CDW (CDW) financial statements
CDW reported revenue of $22.4B in fiscal 2025, up 5.7% a year over 9 years.
Net income was $1.1B and the operating margin 7.4%, against 6.0% in 2016.
Free cash flow was $1.1B, and the company returned $329M in dividends and $653M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CDW's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.7B | $14.8B | $16.2B | $18.0B | $18.5B | $20.8B | $23.7B | $21.4B | $21.0B | $22.4B |
| Cost of revenue | $11.3B | $12.4B | $13.5B | $15.0B | $15.3B | $17.3B | $19.1B | $16.7B | $16.4B | $17.6B |
| Gross profit | $2.3B | $2.5B | $2.7B | $3.0B | $3.2B | $3.6B | $4.7B | $4.7B | $4.6B | $4.9B |
| Selling, general and admin | $1.3B | $1.4B | $1.7B | $1.9B | $2.0B | $2.1B | $3.0B | $3.0B | $3.0B | $3.2B |
| Operating income | $820M | $866M | $987M | $1.1B | $1.2B | $1.4B | $1.7B | $1.7B | $1.7B | $1.7B |
| Pre-tax income | $673M | $661M | $840M | $950M | $1.0B | $1.3B | $1.5B | $1.5B | $1.4B | $1.4B |
| Income tax | $248M | $138M | $198M | $213M | $214M | $309M | $373M | $346M | $358M | $361M |
| Net income | $425M | $523M | $643M | $737M | $788M | $989M | $1.1B | $1.1B | $1.1B | $1.1B |
| EPS (diluted) | $2.56 | $3.31 | $4.19 | $4.99 | $5.45 | $7.04 | $8.13 | $8.10 | $7.97 | $8.08 |
| Diluted shares | 166M | 158M | 154M | 148M | 145M | 140M | 137M | 136M | 135M | 132M |
| Gross margin | 17.0% | 16.5% | 16.7% | 16.9% | 17.4% | 17.1% | 19.7% | 21.8% | 21.9% | 21.7% |
| Operating margin | 6.0% | 5.8% | 6.1% | 6.3% | 6.4% | 6.8% | 7.3% | 7.9% | 7.9% | 7.4% |
| Net margin | 3.1% | 3.5% | 4.0% | 4.1% | 4.3% | 4.7% | 4.7% | 5.2% | 5.1% | 4.8% |
Balance sheet
Fiscal years, from CDW's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $264M | $144M | $206M | $154M | $1.4B | $258M | $315M | $589M | $718M | $619M |
| Receivables | $2.2B | $2.3B | $2.7B | $3.0B | $3.2B | $4.5B | $4.5B | $4.6B | $5.1B | $6.3B |
| Inventory | $424M | $412M | $454M | $611M | $760M | $928M | $800M | $668M | $605M | $563M |
| Total current assets | $3.2B | $3.4B | $3.8B | $4.3B | $6.0B | $6.5B | $6.6B | $6.7B | $7.4B | $8.5B |
| Property, plant and equipment | $164M | $161M | $156M | $363M | $176M | $196M | $189M | $196M | $192M | $172M |
| Goodwill | $2.5B | $2.5B | $2.5B | $2.6B | $2.6B | $4.4B | $4.3B | $4.4B | $4.6B | $4.7B |
| Total assets | $7.0B | $7.0B | $7.2B | $8.0B | $9.3B | $13.2B | $13.1B | $13.3B | $14.7B | $16.0B |
| Total current liabilities | $2.3B | $2.5B | $2.8B | $3.5B | $3.9B | $5.1B | $4.9B | $5.4B | $5.5B | $7.2B |
| Long-term debt | $3.2B | $3.2B | $3.2B | $3.3B | $3.9B | $6.8B | $5.9B | $5.0B | $5.6B | $4.6B |
| Total liabilities | $5.9B | $6.0B | $6.2B | $7.0B | $8.0B | $12.5B | $11.5B | $11.2B | $12.3B | $13.4B |
| Shareholders' equity | $1.0B | $986M | $975M | $960M | $1.3B | $706M | $1.6B | $2.0B | $2.4B | $2.6B |
| Net debt | $3.0B | $3.1B | $3.0B | $3.2B | $2.5B | $6.6B | $5.6B | $5.1B | $5.3B | $5.0B |
Cash flow
Fiscal years, from CDW's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $604M | $778M | $906M | $1.0B | $1.3B | $785M | $1.3B | $1.6B | $1.3B | $1.2B |
| Capital spending | $64M | $81M | $86M | $236M | $158M | $100M | $128M | $148M | $123M | $117M |
| Free cash flow | $540M | $697M | $820M | $791M | $1.2B | $685M | $1.2B | $1.5B | $1.2B | $1.1B |
| Stock-based compensation | $39M | $44M | $41M | $48M | $42M | $73M | $91M | $94M | $65M | $84M |
| Dividends paid | $79M | $107M | $139M | $183M | $220M | $235M | $283M | $322M | $332M | $329M |
| Share buybacks (net) | -$367M | -$534M | -$522M | -$657M | -$341M | -$1.5B | $0 | -$500M | -$500M | -$653M |
| Net borrowing | -$7M | -$38M | $0 | $600M | $1.3B | $3.9B | -$636M | -$150M | $1.2B | $381M |
| Free cash flow margin | 4.0% | 4.7% | 5.0% | 4.4% | 6.3% | 3.3% | 5.1% | 6.8% | 5.5% | 4.9% |
| Dividends per share | $0.47 | $0.68 | $0.91 | $1.24 | $1.52 | $1.67 | $2.06 | $2.36 | $2.46 | $2.49 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CDW.
Open CDW in InvestinglyQuestions
What was CDW's revenue in 2025?
$22.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does CDW generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From CDW's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.