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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.

Revenue
+17.7%
EPS
+11.6%
Free cash flow
+24.6%
Total debt
+26.6%

Quarter to September 2026, against a year earlier

159.67 9.08 −5.38%
Market cap
$21.1B
P/E
18.6×
Fwd P/E
17.6×
Dividend yield
1.58%
F-score
5/9
Altman Z
2.52
Beneish M
−2.35
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Corporate
  • Public
  • Other
  • Small Business

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 2.51
Sold, $m 4.76
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 2 — — — — — —
Sell 1 — — — — — — — 1 — — —
Insider Ownership 1.18%

Capital & Financial Ratios $m

Size
Market Cap 21,100.00
Revenue ttm 24,517.50
Net income ttm 1,099.10
Free cash flow ttm 933.70
Net debt Q 5,585.60
Valuation
P/E 18.55
Forward P/E 17.60
Price / sales 0.81
Forward P/S Powerpack
Price / FCF 21.39
Price / book 8.18 (above 6: high)
Financial health
Current ratio Q 1.26
Debt / equity Q 2.70 (above 2: weak)
Interest coverage Q 7.43
Growth
Revenue growth Q +17.73% (above 0%: growing)
Operating income growth Q +10.42% (above 0%: growing)
EPS, this year +11.81%
EPS, next year A +10.39%
Revenue, next year A +8.38%
EPS, past 5 yrs +8.19%
EPS, next 5 yrs A +10.53%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.2×; over the ten years it ranged from 0.7× in 2016 to 1.8× in 2024.
P/E against its own 10 years 19.14%
10-year low 10-year high
P/S against its own 10 years 32.82%
10-year low 10-year high
P/B against its own 10 years 18.34%
10-year low 10-year high
EV/Sales against its own 10 years 36.52%
10-year low 10-year high
EV/FCF against its own 10 years 73.52%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.58%
Annual rate
2.52
Payout ratio
29.4%
Growth, 2017–25
+17.5%/yr
  1. 0.69 ’17
  2. 0.93 ’18 +34
  3. 1.27 ’19 +37
  4. 1.54 ’20 +22
  5. 1.70 ’21 +10
  6. 2.09 ’22 +23
  7. 2.39 ’23 +14
  8. 2.49 ’24 +4
  9. 2.51 ’25 +1
  10. 2.55 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 589 718 619 1,539
Receivables 5,038 5,646 6,866 8,355
Inventory 668 605 563 1,020
Other — — — —
6,705 7,373 8,501 11,362
2023 2024 2025 Q'26
Payables 3,312 3,737 4,573 6,109
ST’ Debt 613 236 1,008 1,009
Other 487 491 534 586
5,442 5,474 7,226 8,983

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%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.80 Actual 2.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.62 2.71 Beat by 0.09
Q4 FY25 2.44 2.57 Beat by 0.13
Q1 FY26 2.28 2.28 Met by 0.00
Q2 FY26 2.80 2.91 Beat by 0.11
Q3 FY26 2.92 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.82 2.15 2.46 — —
’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.

Revenue $m

Mar Jun Sep Dec Year
’26 5,680 6,572 6,755 — —
’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) 399 — —
’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) 372 — —
’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.

Valuation

The price implies free cash flow after share-based pay growing 11.4% a year for ten years. It grew 13.7% a year over the last ten.

