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CDWCDW Corporation

Technology · Internet Retail · Nasdaq
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FY2025 at a glance

Sales up 6.8%, free cash flow down to $1.1B

XBRL, from each 10-K
$22.4B
from $21.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.1B
from $1.1B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.1B
from $1.2B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.08
from $7.97 in FY2024
FY2016FY2025
Operating marginStatements ↓
7.4%
from 7.9% in FY2024
FY2016FY2025
Total debtStatements ↓
$5.6B
from $5.8B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.57Sales (ttm)24.5BNet income (ttm)1.1BSales growth+6.8%EPS growth+1.4%Sales Q/Q+17.7%
Free cash flow933.7MGross margin21.0%Oper. margin7.0%Net margin4.5%FCF margin3.8%ROE41.7%
ROA5.6%R&D / sales-Dividend2.50Debt/Eq2.70Curr. ratio1.26Cash1.5B
Op. cash flow (ttm)1.1BEBITDA2.0BEBITDA margin8.7%Net debt5.6BQuick ratio1.20Interest cover7.07
ROIC12.7%Payout ratio31.0%Tax rate25.3%Stock pay / sales0.4%Shares out.124.8MShares Y/Y-2.3%
Book / share21.12Cash / share12.33Sales / share196.44Asset turnover1.25Inventory turns31.15Days sales out.103
Sales 3Y CAGR-1.9%Sales 5Y CAGR+4.0%EPS 3Y CAGR-0.2%EPS 5Y CAGR+8.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +6.8%-1.8% → +6.8% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

CDW against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
CDWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+6.8%62nd of 75 · median +14.1%
Net margin
4.5%67th of 75 · median 19.1%
Return on equity
41.7%17th of 69 · median 23.9%
Free cash flow margin
3.8%66th of 71 · median 22.3%
Debt / equity (less is better)
2.7059th of 61 · median 0.46
CDW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CDW CDW Corporation$24.5B +6.8%21.0%4.5%41.7%3.8%2.70
LRCX Lam Research$26.1B +26.0%51.1%32.3%60.8%25.0%0.27
ADBE Adobe Inc.$26.0B +10.5%89.3%28.0%61.9%40.8%0.54
CTSH Cognizant$21.9B +7.0%-11.8%17.5%10.8%0.11
INTU Intuit$21.4B +13.9%-21.3%24.0%40.4%0.40
TXN Texas Instruments$20.8B +13.0%60.2%34.3%37.1%35.2%0.71
Where each dollar goes

From $20.8B of sales to $988.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.6BRevenue to Cost of revenue: $17.3BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $988.6MOperating profit to Tax & other: $430.4M Revenue: $20.8B Revenue$20.8B +13% Y/Y Gross profit: $3.6B · 17% margin Gross profit$3.6B17% margin +11% Y/Y Cost of revenue: $17.3B · 83% of revenue Cost of revenue$17.3B83% of revenue Operating profit: $1.4B · 7% margin Operating profit$1.4B7% margin +20% Y/Y Operating expenses: $2.1B · 10% of revenue Operating expenses$2.1B10% of revenue Net profit: $988.6M · 5% margin Net profit$988.6M5% margin +25% Y/Y Tax & other: $430.4M · 2% of revenue Tax & other$430.4M2% of revenue

Swipe sideways for the whole flow →

From $23.7B of sales to $1.1B of profit

FY2022, from the 10-K income statement and revenue by segment
Corporate Segment Private Sector Business to Revenue: $10.4BPublic Segment Government Agencies Educationand Healthcare to Revenue: $8.6BAll Other Segments to Revenue: $2.9BSmall Business to Revenue: $1.9BRevenue to Gross profit: $4.7BRevenue to Cost of revenue: $19.1BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $620.7M Corporate Segment Private Sector Business: $10.4B · 44% Corporate Segment Priva…$10.4B44% Public Segment Government Agencies Educationand Healthcare: $8.6B · 36% Public Segment Governme…$8.6B36% All Other Segments: $2.9B · 12% All Other Segments$2.9B12% Small Business: $1.9B · 8% Small Business$1.9B8% Revenue: $23.7B Revenue$23.7B +14% Y/Y Gross profit: $4.7B · 20% margin Gross profit$4.7B20% margin +31% Y/Y Cost of revenue: $19.1B · 80% of revenue Cost of revenue$19.1B80% of revenue Operating profit: $1.7B · 7% margin Operating profit$1.7B7% margin +22% Y/Y Operating expenses: $3.0B · 12% of revenue Operating expenses$3.0B12% of revenue Net profit: $1.1B · 5% margin Net profit$1.1B5% margin +13% Y/Y Tax & other: $620.7M · 3% of revenue Tax & other$620.7M3% of revenue

