PC Connection, Inc. (CNXN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.04	$1.31	+26.0%	—	—	—
Q3 26	$0.62	$0.77	+24.2%	—	—	—
Q2 26	$0.86	$0.91	+5.8%	—	—	—
Q1 26	$1	$0.97	-3.0%	—	—	—
Q4 25	$0.91	$0.97	+6.6%	—	—	—
Q3 25	$0.42	$0.6	+42.9%	—	—	—
Q2 25	$0.9	$0.78	-13.3%	—	—	—
Q1 25	$1	$0.97	-3.0%	—	—	—
Q4 24	$0.83	$1	+20.5%	—	—	—
Q3 24	$0.64	$0.5	-21.9%	—	—	—
Q2 24	$0.88	$0.9	+2.3%	—	—	—
Q1 24	$0.81	$0.97	+19.8%	—	—	—
Q4 23	$0.69	$0.75	+8.7%	—	—	—
Q3 23	$0.65	$0.54	-16.9%	—	—	—
Q2 23	$0.74	$0.71	-4.1%	—	—	—
Q1 23	$0.83	$0.88	+6.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.28	—	—	$2.9B	—
FY24	—	$3.31	—	—	$2.8B	—
FY23	—	$3.17	—	—	$2.9B	—
FY22	—	$3.4	—	—	$3.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.7B	$2.9B	$2.7B	$2.8B	$2.6B	$2.9B	$3.1B	$2.9B	$2.8B	$2.9B
YoY change	+4.61%	+8.14%	-7.29%	+4.47%	-8.15%	+11.7%	+8.03%	-8.78%	-1.7%	+2.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.7B	2.9B	2.7B	2.8B	2.6B	2.9B	3.1B	2.9B	2.8B	2.9B
Cost of revenue	2.3B	2.5B	2.3B	2.4B	2.2B	2.4B	2.6B	2.3B	2.3B	2.3B
Gross profit	371.2M	382.1M	411.1M	451.3M	418.8M	464.6M	526.2M	511.7M	519.8M	539.3M
Gross margin	13.8%	13.1%	15.2%	16%	16.2%	16.1%	16.8%	18%	18.6%	18.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	262.7M	300.9M	324.4M	338.6M	345.7M	347.6M	385M	385M	401.7M	408.7M
Operating expenses	276.7M	315.9M	341.3M	338.6M	345.7M	355.9M	393.6M	393.2M	409.3M	416.2M
Operating income	84M	81.2M	86.7M	112.7M	73.1M	96.5M	120.6M	105.8M	97.5M	111.4M
Operating margin	3.12%	2.79%	3.21%	4%	2.82%	3.34%	3.86%	3.71%	3.48%	3.88%
Non-operating income, net	-3.5M	-3.5M	-967K	4K	130K	5K	1.1M	7.3M	1.3M	-5.9M
Pretax income	80.5M	77.6M	88.7M	112.7M	73.2M	96.5M	121.6M	113.1M	117.5M	113.7M
Income tax	32.3M	22.8M	24.1M	30.6M	17.4M	26.6M	32.4M	29.8M	30.4M	30M
Net income	48.1M	54.9M	64.6M	82.1M	55.8M	69.9M	89.2M	83.3M	87.1M	83.7M
Net margin	1.79%	1.88%	2.39%	2.91%	2.15%	2.42%	2.86%	2.92%	3.11%	2.91%
EBITDA	97.9M	96.6M	103.8M	126.7M	87.7M	108.7M	132.6M	121.2M	110.9M	129.1M
EPS	1.81	2.05	2.42	3.12	2.13	2.67	3.4	3.17	3.31	3.28
Diluted EPS	1.8	2.04	2.41	3.1	2.12	2.65	3.37	3.15	3.29	3.27

