CDW Corporation
CDWCDW beats Q2 2026 estimates and raises 2026 outlook, boosts share repurchase authorization by $1 billion
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.00B | $21.38B | $23.75B | $20.82B | $18.47B | $18.03B | $16.24B | $14.83B |
| Cost of Revenue | $16.40B | $16.72B | $19.06B | $17.25B | $15.26B | $14.99B | $13.53B | $12.38B |
| Gross Profit | $4.60B | $4.65B | $4.69B | $3.57B | $3.21B | $3.04B | $2.71B | $2.45B |
| Gross Margin | 21.92% | 21.76% | 19.73% | 17.14% | 17.38% | 16.86% | 16.67% | 16.52% |
| Operating Expenses | $2.95B | $2.97B | $2.95B | $2.15B | $2.03B | $1.91B | $1.72B | $1.58B |
| Operating Income | $1.65B | $1.68B | $1.74B | $1.42B | $1.18B | $1.13B | $987.30M | $866.50M |
| Operating Margin | 7.86% | 7.86% | 7.31% | 6.82% | 6.39% | 6.29% | 6.08% | 5.84% |
| Net Income | $1.08B | $1.10B | $1.11B | $988.60M | $788.50M | $736.80M | $643.00M | $523.10M |
| Net Margin | 5.13% | 5.17% | 4.69% | 4.75% | 4.27% | 4.09% | 3.96% | 3.53% |
| EPS (Basic) | $8.06 | $8.20 | $8.24 | $7.14 | $5.53 | $5.08 | $4.26 | $3.37 |
| EBITDA | $1.93B | $1.95B | $2.01B | $1.64B | $1.58B | $1.38B | $1.25B | $1.07B |
| Stock Option Compensation Expense | $64.70M | $93.70M | $91.10M | $72.60M | $42.50M | $48.50M | $40.70M | $43.70M |
| Price To Earnings Ratio | 21.61 | 27.71 | 21.66 | 28.69 | 23.83 | 28.13 | 19.02 | 20.64 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | $23.29B | $30.60B | $24.14B | $28.36B | $18.79B | $20.73B | $12.23B | $10.80B |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Assets | $14.68B | $13.28B | $13.13B | $13.20B | $9.34B | $8.00B | $7.17B | $6.97B |
| Short Term Debt Incl. Current Port. of LT Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.33B | $11.24B | $11.53B | $12.49B | $8.05B | $7.04B | $6.19B | $5.98B |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $2.35B | $2.04B | $1.60B | $705.70M | $1.30B | $960.30M | $975.20M | $985.60M |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.35B | $2.04B | $1.60B | $705.70M | $1.30B | $960.30M | $975.20M | $985.60M |
| Total Liabilities & Stockholders Equity | $14.68B | $13.28B | $13.13B | $13.20B | $9.34B | $8.00B | $7.17B | $6.97B |
| Book Value Per Share | $17.58 | $15.17 | $11.86 | $5.10 | $9.10 | $6.62 | $6.46 | $6.34 |
| Tangible Book Value Per Share | $-27.09 | $-27.79 | $-31.29 | $-38.31 | $-12.23 | $-15.07 | $-14.58 | $-15.39 |
| Full-Time Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 7.34% | 8.31% | 8.49% | 7.49% | 8.44% | 9.21% | 8.97% | 7.51% |
| Return on Equity | 45.81% | 54.07% | 69.51% | 140.09% | 60.79% | 76.73% | 65.94% | 53.07% |
| Return on Invested Capital | 13.13% | 15.14% | 15.77% | 12.69% | 15.49% | 17.87% | 17.21% | 15.35% |
| Quick Ratio | 1.24 | 1.11 | 1.17 | 1.09 | 1.33 | 1.07 | 1.19 | 1.18 |
| Current Ratio | 1.35 | 1.23 | 1.33 | 1.27 | 1.53 | 1.24 | 1.35 | 1.35 |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $1.08B | $1.10B | $1.11B | $988.60M | $788.50M | $736.80M | $643.00M | $523.10M |
| Depreciation | $275.30M | $270.70M | $290.60M | $191.20M | $425.60M | $267.10M | $265.60M | $260.90M |
| Other Funds (Non Cash) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Operating Activities | $1.28B | $1.60B | $1.34B | $784.60M | $1.31B | $1.03B | $905.90M | $777.70M |
| Capital Expenditures | $122.60M | $148.20M | $127.80M | $100.00M | $158.00M | $236.30M | $86.10M | $81.10M |
| Net Assets From Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | $332.10M | $321.50M | $282.60M | $234.80M | $219.60M | $183.40M | $139.40M | $106.90M |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Repurchase of Common Pref Stock | $500.00M | $500.00M | $0.00 | $1.50B | $340.60M | $657.20M | $522.30M | $534.00M |
| Sale of Common Pref Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | $1.15B | $1.45B | $1.21B | $684.60M | $1.16B | $790.90M | $819.80M | $696.60M |
| Preferred Dividends (Cash Flow) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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About the company
CDW Corporation specializes in delivering comprehensive information technology services and products across North America and the United Kingdom. It strategically targets three core client divisions: corporate enterprises, small to medium-sized businesses, and public sector organizations. Their portfolio encompasses both individual hardware and software offerings, alongside sophisticated integrated IT solution packages. These comprehensive solutions span on-premise, hybrid, and cloud environments, addressing critical areas such as data center infrastructure, network management, digital workspace enablement, and robust security. Key hardware categories include mobile computing devices (laptops, tablets), network infrastructure components, desktop workstations, display units, and enterprise data storage systems, while software offerings feature application suites, cybersecurity tools, virtualization platforms, operating systems, and network management utilities. Beyond products, CDW delivers a broad spectrum of services, including expert advisory and design, custom software development, system implementation, ongoing managed services, specialized professional support, configuration assistance, and telecommunications solutions, complemented by product warranties. They also focus on providing mission-critical software, system, and network solutions. Furthermore, installation, deployment, and repair services are facilitated for customers, often leveraging a network of third-party partners. Their diverse clientele includes governmental bodies, educational institutions, healthcare providers, and businesses of all scales – from small enterprises to major corporations. Established in 1984, the company maintains its primary corporate offices in Vernon Hills, Illinois.