CDW Corp Financials
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).
CDW scales through working capital rather than heavy assets, with thin but steady margins converting large sales into cash.
From FY2023 to FY2025, gross margin held near21.7% while free cash flow moved lower, so weaker cash generation did not come from product economics. The drag came from working capital: accounts receivable reached$6.31B even though capex stayed just$117M , meaning growth consumed customer credit more than physical investment.
FY2025 revenue recovered to
The balance sheet is becoming less debt-dependent: debt-to-equity improved to 1.8x from 2.5x in FY2023, even as cash stayed modest relative to sales. With a current ratio of 1.2x and buybacks of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of CDW Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
CDW Corp has an operating margin of 7.4%, meaning the company retains $7 of operating profit per $100 of revenue. This strong profitability earns a score of 74/100, reflecting efficient cost management and pricing power. This is down from 7.9% the prior year.
CDW Corp's revenue grew 6.8% year-over-year to $22.4B, a solid pace of expansion. This earns a growth score of 40/100.
CDW Corp has a moderate D/E ratio of 1.77. This balance of debt and equity financing earns a leverage score of 30/100.
CDW Corp's current ratio of 1.18 is below the typical benchmark, resulting in a score of 27/100. This tight liquidity could limit financial flexibility if cash inflows slow.
CDW Corp has a free cash flow margin of 4.9%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.
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 90/100. This is down from 45.8% the prior year.
CDW Corp scores 2.52, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
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
Earnings & Revenue
CDW Corp generated $22.4B in revenue in fiscal year 2025. This represents an increase of 6.8% from the prior year.
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.
CDW Corp reported $1.1B in net income in fiscal year 2025. This represents a decrease of 1.0% from the prior year.
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
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.
CDW Corp held $618.7M in cash against $4.6B in long-term debt as of fiscal year 2025.
CDW Corp paid $2.50 per share in dividends in fiscal year 2025. This represents an increase of 0.8% from the prior year.
CDW Corp had 129M shares outstanding in fiscal year 2025. This represents a decrease of 2.4% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7B+3.1% | $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 |
| Cost of Revenue | $4.5B+5.5% | $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 |
| Gross Profit | $1.2B-5.1% | $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 |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $814.0M-1.2% | $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 |
| Operating Income | $376.0M-12.7% | $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 |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$52.3M |
| Income Tax | $83.6M-6.7% | $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 |
| Net Income | $235.4M-15.8% | $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 |
| EPS (Diluted) | $1.82 | N/A | $2.21+7.8% | $2.05+21.3% | $1.69 | N/A | $2.34+13.0% | $2.07 |
CDW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.5B+2.7% | $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 |
| Current Assets | $9.0B+5.5% | $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 |
| Cash & Equivalents | $578.6M-6.5% | $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 |
| Inventory | $820.6M+45.7% | $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 |
| Accounts Receivable | $6.5B+2.5% | $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 |
| Goodwill | $4.7B-0.2% | $4.7B+0.4% | $4.6B-0.2% | $4.7B+0.4% | $4.6B+0.3% | $4.6B+4.4% | $4.4B+0.3% | $4.4B |
| Total Liabilities | $13.9B+3.5% | $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 |
| Current Liabilities | $7.7B+6.5% | $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 |
| Long-Term Debt | $4.6B+0.3% | $4.6B-17.7% | $5.6B-0.1% | $5.6B0.0% | $5.6B+0.3% | $5.6B0.0% | $5.6B+26.7% | $4.4B |
| Total Equity | $2.6B-1.9% | $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 |
| Retained Earnings | -$1.3B-4.8% | -$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 |
CDW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $274.8M-36.7% | $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 |
| Capital Expenditures | $26.4M-30.3% | $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 |
| Free Cash Flow | $248.4M-37.3% | $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 |
| Investing Cash Flow | -$30.9M+43.3% | -$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 |
| Financing Cash Flow | -$273.2M-26.6% | -$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 |
| Dividends Paid | $81.1M-0.7% | $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 |
| Share Buybacks | $201.0M+31.4% | $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 |
CDW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.9%-1.8pp | 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% |
| Operating Margin | 6.6%-1.2pp | 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% |
| Net Margin | 4.1%-0.9pp | 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% |
| Return on Equity | 9.2%-1.5pp | 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% |
| Return on Assets | 1.4%-0.3pp | 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% |
| Current Ratio | 1.16-0.0 | 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 |
| Debt-to-Equity | 1.81+0.0 | 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 |
| FCF Margin | 4.4%-2.8pp | 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% |
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Frequently Asked Questions
What is CDW Corp's annual revenue?
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.
How fast is CDW Corp's revenue growing?
CDW Corp (CDW) revenue grew by 6.8% year-over-year, from $21.0B to $22.4B in fiscal year 2025.
Is CDW Corp profitable?
Yes, CDW Corp (CDW) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 4.8%.
What is CDW Corp's EBITDA?
CDW Corp (CDW) had EBITDA of $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does CDW Corp have?
As of fiscal year 2025, CDW Corp (CDW) had $618.7M in cash and equivalents against $4.6B in long-term debt.
What is CDW Corp's gross margin?
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.
What is CDW Corp's operating margin?
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.
What is CDW Corp's net profit margin?
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.
Does CDW Corp pay dividends?
Yes, CDW Corp (CDW) paid $2.50 per share in dividends during fiscal year 2025.
What is CDW Corp's return on equity (ROE)?
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.
What is CDW Corp's free cash flow?
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.
What is CDW Corp's operating cash flow?
CDW Corp (CDW) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are CDW Corp's total assets?
CDW Corp (CDW) had $16.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are CDW Corp's capital expenditures?
CDW Corp (CDW) invested $117.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is CDW Corp's current ratio?
CDW Corp (CDW) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.
What is CDW Corp's debt-to-equity ratio?
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.
What is CDW Corp's return on assets (ROA)?
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.
What is CDW Corp's Altman Z-Score?
CDW Corp (CDW) has an Altman Z-Score of 2.52, 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 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 to 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 1.13x, 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.
How financially healthy is CDW Corp?
CDW Corp (CDW) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.