Financials · CDW

CDW Corporation (CDW) financials

For the twelve months ended Sep 30, 2026, CDW Corporation reported $24.52B of revenue and $1.10B of net income.

Revenue, TTM
$24.52B
Revenue growth, YoY
+10.9%
Net income, TTM
$1.10B
Net income growth, YoY
+4.5%
Net margin
4.5%
Free cash flow, TTM
$933.70M
EPS, diluted, TTM
$8.56
EPS growth, YoY
+8.1%
Cash
$1.54B
Total debt
$7.12B
P/E
17.83
P/S
0.80
Market cap
$19.60B
Annual revenue$22.42B
FY2016FY2025
Annual net income$1.07B
FY2016FY2025
Annual free cash flow$1.09B
FY2016FY2025

CDW revenue and earnings growth

CDW revenueQ3 2026$6.75B

Quarter YoY
+17.7%
QoQ
+2.8%
FY YoY
+6.8%
5Y CAGR
+4.0%
10Y CAGR
+5.6%

CDW revenue was $6.75B in fiscal Q3 2026 (ended Sep 30, 2026), up 17.7% from a year earlier and up 2.8% from the prior quarter. For the full fiscal 2025 it was $22.42B, up 6.8% from fiscal 2024. Compound annual growth was +4.0% over 5 years and +5.6% over 10 years. It rose in 8 of the last 10 fiscal years.

CDW net incomeQ3 2026$309.80M

Quarter YoY
+6.5%
QoQ
+12.9%
FY YoY
-1.0%
5Y CAGR
+6.2%
10Y CAGR
+10.2%

CDW net income was $309.80M in fiscal Q3 2026 (ended Sep 30, 2026), up 6.5% from a year earlier and up 12.9% from the prior quarter. For the full fiscal 2025 it was $1.07B, down 1.0% from fiscal 2024. Compound annual growth was +6.2% over 5 years and +10.2% over 10 years. It rose in 7 of the last 10 fiscal years.

CDW EPSQ3 2026$2.46

Quarter YoY
+11.3%
QoQ
+14.4%
FY YoY
+1.4%
5Y CAGR
+8.2%
10Y CAGR
+13.1%

CDW diluted EPS was $2.46 in fiscal Q3 2026 (ended Sep 30, 2026), up 11.3% from a year earlier and up 14.4% from the prior quarter. For the full fiscal 2025 it was $8.08, up 1.4% from fiscal 2024. Compound annual growth was +8.2% over 5 years and +13.1% over 10 years.

