NASDAQ : CDW
CDW Corporation — Financial statements
Technology · Information Technology Services · United States
Last price 153.79 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 19.23B
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Financial statements
CDW Corporation (CDW) reported revenue of 23.50B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 23.50B | 22.42B | 21.00B | 21.38B | 23.75B | 20.82B |
| Cost of Revenue | 18.48B | 17.55B | 16.40B | 16.72B | 19.06B | 17.25B |
| Gross Profit | 5.02B | 4.87B | 4.60B | 4.65B | 4.69B | 3.57B |
| Selling, General & Admin | 3.31B | 3.20B | 2.93B | 2.97B | 2.95B | 2.11B |
| Operating Expenses | 3.31B | 3.20B | 2.93B | 2.97B | 2.95B | 2.11B |
| Operating Income | 1.71B | 1.67B | 1.68B | 1.68B | 1.74B | 1.45B |
| Interest Expense | -229.00M | -227.40M | -214.50M | -226.60M | -235.70M | -150.90M |
| Other Non Operating Income (Expenses) | 800.00K | -800.00K | -1.40M | -4.10M | -11.70M | 29.70M |
| EBT Excluding Unusual Items | 1.49B | 1.44B | 1.46B | 1.45B | 1.49B | 1.33B |
| Merger & Restructuring Charges | -34.70M | -16.20M | -25.40M | -35.00M | ||
| Pretax Income | 1.45B | 1.43B | 1.44B | 1.45B | 1.49B | 1.30B |
| Income Tax Expense | 370.10M | 360.80M | 357.60M | 345.90M | 373.30M | 309.20M |
| Net Income | 1.08B | 1.07B | 1.08B | 1.10B | 1.11B | 988.60M |
| Net Income to Common | 1.08B | 1.07B | 1.08B | 1.10B | 1.11B | 988.60M |
| Shares Outstanding (Basic) | 129.25M | 131.30M | 133.80M | 134.60M | 135.20M | 138.50M |
| Shares Outstanding (Diluted) | 129.85M | 132.10M | 135.20M | 136.30M | 137.00M | 140.50M |
| EPS (Basic) | 8.36 | 8.12 | 8.06 | 8.20 | 8.24 | 7.14 |
| EPS (Diluted) | 8.33 | 8.08 | 7.97 | 8.10 | 8.13 | 7.04 |
| Free Cash Flow | 860.20M | 1.09B | 1.15B | 1.45B | 1.21B | 684.60M |
| Free Cash Flow Per Share | 6.62 | 8.24 | 8.54 | 10.64 | 8.82 | 4.87 |
| Dividend Per Share | 2.52 | 2.50 | 2.48 | 2.39 | 2.09 | 1.70 |
| Gross Margin | 21.36% | 21.73% | 21.92% | 21.77% | 19.73% | 17.14% |
| Operating Margin | 7.29% | 7.46% | 7.99% | 7.86% | 7.31% | 6.98% |
| Profit Margin | 4.60% | 4.76% | 5.13% | 5.17% | 4.69% | 4.75% |
| Free Cash Flow Margin | 3.66% | 4.85% | 5.50% | 6.79% | 5.09% | 3.29% |
| EBITDA | 2.01B | 1.97B | 1.95B | 1.95B | 2.03B | 1.65B |
| EBITDA Margin | 8.56% | 8.77% | 9.30% | 9.13% | 8.53% | 7.90% |
| D&A For EBITDA | 297.60M | 295.60M | 275.30M | 270.70M | 290.60M | 191.20M |
| EBIT | 1.71B | 1.67B | 1.68B | 1.68B | 1.74B | 1.45B |
| EBIT Margin | 7.29% | 7.46% | 7.99% | 7.86% | 7.31% | 6.98% |
| Effective Tax Rate | 25.52% | 25.28% | 24.91% | 23.85% | 25.09% | 23.82% |
| Advertising Expenses | 223.00M | 218.00M | 215.00M | 211.00M | 199.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 361.80M | 618.70M | 503.50M | 588.70M | 315.20M | 258.10M |
| Short-Term Investments | 214.20M | |||||
| Cash & Short-Term Investments | 361.80M | 618.70M | 717.70M | 588.70M | 315.20M | 258.10M |
| Accounts Receivable | 7.48B | 6.47B | 5.23B | 4.68B | 4.70B | 4.63B |
