CDW Corp Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
CDW Corp has an operating margin of 7.9%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is up from 7.9% the prior year.
CDW Corp's revenue declined 1.8% year-over-year, from $21.4B to $21.0B. This contraction results in a growth score of 24/100.
CDW Corp has elevated debt relative to equity (D/E of 2.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 23/100, reflecting increased financial risk.
CDW Corp's current ratio of 1.35 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.
CDW Corp's free cash flow margin of 5.5% results in a low score of 27/100. Capital expenditures of $122.6M absorb a large share of operating cash flow.
CDW Corp earns a strong 45.8% return on equity (ROE), meaning it generates $46 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 54.1% the prior year.
CDW Corp scores 2.63, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
CDW Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, CDW Corp generates $1.19 in operating cash flow ($1.3B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows CDW Corp (CDW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
CDW Corp generated $21.0B in revenue in fiscal year 2024. This represents a decrease of 1.8% from the prior year.
CDW Corp's EBITDA was $1.9B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.3% from the prior year.
CDW Corp generated $1.2B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 20.4% from the prior year.
CDW Corp reported $1.1B in net income in fiscal year 2024. This represents a decrease of 2.4% from the prior year.
CDW Corp earned $7.97 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1.6% from the prior year.
CDW Corp held $503.5M in cash against $5.6B in long-term debt as of fiscal year 2024.
CDW Corp paid $2.48 per share in dividends in fiscal year 2024. This represents an increase of 4.0% from the prior year.
CDW Corp had 133M shares outstanding in fiscal year 2024. This represents a decrease of 1.1% from the prior year.
CDW Corp's gross margin was 21.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.
CDW Corp's operating margin was 7.9% in fiscal year 2024, reflecting core business profitability. This is up 0.0 percentage points from the prior year.
CDW Corp's net profit margin was 5.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.0 percentage points from the prior year.
CDW Corp's ROE was 45.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 8.3 percentage points from the prior year.
CDW Corp spent $500.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.0% from the prior year.
CDW Corp invested $122.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 17.3% from the prior year.
CDW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7B-4.0% | $6.0B+15.0% | $5.2B+0.3% | $5.2B-4.4% | $5.4B+11.3% | $4.9B-2.9% | $5.0B-10.8% | $5.6B |
| Cost of Revenue | $4.5B-5.4% | $4.7B+16.2% | $4.1B+1.1% | $4.0B-4.9% | $4.2B+11.3% | $3.8B-1.4% | $3.9B-12.2% | $4.4B |
| Gross Profit | $1.3B+1.2% | $1.2B+10.6% | $1.1B-2.9% | $1.2B-2.3% | $1.2B+11.3% | $1.1B-7.8% | $1.2B-6.0% | $1.2B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $812.2M-1.1% | $821.0M+7.9% | $760.9M+1.9% | $746.7M-0.4% | $750.0M+2.0% | $735.3M+2.3% | $718.8M-4.1% | $749.3M |
| Operating Income | $443.3M+5.5% | $420.2M+16.3% | $361.4M-11.6% | $408.6M-5.7% | $433.1M+32.0% | $328.0M-24.6% | $435.0M-9.1% | $478.4M |
| Interest Expense | N/A | N/A | N/A | N/A | -$52.3M-1.9% | -$51.3M+3.8% | -$53.3M+7.1% | -$57.4M |
