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

Year-over-year change per cell; first column has no prior.

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	+22.9%	-14.5%	+86.8%	+22.1%	-81.7%	+815.7%	-25.2%	+42.7%	-45.3%	—
Accounts Receivable	+22.9%	+12.4%	+2.4%	-0.8%	+40.1%	+7.0%	+12.4%	+15.1%	+7.0%	—
Inventory	-6.9%	-9.4%	-16.5%	-13.7%	+22.1%	+24.3%	+34.5%	+1.1%	-0.6%	—
Prepaid Expenses	+11.8%	-1.4%	-17.7%	+39.4%	+87.0%	+11.4%	+15.1%	+17.0%	+7.1%	—
Total Current Assets	+15.3%	+10.0%	+2.1%	+1.3%	+8.8%	+37.4%	+14.2%	+12.4%	+4.3%	—
Property,Plant and Equipment	-10.7%	-1.8%	+3.5%	-3.6%	+11.6%	-51.7%	+132.6%	-3.1%	-1.6%	—
Operating Lease Assets	+13.7%	-6.7%	-13.7%	-4.1%	+19.0%	-0.8%	—	—	—	—
Goodwill	+0.9%	+4.7%	+1.6%	-0.9%	+68.8%	+1.7%	+3.7%	-0.7%	+1.0%	—
Intangible Assets	-12.5%	-1.0%	-8.1%	-8.4%	+265.8%	-25.1%	-16.6%	-20.6%	-15.0%	—
Deferred Tax Assets	-12.0%	+1.3%	-6.0%	-8.7%	+34.2%	+39.6%	+60.3%	-10.8%	-19.8%	—
Total Assets	+9.2%	+10.5%	+1.2%	-0.5%	+41.3%	+16.8%	+11.6%	+3.0%	+0.1%	—
Liabilities
Accounts Payable	+24.8%	+17.4%	+2.1%	-9.4%	+49.1%	+13.8%	+16.4%	+19.7%	+22.8%	—
Accrued Liabilities	-0.4%	-3.3%	+9.0%	+0.2%	+14.8%	+22.6%	-39.3%	+23.7%	+9.9%	—
Deferred Revenue	+8.8%	+0.7%	+0.4%	+20.5%	+65.3%	-3.4%	+41.4%	-8.1%	+12.4%	—
Current Portion of Long Term Debt	+327.3%	-61.5%	+989.0%	-45.2%	+44.9%	+107.9%	+34.8%	-0.8%	+37.8%	—
Total Current Liabilities	+32.0%	+0.6%	+10.0%	-2.9%	+30.7%	+11.7%	+24.6%	+11.5%	+10.3%	—
Long Term Debt	-17.6%	+11.4%	-14.2%	-13.2%	+75.2%	+17.5%	+3.1%	-0.8%	-0.2%	—
Operating Lease Liabilities Noncurrent	+5.8%	-9.1%	-6.4%	-4.9%	+9.0%	+28.9%	—	—	—	—
Deferred Tax Liabilities	+2.6%	-2.3%	-15.7%	-8.5%	+302.0%	-11.4%	-56.0%	-46.4%	-44.0%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	+0.0%	+0.0%	-7.1%	+7.7%	-7.1%	+0.0%	-6.7%	+0.0%	-6.2%	—
Additional Paid In Capital	+3.8%	+3.9%	+4.9%	+4.4%	+5.1%	+3.5%	+3.3%	+2.9%	+1.9%	—
Retained Earnings	+3.7%	+13.3%	+13.5%	+31.4%	-41.8%	+10.2%	-6.7%	-3.2%	-9.6%	—
Accumulated Other Comprehensive Income	+37.7%	-28.5%	+18.2%	-61.4%	+1.5%	+18.7%	+9.8%	-36.2%	+31.3%	—
Total Stockholders Equity	+10.8%	+15.2%	+27.4%	+127.2%	-45.6%	+35.1%	-1.5%	-1.1%	-5.9%	—
Total Liabilitiesand Equity	+9.2%	+10.5%	+1.2%	-0.5%	+41.3%	+16.8%	+11.6%	+3.0%	+0.1%	—

