CDW Corporation

Information Technology Technology Distributors Vernon Hills, Illinois Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$22.4B
                    3y CAGR -1.9%
                    
                    P24
                    
                    +6.8%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +4.8%
                    
                    P14
                    
                    -1.0%
                    
                    Total assets
                    FY2025
                
$16.0B
                    ROA +6.7%
                    
                    P36
                    
                    +9.2%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin +4.9%
                    
                    P12
                    
                    -5.6%

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

26 accounts · 10 years

Total assets $16.0B

Total liabilities $6.0B

Shareholders equity $2.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	3.9%	3.4%	4.4%	2.4%	2.0%	15.1%	1.9%	2.9%	2.1%	3.8%
Accounts Receivable	39.4%	35.0%	34.4%	34.0%	34.1%	34.4%	37.5%	37.3%	33.4%	31.2%
Inventory	3.5%	4.1%	5.0%	6.1%	7.0%	8.1%	7.6%	6.3%	6.5%	6.5%
Prepaid Expenses	2.8%	2.8%	3.1%	3.8%	2.7%	2.0%	2.1%	2.1%	1.8%	1.7%
Total Current Assets	53.0%	50.2%	50.5%	50.0%	49.1%	63.7%	54.2%	53.0%	48.6%	46.6%
Property,Plant and Equipment	1.1%	1.3%	1.5%	1.4%	1.5%	1.9%	4.5%	2.2%	2.3%	2.4%
Operating Lease Assets	0.9%	0.8%	1.0%	1.1%	1.2%	1.4%	1.6%	—	—	—
Goodwill	29.1%	31.5%	33.2%	33.1%	33.2%	27.8%	31.9%	34.4%	35.6%	35.3%
Intangible Assets	7.4%	9.2%	10.3%	11.4%	12.3%	4.8%	7.4%	9.9%	12.9%	15.2%
Deferred Tax Assets	1.1%	1.3%	1.5%	1.6%	1.7%	1.8%	1.5%	1.0%	1.2%	1.5%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	26.3%	23.0%	21.7%	21.5%	23.6%	22.3%	22.9%	22.0%	18.9%	15.4%
Accrued Liabilities	3.3%	3.7%	4.2%	3.9%	3.8%	4.7%	4.5%	8.3%	6.9%	6.3%
Deferred Revenue	3.3%	3.3%	3.7%	3.7%	3.1%	2.6%	3.2%	2.5%	2.8%	2.5%
Current Portion of Long Term Debt	6.3%	1.6%	4.6%	0.4%	0.8%	0.8%	0.4%	0.4%	0.4%	0.3%
Total Current Liabilities	45.1%	37.3%	41.0%	37.7%	38.6%	41.7%	43.6%	39.1%	36.1%	32.8%
Long Term Debt	28.8%	38.2%	37.9%	44.7%	51.2%	41.3%	41.0%	44.4%	46.1%	46.3%
Operating Lease Liabilities Noncurrent	1.0%	1.0%	1.2%	1.3%	1.4%	1.8%	1.6%	—	—	—
Deferred Tax Liabilities	1.1%	1.1%	1.3%	1.5%	1.7%	0.6%	0.8%	2.0%	3.8%	6.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	24.8%	26.1%	27.8%	26.8%	25.5%	34.3%	38.7%	41.8%	41.9%	41.1%
Retained Earnings	-7.9%	-9.0%	-11.5%	-13.4%	-19.5%	-19.4%	-25.2%	-26.4%	-26.4%	-24.1%
Accumulated Other Comprehensive Income	-0.6%	-1.1%	-0.9%	-1.2%	-0.7%	-1.0%	-1.5%	-1.8%	-1.4%	-2.0%
Total Stockholders Equity	16.3%	16.0%	15.4%	12.2%	5.3%	13.9%	12.0%	13.6%	14.2%	15.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $22.4B

