line Items]    
Interest Rate 2.67%  
Other long-term obligations $ 1,000.0 1,000.0
Senior notes due April 2028    
Debt Instrument [Line Items]    
Interest Rate 4.25%  
Other long-term obligations $ 600.0 600.0
Senior notes due December 2028    
Debt Instrument [Line Items]    
Interest Rate 3.276%  
Other long-term obligations $ 500.0 500.0
Senior notes due 2029    
Debt Instrument [Line Items]    
Interest Rate 3.25%  
Other long-term obligations $ 700.0 700.0
Senior notes due 2030    
Debt Instrument [Line Items]    
Interest Rate 5.10%  
Other long-term obligations $ 600.0 600.0
Senior notes due 2031    
Debt Instrument [Line Items]    
Interest Rate 3.569%  
Other long-term obligations $ 1,000.0 1,000.0
Senior notes due 2034    
Debt Instrument [Line Items]    
Interest Rate 5.55%  
Other long-term obligations $ 600.0 600.0
Total unsecured senior notes    
Debt Instrument [Line Items]    
Other long-term obligations 5,000.0 5,000.0
Receivable financing liability    
Debt Instrument [Line Items]    
Other long-term obligations 25.9 15.3
Other long-term obligations    
Debt Instrument [Line Items]    
Other long-term obligations $ 3.5 $ 5.5
v3.26.1
Debt - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Debt Instrument [Line Items]  
Proceeds from receivable financing liability $ 12
Senior unsecured revolving loan facility  
Debt Instrument [Line Items]  
Debt instrument, term 5 years
Additional borrowing capacity $ 1,700
Senior unsecured revolving loan facility | Accounts Payable, Inventory Financing - Supplier Financing  
Debt Instrument [Line Items]  
Amount owed under revolving loan financing agreement $ 393
Senior unsecured term loan facility  
Debt Instrument [Line Items]  
Debt instrument, term 5 years
v3.26.1
Debt - Schedule of Carrying Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value $ 5,838.9 $ 5,655.3
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value $ 5,681.8 $ 5,552.5
v3.26.1
Fair Value Measurements and Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Interest Rate Cap    
Derivative [Line Items]    
Notional amount $ 400 $ 400
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 98.5 $ 93.7 $ 182.1 $ 172.8
Effective income tax rate reconciliation, percent 26.40% 25.70% 26.30% 25.80%
v3.26.1
Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share [Abstract]        
Basic weighted-average shares outstanding (in shares) 127.0 131.6 128.0 132.1
Effect of dilutive securities (in shares) 0.4 0.8 0.4 0.8
Diluted weighted-average shares outstanding (in shares) 127.4 132.4 128.4 132.9
Anti-dilutive shares (fewer than) (in shares) 0.7 0.7 0.7 0.7
v3.26.1
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
Number of operating segments 3
Number of operating segments which do not meet reportable unit quantitative threshold 2
v3.26.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Line Items]        
Net sales $ 6,572.2 $ 5,976.6 $ 12,252.0 $ 11,175.7
Cost of sales 5,252.4 4,735.4 9,742.2 8,812.2
Gross profit 1,319.8 1,241.2 2,509.8 2,363.5
Other segment expense items 891.2 821.0 1,705.2 1,581.9
Operating income 428.6 420.2 804.6 781.6
Depreciation and amortization expense 75.3 73.3 150.2 148.2
Commercial        
Segment Reporting [Line Items]        
Net sales 3,965.4 3,631.3 7,534.8 6,886.6
Government        
Segment Reporting [Line Items]        
Net sales 848.0 746.6 1,480.9 1,351.5
Education        
Segment Reporting [Line Items]        
Net sales 933.1 926.6 1,608.1 1,585.1
Other        
Segment Reporting [Line Items]        
Net sales 825.7 672.1 1,628.2 1,352.5
Operating Segments | Commercial        
Segment Reporting [Line Items]        
Net sales 3,965.4 3,631.3 7,534.8 6,886.6
Cost of sales 3,120.1 2,842.1 5,891.4 5,347.6
Gross profit 845.3 789.2 1,643.4 1,539.0
Other segment expense items 462.7 417.5 906.1 806.6
Operating income 382.6 371.7 737.3 732.4
Depreciation and amortization expense 27.0 24.3 53.8 50.9
Operating Segments | Government        
Segment Reporting [Line Items]        
Net sales 848.0 746.6 1,480.9 1,351.5
Cost of sales 684.3 578.4 1,192.5 1,048.4
Gross profit 163.7 168.2 288.4 303.1
Other segment expense items 103.8 117.2 203.3 226.6
Operating income 59.9 51.0 85.1 76.5
Depreciation and amortization expense 10.4 12.5 20.9 24.8
Operating Segments | Education        
Segment Reporting [Line Items]        
Net sales 933.1 926.6 1,608.1 1,585.1
Cost of sales 780.1 784.8 1,342.6 1,337.9
Gross profit 153.0 141.8 265.5 247.2
Other segment expense items 87.9 85.7 161.0 165.8
Operating income 65.1 56.1 104.5 81.4
Depreciation and amortization expense 3.3 4.6 7.0 8.8
Operating Segments | Other        
Segment Reporting [Line Items]        
Net sales 825.7 672.1 1,628.2 1,352.5
Cost of sales 667.9 530.1 1,315.7 1,078.3
Gross profit 157.8 142.0 312.5 274.2
Other segment expense items 105.8 99.4 214.0 192.5
Operating income 52.0 42.6 98.5 81.7
Depreciation and amortization expense 8.0 7.1 15.8 13.9
