CDW Financials CDW Corporation

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:19 UTC Overview →

Growth & profitability

Revenue has grown 4.0% per year over the past 5 years.
Net income has grown faster than revenue (6.2% vs 4.0% per year).
Operating margin has been roughly flat, at 7.4% in the latest year.
Free cash flow has declined 1.2% per year over the past 5 years.

Financial health

Total debt ($5.7B) exceeds cash ($619M); net debt is $5.0B.
Total debt has grown faster than revenue (7.4% vs 4.0% per year).
Total debt is 2.9× EBITDA.

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 30.8% of earnings and 30.2% of free cash flow.
The dividend has grown 8.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$22.4B	$1.1B	21.7%	7.4%	40.9%	6.7%	$1.1B	$5.7B	$619M
2024	$21.0B	$1.1B	21.9%	7.9%	45.8%	7.3%	$1.2B	$5.9B	$504M
2023	$21.4B	$1.1B	21.8%	7.9%	54.1%	8.3%	$1.5B	$5.7B	$589M
2022	$23.7B	$1.1B	19.7%	7.3%	69.5%	8.5%	$1.2B	$6.0B	$315M
2021	$20.8B	$989M	17.1%	6.8%	140.1%	7.5%	$685M	$6.9B	$258M
2020	$18.5B	$789M	17.4%	6.4%	60.8%	8.4%	$1.2B	$4.0B	$1.4B
2019	$18.0B	$737M	16.9%	6.3%	76.7%	9.2%	$791M	$3.3B	$154M
2018	$16.2B	$643M	16.7%	6.1%	65.9%	9.0%	$820M	$3.2B	$206M
2017	$14.8B	$523M	16.5%	5.8%	53.1%	7.5%	$697M	$3.3B	$144M
2016	$13.7B	$425M	17.0%	6.0%	40.6%	6.1%	$541M	$3.3B	$264M
2015	—	$403M	—	—	36.7%	6.0%	$187M	$3.3B	$38M
2014	—	$245M	—	—	26.2%	4.0%	$380M	$3.2B	$345M
2013	—	$133M	—	—	18.7%	2.2%	$319M	$3.3B	$188M
2012	—	$119M	—	—	87.2%	2.1%	—	$3.8B	$38M
2011	—	$17M	—	—	-234.2%	0.3%	—	$4.1B	$100M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$6.6B	$274M	20.1%	6.5%	11.2%	1.6%	-$83M	$5.8B	$362M
Mar '26	$5.7B	$235M	21.0%	6.6%	9.2%	1.4%	$248M	$5.6B	$579M
Dec '25	$5.5B	$280M	22.8%	7.8%	10.7%	1.7%	$396M	$5.7B	$619M
Sep '25	$5.7B	$291M	21.9%	7.7%	11.5%	1.9%	$299M	$5.6B	$453M
Jun '25	$6.0B	$271M	20.8%	7.0%	11.0%	1.8%	$133M	$5.6B	$481M
Mar '25	$5.2B	$225M	21.6%	7.0%	9.7%	1.5%	$260M	$5.9B	$471M
Dec '24	$5.2B	$264M	22.3%	7.9%	11.2%	1.8%	$317M	$5.9B	$504M
Sep '24	$5.5B	$316M	21.8%	8.7%	13.5%	2.2%	$309M	$6.0B	$947M
Jun '24	$5.4B	$281M	21.8%	8.0%	12.9%	2.1%	$119M	$5.6B	$665M
Mar '24	$4.9B	$216M	21.8%	6.7%	10.1%	1.6%	$411M	$5.6B	$804M
Dec '23	$5.0B	$296M	23.0%	8.7%	14.5%	2.2%	$503M	$5.7B	$589M
Sep '23	$5.6B	$316M	21.8%	8.5%	17.4%	2.5%	$425M	$5.7B	$441M
Jun '23	$5.6B	$263M	21.0%	7.3%	16.3%	2.0%	$189M	$5.8B	$204M
Mar '23	$5.1B	$230M	21.3%	7.0%	14.7%	1.8%	$334M	$5.8B	$279M
Dec '22	$5.4B	$287M	21.7%	8.2%	17.9%	2.2%	$211M	$6.0B	$315M
Sep '22	$6.2B	$298M	19.8%	7.5%	22.5%	2.2%	$299M	$6.2B	$385M
Jun '22	$6.1B	$279M	19.0%	7.1%	25.2%	2.0%	$358M	$6.6B	$542M
Mar '22	$5.9B	$250M	18.6%	6.5%	28.0%	1.9%	$340M	$6.6B	$387M
Dec '21	$5.5B	$215M	17.6%	6.1%	30.5%	1.6%	$114M	$6.9B	$258M
Sep '21	$5.3B	$267M	17.3%	7.3%	31.9%	3.0%	$264M	$4.1B	$245M

Valuation over time

How the market has priced CDW against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 21.9× (Mar '23) to 17.6× (Nov '26).
The price-to-sales ratio has fallen from 1.0× (Mar '23) to 0.8× (Nov '26).
The dividend yield has risen from 1.2% (Mar '23) to 1.7% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is CDW growing its revenue and profit?

Over the past 5 years, CDW Corporation's revenue has grown 4.0% per year, and net income grown 6.2% per year. These are computed facts, not advice.

How much debt does CDW have?

As of FY2025, CDW Corporation reported $5.7B of total debt against $619M of cash.

What is CDW's profit margin?

In FY2025, gross margin was 21.7%, operating margin 7.4%, and net margin 4.8%.

What is CDW's P/E ratio?

CDW Corporation's P/E (TTM) is 17.42 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the CDW stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 17.6× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.