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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.68B | - | $5.74B | $5.98B | $5.20B | - | $5.52B | $5.42B | $4.87B | - |
| Cost of Revenue | $4.49B | - | $4.48B | $4.74B | $4.08B | - | $4.32B | $4.24B | $3.81B | - |
| Gross Profit | $1.19B | - | $1.26B | $1.24B | $1.12B | - | $1.20B | $1.18B | $1.06B | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $814.00M | - | $812.20M | $821.00M | $760.90M | - | $719.10M | $750.00M | $735.30M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $74.90M | - | $73.30M | $73.30M | $74.90M | - | $69.10M | $69.40M | $67.30M | - |
| Operating Income | $376.00M | - | $443.30M | $420.20M | $361.40M | - | $481.60M | $433.10M | $328.00M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $83.60M | - | $98.40M | $93.70M | $79.10M | - | $111.20M | $98.60M | $60.50M | - |
| Net Income | $235.40M | - | $291.00M | $271.20M | $224.90M | - | $316.40M | $281.10M | $216.10M | - |
| EPS - Basic | $1.82 | - | $2.22 | $2.06 | $1.70 | - | $2.37 | $2.10 | $1.61 | - |
| EPS - Diluted | $1.82 | - | $2.21 | $2.05 | $1.69 | - | $2.34 | $2.07 | $1.59 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $578.60M | $618.70M | $452.90M | $481.00M | $471.40M | $503.50M | $946.70M | $665.30M | $803.80M | $588.70M |
| Accounts Receivable | $6.47B | $6.31B | $5.79B | $5.63B | $5.33B | $5.14B | $4.89B | $4.72B | $4.31B | $4.57B |
| Inventory | $820.60M | $563.40M | $504.70M | $761.60M | $720.20M | $605.30M | $682.50M | $724.80M | $670.80M | $668.10M |
| Accounts Payable | $4.56B | $4.22B | $3.68B | $3.80B | $3.63B | $3.38B | $3.18B | $3.12B | $2.74B | $2.88B |
| Current Assets | $8.97B | $8.50B | $7.78B | $7.84B | $7.65B | $7.37B | $7.66B | $7.04B | $6.63B | $6.71B |
| Total Assets | $16.45B | $16.03B | $15.20B | $15.27B | $15.02B | $14.68B | $14.38B | $13.64B | $13.19B | $13.28B |
| Current Liabilities | $7.70B | $7.23B | $5.59B | $5.81B | $5.78B | $5.47B | $5.46B | $6.21B | $5.26B | $5.44B |
| Long-term Debt | $4.64B | $4.62B | $5.62B | $5.62B | $5.62B | $5.61B | $5.61B | $4.42B | $5.03B | $5.03B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $2.56B | $2.61B | $2.54B | $2.47B | $2.32B | $2.35B | $2.35B | $2.17B | $2.14B | $2.04B |
| Retained Earnings | ($1.33B) | ($1.27B) | ($1.31B) | ($1.37B) | ($1.40B) | ($1.32B) | ($1.35B) | ($1.48B) | ($1.47B) | ($1.53B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $274.80M | - | - | - | $287.20M | - | - | - | $440.00M | - |
| Investing Cash Flow | ($30.90M) | - | - | - | ($31.90M) | - | - | - | ($29.70M) | - |
| Financing Cash Flow | ($273.20M) | - | - | - | ($294.10M) | - | - | - | ($192.60M) | - |
| CapEx | $26.40M | - | - | - | $26.90M | - | - | - | $29.50M | - |
| Free Cash Flow | $248.40M | - | - | - | $260.30M | - | - | - | $410.50M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 21.0% | - | 21.9% | 20.8% | 21.6% | - | 21.8% | 21.8% | 21.8% | - |
| Operating margin | 6.6% | - | 7.7% | 7.0% | 7.0% | - | 8.7% | 8.0% | 6.7% | - |
| EBITDA margin | 7.9% | - | 9.0% | 8.3% | 8.4% | - | 10.0% | 9.3% | 8.1% | - |
| Net margin | 4.1% | - | 5.1% | 4.5% | 4.3% | - | 5.7% | 5.2% | 4.4% | - |
| Free cash flow margin | 4.4% | - | - | - | 5.0% | - | - | - | 8.4% | - |
