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CDW Corp (CDW) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

TECHNOLOGY · Technology Distributors · DATA UPDATED 2026-07-18

CDW Corp (CDW) operates in the Technology Distributors industry and is headquartered in Vernon Hills, United States with about 14,800 employees. Its market capitalization is roughly $17 billion. In the fiscal year ended 2025-12-31, CDW reported $22.4B in revenue and $1.1B in net income.

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Commercial, Government, and Education.

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CDW Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2006-12-31	2005-12-31
Total Revenue	$22.9B	$22.4B	$21.0B	$21.4B	$23.7B	$20.8B	$18.5B	$18.0B	$16.2B	$14.8B	$13.7B	$13.0B	$12.1B	$10.8B	$10.1B	$9.6B	$8.8B	$7.2B	$8.1B	$6.8B	$6.3B
Gross Profit	$4.9B	$4.9B	$4.6B	$4.7B	$4.7B	$3.6B	$3.2B	$3.0B	$2.7B	$2.5B	$2.3B	$2.1B	$1.9B	$1.8B	$1.7B	$1.6B	$1.4B	$1.1B	$1.4B	$1.1B	$968M
Gross Margin %	21.6%	21.7%	21.9%	21.8%	19.7%	17.1%	17.4%	16.9%	16.7%	16.5%	17.0%	16.3%	15.9%	16.4%	16.5%	16.5%	15.8%	15.8%	16.9%	15.8%	15.4%
Operating Income (EBIT)	$1.7B	$1.7B	$1.7B	$1.7B	$1.7B	$1.4B	$1.2B	$1.1B	$987M	$866M	$820M	$742M	$673M	$509M	$511M	$471M	$353M	($32M)	($1.4B)	$396M	$420M
Operating Margin %	7.3%	7.4%	7.9%	7.9%	7.3%	6.8%	6.4%	6.3%	6.1%	5.8%	6.0%	5.7%	5.6%	4.7%	5.0%	4.9%	4.0%	-0.4%	-17.2%	5.8%	6.7%
Net Income	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$989M	$788M	$737M	$643M	$523M	$425M	$403M	$245M	$133M	$119M	$17M	($29M)	($373M)	($1.8B)	$266M	$272M
Net Margin %	4.7%	4.8%	5.1%	5.2%	4.7%	4.8%	4.3%	4.1%	4.0%	3.5%	3.1%	3.1%	2.0%	1.2%	1.2%	0.2%	-0.3%	-5.2%	-21.9%	3.9%	4.3%
EBITDA	$1.9B	$2.0B	$1.9B	$1.7B	$2.0B	$1.6B	$1.6B	$1.4B	$1.3B	$1.1B	$1.1B	$1.0B	$793M	$654M	$721M	$557M	$564M	$428M	$543M	$425M	$441M
Earnings Per Share (EPS)	$8.21	$8.07	$7.97	$8.10	$8.14	$7.04	$5.45	$4.99	$4.19	$3.31	$2.56	$2.35	$1.42	$0.84	$0.82	$0.12	$-0.20	$-2.56	$-12.08	$3.30	$3.26
Shares Outstanding (M)	130M	132M	135M	136M	137M	140M	145M	148M	154M	158M	166M	172M	173M	159M	146M	145M	144M	146M	146M	81M	84M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CDW Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$5.7B	$5.5B	$5.7B	$6.0B	$5.2B	$5.2B	$5.5B	$5.4B
Gross Profit	$1.2B	$1.3B	$1.3B	$1.2B	$1.1B	$1.2B	$1.2B	$1.2B
Gross Margin %	20.9%	22.8%	21.9%	20.8%	21.6%	22.3%	21.8%	21.8%
Operating Income (EBIT)	$377M	$431M	$443M	$420M	$361M	$409M	$482M	$433M
Operating Margin %	6.6%	7.8%	7.7%	7.0%	7.0%	7.9%	8.7%	8.0%
