CDW Corporation reported third‑quarter 2025 results that exceeded Wall Street expectations, with adjusted earnings per share of $2.71 versus the consensus estimate of $2.62.
Revenue for the quarter was $5.74 billion, slightly above the consensus range of $5.69 billion to $5.72 billion, and up 4.0% year‑over‑year from $5.52 billion in Q3 2024.
GAAP earnings per share matched the consensus estimate at $2.21, while adjusted operating income rose 3.0% to $530.6 million, compared with $534.0 million in the same quarter a year earlier.
Net income fell 8.0% to $291 million from $316.4 million in Q3 2024, driven by a 5.8% decline in GAAP EPS and a 0.6% drop in adjusted operating income margin.
The company highlighted strong demand in its Small Business and Public segments, with the Small Business segment growing 14.2% year‑over‑year and the Public segment showing modest growth of 0.6% driven by gains in Government and Healthcare.
CDW reaffirmed its guidance to outpace U.S. IT market growth by 200‑300 basis points and announced a quarterly cash dividend of $0.630 per share, payable on December 10 2025.
Gross profit margin improved to 21.9% from 21.8% a year earlier, while adjusted operating income margin fell to 9.2% from 9.7%.
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