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	693.1M	696.5M	632M	736.5M	724.7M	708.9M	701M	759.7M	709.1M	702.9M	721.9M	854M
Cost of revenue	561.2M	566.7M	514M	599.9M	589.3M	579.1M	573.7M	621.9M	570.4M	567.3M	589.1M	696.5M
Gross profit	131.9M	129.8M	118.1M	136.5M	135.4M	129.8M	127.3M	137.8M	138.6M	135.6M	132.7M	157.5M
Gross margin	19%	18.6%	18.7%	18.5%	18.7%	18.3%	18.2%	18.1%	19.6%	19.3%	18.4%	18.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	94.5M	96.6M	99.5M	100.1M	100.2M	101.9M	103.6M	100.5M	101.9M	102.8M	103.3M	108.3M
Operating expenses	96.5M	98.6M	101.3M	102M	102.1M	103.9M	105.4M	102.4M	103.8M	104.7M	105.3M	110.2M
Operating income	32.1M	28M	13.5M	31.3M	30M	22.7M	18.8M	32.5M	31.9M	28.1M	24.6M	44.6M
Operating margin	4.63%	4.02%	2.13%	4.25%	4.14%	3.2%	2.68%	4.27%	4.51%	4%	3.41%	5.22%
Non-operating income, net	-44K	4.1M	—	-415K	1.7M	0	-2.9M	—	—	-3.1M	-3.1M	—
Pretax income	34.7M	32.1M	18M	35.6M	36.6M	27.3M	18.5M	34.1M	34M	27.2M	23.6M	45.5M
Income tax	9.1M	8.3M	4.9M	9.4M	9.5M	6.6M	5M	9.3M	9.2M	6.5M	6.4M	12.4M
Net income	25.6M	23.8M	13.2M	26.2M	27.1M	20.7M	13.5M	24.8M	24.7M	20.7M	17.2M	33.2M
Net margin	3.69%	3.41%	2.08%	3.55%	3.73%	2.92%	1.92%	3.26%	3.49%	2.95%	2.39%	3.88%
EBITDA	35.4M	31.2M	16.8M	35M	33.3M	25.9M	24.8M	35.4M	34.8M	34M	30.5M	47.3M
EPS	0.97	0.9	0.5	0.99	1.03	0.79	0.52	0.98	0.98	0.82	0.68	1.31
Diluted EPS	0.97	0.9	0.5	0.99	1.02	0.78	0.51	0.97	0.97	0.82	0.68	1.31

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	745.2M	701.7M	794.3M	1.3B	1.2B	1.1B	1.2B	1.8B	1.8B	1.5B	2.3B
Enterprise value	696M	651.7M	702.6M	1.2B	1.2B	1B	1.1B	1.5B	1.4B	1.1B	1.9B
Shares outstanding	26.5M	26.8M	26.7M	26.3M	26.2M	26.2M	26.3M	26.3M	26.3M	25.5M	25.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.5	12.8	12.3	15.9	22.2	16.2	13.8	21.2	20.9	17.6	23.5
P/S	0.28	0.24	0.29	0.46	0.48	0.39	0.39	0.62	0.65	0.51	0.75
P/B	1.72	1.45	1.51	2.19	1.94	1.66	1.61	2.1	2	1.62	2.36
EV/EBITDA	7.11	6.74	6.77	9.73	13.2	9.49	8.43	12.2	12.5	8.27	14.3
EV/Sales	0.26	0.22	0.26	0.44	0.45	0.36	0.36	0.52	0.49	0.37	0.64
Earnings yield	6.46%	7.82%	8.13%	6.28%	4.51%	6.19%	7.24%	4.71%	4.78%	5.68%	4.25%
FCF yield	2.91%	1.07%	8.26%	0.84%	2.03%	4.2%	2.09%	10.7%	9.12%	3.94%	0.53%
PEG	—	—	—	—	—	—	—	—	—	—	0.7

