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

CDW brought in $22.4B of revenue in fiscal 2025, Vipshop $15.1B in fiscal 2025. Revenue changed by +6.8% at CDW and +2.0% at Vipshop on the year before, so CDW grew faster. CDW kept 4.8% of its revenue as net profit, Vipshop 6.8%. Free cash flow was $1.1B at CDW and $782M at Vipshop.

Side by side, latest fiscal year

CDWVIPS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$22.4B$15.1B
Revenue growth+6.8%+2.0%
Net income$1.1B$1B
Net margin4.8%6.8%
Free cash flow$1.1B$782M
Free cash flow margin4.9%5.2%
Earnings per share (diluted)$8.08$10.12
Cash$618.7M$3.3B
Debt$5.6Bn/a
Price to earnings16.8n/a
Market value$16.9B$5.9B
Dividend yield1.85%n/a
Rank by revenue in sector#54 of 778 · Consumer discretionary#85 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: $22.4BVIPS FY2018: $12.3BVIPS FY2019: $13.4BVIPS FY2020: $15.6BVIPS FY2021: $18.4BVIPS FY2022: $15BVIPS FY2023: $15.9BVIPS FY2024: $14.9BVIPS FY2025: $15.1BFY18FY19FY20FY21FY22FY23FY24FY25
CDW $22.4BVIPS $15.1B
Net income
CDW FY2018: $643MCDW FY2019: $736.8MCDW FY2020: $788.5MCDW FY2021: $988.6MCDW FY2022: $1.1BCDW FY2023: $1.1BCDW FY2024: $1.1BCDW FY2025: $1.1BVIPS FY2018: $309.6MVIPS FY2019: $577MVIPS FY2020: $905.3MVIPS FY2021: $734.6MVIPS FY2022: $913.2MVIPS FY2023: $1.1BVIPS FY2024: $1.1BVIPS FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
CDW $1.1BVIPS $1B
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%VIPS FY2018: 2.5%VIPS FY2019: 4.3%VIPS FY2020: 5.8%VIPS FY2021: 4.0%VIPS FY2022: 6.1%VIPS FY2023: 7.2%VIPS FY2024: 7.1%VIPS FY2025: 6.8%FY18FY19FY20FY21FY22FY23FY24FY25
CDW 4.8%VIPS 6.8%
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%VIPS FY2019: +8.7%VIPS FY2020: +16.9%VIPS FY2021: +17.7%VIPS FY2022: -18.6%VIPS FY2023: +6.3%VIPS FY2024: -6.6%VIPS FY2025: +2.0%FY19FY20FY21FY22FY23FY24FY25
CDW +6.8%VIPS +2.0%
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: $1.1BVIPS FY2018: $469.2MVIPS FY2019: $1.3BVIPS FY2020: $1.5BVIPS FY2021: $629.6MVIPS FY2022: $1.2BVIPS FY2023: $1.7BVIPS FY2024: $877.6MVIPS FY2025: $782MFY18FY19FY20FY21FY22FY23FY24FY25
CDW $1.1BVIPS $782M

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

Questions about CDW and Vipshop

Which is bigger by revenue, CDW or Vipshop?

CDW is bigger by revenue: $22.4B in fiscal 2025, against $15.1B for Vipshop in fiscal 2025.

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

CDW had a net margin of 4.8% in fiscal 2025; Vipshop had 6.8% in fiscal 2025.

Which grew revenue faster, CDW or Vipshop?

In their latest fiscal years revenue changed by +6.8% at CDW and +2.0% at Vipshop.

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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