CDW
CDW CorporationStock · TechnologyS&P 500 Equal Weight 0.2% · Nasdaq Composite 0.03% · S&P 500 0.03% · Russell 1000 0.03% · Russell 3000 0.03% · US Stock Market 0.02% · MSCI ACWI 0.02% · MSCI World 0.02%$153.79+7.85%
as of market close, Sep 11, 2026
☾ AH — —
CDW financial statements
The full income statement, balance sheet, and cash-flow statement for CDW Corporation (CDW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 133.6M2024-09 133.3M2024-12 132.5M2025-03 131.7M2025-06 131.1M2025-09 130.2M2025-12 129.0M2026-03 127.8M2026-06 125.0M-6.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 22.4B+6.8% | 21.0B-1.8% | 21.4B-10.0% | 23.7B+14.1% | 20.8B+12.7% | |
| 4.87B+5.9% | 4.60B-1.1% | 4.65B-0.7% | 4.69B+31.3% | 3.57B+11.2% | ||
| Cost of revenue | 17.6B+7.0% | 16.4B-2.0% | 16.7B-12.3% | 19.1B+10.5% | 17.3B+13.1% | |
| Selling, general & administrative | 3.22B+9.0% | 2.95B-0.7% | 2.97B+0.7% | 2.95B+37.3% | 2.15B+5.8% | |
| Amortization of intangibles | 248M+11.7% | 222M+1.4% | 219M-6.0% | 233M+56.4% | 149M-29.7% | |
| Provision for credit losses | 37.2M+15.5% | 32.2M+116.1% | 14.9M+79.5% | 8.30M+253.7% | -5.40M-117.5% | |
| Operating income | 1.66B+0.3% | 1.65B-1.8% | 1.68B-3.1% | 1.74B+22.3% | 1.42B+20.3% | |
| Net interest income | — | — | -227M+3.9% | -236M-56.2% | -151M+2.6% | |
| Other non-operating income | -800K+42.9% | -1.40M+65.9% | -4.10M+65.0% | -11.7M-139.4% | 29.7M+235.0% | |
| Pre-tax income | 1.43B-0.6% | 1.44B-1.0% | 1.45B-2.5% | 1.49B+14.6% | 1.30B+29.5% | |
| Income tax | 361M+0.9% | 358M+3.4% | 346M-7.3% | 373M+20.7% | 309M+44.6% | |
| Net income | 1.07B-1.0% | 1.08B-2.4% | 1.10B-0.9% | 1.11B+12.7% | 989M+25.4% | |
| $8.08+1.4% | $7.97-1.6% | $8.10-0.4% | $8.13+15.5% | $7.04+29.2% | ||
| EPS (basic) | $8.13+0.9% | $8.06-1.7% | $8.20-0.5% | $8.24+15.4% | $7.14+29.1% | |
| Weighted-avg shares (basic) | 131M-1.9% | 134M-0.6% | 135M-0.4% | 135M-2.4% | 139M-2.9% | |
| Weighted-avg shares (diluted) | 132M-2.3% | 135M-0.8% | 136M-0.5% | 137M-2.5% | 141M-3.0% | |
| Dividends per share | $2.50+0.8% | $2.48+4.0% | $2.39+14.4% | $2.09+22.9% | $1.70+10.4% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 8.50B+15.3% | 7.37B+10.0% | 6.71B+2.1% | 6.56B+1.3% | 6.48B+8.8% | ||
| Cash & equivalents | 619M+22.9% | 504M-14.5% | 589M+86.8% | 315M+22.1% | 258M-81.7% | |
| Short-term investments | 0.00-100.0% | 214M | 0.00 | — | — | |
| Accounts receivable | 6.31B+22.9% | 5.14B+12.4% | 4.57B+2.4% | 4.46B-0.8% | 4.50B+40.1% | |
| Inventory | 563M-6.9% | 605M-9.4% | 668M-16.5% | 800M-13.7% | 928M+22.1% | |
| Prepaid expenses | 452M+11.8% | 404M-1.4% | 410M-17.7% | 498M+39.4% | 358M+87.0% | |
