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.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	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 YoY+6.8%	21.0B YoY-1.8%	21.4B YoY-10.0%	23.7B YoY+14.1%	20.8B YoY+12.7%
	4.87B YoY+5.9%	4.60B YoY-1.1%	4.65B YoY-0.7%	4.69B YoY+31.3%	3.57B YoY+11.2%
Cost of revenue	17.6B YoY+7.0%	16.4B YoY-2.0%	16.7B YoY-12.3%	19.1B YoY+10.5%	17.3B YoY+13.1%
Selling, general & administrative	3.22B YoY+9.0%	2.95B YoY-0.7%	2.97B YoY+0.7%	2.95B YoY+37.3%	2.15B YoY+5.8%
Amortization of intangibles	248M YoY+11.7%	222M YoY+1.4%	219M YoY-6.0%	233M YoY+56.4%	149M YoY-29.7%
Provision for credit losses	37.2M YoY+15.5%	32.2M YoY+116.1%	14.9M YoY+79.5%	8.30M YoY+253.7%	-5.40M YoY-117.5%
Operating income	1.66B YoY+0.3%	1.65B YoY-1.8%	1.68B YoY-3.1%	1.74B YoY+22.3%	1.42B YoY+20.3%
Net interest income	—	—	-227M YoY+3.9%	-236M YoY-56.2%	-151M YoY+2.6%
Other non-operating income	-800K YoY+42.9%	-1.40M YoY+65.9%	-4.10M YoY+65.0%	-11.7M YoY-139.4%	29.7M YoY+235.0%
Pre-tax income	1.43B YoY-0.6%	1.44B YoY-1.0%	1.45B YoY-2.5%	1.49B YoY+14.6%	1.30B YoY+29.5%
Income tax	361M YoY+0.9%	358M YoY+3.4%	346M YoY-7.3%	373M YoY+20.7%	309M YoY+44.6%
Net income	1.07B YoY-1.0%	1.08B YoY-2.4%	1.10B YoY-0.9%	1.11B YoY+12.7%	989M YoY+25.4%
	$8.08 YoY+1.4%	$7.97 YoY-1.6%	$8.10 YoY-0.4%	$8.13 YoY+15.5%	$7.04 YoY+29.2%
EPS (basic)	$8.13 YoY+0.9%	$8.06 YoY-1.7%	$8.20 YoY-0.5%	$8.24 YoY+15.4%	$7.14 YoY+29.1%
	131M YoY-1.9%	134M YoY-0.6%	135M YoY-0.4%	135M YoY-2.4%	139M YoY-2.9%
	132M YoY-2.3%	135M YoY-0.8%	136M YoY-0.5%	137M YoY-2.5%	141M YoY-3.0%
Dividends per share	$2.50 YoY+0.8%	$2.48 YoY+4.0%	$2.39 YoY+14.4%	$2.09 YoY+22.9%	$1.70 YoY+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 YoY+15.3%	7.37B YoY+10.0%	6.71B YoY+2.1%	6.56B YoY+1.3%	6.48B YoY+8.8%
Cash & equivalents	619M YoY+22.9%	504M YoY-14.5%	589M YoY+86.8%	315M YoY+22.1%	258M YoY-81.7%
Short-term investments	0.00 YoY-100.0%	214M	0.00	—	—
Accounts receivable	6.31B YoY+22.9%	5.14B YoY+12.4%	4.57B YoY+2.4%	4.46B YoY-0.8%	4.50B YoY+40.1%
Inventory	563M YoY-6.9%	605M YoY-9.4%	668M YoY-16.5%	800M YoY-13.7%	928M YoY+22.1%
Prepaid expenses	452M YoY+11.8%	404M YoY-1.4%	410M YoY-17.7%	498M YoY+39.4%	358M YoY+87.0%
	16.0B YoY+9.2%	14.7B YoY+10.5%	13.3B YoY+1.2%	13.1B YoY-0.5%	13.2B YoY+41.3%
Property, plant & equipment	172M YoY-10.7%	192M YoY-1.8%	196M YoY+3.5%	189M YoY-3.6%	196M YoY+11.6%
