CDW — what changed in the latest 10-Q
A section-by-section comparison of CDW's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-04 vs the prior 10-Q · 2026-08-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +13 | −9 | ~65 | 92 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-04
Three Months Ended September 30,Nine Months Ended September 30,
Three Months Ended September 30,Nine Months Ended September 30,
Operating income increased $46 million, or 10.4%, to $490 million for the three months ended September 30, 2026, compared to $443 million for the three months ended September 30, 2025.
Net sales increased $82 million, or 9.9%, primarily due to increased customer demand primarily in software and data storage and servers, partially offset by decreased customer demand in notebooks/mobile devices and netcomm products.
Operating income decreased $2 million, or 3.1%, primarily due to lower Gross profit dollars, partially offset by lower compensation expense, including performance-based incentives.
Text removed vs the prior filing · source: 10-Q · 2026-08-05
Operating income increased $8 million, or 2.0%, to $429 million for the three months ended June 30, 2026, compared to $420 million for the three months ended June 30, 2025.
Net sales increased $101 million, or 13.6%, primarily due to increased customer demand primarily in netcomm products, data storage and servers, and software.
Operating income increased $9 million, or 17.5%, primarily due to lower compensation expense, including performance-based incentives, which more than offset the impact of lower Gross profit dollars.
Gross profit dollars increased $11 million, or 7.9%, primarily due to higher Gross profit margin and Net sales. Gross profit margin increased 110 basis points, to 16.4%, which is attributed to a higher margin in certain product categories and a higher contribution of netted down revenue.
(1)There were 64 selling days for both the three months ended June 30, 2026 and 2025. There were 127 selling days for both the six months ended June 30, 2026 and 2025. Average daily sales is defined as Net sales divided by the number of selling days.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice