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CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Commercial, Government, and Education. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. It also provides hardware products comprising notebooks/mobile devices, tablets, network communications, collaboration hardware, data storage and servers, desktop computers, and other hardware; and software products, such as cloud solutions, software assurance, application suites, security, virtualization, collaboration and productivity applications, operating systems, and network management. In addition, the company offers advisory and design, software development, implementation, and managed services, as well as warranties. It serves business, government, education, and healthcare customers. The company was formerly known as CDW Computer Centers, Inc. and changed its name to CDW Corporation in June 2003. CDW Corporation was founded in 1984 and is based in Vernon Hills, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $22.4B | $2.0B | $1.1B | $1.1B | 40.9% | 6.8% | -1.0% |
| 2024 | $21.0B | $1.9B | $1.1B | $1.2B | 45.8% | -1.8% | -2.4% |
| 2023 | $21.4B | $1.9B | $1.1B | $1.5B | 54.1% | -10.0% | -0.9% |
| 2022 | $23.7B | $2.0B | $1.1B | $1.2B | 69.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 23,748.70 | 21,376 | 20,998.70 | 22,424.10 |
| Operating Revenue | - | 23,617.90 | 21,263.20 | 20,890.80 | 22,309.30 |
| Cost Of Revenue | - | 19,062.10 | 16,723.60 | 16,396.30 | 17,550.70 |
| Gross Profit | - | 4,686.60 | 4,652.40 | 4,602.40 | 4,873.40 |
| Operating Expense | - | 2,951.40 | 2,971.50 | 2,951.10 | 3,217.80 |
| Selling General And Administration | - | 2,951.40 | 2,971.50 | 2,951.10 | 3,217.80 |
| Total Expenses | - | 22,013.50 | 19,695.10 | 19,347.40 | 20,768.50 |
| Operating Income | - | 1,735.20 | 1,680.90 | 1,651.30 | 1,655.60 |
| Total Operating Income As Reported | - | 1,735.20 | 1,680.90 | 1,651.30 | 1,655.60 |
| EBITDA | - | 2,014.10 | 1,947.50 | 1,925.20 | 1,950.40 |
| Normalized EBITDA | - | 2,014.10 | 1,947.50 | 1,925.20 | 1,950.40 |
| EBIT | - | 1,723.50 | 1,676.80 | 1,649.90 | 1,654.80 |
| Interest Expense | - | 235.70 | 226.60 | 214.50 | 227.40 |
| Net Interest Income | - | -235.70 | -226.60 | -214.50 | -227.40 |
| Other Non Operating Income Expenses | - | -11.70 | -4.10 | -1.40 | -0.80 |
| Other Income Expense | - | -11.70 | -4.10 | -1.40 | -0.80 |
| Interest Expense Non Operating | - | 235.70 | 226.60 | 214.50 | 227.40 |
| Net Non Operating Interest Income Expense | - | -235.70 | -226.60 | -214.50 | -227.40 |
| Pretax Income | - | 1,487.80 | 1,450.20 | 1,435.40 | 1,427.40 |
| Tax Provision | - | 373.30 | 345.90 | 357.60 | 360.80 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Net Income From Continuing And Discontinued Operation | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Net Income | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Net Income Common Stockholders | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Net Income Including Noncontrolling Interests | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Normalized Income | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Diluted NI Availto Com Stockholders | - | 1,114.50 | 1,104.30 | 1,077.80 | 1,066.60 |
| Basic Average Shares | - | 135.20 | 134.60 | 133.80 | 131.30 |
| Diluted Average Shares | - | 137 | 136.30 | 135.20 | 132.10 |
| Reconciled Depreciation | - | 290.60 | 270.70 | 275.30 | 295.60 |
| Reconciled Cost Of Revenue | - | 19,062.10 | 16,723.60 | 16,396.30 | 17,550.70 |
| General And Administrative Expense | 2,149.50 | 2,951.40 | - | - | - |
| Other Gand A | 2,149.50 | 2,951.40 | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CDW Corporationthis co. | CDW | $17.8B | 16.70↓ discount | 6.84 | 40.9% | 11.78 |
| Fidelity National Information Services, Inc. | FIS | $21.4B | 56.13 | 1.54 | 2.7% | 9.90 |
| Fortive Corporation | FTV | $18.7B | 32.35 | 2.90 | 9.0% | 18.68 |
| Broadridge Financial Solutions, Inc. | BR | $17.8B | 21.23 | 6.71 | 31.6% | 13.62 |
| PTC Inc. | PTC | $16.0B |
| - |
| - |
| - |
| - |
| 21.84 |
| 4.19 |
| 19.2% |
| 15.20 |
| Gen Digital Inc. | GEN | $16.0B | 16.42 | 6.12 | 37.3% | 9.26 |
| Semtech Corporation | SMTC | $15.8B | -390.71 | 28.70 | -7.3% | 407.08 |
| Leidos Holdings, Inc. | LDOS | $15.7B | 10.82 | 3.19 | 29.5% | 8.24 |
| Sanmina Corporation | SANM | $15.0B | 61.06 | 6.38 | 10.4% | 30.04 |
| Peer Median | - | 21.54 | 5.15 | 14.8% | 14.41 | |