C

CDW CORP

CDW · CIK 0001402057

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$22.42B6.8%
FY2025
Net income (FY)
$1.07B1.0%
FY2025
Free cash flow (FY)
$1.09B5.8%
FY2025
Diluted EPS (FY)
$8.081.4%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10B$20BFY2009 · Revenue $7.16B · Net income −$373.4M · 0001402057-12-000006 · filed 2012-03-09FY09Revenue $7.16BNet income −$373.4M0001402057-12-000006 · filed 2012-03-09FY2010 · Revenue $8.80B · Net income −$29.2M · 0001402057-13-000003 · filed 2013-03-08FY10Revenue $8.80BNet income −$29.2M0001402057-13-000003 · filed 2013-03-08FY2011 · Revenue $9.60B · Net income $17.1M · 0001402057-14-000002 · filed 2014-03-05FY11Revenue $9.60BNet income $17.1M0001402057-14-000002 · filed 2014-03-05FY2012 · Revenue $10.13B · Net income $119.0M · 0001402057-14-000002 · filed 2014-03-05 · 0001402057-15-000003 · filed 2015-02-26FY12Revenue $10.13BNet income $119.0M0001402057-14-000002 · filed 2014-03-05 · 0001402057-15-000003 · filed 2015-02-26FY2013 · Revenue $10.77B · Net income $132.8M · 0001402057-14-000002 · filed 2014-03-05 · 0001402057-16-000057 · filed 2016-02-25FY13Revenue $10.77BNet income $132.8M0001402057-14-000002 · filed 2014-03-05 · 0001402057-16-000057 · filed 2016-02-25FY2014 · Revenue $12.07B · Net income $244.9M · 0001402057-17-000007 · filed 2017-03-01FY14Revenue $12.07BNet income $244.9M0001402057-17-000007 · filed 2017-03-01FY2015 · Revenue $12.99B · Net income $403.1M · 0001402057-18-000038 · filed 2018-03-01FY15Revenue $12.99BNet income $403.1M0001402057-18-000038 · filed 2018-03-01FY2016 · Revenue $13.67B · Net income $425.1M · 0001402057-19-000046 · filed 2019-02-27FY16Revenue $13.67BNet income $425.1M0001402057-19-000046 · filed 2019-02-27FY2017 · Revenue $14.83B · Net income $523.1M · 0001402057-20-000042 · filed 2020-02-28FY17Revenue $14.83BNet income $523.1M0001402057-20-000042 · filed 2020-02-28FY2018 · Revenue $16.24B · Net income $643.0M · 0001402057-21-000022 · filed 2021-02-26FY18Revenue $16.24BNet income $643.0M0001402057-21-000022 · filed 2021-02-26FY2019 · Revenue $18.03B · Net income $736.8M · 0001402057-22-000020 · filed 2022-02-28FY19Revenue $18.03BNet income $736.8M0001402057-22-000020 · filed 2022-02-28FY2020 · Revenue $18.47B · Net income $788.5M · 0001402057-23-000052 · filed 2023-02-24FY20Revenue $18.47BNet income $788.5M0001402057-23-000052 · filed 2023-02-24FY2021 · Revenue $20.82B · Net income $988.6M · 0001402057-24-000015 · filed 2024-02-26FY21Revenue $20.82BNet income $988.6M0001402057-24-000015 · filed 2024-02-26FY2022 · Revenue $23.75B · Net income $1.11B · 0001402057-25-000018 · filed 2025-02-21FY22Revenue $23.75BNet income $1.11B0001402057-25-000018 · filed 2025-02-21FY2023 · Revenue $21.38B · Net income $1.10B · 0001402057-26-000011 · filed 2026-02-20FY23Revenue $21.38BNet income $1.10B0001402057-26-000011 · filed 2026-02-20FY2024 · Revenue $21.00B · Net income $1.08B · 0001402057-26-000011 · filed 2026-02-20FY24Revenue $21.00BNet income $1.08B0001402057-26-000011 · filed 2026-02-20FY2025 · Revenue $22.42B · Net income $1.07B · 0001402057-26-000011 · filed 2026-02-20FY25Revenue $22.42BNet income $1.07B0001402057-26-000011 · filed 2026-02-20FY25Revenue $22.42BNet income $1.07B0001402057-26-000011 · filed 2026-02-20FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 3.1× since FY2009 · net margin -5.2% → 4.8%

