CDW Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CDW Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,982	15,192	16,241	18,032	18,468	20,821	23,749	21,376	20,999	22,424
Cost of revenue	11,344	12,383	13,534	14,993	15,257	17,252	19,062	16,724	16,396	17,551
Gross profit	2,328	2,450	2,707	3,040	3,210	3,569	4,687	4,652	4,602	4,873
Selling, general and administrative	1,345	1,410	1,720	1,906	2,031	2,150	2,951	2,972	2,951	3,218
Operating income	820	867	987	1,134	1,179	1,419	1,735	1,681	1,651	1,656
Other non-operating income	1.8	-55.3	1.8	-24.5	-22	29.7	-11.7	-4.1	-1.4	-0.8
Pre-tax income	673	661	841	950	1,002	1,298	1,488	1,450	1,435	1,427
Income tax	248	138	198	213	214	309	373	346	358	361
Net income	425	523	643	737	789	989	1,115	1,104	1,078	1,067
EBITDA	1,075	1,127	1,253	1,401	1,605	1,610	2,026	1,952	1,927	1,951
EPS, basic	2.60	3.37	4.26	5.08	5.53	7.14	8.24	8.20	8.06	8.13
EPS, diluted	2.56	3.31	4.19	4.99	5.45	7.04	8.13	8.10	7.97	8.08
Shares, basic (weighted)	164	155	151	145	143	139	135	135	134	131
Shares, diluted (weighted)	166	158	154	148	145	141	137	136	135	132
Dividend per share	0.48	0.69	0.93	1.27	1.54	1.70	2.09	2.39	2.49	2.51

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	264	144	206	154	1,410	258	315	589	504	619
Short-term investments								0	214	0
Receivables	2,169	2,329	2,671	3,002	3,213	4,499	4,461	4,568	5,136	6,312
Inventory	424	412	454	611	760	928	800	668	605	563
Other current assets	154	168	149	172	191	358	498	410	404	452
Total current assets	3,248	3,396	3,797	4,334	5,954	6,478	6,564	6,705	7,373	8,501
Property, plant and equipment	164	161	156	363	176	196	189	196	192	172
Lease right-of-use assets			0	132	131	156	149	129	120	137
Goodwill	2,455	2,480	2,463	2,553	2,596	4,383	4,343	4,413	4,620	4,662
Intangible assets	1,056	897	712	594	445	1,628	1,491	1,370	1,357	1,186
Other non-current assets	35.9	32.7	39.8	23.3	43.9	359	396	472
Total assets	6,958	6,967	7,168	7,999	9,345	13,199	13,132	13,285	14,678	16,028
Accounts payable	1,073	1,318	1,577	1,835	2,088	3,114	2,821	2,881	3,381	4,220
Accrued liabilities	436	522	593	940	288	362	378	303	276	319
Deferred revenue	144	159	178	252	244	403	486	487	491	534
Short-term debt	18.5	25.5	25.3	34.1	70.9	103	56.3	613	236	1,008
Total current liabilities	2,288	2,522	2,803	3,491	3,898	5,096	4,947	5,442	5,474	7,226
Long-term debt	3,216	3,210	3,183	3,283	3,856	6,756	5,866	5,032	5,607	4,622
Lease liabilities			0	131	169	184	175	164	149	158
Other non-current liabilities	37.1	52.7	64.2	71	68.7	235	336	433
Total liabilities	5,911	5,981	6,193	7,039	8,048	12,494	11,528	11,242	12,326	13,422
Total debt	3,234	3,236	3,209	3,317	3,927	6,859	5,923	5,645	5,843	5,630
Paid-in capital	2,857	2,912	2,997	3,095	3,205	3,370	3,518	3,691	3,834	3,979
Retained earnings	-1,674	-1,832	-1,893	-2,019	-1,813	-2,571	-1,764	-1,526	-1,323	-1,274
Treasury stock	0	0	0
Other comprehensive income	-140	-95.9	-131	-118	-95.8	-94.4	-152	-125	-160	-99.8
Shareholders' equity	1,048	986	975	960	1,297	706	1,603	2,043	2,353	2,606
Total equity	1,048	986	975	960	1,297	706	1,603	2,043	2,353	2,606
Total liabilities and equity	6,948	6,967	7,168	7,999	9,345	13,199	13,132	13,285	14,678	16,028
Shares outstanding	160	153	148	143	142	135	136	134	133	129

