CDW Corporation

CDW · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$17,732	$23,193	$30,452	$24,178	$27,793	$17,887	$19,387	$11,000	$9,431	$7,070	$7,159	$6,000	$3,658	–	–	–	–	–	–	–	–	–	$1,559	$1,576	$1,598	$1,585	$1,571	$1,561	$1,555	$1,538	$1,389	$1,543
Enterprise value	$23,445	$28,467	$35,672	$29,961	$34,888	$21,043	$23,060	$14,003	$12,523	$10,041	$10,382	$8,822	$6,721	–	–	–	–	–	–	–	–	–	$1,054	$1,182	$1,396	$1,502	$1,500	$1,543	$1,480	$1,524	$1,386	$1,541
P/E (TTM) at period end	16.63×	21.52×	27.58×	21.69×	28.11×	22.68×	26.31×	17.11×	18.03×	16.63×	17.76×	24.50×	27.55×	–	–	–	–	–	–	–	–	–	8.42×	9.34×	9.85×	16.16×	23.85×	30.62×	45.20×	76.54×	114.81×	122.47×
P/S (TTM) at period end	0.79×	1.10×	1.42×	1.02×	1.33×	0.97×	1.08×	0.68×	0.62×	0.51×	0.55×	0.50×	0.34×	–	–	–	–	–	–	–	–	–	0.37×	0.40×	0.42×	0.62×	0.91×	1.22×	1.68×	2.45×	3.36×	5.70×
P/B at period end	6.80×	9.86×	14.91×	15.08×	39.38×	13.79×	20.19×	11.28×	9.57×	6.75×	6.52×	6.41×	5.14×	–	–	–	–	–	–	–	–	–	1.69×	2.02×	2.51×	4.05×	5.80×	7.81×	10.98×	14.49×	24.90×	70.46×
EV / EBITDA (TTM)	12.02×	14.78×	18.28×	14.79×	21.67×	13.11×	16.46×	11.18×	11.11×	9.34×	10.71×	10.01×	9.38×	–	–	–	–	–	–	–	–	–	3.36×	4.17×	5.17×	9.12×	13.71×	19.84×	26.63×	53.11×	78.32×	135.16×
EV / Sales (TTM)	1.05×	1.36×	1.67×	1.26×	1.68×	1.14×	1.28×	0.86×	0.82×	0.72×	0.80×	0.73×	0.62×	–	–	–	–	–	–	–	–	–	0.25×	0.30×	0.36×	0.59×	0.87×	1.21×	1.59×	2.42×	3.35×	5.69×
Returns
Return on equity	40.9%	45.8%	54.1%	69.5%	140.1%	60.8%	76.7%	65.9%	53.1%	40.6%	36.7%	26.2%	18.7%	87.2%	–	–	–	–	19.2%	21.5%	19.4%	16.5%	20.0%	21.7%	25.5%	25.1%	24.3%	25.5%	24.3%	18.9%	21.7%	57.5%
Return on invested capital	14.9%	15.8%	17.6%	17.6%	13.9%	20.8%	19.0%	19.0%	16.8%	12.9%	10.7%	11.3%	9.2%	8.4%	7.2%	6.6%	(0.6%)	(821.0%)	20.5%	24.8%	21.7%	20.5%	23.5%	25.5%	26.5%	25.7%	23.7%	26.7%	25.9%	20.5%	22.3%	62.9%
Dividend yield	1.9%	1.4%	1.1%	1.2%	0.8%	1.2%	0.9%	1.3%	1.1%	1.1%	0.7%	0.6%	0.2%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.0%
Financial health
Current ratio	1.18×	1.35×	1.23×	1.33×	1.27×	1.53×	1.24×	1.35×	1.35×	1.42×	1.48×	1.67×	1.58×	1.57×	1.40×	1.66×	2.46×	–	2.93×	4.08×	4.86×	4.31×	5.94×	5.39×	6.01×	3.96×	4.22×	3.40×	3.16×	4.58×	3.22×	2.31×
Debt / equity	2.16×	2.48×	2.76×	3.69×	9.72×	3.03×	3.45×	3.29×	3.28×	3.09×	2.97×	3.38×	4.57×	27.63×	(556.99×)	(98.62×)	(103.40×)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.16×
Effective tax rate	25.3%	24.9%	23.9%	25.1%	23.8%	21.3%	22.4%	23.5%	20.8%	36.9%	37.7%	36.8%	32.1%	36.1%	39.6%	21.1%	19.0%	0.7%	35.8%	37.2%	39.6%	39.5%	39.5%	39.7%	39.6%	39.6%	39.6%	39.6%	39.5%	39.1%	39.2%	(4.1%)
Share count
Diluted shares outstanding	132	135	136	137	140	145	148	154	158	166	172	173	159	146	145	144	146	146	81	84	87	86	88	89	91	88	86	86	85	84	76	84

