CNXN

MKT CAP:$2B

PC Connection, Inc.

Market Cap

$2B

Technology·Technology Distributors·🇺🇸 United States·NASDAQ

Technology·Technology·🇺🇸·NASDAQ

Stock Price

$64.36+$7.48 (+13.15%)

Apr 23, 2026

Company Details

PC Connection, Inc., together with its subsidiaries, provides various information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT pr...

CEO

Timothy J. McGrath

IPO Date

Mar 3, 1998

Website

www.connection.com

Key Metrics TTM

Revenue

$2.9B

+2.5% YoY

Net Income

$84M

EPS (Diluted)

$3.27

Free Cash Flow

$58M

Revenue / Share

$113.41

Gross Margin

18.8%

Operating Margin

3.6%

Net Margin

2.9%

FCF Margin

2.0%

P/S

0.6x

P/E

19.4x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 24, 2026

$2.9B+2.5%EPS $3.27

Q4 2025

Feb 24, 2026

$703M-0.8%EPS $0.82

Q3 2025

Oct 29, 2025

$709M-2.2%EPS $0.97

Q2 2025

Jul 30, 2025

$760M+3.2%EPS $0.97

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$788M	$128M	$30M
Q2 22	$829M	$137M	$35M
Q3 22	$776M	$137M	$32M
Q4 22	$732M	$124M	$24M
Q1 23	$728M	$122M	$18M
Q2 23	$734M	$128M	$25M
Q3 23	$693M	$132M	$32M
Q4 23	$696M	$130M	$28M
Q1 24	$632M	$118M	$13M
Q2 24	$736M	$137M	$31M
Q3 24	$725M	$135M	$30M
Q4 24	$709M	$130M	$23M
Q1 25	$701M	$127M	$15M
Q2 25	$760M	$138M	$31M
Q3 25	$709M	$139M	$30M
Q4 25	$703M	$136M	$27M

Valuation

Quarter	P/S	P/E
Q1 22	0.5x	19.9x
Q2 22	0.5x	18.1x
Q3 22	0.5x	17.5x
Q4 22	0.5x	18.2x
Q1 23	0.5x	19.9x
Q2 23	0.5x	21.4x
Q3 23	0.6x	20.7x
Q4 23	0.6x	19.5x
Q1 24	0.6x	19.8x
Q2 24	0.6x	18.3x
Q3 24	0.6x	18.0x
Q4 24	0.6x	18.7x
Q1 25	0.6x	18.6x
Q2 25	0.6x	18.9x
Q3 25	0.6x	19.4x
Q4 25	0.6x	19.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$38M	-$41M
Q2 22	$30M	$28M
Q3 22	$24M	$22M
Q4 22	$19M	$17M
Q1 23	$20M	$18M
Q2 23	$116M	$113M
Q3 23	$50M	$48M
Q4 23	$12M	$10M
Q1 24	$57M	$56M
Q2 24	$38M	$37M
Q3 24	$53M	$51M
Q4 24	$25M	$23M
Q1 25	-$52M	-$54M
Q2 25	$26M	$25M
Q3 25	$64M	$62M
Q4 25	$27M	$25M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$3M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+23.8%	+21.7%
Q2 22	+17.7%	+16.7%
Q3 22	+3.2%	+2.8%
Q4 22	-8.5%	-7.8%
Q1 23	-7.7%	-6.4%
Q2 23	-11.5%	-10.7%
Q3 23	-10.6%	-11.1%
Q4 23	-4.9%	-5.6%
Q1 24	-13.1%	-12.8%
Q2 24	+0.4%	-0.4%
Q3 24	+4.6%	+5.1%
Q4 24	+1.8%	+2.7%
Q1 25	+10.9%	+11.0%
Q2 25	+3.2%	+3.3%
Q3 25	-2.2%	-2.3%
Q4 25	-0.8%	-1.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	0.2%
Q2 22	$1M	0.2%
Q3 22	$1M	0.2%
Q4 22	$2M	0.2%
Q1 23	$2M	0.3%
Q2 23	$2M	0.2%
Q3 23	$2M	0.3%
Q4 23	$2M	0.2%
Q1 24	$2M	0.3%
Q2 24	$2M	0.3%
Q3 24	$2M	0.3%
Q4 24	$2M	0.3%
Q1 25	$2M	0.3%
Q2 25	$2M	0.3%
Q3 25	$2M	0.3%
Q4 25	$2M	0.3%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$91M	$5M
Q2 22	$94M	$6M
Q3 22	$97M	$5M
Q4 22	$4M	$5M
Q1 23	$91M	$7M
Q2 23	$91M	$5M
Q3 23	$90M	$5M
Q4 23	$91M	$6M
Q1 24	$92M	$7M
Q2 24	$95M	$5M
Q3 24	$94M	$6M
Q4 24	$96M	$6M
Q1 25	$97M	$8M
Q2 25	$98M	$4M
Q3 25	$99M	$5M
Q4 25	$109M	—