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	13.8%	13.1%	15.2%	16%	16.2%	16.1%	16.8%	18%	18.6%	18.8%	18.4%
Operating margin	3.12%	2.79%	3.21%	4%	2.82%	3.34%	3.86%	3.71%	3.48%	3.88%	5.04%
Net margin	1.79%	1.88%	2.39%	2.91%	2.15%	2.42%	2.86%	2.92%	3.11%	2.91%	3.21%
ROE	11.1%	11.4%	12.3%	13.7%	8.76%	10.2%	11.6%	9.9%	9.56%	9.2%	10.4%
ROA	7.01%	7.34%	8.02%	8.76%	5.49%	6.45%	8.11%	7.01%	6.7%	6.2%	5.71%
ROIC	13.1%	13.3%	14.5%	15.7%	10%	12%	13.6%	14.2%	15.3%	16.2%	15.4%
Return on tangible assets	9.36%	9.48%	10.1%	10.6%	6.53%	7.56%	9.46%	8.05%	7.59%	6.97%	7.49%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.43	2.48	2.58	2.51	2.51	2.49	3.07	3.2	3.14	2.9	2.88
Quick ratio	2.04	2.05	2.12	2.11	2.1	1.94	2.4	2.82	2.89	2.56	2.42
Debt / equity	—	—	0	0.02	0.02	0.01	0.01	0.01	0	0	0.01
Debt / assets	—	—	0	0.02	0.01	0.01	0.01	0	0	0	0
Net debt / EBITDA	—	—	-0.88	-0.6	-0.94	-0.9	-0.87	-2.41	-3.96	-3.14	-2.28
Interest coverage	1.3K	—	612.5	1.1K	682.9	—	—	—	—	—	—
Effective tax rate	40.2%	29.3%	27.1%	27.1%	23.8%	27.6%	26.7%	26.4%	25.9%	26.4%	26.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	101.5	108.8	101	107.1	99	110.4	118.9	108.4	106.5	112.6	118.3
EPS (basic)	1.81	2.05	2.42	3.12	2.13	2.67	3.4	3.17	3.31	3.28	3.28
EPS (diluted)	1.8	2.04	2.41	3.1	2.12	2.65	3.37	3.15	3.29	3.27	3.78
Book value per share	16.3	18	19.7	22.7	24.3	26.1	29.2	32	34.6	35.7	37.7
FCF per share	0.82	0.28	2.46	0.42	0.96	1.81	0.98	7.17	6.32	2.28	1.34
Cash per share	1.85	1.87	3.43	3.42	3.66	4.13	4.68	11.3	16.8	15.9	13.5
Capex per share	0.45	0.44	0.79	0.97	0.42	0.39	0.35	0.37	0.29	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.44%	0.41%	0.79%	0.91%	0.43%	0.35%	0.29%	0.34%	0.27%	—	—
Capex / operating cash flow	31.7%	78%	25.5%	90.5%	52%	29%	18.8%	4.41%	4.52%	—	—
Payout ratio	22%	16.5%	14.1%	10.3%	15.1%	49.5%	10%	10.1%	12.1%	18.3%	18.5%
Dividend yield	1.42%	1.29%	1.15%	0.65%	0.68%	3.06%	0.73%	0.48%	0.58%	1.04%	0.89%

Yield

0.89%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Aug 11, 2026

Payout ratio

19%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 11, 2026	$0.20
May 12, 2026	$0.20
Feb 17, 2026	$0.20
Nov 10, 2025	$0.15
Aug 12, 2025	$0.15
May 13, 2025	$0.15
Feb 25, 2025	$0.15
Nov 12, 2024	$0.10

