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北京时间·🕒 发布 19:12:46时区推断·⟳ 抓取 19:13:28·⚡ 决策 08-05 21:53:06 +2h39m·83.2 天前
CDW二季度收入和调整后EPS超预期但利润率下滑且开盘大跌
CDW二季度收入66亿美元、调整后EPS 2.91美元均高于预期，但GAAP净利润低于预期且毛利率同比下降70个基点。
📄 原文Wall St Engine@wallstengine↗ 原文
$CDW Q2’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $6.6B (Est. $6.21B) 🟢; +10% YoY 🔹 Adj. EPS: $2.91 (Est. $2.80) 🟢; +12% YoY 🔹…
不做 CDW（CDW.US）
查重命中13:46 UTC已处理的同一CDW二季报催化；本条为重复转述，不再开新交易或风险行。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-08-05 · 扩散 medium · price-in 风险 high ↗
关键理由
- CDW二季度收入66亿美元、调整后EPS 2.91美元均高于预期，但GAAP净利润低于预期且毛利率同比下降70个基点。
- 开盘后CDW.US已跌约14%，说明市场更重视利润率和盈利质量压力，而非单纯收入超预期。
- 查重命中13:46 UTC已处理的同一CDW二季报催化，本条属于重复转述，不再出新交易卡。
主要风险
- 若后续公司电话会给出明确上修指引或解释利润率下滑为一次性因素，当前负面定价可能被部分修复。
- 财报事件已进入盘中重定价阶段，单靠低开后跌幅不能作为反手做多依据。
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-05-20 · 影响 weakens
内部库命中此前观点称CDW收入增长改善但增长质量和利润率趋势仍令人担忧，削弱财报后追多逻辑。
检索:CDW recent risks margin pressure demand slowdown earnings downgrade 2026 原文 ↗
工具调用 · 历史记录,结果未知(3 种)
- search_processed_events · 结果未知
- stock_quote · 结果未知
- kb_search · 结果未知
原文全文
展开原文 · 861 字
$CDW Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $6.6B (Est. $6.21B) 🟢; +10% YoY
🔹 Adj. EPS: $2.91 (Est. $2.80) 🟢; +12% YoY
🔹 Net Income: $274.4M (Est. $360M) 🔴; +1% YoY
Segment Net Revenue:
🔹 Commercial: $4.0B; +9.2% YoY
🔹 Government: $848M; +13.6% YoY
🔹 Education: $933M; +0.7% YoY
🔹 Other: $826M; +22.9% YoY
Other Q2 Metrics:
🔹 Constant-Currency Net Sales Growth: +9.9%
🔹 Non-GAAP Operating Income: $556M; +7% YoY
🔹 Gross Profit Margin: 20.1%; -70 bps YoY
Comments:
🔸 “Strong demand for infrastructure solutions, combined with disciplined execution and expense management, drove solid gross profit growth, operating income expansion and double-digit earnings per share growth in the quarter.”
🔸 “Supported by these strengths, we remain confident in our ability to exceed US IT addressable market growth by 200 to 300 basis points on a constant currency basis.”
🔹 Revenue: $6.6B (Est. $6.21B) 🟢; +10% YoY
🔹 Adj. EPS: $2.91 (Est. $2.80) 🟢; +12% YoY
🔹 Net Income: $274.4M (Est. $360M) 🔴; +1% YoY
Segment Net Revenue:
🔹 Commercial: $4.0B; +9.2% YoY
🔹 Government: $848M; +13.6% YoY
🔹 Education: $933M; +0.7% YoY
🔹 Other: $826M; +22.9% YoY
Other Q2 Metrics:
🔹 Constant-Currency Net Sales Growth: +9.9%
🔹 Non-GAAP Operating Income: $556M; +7% YoY
🔹 Gross Profit Margin: 20.1%; -70 bps YoY
Comments:
🔸 “Strong demand for infrastructure solutions, combined with disciplined execution and expense management, drove solid gross profit growth, operating income expansion and double-digit earnings per share growth in the quarter.”
🔸 “Supported by these strengths, we remain confident in our ability to exceed US IT addressable market growth by 200 to 300 basis points on a constant currency basis.”
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