Revenue Segments

Quarter	Large Account Segment	Public Sector	Small and Medium Sized Businesses segment
Q1 22	$335M	$133M	$320M
Q2 22	$349M	$151M	$328M
Q3 22	$306M	$154M	$316M
Q4 22	$335M	$117M	$281M
Q1 23	$314M	$140M	$273M
Q2 23	$287M	$185M	$261M
Q3 23	$277M	$147M	$269M
Q4 23	$323M	$101M	$272M
Q1 24	$283M	$93M	$256M
Q2 24	$299M	$159M	$278M
Q3 24	$297M	$175M	$253M
Q4 24	$303M	$144M	$262M
Q1 25	$298M	$145M	$258M
Q2 25	$326M	$141M	$293M
Q3 25	$320M	$132M	$257M
Q4 25	$339M	$91M	$273M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$67M	$0	$67M
Q2 22	$95M	$0	$95M
Q3 22	$116M	$0	$116M
Q4 22	$123M	$0	$123M
Q1 23	$135M	$0	$135M
Q2 23	$244M	$0	$244M
Q3 23	$241M	$49M	$289M
Q4 23	$145M	$152M	$297M
Q1 24	$148M	$204M	$352M
Q2 24	$128M	$258M	$386M
Q3 24	$168M	$262M	$429M
Q4 24	$178M	$264M	$443M
Q1 25	$182M	$158M	$340M
Q2 25	$187M	$159M	$346M
Q3 25	$188M	$211M	$399M
Q4 25	$193M	$213M	$407M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	26M	+0.1%	+0.2%
Q2 22	26M	+0.1%	+0.3%
Q3 22	26M	+0.1%	+0.3%
Q4 22	26M	+0.1%	+0.4%
Q1 23	26M	-0.2%	+0.1%
Q2 23	26M	-0.3%	-0.2%
Q3 23	26M	+0.3%	-0.1%
Q4 23	26M	+0.2%	+0.0%
Q1 24	27M	+0.1%	+0.3%
Q2 24	27M	-0.0%	+0.6%
Q3 24	27M	-0.1%	+0.3%
Q4 24	26M	-0.1%	-0.0%
Q1 25	26M	-1.0%	-1.2%
Q2 25	26M	-2.7%	-3.8%
Q3 25	25M	-0.1%	-3.8%
Q4 25	25M	-0.6%	-4.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1M	727
Q2 22	$1M	727
Q3 22	$1M	727
Q4 22	$272.8K	3K
Q1 23	$271.0K	3K
Q2 23	$273.2K	3K
Q3 23	$258.1K	3K
Q4 23	$257.7K	3K
Q1 24	$233.8K	3K
Q2 24	$272.5K	3K
Q3 24	$268.1K	3K
Q4 24	$274.8K	3K
Q1 25	$271.7K	3K
Q2 25	$294.5K	3K
Q3 25	$274.8K	3K
Q4 25	$278.4K	3K

Revenue / Employee