Operating lease right-of-use	137M YoY+13.7%	120M YoY-6.7%	129M YoY-13.7%	149M YoY-4.1%	156M YoY+19.0%
Goodwill	4.66B YoY+0.9%	4.62B YoY+4.7%	4.41B YoY+1.6%	4.34B YoY-0.9%	4.38B YoY+68.8%
Intangible assets	1.19B YoY-12.5%	1.36B YoY-1.0%	1.37B YoY-8.1%	1.49B YoY-8.4%	1.63B YoY+265.8%
Other non-current assets	—	—	472M YoY+19.2%	396M YoY+10.4%	359M YoY+717.5%
	7.23B YoY+32.0%	5.47B YoY+0.6%	5.44B YoY+10.0%	4.95B YoY-2.9%	5.10B YoY+30.7%
Accounts payable	4.22B YoY+24.8%	3.38B YoY+17.4%	2.88B YoY+2.1%	2.82B YoY-9.4%	3.11B YoY+49.1%
Deferred revenue	534M YoY+8.8%	491M YoY+0.7%	487M YoY+0.4%	486M YoY+20.5%	403M YoY+65.3%
Short-term & current debt	1.01B YoY+327.3%	236M YoY-61.5%	613M YoY+989.0%	56.3M YoY-45.2%	103M YoY+44.9%
Current lease liability	32.9M YoY+2.2%	32.2M YoY-5.3%	34.0M YoY+6.6%	31.9M YoY+0.6%	31.7M YoY+23.8%
Other current liabilities	—	—	—	483M YoY+6.2%	455M YoY+7.1%
Long-term debt	4.62B YoY-17.6%	5.61B YoY+11.4%	5.03B YoY-14.2%	5.87B YoY-13.2%	6.76B YoY+75.2%
Non-current lease liability	158M YoY+5.8%	149M YoY-9.1%	164M YoY-6.4%	175M YoY-4.9%	184M YoY+9.0%
Deferred tax liabilities	172M YoY+2.6%	167M YoY-2.3%	171M YoY-15.7%	203M YoY-8.5%	222M YoY+302.0%
Other non-current liabilities	—	—	433M YoY+28.8%	336M YoY+42.8%	235M YoY+242.6%
Total non-current liabilities	6.20B YoY-9.6%	6.85B YoY+18.1%	5.80B YoY-11.9%	6.58B YoY-11.0%	7.40B YoY+78.3%
	2.61B YoY+10.8%	2.35B YoY+15.2%	2.04B YoY+27.4%	1.60B YoY+127.2%	706M YoY-45.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.30M YoY+0.0%	1.30M YoY+0.0%	1.30M YoY-7.1%	1.40M YoY+7.7%	1.30M YoY-7.1%
Additional paid-in capital	3.98B YoY+3.8%	3.83B YoY+3.9%	3.69B YoY+4.9%	3.52B YoY+4.4%	3.37B YoY+5.1%
Retained earnings	-1.27B YoY+3.7%	-1.32B YoY+13.3%	-1.53B YoY+13.5%	-1.76B YoY+31.4%	-2.57B YoY-41.8%
Accumulated other comprehensive income	-99.8M YoY+37.7%	-160M YoY-28.5%	-125M YoY+18.2%	-152M YoY-61.4%	-94.4M YoY+1.5%
Total liabilities & equity	16.0B YoY+9.2%	14.7B YoY+10.5%	13.3B YoY+1.2%	13.1B YoY-0.5%	13.2B YoY+41.3%
	129M YoY-2.4%	133M YoY-1.1%	134M YoY-1.0%	136M YoY+0.5%	135M YoY-5.0%
	129M YoY-2.6%	132M YoY-1.3%	134M YoY-1.0%	136M YoY+0.5%	135M YoY-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 YoY-5.6%	1.28B YoY-20.1%	1.60B YoY+19.7%	1.34B YoY+70.3%	785M YoY-40.3%
Depreciation & amortization	296M YoY+7.4%	275M YoY+1.7%	271M YoY-6.8%	291M YoY+52.0%	191M YoY-55.1%
Deferred income taxes	1.30M YoY+109.2%	-14.1M YoY+56.9%	-32.7M YoY-79.7%	-18.2M YoY-171.6%	-6.70M YoY+66.8%
