CDW Corp. (CDW)
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CDW Corp. (CDW) reported revenue of $6.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.0% on the same quarter a year earlier. Net income was $274 million, up 1.2% on the year, and diluted earnings per share $2.15. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.
Ratios
From the filings
At the close of 21 September 2026
Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as CDW Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
Price, 17 September 2021 to 21 September 2026
Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.
The public record on CDW
| Filings | 22 in twelve months: 13 current reports (8-K), about 5 other events; 4 officer or director change; 4 results of operations; 3 material agreement; 3 regulation fd disclosure |
| Planned insider sales | 2 Form 144 notices in twelve months, $4.8 million; latest 7 August 2026 |
| Options tape | put/call 0.82 by open interest on 23 September 2026; the straddle prices a 8.8% move to 16 October 2026 |
| Holders | 12 of the followed funds hold it; largest Harris Associates; 3 Schedule 13D or 13G filings in twelve months |
| Insider trading | 1 sale and 2 purchases on Form 4 in twelve months |
| Congress | 5 House trades disclosed in six months |
| Short interest | 9.1 million shares short, 5.13 days to cover at 31 August 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Quarterly results, the last 12 quarters
| Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,628 | 5,018 | 4,873 | 5,423 | 5,517 | 5,186 | 5,199 | 5,977 | 5,737 | 5,511 | 5,680 | 6,572 |
| Cost of revenue | 4,401 | 3,865 | 3,809 | 4,240 | 4,316 | 4,031 | 4,077 | 4,735 | 4,482 | 4,257 | 4,490 | 5,252 |
| Gross profit | 1,228 | 1,154 | 1,063 | 1,183 | 1,201 | 1,155 | 1,122 | 1,241 | 1,256 | 1,254 | 1,190 | 1,320 |
| Gross margin | 22% | 23% | 22% | 22% | 22% | 22% | 22% | 21% | 22% | 23% | 21% | 20% |
| SG&A | 749 | 719 | 735 | 750 | 719 | 747 | 761 | 821 | 812 | 824 | 814 | 891 |
| Operating income | 478 | 435 | 328 | 433 | 482 | 409 | 361 | 420 | 443 | 431 | 376 | 429 |
| Operating margin | 8% | 9% | 7% | 8% | 9% | 8% | 7% | 7% | 8% | 8% | 7% | 7% |
| Pre-tax income | 420 | 381 | 277 | 380 | 428 | 352 | 304 | 365 | 389 | 369 | 319 | 373 |
| Tax rate | 25% | 22% | 22% | 26% | 26% | 25% | 26% | 26% | 25% | 24% | 26% | 26% |
| Net income | 316 | 296 | 216 | 281 | 316 | 264 | 225 | 271 | 291 | 280 | 235 | 274 |
| Net margin | 6% | 6% | 4% | 5% | 6% | 5% | 4% | 5% | 5% | 5% | 4% | 4% |
| Diluted EPS | $2.32 | $2.18 | $1.59 | $2.07 | $2.34 | $1.97 | $1.69 | $2.05 | $2.21 | $2.13 | $1.82 | $2.15 |
| Operating cash flow | 469 | 536 | 440 | 150 | 342 | 345 | 287 | 156 | 328 | 434 | 275 | -55.1 |
| Capital expenditure | 43.4 | 33.5 | 29.5 | 30.9 | 33.6 | 28.6 | 26.9 | 22.5 | 29.8 | 37.9 | 26.4 | 27.5 |
| Free cash flow | 425 | 503 | 410 | 119 | 308 | 317 | 260 | 133 | 298 | 396 | 248 | -82.6 |
| Buybacks | 53.9 | 50.0 | 52.1 | 202 | 100 | 146 | 200 | 150 | 150 | 153 | 201 | 344 |
| Dividends paid | 79.1 | 83.1 | 83.3 | 83.0 | 82.7 | 83.1 | 82.8 | 82.3 | 81.8 | 81.7 | 81.1 | 79.8 |
| Shares outstanding | 134m | 134m | 134m | 134m | 133m | 133m | 132m | 131m | 130m | 129m | 128m | 125m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
