CDW

MKT CAP:$17B

CDW Corporation

Market Cap

$17B

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$133.63+$0.47 (+0.35%)

Apr 24, 2026

Company Details

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and softwar...

CEO

Christine A. Leahy

IPO Date

Jun 27, 2013

Website

www.cdw.com

Key Metrics TTM

Revenue

$22.4B

+6.8% YoY

Net Income

$1.1B

EPS (Diluted)

$8.09

Free Cash Flow

$1.1B

Revenue / Share

$171.70

Gross Margin

21.7%

Operating Margin

7.4%

Net Margin

4.8%

FCF Margin

4.9%

P/S

0.8x

P/E

16.4x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 20, 2026

$22.4B+6.8%EPS $8.08

Q4 2025

Feb 20, 2026

$5.5B+6.3%EPS $2.14

Q3 2025

Nov 4, 2025

$5.7B+4.0%EPS $2.21

Q2 2025

Aug 6, 2025

$6.0B+10.2%EPS $2.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5.9B	$1.1B	$387M
Q2 22	$6.1B	$1.2B	$435M
Q3 22	$6.2B	$1.2B	$466M
Q4 22	$5.4B	$1.2B	$447M
Q1 23	$5.1B	$1.1B	$355M
Q2 23	$5.6B	$1.2B	$412M
Q3 23	$5.6B	$1.2B	$478M
Q4 23	$5.0B	$1.2B	$435M
Q1 24	$4.9B	$1.1B	$328M
Q2 24	$5.4B	$1.2B	$433M
Q3 24	$5.5B	$1.2B	$482M
Q4 24	$5.2B	$1.2B	$409M
Q1 25	$5.2B	$1.1B	$361M
Q2 25	$6.0B	$1.2B	$420M
Q3 25	$5.7B	$1.3B	$443M
Q4 25	$5.5B	$1.3B	$431M

Valuation

Quarter	P/S	P/E
Q1 22	1.1x	23.8x
Q2 22	1.0x	22.2x
Q3 22	0.9x	20.8x
Q4 22	1.1x	22.4x
Q1 23	1.1x	23.8x
Q2 23	1.1x	22.8x
Q3 23	1.2x	24.6x
Q4 23	1.4x	26.6x
Q1 24	1.6x	31.2x
Q2 24	1.4x	26.6x
Q3 24	1.5x	27.3x
Q4 24	1.1x	21.5x
Q1 25	1.0x	19.6x
Q2 25	1.1x	22.0x
Q3 25	1.0x	20.3x
Q4 25	0.8x	17.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$381M	$340M
Q2 22	$380M	$358M
Q3 22	$333M	$299M
Q4 22	$242M	$211M
Q1 23	$365M	$334M
Q2 23	$228M	$189M
Q3 23	$469M	$425M
Q4 23	$537M	$503M
Q1 24	$440M	$411M
Q2 24	$150M	$119M
Q3 24	$342M	$309M
Q4 24	$345M	$317M
Q1 25	$287M	$260M
Q2 25	$156M	$133M
Q3 25	$328M	$299M
Q4 25	$434M	$396M

Capital Expenditures

Quarter	CapEx
Q1 22	$41M
Q2 22	$22M
Q3 22	$34M
Q4 22	$31M
Q1 23	$32M
Q2 23	$40M
Q3 23	$43M
Q4 23	$34M
Q1 24	$30M
Q2 24	$31M
Q3 24	$34M
Q4 24	$29M
Q1 25	$27M
Q2 25	$23M
Q3 25	$30M
Q4 25	$38M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+23.0%	+23.2%
Q2 22	+19.4%	+19.6%
Q3 22	+17.3%	+17.0%
Q4 22	-1.8%	-4.0%
Q1 23	-14.2%	-14.6%
Q2 23	-8.5%	-8.7%
Q3 23	-9.4%	-10.4%
Q4 23	-7.7%	-8.2%
Q1 24	-4.5%	-4.3%
Q2 24	-3.6%	-4.3%
Q3 24	-2.0%	-2.2%
Q4 24	+3.3%	+4.2%
Q1 25	+6.7%	+6.4%
Q2 25	+10.2%	+11.3%
Q3 25	+4.0%	+5.1%
Q4 25	+6.3%	+6.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$21M	0.4%
Q2 22	$24M	0.4%
Q3 22	$27M	0.4%
Q4 22	$20M	0.4%
Q1 23	$21M	0.4%
Q2 23	$25M	0.4%
Q3 23	$26M	0.5%
Q4 23	$22M	0.4%
Q1 24	$19M	0.4%
Q2 24	$29M	0.5%
Q3 24	$3M	0.0%
Q4 24	$14M	0.3%
Q1 25	$21M	0.4%
Q2 25	$24M	0.4%
Q3 25	$27M	0.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	—	$717M
Q2 22	—	$733M
Q3 22	—	$767M
Q4 22	—	$735M
Q1 23	—	$734M
Q2 23	—	$769M
Q3 23	—	$749M
Q4 23	—	$719M
Q1 24	—	$735M
Q2 24	—	$750M
Q3 24	—	$719M
Q4 24	—	$747M
Q1 25	—	$761M
Q2 25	—	$821M
Q3 25	$812M	—
Q4 25	—	$824M

