CDW (CDW) Q4 FY2025 earnings: revenue $5.5 billion, up 6.3% on the year

CDW Corp. (CDW) reported revenue of $5.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.3% on the same quarter a year earlier. Net income was $280 million, up 5.8% on the year, and diluted earnings per share $2.14. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue

$5.5 billion

+6.3% on the year · -3.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

7.8%

7.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$280 million

+5.8% on the year · -4.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.14

+8.6% on the year · -3.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Fourth quarter sales rose 6.3 percent: Net sales were $5,511 million, up 6.3 percent from $5,186 million. On average daily sales, growth was 4.6 percent, with 63 selling days against 62.
Full year sales rose 6.8 percent: Full year net sales were $22,424 million, up 6.8 percent from $20,999 million. Growth on a constant currency basis was 6.6 percent, with 254 selling days in both years.
Q4 gross margin rose to 22.8 percent: Fourth quarter gross margin was 22.8 percent, against 22.3 percent a year earlier. Gross profit was $1,254 million, up 8.6 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	5,511	5,737	5,186	-3.9%	+6.3%
Cost of revenue	4,257	4,482	4,031	-5.0%	+5.6%
Gross profit	1,254	1,256	1,155	-0.1%	+8.6%
Gross margin	22.8%	21.9%	22.3%
Selling, general and administrative	824	812	747	+1.4%	+10.3%
Operating income	431	443	409	-2.8%	+5.4%
Operating margin	7.8%	7.7%	7.9%
Interest expense	58.5	55.0	56.5	+6.4%	+3.5%
Pre-tax income	369	389	352	-5.2%	+5.0%
Income tax	89.6	98.4	87.3	-8.9%	+2.6%
Effective tax rate	24.3%	25.3%	24.8%
Net income	280	291	264	-4.0%	+5.8%
Net margin	5.1%	5.1%	5.1%
Diluted EPS	$2.14	$2.21	$1.97	-3.2%	+8.6%

$ million except per share.

Fourth quarters are the year less the first three 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.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	434	328	345	+32.1%	+25.6%
Capital expenditure	37.9	29.8	28.6	+27.2%	+32.5%
Free cash flow	396	298	317	+32.6%	+25.0%
Free cash flow margin	7.2%	5.2%	6.1%
Cash from investing	-54.5	-29.9	-354
Cash from financing	-216	-320	-416
Depreciation and amortisation	74.1	73.3	69.5	+1.1%	+6.6%
Share-based compensation	12.5	27.1	13.9	-53.9%	-10.1%
Buybacks	153	150	146	+2.1%	+4.8%
Dividends paid	81.7	81.8	83.1	-0.1%	-1.7%
Dividend per share	n/a	$0.62	n/a
Diluted shares, weighted	131m	132m	134m	-0.9%	-2.8%
Shares outstanding at period end	129m	130m	133m	-0.7%	-2.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	2,606	2,540	2,353	+2.6%	+10.8%
Debt	5,655	5,629	5,876	+0.5%	-3.7%
Operating lease liabilities	158	129	149	+22.5%	+5.8%
Other liabilities	7,609	6,900	6,301	+10.3%	+20.8%
Total liabilities and equity	16,028	15,198	14,678	+5.5%	+9.2%
Fixed assets	172	177	192	-3.2%	-10.7%
Goodwill	4,662	4,642	4,620	+0.4%	+0.9%
Intangible assets	1,186	1,226	1,357	-3.2%	-12.5%
Investments	0.0	0.0	214
Cash and equivalents	619	453	504	+36.6%	+22.9%
Receivables	6,312	5,785	5,136	+9.1%	+22.9%
Inventory	563	505	605	+11.6%	-6.9%
Other assets	2,514	2,410	2,051	+4.3%	+22.6%
Total assets	16,028	15,198	14,678	+5.5%	+9.2%

Questions

What was CDW's revenue in Q4 FY2025?

CDW (CDW) reported revenue of $5.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.3% on the same quarter a year earlier.

How much did CDW earn in Q4 FY2025?

Net income for Q4 FY2025 was $280 million, up 5.8% on the year, and diluted earnings per share $2.14.

When did CDW report Q4 FY2025 results?

CDW filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,537	5,949	6,146	6,216	5,438	5,103	5,626	5,628	5,018	4,873	5,423	5,517	5,186	5,199	5,977	5,737	5,511	5,680	6,572	6,754
Cost of revenue	4,561	4,845	4,978	4,982	4,257	4,014	4,445	4,401	3,865	3,809	4,240	4,316	4,031	4,077	4,735	4,482	4,257	4,490	5,252	5,369
Gross profit	976	1,104	1,168	1,233	1,181	1,089	1,182	1,228	1,154	1,063	1,183	1,201	1,155	1,122	1,241	1,256	1,254	1,190	1,320	1,385
Gross margin	18%	19%	19%	20%	22%	21%	21%	22%	23%	22%	22%	22%	22%	22%	21%	22%	23%	21%	20%	21%
SG&A	636	717	733	767	734	734	769	749	719	735	750	719	747	761	821	812	824	814	891	896
Operating income	339	387	435	466	447	355	412	478	435	328	433	482	409	361	420	443	431	376	429	490
Operating margin	6%	7%	7%	8%	8%	7%	7%	8%	9%	7%	8%	9%	8%	7%	7%	8%	8%	7%	7%	7%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	57.4	n/a	51.3	52.3	54.4	56.5	57.1	56.8	55.0	58.5	55.3	60.2	65.9
Pre-tax income	287	330	377	399	381	296	353	420	381	277	380	428	352	304	365	389	369	319	373	424
Tax rate	25%	24%	26%	25%	25%	22%	26%	25%	22%	22%	26%	26%	25%	26%	26%	25%	24%	26%	26%	27%
Net income	215	250	279	298	287	230	263	316	296	216	281	316	264	225	271	291	280	235	274	310
Net margin	4%	4%	5%	5%	5%	5%	5%	6%	6%	4%	5%	6%	5%	4%	5%	5%	5%	4%	4%	5%
Diluted EPS	$1.57	$1.83	$2.04	$2.17	$2.09	$1.68	$1.92	$2.32	$2.18	$1.59	$2.07	$2.34	$1.97	$1.69	$2.05	$2.21	$2.14	$1.82	$2.15	$2.46
Operating cash flow	148	381	380	333	242	365	228	469	536	440	150	342	345	287	156	328	434	275	-55.1	399
Capital expenditure	33.8	41.3	22.3	33.6	30.6	31.7	39.6	43.4	33.5	29.5	30.9	33.6	28.6	26.9	22.5	29.8	37.9	26.4	27.5	26.8
Free cash flow	114	340	358	299	211	334	189	425	503	410	119	308	317	260	133	298	396	248	-82.6	372
Buybacks	315	0.0	0.0	0.0	0.0	200	196	53.9	50.0	52.1	202	100	146	200	150	150	153	201	344	108
Dividends paid	67.7	67.5	67.5	67.7	79.9	79.9	79.4	79.1	83.1	83.3	83.0	82.7	83.1	82.8	82.3	81.8	81.7	81.1	79.8	78.7
Shares outstanding	135m	135m	135m	135m	136m	135m	134m	134m	134m	134m	134m	133m	133m	132m	131m	130m	129m	128m	125m	125m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 20 February 2026: the filing.