CDW · Cdw Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $22.42B | $21.00B | $21.38B | $23.75B | $20.82B | $18.47B |
| Cost of Revenue | $17.55B | $16.40B | $16.72B | $19.06B | $17.25B | $15.26B |
| Gross Profit | $4.87B | $4.60B | $4.65B | $4.69B | $3.57B | $3.21B |
| R&D | - | - | - | - | - | - |
| SG&A | $3.22B | $2.95B | $2.97B | $2.95B | $2.15B | $2.03B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $295.60M | $275.30M | $270.70M | $290.60M | $191.20M | $425.60M |
| Operating Income | $1.66B | $1.65B | $1.68B | $1.74B | $1.42B | $1.18B |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $360.80M | $357.60M | $345.90M | $373.30M | $309.20M | $213.80M |
| Net Income | $1.07B | $1.08B | $1.10B | $1.11B | $988.60M | $788.50M |
| EPS - Basic | $8.13 | $8.06 | $8.20 | $8.24 | $7.14 | $5.53 |
| EPS - Diluted | $8.08 | $7.97 | $8.10 | $8.13 | $7.04 | $5.45 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $618.70M | $503.50M | $588.70M | $315.20M | $258.10M | $1.41B |
| Accounts Receivable | $6.31B | $5.14B | $4.57B | $4.46B | $4.50B | $3.21B |
| Inventory | $563.40M | $605.30M | $668.10M | $800.20M | $927.60M | $760.00M |
| Accounts Payable | $4.22B | $3.38B | $2.88B | $2.82B | $3.11B | $2.09B |
| Current Assets | $8.50B | $7.37B | $6.71B | $6.56B | $6.48B | $5.95B |
| Total Assets | $16.03B | $14.68B | $13.28B | $13.13B | $13.20B | $9.34B |
| Current Liabilities | $7.23B | $5.47B | $5.44B | $4.95B | $5.10B | $3.90B |
| Long-term Debt | $4.62B | $5.61B | $5.03B | $5.87B | $6.76B | $3.86B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $2.61B | $2.35B | $2.04B | $1.60B | $705.70M | $1.30B |
| Retained Earnings | ($1.27B) | ($1.32B) | ($1.53B) | ($1.76B) | ($2.57B) | ($1.81B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.21B | $1.28B | $1.60B | $1.34B | $784.60M | $1.31B |
| Investing Cash Flow | $70.20M | ($659.20M) | ($229.60M) | ($164.50M) | ($2.77B) | ($201.00M) |
| Financing Cash Flow | ($1.18B) | ($686.90M) | ($1.10B) | ($1.10B) | $832.80M | $138.80M |
| CapEx | $117.10M | $122.60M | $148.20M | $127.80M | $100.00M | $158.00M |
| Free Cash Flow | $1.09B | $1.15B | $1.45B | $1.21B | $684.60M | $1.16B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 21.7% | 21.9% | 21.8% | 19.7% | 17.1% | 17.4% |
| Operating margin | 7.4% | 7.9% | 7.9% | 7.3% | 6.8% | 6.4% |
| EBITDA margin | 8.7% | 9.2% | 9.1% | 8.5% | 7.7% | 8.7% |
| Net margin | 4.8% | 5.1% | 5.2% | 4.7% | 4.7% | 4.3% |
| Free cash flow margin | 4.9% | 5.5% | 6.8% | 5.1% | 3.3% | 6.3% |
| FCF / Net income | 1.02 | 1.07 | 1.31 | 1.08 | 0.69 | 1.47 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 14.3% | 14.1% | 13.9% | 12.4% | 10.3% | 11.0% |
| Effective tax rate | 25.3% | 24.9% | 23.9% | 25.1% | 23.8% | 21.3% |
| Return on assets | 6.7% | 7.3% | 8.3% | 8.5% | 7.5% | 8.4% |
| Return on equity | 40.9% | 45.8% | 54.1% | 69.5% | 140.1% | 60.8% |
| Return on invested capital | 17.1% | 15.6% | 18.1% | 17.4% | 14.5% | 18.0% |
| Liquidity | ||||||
| Current ratio | 1.18 | 1.35 | 1.23 | 1.33 | 1.27 | 1.53 |
| Quick ratio | 1.10 | 1.24 | 1.11 | 1.17 | 1.09 | 1.33 |
| Cash ratio | 0.09 | 0.09 | 0.11 | 0.06 | 0.05 | 0.36 |
| Leverage | ||||||
| Debt / Equity | 1.77 | 2.38 | 2.46 | 3.66 | 9.57 | 2.97 |
| Debt / Assets | 0.29 | 0.38 | 0.38 | 0.45 | 0.51 | 0.41 |
