Tech Hardware
Tech Hardware IT Channel
CDW's $22.4B still runs through Corporate and Public
Corporate was $9.44B and Public was $8.54B in 2025. Small Business grew fastest, up 13.3 percent, and is still the smallest US channel. CDW resells many brands. It does not make the hardware.
Inside CDW Public: education is still the largest slice
Education was $3.11B in 2025. Healthcare grew to $2.84B. Government was $2.59B. Public is one reportable segment with three printed channels.
CDW is the IT distributor we cover. It is not the largest.
TD SYNNEX printed $62.5B. Arrow printed $30.9B. CDW printed $22.4B. The larger distributors are shown for scale, the same way Lenovo appears on the PC vendor chart.
Gartner is a subscription research company with a conference annex
Insights was $5.07B, about 78 percent of 2025 revenue. Conferences and Consulting together are under $1.2B. Gartner sits here as the research and advisory firm IT buyers use.
Insights keeps compounding. Other keeps shrinking.
Insights rose from $4.52B in 2023 to $5.07B in 2025. Conferences grew. Consulting was roughly flat. Other, including Digital Markets, fell to $0.23B.
Gartner's subscription backlog ended 2025 at $5.16B
Global Insights contract value, in 2025 dollars, was $5.155B at year-end, up from $5.114B a year earlier. Contract value is annualized subscription value, not Insights revenue under standard accounting.
Verisign's registry grew 2.6 percent. Revenue grew 6.4 percent.
The .com and .net base ended 2025 at 173.5 million names. Revenue was $1.66B. Price and mix did more work than new registrations. Operating margin stayed near 68 percent.
The domain base turned back up and kept rising into 2026
The base fell to 169.0 million at year-end 2024, then recovered to 173.5 million at year-end 2025 and 179.1 million at June 30, 2026.