| 16.0B+9.2% | 14.7B+10.5% | 13.3B+1.2% | 13.1B-0.5% | 13.2B+41.3% | ||
| Property, plant & equipment | 172M-10.7% | 192M-1.8% | 196M+3.5% | 189M-3.6% | 196M+11.6% | |
| Operating lease right-of-use | 137M+13.7% | 120M-6.7% | 129M-13.7% | 149M-4.1% | 156M+19.0% | |
| Goodwill | 4.66B+0.9% | 4.62B+4.7% | 4.41B+1.6% | 4.34B-0.9% | 4.38B+68.8% | |
| Intangible assets | 1.19B-12.5% | 1.36B-1.0% | 1.37B-8.1% | 1.49B-8.4% | 1.63B+265.8% | |
| Other non-current assets | — | — | 472M+19.2% | 396M+10.4% | 359M+717.5% | |
| 7.23B+32.0% | 5.47B+0.6% | 5.44B+10.0% | 4.95B-2.9% | 5.10B+30.7% | ||
| Accounts payable | 4.22B+24.8% | 3.38B+17.4% | 2.88B+2.1% | 2.82B-9.4% | 3.11B+49.1% | |
| Deferred revenue | 534M+8.8% | 491M+0.7% | 487M+0.4% | 486M+20.5% | 403M+65.3% | |
| Short-term & current debt | 1.01B+327.3% | 236M-61.5% | 613M+989.0% | 56.3M-45.2% | 103M+44.9% | |
| Current lease liability | 32.9M+2.2% | 32.2M-5.3% | 34.0M+6.6% | 31.9M+0.6% | 31.7M+23.8% | |
| Other current liabilities | — | — | — | 483M+6.2% | 455M+7.1% | |
| Long-term debt | 4.62B-17.6% | 5.61B+11.4% | 5.03B-14.2% | 5.87B-13.2% | 6.76B+75.2% | |
| Non-current lease liability | 158M+5.8% | 149M-9.1% | 164M-6.4% | 175M-4.9% | 184M+9.0% | |
| Operating lease liability (total) | 191M+5.2% | 181M-8.4% | 198M-4.4% | 207M-4.1% | 216M+10.9% | |
| Deferred tax liabilities | 172M+2.6% | 167M-2.3% | 171M-15.7% | 203M-8.5% | 222M+302.0% | |
| Other non-current liabilities | — | — | 433M+28.8% | 336M+42.8% | 235M+242.6% | |
| Total non-current liabilities | 6.20B-9.6% | 6.85B+18.1% | 5.80B-11.9% | 6.58B-11.0% | 7.40B+78.3% | |
| 2.61B+10.8% | 2.35B+15.2% | 2.04B+27.4% | 1.60B+127.2% | 706M-45.6% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 1.30M+0.0% | 1.30M+0.0% | 1.30M-7.1% | 1.40M+7.7% | 1.30M-7.1% | |
| Additional paid-in capital | 3.98B+3.8% | 3.83B+3.9% | 3.69B+4.9% | 3.52B+4.4% | 3.37B+5.1% | |
| Retained earnings | -1.27B+3.7% | -1.32B+13.3% | -1.53B+13.5% | -1.76B+31.4% | -2.57B-41.8% | |
| Accumulated other comprehensive income | -99.8M+37.7% | -160M-28.5% | -125M+18.2% | -152M-61.4% | -94.4M+1.5% | |
| Total liabilities & equity | 16.0B+9.2% | 14.7B+10.5% | 13.3B+1.2% | 13.1B-0.5% | 13.2B+41.3% | |
| Common shares outstanding | 129M-2.4% | 133M-1.1% | 134M-1.0% | 136M+0.5% | 135M-5.0% | |
| Shares outstanding (cover) | 129M-2.6% | 132M-1.3% | 134M-1.0% | 136M+0.5% | 135M-4.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.21B-5.6% | 1.28B-20.1% | 1.60B+19.7% | 1.34B+70.3% | 785M-40.3% | ||
| Depreciation & amortization | 296M+7.4% | 275M+1.7% | 271M-6.8% | 291M+52.0% | 191M-55.1% | |
| Intangible amortization | 248M+11.7% | 222M+1.4% | 219M-6.0% | 233M+56.4% | 149M-29.7% | |