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$693.1M	$696.5M	$632M	$736.5M	$724.7M	$708.9M	$701M	$759.7M	$709.1M	$702.9M	$721.9M	$854M
YoY change	-10.6%	-4.91%	-13.1%	+0.4%	+4.56%	+1.78%	+10.9%	+3.15%	-2.16%	-0.84%	+2.97%	+12.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	49.2M	50M	91.7M	90.1M	95.7M	108.3M	122.9M	297.2M	442.6M	406.7M
Receivables	384.7M	398.5M	401.5M	498.7M	553.8M	569M	561.9M	556.5M	557.9M	590.2M
Inventory	90.5M	106.8M	119.2M	124.7M	140.9M	206.6M	208.7M	124.2M	95.1M	143.6M
Total current assets	559.2M	616.1M	669.2M	776.4M	859M	932.4M	953.8M	1B	1.2B	1.2B
Property, plant & equipment	39.4M	41.5M	51.8M	78.1M	74.4M	70.6M	66.7M	61M	55.6M	48.5M
Goodwill & intangibles	172.4M	169.3M	166.3M	163.8M	161.4M	158.9M	156.5M	154.1M	151.6M	149.2M
Total assets	686.1M	747.9M	805.4M	937.3M	1B	1.1B	1.1B	1.2B	1.3B	1.4B
Accounts payable	177.9M	194.3M	201.6M	235.6M	266.8M	281.8M	232.6M	263.7M	300.2M	338.2M
Short-term debt	—	—	—	4.3M	3.9M	3.4M	3.2M	1.7M	1.8M	1.3M
Total current liabilities	230.3M	248M	259.8M	308.9M	342.3M	374.6M	310.5M	328M	371.2M	420.4M
Long-term debt	—	—	0	10.3M	9.6M	6.8M	5M	3.2M	1.6M	498K
Total liabilities	252.7M	265.6M	279.5M	340M	379M	400.9M	333.7M	347.6M	388.4M	440.8M
Shareholders' equity	433.4M	482.3M	525.9M	597.3M	636.3M	682.5M	766.2M	840.8M	911M	910.1M
Total debt	—	—	0	14.6M	13.6M	10.2M	8.2M	4.9M	3.4M	1.8M
Net debt	—	—	-91.7M	-75.4M	-82.1M	-98.1M	-114.8M	-140M	-175M	-191.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	289.4M	297.2M	352M	385.8M	429.1M	442.6M	340.3M	346.1M	399.2M	406.7M	411.4M	340.7M
Receivables	587.6M	556.5M	527.3M	598.8M	585.1M	557.9M	604M	637M	616.7M	590.2M	661.5M	726.8M
Inventory	142.2M	124.2M	123.9M	136.6M	113.7M	95.1M	151.8M	133.5M	135M	143.6M	194.3M	205.1M
Total current assets	1B	1B	1B	1.1B	1.2B	1.2B	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B
Property, plant & equipment	62.6M	61M	59.5M	58.3M	56.7M	55.6M	54.5M	50.5M	49.8M	48.5M	53.7M	53.1M
Goodwill & intangibles	154.7M	154.1M	153.5M	152.8M	152.2M	151.6M	151M	150.4M	149.8M	149.2M	148.6M	148.2M
Total assets	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.2B	1.3B	1.3B	1.4B	1.4B	1.4B
Accounts payable	264.5M	263.7M	218.8M	317.1M	293.2M	300.2M	273.5M	303.8M	312.8M	338.2M	396.5M	377.6M
Short-term debt	—	1.7M	—	—	—	1.8M	—	—	—	1.3M	—	—
Total current liabilities	340M	328M	289.8M	388.6M	367.5M	371.2M	353.9M	368.3M	384.1M	420.4M	477.2M	449.3M
Long-term debt	3.6M	3.2M	2.8M	2.5M	2M	1.6M	1.1M	634K	437K	498K	6.4M	6.7M
