CDWCDW Corporation

Technology · Internet Retail · Nasdaq

Headquarters: Vernon Hills, IL
CEO: Christine A. Leahy
Next results: around Feb 3, 2027

CDW and 9 peers, year by year

The 9 Technology companies closest to CDW in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CDW CDW Corporation	FY2025	$22.4B	+6.8%	21.7%	7.4%	4.8%	4.9%	40.9%	2.16
ADBE Adobe Inc.	FY2025	$23.8B	+10.5%	89.3%	36.6%	30.0%	41.4%	61.3%	0.53
LRCX Lam Research	FY2026	$23.2B	+26.0%	50.5%	35.3%	31.3%	21.1%	58.3%	0.30
CTSH Cognizant	FY2025	$21.1B	+7.0%	-	16.1%	10.6%	12.3%	14.9%	0.04
INTU Intuit	FY2026	$21.4B	+13.9%	-	27.4%	21.3%	40.4%	24.0%	0.40
TXN Texas Instruments	FY2025	$17.7B	+13.0%	57.0%	34.1%	28.3%	14.7%	30.7%	0.86
SNDK Sandisk	FY2026	$20.2B	+175%	71.5%	61.2%	56.5%	56.8%	72.7%	0.00
TEL TE Connectivity	FY2026	$19.9B	+15.2%	36.2%	20.1%	16.4%	17.1%	24.0%	0.42
AMAT Applied Materials	FY2025	$28.4B	+4.4%	48.7%	29.2%	24.7%	20.1%	34.3%	0.32
FLEX Flex Ltd.	FY2026	$27.9B	+8.1%	9.2%	4.9%	3.2%	3.8%	17.1%	0.73

