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Stocks · Consumer discretionary · Retail-Catalog & Mail-Order Houses

CDW Corporation

CDW Clue Score54
United States Fiscal year ends December CIK 0001402057
$142.17 +1.64% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $142.17 −18.56% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue13.67Operating income0.82Net income0.43EPS, diluted2.56Fiscal year 2017Revenue14.83 +8.5%Operating income0.87Net income0.52 +23.1%EPS, diluted3.31 +29.3%Fiscal year 2018Revenue16.24 +9.5%Operating income0.99Net income0.64 +22.9%EPS, diluted4.19 +26.6%Fiscal year 2019Revenue18.03 +11.0%Operating income1.13Net income0.74 +14.6%EPS, diluted4.99 +19.1%Fiscal year 2020Revenue18.47 +2.4%Operating income1.18Net income0.79 +7.0%EPS, diluted5.45 +9.2%Fiscal year 2021Revenue20.82 +12.7%Operating income1.42Net income0.99 +25.4%EPS, diluted7.04 +29.2%Fiscal year 2022Revenue23.75 +14.1%Operating income1.74Net income1.11 +12.7%EPS, diluted8.13 +15.5%Fiscal year 2023Revenue21.38 −10.0%Operating income1.68Net income1.10 −0.9%EPS, diluted8.10 −0.4%Fiscal year 2024Revenue21.00 −1.8%Operating income1.65Net income1.08 −2.4%EPS, diluted7.97 −1.6%Fiscal year 2025Revenue22.42 +6.8%Operating income1.66Net income1.07 −1.0%EPS, diluted8.08 +1.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 13.67 14.83 16.24 18.03 18.47 20.82 23.75 21.38 21.00 22.42
Growth +8.5% +9.5% +11.0% +2.4% +12.7% +14.1% −10.0% −1.8% +6.8%
Operating income 0.82 0.87 0.99 1.13 1.18 1.42 1.74 1.68 1.65 1.66
Net income 0.43 0.52 0.64 0.74 0.79 0.99 1.11 1.10 1.08 1.07
Growth +23.1% +22.9% +14.6% +7.0% +25.4% +12.7% −0.9% −2.4% −1.0%
EPS, diluted 2.56 3.31 4.19 4.99 5.45 7.04 8.13 8.10 7.97 8.08
Growth +29.3% +26.6% +19.1% +9.2% +29.2% +15.5% −0.4% −1.6% +1.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin17.0%Operating margin6.0%Net margin3.1%Free cash flow margin4.0%Fiscal year 2017Gross margin16.5%Operating margin5.8%Net margin3.5%Free cash flow margin4.7%Fiscal year 2018Gross margin16.7%Operating margin6.1%Net margin4.0%Free cash flow margin5.0%Fiscal year 2019Gross margin16.9%Operating margin6.3%Net margin4.1%Free cash flow margin4.4%Fiscal year 2020Gross margin17.4%Operating margin6.4%Net margin4.3%Free cash flow margin6.3%Fiscal year 2021Gross margin17.1%Operating margin6.8%Net margin4.7%Free cash flow margin3.3%Fiscal year 2022Gross margin19.7%Operating margin7.3%Net margin4.7%Free cash flow margin5.1%Fiscal year 2023Gross margin21.8%Operating margin7.9%Net margin5.2%Free cash flow margin6.8%Fiscal year 2024Gross margin21.9%Operating margin7.9%Net margin5.1%Free cash flow margin5.5%Fiscal year 2025Gross margin21.7%Operating margin7.4%Net margin4.8%Free cash flow margin4.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 4.0% 4.7% 5.0% 4.4% 6.3% 3.3% 5.1% 6.8% 5.5% 4.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.60Capital expenditure−0.06Free cash flow0.54Buybacks−0.37Dividends paid−0.08Fiscal year 2017Operating cash flow0.78Capital expenditure−0.08Free cash flow0.70 +28.9%Buybacks−0.53Dividends paid−0.11Fiscal year 2018Operating cash flow0.91Capital expenditure−0.09Free cash flow0.82 +17.7%Buybacks−0.52Dividends paid−0.14Fiscal year 2019Operating cash flow1.03Capital expenditure−0.24Free cash flow0.79 −3.5%Buybacks−0.66Dividends paid−0.18Fiscal year 2020Operating cash flow1.31Capital expenditure−0.16Free cash flow1.16 +46.2%Buybacks−0.34Dividends paid−0.22Fiscal year 2021Operating cash flow0.78Capital expenditure−0.10Free cash flow0.68 −40.8%Buybacks−1.50Dividends paid−0.23Fiscal year 2022Operating cash flow1.34Capital expenditure−0.13Free cash flow1.21 +76.5%Buybacks0.00Dividends paid−0.28Fiscal year 2023Operating cash flow1.60Capital expenditure−0.15Free cash flow1.45 +20.1%Buybacks−0.50Dividends paid−0.32Fiscal year 2024Operating cash flow1.28Capital expenditure−0.12Free cash flow1.15 −20.4%Buybacks−0.50Dividends paid−0.33Fiscal year 2025Operating cash flow1.21Capital expenditure−0.12Free cash flow1.09 −5.8%Buybacks−0.65Dividends paid−0.33
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.60 0.78 0.91 1.03 1.31 0.78 1.34 1.60 1.28 1.21
Capital expenditure −0.06 −0.08 −0.09 −0.24 −0.16 −0.10 −0.13 −0.15 −0.12 −0.12
Free cash flow 0.54 0.70 0.82 0.79 1.16 0.68 1.21 1.45 1.15 1.09
Growth +28.9% +17.7% −3.5% +46.2% −40.8% +76.5% +20.1% −20.4% −5.8%
Buybacks −0.37 −0.53 −0.52 −0.66 −0.34 −1.50 0.00 −0.50 −0.50 −0.65
Dividends paid −0.08 −0.11 −0.14 −0.18 −0.22 −0.23 −0.28 −0.32 −0.33 −0.33