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$23,500	$22,424	$20,999	$21,376	$23,749	$20,821	$18,468	$18,032	$16,240	$15,192	$13,982	$12,989	$12,074	$10,769	$10,128	$9,602	$8,801	$7,163	$8,071	$6,785	$6,292	$5,738	$4,665	$4,265	$3,962	$3,842	$2,561	$1,733	$1,277	$928	$629	$413	$271
Cost of revenue	($18,481)	($17,551)	($16,396)	($16,724)	($19,062)	($17,252)	($15,257)	($14,992)	($13,534)	($12,383)	($11,344)	($10,873)	($10,153)	($9,008)	($8,459)	($8,019)	($7,410)	($6,030)	($6,710)	($5,716)	($5,324)	($4,868)	($3,991)	($3,701)	($3,435)	($3,353)	($2,238)	($1,513)	($1,103)	($805)	($546)	($358)	($236)
Gross profit	$5,020	$4,873	$4,602	$4,652	$4,687	$3,568	$3,210	$3,040	$2,707	$2,450	$2,328	$2,116	$1,921	$1,760	$1,670	$1,584	$1,391	$1,133	$1,361	$1,070	$968	$870	$674	$564	$527	$490	$324	$220	$174	$122	$82	$56	$35
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,341)	($3,218)	($2,951)	($2,972)	($2,951)	($2,150)	($2,031)	($1,906)	($1,720)	($1,410)	($1,345)	($1,226)	($1,110)	($1,121)	($1,030)	($990)	($932)	($821)	($895)	($648)	($548)	($387)	($325)	($262)	($253)	($218)	($149)	($116)	($90)	($65)	($49)	($35)	($22)
Total operating expenses	($3,341)	($3,218)	($2,951)	($2,972)	($2,951)	($2,150)	($2,031)	($1,906)	($1,720)	($1,584)	($1,508)	($1,374)	($1,248)	($1,252)	($1,159)	($1,113)	($1,038)	($1,165)	($2,748)	($673)	($548)	($477)	($389)	($266)	($259)	($230)	($166)	($116)	($93)	($69)	($51)	($36)	($23)
Total costs and expenses	($21,822)	($20,768)	($19,347)	($19,695)	($22,014)	($19,402)	($17,288)	($16,899)	($15,253)	($14,325)	($13,162)	($12,247)	($11,402)	($10,260)	($9,618)	($9,132)	($8,448)	($7,194)	($9,458)	($6,389)	($5,872)	($5,345)	($4,380)	($3,966)	($3,693)	($3,583)	($2,403)	($1,629)	($1,196)	($874)	($598)	($394)	($258)
Operating income	$1,679	$1,656	$1,651	$1,681	$1,735	$1,419	$1,179	$1,134	$987	$866	$820	$742	$673	$509	$511	$471	$353	($32)	($1,387)	$396	$420	$393	$284	$298	$268	$260	$158	$105	$80	$54	$31	$19	$12
Earnings
EBITDA	$1,976	$1,951	$1,927	$1,952	$2,026	$1,610	$1,605	$1,401	$1,253	$1,127	$1,074	$969	$881	$717	$721	$676	$562	$186	($1,169)	$425	$441	$410	$300	$314	$284	$270	$165	$109	$78	$56	$29	$18	$11
Interest income	–	($227)	($214)	($227)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($229)	($227)	($214)	($227)	($236)	($151)	($155)	($159)	($149)	($150)	($146)	($160)	($197)	($250)	($307)	($324)	($392)	($432)	($390)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,450	$1,427	$1,435	$1,450	$1,488	$1,298	$1,002	$950	$840	$661	$673	$647	$388	$196	$186	$28	($37)	($461)	($1,777)	$414	$433	$400	$290	$306	$280	$269	$162	$109	$84	$57	$33	$20	$12
Income tax expense	($370)	($361)	($358)	($346)	($373)	($309)	($214)	($213)	($198)	($138)	($248)	($244)	($143)	($63)	($67)	($11)	$8	$88	$12	($148)	($161)	($158)	($114)	($121)	($111)	($106)	($64)	($43)	($34)	($22)	($13)	($8)	$0
Net income	$1,080	$1,067	$1,078	$1,104	$1,114	$989	$788	$737	$643	$523	$425	$403	$245	$133	$119	$17	($29)	($373)	($1,765)	$266	$272	$241	$175	$185	$169	$162	$98	$66	$51	$34	$20	$12	$13
Per share
Diluted EPS (GAAP)	$8.32	$8.08	$7.97	$8.10	$8.13	$7.04	$5.45	$4.99	$4.19	$3.31	$2.56	$2.35	$1.42	$0.84	$0.82	$0.12	($0.20)	($2.56)	($12.08)	$3.30	$3.26	$2.79	$2.03	$2.10	$1.89	$1.79	$1.11	$0.77	$0.59	$1.58	$0.24	$0.16	$0.15
Basic EPS (GAAP)	$8.35	$8.13	$8.06	$8.20	$8.24	$7.14	$5.53	$5.08	$4.26	$3.37	$2.60	$2.37	$1.44	$0.85	$0.82	$0.12	($0.20)	($2.57)	($12.16)	$3.37	$3.35	$2.90	$2.10	$2.18	$1.97	$1.87	$1.14	$0.77	$0.60	$1.58	$0.24	$0.16	$0.15
Basic shares outstanding	129	131	134	135	135	138	143	145	151	155	164	170	171	157	145	145	144	145	145	79	81	83	83	85	86	87	86	86	85	85	84	76	84
Margins
Gross margin	21.4%	21.7%	21.9%	21.8%	19.7%	17.1%	17.4%	16.9%	16.7%	16.1%	16.7%	16.3%	15.9%	16.3%	16.5%	16.5%	15.8%	15.8%	16.9%	15.8%	15.4%	15.2%	14.4%	13.2%	13.3%	12.7%	12.6%	12.7%	13.6%	13.2%	13.1%	13.5%	13.0%
Operating margin	7.1%	7.4%	7.9%	7.9%	7.3%	6.8%	6.4%	6.3%	6.1%	5.7%	5.9%	5.7%	5.6%	4.7%	5.0%	4.9%	4.0%	(0.4%)	(17.2%)	5.8%	6.7%	6.8%	6.1%	7.0%	6.8%	6.8%	6.2%	6.0%	6.3%	5.8%	4.9%	4.7%	4.6%
Net margin	4.6%	4.8%	5.1%	5.2%	4.7%	4.7%	4.3%	4.1%	4.0%	3.4%	3.0%	3.1%	2.0%	1.2%	1.2%	0.2%	(0.3%)	(5.2%)	(21.9%)	3.9%	4.3%	4.2%	3.8%	4.3%	4.3%	4.2%	3.8%	3.8%	4.0%	3.7%	3.2%	2.9%	4.7%