Revenuepeer median $21.4B

Sales growthpeer median +13.0%

Gross marginpeer median 50.5%

Operating marginpeer median 29.2%

Net marginpeer median 24.7%

FCF marginpeer median 20.1%

Return on equitypeer median 30.7%

Debt / equitypeer median 0.40

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	$14.0B	$15.2B	$16.2B	$18.0B	$18.5B	$20.8B	$23.7B	$21.4B	$21.0B	$22.4B
ADBE Nov	$5.9B	$7.3B	$9.0B	$11.2B	$12.9B	$15.8B	$17.6B	$19.4B	$21.5B	$23.8B
LRCX Jun	$5.9B	$8.0B	$11.1B	$9.7B	$10.0B	$14.6B	$17.2B	$17.4B	$14.9B	$18.4B
CTSH Dec	$13.5B	$14.8B	$16.1B	$16.8B	$16.7B	$18.5B	$19.4B	$19.4B	$19.7B	$21.1B
INTU Jul	$4.7B	$5.2B	$6.0B	$6.8B	$7.7B	$9.6B	$12.7B	$14.4B	$16.3B	$18.8B
TXN Dec	$13.4B	$15.0B	$15.8B	$14.4B	$14.5B	$18.3B	$20.0B	$17.5B	$15.6B	$17.7B
SNDK Jul	-	-	-	-	-	-	-	$6.1B	$6.7B	$7.4B
TEL Sep	$11.4B	$12.2B	$14.0B	$13.4B	$12.2B	$14.9B	$16.3B	$16.0B	$15.8B	$17.3B
AMAT Oct	$10.8B	$14.7B	$16.7B	$14.6B	$17.2B	$23.1B	$25.8B	$26.5B	$27.2B	$28.4B
FLEX Mar	$24.4B	$23.9B	$25.4B	$26.2B	$24.2B	$24.1B	$24.6B	$28.5B	$26.4B	$25.8B
Peer median	$11.1B	$13.4B	$14.9B	$13.9B	$13.7B	$17.1B	$18.5B	$17.5B	$16.3B	$18.8B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	+7.6%	+8.5%	+9.5%	+11.0%	+2.4%	+12.7%	+14.1%	−10.0%	−1.8%	+6.8%
ADBE Nov	+22.1%	+24.7%	+23.7%	+23.7%	+15.2%	+22.7%	+11.5%	+10.2%	+10.8%	+10.5%
LRCX Jun	-	+36.1%	+38.2%	−12.9%	+4.1%	+45.6%	+17.8%	+1.2%	−14.5%	+23.7%
CTSH Dec	+8.6%	+9.8%	+8.9%	+4.1%	−0.8%	+11.1%	+5.0%	−0.4%	+2.0%	+7.0%
INTU Jul	-	+10.3%	+16.0%	+12.6%	+13.2%	+25.4%	+32.1%	+12.9%	+13.3%	+15.6%
TXN Dec	+2.8%	+11.9%	+5.5%	−8.9%	+0.5%	+26.9%	+9.2%	−12.5%	−10.7%	+13.0%
SNDK Jul	-	-	-	-	-	-	-	-	+9.5%	+10.4%
TEL Sep	-	+7.3%	+14.8%	−3.9%	−9.5%	+22.6%	+9.1%	−1.5%	−1.2%	+8.9%
AMAT Oct	+12.1%	+34.3%	+13.7%	−12.6%	+17.8%	+34.1%	+11.8%	+2.8%	+2.5%	+4.4%
FLEX Mar	-	−2.3%	+6.6%	+3.0%	−7.6%	−0.4%	+7.9%	+15.7%	−7.3%	−2.3%
Peer median	+10.3%	+11.1%	+14.2%	−0.4%	+2.3%	+24.1%	+10.4%	+2.0%	+2.0%	+10.4%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	16.7%	16.1%	16.7%	16.9%	17.4%	17.1%	19.7%	21.8%	21.9%	21.7%
ADBE Nov	86.0%	86.2%	86.8%	85.0%	86.6%	88.2%	87.7%	87.9%	89.0%	89.3%
LRCX Jun	44.5%	45.0%	46.6%	45.1%	45.9%	46.5%	45.7%	44.6%	47.3%	48.7%
CTSH Dec	-	-	-	-	-	-	-	-	-	-
INTU Jul	-	-	-	-	-	-	-	-	-	-
TXN Dec	61.8%	64.3%	65.1%	63.7%	64.1%	67.5%	68.8%	62.9%	58.1%	57.0%
SNDK Jul	-	-	-	-	-	-	-	7.1%	16.1%	30.1%
TEL Sep	33.7%	34.3%	33.9%	32.7%	30.7%	32.7%	32.2%	31.5%	34.4%	35.2%
AMAT Oct	41.7%	45.0%	45.0%	43.7%	44.7%	47.3%	46.5%	46.7%	47.5%	48.7%
FLEX Mar	6.6%	6.4%	6.3%	5.8%	5.5%	7.0%	7.2%	6.9%	7.1%	8.4%
Peer median	43.1%	45.0%	45.8%	44.4%	45.3%	46.9%	46.1%	44.6%	47.3%	48.7%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	5.9%	5.7%	6.1%	6.3%	6.4%	6.8%	7.3%	7.9%	7.9%	7.4%
ADBE Nov	25.5%	29.7%	31.5%	29.3%	32.9%	36.8%	34.6%	34.3%	31.3%	36.6%
LRCX Jun	18.3%	23.7%	29.0%	25.5%	26.6%	30.6%	31.2%	29.7%	28.6%	32.0%
CTSH Dec	17.0%	16.8%	17.4%	14.6%	12.7%	15.3%	15.3%	13.9%	14.7%	16.1%
INTU Jul	26.5%	27.3%	25.9%	27.3%	28.3%	26.0%	20.2%	21.9%	22.3%	26.1%
TXN Dec	36.3%	40.7%	42.5%	39.8%	40.8%	48.8%	50.6%	41.8%	34.9%	34.1%
SNDK Jul	-	-	-	-	-	-	-	−33.4%	−7.0%	−18.7%
TEL Sep	15.9%	15.4%	16.7%	14.7%	4.4%	16.3%	16.9%	14.4%	17.6%	18.6%
AMAT Oct	19.9%	26.8%	26.9%	22.9%	25.4%	29.9%	30.2%	28.9%	28.9%	29.2%
FLEX Mar	-	-	-	-	1.7%	3.3%	3.6%	3.6%	3.2%	4.5%
Peer median	19.9%	26.8%	26.9%	25.5%	26.0%	27.9%	25.2%	21.9%	22.3%	26.1%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	3.0%	3.4%	4.0%	4.1%	4.3%	4.7%	4.7%	5.2%	5.1%	4.8%
ADBE Nov	20.0%	23.2%	28.7%	26.4%	40.9%	30.5%	27.0%	28.0%	25.9%	30.0%
LRCX Jun	15.5%	21.2%	21.5%	22.7%	22.4%	26.7%	26.7%	25.9%	25.7%	29.1%