| Income Tax | $98.4M+5.0% | $93.7M+18.5% | $79.1M-9.4% | $87.3M-11.5% | $98.6M+63.0% | $60.5M-28.5% | $84.6M-18.9% | $104.3M |
| Net Income | $291.0M+7.3% | $271.2M+20.6% | $224.9M-14.9% | $264.2M-6.0% | $281.1M+30.1% | $216.1M-27.0% | $296.1M-6.1% | $315.5M |
| EPS (Diluted) | $2.21+7.8% | $2.05+21.3% | $1.69-14.2% | $1.97-4.8% | $2.07+30.2% | $1.59-27.1% | $2.18-6.0% | $2.32 |
CDW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.2B-0.4% | $15.3B+1.6% | $15.0B+2.3% | $14.7B+7.6% | $13.6B+3.4% | $13.2B-0.7% | $13.3B+3.2% | $12.9B |
| Current Assets | $7.8B-0.8% | $7.8B+2.4% | $7.7B+3.8% | $7.4B+4.7% | $7.0B+6.2% | $6.6B-1.1% | $6.7B+3.8% | $6.5B |
| Cash & Equivalents | $452.9M-5.8% | $481.0M+2.0% | $471.4M-6.4% | $503.5M-24.3% | $665.3M-17.2% | $803.8M+36.5% | $588.7M+33.6% | $440.7M |
| Inventory | $504.7M-33.7% | $761.6M+5.7% | $720.2M+19.0% | $605.3M-16.5% | $724.8M+8.1% | $670.8M+0.4% | $668.1M-5.4% | $706.4M |
| Accounts Receivable | $5.8B+2.8% | $5.6B+5.5% | $5.3B+3.9% | $5.1B+8.8% | $4.7B+9.5% | $4.3B-5.6% | $4.6B+3.4% | $4.4B |
| Goodwill | $4.6B-0.2% | $4.7B+0.4% | $4.6B+0.3% | $4.6B+4.8% | $4.4B0.0% | $4.4B-0.1% | $4.4B-0.1% | $4.4B |
| Total Liabilities | $12.7B-1.1% | $12.8B+0.8% | $12.7B+3.0% | $12.3B+7.5% | $11.5B+3.7% | $11.1B-1.7% | $11.2B+1.6% | $11.1B |
| Current Liabilities | $5.6B-3.6% | $5.8B+0.4% | $5.8B+5.6% | $5.5B-11.8% | $6.2B+18.0% | $5.3B-3.3% | $5.4B+13.8% | $4.8B |
| Long-Term Debt | $5.6B-0.1% | $5.6B0.0% | $5.6B+0.3% | $5.6B+26.7% | $4.4B-12.0% | $5.0B-0.1% | $5.0B-11.1% | $5.7B |
| Total Equity | $2.5B+2.9% | $2.5B+6.2% | $2.3B-1.3% | $2.4B+8.2% | $2.2B+1.7% | $2.1B+4.7% | $2.0B+12.8% | $1.8B |
| Retained Earnings | -$1.3B+4.1% | -$1.4B+2.5% | -$1.4B-6.0% | -$1.3B+10.7% | -$1.5B-0.5% | -$1.5B+3.4% | -$1.5B+9.6% | -$1.7B |
CDW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $328.3M+110.6% | $155.9M-45.7% | $287.2M-16.8% | $345.3M+130.4% | $149.9M-65.9% | $440.0M-18.0% | $536.5M+14.5% | $468.6M |
| Capital Expenditures | $29.8M+32.4% | $22.5M-16.4% | $26.9M-5.9% | $28.6M-7.4% | $30.9M+4.7% | $29.5M-11.9% | $33.5M-22.8% | $43.4M |
| Free Cash Flow | $298.5M+123.8% | $133.4M-48.8% | $260.3M-17.8% | $316.7M+166.1% | $119.0M-71.0% | $410.5M-18.4% | $503.0M+18.3% | $425.2M |
| Investing Cash Flow | -$29.9M-116.0% | $186.5M+684.6% | -$31.9M+91.0% | -$353.7M-1044.7% | -$30.9M-4.0% | -$29.7M+11.9% | -$33.7M+31.4% | -$49.1M |
| Financing Cash Flow | -$319.5M+10.0% | -$355.1M-20.7% | -$294.1M+29.3% | -$416.2M-61.9% | -$257.0M-33.4% | -$192.6M+46.4% | -$359.0M-99.2% | -$180.2M |
| Dividends Paid | $81.8M-0.6% | $82.3M-0.6% | $82.8M-0.4% | $83.1M+0.1% | $83.0M-0.4% | $83.3M+0.2% | $83.1M+5.1% | $79.1M |
| Share Buybacks | $149.9M-0.1% | $150.0M-25.0% | $200.1M+37.1% | $146.0M-27.7% | $201.9M+287.5% | $52.1M+4.2% | $50.0M-7.2% | $53.9M |
CDW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.9%+1.1pp | 20.8%-0.8pp | 21.6%-0.7pp | 22.3%+0.5pp | 21.8%-0.0pp | 21.8%-1.2pp | 23.0%+1.2pp | 21.8% |
| Operating Margin | 7.7%+0.7pp | 7.0%+0.1pp | 7.0%-0.9pp | 7.9%-0.1pp | 8.0%+1.3pp | 6.7%-1.9pp | 8.7%+0.2pp | 8.5% |
| Net Margin | 5.1%+0.5pp | 4.5%+0.2pp | 4.3%-0.8pp | 5.1%-0.1pp | 5.2%+0.8pp | 4.4%-1.5pp | 5.9%+0.3pp | 5.6% |
| Return on Equity | 11.5%+0.5pp | 11.0%+1.3pp | 9.7%-1.6pp | 11.2%-1.7pp | 12.9%+2.8pp | 10.1%-4.4pp | 14.5%-2.9pp | 17.4% |
| Return on Assets | 1.9%+0.1pp | 1.8%+0.3pp | 1.5%-0.3pp | 1.8%-0.3pp | 2.1%+0.4pp | 1.6%-0.6pp | 2.2%-0.2pp | 2.5% |