Profit and loss, 12 fiscal years and the trailing twelve months
| FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 † | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12,074 | 12,989 | 13,673 | 14,833 | 16,240 | 18,032 | 18,468 | 20,821 | 23,749 | 21,376 | 20,999 | 22,424 | 23,500 |
| Cost of revenue | 10,153 | 10,873 | 11,344 | 12,383 | 13,534 | 14,992 | 15,257 | 17,252 | 19,062 | 16,724 | 16,396 | 17,551 | 18,481 |
| Gross profit | 1,921 | 2,116 | 2,327 | 2,450 | 2,707 | 3,040 | 3,210 | 3,568 | 4,687 | 4,652 | 4,602 | 4,873 | 5,020 |
| Gross margin | 15.9% | 16.3% | 17.0% | 16.5% | 16.7% | 16.9% | 17.4% | 17.1% | 19.7% | 21.8% | 21.9% | 21.7% | 21.4% |
| Selling, general and administrative | 1,110 | 1,226 | 1,345 | 1,410 | 1,720 | 1,906 | 2,031 | 2,150 | 2,951 | 2,972 | 2,951 | 3,218 | 3,341 |
| Operating income | 673 | 742 | 819 | 866 | 987 | 1,134 | 1,179 | 1,419 | 1,735 | 1,681 | 1,651 | 1,656 | 1,679 |
| Operating margin | 5.6% | 5.7% | 6.0% | 5.8% | 6.1% | 6.3% | 6.4% | 6.8% | 7.3% | 7.9% | 7.9% | 7.4% | 7.1% |
| Pre-tax income | 388 | 647 | 672 | 660 | 840 | 950 | 1,002 | 1,298 | 1,488 | 1,450 | 1,435 | 1,427 | 1,450 |
| Income tax | 143 | 244 | 248 | 138 | 198 | 213 | 214 | 309 | 373 | 346 | 358 | 361 | 370 |
| Effective tax rate | 36.8% | 37.7% | 36.9% | 20.8% | 23.5% | 22.4% | 21.3% | 23.8% | 25.1% | 23.9% | 24.9% | 25.3% | 25.5% |
| Net income | 245 | 403 | 424 | 523 | 643 | 737 | 788 | 989 | 1,114 | 1,104 | 1,078 | 1,067 | 1,080 |
| Net margin | 2.0% | 3.1% | 3.1% | 3.5% | 4.0% | 4.1% | 4.3% | 4.7% | 4.7% | 5.2% | 5.1% | 4.8% | 4.6% |
| Diluted EPS | $1.42 | $2.35 | $2.56 | $3.31 | $4.19 | $4.99 | $5.45 | $7.04 | $8.13 | $8.10 | $7.97 | $8.08 | $8.31 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.
Cash flow and capital returned
| FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 † | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 435 | 278 | 604 | 778 | 906 | 1,027 | 1,314 | 785 | 1,336 | 1,599 | 1,277 | 1,205 | 982 |
| Capital expenditure | 55.0 | 90.1 | 63.5 | 81.1 | 86.1 | 236 | 158 | 100 | 128 | 148 | 123 | 117 | 122 |
| Free cash flow | 380 | 187 | 540 | 697 | 820 | 791 | 1,156 | 685 | 1,208 | 1,450 | 1,155 | 1,088 | 860 |
| Free cash flow margin | 3.1% | 1.4% | 4.0% | 4.7% | 5.0% | 4.4% | 6.3% | 3.3% | 5.1% | 6.8% | 5.5% | 4.9% | 3.7% |
| Depreciation and amortisation | 208 | 227 | 254 | 261 | 266 | 267 | 426 | 191 | 291 | 271 | 275 | 296 | 298 |
| Share-based compensation | 16.4 | 31.2 | 39.2 | 43.7 | 40.7 | 48.5 | 42.5 | 72.6 | 91.1 | 93.7 | 64.7 | 83.6 | 89.8 |
| Buybacks | 0.0 | 241 | 367 | 534 | 522 | 657 | 341 | 1,500 | 0.0 | 500 | 500 | 653 | 848 |
| Dividends paid | 33.6 | 52.9 | 78.7 | 107 | 139 | 183 | 220 | 235 | 283 | 322 | 332 | 329 | 324 |
| Dividend per share | $0.20 | $0.31 | $0.48 | $0.69 | $0.93 | $1.26 | $1.54 | $1.70 | $2.09 | $2.39 | $2.48 | $2.50 | n/a |
| Diluted shares, weighted | 173m | 172m | 166m | 158m | 154m | 148m | 145m | 140m | 137m | 136m | 135m | 132m | 127m |
| Shares outstanding at period end | 172m | 168m | 160m | 153m | 148m | 143m | 142m | 135m | 136m | 134m | 133m | 129m | 125m |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.