Operating income $1.7B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	139.9%	143.1%	160.9%	180.9%	157.7%	197.6%	225.4%	226.6%	213.2%	196.8%
Expenses Cost of Revenue	109.5%	111.7%	125.9%	145.2%	130.7%	163.3%	187.4%	188.8%	178.0%	163.3%
Expenses Selling,General and Administrative	20.1%	20.1%	22.4%	22.5%	16.3%	21.7%	23.8%	24.0%	20.3%	19.4%
Expenses Depreciation and Amortization	1.8%	1.9%	2.0%	2.2%	1.4%	4.6%	3.3%	3.7%	3.8%	3.7%
Expenses Share Based Compensation	0.5%	0.4%	0.7%	0.7%	0.6%	0.5%	0.6%	0.6%	0.6%	0.6%
Expenses Operating Expenses	0.4%	0.4%	0.5%	0.5%	0.4%	0.6%	1.2%	—	—	—
Other Income Expense Gross Profit	30.4%	31.4%	35.0%	35.7%	27.0%	34.4%	38.0%	37.8%	35.2%	33.5%
Other Income Expense Operating Income	10.3%	11.2%	12.7%	13.2%	10.8%	12.6%	14.2%	13.8%	12.5%	11.8%
Other Income Expense Other Income/expense	-0.0%	-0.0%	-0.0%	-0.1%	0.2%	-0.2%	-0.3%	0.0%	-0.8%	0.0%
Other Income Expense Income Before Tax	8.9%	9.8%	10.9%	11.3%	9.8%	10.7%	11.9%	11.7%	9.5%	9.7%
Income Tax Income Tax Expense	2.3%	2.4%	2.6%	2.8%	2.3%	2.3%	2.7%	2.8%	2.0%	3.6%
net Income net Income	6.7%	7.3%	8.3%	8.5%	7.5%	8.4%	9.2%	9.0%	7.5%	6.1%
net Income Comprehensive Income	7.0%	7.1%	8.5%	8.0%	7.5%	8.7%	9.4%	8.5%	8.2%	5.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.8%	0.9%	1.0%	1.0%	1.0%	1.5%	1.8%	2.1%	2.2%	2.4%
Earnings Per Share Weighted Average Shares Diluted	0.8%	0.9%	1.0%	1.0%	1.1%	1.5%	1.8%	2.1%	2.3%	2.4%