CTSH Dec	11.5%	10.2%	13.0%	11.0%	8.4%	11.5%	11.8%	11.0%	11.3%	10.6%
INTU Jul	20.9%	19.0%	22.1%	23.0%	23.8%	21.4%	16.2%	16.6%	18.2%	20.5%
TXN Dec	26.9%	24.6%	35.4%	34.9%	38.7%	42.4%	43.7%	37.2%	30.7%	28.3%
SNDK Jul	-	-	-	-	-	-	-	−35.2%	−10.1%	−22.3%
TEL Sep	17.7%	13.8%	18.3%	13.7%	−2.0%	15.2%	14.9%	11.9%	20.2%	10.7%
AMAT Oct	15.9%	23.9%	18.2%	18.5%	21.0%	25.5%	25.3%	25.9%	26.4%	24.7%
FLEX Mar	1.8%	1.3%	1.7%	0.4%	0.4%	2.5%	3.8%	2.8%	3.8%	3.2%
Peer median	16.8%	20.1%	19.9%	20.6%	21.7%	23.5%	20.8%	16.6%	20.2%	20.5%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	$540.5M	$696.6M	$819.8M	$790.9M	$1.2B	$684.6M	$1.2B	$1.5B	$1.2B	$1.1B
ADBE Nov	$2.0B	$2.7B	$3.8B	$4.0B	$5.3B	$6.9B	$7.4B	$6.9B	$7.9B	$9.9B
LRCX Jun	$1.2B	$1.9B	$2.4B	$2.9B	$1.9B	$3.2B	$2.6B	$4.7B	$4.3B	$5.4B
CTSH Dec	$1.3B	$2.1B	$2.2B	$2.1B	$2.9B	$2.2B	$2.2B	$2.0B	$1.8B	$2.6B
INTU Jul	$1.0B	$1.5B	$2.1B	$2.2B	$2.4B	$3.2B	$3.7B	$4.8B	$4.7B	$6.1B
TXN Dec	$4.1B	$4.7B	$6.1B	$5.8B	$5.5B	$6.3B	$5.9B	$1.3B	$1.5B	$2.6B
SNDK Jul	-	-	-	-	-	-	-	−$932.0M	−$475.0M	−$120.0M
TEL Sep	$1.3B	$1.6B	$1.5B	$1.7B	$1.4B	$2.0B	$1.7B	$2.4B	$2.8B	$3.2B
AMAT Oct	$2.3B	$3.4B	$3.2B	$2.8B	$3.4B	$4.8B	$4.6B	$7.6B	$7.5B	$5.7B
FLEX Mar	$625.8M	−$4.3B	−$4.4B	−$3.7B	−$2.0B	−$207.0M	$581.0M	$315.0M	$796.0M	$1.1B
Peer median	$1.3B	$2.0B	$2.3B	$2.5B	$2.6B	$3.2B	$3.1B	$2.4B	$2.8B	$3.2B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	3.9%	4.6%	5.0%	4.4%	6.3%	3.3%	5.1%	6.8%	5.5%	4.9%
ADBE Nov	34.1%	37.5%	41.7%	36.0%	41.2%	43.6%	42.0%	35.8%	36.6%	41.4%
LRCX Jun	20.0%	23.4%	21.5%	29.8%	19.1%	22.1%	14.8%	26.8%	28.6%	29.4%
CTSH Dec	10.0%	14.3%	13.7%	12.6%	17.4%	12.0%	11.5%	10.4%	9.3%	12.3%
INTU Jul	22.2%	28.8%	34.4%	33.1%	30.7%	33.2%	29.3%	33.7%	28.8%	32.5%
TXN Dec	30.5%	31.2%	38.4%	40.3%	38.0%	34.3%	29.6%	7.7%	9.6%	14.7%
SNDK Jul	-	-	-	-	-	-	-	−15.3%	−7.1%	−1.6%
TEL Sep	11.8%	13.5%	10.8%	12.4%	11.8%	13.3%	10.4%	15.0%	17.7%	18.6%
AMAT Oct	21.4%	23.4%	18.9%	19.2%	19.7%	20.7%	17.9%	28.6%	27.6%	20.1%
FLEX Mar	2.6%	−18.2%	−17.4%	−14.1%	−8.2%	−0.9%	2.4%	1.1%	3.0%	4.1%
Peer median	20.7%	23.4%	20.2%	24.5%	19.4%	21.4%	16.4%	15.0%	17.7%	18.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	40.6%	53.1%	65.9%	76.7%	60.8%	140.1%	69.5%	54.1%	45.8%	40.9%
ADBE Nov	15.7%	20.0%	27.7%	28.0%	39.7%	32.6%	33.8%	32.9%	39.4%	61.3%
LRCX Jun	15.5%	24.9%	36.6%	46.9%	43.5%	64.8%	73.4%	54.9%	44.8%	54.3%
CTSH Dec	14.5%	14.1%	18.4%	16.7%	12.8%	17.8%	18.6%	16.1%	15.5%	14.9%
INTU Jul	65.6%	58.0%	47.2%	41.5%	35.8%	20.9%	12.6%	13.8%	16.1%	19.6%
TXN Dec	34.3%	35.6%	62.0%	56.3%	60.9%	58.3%	60.0%	38.5%	28.4%	30.7%
SNDK Jul	-	-	-	-	-	-	-	−18.7%	−6.1%	−17.8%
TEL Sep	23.7%	17.3%	23.7%	17.4%	−2.6%	21.3%	22.5%	16.5%	25.8%	14.6%
AMAT Oct	23.2%	36.5%	44.4%	32.9%	34.2%	48.1%	53.5%	41.9%	37.8%	34.3%
FLEX Mar	17.3%	12.1%	14.2%	3.1%	3.1%	17.8%	22.7%	14.8%	18.9%	16.8%
Peer median	20.2%	22.5%	32.1%	30.5%	35.0%	26.9%	28.3%	16.5%	25.8%	19.6%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	3.09	3.28	3.29	3.45	3.03	9.72	3.69	2.76	2.48	2.16
ADBE Nov	0.25	0.22	0.44	0.39	0.31	0.28	0.29	0.22	0.29	0.53
LRCX Jun	0.73	0.39	0.36	0.95	1.12	0.82	0.79	0.60	0.58	0.45
CTSH Dec	0.09	0.09	0.07	0.07	0.06	0.06	0.05	0.05	0.06	0.04
INTU Jul	0.67	0.29	0.16	0.12	0.66	0.21	0.42	0.35	0.33	0.30
TXN Dec	0.34	0.39	0.56	0.65	0.74	0.58	0.60	0.66	0.80	0.86
SNDK Jul	-	-	-	-	-	-	-	-	0.00	0.20
TEL Sep	0.52	0.52	0.46	0.38	0.44	0.34	0.39	0.36	0.34	0.45
AMAT Oct	0.45	0.55	0.78	0.72	0.52	0.45	0.45	0.34	0.37	0.32
FLEX Mar	1.09	1.12	0.98	1.03	1.01	1.11	1.02	0.69	0.61	0.74
Peer median	0.48	0.39	0.45	0.52	0.59	0.39	0.43	0.36	0.34	0.45