| FCF / Net income | 1.06 | - | - | - | 1.16 | - | - | - | 1.90 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 14.3% | - | 14.2% | 13.7% | 14.6% | - | 13.0% | 13.8% | 15.1% | - |
| Effective tax rate | 26.2% | - | 25.3% | 25.7% | 26.0% | - | 26.0% | 26.0% | 21.9% | - |
| Return on assets | 1.4% | - | 1.9% | 1.8% | 1.5% | - | 2.2% | 2.1% | 1.6% | - |
| Return on equity | 9.2% | - | 11.5% | 11.0% | 9.7% | - | 13.5% | 12.9% | 10.1% | - |
| Return on invested capital | 3.9% | - | 4.1% | 3.9% | 3.4% | - | 4.5% | 4.9% | 3.6% | - |
| Liquidity | ||||||||||
| Current ratio | 1.16 | 1.18 | 1.39 | 1.35 | 1.32 | 1.35 | 1.40 | 1.13 | 1.26 | 1.23 |
| Quick ratio | 1.06 | 1.10 | 1.30 | 1.22 | 1.20 | 1.24 | 1.28 | 1.02 | 1.13 | 1.11 |
| Cash ratio | 0.08 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 | 0.17 | 0.11 | 0.15 | 0.11 |
| Leverage | ||||||||||
| Debt / Equity | 1.81 | 1.77 | 2.21 | 2.28 | 2.42 | 2.38 | 2.39 | 2.03 | 2.35 | 2.46 |
| Debt / Assets | 0.28 | 0.29 | 0.37 | 0.37 | 0.37 | 0.38 | 0.39 | 0.32 | 0.38 | 0.38 |
| Debt / EBITDA | 10.28 | - | 10.88 | 11.39 | 12.89 | - | 10.18 | 8.81 | 12.72 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 6.44 | 6.15 | 5.98 | 6.19 | 6.46 | 6.24 | 6.12 | 6.27 | 6.17 | 6.50 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.35 | - | 0.38 | 0.39 | 0.35 | - | 0.38 | 0.40 | 0.37 | - |
| Inventory turnover | 5.47 | - | 8.88 | 6.22 | 5.66 | - | 6.32 | 5.85 | 5.68 | - |
| Days sales outstanding | 416d | - | 368d | 344d | 374d | - | 324d | 318d | 323d | - |
| Days inventory outstanding | 67d | - | 41d | 59d | 64d | - | 58d | 62d | 64d | - |
| Days payable outstanding | 371d | - | 300d | 293d | 325d | - | 269d | 268d | 263d | - |
| Cash conversion cycle | 112d | - | 110d | 109d | 114d | - | 113d | 112d | 125d | - |
| Valuation | ||||||||||
| P / E | 66.5x | - | 72.1x | 87.1x | 94.8x | - | 96.7x | 108.1x | 160.9x | - |
| P / B | 6.1x | - | 8.3x | 9.6x | 9.2x | - | 13.0x | 14.0x | 16.3x | - |
| P / S | 2.8x | - | 3.7x | 4.0x | 4.1x | - | 5.5x | 5.6x | 7.1x | - |
| EV / EBITDA | 43.8x | - | 50.6x | 58.3x | 60.8x | - | 63.9x | 67.9x | 98.7x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 9.2% | - | 4.0% | 10.2% | 6.7% | - | -2.0% | -3.6% | -4.5% | - |
| Revenue CAGR (3y) | 3.6% | - | -2.6% | -0.9% | -4.4% | - | 1.3% | 1.8% | 0.2% | - |
| Revenue CAGR (5y) | 3.3% | - | 3.8% | 6.5% | 3.4% | - | 2.4% | 3.2% | 4.2% | - |
| Gross profit growth (YoY) | 6.0% | - | 4.6% | 4.9% | 5.5% | - | -2.2% | 0.1% | -2.4% | - |
| Operating income growth (YoY) | 4.0% | - | -8.0% | -3.0% | 10.2% | - | 0.7% | 5.1% | -7.7% | - |
| Net income growth (YoY) | 4.7% | - | -8.0% | -3.5% | 4.1% | - | 0.3% | 7.0% | -6.1% | - |
| EPS growth (YoY) | 7.7% | - | -5.6% | -1.0% | 6.3% | - | 0.9% | 7.8% | -5.4% | - |
| EPS CAGR (3y) | 2.7% | - | 0.6% | 0.2% | -2.6% | - | 7.0% | 2.4% | -0.8% | - |
| EPS CAGR (5y) | 2.2% | - | 10.7% | 9.4% | 7.8% | - | 11.3% | 9.3% | 9.3% | - |
| FCF growth (YoY) | -4.6% | - | - | - | -36.6% | - | - | - | 23.0% | - |
| FCF CAGR (5y) | -5.2% | - | - | - | 5.7% | - | - | - | 12.0% | - |
| Book value growth (YoY) | 10.0% | 10.8% | 8.1% | 13.4% | 8.6% | 15.2% | 29.8% | 34.8% | 36.3% | 27.4% |
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%
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 |