CDW Corporation

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

                    Revenue
                    FY2025
                
$22.4B
                    3y CAGR -1.9%
                    
                    P18
                    
                    +6.8%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +4.8%
                    
                    P14
                    
                    -1.0%
                    
                    Total assets
                    FY2025
                
$16.0B
                    ROA +6.7%
                    
                    P38
                    
                    +9.2%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin +4.9%
                    
                    P11
                    
                    -5.6%

17 yrs · FY2009–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $16.0B

Total liabilities ~$13.4B

Shareholders equity $2.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$618.7M 22.9%	$503.5M -14.5%	$588.7M 86.8%	$315.2M 22.1%	$258.1M -81.7%	$1.4B 815.7%	$154.0M -25.2%	$205.8M 42.7%	$144.2M -45.3%	$263.7M
Short Term Investments	$0 -100.0%	$214.2M	$0	—	—	—	—	—	—	—
Accounts Receivable	$6.3B 22.9%	$5.1B 12.4%	$4.6B 2.4%	$4.5B -0.8%	$4.5B 40.1%	$3.2B 7.0%	$3.0B 12.4%	$2.7B 15.1%	$2.3B 7.0%	$2.2B
Inventory	$563.4M -6.9%	$605.3M -9.4%	$668.1M -16.5%	$800.2M -13.7%	$927.6M 22.1%	$760.0M 24.3%	$611.2M 34.5%	$454.3M 1.1%	$449.5M -0.6%	$452.0M
Prepaid Expenses	$452.0M 11.8%	$404.4M -1.4%	$410.2M -17.7%	$498.2M 39.4%	$357.5M 87.0%	$191.2M 11.4%	$171.6M 15.1%	$149.1M 17.0%	$127.4M 7.1%	$118.9M
Other Current Assets	$554.0M 8.6%	$509.9M 8.4%	$470.5M -3.8%	$489.1M 12.3%	$435.5M 14.8%	$379.5M -3.9%	$395.1M 24.9%	$316.4M -6.0%	$336.5M 43.3%	$234.9M
Total Current Assets	$8.5B 15.3%	$7.4B 10.0%	$6.7B 2.1%	$6.6B 1.3%	$6.5B 8.8%	$6.0B 37.4%	$4.3B 14.2%	$3.8B 12.4%	$3.4B 4.3%	$3.2B
Property,Plant and Equipment	$171.5M -10.7%	$192.0M -1.8%	$195.5M 3.5%	$188.8M -3.6%	$195.8M 11.6%	$175.5M -51.7%	$363.1M 132.6%	$156.1M -3.1%	$161.1M -1.6%	$163.7M
Operating Lease Assets	$136.7M 13.7%	$120.2M -6.7%	$128.8M -13.7%	$149.2M -4.1%	$155.6M 19.0%	$130.8M -0.8%	$131.8M	—	—	—
Goodwill	$4.7B 0.9%	$4.6B 4.7%	$4.4B 1.6%	$4.3B -0.9%	$4.4B 68.8%	$2.6B 1.7%	$2.6B 3.7%	$2.5B -0.7%	$2.5B 1.0%	$2.5B
Intangible Assets	$1.2B -12.5%	$1.4B -1.0%	$1.4B -8.1%	$1.5B -8.4%	$1.6B 265.8%	$445.1M -25.1%	$594.1M -16.6%	$712.2M -20.6%	$897.0M -15.0%	$1.1B
Other Noncurrent Assets	$1.4B 34.9%	$1.0B 115.2%	$472.2M 19.2%	$396.1M 10.4%	$358.9M 717.5%	$43.9M 88.4%	$23.3M -41.5%	$39.8M -2.5%	$40.8M 13.3%	$36.0M