| Debt / EBITDA | 2.37 | 2.91 | 2.58 | 2.90 | 4.20 | 2.40 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 6.15 | 6.24 | 6.50 | 8.19 | 18.70 | 7.20 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 1.40 | 1.43 | 1.61 | 1.81 | 1.58 | 1.98 |
| Inventory turnover | 31.15 | 27.09 | 25.03 | 23.82 | 18.60 | 20.08 |
| Days sales outstanding | 103d | 89d | 78d | 69d | 79d | 63d |
| Days inventory outstanding | 12d | 13d | 15d | 15d | 20d | 18d |
| Days payable outstanding | 88d | 75d | 63d | 54d | 66d | 50d |
| Cash conversion cycle | 27d | 27d | 30d | 30d | 33d | 32d |
| Valuation | ||||||
| P / E | 16.9x | 21.8x | 28.1x | 22.0x | 29.1x | 24.2x |
| P / B | 6.9x | 10.0x | 15.2x | 15.3x | 40.8x | 14.7x |
| P / S | 0.8x | 1.1x | 1.4x | 1.0x | 1.4x | 1.0x |
| EV / EBITDA | 11.3x | 14.9x | 18.2x | 14.8x | 21.9x | 13.4x |
| Growth | ||||||
| Revenue growth (YoY) | 6.8% | -1.8% | -10.0% | 14.1% | 12.7% | 2.4% |
| Revenue CAGR (3y) | -1.9% | 0.3% | 5.0% | 9.6% | 15.0% | 6.7% |
| Revenue CAGR (5y) | 4.0% | 3.1% | 9.3% | 9.3% | 8.3% | 7.3% |
| Gross profit growth (YoY) | 5.9% | -1.1% | -0.7% | 31.3% | 11.2% | 5.6% |
| Operating income growth (YoY) | 0.3% | -1.8% | -3.1% | 22.3% | 20.3% | 4.0% |
| Net income growth (YoY) | -1.0% | -2.4% | -0.9% | 12.7% | 25.4% | 7.0% |
| EPS growth (YoY) | 1.4% | -1.6% | -0.4% | 15.5% | 29.2% | 9.2% |
| EPS CAGR (3y) | -0.2% | 4.2% | 14.1% | 17.7% | 18.9% | 18.1% |
| EPS CAGR (5y) | 8.2% | 9.8% | 14.1% | 19.7% | 22.4% | 18.3% |
| FCF growth (YoY) | -5.8% | -20.4% | 20.1% | 76.5% | -40.8% | 46.2% |
| FCF CAGR (5y) | -1.2% | 7.9% | 12.1% | 11.6% | 4.8% | 38.1% |
| Book value growth (YoY) | 10.8% | 15.2% | 27.4% | 127.2% | -45.6% | 35.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$22.42B totalCorporate Segment Private Sector Business$9.44B · 42.1%
Public Segment Government Agencies Educationand Healthcare$8.54B · 38.1%
All Other Segments$2.72B · 12.1%
Small Business$1.73B · 7.7%
Product / service
$25.51B totalTotal Hardware$6.40B · 25.1%
Notebooks Mobile Devices$5.64B · 22.1%
Netcomm Products$2.69B · 10.5%
Other Hardware$2.50B · 9.8%
Data Storage And Servers$2.15B · 8.4%
Software Products$2.05B · 8.0%
Collaboration$1.76B · 6.9%
Desktops$1.33B · 5.2%
Services$923.90M · 3.6%
Other Products And Services$62.20M · 0.2%
Geographic
$9.44B totalUS$9.37B · 99.3%
Non Us$70.70M · 0.7%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Retail-Catalog & Mail-Order Houses
Comparing CDW Corp against the 5 most active filers in the same SIC group.
Dividends
$2.52/share trailing 12 months · +0.8% YoY
| Ex-date | Per share |
|---|---|
| May 22, 2026 | $0.6300 |
| Feb 25, 2026 | $0.6300 |
| Nov 25, 2025 | $0.6300 |
| Aug 25, 2025 | $0.6250 |
| May 23, 2025 | $0.6250 |
| Feb 25, 2025 | $0.6250 |
| Nov 25, 2024 | $0.6250 |
| Aug 26, 2024 | $0.6200 |
| May 23, 2024 | $0.6200 |
| Feb 23, 2024 | $0.6200 |
| Nov 22, 2023 | $0.6200 |
| Aug 24, 2023 | $0.5900 |
| May 24, 2023 | $0.5900 |
| Feb 23, 2023 | $0.5900 |
| Nov 23, 2022 | $0.5900 |
| Aug 24, 2022 | $0.5000 |
| May 24, 2022 | $0.5000 |
| Feb 24, 2022 | $0.5000 |
| Nov 23, 2021 | $0.5000 |
| Aug 24, 2021 | $0.4000 |
| May 24, 2021 | $0.4000 |
| Feb 24, 2021 | $0.4000 |
| Nov 24, 2020 | $0.4000 |
| Aug 24, 2020 | $0.3800 |