Implied
11.4%
10 years, reported
13.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 24,518 +5.7% 24,303 25,245 26,213 +5.3%
Gross margin, % 17.03 16.52 16.67 16.86 17.38 17.14 19.73 21.76 21.92 21.73 21.00 +4.7 pt
EBT 673 661 841 950 1,002 1,298 1,488 1,450 1,435 1,427 1,485 +8.7%
EBT margin, % 4.92 4.45 5.18 5.27 5.43 6.23 6.26 6.78 6.84 6.37 6.06 +1.5 pt
Net income 425 523 643 737 789 989 1,115 1,104 1,078 1,067 1,099 +10.8%
Per share, $
Per share, $ Revenue 83.57 95.45 107.62 124.28 129.51 150.33 175.66 158.81 156.94 170.79 195.98 +8.3%
Earnings 2.59 3.37 4.26 5.08 5.53 7.14 8.24 8.20 8.06 8.13 8.61 +13.6%
Cash flow 3.69 5.00 6.00 7.08 9.22 5.67 9.88 11.88 9.55 9.18 8.41 +10.6%
Capex (0.39) (0.52) (0.57) (1.63) (1.11) (0.72) (0.95) (1.10) (0.92) (0.89) (0.95) +9.7%
Free cash flow 3.30 4.48 5.43 5.45 8.11 4.94 8.94 10.78 8.63 8.29 7.46 +10.8%
Book value 6.39 6.34 6.46 6.62 9.10 5.10 11.86 15.17 17.58 19.85 21.07 +13.4%
Shares, m 164 155 151 145 143 139 135 135 134 131 128 (2.4%)
Valuation, ×
Valuation, × P/E 19.82 20.64 19.03 28.17 23.79 28.64 21.79 26.91 21.59 16.75 18.55 22.7
P/S 0.62 0.73 0.75 1.15 1.02 1.36 1.02 1.39 1.11 0.80 0.81 1.0
P/B 8.07 11.00 12.54 21.58 14.49 40.19 15.14 14.54 9.90 6.86 8.18 15.4
EV/Sales 0.83 0.94 0.94 1.32 1.15 1.68 1.26 1.63 1.35 1.02 1.04 1.2
EV/FCF 21.10 20.00 18.58 30.21 18.43 51.07 24.73 23.96 24.61 21.04 27.38 25.4
Cash, $m
Cash, $m Operating cash flow 604 778 906 1,027 1,314 785 1,336 1,599 1,277 1,205 1,052 +8.0%
Capex (63) (81) (86) (236) (158) (100) (128) (148) (123) (117) (119) +7.0%
Free cash flow 541 697 820 791 1,156 685 1,208 1,451 1,155 1,088 934 +8.1%
Balance, $m
Balance, $m Working capital 957 874 994 843 2,055 1,382 1,617 1,263 1,899 1,274 2,379 +3.2%
Net debt 2,971 3,091 3,003 3,163 2,517 6,600 5,608 5,056 5,125 5,011 5,586 +6.0%
Shareholders’ equity 1,046 986 975 960 1,297 706 1,603 2,043 2,353 2,606 2,636 +10.7%
Returns, %
Returns, % ROA 6.20 7.52 9.10 9.72 9.09 8.77 8.47 8.36 7.71 6.95 6.32 +0.8 pt
ROIC 12.76 13.28 15.51 17.18 19.32 12.14 15.04 14.80 13.80 13.58 13.11 +0.8 pt
ROE 39.70 51.51 65.59 76.14 69.86 98.72 96.54 60.58 49.04 43.02 42.47 +3.3 pt
People
People Employees 5,500 6,000 6,000 6,800 7,000 9,900 10,600 10,900 15,100 14,800 — +11.6%
Revenue/emp, $m 2.49 2.47 2.71 2.65 2.64 2.10 2.24 1.96 1.39 1.52 — (5.4%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

CDW sells information technology products and services to businesses, government agencies, schools and healthcare organizations. Founded in 1984 and headquartered in Vernon Hills, it is led by Chair and Chief Executive Officer Christine A. Leahy.

