CDW CorpCDW
CDW Corp Segments Disclosure
Segment Information
The Company has three reportable segments: “Corporate,” “Small Business,” and “Public.” 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 organizational structure of the Company’s segments is determined based on how the chief operating decision maker (“CODM”), who is the Chief Executive Officer, evaluates performance, allocates resources, and manages operations, which is primarily based on customer base. Specifically, the “Corporate” reportable segment is primarily comprised of private sector business customers with more than 250 employees in the US, the “Small Business” reportable segment is primarily comprised of private sector business customers with up to 250 employees in the US, and the “Public” reportable segment is comprised of government agencies and education and healthcare institutions in the US.
The accounting policies used to determine 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 evaluate forecasting and overall profitability performance 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 “Corporate,” “Small Business,” and “Public” segments. As a result, costs and intercompany charges associated with the logistics function are fully allocated to all of these segments based on a percent of Net sales. 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 and are included under the heading of “Headquarters” in the tables below.
Information about the Company’s segments for the years ended December 31, 2025, 2024, and 2023 is as follows:
| Corporate | Small Business | Public | Other | Headquarters | Total | |||||||||||||||||||||||||||||||||
2025: | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 9,442.4 | $ | 1,726.7 | $ | 8,535.2 | $ | 2,719.8 | $ | — | $ | 22,424.1 | ||||||||||||||||||||||||||
| Cost of sales | 7,240.5 | 1,332.9 | 6,812.9 | 2,164.4 | — | 17,550.7 | ||||||||||||||||||||||||||||||||
| Gross profit | 2,201.9 | 393.8 | 1,722.3 | 555.4 | — | 4,873.4 | ||||||||||||||||||||||||||||||||
Other segment expense items(1) | 1,312.6 | 190.6 | 972.0 | 401.2 | 341.4 | 3,217.8 | ||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 889.3 | $ | 203.2 | $ | 750.3 | $ | 154.2 | $ | (341.4) | $ | 1,655.6 | ||||||||||||||||||||||||||
Other Segment Information(2) | ||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 111.2 | $ | 7.4 | $ | 69.5 | $ | 29.0 | $ | 78.5 | $ | 295.6 | ||||||||||||||||||||||||||
2024: | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 8,837.2 | $ | 1,523.5 | $ | 8,157.7 | $ | 2,480.3 | $ | — | $ | 20,998.7 | ||||||||||||||||||||||||||
| Cost of sales | 6,737.7 | 1,170.6 | 6,498.5 | 1,989.5 | — | 16,396.3 | ||||||||||||||||||||||||||||||||
| Gross profit | 2,099.5 | 352.9 | 1,659.2 | 490.8 | — | 4,602.4 | ||||||||||||||||||||||||||||||||
Other segment expense items(1) | 1,220.0 | 171.9 | 913.3 | 378.7 | 267.2 | 2,951.1 | ||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 879.5 | $ | 181.0 | $ | 745.9 | $ | 112.1 | $ | (267.2) | $ | 1,651.3 | ||||||||||||||||||||||||||
Other Segment Information(2) | ||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 76.5 | $ | 3.4 | $ | 55.4 | $ | 28.1 | $ | 111.9 | $ | 275.3 | ||||||||||||||||||||||||||
2023: | ||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 8,960.8 | $ | 1,556.0 | $ | 8,305.7 | $ | 2,553.5 | $ | — | $ | 21,376.0 | ||||||||||||||||||||||||||
| Cost of sales | 6,833.0 | 1,194.3 | 6,638.2 | 2,058.1 | — | 16,723.6 | ||||||||||||||||||||||||||||||||
| Gross profit | 2,127.8 | 361.7 | 1,667.5 | 495.4 | — | 4,652.4 | ||||||||||||||||||||||||||||||||
