CDW Corp CDW

Consumer discretionary SIC 5961 - Retail-Catalog & Mail-Order Houses NAICS Retail Trade derived Nasdaq

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.

Last close 165.11 2026-10-23
Market cap $20.64B 2026-06-30 share count
52-week range 97.12 - 166.15

Valuation FY2025 figures against the last close

P/S0.9x
P/E20.4x
P/FCF19.0x
EV/EBITDA13.1x
Dividend yield1.6%
Diluted EPS8.08

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Corporate
  • Public
  • Other
  • Small Business
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 Corporate, FY2025: 9.4B (42.1%) 42% Corporate Public, FY2025: 8.5B (38.1%) 38% Public Other, FY2025: 2.7B (12.1%) 12% Other Small Business, FY2025: 1.7B (7.7%) 8% FY2024 Corporate, FY2024: 8.8B (42.1%) 42% Public, FY2024: 8.2B (38.8%) 39% Other, FY2024: 2.5B (11.8%) 12% Small Business, FY2024: 1.5B (7.3%) 7% FY2023 Corporate, FY2023: 9B (41.9%) 42% Public, FY2023: 8.3B (38.9%) 39% Other, FY2023: 2.6B (11.9%) 12% Small Business, FY2023: 1.6B (7.3%) 7%
Segment FY2025FY2024FY2023
Corporate $9.44B $8.84B $8.96B
Public $8.54B $8.16B $8.31B
Other $2.72B $2.48B $2.55B
Small Business $1.73B $1.52B $1.56B

As the company reported it, from the “Segment Information - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 8.138.068.208.247.145.535.084.263.372.60
EPS, diluted 8.087.978.108.137.045.454.994.193.312.56
Shares, diluted (wtd. avg.) 132.1M135.2M136.3M137.0M140.5M144.8M147.8M153.6M158.2M166.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 10B 20B 30B Revenue, FY2016: 13.7B Gross profit, FY2016: 2.3B Net income, FY2016: 425.1M Revenue, FY2017: 14.8B Gross profit, FY2017: 2.5B Net income, FY2017: 523.1M Revenue, FY2018: 16.2B Gross profit, FY2018: 2.7B Net income, FY2018: 643M Revenue, FY2019: 18B Gross profit, FY2019: 3B Net income, FY2019: 736.8M Revenue, FY2020: 18.5B Gross profit, FY2020: 3.2B Net income, FY2020: 788.5M Revenue, FY2021: 20.8B Gross profit, FY2021: 3.6B Net income, FY2021: 988.6M Revenue, FY2022: 23.7B Gross profit, FY2022: 4.7B Net income, FY2022: 1.1B Revenue, FY2023: 21.4B Gross profit, FY2023: 4.7B Net income, FY2023: 1.1B Revenue, FY2024: 21B Gross profit, FY2024: 4.6B Net income, FY2024: 1.1B Revenue, FY2025: 22.4B Gross profit, FY2025: 4.9B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $13.67B $14.83B $16.24B $18.03B $18.47B $20.82B $23.75B $21.38B $21.00B $22.42B
Gross profit $2.33B $2.45B $2.71B $3.04B $3.21B $3.57B $4.69B $4.65B $4.60B $4.87B
Net income $425.1M $523.1M $643.0M $736.8M $788.5M $988.6M $1.11B $1.10B $1.08B $1.07B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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