Swipe sideways for the whole flow →

From $21.4B of sales to $1.1B of profit

FY2023, from the 10-K income statement and revenue by segment
Corporate Segment Private Sector Business to Revenue: $9.0BPublic Segment Government Agencies Educationand Healthcare to Revenue: $8.3BAll Other Segments to Revenue: $2.6BSmall Business to Revenue: $1.6BRevenue to Gross profit: $4.7BRevenue to Cost of revenue: $16.7BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $576.6M Corporate Segment Private Sector Business: $9.0B · 42% Corporate Segment Priva…$9.0B42% Public Segment Government Agencies Educationand Healthcare: $8.3B · 39% Public Segment Governme…$8.3B39% All Other Segments: $2.6B · 12% All Other Segments$2.6B12% Small Business: $1.6B · 7% Small Business$1.6B7% Revenue: $21.4B Revenue$21.4B −10% Y/Y Gross profit: $4.7B · 22% margin Gross profit$4.7B22% margin −1% Y/Y Cost of revenue: $16.7B · 78% of revenue Cost of revenue$16.7B78% of revenue Operating profit: $1.7B · 8% margin Operating profit$1.7B8% margin −3% Y/Y Operating expenses: $3.0B · 14% of revenue Operating expenses$3.0B14% of revenue Net profit: $1.1B · 5% margin Net profit$1.1B5% margin −1% Y/Y Tax & other: $576.6M · 3% of revenue Tax & other$576.6M3% of revenue

Swipe sideways for the whole flow →

From $21.0B of sales to $1.1B of profit

FY2024, from the 10-K income statement and revenue by segment
Corporate Segment Private Sector Business to Revenue: $8.8BPublic Segment Government Agencies Educationand Healthcare to Revenue: $8.2BAll Other Segments to Revenue: $2.5BSmall Business to Revenue: $1.5BRevenue to Gross profit: $4.6BRevenue to Cost of revenue: $16.4BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $573.5M Corporate Segment Private Sector Business: $8.8B · 42% Corporate Segment Priva…$8.8B42% Public Segment Government Agencies Educationand Healthcare: $8.2B · 39% Public Segment Governme…$8.2B39% All Other Segments: $2.5B · 12% All Other Segments$2.5B12% Small Business: $1.5B · 7% Small Business$1.5B7% Revenue: $21.0B Revenue$21.0B −2% Y/Y Gross profit: $4.6B · 22% margin Gross profit$4.6B22% margin −1% Y/Y Cost of revenue: $16.4B · 78% of revenue Cost of revenue$16.4B78% of revenue Operating profit: $1.7B · 8% margin Operating profit$1.7B8% margin −2% Y/Y Operating expenses: $3.0B · 14% of revenue Operating expenses$3.0B14% of revenue Net profit: $1.1B · 5% margin Net profit$1.1B5% margin −2% Y/Y Tax & other: $573.5M · 3% of revenue Tax & other$573.5M3% of revenue

