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 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

26 accounts · 3 years

Total assets $16.0B

Total liabilities ~$13.4B

Shareholders equity $2.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	+2.5%	-14.5%	—
Accounts Receivable	+17.6%	+12.4%	—
Inventory	-8.2%	-9.4%	—
Prepaid Expenses	+5.0%	-1.4%	—
Total Current Assets	+12.6%	+10.0%	—
Property,Plant and Equipment	-6.3%	-1.8%	—
Operating Lease Assets	+3.0%	-6.7%	—
Goodwill	+2.8%	+4.7%	—
Intangible Assets	-6.9%	-1.0%	—
Deferred Tax Assets	-5.6%	+1.3%	—
Total Assets	+9.8%	+10.5%	—
Liabilities
Accounts Payable	+21.0%	+17.4%	—
Accrued Liabilities	-1.8%	-3.3%	—
Deferred Revenue	+4.7%	+0.7%	—
Current Portion of Long Term Debt	+28.2%	-61.5%	—
Total Current Liabilities	+15.2%	+0.6%	—
Long Term Debt	-4.2%	+11.4%	—
Operating Lease Liabilities Noncurrent	-1.9%	-9.1%	—
Deferred Tax Liabilities	+0.1%	-2.3%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	+3.8%	+3.9%	—
Retained Earnings	—	—	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	+13.0%	+15.2%	—
Total Liabilitiesand Equity	+9.8%	+10.5%	—

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $22.4B

Operating income $1.7B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	+2.4%	-1.8%	—
Expenses Cost of Revenue	+2.4%	-2.0%	—
Expenses Selling,General and Administrative	+4.1%	-0.7%	—
Expenses Depreciation and Amortization	+4.5%	+1.7%	—
Expenses Share Based Compensation	-5.5%	-30.9%	—
Expenses Operating Expenses	-2.4%	-3.2%	—
Other Income Expense Gross Profit	+2.3%	-1.1%	—
Other Income Expense Operating Income	-0.8%	-1.8%	—
Other Income Expense Other Income/expense	—	—	—
Other Income Expense Income Before Tax	-0.8%	-1.0%	—
Income Tax Income Tax Expense	+2.1%	+3.4%	—
net Income net Income	-1.7%	-2.4%	—
net Income Comprehensive Income	-0.2%	-7.9%	—
Earnings Per Share Basic Eps	-0.4%	-1.7%	—
Earnings Per Share Diluted Eps	-0.1%	-1.6%	—
Earnings Per Share Weighted Average Shares Basic	-1.2%	-0.6%	—
Earnings Per Share Weighted Average Shares Diluted	-1.6%	-0.8%	—

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 3 years

Operating cash flow $1.2B

Investing cash flow $70.2M

Financing cash flow $-1.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	-1.7%	-2.4%	—
Operating Activities Depreciation and Amortization	+4.5%	+1.7%	—
Operating Activities Stock Based Compensation	-5.5%	-30.9%	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—
Operating Activities Other Non Cash Items	-50.2%	-85.9%	—
Operating Activities net Cash From Operating Activities	-13.2%	-20.1%	—
Investing Activities Capital Expenditures	-11.1%	-17.3%	—
Investing Activities Business Acquisitions	-47.0%	+324.0%	—
Investing Activities Other Investing Activities	-32.2%	-68.0%	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Proceeds From Debt	—	—	—
Financing Activities Repayment of Debt	+18.6%	—	—
Financing Activities Repurchase of Common Stock	+14.3%	+0.0%	—
Financing Activities Dividends Paid	+1.1%	+3.3%	—
Financing Activities Proceeds From Stock Issuance	-22.6%	-4.7%	—
Financing Activities Tax Withholding On Stock Based Compensation	-19.2%	-4.5%	—
Financing Activities Other Financing Activities	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+155.9%	—	—
Cash Reconciliation net Change In Cash	-36.2%	—	—
Cash Reconciliation Cash At Beginning of Period	+2.5%	-13.8%	—
Cash Reconciliation Cash At End of Period	+2.5%	-13.8%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+21.7%	+21.9%	+21.8%
Operating margin	+7.4%	+7.9%	+7.9%
Net margin	+4.8%	+5.1%	+5.2%
FCF margin	+4.9%	+5.5%	+6.8%
Growth
Revenue CAGR (3y)	-1.9%	+0.3%	+5.0%
Returns
ROE	+40.9%	+45.8%	+54.1%
ROA	+6.7%	+7.3%	+8.3%
ROIC	+16.2%	+16.1%	+18.0%
Liquidity
Current ratio	1.18x	1.35x	1.23x
Quick ratio	0.96x	1.03x	0.95x
Leverage
D/E	5.15x	5.24x	5.50x
Interest coverage	—	—	—
Efficiency
Asset turnover	1.40x	1.43x	1.61x
Cash conversion cycle	+27d	+27d	+30d

Valuation

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CDW Corporation

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