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CDW Corporation

CDW Technology Information Technology Services

CDW Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.4 billion, up 6.79% from fiscal 2024. In the quarter to June 2026, revenue grew 9.97%, EPS grew 4.85%, free cash flow fell 161.9% and total debt rose 3.27%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years; insiders bought in the last twelve months.

141.80 1.92 +1.37%

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Market cap: $17.5B
P/E: 17.0×
Fwd P/E: 14.9×
Dividend yield: 1.78%
F-score: 5/9
Altman Z: 2.52
Beneish M: −2.35
Dividend safety: 82/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 2.51

Total sells 4.76

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	2	—	—	—	—	—
Sell	—	1	—	—	—	—	—	—	—	1	—	—

Insider Ownership 2.66%

Capital & Financial Ratios $m

Market Cap 17,490.00

Revenue 23,500.40

Net Income 1,080.30

Free Cash Flow 860.20

Net Debt 5,455.20

Current Ratio 1.17

Debt/Equity 2.38

P/E ratio 16.98

Fwd P/E 14.90

P/S ratio 0.77

P/B ratio 7.37

Past 5Y EPS Growth 8.19%

This Y EPS Growth 9.48%

Next Y EPS Growth 9.72%

Next Y revenue growth 8.31%

Next 5Y EPS Growth 9.89%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 10.60%

10-year low 10-year high

P/S against its own 10 years 27.62%

10-year low 10-year high

P/B against its own 10 years 14.03%

10-year low 10-year high

EV/Sales against its own 10 years 30.58%

10-year low 10-year high

EV/FCF against its own 10 years 72.60%

10-year low 10-year high

Dividends

Payout Ratio 0.30

Annual Dividend Rate 2.52

Annual Dividend Yield 1.78%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.55	0.63 0.63 0.63
2025	2.51	0.63 0.63 0.63 0.63
2024	2.49	0.62 0.62 0.62 0.63
2023	2.39	0.59 0.59 0.59 0.62
2022	2.09	0.50 0.50 0.50 0.59
2021	1.70	0.40 0.40 0.40 0.50
2020	1.54	0.38 0.38 0.38 0.40
2019	1.27	0.30 0.30 0.30 0.38
2018	0.93	0.21 0.21 0.21 0.30
2017	0.69	0.16 0.16 0.16 0.21
2016	0.48	0.11 0.11 0.11 0.16

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	589	718	619	362
Receivables	5,038	5,646	6,866	7,891
Inventory	668	605	563	982
Other	—	—	—	—
	6,705	7,373	8,501	9,681

	2023	2024	2025	Q'26
Payables	3,312	3,737	4,573	5,583
ST’ Debt	613	236	1,008	1,009
Other	487	491	534	577
	5,442	5,474	7,226	8,296

Compound Annual Growth %

	10y	5y	3y
Sales	5.61%	3.96%	(1.89%)
Cash Flow	15.82%	(1.72%)	(3.37%)
Earnings	10.22%	6.23%	(1.45%)
Book Value	9.05%	14.98%	17.58%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	5,680	6,572	—	—	—
’25	5,199	5,977	5,737	5,511	22,424
’24	4,873	5,423	5,517	5,186	20,999
’23	5,103	5,626	5,628	5,019	21,376
’22	5,949	6,146	6,216	5,438	23,749
’21	4,838	5,146	5,300	5,537	20,821
’20	4,389	4,366	4,756	4,956	18,468

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	275	(55)	—	—	—
’25	287	156	328	434	1,205
’24	440	150	342	345	1,277
’23	365	228	469	537	1,599
’22	381	380	333	242	1,336
’21	345	0	292	148	785
’20	223	293	223	576	1,314

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	248	(83)	—	—	—
’25	260	133	299	396	1,088
’24	411	119	309	317	1,155
’23	334	189	425	503	1,451
’22	340	358	299	211	1,208
’21	324	(17)	264	114	685
’20	198	218	189	552	1,156

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.82	2.15	—	—	—
’25	1.69	2.05	2.21	2.14	8.08
’24	1.59	2.07	2.34	1.97	7.97
’23	1.68	1.92	2.32	2.18	8.10
’22	1.83	2.04	2.17	2.09	8.13
’21	1.63	1.93	1.91	1.57	7.04
’20	1.16	1.31	1.33	1.65	5.45