Swipe sideways for the whole flow →

From $22.4B of sales to $1.1B of profit

FY2025, from the 10-K income statement and revenue by segment
Corporate Segment Private Sector Business to Revenue: $9.4BPublic Segment Government Agencies Educationand Healthcare to Revenue: $8.5BAll Other Segments to Revenue: $2.7BSmall Business to Revenue: $1.7BRevenue to Gross profit: $4.9BRevenue to Cost of revenue: $17.6BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $589.0M Corporate Segment Private Sector Business: $9.4B · 42% Corporate Segment Priva…$9.4B42% Public Segment Government Agencies Educationand Healthcare: $8.5B · 38% Public Segment Governme…$8.5B38% All Other Segments: $2.7B · 12% All Other Segments$2.7B12% Small Business: $1.7B · 8% Small Business$1.7B8% Revenue: $22.4B Revenue$22.4B +7% Y/Y Gross profit: $4.9B · 22% margin Gross profit$4.9B22% margin +6% Y/Y Cost of revenue: $17.6B · 78% of revenue Cost of revenue$17.6B78% of revenue Operating profit: $1.7B · 7% margin Operating profit$1.7B7% margin +0% Y/Y Operating expenses: $3.2B · 14% of revenue Operating expenses$3.2B14% of revenue Net profit: $1.1B · 5% margin Net profit$1.1B5% margin −1% Y/Y Tax & other: $589.0M · 3% of revenue Tax & other$589.0M3% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median4.5% vs 19.1%
  • ✓
    Gross margin up over 5 years17.4% → 21.7%
  • ✓
    Return on equity above 15%41.7%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 3.0% → 4.8%

Balance sheet

2 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 7.1× interest expense
  • !
    Debt larger than equityDebt / equity 2.70 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.26
  • !
    Net debt over 3 years of free cash flow$5.6B net debt, 6.0 years
Debt / equity at each year end, FY2016 to FY2025: 3.09 → 2.16
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.1B last year
  • ✓
    Share count down over 5 years−8.8%
  • ✓
    Dividend per share up over 5 years$1.54 → $2.50
  • ✓
    Cash from operations above net income$1.2B vs $1.1B
Free cash flow, FY2016 to FY2025: 540.5M → 1.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$5.7B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 22.4B Net income 1.1B
FY2016 revenue 14.0B · SalesRevenueNet, 0001402057-18-000038 FY2016 net income 425.1M · NetIncomeLoss, 0001402057-19-000046 14.0B FY2016 FY2017 revenue 15.2B · SalesRevenueNet, 0001402057-18-000038 FY2017 net income 523.1M · NetIncomeLoss, 0001402057-20-000042 15.2B FY2017 FY2018 revenue 16.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-21-000022 FY2018 net income 643.0M · NetIncomeLoss, 0001402057-21-000022 16.2B FY2018 FY2019 revenue 18.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-22-000020 FY2019 net income 736.8M · NetIncomeLoss, 0001402057-22-000020 18.0B FY2019 FY2020 revenue 18.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-23-000052 FY2020 net income 788.5M · NetIncomeLoss, 0001402057-23-000052 18.5B FY2020 FY2021 revenue 20.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-24-000015 FY2021 net income 988.6M · NetIncomeLoss, 0001402057-24-000015 20.8B FY2021 FY2022 revenue 23.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-25-000018 FY2022 net income 1.1B · NetIncomeLoss, 0001402057-25-000018 23.7B FY2022 FY2023 revenue 21.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-26-000011 FY2023 net income 1.1B · NetIncomeLoss, 0001402057-26-000011 21.4B FY2023 FY2024 revenue 21.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-26-000011 FY2024 net income 1.1B · NetIncomeLoss, 0001402057-26-000011 21.0B FY2024 FY2025 revenue 22.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001402057-26-000011 FY2025 net income 1.1B · NetIncomeLoss, 0001402057-26-000011 22.4B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CDW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue22.4B
FY2016: 14.0BFY2017: 15.2BFY2018: 16.2BFY2019: 18.0BFY2020: 18.5BFY2021: 20.8BFY2022: 23.7BFY2023: 21.4BFY2024: 21.0BFY2025: 22.4B FY2017FY2019FY2021FY2023FY2025
Net income1.1B
FY2016: 425.1MFY2017: 523.1MFY2018: 643.0MFY2019: 736.8MFY2020: 788.5MFY2021: 988.6MFY2022: 1.1BFY2023: 1.1BFY2024: 1.1BFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.1B
FY2016: 540.5MFY2017: 696.6MFY2018: 819.8MFY2019: 790.9MFY2020: 1.2BFY2021: 684.6MFY2022: 1.2BFY2023: 1.5BFY2024: 1.2BFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.08
FY2016: 2.56FY2017: 3.31FY2018: 4.19FY2019: 4.99FY2020: 5.45FY2021: 7.04FY2022: 8.13FY2023: 8.10FY2024: 7.97FY2025: 8.08 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.50
FY2016: 0.48FY2017: 0.69FY2018: 0.93FY2019: 1.26FY2020: 1.54FY2021: 1.70FY2022: 2.09FY2023: 2.39FY2024: 2.48FY2025: 2.50 FY2017FY2019FY2021FY2023FY2025
Diluted shares132.1M
FY2016: 166.0MFY2017: 158.2MFY2018: 153.6MFY2019: 147.8MFY2020: 144.8MFY2021: 140.5MFY2022: 137.0MFY2023: 136.3MFY2024: 135.2MFY2025: 132.1M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Corporate Segment Private Sector Business 9.4B42.1% +6.8%
Public Segment Government Agencies Educationand Healthcare 8.5B38.1% +4.6%
All Other Segments 2.7B12.1% +9.7%
Small Business 1.7B7.7% +13.3%

