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CDW

CDW Corporation

CDW

CDW Corporation • NASDAQ
$144.22 ▼ -0.12% (-0.18)
Market Cap $18.78 B
52w High $222.92
52w Low $135.63
Dividend Yield 2.50%
P/E 18.26
Volume 541.46K
Outstanding Shares 130.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.737B ▼ $812.2M ▼ $291M ▲ 5.072% ▲ $2.22 ▲ $444.4M ▼
Q2-2025 $5.977B ▲ $821M ▲ $271.2M ▲ 4.538% ▲ $2.06 ▲ $495M ▲
Q1-2025 $5.199B ▲ $760.9M ▲ $224.9M ▼ 4.326% ▼ $1.7 ▼ $436M ▼
Q4-2024 $5.186B ▼ $746.7M ▲ $264.2M ▼ 5.094% ▼ $1.98 ▼ $477.5M ▼
Q3-2024 $5.517B $719.1M $316.4M 5.735% $2.37 $551.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $452.9M ▼ $15.198B ▼ $12.658B ▼ $2.54B ▲
Q2-2025 $481M ▼ $15.266B ▲ $12.799B ▲ $2.467B ▲
Q1-2025 $688.1M ▼ $15.018B ▲ $12.695B ▲ $2.323B ▼
Q4-2024 $717.7M ▼ $14.678B ▲ $12.326B ▲ $2.353B ▲
Q3-2024 $1.158B $14.377B $12.027B $2.349B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-496.1M ▼ $328.3M ▲ $-29.9M ▼ $-319.5M ▲ $-28.1M ▼ $298.5M ▲
Q2-2025 $271.2M ▲ $155.9M ▼ $186.5M ▲ $-355.1M ▼ $5.6M ▲ $133.4M ▼
Q1-2025 $224.9M ▼ $287.2M ▼ $-31.9M ▲ $-294.1M ▲ $-32.1M ▲ $260.3M ▼
Q4-2024 $264.2M ▼ $345.3M ▲ $-353.7M ▼ $-416.2M ▼ $-439M ▼ $316.7M ▲
Q3-2024 $316.4M $342.1M $-244.9M $178.9M $281.4M $308.5M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Segments
Other Segments
 $0 ▲$0 ▲$30.00M ▲$30.00M ▲
Services
Services
 $480.00M ▲$480.00M ▲$520.00M ▲$530.00M ▲
Software Products
Software Products
 $1.03Bn ▲$950.00M ▼$990.00M ▲$1.09Bn ▲
Total Hardware
Total Hardware
 $3.65Bn ▲$3.74Bn ▲$4.44Bn ▲$4.09Bn ▼
Other Products and Services
Other Products and Services
 $80.00M ▲$30.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement CDW’s income statement shows a mature, resilient business. Sales have eased off from their peak, likely reflecting a softer IT spending environment, but profit levels have held up well. Gross profit and operating profit have stayed solid, suggesting CDW is managing pricing, product mix, and costs effectively. Net income and earnings per share have generally trended upward over several years, even as revenue dipped, which points to better margins and possibly share repurchases. The main watchpoint is that growth in sales has stalled recently, so future performance will depend more on mix shift toward higher-margin services and overall IT demand rather than simple volume growth.

Balance Sheet

Balance Sheet The balance sheet reflects an asset-light but leveraged model. Total assets have grown steadily, and shareholder equity has rebuilt from a low base, indicating value creation over time. Debt remains sizable but has edged down from earlier highs, which slightly reduces financial risk, though leverage is still an important factor to monitor. Cash on hand is modest relative to debt, which is typical for a company that generates strong recurring cash flows but means CDW depends on continued healthy operations and access to credit markets. Overall, the financial structure is efficient but carries meaningful leverage that needs to be managed carefully as conditions change.

Cash Flow

Cash Flow CDW’s cash flow profile is a key strength. Operating cash flow comfortably covers its investment needs, and free cash flow is consistently strong, especially for a services-oriented business. Capital spending is relatively low, reflecting an asset-light approach, so most cash generated can be directed to debt service, acquisitions, and returns to shareholders. The one nuance is that operating cash can be a bit variable year to year, but the multi-year pattern shows reliable cash generation that supports the current capital structure and growth strategy.

Competitive Edge

Competitive Edge CDW holds a strong competitive position as a leading technology solutions provider rather than a simple product reseller. Its advantages come from scale, broad vendor relationships, and a very wide catalog of products and services. The company is vendor-agnostic and can mix and match offerings from many technology brands, which makes it a trusted advisor rather than a single-brand seller. Deep relationships with a large, diversified customer base across business, government, education, and healthcare create recurring demand and high switching costs. Its ability to deliver end-to-end solutions—from design to deployment to ongoing management—raises barriers for smaller or more narrowly focused competitors.

Innovation and R&D

Innovation and R&D Innovation at CDW is more about services, integration, and expertise than about inventing new hardware or software. The “CDW Amplified” portfolio shows a push into higher-value services, including advanced configuration, hybrid cloud, cybersecurity, and managed services. The company is embedding analytics and artificial intelligence into both its own operations and client offerings, supported by its AI Center of Excellence. Strategic acquisitions, such as in hybrid cloud and security, are used to fill capability gaps rather than relying on heavy traditional R&D. The main opportunity is to keep shifting toward higher-margin, AI- and services-led solutions; the risk is that the company must continue to invest and adapt quickly in a rapidly changing tech landscape where new competitors and platforms emerge fast.

Summary

Overall, CDW looks like a mature, profitable IT solutions provider with a durable business model. Despite some recent pressure on revenue growth, profitability and cash generation remain strong, supported by an asset-light structure and a growing mix of higher-value services. The balance sheet carries meaningful debt but is backed by solid and recurring free cash flow, with equity building over time. Competitively, CDW benefits from scale, vendor breadth, deep customer ties, and end-to-end capabilities, all of which create a strong moat. Its innovation focus is on expanding services, managed offerings, and AI-driven solutions rather than traditional product R&D. Key things to watch going forward are the pace of services and AI-led growth, how effectively leverage is managed, and whether the company can re-accelerate top-line growth as IT spending cycles and technology trends evolve.

NEWS

November 4, 2025 · 7:05 AM UTC

CDW Increases Quarterly Cash Dividend 1% to $0.630 Per Share

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November 4, 2025 · 7:00 AM UTC

CDW Reports Third Quarter 2025 Earnings

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October 28, 2025 · 7:20 AM UTC

CDW Announces Leadership Changes to Amplify Its Go-To-Market as Sona Chawla Retires

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October 21, 2025 · 7:00 AM UTC

CDW to Announce Third Quarter 2025 Results on November 4

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September 24, 2025 · 9:00 AM UTC

AI Adoption Sees Rapid YoY Growth in Canadian Workplaces

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