Revenue Segments

Quarter	Other Products and Services	Services	Software Products	Total Hardware	Other Segments
Q1 22	$31M	$438M	$798M	$4.7B	—
Q2 22	$33M	$470M	$921M	$4.7B	—
Q3 22	$32M	$487M	$884M	$4.8B	—
Q4 22	—	$448M	$1.1B	$3.9B	$35M
Q1 23	$28M	$442M	$945M	$3.7B	—
Q2 23	$29M	$453M	$864M	$4.3B	—
Q3 23	$29M	$421M	$997M	$4.2B	—
Q4 23	$28M	$445M	$994M	$3.6B	—
Q1 24	$26M	$426M	$874M	$3.5B	—
Q2 24	$28M	$478M	$856M	$4.1B	—
Q3 24	$28M	$482M	$1.0B	$4.0B	—
Q4 24	$80M	$481M	$1.0B	$3.7B	—
Q1 25	$27M	$479M	$948M	$3.7B	—
Q2 25	—	$515M	$990M	$4.4B	$29M
Q3 25	—	$526M	$1.1B	$4.1B	$30M
Q4 25	—	$516M	$1.2B	$3.8B	$29M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$771M	$5.2B
Q2 22	$743M	$5.4B
Q3 22	$724M	$5.5B
Q4 22	$683M	$4.8B
Q1 23	$673M	$4.4B
Q2 23	$722M	$4.9B
Q3 23	$625M	$5.0B
Q4 23	$601M	$4.4B
Q1 24	$652M	$4.2B
Q2 24	$614M	$4.8B
Q3 24	$654M	$4.9B
Q4 24	$622M	$4.6B
Q1 25	$708M	$4.5B
Q2 25	$698M	$5.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$387M	$0	$387M
Q2 22	$542M	$0	$542M
Q3 22	$385M	$0	$385M
Q4 22	$315M	$0	$315M
Q1 23	$279M	$0	$279M
Q2 23	$204M	$0	$204M
Q3 23	$441M	$0	$441M
Q4 23	$589M	$0	$589M
Q1 24	$804M	$0	$804M
Q2 24	$665M	$0	$665M
Q3 24	$947M	$212M	$1.2B
Q4 24	$504M	$214M	$718M
Q1 25	$471M	$217M	$688M
Q2 25	$481M	$0	$481M
Q3 25	$453M	$0	$453M
Q4 25	$619M	$0	$619M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	137M	-0.7%	-4.5%
Q2 22	137M	+0.1%	-3.5%
Q3 22	137M	+0.2%	-1.6%
Q4 22	137M	+0.2%	-0.2%
Q1 23	137M	-0.1%	+0.4%
Q2 23	136M	-0.9%	-0.5%
Q3 23	136M	-0.1%	-0.9%
Q4 23	136M	0.0%	-1.1%
Q1 24	136M	+0.1%	-0.9%
Q2 24	136M	-0.3%	-0.4%
Q3 24	135M	-0.5%	-0.7%
Q4 24	134M	-0.4%	-1.1%
Q1 25	134M	-0.7%	-1.8%
Q2 25	132M	-0.8%	-2.4%
Q3 25	132M	-0.5%	-2.3%
Q4 25	131M	-0.9%	-2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$428.0K	14K
Q2 22	$442.1K	14K
Q3 22	$447.2K	14K
Q4 22	$360.2K	15K
Q1 23	$338.0K	15K
Q2 23	$372.6K	15K
Q3 23	$372.7K	15K
Q4 23	$332.4K	15K
Q1 24	$322.7K	15K
Q2 24	$359.2K	15K
Q3 24	$365.3K	15K
Q4 24	$343.4K	15K
Q1 25	$344.3K	15K
Q2 25	$395.8K	15K
Q3 25	$380.0K	15K
Q4 25	$22M	250

Revenue / Employee