FirmAtlas
Company handbook · CDW · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CDW · CIK 1402057 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
CDW CORP
$150.48
−3.85 (−2.49%)
Close, Oct 16, 2026 · 52-week $97–161
Last fiscal year
CDW CORP reported revenue of $22.4B for the year ended Dec 31, 2025 (FY25), up 6.8% from FY24. Net income was $1.1B, operating cash flow $1.2B and free cash flow $1.1B. Source: 10-K filed Feb 20, 2026.
Market cap
$19.5B
P/E
18.0
EV/EBITDA
12.5x
P/B
8.0
Div yield
1.67%
ROIC
16.4%
Revenue 1Y
6.8%/yr
EPS 1Y
1.4%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOChristine A. Leahy
HQVernon Hills, IL
AuditorErnst & Young LLP
Year endsDecember
Revenue by segment · FY25
Corporate Segment Private Sector Business42%
Public Segment Government Agencies Educationand Healthcare38%
All Other Segments12%
Small Business8%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.0%
−3.3%
−10.3%
−0.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.4B deployed
Capex
$240M
10.0%
Acquisitions
$345M
14.4%
Dividends
$661M
27.5%
Buybacks
$1.2B
48.1%
Operating cash flow over the period: $2.5B. Total debt changed by −$213M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
20,999
22,424+6.8%
23,500
YoY
+6.8%
Gross profit
4,602
4,873+5.9%
5,020
Gross margin
21.9%
21.7%−0.2 pp
—
Operating income
1,651
1,656+0.3%
1,679
Operating margin
7.9%
7.4%−0.5 pp
—
EBITDA
1,927
1,951+1.3%
—
EBITDA margin
9.2%
8.7%−0.5 pp
—
Interest expense
218
234+7.7%
—
Interest coverage
8.86x
8.33x−0.53x
—
Net income
1,078
1,067−1.0%
1,080
YoY
−1.0%
Net margin
5.1%
4.8%−0.4 pp
—
EPS (diluted, $)
7.97
8.08+1.4%
8.34
YoY
+1.4%
Balance sheet
Total assets
14,678
16,028+9.2%
17,255
Cash & short-term investments
722
619−14.3%
—
Accounts receivable
5,136
6,312+22.9%
—
Inventory
605
563−6.9%
—
Net PP&E
192
172−10.7%
—
Other assets
8,023
8,362+4.2%
—
Total liabilities
12,326
13,422+8.9%
14,813
Total debt
5,843
5,630−3.6%
5,817
Other liabilities
6,483
7,792+20.2%
—
Shareholders’ equity
2,353
2,606+10.8%
2,442
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,277
1,205−5.6%
982
Net income
1,078
1,067−1.0%
—
Depreciation & amortization
275
296+7.4%
—
Stock-based compensation
65
84+29.2%
—
Working capital & other
(140)
(241)n/m
—
Cash from investing
(659)
70n/m
—
Capex
(123)
(117)n/m
—
Acquisitions
(324)
(22)n/m
—
Investments bought
(211)
—
—
Other investing
(2)
209n/m
—
Cash from financing
(687)
(1,184)n/m
—
Debt raised
1,198
592−50.5%
—
Debt repaid
0
(211)n/m
—
Dividends
(332)
(329)n/m
—
Buybacks
(500)
(653)n/m
—
Shares issued
47
30−37.2%
—
Other financing
(1,100)
(614)n/m
—
Net change in cash
(81)
111n/m
—
Free cash flow (OCF − capex)
1,155
1,088−5.8%
860
Where the cash went
Operating cash flow
1,277
1,205−5.6%
982
Reinvested in the business
446
139−69.0%
—
% of operating cash flow
35.0%
11.5%
Capex
123
117−4.5%
122
Acquisitions
324
22−93.4%
—
Free cash flow
1,155
1,088−5.8%
860
YoY
−5.8%
Returned to shareholders
832
982+18.0%
—
% of free cash flow
72.1%
90.2%
Dividends
332
329−1.1%
—
Buybacks
500
653+30.6%
—
Change in total debt
—
(213)
—
Cash left over
—
(128)
—
FCF conversion (FCF ÷ net income)
107.1%
102.0%−5.1 pp
—
Owner earnings
—
110
—
Owner earnings margin
—
0.5%
—
Buyback yield
2.2%
3.7%+1.5 pp
—
Returns & ratios
ROIC (all capital)
16.6%
16.4%−0.2 pp
—
ROIC (operating)
20.9%
19.1%−1.8 pp
—
Net debt / EBITDA
2.66x
2.57x−0.09x
—
Debt / equity
2.48x
2.16x−0.32x
—
ROE
45.8%
40.9%−4.9 pp
—
ROA
7.3%
6.7%−0.7 pp
—
ROCE
17.9%
18.8%+0.9 pp
—
NOPAT
1,240
1,237−0.2%
—
Invested capital (operating)
5,933
7,047+18.8%
—
Invested capital (all)
7,474
7,617+1.9%
—
Reinvestment rate
—
90.1%
—
Debtor days
89
103+13 d
—
Inventory days
13
12−2 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
5,737
5,511
5,680
6,572
vs year-ago quarter
Gross profit
1,256
1,254
1,190
1,320
Gross margin
21.9%
22.8%
21.0%
20.1%
Operating income
443
431
376
429
Net income
291
280
235
274
vs year-ago quarter
Net margin
5.1%
5.1%
4.1%
4.2%
EPS (diluted, $)
2.21
2.16
1.82
2.15
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
15,198
16,028
16,453
17,255
Cash & equivalents
453
619
580
363
Total debt
5,629
5,630
5,641
5,817
Shareholders’ equity
2,540
2,606
2,555
2,442
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
328
434
275
(55)
Capex
30
38
26
28
Free cash flow
298
396
248
(83)
vs year-ago quarter