Tuesday 27 October 2026 Export CDW’s income statement to Excel — free account

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.

161.35 1.88 −1.15%

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Market cap: $20.4B
P/E: 19.3×
Fwd P/E: 18.9×
Dividend yield: 1.56%
F-score: 5/9
Altman Z: 2.52
Beneish M: −2.35
Dividend safety: 82/100

Overview Business Profile Earnings & Analysis Segments Filings

CDW Corporation (CDW) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Notebooks/Mobile Devices	5,638 25.14%	5,090 24.24%	4,691 21.94%	6,180 26.02%	6,659 31.98%	5,486 29.71%	4,345 24.09%	3,843 23.66%	3,492 23.54%	2,943 21.52%	2,537 19.53%	2,353 19.49%	1,697 15.75%	1,463 14.44%	1,337 13.92%	1,143 12.98%
Software	4,203 18.74%	3,804 18.12%	3,799 17.77%	3,685 15.52%	2,802 13.46%	2,581 13.98%	2,585 14.34%	2,299 14.16%	2,145 14.46%	2,072 15.16%	2,152 16.57%	2,066 17.11%	1,982 18.41%	1,878 18.54%	1,767 18.40%	1,622 18.43%
Netcomm Products	2,687 11.98%	2,538 12.09%	3,185 14.90%	2,730 11.49%	1,951 9.37%	1,955 10.59%	2,189 12.14%	2,117 13.03%	2,022 13.63%	1,957 14.31%	1,915 14.74%	1,614 13.37%	1,483 13.77%	1,352 13.34%	1,238 12.89%	1,142 12.98%
Other Hardware	2,503 11.16%	2,575 12.26%	2,607 12.20%	3,023 12.73%	2,692 12.93%	4,122 22.32%	3,980 22.07%	3,630 22.35%	3,122 21.05%	2,892 21.15%	2,951 22.72%	3,492 28.92%	4,184 38.85%	4,076 40.24%	3,988 41.53%	3,784 42.99%
Data Storage and Servers	2,152 9.60%	2,134 10.16%	2,241 10.48%	2,479 10.44%	2,045 9.82%	—	—	—	—	—	—	—	—	—	—	—
Services	2,036 9.08%	1,867 8.89%	1,761 8.24%	1,842 7.76%	1,126 5.41%	914 4.95%	841 4.66%	696 4.28%	603 4.06%	564 4.13%	468 3.60%	371 3.07%	333 3.09%	285 2.81%	254 2.65%	215 2.44%
Collaboration	1,758 7.84%	1,771 8.43%	1,910 8.93%	2,395 10.08%	2,219 10.66%	—	—	—	—	—	—	—	—	—	—	—
Desktops	1,333 5.94%	1,111 5.29%	1,069 5.00%	1,285 5.41%	1,204 5.78%	1,132 6.13%	1,547 8.58%	1,255 7.73%	1,196 8.06%	1,088 7.96%	966 7.43%	1,058 8.76%	—	—	—	—
Other	115 0.51%	108 0.51%	113 0.53%	131 0.55%	123 0.59%	139 0.75%	124 0.69%	114 0.70%	113 0.76%	120 0.88%	79 0.61%	96 0.80%	91 0.84%	94 0.93%	88 0.92%	52 0.59%
Video	—	—	—	—	—	1,191 6.45%	1,273 7.06%	1,184 7.29%	1,070 7.21%	963 7.04%	854 6.57%	—	—	—	—	—
Enterprise and Data Storage (Including Drives)	—	—	—	—	—	947 5.13%	1,148 6.36%	1,102 6.79%	1,070 7.22%	1,074 7.85%	1,067 8.22%	1,024 8.48%	999 9.28%	982 9.69%	930 9.68%	844 9.59%
Hardware	16,071	15,219	15,703	18,091	16,770	14,833	14,482	13,132	11,972	10,916	10,289	—	—	—	—	—
Revenue	22,424	20,999	21,376	23,749	20,821	18,468	18,032	16,241	14,833	13,673	12,989	12,075	10,769	10,128	9,602	8,801

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Corporate	9,442 42.11%	8,837 42.08%	8,961 41.92%	10,350 43.58%	8,180 39.29%	6,846 37.07%	7,499 41.59%	6,843 42.13%	6,173 41.62%	5,735 41.94%	—	6,604 54.69%	5,960 55.35%	5,513 54.43%	—	—
Public	8,535 38.06%	8,158 38.85%	8,306 38.86%	8,551 36.01%	8,184 39.30%	8,138 44.06%	6,865 38.07%	6,155 37.90%	5,907 39.82%	5,477 40.06%	5,184 39.91%	4,938 40.90%	4,165 38.67%	4,023 39.72%	—	—
Other	2,720 12.13%	2,480 11.81%	2,554 11.95%	2,908 12.25%	2,587 12.43%	2,087 11.30%	2,158 11.97%	1,884 11.60%	1,533 10.34%	1,342 9.82%	837 6.44%	532 4.41%	644 5.98%	592 5.85%	511 5.32%	407 4.62%
Small Business	1,727 7.70%	1,524 7.26%	1,556 7.28%	1,939 8.16%	1,870 8.98%	1,397 7.57%	1,510 8.38%	1,360 8.37%	1,221 8.23%	1,118 8.18%	1,090 8.39%	—	—	—	—	—
Corporate	—	—	—	—	—	—	—	—	—	—	5,879 45.26%	—	—	—	5,334 55.55%	4,834 54.92%
Corporate, Non-Segment	—	—	—	—	—	—	—	—	—	—	—	—	0 0.00%	0 0.00%	0 0.00%	—
Public	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3,757 39.13%	3,561 40.46%
Unallocated Amount to Segment [Member] (Deprecated 2013-01-31)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0 0.00%
Revenue	22,424	20,999	21,376	23,749	20,821	18,468	18,032	16,241	14,833	13,673	12,989	12,075	10,769	10,128	9,602	8,801

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Corporate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Public	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Small Business	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate, Non-Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Public	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unallocated Amount to Segment [Member] (Deprecated 2013-01-31)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
United States	19,621 87.50%	18,457 87.90%	18,755 87.74%	20,829 87.70%	18,239 87.60%	16,379 88.69%	15,893 88.14%	14,380 88.54%	13,320 89.80%	12,218 89.36%
Rest of World	2,803 12.50%	2,542 12.10%	2,621 12.26%	2,920 12.30%	2,582 12.40%	2,088 11.31%	2,139 11.86%	1,861 11.46%	1,513 10.20%	1,454 10.64%
Revenue	22,424	20,999	21,376	23,749	20,821	18,468	18,032	16,241	14,833	13,673

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Cash conversion cycle	Q2 FY2026	21.00	16.00	+31.25%
Days of purchases outstanding	Q2 FY2026	−88.00	−77.00	−14.29%
Days of sales outstanding	Q2 FY2026	93.00	80.00	+16.25%
Days of supply in inventory	Q2 FY2026	16.00	13.00	+23.08%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Cash conversion cycle	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days of purchases outstanding	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days of sales outstanding	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days of supply in inventory	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.