| Other Receivables | 546.80M | 554.00M | 509.90M | 470.50M | 489.10M | 435.50M |
| Receivables | 8.03B | 7.03B | 5.74B | 5.15B | 5.19B | 5.07B |
| Inventory | 981.80M | 563.40M | 605.30M | 668.10M | 800.20M | 927.60M |
| Prepaid Expenses | 307.60M | 292.80M | 303.10M | 298.40M | 256.10M | 222.80M |
| Restricted Cash | 200.00K | 4.20M | ||||
| Total Current Assets | 9.68B | 8.50B | 7.37B | 6.71B | 6.56B | 6.48B |
| Property, Plant & Equipment | 294.20M | 308.20M | 312.20M | 324.30M | 338.00M | 351.40M |
| Goodwill | 4.65B | 4.66B | 4.62B | 4.41B | 4.34B | 4.38B |
| Other Intangible Assets | 1.10B | 1.19B | 1.36B | 1.37B | 1.49B | 1.63B |
| Long-Term Accounts Receivable | 1.39B | 1.37B | 1.02B | 337.50M | 203.00M | 197.40M |
| Other Long-Term Assets | 138.80M | 134.70M | 193.10M | 161.50M | ||
| Total Assets | 17.25B | 16.03B | 14.68B | 13.28B | 13.13B | 13.20B |
| Accounts Payable | 5.12B | 4.22B | 3.38B | 2.88B | 2.82B | 3.11B |
| Accrued Expenses | 601.50M | 577.80M | 475.10M | 475.30M | 581.80M | 573.10M |
| Short-Term Debt | 465.20M | 352.60M | 355.20M | 430.90M | 519.00M | 448.30M |
| Current Portion of Long-Term Debt | 1.01B | 1.01B | 235.80M | 613.10M | 56.30M | 102.70M |
| Current Portion of Leases | 32.90M | 32.20M | 34.00M | 31.90M | 31.70M | |
| Current Unearned Revenue | 576.60M | 534.00M | 491.00M | 487.40M | 485.50M | 402.90M |
| Other Current Liabilities | 526.80M | 501.20M | 503.80M | 520.30M | 451.30M | 423.10M |
| Total Current Liabilities | 8.30B | 7.23B | 5.47B | 5.44B | 4.95B | 5.10B |
| Long-Term Debt | 4.81B | 4.62B | 5.61B | 5.03B | 5.87B | 6.76B |
| Long-Term Leases | 147.30M | 157.80M | 149.10M | 164.00M | 175.20M | 184.20M |
| Long-Term Unearned Revenue | 61.00M | 31.00M | 31.00M | 40.00M | 40.00M | 20.00M |
| Long-Term Deferred Tax Liabilities | 162.30M | 171.80M | 167.40M | 171.40M | 203.40M | 222.30M |
| Other Long-Term Liabilities | 1.34B | 1.21B | 896.80M | 392.90M | 296.10M | 215.40M |
| Total Liabilities | 14.81B | 13.42B | 12.33B | 11.24B | 11.53B | 12.49B |
| Common Stock | 1.20M | 1.30M | 1.30M | 1.30M | 1.40M | 1.30M |
| Additional Paid-In Capital | 4.05B | 3.98B | 3.83B | 3.69B | 3.52B | 3.37B |
| Retained Earnings | -1.49B | -1.27B | -1.32B | -1.53B | -1.76B | -2.57B |
| Comprehensive Income & Other | -123.10M | -99.80M | -160.10M | -124.60M | -152.40M | -94.40M |
| Shareholders' Equity | 2.44B | 2.61B | 2.35B | 2.04B | 1.60B | 705.70M |
| Total Liabilities & Equity | 17.25B | 16.03B | 14.68B | 13.28B | 13.13B | 13.20B |
| Total Debt | 6.43B | 6.17B | 6.38B | 6.27B | 6.65B | 7.52B |
| Net Cash (Debt) | -6.07B | -5.55B | -5.66B | -5.69B | -6.33B | -7.26B |
| Net Cash Per Share | -46.73 | -42.05 | -41.88 | -41.71 | -46.23 | -51.71 |
| Filing Date Shares Outstanding | 125.02M | 128.99M | 132.49M | 134.22M | 135.59M | 134.94M |
| Total Common Shares Outstanding | 125.30M | 129.40M | 132.60M | 134.10M | 135.50M | 134.80M |
