CDW
CDW · NasdaqRetail-Catalog & Mail-Order Houses · Fiscal year ends Dec 31
CDW reported revenue of $22.4B in the fiscal year ended Dec 2025, up 6.8% from the year before. Operating income was $1.7B, an operating margin of 7.4%, and net income was $1.1B. Operating cash flow of $1.2B less capital expenditure of $117M left free cash flow of $1.1B. Net debt was $5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $20.8B | $23.7B | $21.4B | $21B | $22.4B |
| Cost of revenue | $17.3B | $19.1B | $16.7B | $16.4B | $17.6B |
| Gross profit | $3.6B | $4.7B | $4.7B | $4.6B | $4.9B |
| Selling, general & admin | $2.1B | $3B | $3B | $3B | $3.2B |
| Operating income | $1.4B | $1.7B | $1.7B | $1.7B | $1.7B |
| Net interest incomeBanks | −$151M | −$236M | −$227M | – | – |
| Pre-tax income | $1.3B | $1.5B | $1.5B | $1.4B | $1.4B |
| Income tax | $309M | $373M | $346M | $358M | $361M |
| Net income | $989M | $1.1B | $1.1B | $1.1B | $1.1B |
| Diluted EPS | 7.04 | 8.13 | 8.10 | 7.97 | 8.08 |
| Diluted shares | 141M | 137M | 136M | 135M | 132M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $258M | $315M | $589M | $504M | $619M |
| Receivables | $4.5B | $4.5B | $4.6B | $5.1B | $6.3B |
| Inventory | $928M | $800M | $668M | $605M | $563M |
| Current assets | $6.5B | $6.6B | $6.7B | $7.4B | $8.5B |
| Net PP&E | $196M | $189M | $196M | $192M | $172M |
| Goodwill | $4.4B | $4.3B | $4.4B | $4.6B | $4.7B |
| Total assets | $13.2B | $13.1B | $13.3B | $14.7B | $16B |
| Deferred revenue | $403M | $486M | $487M | $491M | $534M |
| Current liabilities | $5.1B | $4.9B | $5.4B | $5.5B | $7.2B |
| Short-term debt | $103M | $56M | $613M | $236M | $1B |
| Long-term debt | $6.8B | $5.9B | $5B | $5.6B | $4.6B |
| Shareholders' equity | $706M | $1.6B | $2B | $2.4B | $2.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $785M | $1.3B | $1.6B | $1.3B | $1.2B |
| Capital expenditure | $100M | $128M | $148M | $123M | $117M |
| Free cash flow | $685M | $1.2B | $1.5B | $1.2B | $1.1B |
| Depreciation & amortisation | $191M | $291M | $271M | $275M | $296M |
| Stock-based compensation | $73M | $91M | $94M | $65M | $84M |
| Acquisitions | $2.7B | $37M | $76M | $324M | $22M |
| Share buybacks | $1.5B | $0 | $500M | $500M | $653M |
| Dividends paid | $235M | $283M | $322M | $332M | $329M |
| Dividend per share | 1.70 | 2.09 | 2.39 | 2.48 | 2.50 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.1% | −10.0% | −1.8% | 6.8% |
| Operating income growth (YoY) | – | 22.3% | −3.1% | −1.8% | 0.3% |
| EPS growth (YoY) | – | 15.5% | −0.4% | −1.6% | 1.4% |
| Gross margin | 17.1% | 19.7% | 21.8% | 21.9% | 21.7% |
| Operating margin | 6.8% | 7.3% | 7.9% | 7.9% | 7.4% |
| Net margin | 4.7% | 4.7% | 5.2% | 5.1% | 4.8% |
| Return on equityBlank when equity is negative | 140.1% | 69.5% | 54.1% | 45.8% | 40.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.5% | 21.2% | 21.4% | 17.9% | 18.8% |
| Free cash flow margin | 3.3% | 5.1% | 6.8% | 5.5% | 4.9% |
| Cash conversion (CFO ÷ net income) | 0.79x | 1.20x | 1.45x | 1.19x | 1.13x |
| Receivable days | 79 | 69 | 78 | 89 | 103 |
| Inventory days | 20 | 15 | 15 | 13 | 12 |
| Debt ÷ equity | 9.72x | 3.69x | 2.76x | 2.48x | 2.16x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.6B | $5.6B | $5.1B | $5.3B | $5B |
| Current ratio | 1.27x | 1.33x | 1.23x | 1.35x | 1.18x |
Recent filings
More in Retail-Catalog & Mail-Order Houses
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.