CDW Corp
CDW- Exchange
- Nasdaq
- Industry
- Retail-Catalog & Mail-Order Houses
- SEC CIK
- 0001402057
No open-market purchases or sales by CDW Corp insiders were filed in the last 90 days; 762 institutions reported holding it in 13F filings for Q2 2026, worth $18.9B in total; superinvestors Harris Associates (Oakmark) and Duquesne Family Office hold it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 5, 2026, 12:14 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 4, 2026 | Feb 5, 2025 | Feb 7, 2024 | Feb 8, 2023 | Feb 9, 2022 |
| Revenue | $22.4B | $21.0B | $21.4B | $23.7B | $20.8B |
| Cost of revenue | $17.6B | $16.4B | $16.7B | $19.1B | $17.3B |
| Gross profit | $4.87B | $4.60B | $4.65B | $4.69B | $3.57B |
| Selling, general and administrative | $3.22B | $2.95B | $2.97B | $2.95B | $2.15B |
| Operating income | $1.66B | $1.65B | $1.68B | $1.74B | $1.42B |
| Income tax | $360.8M | $357.6M | $345.9M | $373.3M | $309.2M |
| Net income | $1.07B | $1.08B | $1.10B | $1.11B | $988.6M |
| EPS, basic | $8.13 | $8.06 | $8.20 | $8.24 | $7.14 |
| EPS, diluted | $8.08 | $7.97 | $8.10 | $8.13 | $7.04 |
| Weighted shares, basic | 131.3M | 133.8M | 134.6M | 135.2M | 138.5M |
| Weighted shares, diluted | 132.1M | 135.2M | 136.3M | 137.0M | 140.5M |
| Margins and growth | |||||
| Gross margin | 21.7% | 21.9% | 21.8% | 19.7% | 17.1% |
| Operating margin | 7.4% | 7.9% | 7.9% | 7.3% | 6.8% |
| Net margin | 4.8% | 5.1% | 5.2% | 4.7% | 4.7% |
| Revenue growth, year over year | +6.8% | −1.8% | −10.0% | +14.1% | +12.7% |
| Net income growth, year over year | −1.0% | −2.4% | −0.9% | +12.7% | +25.4% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 4, 2026 | Feb 5, 2025 | Feb 7, 2024 | Feb 8, 2023 | Feb 9, 2022 |
| Cash and equivalents | $618.7M | $503.5M | $588.7M | $315.2M | $258.1M |
| Short-term investments | $0 | $214.2M | – | – | – |
| Accounts receivable | $6.31B | $5.14B | $4.57B | $4.46B | $4.50B |
| Inventory | $563.4M | $605.3M | $668.1M | $800.2M | $927.6M |
| Total current assets | $8.50B | $7.37B | $6.71B | $6.56B | $6.48B |
| Property, plant and equipment | $171.5M | $192.0M | $195.5M | $188.8M | $195.8M |
| Goodwill | $4.66B | $4.62B | $4.41B | $4.34B | $4.38B |
| Intangible assets | $1.19B | $1.36B | $1.37B | $1.49B | $1.63B |
| Total assets | $16.0B | $14.7B | $13.3B | $13.1B | $13.2B |
| Short-term debt | $1.01B | $235.8M | $613.1M | $56.3M | $102.7M |
| Total current liabilities | $7.23B | $5.47B | $5.44B | $4.95B | $5.10B |
| Long-term debt | $4.62B | $5.61B | $5.03B | $5.87B | $6.76B |
| Shareholders' equity | $2.61B | $2.35B | $2.04B | $1.60B | $705.7M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 4, 2026 | Feb 5, 2025 | Feb 7, 2024 | Feb 8, 2023 | Feb 9, 2022 |
| Operating cash flow | $1.21B | $1.28B | $1.60B | $1.34B | $784.6M |
| Capital expenditures | $117.1M | $122.6M | $148.2M | $127.8M | $100.0M |
| Free cash flow | $1.09B | $1.15B | $1.45B | $1.21B | $684.6M |
| Depreciation and amortization | $295.6M | $275.3M | $270.7M | $290.6M | $191.2M |
| Stock-based compensation | $83.6M | $64.7M | $93.7M | $91.1M | $72.6M |
| Dividends paid | $328.6M | $332.1M | $321.5M | $282.6M | $234.8M |
| Share buybacks | $653.0M | $500.0M | $500.0M | $0 | $1.50B |
| Investing cash flow | $70.2M | -$659.2M | -$229.6M | -$164.5M | -$2.77B |
| Financing cash flow | -$1.18B | -$686.9M | -$1.10B | -$1.10B | $832.8M |
| Net change in cash | $111.2M | -$81.0M | $273.5M | $57.1M | -$1.15B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 0.4% | 0.3% | 0.4% | 0.4% | 0.3% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 30, 2026 | 124.8M | −4.1% | SEC |
| Jul 31, 2026 | 125.0M | −4.6% | SEC |
| May 1, 2026 | 127.8M | −3.0% | SEC |
| Feb 17, 2026 | 129.0M | −2.6% | SEC |
| Oct 30, 2025 | 130.2M | −2.3% | SEC |
| Aug 1, 2025 | 131.1M | −1.9% | SEC |
| May 2, 2025 | 131.7M | −2.0% | SEC |
| Feb 18, 2025 | 132.5M | −1.3% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.