Other segment expense items(1) | 1,281.0 | 184.4 | 932.5 | 353.3 | 220.3 | 2,971.5 | ||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 846.8 | $ | 177.3 | $ | 735.0 | $ | 142.1 | $ | (220.3) | $ | 1,680.9 | ||||||||||||||||||||||||||
Other Segment Information(2) | ||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | $ | 82.1 | $ | 4.7 | $ | 58.4 | $ | 30.1 | $ | 95.4 | $ | 270.7 | ||||||||||||||||||||||||||
(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
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Corporate | Small Business | Public | Other | Total | |||||||||||||||||||||||||
Geography(1) | |||||||||||||||||||||||||||||
| United States | $ | 9,371.7 | $ | 1,699.9 | $ | 8,524.8 | $ | 24.8 | $ | 19,621.2 | |||||||||||||||||||
| Rest of World | 70.7 | 26.8 | 10.4 | 2,695.0 | 2,802.9 | ||||||||||||||||||||||||
| Total Net sales | $ | 9,442.4 | $ | 1,726.7 | $ | 8,535.2 | $ | 2,719.8 | $ | 22,424.1 | |||||||||||||||||||
| Major Product and Services | |||||||||||||||||||||||||||||
| Hardware | $ | 6,402.6 | $ | 1,342.0 | $ | 6,336.0 | $ | 1,990.0 | $ | 16,070.6 | |||||||||||||||||||
| Software | 2,053.7 | 275.4 | 1,483.1 | 390.8 | 4,203.0 | ||||||||||||||||||||||||
| Services | 923.9 | 91.0 | 697.4 | 323.4 | 2,035.7 | ||||||||||||||||||||||||
Other(2) | 62.2 | 18.3 | 18.7 | 15.6 | 114.8 | ||||||||||||||||||||||||
| Total Net sales | $ | 9,442.4 | $ | 1,726.7 | $ | 8,535.2 | $ | 2,719.8 | $ | 22,424.1 | |||||||||||||||||||
| Sales by Customer Channel | |||||||||||||||||||||||||||||
| Corporate | $ | 9,442.4 | $ | — | $ | — | $ | — | $ | 9,442.4 | |||||||||||||||||||
| Small Business | — | 1,726.7 | — | — | 1,726.7 | ||||||||||||||||||||||||
| Government | — | — | 2,589.5 | — | 2,589.5 | ||||||||||||||||||||||||
| Education | — | — | 3,109.6 | — | 3,109.6 | ||||||||||||||||||||||||
| Healthcare | — | — | 2,836.1 | — | 2,836.1 | ||||||||||||||||||||||||
| Other | — | — | — | 2,719.8 | 2,719.8 | ||||||||||||||||||||||||
| Total Net sales | $ | 9,442.4 | $ | 1,726.7 | $ | 8,535.2 | $ | 2,719.8 | $ | 22,424.1 | |||||||||||||||||||
| Timing of Revenue Recognition | |||||||||||||||||||||||||||||
| Transferred at a point in time where CDW is principal | $ | 7,893.3 | $ | 1,495.1 | $ | 7,422.1 | $ | 2,286.1 | $ | 19,096.6 | |||||||||||||||||||
| Transferred at a point in time where CDW is agent | 840.6 | 166.3 | 559.9 | 156.4 | 1,723.2 | ||||||||||||||||||||||||
| Transferred over time where CDW is principal | 708.5 | 65.3 | 553.2 | 277.3 | 1,604.3 | ||||||||||||||||||||||||
| Total Net sales | $ | 9,442.4 | $ | 1,726.7 | $ | 8,535.2 | $ | 2,719.8 | $ | 22,424.1 | |||||||||||||||||||
(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.
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Corporate | Small Business | Public | Other | Total | |||||||||||||||||||||||||
Geography(1) | |||||||||||||||||||||||||||||
| United States | $ | 8,779.4 | $ | 1,499.8 | $ | 8,150.4 | $ | 27.3 | $ | 18,456.9 | |||||||||||||||||||
| Rest of World | 57.8 | 23.7 | 7.3 | 2,453.0 | 2,541.8 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,837.2 | $ | 1,523.5 | $ | 8,157.7 | $ | 2,480.3 | $ | 20,998.7 | |||||||||||||||||||
| Major Product and Services | |||||||||||||||||||||||||||||
| Hardware | $ | 6,015.5 | $ | 1,201.6 | $ | 6,225.1 | $ | 1,776.9 | $ | 15,219.1 | |||||||||||||||||||
| Software | 1,863.0 | 228.7 | 1,320.5 | 392.2 | 3,804.4 | ||||||||||||||||||||||||
| Services | 898.5 | 75.8 | 593.6 | 299.4 | 1,867.3 | ||||||||||||||||||||||||
Other(2) | 60.2 | 17.4 | 18.5 | 11.8 | 107.9 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,837.2 | $ | 1,523.5 | $ | 8,157.7 | $ | 2,480.3 | $ | 20,998.7 | |||||||||||||||||||
| Sales by Customer Channel | |||||||||||||||||||||||||||||
| Corporate | $ | 8,837.2 | $ | — | $ | — | $ | — | $ | 8,837.2 | |||||||||||||||||||
