Overview
CDW Corp
Latest 10-K: FY2025, filed Feb 20, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $22.42B
- 6.8%YoYup from FY2024
- TotalRevenue
- Gross profit
- $4.87B
- 5.9%YoYup from FY2024
- GrossProfit
- Operating income
- $1.66B
- 0.3%YoYup from FY2024
- OperatingIncome
- Net income
- $1.07B
- 1.0%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $8.08
- 1.4%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 132.1M
- 2.3%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- CDW Corp reported revenue of $22.42B for fiscal 2025, up 6.8% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 5 fiscal years.
Profitability
- Operating margin was 7.4% and net margin was 4.8%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $8.08, up 1.4% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $22.42B6.8%up Benchmark median 6.4% | $21.00B1.8%down Benchmark median 4.5% | $21.38B10.0%down Benchmark median 4.8% | $23.75B14.1%up Benchmark median 10.3% | $20.82B12.7%up Benchmark median 13.8% | 1.9% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $4.87B5.9%up Benchmark median 6.8% | $4.60B1.1%down Benchmark median 5.5% | $4.65B0.7%down Benchmark median 5.2% | $4.69B31.3%up Benchmark median 8.3% | $3.57B11.2%up Benchmark median 15.7% | 8.1% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.66B0.3%up Benchmark median 7.3% | $1.65B1.8%down Benchmark median 7.4% | $1.68B3.1%down Benchmark median 4.9% | $1.74B22.3%up Benchmark median 7.5% | $1.42B20.3%up Benchmark median 23.5% | 3.9% Benchmark median 7.2% |
| Net Income | $1.07B1.0%down Benchmark median 4.8% | $1.08B2.4%down Benchmark median 5.7% | $1.10B0.9%down Benchmark median 1.9% | $1.11B12.7%up Benchmark median 1.3% | $0.99B25.4%up Benchmark median 33.9% | 1.9% Benchmark median 4.1% |
| EPS (Diluted) | $8.081.4%up Benchmark median 6.2% | $7.971.6%down Benchmark median 7.9% | $8.100.4%down Benchmark median 1.9% | $8.1315.5%up Benchmark median 1.5% | $7.0429.2%up Benchmark median 34.8% | 3.5% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $16.03B9.2%up Benchmark median 5.6% | $14.68B10.5%up Benchmark median 3.4% | $13.28B1.2%up Benchmark median 4.1% | $13.13B0.5%down Benchmark median 2.2% | $13.20B41.3%up Benchmark median 6.7% | 5.0% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $2.61B10.8%up Benchmark median 6.8% | $2.35B15.2%up Benchmark median 5.4% | $2.04B27.4%up Benchmark median 7.3% | $1.60B127.2%up Benchmark median 2.5% | $0.71B45.6%down Benchmark median 9.0% | 38.6% Benchmark median 6.1% |
| Cash & Equivalents | $618.70M22.9%up Benchmark median 5.2% | $503.50M14.5%down Benchmark median 1.9% | $588.70M86.8%up Benchmark median 6.7% | $315.20M22.1%up Benchmark median -8.6% | $258.10M81.7%down Benchmark median -2.9% | 24.4% Benchmark median 2.0% |
| Total Debt | $5.66B3.7%down Benchmark median 2.1% | $5.88B3.6%up Benchmark median 0.2% | $5.67B4.8%down Benchmark median 0.3% | $5.96B13.7%down Benchmark median 0.1% | $6.90B74.6%up Benchmark median -0.1% | -4.9% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.21B5.6%down Benchmark median 6.3% | $1.28B20.1%down Benchmark median 4.8% | $1.60B19.7%up Benchmark median 9.9% | $1.34B70.3%up Benchmark median -0.7% | $0.78B40.3%down Benchmark median 10.7% | 11.3% Benchmark median 7.0% |
| Capital Expenditures | $117.10M4.5%down Benchmark median 5.4% | $122.60M17.3%down Benchmark median 2.8% | $148.20M16.0%up Benchmark median 11.3% | $127.80M27.8%up Benchmark median 14.0% | $100.00M36.7%down Benchmark median 8.1% | 4.0% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.09B5.8%down Benchmark median 7.3% | $1.15B20.4%down Benchmark median 6.1% | $1.45B20.1%up Benchmark median 8.8% | $1.21B76.5%up Benchmark median -11.3% | $0.68B40.8%down Benchmark median 10.2% | 12.3% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.9%
Wall Street
on net earnings
FY2024 4.6%
6.0%
Value investor
on free cash flow
FY2024 4.9%
Gap +0.1 pts: Value-investor figure 0.1 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 16.9×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
8.5%
Wall Street
on EBITDA
FY2024 6.7%
7.2%
Value investor
on EBIT
FY2024 5.8%
Gap −1.3 pts: Value-investor figure 1.3 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 11.8×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
14.5%
Wall Street
on book equity
FY2024 10.0%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 6.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
43.0%
Wall Street
ROE: net income ÷ equity
FY2024 49.0%
13.5%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 14.2%
Gap −29.5 pts: Value-investor figure 29.5 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
8.7%
Wall Street
EBITDA margin
FY2024 9.2%
4.9%
Value investor
Free-cash-flow margin
FY2024 5.5%
Gap −3.8 pts: Value-investor figure 3.8 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.18×
Wall Street
Current ratio
FY2024 1.35×
1.10×
Value investor
Quick ratio, inventory excluded
FY2024 1.24×
Gap −0.08×: Value-investor figure 0.08 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.35×
Wall Street
EBITDA ÷ total debt
FY2024 0.33×
0.19×
Value investor
FCF ÷ total debt
FY2024 0.20×
Gap −0.16×: Value-investor figure 0.16 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 2.58×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on CDW yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on CDW and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/CDW
Valuein. (2026, October 31). CDW Corp (CDW) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/CDW
@misc{valuein_cdw_2026,
author = {{Valuein}},
title = {CDW Corp (CDW) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/CDW}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 20, 2026 · accession 0001402057-26-000011
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point-in-time · survivorship-free · every number traceable to its SEC filing
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