CDW Corp-DE (CDW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.8	$2.91	+3.9%	—	$6.6B	—
Q1 26	$2.29	$2.28	-0.4%	—	$5.7B	—
Q4 25	$2.44	$2.57	+5.3%	—	$5.5B	—
Q3 25	$2.62	$2.71	+3.4%	—	$5.7B	—
Q2 25	$2.49	$2.6	+4.4%	—	$6B	—
Q1 25	$1.96	$2.15	+9.7%	—	$5.2B	—
Q4 24	$2.32	$2.48	+6.9%	—	$5.2B	—
Q3 24	$2.85	$2.63	-7.7%	—	$5.5B	—
Q2 24	$2.53	$2.5	-1.2%	—	$5.4B	—
Q1 24	$2.15	$1.92	-10.7%	—	$4.9B	—
Q4 23	$2.56	$2.57	+0.4%	—	$5B	—
Q3 23	$2.59	$2.72	+5.0%	—	$5.6B	—
Q2 23	$2.33	$2.56	+9.9%	—	$5.6B	—
Q1 23	$2.03	$2.03	0.0%	—	$5.1B	—
Q4 22	$2.48	$2.5	+0.8%	—	$5.4B	—
Q3 22	$2.52	$2.6	+3.2%	—	$6.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.13	—	—	$22.4B	—
FY24	—	$8.06	—	—	$21B	—
FY23	—	$8.2	—	—	$21.4B	—
FY22	—	$8.24	—	—	$23.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.7B	$14.8B	$16.2B	$18B	$18.5B	$20.8B	$23.7B	$21.4B	$21B	$22.4B
YoY change	+5.27%	+8.49%	+9.49%	+11%	+2.41%	+12.7%	+14.1%	-9.99%	-1.77%	+6.79%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.7B	14.8B	16.2B	18B	18.5B	20.8B	23.7B	21.4B	21B	22.4B
Cost of revenue	11.3B	12.4B	13.5B	15B	15.3B	17.3B	19.1B	16.7B	16.4B	17.6B
Gross profit	2.3B	2.5B	2.7B	3B	3.2B	3.6B	4.7B	4.7B	4.6B	4.9B
Gross margin	17%	16.5%	16.7%	16.9%	17.4%	17.1%	19.7%	21.8%	21.9%	21.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.5B	1.6B	1.7B	1.9B	2B	2.1B	3B	3B	3B	3.2B
Operating expenses	1.5B	1.6B	1.7B	1.9B	2B	2.1B	3B	3B	3B	3.2B
Operating income	820M	866.5M	987.3M	1.1B	1.2B	1.4B	1.7B	1.7B	1.7B	1.7B
Operating margin	6%	5.84%	6.08%	6.29%	6.39%	6.82%	7.31%	7.86%	7.86%	7.38%
Non-operating income, net	-300K	-55.3M	1.8M	-24.5M	-22M	29.7M	-11.7M	-4.1M	-1.4M	-800K
Pretax income	673.2M	660.7M	840.5M	949.7M	1B	1.3B	1.5B	1.5B	1.4B	1.4B
Income tax	248.1M	137.6M	197.5M	212.9M	213.8M	309.2M	373.3M	345.9M	357.6M	360.8M
Net income	425.1M	523.1M	643M	736.8M	788.5M	988.6M	1.1B	1.1B	1.1B	1.1B
Net margin	3.11%	3.53%	3.96%	4.09%	4.27%	4.75%	4.69%	5.17%	5.13%	4.76%
EBITDA	1.1B	1.1B	1.3B	1.4B	1.6B	1.6B	2B	1.9B	1.9B	2B
EPS	2.59	3.37	4.26	5.08	5.53	7.14	8.24	8.2	8.06	8.13
Diluted EPS	2.56	3.31	4.19	4.99	5.45	7.04	8.13	8.1	7.97	8.08

