Analyst Consensus ?
ConsensusBuy18 ratings
Bullish1372.2%
Neutral527.8%
Bearish00.0%
CDW Corporation · CDW · FY2026 Q2 · Calendar Q3 2026
CDW raises outlook as AI infrastructure demand drives a strong Q2
The quarter provides evidence supporting a constructive one-year operating thesis for CDW: AI infrastructure, cloud, security, and related services are driving demand, while operating leverage and inventory normalization may improve profitability and cash conversion. The main counterweights are mix, pricing, supply-chain, and macro risks.
Reported Before market openNASDAQTechnology
$18.70B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.91
Consensus $2.80
EPS surprise
+3.9%
Reported versus consensus
Reported revenue
$6.57B
Consensus $6.21B
Revenue surprise
+5.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-9.0%
Event window
SPY move
-0.2%
Same window
Abnormal move
-8.8%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
+6.1%
Up to 20 sessions
CDWSPY benchmark
Ask FN2 about CDW FY2026 Q2
Transcript, numbers and history already loaded
Why did CDW fall 9.0% after beating EPS estimates in FY2026 Q2?What changed in CDW's guidance and outlook in FY2026 Q2?Give me the bull and bear case for CDW after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management moved from maintained to raised guidance. The current analysis adds record Q2 sales and EPS, improving operating leverage, inventory normalization, broader AI services activity, and a planned 2027 CFO transition.
Guidance delta
Management raised the full-year outlook, with mid-single-digit gross profit growth and high-single-digit EPS growth expected.
Key takeaways
- Q2 results beat expectations, with record sales and EPS supported by AI infrastructure, cloud, and security demand.
- Management raised the full-year outlook and pointed to improving operating leverage as Geared for Growth savings begin to contribute.
- Inventory is normalizing, which management expects to support free-cash-flow conversion in the back half of 2026.
- Services and security are positioned as follow-on growth areas as customers progress through AI adoption.
- The CFO retirement transition is planned for 2027.
Management priorities
- Scale the AI 360 Framework for additional state and local government customers.
- Expand AI-related consulting and security services, including the Claude Mythos program.
- Continue rolling out AI-powered internal tools such as CDW Assist Super Agent.
- Maintain dividend growth and share repurchases while pursuing strategic M&A opportunities.
- Normalize inventory and improve free-cash-flow conversion.
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Beat
Miss
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Analyst 52W Price Targets
$147.43Current
$130Low
$183.67Average
$270High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 8, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | May 27, 2026 |
| UBS | Buy | Buy | Maintain | May 7, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 7, 2026 |
| Raymond James | Strong Buy | Outperform | Upgrade | Nov 25, 2025 |
| Stifel | Buy | Buy | Maintain | Jul 17, 2024 |
| Northcoast Research | Buy | Neutral | Upgrade | Jun 7, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | May 4, 2023 |
| B of A Securities | Neutral | Buy | Downgrade | Apr 19, 2023 |
| CFRA | Hold | Hold | Maintain | May 7, 2020 |
| Bank of America | Buy | Buy | Maintain | Jul 30, 2019 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Apr 17, 2019 |
| Baird | Outperform | Neutral | Upgrade | May 9, 2017 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 4, 2016 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 1, 2015 |
| RBC Capital | Outperform | Outperform | Maintain | May 8, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $147.43. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $150 | $152.38 | +1.7% | Sep 8, 2026 |
| Morgan Stanley | Erik Woodring | $171 | $140.89 | +16.0% | Aug 6, 2026 |
| Morgan Stanley | Erik Woodring | $170 | $123.57 | +15.3% | Jun 23, 2026 |
| RBC Capital | Analyst unavailable | $130 | $108.59 | -11.8% | May 27, 2026 |
| UBS | Analyst unavailable | $147 | $113.08 | -0.3% | May 7, 2026 |
| Barclays | Analyst unavailable | $123 | $109 | -16.6% | May 7, 2026 |
| Raymond James | Analyst unavailable | $150 | $111.17 | +1.7% | May 6, 2026 |
| UBS | Analyst unavailable | $162 | $138.08 | +9.9% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $144 | $138.08 | -2.3% | Feb 5, 2026 |
| Evercore ISI | Analyst unavailable | $180 | $127.51 | +22.1% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $141 | $131.75 | -4.4% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $177 | $145.02 | +20.1% | Dec 17, 2025 |
| Raymond James | Adam Tindle | $185 | $141.92 | +25.5% | Nov 25, 2025 |
| UBS | Analyst unavailable | $190 | $142.21 | +28.9% | Nov 5, 2025 |
| Barclays | Analyst unavailable | $148 | $141.66 | +0.4% | Nov 5, 2025 |
| Citigroup | Asiya Merchant | $245 | $226.3 | +66.2% | Oct 1, 2024 |
| Northcoast Research | Keith Housum | $270 | $224.24 | +83.1% | Jun 7, 2024 |
| J.P. Morgan | Analyst unavailable | $225 | $178.46 | +52.6% | Dec 20, 2022 |
| Stifel Nicolaus | Matthew Sheerin | $210 | $171.68 | +42.4% | Apr 18, 2022 |
| Morgan Stanley | Erik Woodring | $214 | $178.83 | +45.2% | Apr 4, 2022 |
Track every rating change on CDW the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCDW Corporation specializes in delivering comprehensive information technology services and products across North America and the United Kingdom. It strategically targets three core client divisions: corporate enterprises, small to medium-sized businesses, and public sector organizations. Their portfolio encompasses both individual hardware and software offerings, alongside sophisticated integrated IT solution packages. These comprehensive solutions span on-premise, hybrid, and cloud environments, addressing critical areas such as data center infrastructure, network management, digital workspace enablement, and robust security.…
Historical context
All CDW earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the CDW recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-05T17:08:49.908233+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-09-22T20:00:57.621447+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T20:00:57.618739+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-22. For educational purposes only; not investment advice.