CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise, hybrid, and cloud capabilities across data center and networking, digital workspace, and security. Its hardware products comprise notebooks/mobile devices, network communications, desktop computers, video monitors, enterprise and data storage, and others; and software products consists of application suites, security, virtualization, operating systems, and network management. The company also provides advisory and design, software development, implementation, managed, professional, configuration, and telecom services, as well as warranties; mission critical software, systems, and network solutions; and implementation and installation, and repair services to its customers through various third-party service providers. It serves government, education, and healthcare customers; and small, medium, and large business customers. The company was founded in 1984 and is headquartered in Vernon Hills, Illinois.
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Here are 1-3 brief analogies to describe CDW:
- Grainger for IT: CDW operates a B2B distribution model similar to Grainger, but focuses on a vast range of technology hardware, software, and services for businesses, government, and education.
- Best Buy for enterprise and government: Imagine Best Buy, but scaled up to serve the technology procurement and service needs of large businesses, government agencies, and educational institutions rather than individual consumers.
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Major Products and Services of CDW:
- Hardware Solutions: CDW provides a broad range of physical IT infrastructure, including computers, servers, networking equipment, storage devices, and peripherals from various manufacturers.
- Software Solutions: CDW offers a comprehensive portfolio of software applications, operating systems, security programs, and cloud-based software from leading publishers.
- Consulting and Design Services: CDW assists clients in planning, architecting, and optimizing their IT environments, including cloud strategy, data center design, and network infrastructure.
- Professional Services: CDW delivers expert assistance for the implementation, integration, migration, and deployment of IT systems and applications.
- Managed Services: CDW provides ongoing operational support, monitoring, and management for client IT infrastructure, applications, and security systems.
- Security Services: CDW offers specialized solutions and expertise to protect data, networks, and systems from cyber threats, including assessment, implementation, and managed security.
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CDW (symbol: CDW) primarily sells integrated information technology solutions to other companies and organizations, rather than directly to individual consumers.
Due to the highly diversified nature of its customer base, CDW does not publicly disclose specific "major customer companies" by name (e.g., customers accounting for 10% or more of net sales) in its financial filings, as no single customer accounts for such a material portion of its revenue. Instead, CDW serves a vast number of customers across several key market segments, which collectively represent its major customer base:
- Businesses: This segment includes small, medium, and large private sector organizations across various industries. CDW provides IT hardware, software, and services to help these companies operate and innovate.
- Government Agencies: CDW is a significant provider of IT solutions to federal, state, and local government entities, helping them manage their technology infrastructure and services.
- Educational Institutions: This includes a wide range of organizations from K-12 schools to higher education institutions (colleges and universities) that rely on CDW for their technology needs.
- Healthcare Organizations: CDW supports hospitals, clinics, and other healthcare providers with specialized IT solutions tailored to the unique demands of the healthcare industry.
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- Cisco (CSCO)
- Dell Technologies (DELL)
- HP Inc. (HPQ)
- Hewlett Packard Enterprise (HPE)
- Microsoft (MSFT)
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Christine A. Leahy, Chairman; Chief Executive Officer; President
Ms. Leahy has served as Chairman of CDW since January 2023, and as President and Chief Executive Officer since January 2019. A 20-year veteran of CDW, she previously held roles including Chief Revenue Officer, Senior Vice President of International, and the company's first Chief Legal Officer. Prior to joining CDW in 2002, she was a corporate partner in the Chicago office of Sidley Austin, an international business law firm.
Albert J. Miralles, Chief Financial Officer; Executive Vice President - Enterprise Business Operations
Mr. Miralles joined CDW in 2021 and brings 30 years of financial and operating experience. Prior to CDW, he served as Executive Vice President and Chief Financial Officer at CNA Financial Corporation. His previous roles at CNA also included President of CNA Warranty, Executive Vice President and Chief Risk Officer, President of Long Term Care, and Senior Vice President and Treasurer of the CNA Insurance Companies. Before joining CNA Financial in 2011, Mr. Miralles was Chief Financial Officer of Nationwide Investments at Nationwide Mutual Insurance Company and Executive Vice President, Finance and Accounting – Capital Markets Division for Countrywide Securities Corporation.
Peter R. Locy, Chief Accounting Officer; Controller; Vice President
Mr. Locy has served as the Chief Accounting Officer, Vice President, and Controller of CDW since 2022. Prior to this, he served as the Senior Vice President and Corporate Controller of Kemper Insurance. He also held various positions at KPMG, CNA Financial Corporation, and Allianz Global Risks US Insurance company.
Sanjay Sood, Senior Vice President; Chief Technology Officer
Mr. Sood has been the Chief Technology Officer of CDW since July 2020, also serving as Senior Vice President. Before joining CDW, he was the Vice President, General Manager of Highly Automated Driving and Vice President of Core Map Engineering at HERE Technologies. He also held various senior positions at YP (formerly AT&T Interactive).
Frederick J. Kulevich, Chief Legal Officer; Executive Vice President - Risk and Compliance; Secretary
Mr. Kulevich has served as Chief Legal Officer, Executive Vice President - Risk and Compliance, and Secretary since 2017. He is also referred to as Rick Kulevich.
