CDW (NasdaqGS:CDW) Q4 2025 Earnings call February 04, 2026 08:30 AM ET Company ParticipantsAdam Tindle - Managing DirectorAl Miralles - CFOAmit Daryanani - Senior Managing Director of Equity ResearchChris Leahy - CEOErik Woodring - Managing Director of Equity ResearchRuplu Bhattacharya - DirectorSteven O'Brien - Head of Investor RelationsConference Call ParticipantsDavid Vogt - AnalystKeith Housum - Senior Research Analyst of Business ServicesOperatorHello, everyone, and thank you for joining the CDW fourth ...

Core Insights - TD SYNNEX reported record results for fiscal 2025, with non-GAAP gross billings of $24.3 billion, reflecting a 15% year-over-year increase, and non-GAAP diluted EPS of $3.83, up 24% year over year [3][6][4] Financial Performance - The distribution business, excluding Hyve, showed a 10% year-over-year increase in gross billings, with double-digit growth in both gross profit and operating income [2][6] - Hyve achieved over 50% year-over-year growth in gross billings, contributing significantly to the overall performance [2][6] - Free cash flow for the quarter was $1.4 billion, with a total of $1.4 billion for the fiscal year, exceeding expectations [16][6] Regional Trends - North America experienced steady growth driven by demand across key customer segments and increased security requirements [7] - Europe outperformed expectations, with growth attributed to infrastructure software and PC upgrades despite a challenging macroeconomic environment [7][8] - The Asia-Pacific and Japan region remained a key growth engine, supported by rapid cloud expansion and AI development [8] Strategic Priorities - For fiscal 2026, the company emphasized investments in omnichannel/AI tools and specialized go-to-market efforts, alongside scaling Hyve [5][21] - Q1 fiscal 2026 guidance anticipates non-GAAP gross billings of $22.7 billion to $23.7 billion, indicating about 12% growth at the midpoint [20][5] Portfolio Performance - Endpoint Solutions saw a 12% year-over-year increase in gross billings, driven by sustained demand for PCs linked to the Windows 11 refresh [19] - Advanced Solutions reported a 17% year-over-year increase in gross billings, with growth in Cloud, Security, and Software [19] Shareholder Returns - The company returned $742 million to shareholders in FY25, including $173 million in Q4 repurchases [16][6] - A quarterly cash dividend of $0.48 per share was approved, payable on January 30, 2026 [22]