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	425	523	643	737	789	989	1,115	1,104	1,078	1,067
Depreciation and amortization	255	261	266	267	426	191	291	271	275	296
Stock-based compensation	39.2	43.7	40.7	48.5	42.5	72.6	91.1	93.7	64.7	83.6
Deferred income tax	-99.2	-172	-56.1	-87.9	-20.2	-6.7	-18.2	-32.7	-14.1	1.3
Change in receivables	-179	-137	-365	-245	-226	-617	-34.8	-54.5	-559	-1,167
Change in inventory	-68	16.9	-46.8	-153	-71.4	-151	112	139	61.1	48.2
Cash from operations	604	778	906	1,027	1,314	785	1,336	1,599	1,277	1,205
Capital expenditures	-63.5	-81.1	-86.1	-236	-158	-100	-128	-148	-123	-117
Acquisitions	0	0	0	-95.1	-43	-2,706	-36.7	-76.4	-324	-21.5
Purchases of investments							0	0	-211
Cash from investing	-65.9	-81.1	-86.1	-331	-201	-2,770	-165	-230	-659	70.2
Debt issued	1,483	2,083	0	600	1,300	3,918	0	0	1,198	593
Debt repaid	-1,490	-2,121	0	0	-21.4	-11.2	-636	-150	0	-211
Stock issued	7.4	13		34.9	49.2	69.9	30.2	49.3	47	29.5
Share buybacks	-367	-534	-522	-657	-341	-1,500	0	-500	-500	-653
Dividends paid	-78.7	-107	-139	-183	-220	-235	-283	-322	-332	-329
Cash from financing	-305	-819	-755	-750	139	833	-1,102	-1,099	-687	-1,185
Exchange rate effect	-7.4	2.6	-3.4	2.2	4.1	0.1	-12.2	3.1	-12.2	20.3
Net change in cash	226	-120	61.6	-51.8	1,256	-1,152	57.1	274	-81	111
Free cash flow	541	697	820	791	1,156	685	1,208	1,451	1,155	1,088
Interest paid	144	149	149	154	139	134	224	233	218	234
Income taxes paid	329	276	261	272	246	351	362	401	399	326

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $135.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.4%	Gross profit / revenue.
Operating margin	7.1%	Operating income / revenue.
EBITDA margin	8.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.2%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	3.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.2%	Cash from operations / revenue.
Effective tax rate	25.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	44.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	15.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	1.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-5.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.17x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.7%	Total debt / total assets.
Liabilities / assets	85.8%	Total liabilities / total assets.
Net debt	$5.46B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.38B	Current assets - current liabilities.
Goodwill and intangibles / assets	33.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.36x	Revenue / average total assets.
Fixed asset turnover	142x	Revenue / average property, plant and equipment.
Inventory turnover	18.8x	Cost of revenue / average inventory.
Days inventory	19 days	365 x average inventory / cost of revenue.
Receivables turnover	3.20x	Revenue / average receivables.
Days sales outstanding	114 days	365 x average receivables / revenue.
Days payables	101 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	32 days	Days inventory + days sales outstanding - days payables.
FCF conversion	79.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$184.46	Revenue / diluted weighted shares.
FCF per share	$6.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.71	Cash from operations / diluted weighted shares.
Book value per share	$19.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$26.38	Tangible book value / shares outstanding.
Cash per share	$2.89	(Cash + short-term investments) / shares outstanding.
Payout ratio	30.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	37.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	98.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.93B	Share price x shares outstanding.
Enterprise value	$22.39B	Market cap + total debt - cash - short-term investments.
P/E	15.7x	Market cap / net income. Only when net income is positive.
P/S	0.72x	Market cap / revenue.
P/B	6.93x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.2x	Market cap / cash from operations, when positive.
EV/Sales	0.95x	Enterprise value / revenue.
EV/EBIT	13.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	6.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.

What was CDW Corp's revenue in fiscal 2025?

CDW Corp reported revenue of $22.42B for fiscal 2025, 6.8% higher than the year before.

Was CDW Corp profitable in fiscal 2025?

Yes. Net income was $1.07B, a net margin of 4.8%.

How much free cash flow did CDW Corp generate in fiscal 2025?

Cash from operations of $1.21B minus capital expenditures of $117.1M left free cash flow of $1.09B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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