10-K 0001402057-26-000011, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Notebooks/Mobile Devices 5.6B25.1% +10.8%
Software 4.2B18.7% +10.5%
Netcomm Products 2.7B12.0% +5.9%
Other Hardware 2.5B11.2% -2.8%
Data Storage and Servers 2.2B9.6% +0.8%
Services 2.0B9.1% +9.0%
Collaboration 1.8B7.8% -0.7%
Desktops 1.3B5.9% +19.9%
Other 114.8M0.5% +6.4%

10-K 0001402057-26-000011, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 19.6B87.5% +6.3%
Rest of World 2.8B12.5% +10.3%

10-K 0001402057-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue14.0B15.2B16.2B18.0B18.5B20.8B23.7B21.4B21.0B22.4B
Cost of revenue11.3B12.4B13.5B15.0B15.3B17.3B19.1B16.7B16.4B17.6B
Gross profit2.3B2.5B2.7B3.0B3.2B3.6B4.7B4.7B4.6B4.9B
SG&A1.3B1.4B1.7B1.9B2.0B2.1B3.0B3.0B3.0B3.2B
Operating income820.0M866.5M987.3M1.1B1.2B1.4B1.7B1.7B1.7B1.7B
Interest expense144.3M148.5M148.8M154.2M139.4M134.3M224.3M233.2M217.5M234.3M
Pretax income673.2M660.7M840.5M949.7M1.0B1.3B1.5B1.5B1.4B1.4B
Income tax248.1M137.6M197.5M212.9M213.8M309.2M373.3M345.9M357.6M360.8M
Net income425.1M523.1M643.0M736.8M788.5M988.6M1.1B1.1B1.1B1.1B
EPS (diluted)2.563.314.194.995.457.048.138.107.978.08
Diluted shares166.0M158.2M153.6M147.8M144.8M140.5M137.0M136.3M135.2M132.1M
Depreciation & amortization254.5M260.9M265.6M267.1M425.6M191.2M290.6M270.7M275.3M295.6M
EBITDA1.1B1.1B1.3B1.4B1.6B1.6B2.0B2.0B1.9B2.0B
Gross margin16.7%16.1%16.7%16.9%17.4%17.1%19.7%21.8%21.9%21.7%
Operating margin5.9%5.7%6.1%6.3%6.4%6.8%7.3%7.9%7.9%7.4%
Net margin3.0%3.4%4.0%4.1%4.3%4.7%4.7%5.2%5.1%4.8%
Revenue growth-+8.7%+6.9%+11.0%+2.4%+12.7%+14.1%-10.0%-1.8%+6.8%
EPS growth-+29.3%+26.6%+19.1%+9.2%+29.2%+15.5%-0.4%-1.6%+1.4%

Balance sheet

From EDGAR

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)39.2M43.7M40.7M48.5M42.5M72.6M91.1M93.7M64.7M83.6M
Stock-based pay / revenue0.3%0.3%0.3%0.3%0.2%0.3%0.4%0.4%0.3%0.4%
Operating lease cash paid---88.0M35.8M35.9M42.8M41.7M44.0M46.0M
Right-of-use assets--0131.8M130.8M155.6M149.2M128.8M120.2M136.7M
Operating lease liabilities---161.2M194.6M215.9M207.1M198.0M181.3M190.7M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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