Total Assets	$16.0B 9.2%	$14.7B 10.5%	$13.3B 1.2%	$13.1B -0.5%	$13.2B 41.3%	$9.3B 16.8%	$8.0B 11.6%	$7.2B 3.0%	$7.0B 0.1%	$6.9B
Liabilities
Accounts Payable	$4.6B 22.4%	$3.7B 12.8%	$3.3B -0.9%	$3.3B -6.2%	$3.6B 36.3%	$2.6B 15.4%	$2.3B 12.9%	$2.0B 10.5%	$1.8B 9.8%	$1.7B
Accrued Liabilities	$1.0B 8.4%	$949.5M -2.8%	$977.2M -1.4%	$991.5M 95.5%	$507.2M 14.8%	$441.7M 22.6%	$360.2M 17.9%	$305.6M -29.8%	$435.6M 9.4%	$398.3M
Deferred Revenue	$534.0M 8.8%	$491.0M 0.7%	$487.4M 0.4%	$485.5M 20.5%	$402.9M 65.3%	$243.7M -3.4%	$252.2M 41.4%	$178.3M -8.1%	$194.0M 12.4%	$172.6M
Current Portion of Long Term Debt	$1.0B 327.3%	$235.8M -61.5%	$613.1M 989.0%	$56.3M -45.2%	$102.7M 44.9%	$70.9M 107.9%	$34.1M 34.8%	$25.3M -0.8%	$25.5M 37.8%	$18.5M
Other Current Liabilities	$82.9M 34.6%	$61.6M 17.6%	$52.4M -28.7%	$73.5M -85.9%	$520.7M -1.6%	$529.0M -8.8%	$580.0M 101.7%	$287.5M 556.4%	$43.8M 15.3%	$38.0M
Total Current Liabilities	$7.2B 32.0%	$5.5B 0.6%	$5.4B 10.0%	$4.9B -2.9%	$5.1B 30.7%	$3.9B 11.7%	$3.5B 24.6%	$2.8B 11.5%	$2.5B 10.3%	$2.3B
Long Term Debt	$4.6B -17.6%	$5.6B 11.4%	$5.0B -14.2%	$5.9B -13.2%	$6.8B 75.2%	$3.9B 17.5%	$3.3B 3.1%	$3.2B -0.8%	$3.2B -0.2%	$3.2B
Operating Lease Liabilities Noncurrent	$157.8M 5.8%	$149.1M -9.1%	$164.0M -6.4%	$175.2M -4.9%	$184.2M 9.0%	$169.0M 28.9%	$131.1M	—	—	—
Deferred Tax Liabilities	$171.8M 2.6%	$167.4M -2.3%	$171.4M -15.7%	$203.4M -8.5%	$222.3M 302.0%	$55.3M -11.4%	$62.4M -56.0%	$141.9M -27.7%	$196.3M -46.8%	$369.2M
Other Noncurrent Liabilities	$1.2B 34.1%	$927.8M 114.3%	$432.9M 28.8%	$336.1M 42.8%	$235.4M 242.6%	$68.7M -3.2%	$71.0M 10.6%	$64.2M 21.6%	$52.8M 42.3%	$37.1M
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$1.3M 0.0%	$1.3M 0.0%	$1.3M -7.1%	$1.4M 7.7%	$1.3M -7.1%	$1.4M 0.0%	$1.4M -6.7%	$1.5M 0.0%	$1.5M -6.3%	$1.6M
Additional Paid In Capital	$4.0B 3.8%	$3.8B 3.9%	$3.7B 4.9%	$3.5B 4.4%	$3.4B 5.1%	$3.2B 3.5%	$3.1B 3.3%	$3.0B 2.9%	$2.9B 1.9%	$2.9B
Retained Earnings	$-1.3B 3.7%	$-1.3B 13.3%	$-1.5B 13.5%	$-1.8B 31.4%	$-2.6B -41.8%	$-1.8B 10.2%	$-2.0B -6.7%	$-1.9B -3.2%	$-1.8B -9.6%	$-1.7B
Accumulated Other Comprehensive Income	$-99.8M 37.7%	$-160.1M -28.5%	$-124.6M 18.2%	$-152.4M -61.4%	$-94.4M 1.5%	$-95.8M 18.7%	$-117.8M 9.8%	$-130.6M -36.2%	$-95.9M 31.3%	$-139.6M
Total Stockholders Equity	$2.6B 10.8%	$2.4B 15.2%	$2.0B 27.4%	$1.6B 127.2%	$705.7M -45.6%	$1.3B 35.1%	$960.3M -1.5%	$975.2M -0.8%	$982.9M -6.0%	$1.0B
Total Liabilitiesand Equity	$16.0B 9.2%	$14.7B 10.5%	$13.3B 1.2%	$13.1B -0.5%	$13.2B 41.3%	$9.3B 16.8%	$8.0B 11.6%	$7.2B 3.0%	$7.0B 0.1%	$6.9B

Income Statement

Revenue, expense, and profitability

14 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	$22.4B 6.8%	$21.0B -1.8%	$21.4B -10.0%	$23.7B 14.1%	$20.8B 12.7%	$18.5B 2.4%	$18.0B 11.0%	$16.2B 9.5%	$14.8B 6.1%	$14.0B
Expenses Cost of Revenue	$17.6B 7.0%	$16.4B -2.0%	$16.7B -12.3%	$19.1B 10.5%	$17.3B 13.1%	$15.3B 1.8%	$15.0B 10.8%	$13.5B 9.3%	$12.4B 6.2%	$11.7B
Other Income Expense Gross Profit	$4.9B 5.9%	$4.6B -1.1%	$4.7B -0.7%	$4.7B 31.3%	$3.6B 11.2%	$3.2B 5.6%	$3.0B 12.3%	$2.7B 10.5%	$2.5B 5.3%	$2.3B
Expenses Selling,General and Administrative	$3.2B 9.0%	$3.0B -0.7%	$3.0B 0.7%	$3.0B 37.3%	$2.1B 5.8%	$2.0B 6.5%	$1.9B 10.9%	$1.7B 22.0%	$1.4B 4.8%	$1.3B
Other Income Expense Operating Income	$1.7B 0.3%	$1.7B -1.8%	$1.7B -3.1%	$1.7B 22.3%	$1.4B 20.3%	$1.2B 4.0%	$1.1B 14.8%	$987.3M 13.9%	$866.5M 5.8%	$819.2M
Other Income Expense Interest Expense	$227.4M 6.0%	$214.5M -5.3%	$226.6M -3.9%	$235.7M 256.2%	$-150.9M 2.6%	$-154.9M 2.8%	$-159.4M -7.3%	$-148.6M 1.3%	$-150.5M -2.7%	$-146.5M
Other Income Expense Other Income/expense	$-800.0K 42.9%	$-1.4M 65.9%	$-4.1M 65.0%	$-11.7M -139.4%	$29.7M 235.0%	$-22.0M 10.2%	$-24.5M -1461.1%	$1.8M 103.3%	$-55.3M -18333.3%	$-300.0K
Other Income Expense Income Before Tax	$1.4B -0.6%	$1.4B -1.0%	$1.5B -2.5%	$1.5B 14.6%	$1.3B 29.5%	$1.0B 5.5%	$949.7M 13.0%	$840.5M 27.2%	$660.7M -1.7%	$672.4M
Income Tax Income Tax Expense	$360.8M 0.9%	$357.6M 3.4%	$345.9M -7.3%	$373.3M 20.7%	$309.2M 44.6%	$213.8M 0.4%	$212.9M 7.8%	$197.5M 43.5%	$137.6M -44.5%	$248.0M
net Income net Income	$1.1B -1.0%	$1.1B -2.4%	$1.1B -0.9%	$1.1B 12.7%	$988.6M 25.4%	$788.5M 7.0%	$736.8M 14.6%	$643.0M 22.9%	$523.1M 23.3%	$424.4M
net Income Comprehensive Income	$1.1B 8.1%	$1.0B -7.9%	$1.1B 7.2%	$1.1B 6.7%	$990.0M 22.1%	$810.5M 8.1%	$749.6M 23.2%	$608.3M 7.3%	$567.0M 63.9%	$345.9M
Earnings Per Share Basic Eps	$8 0.9%	$8 -1.7%	$8 -0.5%	$8 15.4%	$7 29.1%	$6 8.9%	$5 19.2%	$4 26.4%	$3 30.1%	$3
Earnings Per Share Diluted Eps	$8 1.4%	$8 -1.6%	$8 -0.4%	$8 15.5%	$7 29.2%	$5 9.2%	$5 19.1%	$4 26.6%	$3 29.3%	$3
Earnings Per Share Weighted Average Shares Diluted	$132.1M -2.3%	$135.2M -0.8%	$136.3M -0.5%	$137.0M -2.5%	$140.5M -3.0%	$144.8M -2.0%	$147.8M -3.8%	$153.6M -2.9%	$158.2M -4.7%	$166.0M