| Current Ratio | 1.39+0.0 | 1.35+0.0 | 1.32-0.0 | 1.35+0.2 | 1.13-0.1 | 1.26+0.0 | 1.23-0.1 | 1.35 |
| Debt-to-Equity | 2.21-0.1 | 2.28-0.1 | 2.42+0.0 | 2.38+0.3 | 2.03-0.3 | 2.35-0.1 | 2.46-0.7 | 3.13 |
| FCF Margin | 5.2%+3.0pp | 2.2%-2.8pp | 5.0%-1.1pp | 6.1%+3.9pp | 2.2%-6.2pp | 8.4%-1.6pp | 10.0%+2.5pp | 7.5% |
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Frequently Asked Questions
What is CDW Corp's annual revenue?
CDW Corp (CDW) reported $21.0B in total revenue for fiscal year 2024. This represents a -1.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CDW Corp's revenue growing?
CDW Corp (CDW) revenue declined by 1.8% year-over-year, from $21.4B to $21.0B in fiscal year 2024.
Is CDW Corp profitable?
Yes, CDW Corp (CDW) reported a net income of $1.1B in fiscal year 2024, with a net profit margin of 5.1%.
What is CDW Corp's earnings per share (EPS)?
CDW Corp (CDW) reported diluted earnings per share of $7.97 for fiscal year 2024. This represents a -1.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is CDW Corp's EBITDA?
CDW Corp (CDW) had EBITDA of $1.9B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does CDW Corp have?
As of fiscal year 2024, CDW Corp (CDW) had $503.5M in cash and equivalents against $5.6B in long-term debt.
What is CDW Corp's gross margin?
CDW Corp (CDW) had a gross margin of 21.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is CDW Corp's operating margin?
CDW Corp (CDW) had an operating margin of 7.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is CDW Corp's net profit margin?
CDW Corp (CDW) had a net profit margin of 5.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does CDW Corp pay dividends?
Yes, CDW Corp (CDW) paid $2.48 per share in dividends during fiscal year 2024.
What is CDW Corp's return on equity (ROE)?
CDW Corp (CDW) has a return on equity of 45.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is CDW Corp's free cash flow?
CDW Corp (CDW) generated $1.2B in free cash flow during fiscal year 2024. This represents a -20.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is CDW Corp's operating cash flow?
CDW Corp (CDW) generated $1.3B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are CDW Corp's total assets?
CDW Corp (CDW) had $14.7B in total assets as of fiscal year 2024, including both current and long-term assets.
What are CDW Corp's capital expenditures?
CDW Corp (CDW) invested $122.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does CDW Corp buy back shares?
Yes, CDW Corp (CDW) spent $500.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does CDW Corp have outstanding?
CDW Corp (CDW) had 133M shares outstanding as of fiscal year 2024.
What is CDW Corp's current ratio?
CDW Corp (CDW) had a current ratio of 1.35 as of fiscal year 2024, which is considered adequate.
What is CDW Corp's debt-to-equity ratio?
CDW Corp (CDW) had a debt-to-equity ratio of 2.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is CDW Corp's return on assets (ROA)?
CDW Corp (CDW) had a return on assets of 7.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is CDW Corp's Altman Z-Score?
CDW Corp (CDW) has an Altman Z-Score of 2.63, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is CDW Corp's Piotroski F-Score?
CDW Corp (CDW) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CDW Corp's earnings high quality?
CDW Corp (CDW) has an earnings quality ratio of 1.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is CDW Corp?
CDW Corp (CDW) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.