CDW Corporation

As a multi‑brand integrator, CDW’s core hardware and software resale has limited unilateral pricing power and must remain competitive. However, services, managed offerings and cloud marketplace solutions carry higher rates and better control over pricing.

Gross margin has been steady in the 21–22% zone with quarterly variations driven by mix; in Q3 2025 gross margin was 21.9% helped by services and netted‑down cloud revenues. We see latent pricing power mainly in services as the mix grows, but we do not assume outsized rate expansion.