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	+6.8%	-1.8%	-10.0%	+14.1%	+12.7%	+2.4%	+11.0%	+9.5%	+8.5%	—
Expenses Cost of Revenue	+7.0%	-2.0%	-12.3%	+10.5%	+13.1%	+1.8%	+10.8%	+9.3%	+9.2%	—
Expenses Selling,General and Administrative	+9.0%	-0.7%	+0.7%	+37.3%	+5.8%	+6.5%	+10.9%	+22.0%	+4.8%	—
Expenses Depreciation and Amortization	+7.4%	+1.7%	-6.8%	+52.0%	-55.1%	+59.3%	+0.6%	+1.8%	+2.5%	—
Expenses Share Based Compensation	+29.2%	-30.9%	+2.9%	+25.5%	+70.8%	-12.4%	+19.2%	-6.9%	+11.5%	—
Expenses Operating Expenses	-1.7%	-3.2%	+0.0%	+24.0%	-5.7%	-43.0%	—	—	—	—
Other Income Expense Gross Profit	+5.9%	-1.1%	-0.7%	+31.3%	+11.2%	+5.6%	+12.3%	+10.5%	+5.2%	—
Other Income Expense Operating Income	+0.3%	-1.8%	-3.1%	+22.3%	+20.3%	+4.0%	+14.8%	+13.9%	+5.7%	—
Other Income Expense Other Income/expense	+42.9%	+65.9%	+65.0%	-139.4%	+235.0%	+10.2%	-1461.1%	+103.3%	-3172.2%	—
Other Income Expense Income Before Tax	-0.6%	-1.0%	-2.5%	+14.6%	+29.5%	+5.5%	+13.0%	+27.2%	-1.9%	—
Income Tax Income Tax Expense	+0.9%	+3.4%	-7.3%	+20.7%	+44.6%	+0.4%	+7.8%	+43.5%	-44.5%	—
net Income net Income	-1.0%	-2.4%	-0.9%	+12.7%	+25.4%	+7.0%	+14.6%	+22.9%	+23.1%	—
net Income Comprehensive Income	+8.1%	-7.9%	+7.2%	+6.7%	+22.1%	+8.1%	+23.2%	+7.3%	+63.7%	—
Earnings Per Share Basic Eps	+0.9%	-1.7%	-0.5%	+15.4%	+29.1%	+8.9%	+19.2%	+26.4%	+29.6%	—
Earnings Per Share Diluted Eps	+1.4%	-1.6%	-0.4%	+15.5%	+29.2%	+9.2%	+19.1%	+26.6%	+29.3%	—
Earnings Per Share Weighted Average Shares Basic	-1.9%	-0.6%	-0.4%	-2.4%	-2.9%	-1.7%	-3.8%	-2.9%	-5.0%	—
Earnings Per Share Weighted Average Shares Diluted	-2.3%	-0.8%	-0.5%	-2.5%	-3.0%	-2.0%	-3.8%	-2.9%	-4.7%	—

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	-1.0%	-2.4%	-0.9%	+12.7%	+25.4%	+7.0%	+14.6%	+22.9%	+23.1%	—
Operating Activities Depreciation and Amortization	+7.4%	+1.7%	-6.8%	+52.0%	-55.1%	+59.3%	+0.6%	+1.8%	+2.5%	—
Operating Activities Stock Based Compensation	+29.2%	-30.9%	+2.9%	+25.5%	+70.8%	-12.4%	+19.2%	-6.9%	+11.5%	—
Operating Activities Deferred Income Taxes	+109.2%	+56.9%	-79.7%	-171.6%	+66.8%	+77.0%	-56.7%	+67.5%	-73.8%	—
Operating Activities Changes In Operating Assets and Liabilities	+124.4%	+689.7%	-9.6%	-108.2%	+214.2%	-25.1%	-3.4%	+243.5%	-51.4%	—
Operating Activities Other Non Cash Items	+75.6%	-85.9%	+79.0%	+167.2%	-157.2%	+49.3%	+182.0%	-84.0%	+1351.2%	—
Operating Activities net Cash From Operating Activities	-5.6%	-20.1%	+19.7%	+70.3%	-40.3%	+27.9%	+13.4%	+16.5%	+28.8%	—
Investing Activities Capital Expenditures	-4.5%	-17.3%	+16.0%	+27.8%	-36.7%	-33.1%	+174.4%	+6.2%	+27.7%	—
Investing Activities Business Acquisitions	-93.4%	+324.0%	+108.2%	-98.6%	+6192.1%	-54.8%	—	—	—	—
Investing Activities Other Investing Activities	+43.8%	-68.0%	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	+110.6%	-187.1%	-39.6%	+94.1%	-1277.9%	+39.3%	-284.9%	-6.2%	-23.1%	—
Financing Activities Proceeds From Debt	-50.5%	—	—	-100.0%	+201.3%	+116.7%	—	-100.0%	+40.5%	—
Financing Activities Repayment of Debt	—	-100.0%	-76.4%	+5574.1%	-47.7%	—	—	-100.0%	+42.3%	—
Financing Activities Repurchase of Common Stock	+30.6%	+0.0%	—	-100.0%	+340.5%	-48.2%	+25.8%	-2.2%	+45.3%	—
Financing Activities Dividends Paid	-1.1%	+3.3%	+13.8%	+20.4%	+6.9%	+19.7%	+31.6%	+30.4%	+35.8%	—
Financing Activities Proceeds From Stock Issuance	-37.2%	-4.7%	+63.2%	-56.8%	+42.1%	+41.0%	—	—	+75.7%	—
Financing Activities Tax Withholding On Stock Based Compensation	-31.7%	-4.5%	+73.2%	-18.9%	+26.7%	+5.1%	-36.9%	-31.7%	—	—
Financing Activities Other Financing Activities	+136.1%	+39.3%	-267.7%	-28.7%	+277.6%	+135.6%	-391.5%	-8.9%	-65.3%	—
Financing Activities net Cash From Financing Activities	-72.4%	+37.5%	+0.3%	-232.3%	+500.0%	+118.5%	+0.7%	+7.8%	-168.8%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+266.4%	-493.5%	+125.4%	-12300.0%	-97.6%	+86.4%	+164.7%	-230.8%	+135.1%	—
Cash Reconciliation net Change In Cash	+237.3%	-129.6%	+379.0%	+105.0%	-191.7%	+2525.1%	-184.1%	+151.5%	-152.9%	—
Cash Reconciliation Cash At Beginning of Period	+21.9%	-13.8%	+86.8%	+22.1%	-81.7%	+815.7%	-25.2%	+42.7%	-45.3%	—
Cash Reconciliation Cash At End of Period	+21.9%	-13.8%	+86.8%	+22.1%	-81.7%	+815.7%	-25.2%	+42.7%	-45.3%	—

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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