CDW Corp CDW
CDW Corporation (together with its subsidiaries, the "Company," "CDW", "we", "us", or "our"), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology ("IT") solutions to business, government, education, and healthcare customers in the United States ("US"), the United Kingdom ("UK"), and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.
We are vendor, technology, and consumption model unbiased, offering a broad selection of products and multi-branded IT solutions. Our solutions are delivered in physical, virtual, and cloud-based environments through approximately 10,500 customer-facing coworkers, including sellers, highly-skilled specialists, and engineers. We are a leading sales channel partner for many original equipment manufacturers ("OEMs"), software publishers, and cloud providers (collectively, our "vendor partners") and wholesale distributors, whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise, and extensive customer access.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.42B | $21.00B | $21.38B | $23.75B | $20.82B | $18.47B | $18.03B | $16.24B | $14.83B | $13.67B |
| Cost of revenue | $17.55B | $16.40B | $16.72B | $19.06B | $17.25B | $15.26B | $14.99B | $13.53B | $12.38B | $11.34B |
| Gross profit | $4.87B | $4.60B | $4.65B | $4.69B | $3.57B | $3.21B | $3.04B | $2.71B | $2.45B | $2.33B |
| SG&A | $3.22B | $2.95B | $2.97B | $2.95B | $2.15B | $2.03B | $1.91B | $1.72B | $1.41B | $1.35B |
| Operating income | $1.66B | $1.65B | $1.68B | $1.74B | $1.42B | $1.18B | $1.13B | $987.3M | $866.5M | $820.0M |
| Interest expense | — | — | $226.6M | $235.7M | $150.9M | $154.9M | $159.4M | $148.6M | $150.5M | $146.5M |
| Pre-tax income | $1.43B | $1.44B | $1.45B | $1.49B | $1.30B | $1.00B | $949.7M | $840.5M | $660.7M | $673.2M |
| Income tax | $360.8M | $357.6M | $345.9M | $373.3M | $309.2M | $213.8M | $212.9M | $197.5M | $137.6M | $248.1M |
| Net income | $1.07B | $1.08B | $1.10B | $1.11B | $988.6M | $788.5M | $736.8M | $643.0M | $523.1M | $425.1M |
| EPS, basic | 8.13 | 8.06 | 8.20 | 8.24 | 7.14 | 5.53 | 5.08 | 4.26 | 3.37 | 2.60 |
| EPS, diluted | 8.08 | 7.97 | 8.10 | 8.13 | 7.04 | 5.45 | 4.99 | 4.19 | 3.31 | 2.56 |
| Shares, diluted (wtd. avg.) | $132.1M | $135.2M | $136.3M | $137.0M | $140.5M | $144.8M | $147.8M | $153.6M | $158.2M | $166.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $618.7M | $503.5M | $588.7M | $315.2M | $258.1M | $1.41B | $154.0M | $205.8M | $144.2M | $263.7M |
| Short-term investments | $0 | $214.2M | $0 | — | — | — | — | — | — | — |
| Receivables | $6.31B | $5.14B | $4.57B | $4.46B | $4.50B | $3.21B | $3.00B | $2.67B | $2.33B | $2.17B |
| Inventory | $563.4M | $605.3M | $668.1M | $800.2M | $927.6M | $760.0M | $611.2M | $454.3M | $411.5M | $423.9M |
| Total current assets | $8.50B | $7.37B | $6.71B | $6.56B | $6.48B | $5.95B | $4.33B | $3.80B | $3.40B | $3.25B |
| Property, plant and equipment | $171.5M | $192.0M | $195.5M | $188.8M | $195.8M | $175.5M | $363.1M | $156.1M | $161.1M | $163.7M |
| Goodwill | $4.66B | $4.62B | $4.41B | $4.34B | $4.38B | $2.60B | $2.55B | $2.46B | $2.48B | $2.46B |
| Other intangibles | $1.19B | $1.36B | $1.37B | $1.49B | $1.63B | $445.1M | $594.1M | $712.2M | $897.0M | $1.06B |
| Total assets | $16.03B | $14.68B | $13.28B | $13.13B | $13.20B | $9.34B | $8.00B | $7.17B | $6.97B | $6.96B |
| Short-term debt | $1.01B | $235.8M | $613.1M | $56.3M | $102.7M | $70.9M | $34.1M | $25.3M | $25.5M | $18.5M |
| Total current liabilities | $7.23B | $5.47B | $5.44B | $4.95B | $5.10B | $3.90B | $3.49B | $2.80B | $2.52B | $2.29B |
| Long-term debt | $4.62B | $5.61B | $5.03B | $5.87B | $6.76B | $3.86B | $3.28B | $3.18B | $3.21B | $3.22B |
| Total liabilities | — | — | — | — | — | — | — | — | $5.98B | $5.91B |
| Retained earnings | -$1.27B | -$1.32B | -$1.53B | -$1.76B | -$2.57B | -$1.81B | -$2.02B | -$1.89B | -$1.83B | -$1.67B |
| Total equity | $2.61B | $2.35B | $2.04B | $1.60B | $705.7M | $1.30B | $960.3M | $975.2M | $985.6M | $1.05B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.21B | $1.28B | $1.60B | $1.34B | $784.6M | $1.31B | $1.03B | $905.9M | $777.7M | $604.0M |
| Depreciation and amortisation | $295.6M | $275.3M | $270.7M | $290.6M | $191.2M | $425.6M | $267.1M | $265.6M | $260.9M | $254.5M |
| Capital expenditure | $117.1M | $122.6M | $148.2M | $127.8M | $100.0M | $158.0M | $236.3M | $86.1M | $81.1M | $63.5M |
| Investing cash flow | $70.2M | -$659.2M | -$229.6M | -$164.5M | -$2.77B | -$201.0M | -$331.4M | -$86.1M | -$81.1M | -$65.9M |
| Financing cash flow | -$1.18B | -$686.9M | -$1.10B | -$1.10B | $832.8M | $138.8M | -$749.8M | -$754.8M | -$818.7M | -$304.6M |
| Dividends paid | $328.6M | $332.1M | $321.5M | $282.6M | $234.8M | $219.6M | $183.4M | $139.4M | $106.9M | $78.7M |
| Buybacks | $653.0M | $500.0M | $500.0M | $0 | $1.50B | $340.6M | $657.2M | $522.3M | $534.0M | $367.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000251.
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