CDW free cash flowQ3 2026$372.00M

Quarter YoY
+24.6%
FY YoY
-5.8%
5Y CAGR
-1.2%
10Y CAGR
+19.2%

CDW free cash flow was $372.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 24.6% from a year earlier. For the full fiscal 2025 it was $1.09B, down 5.8% from fiscal 2024. Compound annual growth was -1.2% over 5 years and +19.2% over 10 years. It rose in 6 of the last 10 fiscal years.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$22.42B$21.00B$21.38B$23.75B$20.82B$18.47B$18.03B$16.24B$14.83B$13.67B
Cost of revenue$17.55B$16.40B$16.72B$19.06B$17.25B$15.26B$14.99B$13.53B$12.38B$11.34B
Gross profit$4.87B$4.60B$4.65B$4.69B$3.57B$3.21B$3.04B$2.71B$2.45B$2.33B
Selling, general and admin$3.22B$2.95B$2.97B$2.95B$2.15B$2.03B$1.91B$1.72B$1.41B$1.35B
Operating income$1.66B$1.65B$1.68B$1.74B$1.42B$1.18B$1.13B$987.30M$866.50M$820.00M
Pre-tax income$1.43B$1.44B$1.45B$1.49B$1.30B$1.00B$949.70M$840.50M$660.70M$673.20M
Income tax$360.80M$357.60M$345.90M$373.30M$309.20M$213.80M$212.90M$197.50M$137.60M$248.10M
Net income$1.07B$1.08B$1.10B$1.11B$988.60M$788.50M$736.80M$643.00M$523.10M$425.10M
EPS, basic$8.13$8.06$8.20$8.24$7.14$5.53$5.08$4.26$3.37$2.60
EPS, diluted$8.08$7.97$8.10$8.13$7.04$5.45$4.99$4.19$3.31$2.56
Diluted shares132.1M135.2M136.3M137.0M140.5M144.8M147.8M153.6M158.2M166.0M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$618.70M$507.70M$588.70M$315.20M$258.10M$1.41B$154.00M$205.80M$144.20M$263.70M
Short-term investments$0$214.20M$0-------
Receivables$6.31B$5.14B$4.57B$4.46B$4.50B$3.21B$3.00B$2.67B$2.33B$2.17B
Inventory$563.40M$605.30M$668.10M$800.20M$927.60M$760.00M$611.20M$454.30M$411.50M$423.90M
Current assets$8.50B$7.37B$6.71B$6.56B$6.48B$5.95B$4.33B$3.80B$3.40B$3.25B
Goodwill$4.66B$4.62B$4.41B$4.34B$4.38B$2.60B$2.55B$2.46B$2.48B$2.46B
Total assets$16.03B$14.68B$13.28B$13.13B$13.20B$9.34B$8.00B$7.17B$6.97B$6.96B
Current liabilities$7.23B$5.47B$5.44B$4.95B$5.10B$3.90B$3.49B$2.80B$2.52B$2.29B
Short-term debt$1.01B$235.80M$613.10M$56.30M$102.70M$70.90M$34.10M$25.30M$25.50M$18.50M
Long-term debt$4.62B$5.61B$5.03B$5.87B$6.76B$3.86B$3.28B$3.18B$3.21B$3.22B
Total debt$5.63B$5.84B$5.64B$5.92B$6.86B$3.93B$3.32B$3.21B$3.24B$3.23B
Total liabilities--------$5.98B$5.91B
Shareholders' equity$2.61B$2.35B$2.04B$1.60B$705.70M$1.30B$960.30M$975.20M$985.60M$1.05B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$1.21B$1.28B$1.60B$1.34B$784.60M$1.31B$1.03B$905.90M$777.70M$604.00M
Capital expenditures$117.10M$122.60M$148.20M$127.80M$100.00M$158.00M$236.30M$86.10M$81.10M$63.50M
Free cash flow$1.09B$1.15B$1.45B$1.21B$684.60M$1.16B$790.90M$819.80M$696.60M$540.50M
Investing cash flow$70.20M-$659.20M-$229.60M-$164.50M-$2.77B-$201.00M-$331.40M-$86.10M-$81.10M-$65.90M
Financing cash flow-$1.18B-$686.90M-$1.10B-$1.10B$832.80M$138.80M-$749.80M-$754.80M-$818.70M-$304.60M
Dividends paid$328.60M$332.10M$321.50M$282.60M$234.80M$219.60M$183.40M$139.40M$106.90M$78.70M
Share repurchases$653.00M$500.00M$500.00M$0$1.50B$340.60M$657.20M$522.30M$534.00M$367.40M
Depreciation and amortization$295.60M$275.30M$270.70M$290.60M$191.20M$425.60M$267.10M$265.60M$260.90M$254.50M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY6.8%-1.8%-10.0%14.1%12.7%2.4%11.0%9.5%8.5%5.3%
Net income growth, YoY-1.0%-2.4%-0.9%12.7%25.4%7.0%14.6%22.9%23.1%5.5%
EPS growth, YoY1.4%-1.6%-0.4%15.5%29.2%9.2%19.1%26.6%29.3%8.9%
Gross margin21.7%21.9%21.8%19.7%17.1%17.4%16.9%16.7%16.5%17.0%
Operating margin7.4%7.9%7.9%7.3%6.8%6.4%6.3%6.1%5.8%6.0%
Net margin4.8%5.1%5.2%4.7%4.7%4.3%4.1%4.0%3.5%3.1%
Free cash flow margin4.9%5.5%6.8%5.1%3.3%6.3%4.4%5.0%4.7%4.0%
Return on equity40.9%45.8%54.1%69.5%140.1%60.8%76.7%65.9%53.1%40.6%
Return on assets6.7%7.3%8.3%8.5%7.5%8.4%9.2%9.0%7.5%6.1%
Current ratio1.181.351.231.331.271.531.241.351.351.42
Debt to equity2.162.482.763.699.723.033.453.293.283.09

Source: XBRL data CDW Corporation files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

CDW peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
CDW$24.52B+10.9%$1.10B4.5%$19.60B
AMZN$797.46B+15.4%$134.78B16.9%$2.80T
CPNG$36.16B+7.4%-$1.36B-3.8%$29.19B
W$13.21B+7.9%-$160.00M-1.2%$15.29B
CHWY$13.07B+5.9%$273.70M2.1%$9.07B
VIPSCN¥105.92B-2.3%CN¥7.24B6.8%$6.65B
NSIT$9.02B+9.0%$181.69M2.0%$4.64B
PTRN$3.26B+42.1%$117.51M3.6%$3.24B
GCT$1.56B+27.4%$169.57M10.9%$2.08B

CDW FAQ

9 questions
  • What is CDW revenue?
    CDW Corporation (CDW) reported $24.52B of revenue for the twelve months ended Sep 30, 2026. That is up 10.9% from the year before. Revenue for fiscal 2025 was $22.42B.
  • Is CDW profitable?
    Yes. CDW Corporation earned $1.10B in net income for the twelve months ended Sep 30, 2026, a net margin of 4.5%.
  • How much cash and debt does CDW have?
    CDW Corporation reported $1.54B in cash and cash equivalents and $7.12B of debt on its most recent balance sheet in SEC filings.
  • How fast is CDW revenue growing?
    CDW Corporation's revenue changed +6.8% in fiscal 2025, to $22.42B. Its compound annual growth rate was +4.0% over 5 years and +5.6% over 10 years.
  • What is CDW gross margin?
    CDW Corporation's gross profit was $5.15B on $24.52B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 21.0%.
  • What is CDW free cash flow?
    CDW Corporation generated $933.70M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $1.05B less capital expenditures.
  • What is CDW earnings per share?
    Diluted earnings per share were $8.56 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did CDW last report financial results?
    The latest statements here come from CDW Corporation's 10-Q filed on Nov 4, 2026, covering the period ended Sep 30, 2026.
  • Where does this CDW financial data come from?
    Quantisnow builds these statements from the structured XBRL data CDW Corporation files with the SEC. It is provided for information only and is not investment advice.