Total liabilities	362.3M	347.6M	308.4M	408.6M	388.4M	388.4M	370.5M	384.5M	402.8M	440.8M	503.3M	475M
Shareholders' equity	819.2M	840.8M	852.7M	874.9M	897.4M	911M	877M	884.8M	902.7M	910.1M	921.7M	952.6M
Total debt	3.6M	4.9M	2.8M	2.5M	2M	3.4M	1.1M	634K	437K	1.8M	6.4M	6.7M
Net debt	-236.9M	-140M	-144.8M	-125.7M	-165.5M	-175M	-181.4M	-186.1M	-187.4M	-191.4M	-189.8M	-117M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	48.1M	54.9M	64.6M	82.1M	55.8M	69.9M	89.2M	83.3M	87.1M	83.7M
Depreciation & amortization	10.5M	11.8M	14.1M	13.3M	13.6M	12.2M	12M	12.7M	13M	11.7M
Stock-based compensation	1M	741K	1.1M	1.9M	2.7M	4.2M	5.7M	7M	8.5M	9.3M
Change in working capital	-25.1M	-48.4M	2.1M	-71.9M	-48.1M	-51.8M	-57.3M	116.6M	59.7M	-53M
Operating cash flow	37.5M	15.1M	83.3M	28.3M	21.2M	35.3M	48.2M	217.4M	167.5M	65.4M
Capital expenditure	-11.9M	-11.8M	-21.2M	-25.7M	-11M	-10.2M	-9.1M	-9.6M	-7.6M	—
Investing cash flow	-54.9M	-11.8M	-21.2M	-25.7M	-11M	-8.7M	-9.1M	-160.2M	-115.3M	50.2M
Dividends paid	-10.6M	-9M	-9.1M	-8.5M	-8.4M	-34.6M	-8.9M	-8.4M	-10.5M	-15.3M
Share repurchases	0	0	-15.4M	-4.5M	-10.2M	0	0	-5.4M	-12.4M	-76.3M
Financing cash flow	-10.8M	-9.7M	-26M	-13.8M	-20M	-36.4M	-47.7M	-105M	-52.4M	-95.3M
Net change in cash	-28.2M	-6.3M	36.1M	-11.2M	-9.8M	-9.8M	-8.5M	-47.8M	-206K	20.3M
Free cash flow	21.7M	7.5M	65.6M	10.9M	25.1M	47.5M	25.8M	188.4M	166.3M	58M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	25.6M	23.8M	13.2M	26.2M	27.1M	20.7M	13.5M	24.8M	24.7M	20.7M	17.2M	33.2M
Depreciation & amortization	3.3M	3.2M	3.3M	3.3M	3.3M	3.2M	3.1M	2.9M	2.9M	2.9M	2.8M	2.7M
Stock-based compensation	1.8M	1.6M	1.9M	2.2M	2M	2.3M	2.2M	2.5M	2.4M	2.2M	2.6M	2.7M
Change in working capital	9.1M	-2.6M	34.7M	14M	12.3M	-1.4M	-76.6M	13.2M	25M	-14.6M	-5.8M	-96.4M
Operating cash flow	39.8M	26M	53.1M	45.7M	45.4M	21.6M	-57.8M	26.3M	64.1M	27.4M	14.3M	-63.8M
Capital expenditure	-2.5M	-2.2M	-1.6M	-1.8M	-1.8M	-2.4M	-1.7M	—	—	—	—	—
Investing cash flow	-51.2M	-104.1M	-51.6M	-51.8M	-6.3M	-5.6M	104.7M	0	-51.9M	-4.3M	-1.1M	-1.4M
Dividends paid	-2.1M	-2.1M	-2.6M	-2.6M	-2.6M	-2.6M	-3.9M	-3.8M	-3.8M	-3.8M	-5M	-5M
Share repurchases	0	0	-186K	-3.4M	-4.1M	-4.6M	-43.7M	-16.7M	-5.1M	-10.7M	-2.5M	0
Financing cash flow	-5.5M	-21.6M	-11.4M	-8.7M	-22M	-10.3M	-48.9M	-21M	-9.3M	-16.2M	-8.2M	-6M
Net change in cash	-16.9M	-99.7M	-9.9M	-14.8M	17.2M	5.7M	-2M	5.3M	3M	6.9M	5M	-71.2M
Free cash flow	47.7M	10M	55.7M	36.6M	51.2M	22.9M	-54.1M	24.6M	62.3M	25.2M	12.3M	-65.7M

PC Connection, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement