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CDW Corp Financials

CDW
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows CDW Corp (CDW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 51 / 100
Financial Profile 51/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
39

CDW Corp has an operating margin of 7.4%, meaning the company retains $7 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 down from 7.9% the prior year.

Growth
45

CDW Corp's revenue grew 6.8% year-over-year to $22.4B, a solid pace of expansion. This earns a growth score of 45/100.

Leverage
66

CDW Corp carries a low D/E ratio of 1.77, meaning only $1.77 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
19

CDW Corp's current ratio of 1.18 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.

Cash Flow
37

CDW Corp has a free cash flow margin of 4.9%, earning a moderate score of 37/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
100

CDW Corp earns a strong 40.9% return on equity (ROE), meaning it generates $41 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 45.8% the prior year.

Altman Z-Score Grey Zone
2.43

CDW Corp scores 2.43, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
5/9

CDW Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.13x

For every $1 of reported earnings, CDW Corp generates $1.13 in operating cash flow ($1.2B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$22.4B
YoY+6.8%
5Y CAGR+4.0%
10Y CAGR+5.6%

CDW Corp generated $22.4B in revenue in fiscal year 2025. This represents an increase of 6.8% from the prior year.

EBITDA
$2.0B
YoY+1.3%
5Y CAGR+4.0%
10Y CAGR+7.2%

CDW Corp's EBITDA was $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.3% from the prior year.

Net Income
$1.1B
YoY-1.0%
5Y CAGR+6.2%
10Y CAGR+10.2%

CDW Corp reported $1.1B in net income in fiscal year 2025. This represents a decrease of 1.0% from the prior year.

EPS (Diluted)
$8.08
YoY+1.4%
5Y CAGR+8.2%
10Y CAGR+13.1%

CDW Corp earned $8.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.1B
YoY-5.8%
5Y CAGR-1.2%
10Y CAGR+19.2%

CDW Corp generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 5.8% from the prior year.

Cash & Debt
$618.7M
YoY+22.9%
5Y CAGR-15.2%
10Y CAGR+32.3%

CDW Corp held $618.7M in cash against $4.6B in long-term debt as of fiscal year 2025.

Dividends Per Share
$2.50
YoY+0.8%
5Y CAGR+10.2%
10Y CAGR+23.2%

CDW Corp paid $2.50 per share in dividends in fiscal year 2025. This represents an increase of 0.8% from the prior year.

Shares Outstanding
129M
YoY-2.4%
5Y CAGR-1.8%
10Y CAGR-2.6%

CDW Corp had 129M shares outstanding in fiscal year 2025. This represents a decrease of 2.4% from the prior year.

Margins & Returns

Gross Margin
21.7%
YoY-0.2pp
5Y CAGR+4.3pp
10Y CAGR+5.4pp

CDW Corp's gross margin was 21.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.

Operating Margin
7.4%
YoY-0.5pp
5Y CAGR+1.0pp
10Y CAGR+1.7pp

CDW Corp's operating margin was 7.4% in fiscal year 2025, reflecting core business profitability. This is down 0.5 percentage points from the prior year.

Net Margin
4.8%
YoY-0.4pp
5Y CAGR+0.5pp
10Y CAGR+1.7pp

CDW Corp's net profit margin was 4.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.

Return on Equity
40.9%
YoY-4.9pp
5Y CAGR-19.9pp
10Y CAGR+4.2pp

CDW Corp's ROE was 40.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$653.0M
YoY+30.6%
5Y CAGR+13.9%
10Y CAGR+10.5%

CDW Corp spent $653.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 30.6% from the prior year.

Capital Expenditures
$117.1M
YoY-4.5%
5Y CAGR-5.8%
10Y CAGR+2.7%

CDW Corp invested $117.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.5% from the prior year.

