CNXN on Nasdaq

PC Connection

Logo: Connection - Art Department, Non-free logo, via Wikipedia4

Fortune 1000 technology company

PC Connection, Inc., doing business as Connection, is headquartered in Merrimack, New Hampshire. It has more than 2,600 employees and sells more than 460,000 products.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1982Founded1

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  • TickerCNXN on Nasdaq1
  • IndustryWholesale-Computers & Peripheral Equipment & Software1
  • HeadquartersMerrimack1
  • Websitewww.connection.com
  • Listed onNasdaq (PCCC), Nasdaq (CNXN)1
  • Incorporated inDE5
  • Business addressRoute 101A, 730 Milford Rd, Merrimack, Nh 030545
  • Filer categoryLarge accelerated filer5

PC Connection, Inc., doing business as Connection, is headquartered in Merrimack, New Hampshire. It has more than 2,600 employees and sells more than 460,000 products.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.8%Gross margin7
3.5%Operating margin7
2.9%Net margin7
2.5%Revenue growth, 20257
9.2%Return on equity7
$58.0MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Notebooks/Mobility brought in 35% of the revenue PC Connection broke down this way in fiscal 2025.

  1. Notebooks/Mobility$993.3M735%down 0% from 2024
  2. Desktops$351.8M712%up 18% from 2024
  3. Software$321.1M711%up 13% from 2024
  4. Accessories$319.1M711%down 1% from 2024
  5. Displays and Sound$250.4M79%down 8% from 2024
  6. Servers/Storage$220.4M78%up 7% from 2024
  7. Other Hardware/Services$214.6M77%up 1% from 2024
  8. Net/Com Products$202.0M77%down 4% from 2024
Products and services by year
Products and services202320242025
Notebooks/Mobility$951.7M$994.0M$993.3M
Desktops$266.9M$298.3M$351.8M
Software$329.5M$285.4M$321.1M
Accessories$317.0M$322.8M$319.1M
Displays and Sound$258.9M$272.8M$250.4M
Servers/Storage$201.3M$205.1M$220.4M
Other Hardware/Services$229.1M$213.2M$214.6M
Net/Com Products$296.3M$210.6M$202.0M

Business segments

Large Account brought in 45% of the revenue PC Connection broke down this way in fiscal 2025.

  1. Large Account$1.3B745%up 9% from 2024
  2. Small and Medium Sized Businesses$1.1B738%up 3% from 2024
  3. Public Sector$508.5M718%down 11% from 2024
Business segments by year
Business segments202320242025
Large Account$1.2B$1.2B$1.3B
Small and Medium Sized Businesses$1.1B$1.0B$1.1B
Public Sector$573.9M$571.8M$508.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue81¢$2.3B
  • Selling, general and admin15¢$434.0M
  • Income tax1¢$30.0M
  • Profit3¢$83.7M

Out of $2.9B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending7¢$7.4M
  • Dividends paid15¢$15.3M
  • Share buybacks77¢$76.3M