| Deferred income taxes | 1.30M+109.2% | -14.1M+56.9% | -32.7M-79.7% | -18.2M-171.6% | -6.70M+66.8% | |
| Change in receivables | 1.17B+108.5% | 559M+926.4% | 54.5M+56.6% | 34.8M-94.4% | 617M+172.4% | |
| Change in inventory | -48.2M+21.1% | -61.1M+56.0% | -139M-24.2% | -112M-174.1% | 151M+111.5% | |
| Other operating activities | 7.20M+75.6% | 4.10M-85.9% | 29.0M+79.0% | 16.2M+167.2% | -24.1M-157.2% | |
| 70.2M+110.6% | -659M-187.1% | -230M-39.6% | -165M+94.1% | -2.77B-1277.9% | ||
| Capital expenditure | 117M-4.5% | 123M-17.3% | 148M+16.0% | 128M+27.8% | 100M-36.7% | |
| Free cash flow | 1.09B-5.8% | 1.15B-20.4% | 1.45B+20.1% | 1.21B+76.5% | 685M-40.8% | |
| Acquisitions | 21.5M-93.4% | 324M+324.0% | 76.4M+108.2% | 36.7M-98.6% | 2.71B+6192.1% | |
| Other investing activities | 2.30M+43.8% | 1.60M-68.0% | 5.00M | 0.00 | 0.00 | |
| -1.18B-72.4% | -687M+37.5% | -1.10B+0.3% | -1.10B-232.3% | 833M+500.0% | ||
| Long-term debt issued | 593M-50.5% | 1.20B | 0.00 | 0.00-100.0% | 3.92B+201.3% | |
| Long-term debt repaid | 211M | 0.00-100.0% | 150M-76.4% | 636M+5574.1% | 11.2M-47.7% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 653M+30.6% | 500M+0.0% | 500M | 0.00-100.0% | 1.50B+340.5% | |
| Dividends paid | 329M-1.1% | 332M+3.3% | 322M+13.8% | 283M+20.4% | 235M+6.9% | |
| Other financing activities | 8.40M+136.1% | -23.3M+39.3% | -38.4M-267.7% | 22.9M-28.7% | 32.1M+277.6% | |
| FX effect on cash | 20.3M+266.4% | -12.2M-493.5% | 3.10M+125.4% | -12.2M-12300.0% | 100K-97.6% | |
| Net change in cash | 111M+237.3% | -81.0M-129.6% | 274M+379.0% | 57.1M+105.0% | -1.15B-191.7% | |
| Interest paid | 234M+7.7% | 218M-6.7% | 233M+4.0% | 224M+67.0% | 134M-3.7% | |
| Income taxes paid | 326M-18.2% | 399M-0.7% | 401M+10.8% | 362M+3.2% | 351M+42.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 17.6B-23.8% | 23.1B-24.3% | 30.5B+25.9% | 24.2B-12.5% | 27.6B+48.7% | |
| P/E | 16.5×-23.0% | 21.4×-23.0% | 27.8×+19.9% | 23.2×-17.0% | 28.0×+18.6% | |
| P/S | 0.8×-28.7% | 1.1×-21.4% | 1.4×+37.8% | 1.0×-23.6% | 1.3×+31.9% | |
| P/B | 6.7×-31.2% | 9.8×-41.7% | 16.8×-7.7% | 18.2×-53.4% | 39.2×+173.4% | |
| P/FCF | 16.1×-19.1% | 20.0×-24.0% | 26.3×+20.7% | 21.8×-46.1% | 40.4×+151.2% | |
| Earnings yield | 6.1%+29.9% | 4.7%+29.9% | 3.6%-16.6% | 4.3%+20.5% | 3.6%-15.7% | |
| FCF yield | 6.2%+23.7% | 5.0%+31.6% | 3.8%-17.2% | 4.6%+85.5% | 2.5%-60.2% | |
| Dividend yield | 1.8%+28.8% | 1.4%+35.8% | 1.1%-10.2% | 1.2%+41.0% | 0.83%-29.0% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: CDW’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CDW filings on SEC EDGAR → Not investment advice.