| Small Business | — | 1,523.5 | — | — | 1,523.5 | ||||||||||||||||||||||||
| Government | — | — | 2,486.9 | — | 2,486.9 | ||||||||||||||||||||||||
| Education | — | — | 3,167.3 | — | 3,167.3 | ||||||||||||||||||||||||
| Healthcare | — | — | 2,503.5 | — | 2,503.5 | ||||||||||||||||||||||||
| Other | — | — | — | 2,480.3 | 2,480.3 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,837.2 | $ | 1,523.5 | $ | 8,157.7 | $ | 2,480.3 | $ | 20,998.7 | |||||||||||||||||||
| Timing of Revenue Recognition | |||||||||||||||||||||||||||||
| Transferred at a point in time where CDW is principal | $ | 7,369.0 | $ | 1,325.6 | $ | 7,176.7 | $ | 2,101.7 | $ | 17,973.0 | |||||||||||||||||||
| Transferred at a point in time where CDW is agent | 807.1 | 146.7 | 526.9 | 126.9 | 1,607.6 | ||||||||||||||||||||||||
| Transferred over time where CDW is principal | 661.1 | 51.2 | 454.1 | 251.7 | 1,418.1 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,837.2 | $ | 1,523.5 | $ | 8,157.7 | $ | 2,480.3 | $ | 20,998.7 | |||||||||||||||||||
(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.
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Corporate | Small Business | Public | Other | Total | |||||||||||||||||||||||||
Geography(1) | |||||||||||||||||||||||||||||
| United States | $ | 8,894.5 | $ | 1,534.5 | $ | 8,299.4 | $ | 26.5 | $ | 18,754.9 | |||||||||||||||||||
| Rest of World | 66.3 | 21.5 | 6.3 | 2,527.0 | 2,621.1 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,960.8 | $ | 1,556.0 | $ | 8,305.7 | $ | 2,553.5 | $ | 21,376.0 | |||||||||||||||||||
| Major Product and Services | |||||||||||||||||||||||||||||
| Hardware | $ | 6,216.9 | $ | 1,242.3 | $ | 6,460.4 | $ | 1,783.0 | $ | 15,702.6 | |||||||||||||||||||
| Software | 1,772.3 | 232.8 | 1,295.4 | 498.8 | 3,799.3 | ||||||||||||||||||||||||
| Services | 909.1 | 62.6 | 531.5 | 258.1 | 1,761.3 | ||||||||||||||||||||||||
Other(2) | 62.5 | 18.3 | 18.4 | 13.6 | 112.8 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,960.8 | $ | 1,556.0 | $ | 8,305.7 | $ | 2,553.5 | $ | 21,376.0 | |||||||||||||||||||
| Sales by Customer Channel | |||||||||||||||||||||||||||||
| Corporate | $ | 8,960.8 | $ | — | $ | — | $ | — | $ | 8,960.8 | |||||||||||||||||||
| Small Business | — | 1,556.0 | — | — | 1,556.0 | ||||||||||||||||||||||||
| Government | — | — | 2,669.1 | — | 2,669.1 | ||||||||||||||||||||||||
| Education | — | — | 3,298.3 | — | 3,298.3 | ||||||||||||||||||||||||
| Healthcare | — | — | 2,338.3 | — | 2,338.3 | ||||||||||||||||||||||||
| Other | — | — | — | 2,553.5 | 2,553.5 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,960.8 | $ | 1,556.0 | $ | 8,305.7 | $ | 2,553.5 | $ | 21,376.0 | |||||||||||||||||||
| Timing of Revenue Recognition | |||||||||||||||||||||||||||||
| Transferred at a point in time where CDW is principal | $ | 7,515.7 | $ | 1,374.1 | $ | 7,411.1 | $ | 2,212.0 | $ | 18,512.9 | |||||||||||||||||||
| Transferred at a point in time where CDW is agent | 778.0 | 145.3 | 480.6 | 117.9 | 1,521.8 | ||||||||||||||||||||||||
| Transferred over time where CDW is principal | 667.1 | 36.6 | 414.0 | 223.6 | 1,341.3 | ||||||||||||||||||||||||
| Total Net sales | $ | 8,960.8 | $ | 1,556.0 | $ | 8,305.7 | $ | 2,553.5 | $ | 21,376.0 | |||||||||||||||||||
(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.
The following table presents Net sales by major category for the years ended December 31, 2025, 2024, and 2023. Categories are based upon internal classifications.
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| 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 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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.