| Working Capital | 1.38B | 1.27B | 1.90B | 1.26B | 1.62B | 1.38B |
| Book Value Per Share | 19.49 | 20.14 | 17.74 | 15.23 | 11.83 | 5.24 |
| Tangible Book Value | -3.31B | -3.24B | -3.62B | -3.74B | -4.23B | -5.31B |
| Tangible Book Value Per Share | -26.38 | -25.06 | -27.33 | -27.89 | -31.22 | -39.36 |
| Land | 27.70M | 27.70M | 28.10M | 27.70M | 27.70M | |
| Buildings | 144.30M | 133.60M | 125.30M | 149.50M | 151.30M | |
| Machinery | 251.60M | 285.80M | 275.00M | 268.80M | 237.30M | |
| Construction In Progress | 20.40M | 28.20M | 38.70M | 16.90M | 12.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.08B | 1.07B | 1.08B | 1.10B | 1.11B | 988.60M |
| Depreciation & Amortization | 297.60M | 295.60M | 275.30M | 270.70M | 290.60M | 191.20M |
| Stock-Based Compensation | 89.80M | 83.60M | 64.70M | 93.70M | 91.10M | 72.60M |
| Provision & Write-off of Bad Debts | 35.20M | 37.20M | 32.20M | 14.90M | 8.30M | -5.40M |
| Other Operating Activities | 33.30M | 8.50M | -10.00M | -3.70M | -2.00M | -30.80M |
| Change in Accounts Receivable | -1.77B | -1.17B | -559.40M | -54.50M | -34.80M | -616.80M |
| Change in Inventory | -222.80M | 48.20M | 61.10M | 139.00M | 111.90M | -151.00M |
| Change in Accounts Payable | 1.33B | 815.40M | 443.80M | -55.40M | -260.00M | 374.50M |
| Change in Other Net Operating Assets | 111.90M | 16.60M | -108.20M | 89.70M | 16.30M | -38.30M |
| Operating Cash Flow | 981.80M | 1.21B | 1.28B | 1.60B | 1.34B | 784.60M |
| Capital Expenditures | -121.60M | -117.10M | -122.60M | -148.20M | -127.80M | -100.00M |
| Cash Acquisitions | -16.80M | -21.50M | -323.90M | -76.40M | -36.70M | -2.71B |
| Investment in Securities | 211.10M | -211.10M | 36.00M | |||
| Other Investing Activities | -4.80M | -2.30M | -1.60M | -5.00M | ||
| Investing Cash Flow | -143.20M | 70.20M | -659.20M | -229.60M | -164.50M | -2.77B |
| Short-Term Debt Issued | 84.60M | |||||
| Long-Term Debt Issued | 3.20B | 1.49B | 207.60M | 2.30B | 5.54B | |
| Total Debt Issued | 5.34B | 3.20B | 1.49B | 207.60M | 2.39B | 5.54B |
| Short-Term Debt Repaid | -2.60M | -75.70M | -23.70M | -161.80M | ||
| Long-Term Debt Repaid | -3.41B | -1.26B | -432.00M | -3.24B | -2.80B | |
| Total Debt Repaid | -5.12B | -3.41B | -1.33B | -455.70M | -3.24B | -2.96B |
| Net Debt Issued (Repaid) | 218.80M | -214.70M | 159.70M | -248.10M | -849.50M | 2.58B |
| Issuance of Common Stock | 14.00M | 29.50M | 47.00M | 49.30M | 30.20M | 69.90M |
| Repurchase of Common Stock | -865.10M | -679.10M | -538.20M | -540.00M | -23.10M | -1.53B |
| Common Dividends Paid | -324.40M | -328.60M | -332.10M | -321.50M | -282.60M | -234.80M |
| Other Financing Activities | 15.20M | 8.40M | -23.30M | -38.40M | 22.90M | -52.10M |
| Financing Cash Flow | -941.50M | -1.18B | -686.90M | -1.10B | -1.10B | 832.80M |
| Foreign Exchange Rate Adjustments | -15.20M | 20.30M | -12.20M | 3.10M | -12.20M | 100.00K |
| Net Cash Flow | -118.10M | 111.20M | -81.00M | 273.50M | 57.10M | -1.15B |
