CDW Corporation（CDW）今日盘前股价大幅下挫25.32%，引发市场广泛关注。
消息面上，公司于盘前公布了2026财年第二季度财报。数据显示，调整后每股收益为2.91美元，超出市场预期的2.80美元，同比增长11.92%；营收达65.72亿美元，同样超出预期的62.06亿美元。尽管营收与利润双双超出市场预期，股价却出现剧烈下跌，反映出投资者对利润率走弱和未来盈利可持续性的深层担忧。
财报细节显示，公司当季营收增长10%主要受数据存储、服务器及移动设备等硬件需求推动，但此类产品毛利率较低，导致整体毛利率从上年同期的20.8%下滑至20.1%。与此同时，销售及管理费用同比增长8.6%，进一步压缩了利润空间。GAAP营业利润仅增长2.0%，营业利润率从7.0%降至6.5%，净利润增幅更是仅为1.2%。产品组合向低毛利硬件倾斜、费用增速偏高以及利息支出增加等因素，令市场对公司盈利质量产生疑虑，成为盘前股价重挫的主要原因。
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