Analyst consensus

Buy18 analysts

Bearish · 0 · Hold · 5 · Bullish · 13

Earnings history

	EPS	Estimate
Q3 2024	$2.63	$2.86	Miss
Q4 2024	$2.48	$2.33	Beat
Q1 2025	$2.15	$1.96	Beat
Q2 2025	$2.60	$2.49	Beat
Q3 2025	$2.71	$2.62	Beat
Q4 2025	$2.57	$2.44	Beat
Q1 2026	$2.28	$2.28	Match
Q2 2026	$2.91	$2.80	Beat

Peers

Company overview

IPO dateJun 27, 2013

CEOChristine A. Leahy

Employees14,800

SectorTechnology

IndustryInformation Technology Services

CountryUS

ExchangeNASDAQ Global Select

Websitewww.cdw.com

CDW Corporation specializes in delivering comprehensive information technology services and products across North America and the United Kingdom. It strategically targets three core client divisions: corporate enterprises, small to medium-sized businesses, and public sector organizations. Their portfolio encompasses both individual hardware and software offerings, alongside sophisticated integrated IT solution packages. These comprehensive solutions span on-premise, hybrid, and cloud environments, addressing critical areas such as data center infrastructure, network management, digital workspace enablement, and robust security. Key hardware categories include mobile computing devices (laptops, tablets), network infrastructure components, desktop workstations, display units, and enterprise data storage systems, while software offerings feature application suites, cybersecurity tools, virtualization platforms, operating systems, and network management utilities. Beyond products, CDW delivers a broad spectrum of services, including expert advisory and design, custom software development, system implementation, ongoing managed services, specialized professional support, configuration assistance, and telecommunications solutions, complemented by product warranties. They also focus on providing mission-critical software, system, and network solutions. Furthermore, installation, deployment, and repair services are facilitated for customers, often leveraging a network of third-party partners. Their diverse clientele includes governmental bodies, educational institutions, healthcare providers, and businesses of all scales – from small enterprises to major corporations. Established in 1984, the company maintains its primary corporate offices in Vernon Hills, Illinois.

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