Revenue Acceleration
CDW grew Q1 FY2026 revenue by 9.2% year-over-year to $5.68B (from $5.20B), indicating a meaningful rebound in IT spending demand across its customer segments.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
CDW delivered solid Q1 FY2026 revenue growth of 9.2% to $5.68B, driven by strong top-line momentum, though gross and operating margins compressed modestly as cost of revenue grew faster than sales.
营收
56.8亿美元
同比 +9.25%
每股收益（稀释）
1.82美元
同比 +7.69%
毛利率
21.0%
同比 -0.6 个百分点
营业利润
3.76亿美元
同比 +4.04%
SEC XBRL 原值
Cdw (CDW) Q1 FY2026 营收 56.8亿美元，同比增长 9.2%。 营业利润率 6.6%，较去年同期的 7.0% 收窄 0.4 个百分点。 经营活动现金流 2.75亿美元，同比下降 4.3%。 CDW 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.91 | 2.83 | 超预期 +2.9% |
| 2026年3月本次财报 | 2.28 | 2.31 | 不及预期 -1.2% |
| 2025年12月 | 2.57 | 2.47 | 超预期 +4.2% |
| 2025年9月 | 2.71 | 2.65 | 超预期 +2.4% |
2026年3月 调整后（非 GAAP） EPS 2.28美元，分析师一致预期 2.31美元，不及预期 -1.2%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 1.82美元。
由 AI 基于本次 SEC 报告整理
CDW grew Q1 FY2026 revenue by 9.2% year-over-year to $5.68B (from $5.20B), indicating a meaningful rebound in IT spending demand across its customer segments.
来源: 10-Q Income Statement
Gross margin declined approximately 63 basis points to 21.0% from 21.6%, as cost of revenue grew 10.1%—faster than the 9.2% revenue growth—suggesting pricing pressure or a shift toward lower-margin product mix.
来源: 10-Q Income Statement
SG&A expenses rose 7.0% year-over-year to $814.0M, though they grew more slowly than revenue, providing modest operating leverage; operating income grew 4.0% to $376.0M.
来源: 10-Q Income Statement
Current liabilities jumped 33.2% year-over-year to $7.70B, significantly outpacing the 17.2% growth in current assets to $8.97B, compressing the current ratio to 1.16 and warranting monitoring of near-term liquidity.
来源: 10-Q Balance Sheet
Long-term debt declined 17.6% year-over-year to $4.64B from $5.62B, reflecting meaningful deleveraging that strengthens CDW's long-term financial flexibility even as short-term obligations rose.
来源: 10-Q Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 1 中 4 低 0
CDW's gross margin fell from 21.6% to 21.0% as cost of revenue grew faster than net sales. If the company continues to shift toward lower-margin hardware or large enterprise deals, profitability could face sustained pressure even with strong top-line growth.
来源: 10-Q Income Statement
Current liabilities surged 33.2% to $7.70B while current assets grew only 17.2% to $8.97B, compressing the current ratio to 1.16. A continued deterioration in this ratio could signal near-term liquidity stress, particularly if working capital needs intensify.
来源: 10-Q Balance Sheet
Operating cash flow fell 4.3% year-over-year to $274.8M despite higher net income of $235.4M, suggesting working capital headwinds are absorbing cash generation. Sustained cash flow underperformance relative to earnings could limit capital allocation flexibility.
来源: 10-Q Cash Flow Statement
CDW repurchased $201.0M in shares in Q1 FY2026, nearly unchanged from $200.1M a year ago, while still carrying $4.64B in long-term debt. Aggressive capital returns alongside significant debt could constrain financial flexibility in a downturn.
来源: 10-Q Cash Flow Statement
Operating margin declined approximately 33 basis points to 6.62% from 6.95%, reflecting cost growth outpacing revenue gains. If SG&A and cost of revenue continue to expand faster than sales, CDW's profitability improvement story could stall.
来源: 10-Q Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 56.80 亿美元 | 51.99 亿美元 | +9.25% |
营业成本 亿美元 | 44.90 亿美元 | 40.77 亿美元 | +10.13% |
毛利润 亿美元 | 11.90 亿美元 | 11.22 亿美元 | +6.03% |
营业利润 亿美元 | 3.76 亿美元 | 3.61 亿美元 | +4.04% |
净利润 亿美元 | 2.35 亿美元 | 2.25 亿美元 | +4.67% |
每股收益（基本） 美元 | 1.82 美元 | 1.70 美元 | +7.06% |
每股收益（稀释） 美元 | 1.82 美元 | 1.69 美元 | +7.69% |
销售及管理费用 亿美元 | 8.14 亿美元 | 7.61 亿美元 | +6.98% |
答案基于本次 SEC 报告与本页数据