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.6B	5B	4.9B	5.4B	5.5B	5.2B	5.2B	6B	5.7B	5.5B	5.7B	6.6B
Cost of revenue	4.4B	3.9B	3.8B	4.2B	4.3B	4B	4.1B	4.7B	4.5B	4.3B	4.5B	5.3B
Gross profit	1.2B	1.2B	1.1B	1.2B	1.2B	1.2B	1.1B	1.2B	1.3B	1.3B	1.2B	1.3B
Gross margin	21.8%	23%	21.8%	21.8%	21.8%	22.3%	21.6%	20.8%	21.9%	22.8%	21%	20.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	749.3M	718.8M	735.3M	750M	719.1M	746.7M	760.9M	821M	812.2M	823.7M	814M	891.2M
Operating expenses	749.3M	718.8M	735.3M	750M	719.1M	746.7M	760.9M	821M	812.2M	823.7M	814M	891.2M
Operating income	478.4M	435M	328M	433.1M	481.6M	408.6M	361.4M	420.2M	443.3M	430.7M	376M	428.6M
Operating margin	8.5%	8.67%	6.73%	7.99%	8.73%	7.88%	6.95%	7.03%	7.73%	7.82%	6.62%	6.52%
Non-operating income, net	-1.2M	-1M	-100K	-1.1M	400K	-600K	-300K	1.5M	1.1M	-3.1M	-1.7M	4.5M
Pretax income	419.8M	380.7M	276.6M	379.7M	427.6M	351.5M	304M	364.9M	389.4M	369.1M	319M	372.9M
Income tax	104.3M	84.6M	60.5M	98.6M	111.2M	87.3M	79.1M	93.7M	98.4M	89.6M	83.6M	98.5M
Net income	315.5M	296.1M	216.1M	281.1M	316.4M	264.2M	224.9M	271.2M	291M	279.5M	235.4M	274.4M
Net margin	5.61%	5.9%	4.43%	5.18%	5.74%	5.09%	4.33%	4.54%	5.07%	5.07%	4.14%	4.18%
EBITDA	543.2M	502.1M	395.2M	501.4M	551.1M	477.5M	436M	495M	517.7M	501.7M	449.4M	508.2M
EPS	2.35	2.2	1.61	2.1	2.37	1.98	1.7	2.06	2.22	2.15	1.82	2.16
Diluted EPS	2.32	2.18	1.59	2.07	2.34	1.97	1.69	2.05	2.21	2.14	1.82	2.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.5B	10.8B	12.2B	20.7B	18.8B	28.4B	24.1B	30.6B	23.3B	17.9B	16.3B
Enterprise value	11.5B	13.9B	15.2B	24.4B	21.9B	35.5B	29.9B	35.8B	28.6B	23.1B	23B
Shares outstanding	163.6M	155.4M	150.9M	145.1M	142.6M	138.5M	135.2M	134.6M	133.8M	131.3M	131.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20	20.6	19	28.1	23.8	28.7	21.7	27.7	21.6	16.8	15.6
P/S	0.62	0.73	0.75	1.15	1.02	1.36	1.02	1.43	1.11	0.8	0.69
P/B	8.15	11	12.5	21.6	14.5	40.2	15.1	15	9.9	6.86	6.66
EV/EBITDA	10.7	13	12.1	17.7	13.9	21.6	14.9	18.4	14.8	11.8	11.4
EV/Sales	0.84	0.94	0.94	1.35	1.19	1.7	1.26	1.68	1.36	1.03	0.98
Earnings yield	4.99%	4.84%	5.26%	3.55%	4.2%	3.49%	4.62%	3.61%	4.63%	5.96%	6.41%
FCF yield	6.34%	6.45%	6.7%	3.82%	6.15%	2.41%	5%	4.74%	4.96%	6.08%	4.15%
PEG	—	—	—	—	—	—	—	—	—	—	3.21