| Free Cash Flow | 860.20M | 1.09B | 1.15B | 1.45B | 1.21B | 684.60M |
| Free Cash Flow Margin | 3.66% | 4.85% | 5.50% | 6.79% | 5.09% | 3.29% |
| Free Cash Flow Per Share | 6.62 | 8.24 | 8.54 | 10.64 | 8.82 | 4.87 |
| Levered Free Cash Flow | 676.79M | 920.35M | 1.08B | 1.28B | 988.89M | 537.64M |
| Unlevered Free Cash Flow | 819.91M | 1.06B | 1.21B | 1.42B | 1.14B | 631.95M |
| Cash Interest Paid | 230.80M | 234.30M | 217.50M | 233.20M | 224.30M | 134.30M |
| Cash Income Tax Paid | 364.90M | 326.00M | 398.60M | 401.40M | 362.20M | 351.00M |
| Change in Working Capital | -554.40M | -286.30M | -162.70M | 118.80M | -166.60M | -431.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.23B | 17.73B | 23.19B | 30.45B | 24.18B | 27.79B |
| Enterprise Value | 25.29B | 23.37B | 28.58B | 36.50B | 30.61B | 32.11B |
| Last Close Price | 153.79 | 134.08 | 168.78 | 217.97 | 169.17 | 191.69 |
| PE Ratio | 18.47 | 16.62 | 21.52 | 27.58 | 21.69 | 28.11 |
| Forward PE | 13.46 | 13.35 | 17.75 | 21.88 | 17.53 | 24.42 |
| PS Ratio | 0.82 | 0.79 | 1.10 | 1.43 | 1.02 | 1.33 |
| PB Ratio | 7.89 | 6.80 | 9.86 | 14.91 | 15.08 | 39.38 |
| P/FCF Ratio | 22.35 | 16.30 | 20.09 | 20.99 | 20.01 | 40.60 |
| P/OCF Ratio | 19.58 | 14.71 | 18.16 | 19.05 | 18.10 | 35.42 |
| PEG Ratio | 1.65 | 1.74 | 4.49 | 1.67 | 1.34 | 2.11 |
| EV/Sales Ratio | 1.08 | 1.04 | 1.36 | 1.71 | 1.29 | 1.54 |
| EV/EBITDA Ratio | 12.58 | 11.88 | 14.64 | 18.70 | 15.11 | 19.52 |
| EV/EBIT Ratio | 14.76 | 13.98 | 17.05 | 21.71 | 17.64 | 22.09 |
| EV/FCF Ratio | 29.40 | 21.48 | 24.75 | 25.16 | 25.34 | 46.91 |
| Debt / Equity Ratio | 2.63 | 2.37 | 2.71 | 3.07 | 4.15 | 10.66 |
| Debt / EBITDA Ratio | 3.11 | 3.05 | 3.17 | 3.12 | 3.18 | 4.44 |
| Debt / FCF Ratio | 7.47 | 5.67 | 5.53 | 4.33 | 5.50 | 10.99 |
| Net Debt / Equity Ratio | 2.48 | 2.13 | 2.41 | 2.78 | 3.95 | 10.29 |
| Net Debt / EBITDA Ratio | 3.02 | 2.82 | 2.90 | 2.91 | 3.13 | 4.42 |
| Net Debt / FCF Ratio | 7.05 | 5.11 | 4.90 | 3.92 | 5.24 | 10.61 |
| Asset Turnover | 1.45 | 1.46 | 1.50 | 1.62 | 1.80 | 1.85 |
| Inventory Turnover | 21.20 | 30.04 | 25.75 | 22.78 | 22.07 | 20.45 |
| Quick Ratio | 1.01 | 1.06 | 1.18 | 1.05 | 1.11 | 1.04 |
| Current Ratio | 1.17 | 1.18 | 1.35 | 1.23 | 1.33 | 1.27 |
| Return on Equity (ROE) | 44.01% | 43.02% | 49.04% | 60.58% | 96.54% | 98.72% |
| Return on Assets (ROA) | 6.59% | 6.81% | 7.50% | 7.95% | 8.24% | 8.06% |
| Return on Invested Capital (ROIC) | 15.34% | 15.45% | 16.00% | 16.34% | 16.34% | 17.72% |
| Return on Capital Employed (ROCE) | 19.10% | 19.00% | 18.20% | 21.40% | 21.20% | 17.90% |
| Earnings Yield | 5.42% | 6.02% | 4.65% | 3.63% | 4.61% | 3.56% |
| FCF Yield | 4.47% | 6.14% | 4.98% | 4.76% | 5.00% | 2.46% |
| Dividend Yield | 1.64% | 1.83% | 1.42% | 1.05% | 1.17% | 0.83% |
| Payout Ratio | 30.26% | 30.81% | 30.81% | 29.11% | 25.36% | 23.75% |
| Buyback Yield / Dilution | 2.92% | 2.29% | 0.81% | 0.51% | 2.49% | 2.97% |
| Total Shareholder Return | 4.55% | 4.12% | 2.23% | 1.56% | 3.66% | 3.79% |