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Electronics & computer distribution · Technology · Fiscal year ends Dec 31
PC Connection reported revenue of $2.9B in the fiscal year ended Dec 2025, up 2.5% from the year before. Operating income was $99M, an operating margin of 3.5%, and net income was $84M. Operating cash flow of $65M less capital expenditure of $7M left free cash flow of $58M.
Ranks among the 7 electronics & computer distribution companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,893 | 3,125 | 2,851 | 2,802 | 2,873 |
| Cost of revenue | 2,428 | 2,599 | 2,339 | 2,282 | 2,333 |
| Gross profit | 465 | 526 | 512 | 520 | 539 |
| Selling, general & admin | 368 | 406 | 406 | 422 | 434 |
| Operating income | 96.5 | 121 | 103 | 97.1 | 99.3 |
| Pre-tax income | 96.5 | 122 | 113 | 117 | 114 |
| Income tax | 26.6 | 32.4 | 29.8 | 30.4 | 30.0 |
| Net income | 69.9 | 89.2 | 83.3 | 87.1 | 83.7 |
| Diluted EPS | 2.65 | 3.37 | 3.15 | 3.29 | 3.27 |
| Diluted shares | 26.4 | 26.4 | 26.4 | 26.5 | 25.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 108 | 123 | 145 | 178 | 193 |
| Receivables | 608 | 610 | 607 | 611 | 648 |
| Inventory | 207 | 209 | 124 | 95.1 | 144 |
| Current assets | 932 | 954 | 1,049 | 1,167 | 1,221 |
| Net PP&E | 61.0 | 59.2 | 56.7 | 52.5 | 46.9 |
| Goodwill | 73.6 | 73.6 | 73.6 | 73.6 | 73.6 |
| Total assets | 1,083 | 1,100 | 1,188 | 1,299 | 1,351 |
| Payables | 282 | 233 | 264 | 300 | 338 |
| Deferred revenue | 8.6 | 4.3 | 4.2 | 10.3 | 8.8 |
| Current liabilities | 375 | 311 | 328 | 371 | 420 |
| Total liabilities | 401 | 334 | 348 | 388 | 441 |
| Shareholders' equity | 682 | 766 | 841 | 911 | 910 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 57.8 | 34.9 | 198 | 174 | 65.4 |
| Capital expenditure | – | – | 9.6 | 7.6 | 7.4 |
| Free cash flow | – | – | 188 | 166 | 58.0 |
| Depreciation & amortisation | 11.0 | 10.8 | 11.4 | 11.8 | 10.5 |
| Stock-based compensation | 4.2 | 5.7 | 7.0 | 8.5 | 9.3 |
| Share buybacks | – | – | 5.4 | 12.4 | 76.3 |
| Dividends paid | 26.2 | 8.9 | 8.4 | 10.5 | 15.3 |
| Dividend per share | 1.00 | 0.34 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.0% | −8.8% | −1.7% | 2.5% |
| Operating income growth (YoY) | – | 24.9% | −14.4% | −5.9% | 2.3% |
| EPS growth (YoY) | – | 27.2% | −6.5% | 4.4% | −0.6% |
| Gross margin | 16.1% | 16.8% | 18.0% | 18.6% | 18.8% |
| Operating margin | 3.3% | 3.9% | 3.6% | 3.5% | 3.5% |
| Net margin | 2.4% | 2.9% | 2.9% | 3.1% | 2.9% |
| Return on equityBlank when equity is negative | 10.2% | 11.6% | 9.9% | 9.6% | 9.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.6% | 15.3% | 12.0% | 10.5% | 10.7% |
| Free cash flow margin | – | – | 6.6% | 5.9% | 2.0% |
| Cash conversion (CFO ÷ net income) | 0.83x | 0.39x | 2.38x | 2.00x | 0.78x |
| Receivable days | 77 | 71 | 78 | 80 | 82 |
| Inventory days | 31 | 29 | 19 | 15 | 22 |
| Payable days | 42 | 33 | 41 | 48 | 53 |
| Current ratio | 2.49x | 3.07x | 3.20x | 3.14x | 2.90x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.