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	17%	16.5%	16.7%	16.9%	17.4%	17.1%	19.7%	21.8%	21.9%	21.7%	20.1%
Operating margin	6%	5.84%	6.08%	6.29%	6.39%	6.82%	7.31%	7.86%	7.86%	7.38%	7.34%
Net margin	3.11%	3.53%	3.96%	4.09%	4.27%	4.75%	4.69%	5.17%	5.13%	4.76%	4.6%
ROE	40.7%	53.1%	65.9%	76.7%	60.8%	140.1%	69.5%	54.1%	45.8%	40.9%	44%
ROA	6.12%	7.51%	8.97%	9.21%	8.44%	7.49%	8.49%	8.31%	7.34%	6.65%	6.59%
ROIC	12.9%	16.8%	19%	19%	20.8%	13.9%	17.6%	17.6%	16.3%	15.9%	15.5%
Return on tangible assets	-583.9%	245%	78.6%	43.2%	24.2%	84%	76.1%	64.3%	39.6%	24.6%	18.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.42	1.35	1.35	1.24	1.53	1.27	1.33	1.23	1.35	1.18	1.17
Quick ratio	1.22	1.18	1.19	1.07	1.33	1.09	1.17	1.11	1.24	1.1	1.05
Debt / equity	3.09	3.28	3.29	3.99	3.52	10.4	3.8	2.84	2.55	2.22	2.63
Debt / assets	0.47	0.46	0.45	0.48	0.49	0.56	0.46	0.44	0.41	0.36	0.35
Net debt / EBITDA	2.76	2.88	2.39	2.67	1.99	4.33	2.87	2.68	2.74	2.65	2.83
Interest coverage	5.6	5.39	6.66	6.96	7.47	9.6	7.31	7.4	7.69	7.28	7.33
Effective tax rate	36.9%	20.8%	23.5%	22.4%	21.3%	23.8%	25.1%	23.9%	24.9%	25.3%	25.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	83.6	95.4	107.6	124.3	129.5	150.3	175.7	158.8	156.9	170.8	181.8
EPS (basic)	2.59	3.37	4.26	5.08	5.53	7.14	8.24	8.2	8.06	8.13	8.13
EPS (diluted)	2.56	3.31	4.19	4.99	5.45	7.04	8.13	8.1	7.97	8.08	8.32
Book value per share	6.39	6.34	6.46	6.62	9.1	5.1	11.9	15.2	17.6	19.8	19.5
FCF per share	3.3	4.48	5.43	5.45	8.11	4.94	8.94	10.8	8.63	8.29	6.75
Cash per share	1.61	0.93	1.36	1.06	9.89	1.86	2.33	4.37	5.36	4.71	2.89
Capex per share	—	—	—	—	—	—	—	—	—	0.89	0.95

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	0.52%	0.52%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	9.72%	12.4%
Payout ratio	18.5%	20.4%	21.7%	24.9%	27.9%	23.8%	25.4%	29.1%	30.8%	30.8%	30.2%
Dividend yield	0.92%	0.99%	1.14%	0.88%	1.17%	0.83%	1.17%	1.05%	1.43%	1.84%	1.93%

Yield

1.93%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.63

ex-dividend Aug 25, 2026

Payout ratio

30%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 25, 2026	$0.63
May 22, 2026	$0.63
Feb 25, 2026	$0.63
Nov 25, 2025	$0.63
Aug 25, 2025	$0.625