CDW Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $5.5B-3.9% $5.7B-4.0% $6.0B+15.0% $5.2B+0.3% $5.2B-6.0% $5.5B+1.7% $5.4B+11.3% $4.9B
Cost of Revenue $4.3B-5.0% $4.5B-5.4% $4.7B+16.2% $4.1B+1.1% $4.0B-6.6% $4.3B+1.8% $4.2B+11.3% $3.8B
Gross Profit $1.3B-0.1% $1.3B+1.2% $1.2B+10.6% $1.1B-2.9% $1.2B-3.8% $1.2B+1.5% $1.2B+11.3% $1.1B
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $823.7M+1.4% $812.2M-1.1% $821.0M+7.9% $760.9M+1.9% $746.7M+3.8% $719.1M-4.1% $750.0M+2.0% $735.3M
Operating Income $430.7M-2.8% $443.3M+5.5% $420.2M+16.3% $361.4M-11.6% $408.6M-15.2% $481.6M+11.2% $433.1M+32.0% $328.0M
Interest Expense N/A N/A N/A N/A N/A N/A -$52.3M-1.9% -$51.3M
Income Tax $89.6M-8.9% $98.4M+5.0% $93.7M+18.5% $79.1M-9.4% $87.3M-21.5% $111.2M+12.8% $98.6M+63.0% $60.5M
Net Income $279.5M-4.0% $291.0M+7.3% $271.2M+20.6% $224.9M-14.9% $264.2M-16.5% $316.4M+12.6% $281.1M+30.1% $216.1M
EPS (Diluted) N/A $2.21+7.8% $2.05+21.3% $1.69 N/A $2.34+13.0% $2.07+30.2% $1.59

CDW Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $16.0B+5.5% $15.2B-0.4% $15.3B+1.6% $15.0B+2.3% $14.7B+2.1% $14.4B+5.4% $13.6B+3.4% $13.2B
Current Assets $8.5B+9.3% $7.8B-0.8% $7.8B+2.4% $7.7B+3.8% $7.4B-3.8% $7.7B+8.8% $7.0B+6.2% $6.6B
Cash & Equivalents $618.7M+36.6% $452.9M-5.8% $481.0M+2.0% $471.4M-6.4% $503.5M-46.8% $946.7M+42.3% $665.3M-17.2% $803.8M
Inventory $563.4M+11.6% $504.7M-33.7% $761.6M+5.7% $720.2M+19.0% $605.3M-11.3% $682.5M-5.8% $724.8M+8.1% $670.8M
Accounts Receivable $6.3B+9.1% $5.8B+2.8% $5.6B+5.5% $5.3B+3.9% $5.1B+4.9% $4.9B+3.7% $4.7B+9.5% $4.3B
Goodwill $4.7B+0.4% $4.6B-0.2% $4.7B+0.4% $4.6B+0.3% $4.6B+4.4% $4.4B+0.3% $4.4B0.0% $4.4B
Total Liabilities $13.4B+6.0% $12.7B-1.1% $12.8B+0.8% $12.7B+3.0% $12.3B+2.5% $12.0B+4.9% $11.5B+3.7% $11.1B
Current Liabilities $7.2B+29.2% $5.6B-3.6% $5.8B+0.4% $5.8B+5.6% $5.5B+0.3% $5.5B-12.1% $6.2B+18.0% $5.3B
Long-Term Debt $4.6B-17.7% $5.6B-0.1% $5.6B0.0% $5.6B+0.3% $5.6B0.0% $5.6B+26.7% $4.4B-12.0% $5.0B
Total Equity $2.6B+2.6% $2.5B+2.9% $2.5B+6.2% $2.3B-1.3% $2.4B+0.1% $2.3B+8.0% $2.2B+1.7% $2.1B
Retained Earnings -$1.3B+2.8% -$1.3B+4.1% -$1.4B+2.5% -$1.4B-6.0% -$1.3B+2.1% -$1.4B+8.8% -$1.5B-0.5% -$1.5B

CDW Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $433.8M+32.1% $328.3M+110.6% $155.9M-45.7% $287.2M-16.8% $345.3M+0.9% $342.1M+128.2% $149.9M-65.9% $440.0M
Capital Expenditures $37.9M+27.2% $29.8M+32.4% $22.5M-16.4% $26.9M-5.9% $28.6M-14.9% $33.6M+8.7% $30.9M+4.7% $29.5M
Free Cash Flow $395.9M+32.6% $298.5M+123.8% $133.4M-48.8% $260.3M-17.8% $316.7M+2.7% $308.5M+159.2% $119.0M-71.0% $410.5M
Investing Cash Flow -$54.5M-82.3% -$29.9M-116.0% $186.5M+684.6% -$31.9M+91.0% -$353.7M-44.4% -$244.9M-692.6% -$30.9M-4.0% -$29.7M
Financing Cash Flow -$215.8M+32.5% -$319.5M+10.0% -$355.1M-20.7% -$294.1M+29.3% -$416.2M-332.6% $178.9M+169.6% -$257.0M-33.4% -$192.6M
Dividends Paid $81.7M-0.1% $81.8M-0.6% $82.3M-0.6% $82.8M-0.4% $83.1M+0.5% $82.7M-0.4% $83.0M-0.4% $83.3M
Share Buybacks $153.0M+2.1% $149.9M-0.1% $150.0M-25.0% $200.1M+37.1% $146.0M+46.0% $100.0M-50.5% $201.9M+287.5% $52.1M

CDW Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 22.8%+0.9pp 21.9%+1.1pp 20.8%-0.8pp 21.6%-0.7pp 22.3%+0.5pp 21.8%-0.0pp 21.8%-0.0pp 21.8%
Operating Margin 7.8%+0.1pp 7.7%+0.7pp 7.0%+0.1pp 7.0%-0.9pp 7.9%-0.9pp 8.7%+0.7pp 8.0%+1.3pp 6.7%
Net Margin 5.1%0.0pp 5.1%+0.5pp 4.5%+0.2pp 4.3%-0.8pp 5.1%-0.6pp 5.7%+0.6pp 5.2%+0.8pp 4.4%
Return on Equity 10.7%-0.7pp 11.5%+0.5pp 11.0%+1.3pp 9.7%-1.6pp 11.2%-2.2pp 13.5%+0.5pp 12.9%+2.8pp 10.1%
Return on Assets 1.7%-0.2pp 1.9%+0.1pp 1.8%+0.3pp 1.5%-0.3pp 1.8%-0.4pp 2.2%+0.1pp 2.1%+0.4pp 1.6%
Current Ratio 1.18-0.2 1.39+0.0 1.35+0.0 1.32-0.0 1.35-0.1 1.40+0.3 1.13-0.1 1.26
Debt-to-Equity 1.77-0.4 2.21-0.1 2.28-0.1 2.42+0.0 2.380.0 2.39+0.4 2.03-0.3 2.35
FCF Margin 7.2%+2.0pp 5.2%+3.0pp 2.2%-2.8pp 5.0%-1.1pp 6.1%+0.5pp 5.6%+3.4pp 2.2%-6.2pp 8.4%

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Frequently Asked Questions

CDW Corp (CDW) reported $22.4B in total revenue for fiscal year 2025. This represents a 6.8% 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.

CDW Corp (CDW) revenue grew by 6.8% year-over-year, from $21.0B to $22.4B in fiscal year 2025.

Yes, CDW Corp (CDW) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 4.8%.

CDW Corp (CDW) reported diluted earnings per share of $8.08 for fiscal year 2025. This represents a 1.4% 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.

CDW Corp (CDW) had EBITDA of $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, CDW Corp (CDW) had $618.7M in cash and equivalents against $4.6B in long-term debt.

CDW Corp (CDW) had a gross margin of 21.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

CDW Corp (CDW) had an operating margin of 7.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

CDW Corp (CDW) had a net profit margin of 4.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, CDW Corp (CDW) paid $2.50 per share in dividends during fiscal year 2025.

CDW Corp (CDW) has a return on equity of 40.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

CDW Corp (CDW) generated $1.1B in free cash flow during fiscal year 2025. This represents a -5.8% 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.

CDW Corp (CDW) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

CDW Corp (CDW) had $16.0B in total assets as of fiscal year 2025, including both current and long-term assets.

CDW Corp (CDW) invested $117.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, CDW Corp (CDW) spent $653.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

CDW Corp (CDW) had 129M shares outstanding as of fiscal year 2025.

CDW Corp (CDW) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.

CDW Corp (CDW) had a debt-to-equity ratio of 1.77 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

CDW Corp (CDW) had a return on assets of 6.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

CDW Corp (CDW) has an Altman Z-Score of 2.43, 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.

CDW Corp (CDW) has a Piotroski F-Score of 5 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.

CDW Corp (CDW) has an earnings quality ratio of 1.13x, 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.

CDW Corp (CDW) scores 51 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.

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