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.26Total debt3.23Net cash (debt)−2.97Shareholders’ equity1.05Debt to equity3.09Fiscal year 2017Cash0.14Total debt3.24Net cash (debt)−3.09Shareholders’ equity0.99Debt to equity3.28Fiscal year 2018Cash0.21Total debt3.21Net cash (debt)−3.00Shareholders’ equity0.98Debt to equity3.29Fiscal year 2019Cash0.15Total debt3.32Net cash (debt)−3.16Shareholders’ equity0.96Debt to equity3.45Fiscal year 2020Cash1.41Total debt3.93Net cash (debt)−2.52Shareholders’ equity1.30Debt to equity3.03Fiscal year 2021Cash0.26Total debt6.86Net cash (debt)−6.60Shareholders’ equity0.71Debt to equity9.72Fiscal year 2022Cash0.32Total debt5.92Net cash (debt)−5.61Shareholders’ equity1.60Debt to equity3.69Fiscal year 2023Cash0.59Total debt5.64Net cash (debt)−5.06Shareholders’ equity2.04Debt to equity2.76Fiscal year 2024Cash0.50Total debt5.84Net cash (debt)−5.34Shareholders’ equity2.35Debt to equity2.48Fiscal year 2025Cash0.62Total debt5.63Net cash (debt)−5.01Shareholders’ equity2.61Debt to equity2.16
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.26 0.14 0.21 0.15 1.41 0.26 0.32 0.59 0.50 0.62
Total debt 3.23 3.24 3.21 3.32 3.93 6.86 5.92 5.64 5.84 5.63
Net cash (debt) −2.97 −3.09 −3.00 −3.16 −2.52 −6.60 −5.61 −5.06 −5.34 −5.01
Shareholders’ equity 1.05 0.99 0.98 0.96 1.30 0.71 1.60 2.04 2.35 2.61
Debt to equity 3.09 3.28 3.29 3.45 3.03 9.72 3.69 2.76 2.48 2.16

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
0.26 0.14 0.21 0.15 1.41 0.26 0.32 0.59 0.50 0.62
2.17 2.33 2.67 3.00 3.21 4.50 4.46 4.57 5.14 6.31
0.42 0.41 0.45 0.61 0.76 0.93 0.80 0.67 0.61 0.56
0.16 0.16 0.16 0.36 0.18 0.20 0.19 0.20 0.19 0.17
2.46 2.48 2.46 2.55 2.60 4.38 4.34 4.41 4.62 4.66
6.96 6.97 7.17 8.00 9.34 13.20 13.13 13.28 14.68 16.03
Growth +0.1% +2.9% +11.6% +16.8% +41.3% −0.5% +1.2% +10.5% +9.2%
Liabilities
0.02 0.03 0.03 0.03 0.07 0.10 0.06 0.61 0.24 1.01
3.22 3.21 3.18 3.28 3.86 6.76 5.87 5.03 5.61 4.62
calc 3.23 3.24 3.21 3.32 3.93 6.86 5.92 5.64 5.84 5.63
5.91 5.98 n/a n/a n/a n/a n/a n/a n/a n/a
Equity
−1.67 −1.83 −1.89 −2.02 −1.81 −2.57 −1.76 −1.53 −1.32 −1.27
1.05 0.99 0.98 0.96 1.30 0.71 1.60 2.04 2.35 2.61
Growth −5.9% −1.1% −1.5% +35.1% −45.6% +127.2% +27.4% +15.2% +10.8%
Per share and net cash
calc −2.97 −3.09 −3.00 −3.16 −2.52 −6.60 −5.61 −5.06 −5.34 −5.01
160.3 153.0 147.7 143.0 141.9 134.8 135.5 134.1 132.6 129.4
calc 6.54 6.44 6.60 6.72 9.14 5.24 11.83 15.23 17.74 20.14

Lines marked calc are worked out here from filed figures; point at one for how.