CDW Corporation (CDW) Financial Statements

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CDW financial statements at a glance

CDW reported revenue of $22.42 billion for fiscal year 2025 (ended December 31, 2025), up 6.8% from fiscal year 2024. Net income was $1.07 billion, a net margin of 4.8%, and diluted earnings per share were $8.08.

At the end of fiscal year 2025 it had total assets of $16.03 billion, total liabilities of $13.42 billion and shareholders' equity of $2.61 billion, with cash and short-term investments of $618.70 million and total debt of $5.79 billion.

Its operations brought in $1.21 billion of cash; capital spending was $117.10 million, leaving free cash flow of $1.09 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

CDW logo

CDW Corporation

CDWUnited States
Technology
USD (Local)

Income Statement

Annual • USD

Total Revenue
22.42B
Prev Year: 21.00B
YoY: +6.8%
Operating Revenue
22.31B
Prev Year: 20.89B
YoY: +6.8%
Weighted Average Shares (basic)
131.30M
Prev Year: 133.80M
YoY: -1.9%
Total Unusual Items Excluding Goodwill
-
Diluted EPS
8.08
Prev Year: 7.97
YoY: +1.4%
Total Unusual Items
-
Basic EPS
8.13
Prev Year: 8.06
YoY: +0.9%
Cost of Revenue
17.55B
Prev Year: 16.40B
YoY: +7.0%
Gross Profit
4.87B
Prev Year: 4.60B
YoY: +5.9%
Operating Expense
3.22B
Prev Year: 2.95B
YoY: +9.0%
Selling General and Administrative
3.22B
Prev Year: 2.95B
YoY: +9.0%
Operating Income
1.66B
Prev Year: 1.65B
YoY: +0.3%
Net Non Operating Interest Income Expense
-227.40M
Prev Year: -214.50M
YoY: -6.0%
Non-operating Interest Expense
227.40M
Prev Year: 214.50M
YoY: +6.0%
Other Income Expense
-800.0K
Prev Year: -1.40M
YoY: +42.9%
Other Non-operating Income (expense)
-800.0K
Prev Year: -1.40M
YoY: +42.9%
Special Income Charges
-
Equity in Earnings of Affiliates
-
Pre-tax Income
1.43B
Prev Year: 1.44B
YoY: -0.6%
Provision for Income Taxes
360.80M
Prev Year: 357.60M
YoY: +0.9%
Net Income Common Stockholders
1.07B
Prev Year: 1.08B
YoY: -1.0%
Net Income
1.07B
Prev Year: 1.08B
YoY: -1.0%
Net Income Including Non-Controlling Interests
1.07B
Prev Year: 1.08B
YoY: -1.0%
Net Income from Continuing Operations
1.07B
Prev Year: 1.08B
YoY: -1.0%
Diluted NI Available to Com Stockholders
1.07B
Prev Year: 1.08B
YoY: -1.0%
Total Expenses
20.77B
Prev Year: 19.35B
YoY: +7.3%
Net Income from Continuing and Discontinued Operation
1.07B
Prev Year: 1.08B
YoY: -1.0%
Normalized Income
1.07B
Prev Year: 1.08B
YoY: -1.0%
Interest Expense
227.40M
Prev Year: 214.50M
YoY: +6.0%
Net Interest Income
-227.40M
Prev Year: -214.50M
YoY: -6.0%
EBIT
1.65B
Prev Year: 1.65B
YoY: +0.3%
EBITDA
1.95B
Prev Year: 1.93B
YoY: +1.3%
Reconciled Cost of Revenue
17.55B
Prev Year: 16.40B
YoY: +7.0%
Reconciled Depreciation
295.60M
Prev Year: 275.30M
YoY: +7.4%
Net Income from Continuing Operation Net Minority Interest
1.07B
Prev Year: 1.08B
YoY: -1.0%
Normalized EBITDA
1.95B
Prev Year: 1.93B
YoY: +1.3%
Tax Rate for Calcs
0.253
Prev Year: 0
Total Operating Income as Reported
1.66B
Prev Year: 1.65B
YoY: +0.3%
Weighted Average Shares (diluted)
132.10M
Prev Year: 135.20M
YoY: -2.3%
Values in USD

CDW key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$22.4B$21.0B$21.4B$23.7B$20.8B
Gross profit$4.9B$4.6B$4.7B$4.7B$3.6B
Operating income$1.7B$1.7B$1.7B$1.7B$1.4B
Net income$1.1B$1.1B$1.1B$1.1B$988.6M
Diluted EPS$8.08$7.97$8.10$8.13$7.04
Total assets$16.0B$14.7B$13.3B$13.1B$13.2B
Total liabilities$13.4B$12.3B$11.2B$11.5B$12.5B
Shareholders' equity$2.6B$2.4B$2.0B$1.6B$705.7M
Cash and short-term investments$618.7M$717.7M$588.7M$315.2M$258.1M
Total debt$5.8B$6.0B$5.8B$6.1B$7.4B
Operating cash flow$1.2B$1.3B$1.6B$1.3B$784.6M
Capital spending$117.1M$122.6M$148.2M$127.8M$100.0M
Free cash flow$1.1B$1.2B$1.5B$1.2B$684.6M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was CDW's revenue in fiscal year 2025?

$22.42 billion, up 6.8% from $21.00 billion in fiscal year 2024.

How much profit does CDW make?

CDW reported net income of $1.07 billion for fiscal year 2025 (4.8% of revenue); operating income was $1.66 billion.

How much cash and debt does CDW have?

At the end of fiscal year 2025: cash and short-term investments of $618.70 million and total debt of $5.79 billion.

What is CDW's free cash flow?

$1.09 billion in fiscal year 2025 (operating cash flow of $1.21 billion minus capital spending of $117.10 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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