Out of $65.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue8910117$2.9B in 2025+2% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $2.8B$2.8B20192020: $2.6B$2.6B2020−8%2021: $2.9B$2.9B2021+12%2022: $3.1B$3.1B2022+8%2023: $2.9B$2.9B2023−9%2024: $2.8B$2.8B2024−2%2025: $2.9B$2.9B2025+3%
Gross profit8910117$539.3M in 2025+20% since 2019
0$200.0M$400.0M$600.0M2019: $451.3M$451.3M20192020: $418.8M$418.8M2020−7%2021: $464.6M$464.6M2021+11%2022: $526.2M$526.2M2022+13%2023: $511.7M$511.7M2023−3%2024: $519.8M$519.8M2024+2%2025: $539.3M$539.3M2025+4%
Operating income8910117$99.3M in 2025−11% since 2019
0$50.0M$100.0M$150.0M2019: $112.0M$112.0M20192020: $72.1M$72.1M2020−36%2021: $96.5M$96.5M2021+34%2022: $120.6M$120.6M2022+25%2023: $103.2M$103.2M2023−14%2024: $97.1M$97.1M2024−6%2025: $99.3M$99.3M2025+2%
Net income8910117$83.7M in 2025+2% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $82.1M$82.1M20192020: $55.8M$55.8M2020−32%2021: $69.9M$69.9M2021+25%2022: $89.2M$89.2M2022+28%2023: $83.3M$83.3M2023−7%2024: $87.1M$87.1M2024+5%2025: $83.7M$83.7M2025−4%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Net sales$2.9B$2.8B$2.9B
Cost of sales$2.3B$2.3B$2.3B
Gross profit$539.3M$519.8M$511.7M
Selling, general and administrative expenses$434.0M$422.3M$405.9M
Severance expenses and other charges$6.0M$415.0K$2.7M
Income from operations$99.3M$97.1M$103.2M
Interest income, net$14.4M$18.7M$10.0M
Other income$76.0K$1.7M
Income before taxes$113.7M$117.5M$113.1M
Income tax provision-$30.0M-$30.4M-$29.8M
Net income$83.7M$87.1M$83.3M
Basic$3.28$3.31$3.17
Diluted$3.27$3.29$3.15
Basic25.5M shares26.3M shares26.3M shares
Diluted25.6M shares26.5M shares26.4M shares

Compare PC Connection with another company

The story

PC Connection, Inc. was founded in 1982 by Patricia Gallup and David Hall. The co-founders met while serving as a support crew to hikers on the Appalachian Trail.

The company's first headquarters occupied a former woodworking mill in Marlow, NH population 542 at the time. To launch their business, Gallup and Hall used Gallup's savings of $8,000 to purchase inventory and take out a 1/9th-page ad in Byte magazine. In 1984, they started selling Macintosh products under the MacConnection brand.

In 1987, PC Connection was named to the Inc. 500 as the second fastest growing company in the United States.

In March 1998, the company completed its initial public offering on the NASDAQ exchange under the symbol PCCC.

In September 2016, the company announced that it would rebrand as simply Connection, in an effort to unify its divisions. The company stated that the new name "better reflects the promise of our future and the successes of our past".

From Wikipedia’s article on PC Connection, shared under CC BY-SA 4.0.6

Leadership

Who has led PC Connection, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (13)

Products and brands

Locations

In addition to its corporate headquarters in Merrimack, PC Connection, Inc. has sales and support offices in Keene, New Hampshire; Rockville, Maryland; Dakota Dunes, South Dakota; Boca Raton, Florida; Schaumburg, IL; and Exton, Pennsylvania. The company operates a 268,000-square-foot distribution and fulfillment complex, equipped with a technical configuration lab in Wilmington, Ohio.

Marketing

PC Connection was known for magazine ads featuring illustrations of anthropomorphic raccoons (and occasionally, other animals) living in a fictionalized version of Marlow. The ads were developed by the New Hampshire-based advertising agency Church and Main, intending to symbolize a goal to make computing less "scary", and play up the rural location of PC Connection's headquarters.

The agency's copywriter David Blistein was influenced by an edition of the children's novel The Wind in the Willows illustrated by E. H. Shepard, and hired local illustrator Erick Ingraham to develop the concept further. Ingraham explained that the choice of raccoons as a mascot was likely because of their dexterity, as it allowed them to be portrayed operating PCs and other peripherals. Ingraham's illustrations and the raccoons would be a regular fixture of PC Connection's marketing through the 1980s, with the company's catalogs featuring more fantastical artwork. The raccoon imagery began to be downplayed by the company in the mid-1990s, due to changes in marketing practices amid the commodification of the PC industry, growing focus on business customers, and its shift away from magazine advertising to focus on ecommerce.

From Wikipedia’s article on PC Connection, shared under CC BY-SA 4.0.6

Acquisitions

In 1999, Connection purchased ComTeq Federal, a Maryland-based company serving the computing needs of federal government agencies, including the Navy, Federal Deposit Insurance Corp, the National Security Agency, and Internal Revenue Service. Renamed GovConnection, Inc., the subsidiary serves all government and education customers.

