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 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
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
FCF
Total debt
Cash
2025
$22.4B
$1.1B
21.7%
7.4%
$1.1B
$5.7B
$619M
2024
$21.0B
$1.1B
21.9%
7.9%
$1.2B
$5.9B
$504M
2023
$21.4B
$1.1B
21.8%
7.9%
$1.5B
$5.7B
$589M
2022
$23.7B
$1.1B
19.7%
7.3%
$1.2B
$6.0B
$315M
2021
$20.8B
$989M
17.1%
6.8%
$685M
$6.9B
$258M
2020
$18.5B
$789M
17.4%
6.4%
$1.2B
$4.0B
$1.4B
2019
$18.0B
$737M
16.9%
6.3%
$791M
$3.3B
$154M
2018
$16.2B
$643M
16.7%
6.1%
$820M
$3.2B
$206M
2017
$14.8B
$523M
16.5%
5.8%
$697M
$3.3B
$144M
2016
$13.7B
$425M
17.0%
6.0%
$541M
$3.3B
$264M
2015
—
$403M
—
—
$187M
$3.3B
$38M
2014
—
$245M
—
—
$380M
$3.2B
$345M
2013
—
$133M
—
—
$319M
$3.3B
$188M
2012
—
$119M
—
—
—
$3.8B
$38M
2011
—
$17M
—
—
—
$4.1B
$100M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$5.7B
$235M
21.0%
6.6%
$248M
$5.6B
$579M
Dec '25
$5.5B
$280M
22.8%
7.8%
$396M
$5.7B
$619M
Sep '25
$5.7B
$291M
21.9%
7.7%
$299M
$5.6B
$453M
Jun '25
$6.0B
$271M
20.8%
7.0%
$133M
$5.6B
$481M
Mar '25
$5.2B
$225M
21.6%
7.0%
$260M
$5.9B
$471M
Dec '24
$5.2B
$264M
22.3%
7.9%
$317M
$5.9B
$504M
Sep '24
$5.5B
$316M
21.8%
8.7%
$309M
$6.0B
$947M
Jun '24
$5.4B
$281M
21.8%
8.0%
$119M
$5.6B
$665M
Mar '24
$4.9B
$216M
21.8%
6.7%
$411M
$5.6B
$804M
Dec '23
$5.0B
$296M
23.0%
8.7%
$503M
$5.7B
$589M
Sep '23
$5.6B
$316M
21.8%
8.5%
$425M
$5.7B
$441M
Jun '23
$5.6B
$263M
21.0%
7.3%
$189M
$5.8B
$204M
Mar '23
$5.1B
$230M
21.3%
7.0%
$334M
$5.8B
$279M
Dec '22
$5.4B
$287M
21.7%
8.2%
$211M
$6.0B
$315M
Sep '22
$6.2B
$298M
19.8%
7.5%
$299M
$6.2B
$385M
Jun '22
$6.1B
$279M
19.0%
7.1%
$358M
$6.6B
$542M
Mar '22
$5.9B
$250M
18.6%
6.5%
$340M
$6.6B
$387M
Dec '21
$5.5B
$215M
17.6%
6.1%
$114M
$6.9B
$258M
Sep '21
$5.3B
$267M
17.3%
7.3%
$264M
$4.1B
$245M
Jun '21
$5.1B
$274M
17.2%
7.2%
-$18M
$3.9B
$501M
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 22.3× (Mar '23) to 15.3× (Jun '26).
The price-to-sales ratio has fallen from 1.0× (Mar '23) to 0.7× (Jun '26).
The dividend yield has risen from 1.1% (Mar '23) to 2.0% (Jun '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?
As of Jun '26, CDW Corporation traded at a price-to-earnings ratio of about 15.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.