PC Connection (CNXN) financial statements
PC Connection reported revenue of $2.9B in fiscal 2025, up 0.7% a year over 9 years.
Net income was $84M and the operating margin 3.5%, against 3.0% in 2016.
Free cash flow was $58M, and the company returned $15M in dividends and $76M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PC Connection's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $371M | $382M | $411M | $451M | $419M | $465M | $526M | $512M | $520M | $539M |
| Selling, general and admin | $287M | $301M | $324M | $339M | $346M | $368M | $406M | $406M | $422M | $434M |
| Operating income | $81M | $78M | $86M | $112M | $72M | $97M | $121M | $103M | $97M | $99M |
| Interest expense | — | — | $145,000 | $107,000 | $107,000 | — | — | — | — | — |
| Pre-tax income | $80M | $78M | $89M | $113M | $73M | $97M | $122M | $113M | $117M | $114M |
| Income tax | $32M | $23M | $24M | $31M | $17M | $27M | $32M | $30M | $30M | $30M |
| Net income | $48M | $55M | $65M | $82M | $56M | $70M | $89M | $83M | $87M | $84M |
| EPS (diluted) | $1.80 | $2.04 | $2.41 | $3.10 | $2.12 | $2.65 | $3.37 | $3.15 | $3.29 | $3.27 |
| Diluted shares | 27M | 27M | 27M | 27M | 26M | 26M | 26M | 26M | 27M | 26M |
| Gross margin | 13.8% | 13.1% | 15.2% | 16.0% | 16.2% | 16.1% | 16.8% | 18.0% | 18.6% | 18.8% |
| Operating margin | 3.0% | 2.7% | 3.2% | 4.0% | 2.8% | 3.3% | 3.9% | 3.6% | 3.5% | 3.5% |
| Net margin | 1.8% | 1.9% | 2.4% | 2.9% | 2.2% | 2.4% | 2.9% | 2.9% | 3.1% | 2.9% |
Balance sheet
Fiscal years, from PC Connection's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $49M | $50M | $92M | $90M | $96M | $108M | $123M | $297M | $443M | $407M |
| Receivables | $412M | $450M | $448M | $550M | $611M | $608M | $610M | $607M | $611M | $648M |
| Inventory | $91M | $107M | $119M | $125M | $141M | $207M | $209M | $124M | $95M | $144M |
| Total current assets | $559M | $616M | $669M | $776M | $859M | $932M | $954M | $1.0B | $1.2B | $1.2B |
| Property, plant and equipment | $39M | $41M | $52M | $64M | $62M | $61M | $59M | $57M | $53M | $47M |
| Goodwill | $74M | $74M | $74M | $74M | $74M | $74M | $74M | $74M | $74M | $74M |
| Total assets | $686M | $748M | $805M | $937M | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B |
| Total current liabilities | $230M | $248M | $260M | $309M | $342M | $375M | $311M | $328M | $371M | $420M |
| Total liabilities | $253M | $266M | $279M | $340M | $379M | $401M | $334M | $348M | $388M | $441M |
| Shareholders' equity | $433M | $482M | $526M | $597M | $636M | $682M | $766M | $841M | $911M | $910M |
| Net debt | -$49M | -$50M | -$92M | -$90M | -$96M | -$108M | -$123M | -$145M | -$178M | -$193M |
Cash flow
Fiscal years, from PC Connection's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $34M | $19M | $87M | $37M | $36M | $58M | $35M | $198M | $174M | $65M |
| Capital spending | $12M | $12M | $21M | $26M | $11M | $10M | $9M | $10M | $8M | $7M |
| Free cash flow | $22M | $8M | $66M | $11M | $25M | $47M | $26M | $188M | $166M | $58M |
| Stock-based compensation | $1M | $741,000 | $1M | $2M | $3M | $4M | $6M | $7M | $8M | $9M |
| Dividends paid | $11M | $9M | $9M | $8M | $8M | $35M | $9M | $8M | $11M | $15M |
| Share buybacks (net) | — | — | -$15M | -$4M | -$10M | — | — | -$5M | -$12M | -$76M |
| Free cash flow margin | 0.8% | 0.3% | 2.4% | 0.4% | 1.0% | 1.6% | 0.8% | 6.6% | 5.9% | 2.0% |
| Dividends per share | $0.40 | $0.34 | $0.34 | $0.32 | $0.32 | $1.31 | $0.34 | $0.32 | $0.40 | $0.60 |
Questions
What was PC Connection's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does PC Connection generate?
$58M in fiscal 2025 (operating cash flow minus capital spending).
From PC Connection's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.