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.6B	$5B	$4.9B	$5.4B	$5.5B	$5.2B	$5.2B	$6B	$5.7B	$5.5B	$5.7B	$6.6B
YoY change	-9.45%	-7.72%	-4.51%	-3.6%	-1.98%	+3.34%	+6.7%	+10.2%	+4%	+6.27%	+9.25%	+9.97%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	263.7M	144.2M	205.8M	154M	1.4B	258.1M	315.2M	588.7M	717.7M	618.7M
Receivables	2.2B	2.3B	2.7B	3B	3.2B	4.5B	4.5B	4.6B	5.1B	6.3B
Inventory	452M	411.5M	454.3M	611.2M	760M	927.6M	800.2M	668.1M	605.3M	563.4M
Total current assets	3.2B	3.4B	3.8B	4.3B	6B	6.5B	6.6B	6.7B	7.4B	8.5B
Property, plant & equipment	43.3M	38.1M	27M	360.7M	179.5M	200.1M	188.5M	199M	178.6M	163.9M
Goodwill & intangibles	7B	6.8B	6.3B	6.3B	6.1B	12B	11.7B	11.6B	12B	11.7B
Total assets	6.9B	7B	7.2B	8B	9.3B	13.2B	13.1B	13.3B	14.7B	16B
Accounts payable	1.1B	1.3B	1.6B	1.8B	2.1B	3.1B	2.8B	2.9B	3.4B	4.2B
Short-term debt	18.5M	25.5M	25.3M	413.2M	541M	412.8M	56.3M	613.1M	235.8M	1B
Total current liabilities	2.3B	2.5B	2.8B	3.5B	3.9B	5.1B	4.9B	5.4B	5.5B	7.2B
Long-term debt	3.2B	3.2B	3.2B	3.4B	4B	6.9B	6B	5.2B	5.8B	4.8B
Total liabilities	5.9B	6B	6.2B	7B	8B	12.5B	11.5B	11.2B	12.3B	13.4B
Shareholders' equity	1B	985.6M	975.2M	960.3M	1.3B	705.7M	1.6B	2B	2.4B	2.6B
Total debt	3.2B	3.2B	3.2B	3.8B	4.6B	7.4B	6.1B	5.8B	6B	5.8B
Net debt	3B	3.1B	3B	3.7B	3.2B	7.1B	5.8B	5.2B	5.5B	5.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	440.7M	588.7M	803.8M	665.3M	1.2B	717.7M	688.1M	481M	452.9M	618.7M	578.6M	361.8M
Receivables	4.4B	4.6B	4.3B	4.7B	4.9B	5.1B	5.3B	5.6B	5.8B	6.3B	6.5B	7.3B
Inventory	706.4M	668.1M	670.8M	724.8M	682.5M	605.3M	720.2M	761.6M	504.7M	563.4M	820.6M	981.8M
Total current assets	6.5B	6.7B	6.6B	7B	7.7B	7.4B	7.7B	7.8B	7.8B	8.5B	9B	9.7B
Property, plant & equipment	328M	199M	325.3M	317.8M	322.3M	178.6M	301.2M	292M	280M	163.9M	302.6M	294.2M
Goodwill & intangibles	11.6B	11.6B	11.5B	11.4B	11.4B	12B	11.9B	11.8B	11.7B	11.7B	11.6B	11.5B
Total assets	12.9B	13.3B	13.2B	13.6B	14.4B	14.7B	15B	15.3B	15.2B	16B	16.5B	17.3B
Accounts payable	2.6B	2.9B	2.7B	3.1B	3.2B	3.4B	3.6B	3.8B	3.7B	4.2B	4.6B	5.1B
Short-term debt	40M	613.1M	604.7M	1.2B	423.2M	235.8M	230.6M	9.5M	9.1M	1B	1B	1B
Total current liabilities	4.8B	5.4B	5.3B	6.2B	5.5B	5.5B	5.8B	5.8B	5.6B	7.2B	7.7B	8.3B
Long-term debt	5.8B	5.2B	5.2B	4.6B	5.8B	5.8B	5.8B	5.8B	5.7B	4.8B	4.8B	5B
Total liabilities	11.1B	11.2B	11.1B	11.5B	12B	12.3B	12.7B	12.8B	12.7B	13.4B	13.9B	14.8B
Shareholders' equity	1.8B	2B	2.1B	2.2B	2.3B	2.4B	2.3B	2.5B	2.5B	2.6B	2.6B	2.4B