Headquarters        
Segment Reporting [Line Items]        
Net sales 0.0 0.0 0.0 0.0
Cost of sales 0.0 0.0 0.0 0.0
Gross profit 0.0 0.0 0.0 0.0
Other segment expense items 131.0 101.2 220.8 190.4
Operating income (131.0) (101.2) (220.8) (190.4)
Depreciation and amortization expense $ 26.6 $ 24.8 $ 52.7 $ 49.8
v3.26.1
Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Total Net sales $ 6,572.2 $ 5,976.6 $ 12,252.0 $ 11,175.7
Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 3,965.4 3,631.3 7,534.8 6,886.6
Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 848.0 746.6 1,480.9 1,351.5
Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 933.1 926.6 1,608.1 1,585.1
Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 825.7 672.1 1,628.2 1,352.5
Transferred at a point in time where CDW is principal        
Disaggregation of Revenue [Line Items]        
Total Net sales 5,698.9 5,162.6 10,585.3 9,579.0
Transferred at a point in time where CDW is principal | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 3,401.6 3,116.5 6,434.4 5,848.2
Transferred at a point in time where CDW is principal | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 723.5 625.2 1,264.9 1,131.6
Transferred at a point in time where CDW is principal | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 858.5 860.8 1,477.2 1,464.5
Transferred at a point in time where CDW is principal | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 715.3 560.1 1,408.8 1,134.7
Transferred at a point in time where CDW is agent        
Disaggregation of Revenue [Line Items]        
Total Net sales 474.2 408.4 884.9 818.6
Transferred at a point in time where CDW is agent | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 324.7 277.5 621.8 575.4
Transferred at a point in time where CDW is agent | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 59.0 51.8 103.5 94.8
Transferred at a point in time where CDW is agent | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 45.3 36.6 75.1 64.8
Transferred at a point in time where CDW is agent | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 45.2 42.5 84.5 83.6
Transferred over time where CDW is principal        
Disaggregation of Revenue [Line Items]        
Total Net sales 399.1 405.6 781.8 778.1
Transferred over time where CDW is principal | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 239.1 237.3 478.6 463.0
Transferred over time where CDW is principal | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 65.5 69.6 112.5 125.1
Transferred over time where CDW is principal | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 29.3 29.2 55.8 55.8
Transferred over time where CDW is principal | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 65.2 69.5 134.9 134.2
Corporate        
Disaggregation of Revenue [Line Items]        
Total Net sales 2,618.1 2,364.4 4,992.4 4,554.4
Corporate | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 2,618.1 2,364.4 4,992.4 4,554.4
Corporate | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Corporate | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Corporate | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Financial Services        
Disaggregation of Revenue [Line Items]        
Total Net sales 487.1 478.6 915.5 812.7
Financial Services | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 487.1 478.6 915.5 812.7
Financial Services | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Financial Services | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Financial Services | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Healthcare        
Disaggregation of Revenue [Line Items]        
Total Net sales 860.2 788.3 1,626.9 1,519.5
Healthcare | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 860.2 788.3 1,626.9 1,519.5
Healthcare | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Healthcare | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Healthcare | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 848.0 746.6 1,480.9 1,351.5
Government | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Government | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 848.0 746.6 1,480.9 1,351.5
Government | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Government | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 933.1 926.6 1,608.1 1,585.1
Education | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Education | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Education | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 933.1 926.6 1,608.1 1,585.1
Education | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 825.7 672.1 1,628.2 1,352.5
Other | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Other | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Other | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.0 0.0
Other | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 825.7 672.1 1,628.2 1,352.5
Hardware        
Disaggregation of Revenue [Line Items]        
Total Net sales 4,905.0 4,442.0 9,019.9 8,186.3
Hardware | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 2,903.7 2,646.8 5,401.3 4,929.3
Hardware | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 579.4 505.2 1,010.0 898.1
Hardware | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 794.9 813.2 1,370.0 1,377.0
Hardware | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 627.0 476.8 1,238.6 981.9
Software        
Disaggregation of Revenue [Line Items]        
Total Net sales 1,114.3 990.2 2,169.2 1,938.5
Software | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 719.1 651.8 1,459.0 1,303.7
Software | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 187.4 158.2 335.7 304.2
Software | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 90.9 70.8 151.1 126.4
Software | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 116.9 109.4 223.4 204.2
Services        
Disaggregation of Revenue [Line Items]        
Total Net sales 520.7 515.2 1,001.2 994.5
Services | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 316.2 311.4 623.4 611.3
Services | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 79.9 81.6 133.0 145.9
Services | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 46.7 40.8 86.0 78.4
Services | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 77.9 81.4 158.8 158.9
Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 32.2 29.2 61.7 56.4
Other | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 26.4 21.3 51.1 42.3
Other | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 1.3 1.6 2.2 3.3
Other | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.6 1.8 1.0 3.3
Other | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 3.9 4.5 7.4 7.5
United States        
Disaggregation of Revenue [Line Items]        
Total Net sales 5,732.8 5,278.6 10,593.7 9,770.2
United States | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 3,942.6 3,600.4 7,488.3 6,825.3
United States | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 848.0 746.6 1,480.8 1,349.3
United States | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 933.1 926.2 1,608.0 1,584.5
United States | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales 9.1 5.4 16.6 11.1
Rest of World        
Disaggregation of Revenue [Line Items]        
Total Net sales 839.4 698.0 1,658.3 1,405.5
Rest of World | Commercial        
Disaggregation of Revenue [Line Items]        
Total Net sales 22.8 30.9 46.5 61.3
Rest of World | Government        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.0 0.1 2.2
Rest of World | Education        
Disaggregation of Revenue [Line Items]        
Total Net sales 0.0 0.4 0.1 0.6
Rest of World | Other        
Disaggregation of Revenue [Line Items]        
Total Net sales $ 816.6 $ 666.7 $ 1,611.6 $ 1,341.4
v3.26.1
Segment Information - Schedule of Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net Sales from External Customer [Line Items]        
Net sales $ 6,572.2 $ 5,976.6 $ 12,252.0 $ 11,175.7
Percentage of Total Net Sales 100.00% 100.00% 100.00% 100.00%
Notebooks/Mobile Devices        
Net Sales from External Customer [Line Items]        
Net sales $ 1,751.5 $ 1,577.1 $ 3,161.5 $ 2,924.8
Percentage of Total Net Sales 26.70% 26.40% 25.80% 26.20%
Netcomm Products        
Net Sales from External Customer [Line Items]        
Net sales $ 829.9 $ 740.0 $ 1,505.2 $ 1,287.5
Percentage of Total Net Sales 12.60% 12.40% 12.30% 11.50%
Collaboration        
Net Sales from External Customer [Line Items]        
Net sales $ 472.5 $ 466.9 $ 903.8 $ 869.7
Percentage of Total Net Sales 7.20% 7.80% 7.40% 7.80%
Data Storage and Servers        
Net Sales from External Customer [Line Items]        
Net sales $ 844.8 $ 641.2 $ 1,532.0 $ 1,161.8
Percentage of Total Net Sales 12.90% 10.70% 12.50% 10.40%
Desktops        
Net Sales from External Customer [Line Items]        
Net sales $ 372.3 $ 363.0 $ 704.6 $ 710.1
Percentage of Total Net Sales 5.70% 6.10% 5.80% 6.40%
Other Hardware        
Net Sales from External Customer [Line Items]        
Net sales $ 634.0 $ 653.8 $ 1,212.8 $ 1,232.4
Percentage of Total Net Sales 9.50% 10.90% 9.90% 11.00%
Total Hardware        
Net Sales from External Customer [Line Items]        
Net sales $ 4,905.0 $ 4,442.0 $ 9,019.9 $ 8,186.3
Percentage of Total Net Sales 74.60% 74.30% 73.70% 73.30%
Software        
Net Sales from External Customer [Line Items]        
Net sales $ 1,114.3 $ 990.2 $ 2,169.2 $ 1,938.5
Percentage of Total Net Sales 17.00% 16.60% 17.70% 17.30%
Services        
Net Sales from External Customer [Line Items]        
Net sales $ 520.7 $ 515.2 $ 1,001.2 $ 994.5
Percentage of Total Net Sales 7.90% 8.60% 8.20% 8.90%
Other        
Net Sales from External Customer [Line Items]        
Net sales $ 32.2 $ 29.2 $ 61.7 $ 56.4
Percentage of Total Net Sales 0.50% 0.50% 0.40% 0.50%