Net Income	$235M	$280M	$291M	$271M	$225M	$264M	$316M	$281M
Net Margin %	4.1%	5.1%	5.1%	4.5%	4.3%	5.1%	5.7%	5.2%
EBITDA	$339M	$502M	$518M	$495M	$436M	$478M	$551M	$501M
Earnings Per Share (EPS)	$1.82	$2.14	$2.21	$2.05	$1.68	$1.97	$2.35	$2.07
Shares Outstanding (M)	130M	131M	132M	132M	134M	134M	135M	136M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CDW Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2006-12-31	2005-12-31
Cash from Operations (CFO)	$1.2B	$1.2B	$1.3B	$1.6B	$1.3B	$785M	$1.3B	$1.0B	$906M	$778M	$604M	$278M	$435M	$366M	$317M	$215M	$424M	$108M	$174M	$217M	$304M
Capital Expenditures (CapEx)	$117M	$117M	$123M	$148M	$128M	$100M	$158M	$236M	$86M	$81M	$64M	$90M	$55M	$47M	$41M	$46M	$42M	$16M	$41M	$86M	$49M
Free Cash Flow (FCF)	$1.1B	$1.1B	$1.2B	$1.4B	$1.2B	$685M	$1.2B	$791M	$820M	$697M	$540M	$187M	$380M	$319M	$276M	$169M	$382M	$92M	$133M	$131M	$255M
FCF Margin %	4.7%	4.9%	5.5%	6.8%	5.1%	3.3%	6.3%	4.4%	5.1%	4.7%	4.0%	1.4%	3.1%	3.0%	2.7%	1.8%	4.3%	1.3%	1.7%	1.9%	4.0%
Dividends Paid	$327M	$329M	$332M	$322M	$283M	$235M	$220M	$183M	$139M	$107M	$79M	$53M	$34M	$7M	$0M	$0M	—	—	—	$41M	$35M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CDW Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$275M	$434M	$328M	$156M	$287M	$345M	$342M	$150M
Capital Expenditures (CapEx)	$26M	$38M	$30M	$22M	$27M	$29M	$34M	$31M
Free Cash Flow (FCF)	$248M	$396M	$298M	$133M	$260M	$317M	$308M	$119M
FCF Margin %	4.4%	7.2%	5.2%	2.2%	5.0%	6.1%	5.6%	2.2%
Dividends Paid	$81M	$82M	$82M	$82M	$83M	$83M	$83M	$83M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CDW Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2006-12-31	2005-12-31
Total Assets	$16.5B	$16.0B	$14.7B	$13.3B	$13.1B	$13.2B	$9.3B	$8.0B	$7.2B	$7.0B	$6.9B	$6.8B	$6.1B	$5.9B	$5.7B	$6.0B	$5.9B	$6.0B	$6.3B	$2.0B	$1.6B
Cash & Cash Equivalents	$579M	$619M	$504M	$589M	$315M	$258M	$1.4B	$154M	$206M	$144M	$264M	$38M	$344M	$188M	$38M	$100M	$37M	$88M	$94M	$148M	$201M
Total Liabilities	$13.9B	$13.4B	$12.3B	$11.2B	$11.5B	$12.5B	$8.0B	$7.0B	$6.2B	$6.0B	$5.9B	$5.7B	$5.1B	$5.2B	$5.6B	$6.0B	$6.0B	$6.0B	$6.0B	$564M	$384M
Total Debt (Short + Long-Term)	$6.0B	$6.0B	$5.8B	$5.6B	$5.9B	$7.2B	$4.4B	$3.7B	$3.2B	$3.2B	$3.2B	$3.3B	$3.2B	$3.3B	$3.8B	$4.1B	$4.3B	$4.6B	$4.6B	$0M	$0M
Total Shareholders' Equity	$2.6B	$2.6B	$2.4B	$2.0B	$1.6B	$706M	$1.3B	$960M	$975M	$986M	$1.0B	$1.1B	$936M	$712M	$136M	($7M)	($44M)	($45M)	$262M	$1.4B	$1.3B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CDW viewer.

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