In January 2000, Connection announced the agreement to acquire Merisel Inc.

In 2002, Connection acquired MoreDirect, a Florida-based company specializing in Web-based eProcurement.

In 2005, Connection purchased the business and selected assets of Amherst Technologies, Inc., a New Hampshire-based IT provider.

Read the full text

In 2011, Connection acquired ValCom Technologies, a technology services company in the Chicago metropolitan area.

In 2016, Connection acquired Softmart, a supplier of hardware and software.

In 2016, Connection acquired GlobalServe, a global reseller.

From Wikipedia’s article on PC Connection, shared under CC BY-SA 4.0.6

Timeline

  1. Aug 10, 2011New chief executive Timothy J. McGrath becomes CEO15
  2. Mar 3, 1998Went public Listed on NASDAQ1
  3. 1982Founded Founded1

Filings

348 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 32 major events, 239 insider forms, 18 large holders, 39 other. The latest 20:

  1. Oct 14, 20268-K EDGAR
  2. Oct 7, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 7, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  5. Sep 14, 2026144 EDGAR
  6. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  8. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  9. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  10. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  11. Sep 2, 20264 PRIMARY DOCUMENT EDGAR
  12. Aug 19, 20264 PRIMARY DOCUMENT EDGAR
  13. Aug 6, 20264 PRIMARY DOCUMENT EDGAR
  14. Aug 5, 20264 PRIMARY DOCUMENT EDGAR
  15. Aug 3, 2026144 EDGAR
  16. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  17. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  18. Jul 31, 2026144 EDGAR
  19. Jul 31, 2026144 EDGAR
  20. Jul 29, 202610-Q EDGAR

The 348 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 18 such filings since October 2021, the latest 10:

  1. Sep 17, 2025SCHEDULE 13D/A
  2. Aug 25, 2025SCHEDULE 13D/A
  3. Jul 15, 2025SCHEDULE 13G/A
  4. Mar 24, 2025SCHEDULE 13D/A
  5. Sep 18, 2024SC 13D/A
  6. May 10, 2024SC 13D/A
  7. Feb 9, 2024SC 13G/A
  8. Feb 5, 2024SC 13G/A
  9. Jan 24, 2024SC 13G/A
  10. Mar 15, 2023SC 13D/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,176,088$158.8M0.0%−45,564
Dimensional Fund Advisors LP1,539,863$112.4M0.0%+13,369
Vanguard Portfolio Management LLC507,776$37.1M0.0%+17,099
Vanguard Capital Management LLC502,311$36.7M0.0%−6,326
State Street Corp465,567$34.0M0.0%+15,452
Geode Capital Management, LLC414,249$30.2M0.0%+23,259
Two Sigma Investments, LP259,463$18.9M0.0%+75,745
Morgan Stanley228,372$16.7M0.0%+5,901
Goldman Sachs Group Inc225,846$16.5M0.0%+9,411
Northern Trust Corp206,600$15.1M0.0%+3,818
Qube Research & Technologies Ltd204,269$14.9M0.0%+76,356
Charles Schwab Investment Management Inc193,081$14.1M0.0%−26,958
American Century Companies Inc184,800$13.5M0.0%+44,698
Invesco Ltd.145,516$10.6M0.0%−72,328
Bank of New York Mellon Corp136,757$10.0M0.0%−1,529
Allspring Global Investments Holdings, LLC130,317$9.6M0.0%+69,279
Fmr LLC115,042$8.4M0.0%+9,591
Aqr Capital Management LLC114,996$8.4M0.0%−1,093
Jpmorgan Chase & Co109,105$7.9M0.0%+48,594
Oberweis Asset Management Inc/104,300$7.6M0.2%+8,100
Denali Advisors LLC99,200$7.2M0.7%+15,900
Man Group plc94,881$6.9M0.0%New
Teacher Retirement System Of Texas94,409$6.9M0.0%−9,174
Rhumbline Advisers92,467$6.7M0.0%−5,326
First Trust Advisors LP81,427$5.9M0.0%+27,370

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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