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CDW vs Coupang: revenue, profit, margins and growth compared

CDW brought in $22.4B of revenue in fiscal 2025, Coupang $34.5B in fiscal 2025. Revenue changed by +6.8% at CDW and +14.1% at Coupang on the year before, so Coupang grew faster. CDW kept 4.8% of its revenue as net profit, Coupang 0.6%. Free cash flow was $1.1B at CDW and $522M at Coupang.

Side by side, latest fiscal year

CDWCPNG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$22.4B$34.5B
Revenue growth+6.8%+14.1%
Net income$1.1B$208M
Net margin4.8%0.6%
Free cash flow$1.1B$522M
Free cash flow margin4.9%1.5%
Earnings per share (diluted)$8.08$0.11
Cash$618.7M$6.3B
Debt$5.6B$648M
Price to earnings16.8126.2
Market value$16.9B$24.9B
Dividend yield1.85%n/a
Rank by revenue in sector#54 of 778 · Consumer discretionary#28 of 778 · Consumer discretionary

Over the years

Revenue
CDW FY2018: $16.2BCDW FY2019: $18BCDW FY2020: $18.5BCDW FY2021: $20.8BCDW FY2022: $23.7BCDW FY2023: $21.4BCDW FY2024: $21BCDW FY2025: $22.4BCPNG FY2019: $6.3BCPNG FY2021: $12BCPNG FY2021: $18.4BCPNG FY2022: $20.6BCPNG FY2023: $24.4BCPNG FY2024: $30.3BCPNG FY2025: $34.5BFY18FY19FY20FY21FY22FY23FY24FY25
CDW $22.4BCPNG $34.5B
Net income
CDW FY2018: $643MCDW FY2019: $736.8MCDW FY2020: $788.5MCDW FY2021: $988.6MCDW FY2022: $1.1BCDW FY2023: $1.1BCDW FY2024: $1.1BCDW FY2025: $1.1BCPNG FY2019: -$696.9MCPNG FY2021: -$463.2MCPNG FY2021: -$1.5BCPNG FY2022: -$92MCPNG FY2023: $1.4BCPNG FY2024: $154MCPNG FY2025: $208MFY18FY19FY20FY21FY22FY23FY24FY25
CDW $1.1BCPNG $208M
Net margin
CDW FY2018: 4.0%CDW FY2019: 4.1%CDW FY2020: 4.3%CDW FY2021: 4.7%CDW FY2022: 4.7%CDW FY2023: 5.2%CDW FY2024: 5.1%CDW FY2025: 4.8%CPNG FY2019: -11.1%CPNG FY2021: -3.9%CPNG FY2021: -8.4%CPNG FY2022: -0.4%CPNG FY2023: 5.6%CPNG FY2024: 0.5%CPNG FY2025: 0.6%FY18FY19FY20FY21FY22FY23FY24FY25
CDW 4.8%CPNG 0.6%
Revenue growth
CDW FY2019: +11.0%CDW FY2020: +2.4%CDW FY2021: +12.7%CDW FY2022: +14.1%CDW FY2023: -10.0%CDW FY2024: -1.8%CDW FY2025: +6.8%CPNG FY2021: +90.8%CPNG FY2021: +53.8%CPNG FY2022: +11.8%CPNG FY2023: +18.5%CPNG FY2024: +24.1%CPNG FY2025: +14.1%FY19FY20FY21FY22FY23FY24FY25
CDW +6.8%CPNG +14.1%
Free cash flow
CDW FY2018: $819.8MCDW FY2019: $790.9MCDW FY2020: $1.2BCDW FY2021: $684.6MCDW FY2022: $1.2BCDW FY2023: $1.5BCDW FY2024: $1.2BCDW FY2025: $1.1BCPNG FY2019: -$529.7MCPNG FY2021: -$183.1MCPNG FY2021: -$1.1BCPNG FY2022: -$259MCPNG FY2023: $1.8BCPNG FY2024: $1BCPNG FY2025: $522MFY18FY19FY20FY21FY22FY23FY24FY25
CDW $1.1BCPNG $522M

Fiscal years as each company reports them; the two may end in different months.

Questions about CDW and Coupang

Which is bigger by revenue, CDW or Coupang?

Coupang is bigger by revenue: $34.5B in fiscal 2025, against $22.4B for CDW in fiscal 2025.

Which keeps more of its revenue as profit, CDW or Coupang?

CDW had a net margin of 4.8% in fiscal 2025; Coupang had 0.6% in fiscal 2025.

Which grew revenue faster, CDW or Coupang?

In their latest fiscal years revenue changed by +6.8% at CDW and +14.1% at Coupang.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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