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	30.40	50.49	66.88	76.07	73.39	125.46	147.91	160.66	170.68	135.63	Analyst estimates 2026–2028 Powerpack
	High	55.47	71.53	96.75	144.95	146.95	207.67	208.71	229.42	263.37	222.92
People
People	Employees	5,500	6,000	6,000	6,800	7,000	9,900	10,600	10,900	15,100	14,800
	Revenue/emp, $m	2.49	2.47	2.71	2.65	2.64	2.10	2.24	1.96	1.39	1.52
Income, $m
Income, $m	Revenue	13,673	14,833	16,241	18,032	18,468	20,821	23,749	21,376	20,999	22,424
	Gross margin, %	17.03	16.52	16.67	16.86	17.38	17.14	19.73	21.76	21.92	21.73
	EBT	673	661	841	950	1,002	1,298	1,488	1,450	1,435	1,427
	EBT margin, %	4.92	4.45	5.18	5.27	5.43	6.23	6.26	6.78	6.84	6.37
	Net income	425	523	643	737	789	989	1,115	1,104	1,078	1,067
	Depreciation	255	261	266	267	426	191	291	271	275	296
Per share, $
Per share, $	Revenue	83.57	95.45	107.62	124.28	129.51	150.33	175.66	158.81	156.94	170.79
	Earnings	2.59	3.37	4.26	5.08	5.53	7.14	8.24	8.20	8.06	8.13
	Cash flow	3.69	5.00	6.00	7.08	9.22	5.67	9.88	11.88	9.55	9.18
	Capex	(0.39)	(0.52)	(0.57)	(1.63)	(1.11)	(0.72)	(0.95)	(1.10)	(0.92)	(0.89)
	Free cash flow	3.30	4.48	5.43	5.45	8.11	4.94	8.94	10.78	8.63	8.29
	Book value	6.39	6.34	6.46	6.62	9.10	5.10	11.86	15.17	17.58	19.85
	Shares, m	164	155	151	145	143	139	135	135	134	131
Valuation, ×
Valuation, ×	P/E	19.82	20.64	19.03	28.17	23.79	28.64	21.79	26.91	21.59	16.75
	P/S	0.62	0.73	0.75	1.15	1.02	1.36	1.02	1.39	1.11	0.80
	P/B	8.07	11.00	12.54	21.58	14.49	40.19	15.14	14.54	9.90	6.86
	EV/Sales	0.83	0.94	0.94	1.32	1.15	1.68	1.26	1.63	1.35	1.02
	EV/FCF	21.10	20.00	18.58	30.21	18.43	51.07	24.73	23.96	24.61	21.04
Cash, $m
Cash, $m	Operating cash flow	604	778	906	1,027	1,314	785	1,336	1,599	1,277	1,205
	Capex	(63)	(81)	(86)	(236)	(158)	(100)	(128)	(148)	(123)	(117)
	Free cash flow	541	697	820	791	1,156	685	1,208	1,451	1,155	1,088
Balance, $m
Balance, $m	Working capital	957	874	994	843	2,055	1,382	1,617	1,263	1,899	1,274
	Total debt	3,234	3,236	3,209	3,317	3,927	6,859	5,923	5,645	5,843	5,630
	Net debt	2,971	3,091	3,003	3,163	2,517	6,600	5,608	5,056	5,125	5,011
	Shareholders’ equity	1,046	986	975	960	1,297	706	1,603	2,043	2,353	2,606
Returns, %
Returns, %	ROA	6.20	7.52	9.10	9.72	9.09	8.77	8.47	8.36	7.71	6.95
	ROIC	12.76	13.28	15.51	17.18	19.32	12.14	15.04	14.80	13.80	13.58
	ROE	39.70	51.51	65.59	76.14	69.86	98.72	96.54	60.58	49.04	43.02

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CTSH Cognizant Technology Solutions Corporation	$27.0B	12.7×	9.8×	+4.50% (above 0%: growing)	+3.82% (above 0%: growing)	+38.67% (above 0%: growing)	33.37%	15.95%	Compare
FISV Fiserv, Inc.	$24.4B	8.8×	9.5×	−4.06% (below 0%: shrinking)	−37.10% (below 0%: shrinking)	−16.95% (below 0%: shrinking)	19.07%	19.18%	Compare
BR Broadridge Financial Solutions, Inc.	$18.7B	17.1×	16.9×	+7.49% (above 0%: growing)	+8.46% (above 0%: growing)	−3.21% (below 0%: shrinking)	38.43%	24.61%	Compare
FIS Fidelity National Information Services, Inc.	$17.7B	5.2×	6.1×	+29.09% (above 0%: growing)	n/m	+45.12% (above 0%: growing)	34.76%	15.01%	Compare
CDW CDW Corporation	$17.5B	17.0×	14.9×	+9.97% (above 0%: growing)	+4.85% (above 0%: growing)	−161.92% (below 0%: shrinking)	20.08%	6.52%
WIT Wipro Limited	$16.5B	14.3×	—	+0.15% (above 0%: growing)	−25.00% (below 0%: shrinking)	−30.13% (below 0%: shrinking)	28.54%	16.01%	Compare
LDOS Leidos Holdings, Inc.	$15.0B	11.2×	11.1×	+7.17% (above 0%: growing)	−7.26% (below 0%: shrinking)	+67.40% (above 0%: growing)	17.92%	11.28%	Compare
CACI CACI International, Inc.	$13.3B	25.1×	22.9×	+17.57% (above 0%: growing)	−1.25% (below 0%: shrinking)	+158.94% (above 0%: growing)	33.72%	10.05%	Compare
IT Gartner, Inc.	$12.3B	17.1×	12.8×	−0.62% (below 0%: shrinking)	+32.69% (above 0%: growing)	+8.94% (above 0%: growing)	70.95%	22.59%	Compare
Median of peers	$17.1B	13.5×	11.1×	+5.84%	−1.25%	+23.80%	33.55%	15.98%

All 73 Information Technology Services stocks →

CDW Corporation (CDW) key facts

Concern: Net income was $1.1 billion, or $8.13 per share (basic), a net margin of 4.76%.
Strength: CDW Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.4 billion, up 6.79% from fiscal 2024.
CDW Corporation (CDW) is an Information Technology Services company in the Technology sector, listed on Nasdaq.
As of October 9, 2026, CDW traded at $141.80, a market capitalization of $17.5 billion.
At that price the stock trades at 17.0× trailing-twelve-month earnings and 0.8× sales; its P/E is higher than 11% of its own readings over the past ten years.
CDW Corporation pays an annual dividend of $2.52 per share, a yield of 1.78%, with a payout ratio of 30.3%.
Return on equity was 43.0% and debt-to-equity 2.38.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.52 (grey zone) for fiscal 2025.