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 10 years

Operating cash flow $1.2B

Investing cash flow $70.2M

Financing cash flow $-1.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	6.7%	7.3%	8.3%	8.5%	7.5%	8.4%	9.2%	9.0%	7.5%	6.1%
Operating Activities Depreciation and Amortization	1.8%	1.9%	2.0%	2.2%	1.4%	4.6%	3.3%	3.7%	3.8%	3.7%
Operating Activities Stock Based Compensation	0.5%	0.4%	0.7%	0.7%	0.6%	0.5%	0.6%	0.6%	0.6%	0.6%
Operating Activities Deferred Income Taxes	0.0%	-0.1%	-0.2%	-0.1%	-0.1%	-0.2%	-1.1%	-0.8%	-2.5%	-1.4%
Operating Activities Changes In Operating Assets and Liabilities	7.0%	3.4%	-0.6%	-0.6%	7.1%	3.2%	5.0%	5.7%	1.7%	3.6%
Operating Activities Other Non Cash Items	0.0%	0.0%	0.2%	0.1%	-0.2%	0.5%	0.4%	0.1%	0.9%	0.1%
Operating Activities net Cash From Operating Activities	7.5%	8.7%	12.0%	10.2%	5.9%	14.1%	12.8%	12.6%	11.2%	8.7%
Investing Activities Capital Expenditures	0.7%	0.8%	1.1%	1.0%	0.8%	1.7%	3.0%	1.2%	1.2%	0.9%
Investing Activities Business Acquisitions	0.1%	2.2%	0.6%	0.3%	20.5%	0.5%	1.2%	0.0%	0.0%	0.0%
Investing Activities Other Investing Activities	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—
Investing Activities net Cash From Investing Activities	0.4%	-4.5%	-1.7%	-1.3%	-21.0%	-2.2%	-4.1%	-1.2%	-1.2%	-0.9%
Financing Activities Proceeds From Debt	3.7%	8.2%	0.0%	0.0%	29.7%	13.9%	7.5%	0.0%	29.9%	21.3%
Financing Activities Repayment of Debt	1.3%	0.0%	1.1%	4.8%	0.1%	0.2%	0.0%	0.0%	30.5%	21.4%
Financing Activities Repurchase of Common Stock	4.1%	3.4%	3.8%	0.0%	11.4%	3.6%	8.2%	7.3%	7.7%	5.3%
Financing Activities Dividends Paid	2.1%	2.3%	2.4%	2.2%	1.8%	2.3%	2.3%	1.9%	1.5%	1.1%
Financing Activities Proceeds From Stock Issuance	0.2%	0.3%	0.4%	0.2%	0.5%	0.5%	0.4%	—	0.2%	0.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.2%	0.3%	0.3%	0.2%	0.2%	0.2%	0.3%	0.5%	0.7%	0.0%
Financing Activities Other Financing Activities	0.1%	-0.2%	-0.3%	0.2%	0.2%	0.1%	-0.3%	0.1%	0.1%	0.4%
Financing Activities net Cash From Financing Activities	-7.4%	-4.7%	-8.3%	-8.4%	6.3%	1.5%	-9.4%	-10.5%	-11.8%	-4.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.1%	0.0%	-0.1%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.1%
Cash Reconciliation net Change In Cash	0.7%	-0.6%	2.1%	0.4%	-8.7%	13.4%	-0.6%	0.9%	-1.7%	3.3%
Cash Reconciliation Cash At Beginning of Period	3.9%	3.5%	4.4%	2.4%	2.0%	15.1%	1.9%	2.9%	2.1%	3.8%
Cash Reconciliation Cash At End of Period	3.9%	3.5%	4.4%	2.4%	2.0%	15.1%	1.9%	2.9%	2.1%	3.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+21.7%	+21.9%	+21.8%	+19.7%	+17.1%	+17.4%	+16.9%	+16.7%	+16.5%	+17.0%
Operating margin	+7.4%	+7.9%	+7.9%	+7.3%	+6.8%	+6.4%	+6.3%	+6.1%	+5.8%	+6.0%
Net margin	+4.8%	+5.1%	+5.2%	+4.7%	+4.7%	+4.3%	+4.1%	+4.0%	+3.5%	+3.1%
FCF margin	+4.9%	+5.5%	+6.8%	+5.1%	+3.3%	+6.3%	+4.4%	+5.0%	+4.7%	+4.0%
Growth
Revenue CAGR (3y)	-1.9%	+0.3%	+5.0%	+9.6%	+8.6%	+7.6%	+9.7%	+7.7%	+7.1%	+8.3%
Returns
ROE	+40.9%	+45.8%	+54.1%	+69.5%	+140.1%	+60.8%	+76.7%	+65.9%	+53.1%	+40.6%
ROA	+6.7%	+7.3%	+8.3%	+8.5%	+7.5%	+8.4%	+9.2%	+9.0%	+7.5%	+6.1%
ROIC	+16.2%	+16.1%	+18.0%	+18.0%	+14.8%	+24.3%	+21.3%	+19.0%	+16.8%	+12.9%
Liquidity
Current ratio	1.18x	1.35x	1.23x	1.33x	1.27x	1.53x	1.24x	1.35x	1.34x	1.42x
Quick ratio	0.96x	1.03x	0.95x	0.97x	0.93x	1.19x	0.90x	1.03x	0.98x	1.07x
Leverage
D/E	5.15x	5.24x	5.50x	7.19x	17.70x	6.20x	7.33x	6.35x	6.06x	5.63x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	1.40x	1.43x	1.61x	1.81x	1.58x	1.98x	2.25x	2.27x	2.13x	1.97x
Cash conversion cycle	+27d	+27d	+30d	+30d	+33d	+32d	+31d	+30d	+32d	+38d

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CDW Corporation

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