Cash Flow Statement

Operating, investing, and financing flows

21 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	$1.1B -1.0%	$1.1B -2.4%	$1.1B -0.9%	$1.1B 12.7%	$988.6M 25.4%	$788.5M 7.0%	$736.8M 14.6%	$643.0M 22.9%	$523.1M 23.1%	$425.1M
Operating Activities Depreciation and Amortization	$295.6M 7.4%	$275.3M 1.7%	$270.7M -6.8%	$290.6M 52.0%	$191.2M -55.1%	$425.6M 59.3%	$267.1M 0.6%	$265.6M 1.8%	$260.9M	—
Operating Activities Stock Based Compensation	$83.6M 29.2%	$64.7M -30.9%	$93.7M 2.9%	$91.1M 25.5%	$72.6M 70.8%	$42.5M -12.4%	$48.5M 19.2%	$40.7M -6.9%	$43.7M 11.5%	$39.2M
Operating Activities Deferred Income Taxes	$1.3M 109.2%	$-14.1M 56.9%	$-32.7M -79.7%	$-18.2M -171.6%	$-6.7M 66.8%	$-20.2M 77.0%	$-87.9M -56.7%	$-56.1M 67.5%	$-172.7M -77.7%	$-97.2M
Operating Activities Changes In Operating Assets and Liabilities	$-286.3M -76.0%	$-162.7M -237.0%	$118.8M 171.3%	$-166.6M 61.4%	$-431.6M -8908.2%	$4.9M -85.5%	$33.7M 1772.2%	$1.8M -97.0%	$60.3M 351.3%	$-24.0M
Operating Activities Other Non Cash Items	$44.4M 22.3%	$36.3M -17.3%	$43.9M 79.2%	$24.5M 183.1%	$-29.5M -140.4%	$73.0M 151.7%	$29.0M 166.1%	$10.9M -82.5%	$62.4M 875.0%	$6.4M
Operating Activities net Cash From Operating Activities	$1.2B -5.6%	$1.3B -20.1%	$1.6B 19.7%	$1.3B 70.3%	$784.6M -40.3%	$1.3B 27.9%	$1.0B 13.4%	$905.9M 16.5%	$777.7M 28.8%	$604.0M
Investing Activities Capital Expenditures	$-117.1M 4.5%	$-122.6M 17.3%	$-148.2M -16.0%	$-127.8M -27.8%	$-100.0M 36.7%	$-158.0M 33.1%	$-236.3M -174.4%	$-86.1M -6.2%	$-81.1M -27.7%	$-63.5M
Investing Activities Business Acquisitions	$-21.5M 93.4%	$-323.9M -324.0%	$-76.4M -108.2%	$-36.7M 98.6%	$-2.7B -6192.1%	$-43.0M 54.8%	$-95.1M	$0	—	—
Investing Activities Other Investing Activities	$208.8M 198.2%	$-212.7M -4154.0%	$-5.0M	$0 -100.0%	$36.0M	$0	$0	—	—	$-2.4M
Investing Activities net Cash From Investing Activities	$70.2M 110.6%	$-659.2M -187.1%	$-229.6M -39.6%	$-164.5M 94.1%	$-2.8B -1277.9%	$-201.0M 39.3%	$-331.4M -284.9%	$-86.1M -6.2%	$-81.1M -23.1%	$-65.9M
Financing Activities Proceeds From Debt	$3.2B 114.3%	$1.5B 618.7%	$207.6M -91.0%	$2.3B -58.4%	$5.5B 138.3%	$2.3B -23.7%	$3.0B 343.5%	$686.7M -81.2%	$3.6B 100.0%	$1.8B
Financing Activities Repayment of Debt	$-3.4B -171.3%	$-1.3B -190.9%	$-432.0M 86.4%	$-3.2B -13.9%	$-2.8B -61.8%	$-1.7B 41.4%	$-2.9B -327.2%	$-686.7M 81.4%	$-3.7B -99.9%	$-1.8B
Financing Activities Repurchase of Common Stock	$-653.0M -30.6%	$-500.0M 0.0%	$-500.0M	$0 100.0%	$-1.5B -340.5%	$-340.6M 48.2%	$-657.2M -25.8%	$-522.3M 2.2%	$-534.0M -45.3%	$-367.4M
Financing Activities Dividends Paid	$-328.6M 1.1%	$-332.1M -3.3%	$-321.5M -13.8%	$-282.6M -20.4%	$-234.8M -6.9%	$-219.6M -19.7%	$-183.4M -31.6%	$-139.4M -30.4%	$-106.9M -35.8%	$-78.7M
Financing Activities Proceeds From Stock Issuance	$29.5M -37.2%	$47.0M -4.7%	$49.3M 63.2%	$30.2M -56.8%	$69.9M 42.1%	$49.2M 41.0%	$34.9M	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	$-26.1M 31.7%	$-38.2M 4.5%	$-40.0M -73.2%	$-23.1M 18.9%	$-28.5M -26.7%	$-22.5M -5.1%	$-21.4M 36.9%	$-33.9M 31.7%	$-49.6M	$0
Financing Activities Other Financing Activities	$5.8M 105.9%	$-99.0M -59.4%	$-62.1M -260.5%	$38.7M 116.8%	$-229.7M -441.8%	$67.2M 293.7%	$-34.7M 41.4%	$-59.2M 21.1%	$-75.0M -144.2%	$169.5M
Financing Activities net Cash From Financing Activities	$-1.2B -72.4%	$-686.9M 37.5%	$-1.1B 0.3%	$-1.1B -232.3%	$832.8M 500.0%	$138.8M 118.5%	$-749.8M 0.7%	$-754.8M 7.8%	$-818.7M -168.8%	$-304.6M
Cash Reconciliation Effect of Exchange Rate On Cash	$20.3M 266.4%	$-12.2M -493.5%	$3.1M 125.4%	$-12.2M -12300.0%	$100.0K -97.6%	$4.1M 86.4%	$2.2M 164.7%	$-3.4M -230.8%	$2.6M 135.1%	$-7.4M
Cash Reconciliation net Change In Cash	$111.2M 237.3%	$-81.0M -129.6%	$273.5M 379.0%	$57.1M 105.0%	$-1.2B -191.7%	$1.3B 2525.1%	$-51.8M -184.1%	$61.6M 151.5%	$-119.5M -152.9%	$226.1M