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The key risks to CDW's business operations are primarily centered around cybersecurity threats, the highly competitive and rapidly evolving technology market, and the company's reliance on its vendor partner relationships.
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Cybersecurity Risks and Data Privacy Concerns: As a prominent provider of IT solutions, CDW is inherently exposed to sophisticated cyber-attacks, data breaches, and the need to protect sensitive and proprietary information. Such incidents could lead to substantial financial losses, reputational damage, and significant legal and regulatory penalties.
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Intense Competition, Market Volatility, and Rapid Technological Changes: The IT solutions market in which CDW operates is characterized by fierce competition, swift technological advancements, and shifting customer preferences. CDW must consistently innovate and adapt its offerings to maintain its market position against both emerging tech companies and established players. Additionally, economic downturns and market volatility can directly impact IT spending, thereby affecting CDW's sales and financial performance.
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Dependence on Vendor Partner Relationships: CDW's business model heavily relies on strong relationships with its numerous vendor partners, including original equipment manufacturers (OEMs), software publishers, and cloud providers. Disruptions or adverse changes in the terms of agreements with these key partners could negatively impact CDW's ability to offer a comprehensive portfolio of products and services, potentially affecting the quality and continuity of its solutions.
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The accelerating shift by businesses towards cloud computing and "as-a-service" consumption models for IT infrastructure and software, thereby reducing the demand for traditional on-premise hardware and perpetual software licenses that form a core part of CDW's historical revenue streams.
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The addressable market for CDW's main products and services is approximately $440 billion. This market size is for the United States, the United Kingdom, and Canada.
CDW provides a broad array of information technology solutions, including hardware and software, as well as integrated IT solutions such as security, cloud, hybrid infrastructure, and digital experience.
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Here are the 3-5 expected drivers of future revenue growth for CDW over the next 2-3 years:
- Expansion of Cloud Computing Services and Cybersecurity Solutions: CDW is strategically focused on enhancing its cloud and security portfolio, including through acquisitions like Mission Cloud Services to boost its Amazon Web Services (AWS) capabilities and managed services. This expansion aims to meet evolving customer needs in cloud migration and cybersecurity, areas showing strong demand and double-digit gross profit growth for cloud solutions, which typically feature recurring revenue and high gross margins.
- Leveraging Artificial Intelligence (AI) and AI-powered PCs: The integration of AI across CDW's operations is a key focus for delivering innovative solutions to clients. AI is identified as a tangible revenue driver, leading to complex, service-led deals that strengthen customer relationships. The adoption of AI-powered PCs and AI workstations is anticipated to significantly drive hardware sales in the coming years.
- Continued Client Device Refresh Cycle: A significant driver of future hardware sales is the ongoing client refresh cycle, particularly for notebooks, mobile devices, and desktops. This cycle is expected to be fueled by factors such as the end-of-life for Windows 10 and the increasing adoption of AI-powered PCs, with the current refresh cycle noted as being "mid-cycle" with considerable runway.
- Growth in Key Customer Segments and International Markets: CDW has demonstrated strong growth in its Small Business segment, with net sales increasing by 14.2% in Q3 2025. The company's operations in the UK and Canada also showed robust growth of 9.1% in the same period. Additionally, increased sales were observed in the Government and Healthcare sectors. CDW aims to leverage its diverse customer base to consistently grow faster than the overall US IT market.
- Rebound in Infrastructure Hardware Demand: An emerging trend indicates increased demand for infrastructure hardware, including networking products (Netcomm) and servers. This rebound in hardware categories suggests a broader and healthier IT spending environment, extending beyond just client devices. This infrastructure refresh cycle is expected to lead to increased sales of hardware products and associated services, potentially improving CDW's profitability through higher-margin offerings.
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Share Repurchases
- On February 5, 2025, CDW's Board of Directors authorized a $750 million increase to its share repurchase program, which was incremental to approximately $588 million unused as of December 31, 2024.
- The company repurchased $500 million of common stock during the first nine months ended September 30, 2025.
- CDW temporarily suspended share repurchases from March 2020 through October 2020 due to the COVID-19 pandemic and subsequently put a lower priority on repurchases in 2022 until its Net Leverage Ratio was within target range following a major acquisition.
Outbound Investments
- CDW acquired Sirius Computer Solutions, Inc. for $2.5 billion in cash in December 2021, significantly expanding its services portfolio.
- In December 2024, CDW acquired Mission Cloud Services Inc., a leading cloud professional services and managed services provider, to enhance its cloud expertise, market scale, and solution capabilities, particularly as an AWS Premier Partner.
- CDW acquired Enquizit, an AWS cloud services provider, in June 2023 to bolster its Public Sector Cloud Services Practice.
Capital Expenditures
- CDW's capital expenditures for fiscal years ending December 2020 to 2024 averaged $131.3 million.
- Capital expenditures peaked at $158 million in December 2020 and reached a 5-year low of $100 million in December 2021.
- The company continues to invest organically and inorganically in high-growth solutions and services capabilities.