Change in receivables	1.17B YoY+108.5%	559M YoY+926.4%	54.5M YoY+56.6%	34.8M YoY-94.4%	617M YoY+172.4%
Change in inventory	-48.2M YoY+21.1%	-61.1M YoY+56.0%	-139M YoY-24.2%	-112M YoY-174.1%	151M YoY+111.5%
Other operating activities	7.20M YoY+75.6%	4.10M YoY-85.9%	29.0M YoY+79.0%	16.2M YoY+167.2%	-24.1M YoY-157.2%
	70.2M YoY+110.6%	-659M YoY-187.1%	-230M YoY-39.6%	-165M YoY+94.1%	-2.77B YoY-1277.9%
Capital expenditure	117M YoY-4.5%	123M YoY-17.3%	148M YoY+16.0%	128M YoY+27.8%	100M YoY-36.7%
Free cash flow	1.09B YoY-5.8%	1.15B YoY-20.4%	1.45B YoY+20.1%	1.21B YoY+76.5%	685M YoY-40.8%
Acquisitions	21.5M YoY-93.4%	324M YoY+324.0%	76.4M YoY+108.2%	36.7M YoY-98.6%	2.71B YoY+6192.1%
Other investing activities	2.30M YoY+43.8%	1.60M YoY-68.0%	5.00M	0.00	0.00
	-1.18B YoY-72.4%	-687M YoY+37.5%	-1.10B YoY+0.3%	-1.10B YoY-232.3%	833M YoY+500.0%
Long-term debt issued	593M YoY-50.5%	1.20B	0.00	0.00 YoY-100.0%	3.92B YoY+201.3%
Long-term debt repaid	211M	0.00 YoY-100.0%	150M YoY-76.4%	636M YoY+5574.1%	11.2M YoY-47.7%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	653M YoY+30.6%	500M YoY+0.0%	500M	0.00 YoY-100.0%	1.50B YoY+340.5%
Dividends paid	329M YoY-1.1%	332M YoY+3.3%	322M YoY+13.8%	283M YoY+20.4%	235M YoY+6.9%
Other financing activities	8.40M YoY+136.1%	-23.3M YoY+39.3%	-38.4M YoY-267.7%	22.9M YoY-28.7%	32.1M YoY+277.6%
FX effect on cash	20.3M YoY+266.4%	-12.2M YoY-493.5%	3.10M YoY+125.4%	-12.2M YoY-12300.0%	100K YoY-97.6%
Net change in cash	111M YoY+237.3%	-81.0M YoY-129.6%	274M YoY+379.0%	57.1M YoY+105.0%	-1.15B YoY-191.7%
Interest paid	234M YoY+7.7%	218M YoY-6.7%	233M YoY+4.0%	224M YoY+67.0%	134M YoY-3.7%
Income taxes paid	326M YoY-18.2%	399M YoY-0.7%	401M YoY+10.8%	362M YoY+3.2%	351M YoY+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 YoY-23.8%	23.1B YoY-24.3%	30.5B YoY+25.9%	24.2B YoY-12.5%	27.6B YoY+48.7%
P/E	16.5× YoY-23.0%	21.4× YoY-23.0%	27.8× YoY+19.9%	23.2× YoY-17.0%	28.0× YoY+18.6%
P/S	0.8× YoY-28.7%	1.1× YoY-21.4%	1.4× YoY+37.8%	1.0× YoY-23.6%	1.3× YoY+31.9%
P/B	6.7× YoY-31.2%	9.8× YoY-41.7%	16.8× YoY-7.7%	18.2× YoY-53.4%	39.2× YoY+173.4%
P/FCF	16.1× YoY-19.1%	20.0× YoY-24.0%	26.3× YoY+20.7%	21.8× YoY-46.1%	40.4× YoY+151.2%
	6.1% YoY+29.9%	4.7% YoY+29.9%	3.6% YoY-16.6%	4.3% YoY+20.5%	3.6% YoY-15.7%
	6.2% YoY+23.7%	5.0% YoY+31.6%	3.8% YoY-17.2%	4.6% YoY+85.5%	2.5% YoY-60.2%
	1.8% YoY+28.8%	1.4% YoY+35.8%	1.1% YoY-10.2%	1.2% YoY+41.0%	0.83% YoY-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.