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%	+16.6%
Operating margin	+7.4%	+7.9%	+7.9%	+7.3%	+6.8%	+6.4%	+6.3%	+6.1%	+5.8%	+5.9%
Net margin	+4.8%	+5.1%	+5.2%	+4.7%	+4.7%	+4.3%	+4.1%	+4.0%	+3.5%	+3.0%
FCF margin	+4.9%	+5.5%	+6.8%	+5.1%	+3.3%	+6.3%	+4.4%	+5.0%	+4.7%	+3.9%
Growth
Revenue CAGR (3y)	-1.9%	+0.3%	+5.0%	+9.6%	+8.6%	+7.6%	+8.9%	+7.7%	+7.1%	+9.1%
Returns
ROE	+40.9%	+45.8%	+54.1%	+69.5%	+140.1%	+60.8%	+76.7%	+65.9%	+53.2%	+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	6.08x	5.65x
Interest coverage	7.28x	7.70x	7.42x	7.36x	-9.40x	-7.61x	-7.11x	-6.64x	-5.76x	-5.59x
Efficiency
Asset turnover	1.40x	1.43x	1.61x	1.81x	1.58x	1.98x	2.25x	2.27x	2.13x	2.01x
Cash conversion cycle	+19d	+20d	+20d	+20d	+23d	+19d	+21d	+18d	+17d	+19d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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CDW Corporation

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

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One-year price and volume history

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Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Recent price history