Balance sheet at year end
| FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 † | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | 6,076 | 6,755 | 6,948 | 6,957 | 7,168 | 7,999 | 9,345 | 13,199 | 13,132 | 13,285 | 14,678 | 16,028 | 17,255 |
| Cash and equivalents | 344 | 37.6 | 264 | 144 | 206 | 154 | 1,410 | 258 | 315 | 589 | 504 | 619 | 362 |
| Receivables | 1,561 | 2,017 | 2,169 | 2,329 | 2,671 | 3,002 | 3,213 | 4,499 | 4,461 | 4,568 | 5,136 | 6,312 | 7,344 |
| Inventory | 338 | 393 | 424 | 412 | 454 | 611 | 760 | 928 | 800 | 668 | 605 | 563 | 982 |
| Goodwill | 2,218 | 2,500 | 2,455 | 2,480 | 2,463 | 2,553 | 2,596 | 4,383 | 4,343 | 4,413 | 4,620 | 4,662 | 4,652 |
| Total debt, as filed | 3,190 | 3,286 | 3,268 | 3,256 | 3,226 | 3,338 | 3,954 | 6,904 | 5,959 | 5,673 | 5,876 | 5,655 | n/a |
| Long-term debt | 3,151 | 3,232 | 3,216 | 3,210 | 3,183 | 3,283 | 3,856 | 6,756 | 5,866 | 5,032 | 5,607 | 4,622 | 4,808 |
| Borrowings, as the company tags them | 3,177 | 3,286 | 3,268 | 3,256 | 3,226 | 3,338 | 3,954 | 6,904 | 5,959 | 5,673 | 5,876 | 5,655 | 5,839 |
| Operating lease liabilities | n/a | n/a | n/a | n/a | 0.0 | 131 | 169 | 184 | 175 | 164 | 149 | 158 | 147 |
| Shareholders' equity | 936 | 1,096 | 1,048 | 986 | 975 | 960 | 1,297 | 706 | 1,603 | 2,042 | 2,353 | 2,606 | 2,442 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.
Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | 5.6% | 4.0% | -1.9% | 7.4% |
| Profit growth, compounded | 10.2% | 6.2% | -1.5% | 0.3% |
| Return on equity, average | 64.7% | 70.1% | 46.9% | 40.9% |
Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.
Peers: Retail-Catalog & Mail-Order Houses
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Amazon.com Inc. AMZN | $2.79 trillion | 20.79 | 24.5% | 12.1% | 15.8% | 0.24 | n/a |
| CDW Corp. CDW | $18.3 billion | 17.62 | 44.2% | 7.1% | 7.4% | 1.97 | 1.7% |
The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 30 June 2026 | 5 August 2026 | EDGAR |
| 10-Q | 31 March 2026 | 6 May 2026 | EDGAR |
| 10-K | 31 December 2025 | 20 February 2026 | EDGAR |
| 10-Q | 30 September 2025 | 4 November 2025 | EDGAR |
| 10-Q | 30 June 2025 | 6 August 2025 | EDGAR |
| 10-Q | 31 March 2025 | 7 May 2025 | EDGAR |
| 10-K | 31 December 2024 | 21 February 2025 | EDGAR |
| 10-Q | 30 September 2024 | 30 October 2024 | EDGAR |
| 10-Q | 30 June 2024 | 31 July 2024 | EDGAR |
| 10-Q | 31 March 2024 | 1 May 2024 | EDGAR |
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