The company sits between technology suppliers and the organizations that use their products. A customer can buy individual devices or software through CDW, or ask it to assemble products and services from several suppliers into a working system. CDW also helps customers choose, install and manage technology.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Corporate 9,442 42.11%
Public 8,535 38.06%
Other 2,720 12.13%
Small Business 1,727 7.70%
Gross margin 21.73%
Operating margin 7.38%
Pre-tax margin 6.37%

Revenue by segment since 2010

CDW Corporation vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FISV Fiserv, Inc. $33.0B — (loss-making) 10.5× −1.27% (below 0%: shrinking) n/m −22.03% (below 0%: shrinking) 53.06% (105.74%) Compare
CTSH Cognizant Technology Solutions Corporation $29.4B 12.1× 11.5× +4.60% (above 0%: growing) +148.80% (above 0%: growing) −20.26% (below 0%: shrinking) 33.77% 15.40% Compare
BR Broadridge Financial Solutions, Inc. $21.4B 21.3× 19.4× +4.99% (above 0%: growing) −40.82% (below 0%: shrinking) +500.79% (above 0%: growing) 25.67% 10.40% Compare
WIT Wipro Limited $21.4B 18.2× — +1.02% (above 0%: growing) 0.00% +50.60% (above 0%: growing) 28.84% 16.42% Compare
CDW CDW Corporation $21.1B 18.6× 17.6× +17.73% (above 0%: growing) +11.55% (above 0%: growing) +24.62% (above 0%: growing) 20.51% 7.25%
LDOS Leidos Holdings, Inc. $17.0B 12.0× 13.1× +3.60% (above 0%: growing) +16.05% (above 0%: growing) +67.40% (above 0%: growing) 17.71% 11.94% Compare
FIS Fidelity National Information Services, Inc. $15.4B 4.4× 5.8× +27.13% (above 0%: growing) +35.67% (above 0%: growing) +22.46% (above 0%: growing) 37.03% 19.11% Compare
CACI CACI International, Inc. $14.0B 24.7× 25.4× +8.17% (above 0%: growing) +4.06% (above 0%: growing) −2.66% (below 0%: shrinking) 35.44% 10.00% Compare
WSE WISE GROUP PLC $13.7B — — — — — — — Compare
Median of peers $19.2B 15.1× 12.3× +4.60% +10.06% +22.46% 33.77% 11.94%

All 81 Information Technology Services stocks →

From the latest earnings call

Updated

  • Chris Leahy said AI adoption and infrastructure modernization drove hardware demand, while higher prices and more capable configurations offset falling client-device unit volumes.
  • Al Miralles said written orders exceeded invoicing and replenished the backlog, while CDW raised its full-year gross profit and non-GAAP earnings growth outlooks.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 107.37%
Held by the ten largest 54.26%
Holder Shares Stake Change
Vanguard 17.90m 14.29% −55.47k
BlackRock 15.24m 12.16% +517.77k
State Street 5.78m 4.61% +48.49k
HARRIS ASSOCIATES L P 5.45m 4.35% +255.09k
Boston Partners 5.26m 4.20% +1.32m
Geode Capital Management 3.89m 3.11% +101.65k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 3.78m 3.01% +1.75m
Invesco 3.76m 3.00% +1.10m
Morgan Stanley 3.57m 2.85% +575.53k
JPMorgan Chase 3.36m 2.68% +155.35k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 15.01m 9.65m 109.72
2024 10.05m 2.93m 138.12
2023 9.02m 15.92m 178.37
2022 11.12m 8.27m 138.44
2021 8.94m 31.05m 156.87

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 13.08%
BlackRock, Inc. 8.46%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

CDW Corporation (CDW) Latest News

5 Nov

Impact 3 · · Trefis
Impact 3 · · Simply Wall St.

4 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · GuruFocus.com
Impact 3 · · Moby
Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Business Wire

27 Oct

Impact 3 · · Trefis

24 Oct

Impact 3 · · Simply Wall St.

21 Oct

Impact 3 · · Business Wire

19 Oct

Impact 4 · · Business Wire
Impact 4 · · Barchart

15 Oct

Impact 3 · · Business Wire

13 Oct

Impact 3 · · Zacks

9 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

6 Oct

Impact 3 · · StockStory

2 Oct

Impact 3 ·

30 Sep

Impact 3 · · Zacks

29 Sep

Impact 3 ·

25 Sep

Impact 4 · · Business Wire

22 Sep

Impact 3 ·

14 Sep

Impact 4 ·

CDW metrics, ten years each

stockrow.com/CDW · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com