CDW Corp (CDW) · Nov 4, 2026 · Earnings

CDW earnings beat as AI demand lifts Q3 sales, margins lag

Beat — Non-GAAP EPS $3.26 vs ~$2.98 consensus; revenue $6.75B vs ~$6.18B

CDW earnings beat Q3 expectations on strong server, storage and software demand, though gross-margin pressure and higher debt temper the upside.

CDW is a diversified IT solutions distributor and services partner serving commercial, government, education and healthcare customers, currently positioning itself as an enabler of enterprise AI and broader infrastructure spending. Its stated strategy remains to outpace U.S. IT-market growth by 200–300 basis points, a target it had already carried into 2026.

The quarter cleared the market’s bar by a wide margin. Q3 revenue reached $6.75 billion versus published consensus of roughly $6.18 billion, while non-GAAP EPS was $3.26 versus approximately $2.98 expected. That is a meaningful beat, not merely a low-quality earnings outperformance driven by cost cutting: sales rose 17.7% year over year, led by servers, storage, notebooks/mobile devices and software. The filing says, “Customer demand drove Net sales growth primarily in data storage and servers, notebooks/mobile devices, and software.” 〔0〕

Figure	Q3 2026	Q3 2025	Consensus
Net sales (Financial Highlights)	$6,754.5M (+17.7%)	$5,737.4M	~$6,180M
Non-GAAP EPS (Financial Highlights)	$3.26 (+20.4%)	$2.71	~$2.98
GAAP EPS (Income Statement)	$2.46 (+11.6%)	$2.21
Gross profit margin (Financial Highlights)	20.5%	21.9%
Non-GAAP operating margin (Financial Highlights)	9.2%	9.2%

The demand signal is broad, with commercial activity doing most of the lifting. Commercial sales grew 20.8%, including a 73.2% increase in Financial Services, while Corporate rose 16.8% and Healthcare 9.3%. Government and education were positive but slower at 9.9% and 7.5%, respectively. The filing describes the commercial segment as “driven by an increase in Net sales to Financial Services, Corporate, and Healthcare customers of 73.2 percent, 16.8 percent, and 9.3 percent, respectively.” 〔1〕

The main qualification is mix-driven margin pressure. Gross margin fell to 20.5% from 21.9%, because growth was concentrated in lower-margin product categories. Reported operating margin also declined to 7.2% from 7.7%, while non-GAAP operating margin held flat at 9.2%. That means CDW converted the unusually strong revenue growth into earnings, but not with expanding underlying product economics. The filing attributes the gross-margin decline to “mix into and lower margin in certain product categories.” 〔2〕

Cash generation and leverage make the beat less clean than the headline suggests. Nine-month operating cash flow declined to $618.5 million from $771.4 million, while acquisitions consumed $450.3 million and total debt rose to $7.12 billion from $5.63 billion at year-end. Adjusted free cash flow improved to $784.6 million, helped by inventory-financing activity, so liquidity remains workable, but the balance sheet is carrying more acquisition and working-capital load. The filing reports, “Acquisitions of businesses, net of cash acquired” of $450.3 million for the first nine months of 2026. 〔3〕

Bottom line: CDW delivered a clearly better-than-expected quarter, with unusually strong infrastructure and AI-linked demand across commercial customers. Margin compression and higher debt keep it from being a wholesale reset of the story, but the filing materially strengthens the case that growth has reaccelerated beyond the prior baseline.

What to watch next

Q4 earnings report, early February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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CDW earnings beat as AI demand lifts Q3 sales, margins lag

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