CDW Corp shares plunged 25.53% intraday on Wednesday, as the IT solutions provider's second-quarter results revealed a sharp margin contraction that overshadowed better-than-expected revenue and earnings, while an unexpected leadership transition added to the selling pressure.

The company reported net sales of $6.57 billion, topping analyst estimates of $6.21 billion, and adjusted earnings per share of $2.91, above the consensus of $2.80. However, gross profit margin came in at 20.1%, missing Wall Street's forecast of 21.2%, as a sales mix shift toward lower-margin hardware products such as data storage, servers, and mobile devices weighed on profitability. GAAP operating income grew just 2.0%, and operating margin narrowed to 6.5% from 7.0% a year earlier, raising concerns about the sustainability of earnings growth.

Compounding the negative sentiment, CDW announced that Chief Financial Officer Albert J. Miralles plans to retire in 2027. A search for his successor is underway, and Miralles will stay on until a replacement is named and then serve in an advisory role. The departure of a long-tenured CFO, combined with the margin erosion, triggered a sharp sell-off that erased roughly a quarter of the company's market value in a single session.