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CDW Dec	$2.56	$3.31	$4.19	$4.99	$5.45	$7.04	$8.13	$8.10	$7.97	$8.08
ADBE Nov	$2.32	$3.38	$5.20	$6.00	$10.83	$10.02	$10.10	$11.82	$12.36	$16.70
LRCX Jun	$0.52	$0.92	$1.32	$1.37	$1.51	$2.69	$3.27	$3.32	$2.90	$4.15
CTSH Dec	$2.55	$2.53	$3.60	$3.29	$2.57	$4.05	$4.41	$4.21	$4.51	$4.56
INTU Jul	$3.69	$3.78	$5.09	$5.89	$6.92	$7.56	$7.28	$8.42	$10.43	$13.67
TXN Dec	$3.48	$3.61	$5.59	$5.24	$5.97	$8.26	$9.41	$7.07	$5.20	$5.45
SNDK Jul	-	-	-	-	-	-	-	−$14.78	−$4.63	−$11.32
TEL Sep	$5.44	$4.70	$7.27	$5.42	−$0.73	$6.79	$7.47	$6.03	$10.33	$6.16
AMAT Oct	$1.54	$3.25	$2.96	$2.86	$3.92	$6.40	$7.44	$8.11	$8.61	$8.66
FLEX Mar	$0.79	$0.59	$0.80	$0.18	$0.17	$1.21	$1.94	$1.72	$2.28	$2.11
Peer median	$2.43	$3.31	$4.34	$4.27	$3.25	$6.60	$7.36	$6.03	$5.20	$5.45

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CDW and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on CDW in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CDW/export.csv") into a cell.