Total debt	5.9B	5.8B	5.8B	5.8B	6.2B	6B	6B	5.8B	5.8B	5.8B	5.8B	6B
Net debt	5.4B	5.2B	5B	5.1B	5.2B	5.5B	5.5B	5.3B	5.3B	5.2B	5.2B	5.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	425.1M	523.1M	643M	736.8M	788.5M	988.6M	1.1B	1.1B	1.1B	1.1B
Depreciation & amortization	254.5M	260.9M	265.6M	267.1M	425.6M	191.2M	290.6M	270.7M	275.3M	295.6M
Stock-based compensation	39.2M	43.7M	40.7M	48.5M	42.5M	72.6M	91.1M	93.7M	64.7M	83.6M
Change in working capital	-54.1M	74M	27M	22.8M	4.9M	-431.6M	-166.6M	118.8M	-162.7M	-286.3M
Operating cash flow	571.8M	791.4M	930.2M	1B	1.3B	790M	1.3B	1.6B	1.2B	1.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	-117.1M
Investing cash flow	-4.8M	0	0	-95.1M	-43M	-2.7B	-36.7M	-81.4M	-536.6M	-140.9M
Dividends paid	-78.7M	-106.9M	-139.4M	-183.4M	-219.6M	-234.8M	-282.6M	-321.5M	-332.1M	-328.6M
Share repurchases	-367.4M	-534M	-522.3M	-657.2M	-340.6M	-1.5B	0	-500M	-500M	-653M
Financing cash flow	-304.6M	-818.7M	-754.8M	-784.7M	89.6M	762.9M	-1.1B	-1.1B	-733.9M	-1.2B
Net change in cash	262.4M	-27.3M	175.4M	135.7M	1.3B	-1.1B	158.6M	354.4M	-25.4M	-149.7M
Free cash flow	540.5M	696.6M	819.8M	790.9M	1.2B	684.6M	1.2B	1.5B	1.2B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	315.5M	296.1M	216.1M	281.1M	316.4M	264.2M	224.9M	271.2M	291M	279.5M	235.4M	274.4M
Depreciation & amortization	66M	68.1M	67.3M	69.4M	69.1M	69.5M	74.9M	73.3M	73.3M	74.1M	75.1M	75.1M
Stock-based compensation	26M	22.1M	19.4M	28.7M	2.7M	13.9M	20.5M	23.5M	27.1M	12.5M	22.1M	28.1M
Change in working capital	63.2M	142M	141.5M	-226.4M	-46.7M	-31.1M	-25.6M	-204M	-101.4M	44.7M	-60.1M	-437.6M
Operating cash flow	464.8M	533.8M	435.8M	144.3M	334.8M	330.2M	278.9M	155.9M	328.3M	433.8M	274.8M	-55.1M
Capital expenditure	—	—	—	—	—	—	—	-22.5M	-29.8M	-37.9M	-26.4M	-27.5M
Investing cash flow	-700K	-200K	-200K	0	0	-325.1M	-5M	-22.5M	-29.9M	-54.5M	-30.9M	-27.9M
Dividends paid	-79.1M	-83.1M	-83.3M	-83M	-82.7M	-83.1M	-82.8M	-82.3M	-81.8M	-81.7M	-81.1M	-79.8M
Share repurchases	-53.9M	-50M	-52.1M	-201.9M	-100M	-146M	-200.1M	-150M	-149.9M	-153M	-201M	-343.7M
Financing cash flow	-185.9M	-375.8M	-221.5M	-263.1M	172.3M	-715.8M	-300M	-374.4M	-321.3M	-2.8B	-275.8M	-140.1M
Net change in cash	278.2M	157.8M	214.1M	-118.8M	507.1M	-710.7M	-26.1M	-241M	-22.9M	-2.4B	-31.9M	-223.1M
Free cash flow	425.2M	503M	410.5M	119M	308.5M	316.7M	260.3M	133.4M	298.5M	395.9M	248.4M	-82.6M

CDW Corp-DE Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement