CDW Corp posted 6.8% revenue growth in 2025, driven by strong demand across hardware, software, and services in Corporate, Small Business, Public, and international segments [F1][S5][S23]. Despite modest gross margin compression due to pricing pressures in hardware categories like data storage and servers, operating income remained stable at $1.66 billion [F1][S13]. A strategic segment realignment effective in 2026 aims to enhance customer focus via Commercial, Government, and Education segments [S4][S7]. The company generated strong free cash flow of approximately $1.09 billion supported by controlled capex and robust operating cash flow [F1][S15]. Capital allocation prioritized shareholder returns with $653 million in share repurchases and steady dividends exceeding a 2% yield [F1][S20][S21]. Leverage remains elevated at $4.62 billion of long-term debt following refinancing with ample liquidity available under revolving credit facilities [S10][S18]. Risks include government budget constraints and evolving IT consumption models amidst competitive pressures from cloud and AI trends [S29][N1][N2].