MarginsNet marginFCF margin
-5%0%5%FY2009 · Net margin -5.2% · FCF margin 1.3%FY09Net margin -5.2%FCF margin 1.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin -0.3% · FCF margin 4.3%FY10Net margin -0.3%FCF margin 4.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 0.2% · FCF margin 1.8%FY11Net margin 0.2%FCF margin 1.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 1.2% · FCF margin 2.7%FY12Net margin 1.2%FCF margin 2.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 1.2% · FCF margin 3.0%FY13Net margin 1.2%FCF margin 3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 2.0% · FCF margin 3.1%FY14Net margin 2.0%FCF margin 3.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 3.1% · FCF margin 1.4%FY15Net margin 3.1%FCF margin 1.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 3.1% · FCF margin 4.0%FY16Net margin 3.1%FCF margin 4.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 3.5% · FCF margin 4.7%FY17Net margin 3.5%FCF margin 4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 4.0% · FCF margin 5.0%FY18Net margin 4.0%FCF margin 5.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 4.1% · FCF margin 4.4%FY19Net margin 4.1%FCF margin 4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 4.3% · FCF margin 6.3%FY20Net margin 4.3%FCF margin 6.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 4.7% · FCF margin 3.3%FY21Net margin 4.7%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 4.7% · FCF margin 5.1%FY22Net margin 4.7%FCF margin 5.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 5.2% · FCF margin 6.8%FY23Net margin 5.2%FCF margin 6.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 5.1% · FCF margin 5.5%FY24Net margin 5.1%FCF margin 5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 4.8% · FCF margin 4.9%FY25Net margin 4.8%FCF margin 4.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 4.8%FCF margin 4.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 4.8% · free cash flow 4.9% of revenue

Cash engineOperating cash flowFree cash flow
$0$500M$1B$1.5BFY2009 · OCF $107.6M · FCF $92.0M · 0001402057-12-000006 · filed 2012-03-09FY09OCF $107.6MFCF $92.0M0001402057-12-000006 · filed 2012-03-09FY2010 · OCF $423.7M · FCF $382.2M · 0001402057-13-000003 · filed 2013-03-08FY10OCF $423.7MFCF $382.2M0001402057-13-000003 · filed 2013-03-08FY2011 · OCF $214.7M · FCF $169.0M · 0001402057-14-000002 · filed 2014-03-05FY11OCF $214.7MFCF $169.0M0001402057-14-000002 · filed 2014-03-05FY2012 · OCF $317.4M · FCF $276.0M · 0001402057-15-000003 · filed 2015-02-26FY12OCF $317.4MFCF $276.0M0001402057-15-000003 · filed 2015-02-26FY2013 · OCF $366.3M · FCF $319.2M · 0001402057-16-000057 · filed 2016-02-25FY13OCF $366.3MFCF $319.2M0001402057-16-000057 · filed 2016-02-25FY2014 · OCF $435.0M · FCF $380.0M · 0001402057-17-000007 · filed 2017-03-01FY14OCF $435.0MFCF $380.0M0001402057-17-000007 · filed 2017-03-01FY2015 · OCF $277.5M · FCF $187.4M · 0001402057-18-000038 · filed 2018-03-01FY15OCF $277.5MFCF $187.4M0001402057-18-000038 · filed 2018-03-01FY2016 · OCF $604.0M · FCF $540.5M · 0001402057-19-000046 · filed 2019-02-27FY16OCF $604.0MFCF $540.5M0001402057-19-000046 · filed 2019-02-27FY2017 · OCF $777.7M · FCF $696.6M · 0001402057-20-000042 · filed 2020-02-28FY17OCF $777.7MFCF $696.6M0001402057-20-000042 · filed 2020-02-28FY2018 · OCF $905.9M · FCF $819.8M · 0001402057-21-000022 · filed 2021-02-26FY18OCF $905.9MFCF $819.8M0001402057-21-000022 · filed 2021-02-26FY2019 · OCF $1.03B · FCF $790.9M · 0001402057-22-000020 · filed 2022-02-28FY19OCF $1.03BFCF $790.9M0001402057-22-000020 · filed 2022-02-28FY2020 · OCF $1.31B · FCF $1.16B · 0001402057-23-000052 · filed 2023-02-24FY20OCF $1.31BFCF $1.16B0001402057-23-000052 · filed 2023-02-24FY2021 · OCF $784.6M · FCF $684.6M · 0001402057-24-000015 · filed 2024-02-26FY21OCF $784.6MFCF $684.6M0001402057-24-000015 · filed 2024-02-26FY2022 · OCF $1.34B · FCF $1.21B · 0001402057-25-000018 · filed 2025-02-21FY22OCF $1.34BFCF $1.21B0001402057-25-000018 · filed 2025-02-21FY2023 · OCF $1.60B · FCF $1.45B · 0001402057-26-000011 · filed 2026-02-20FY23OCF $1.60BFCF $1.45B0001402057-26-000011 · filed 2026-02-20FY2024 · OCF $1.28B · FCF $1.15B · 0001402057-26-000011 · filed 2026-02-20FY24OCF $1.28BFCF $1.15B0001402057-26-000011 · filed 2026-02-20FY2025 · OCF $1.21B · FCF $1.09B · 0001402057-26-000011 · filed 2026-02-20FY25OCF $1.21BFCF $1.09B0001402057-26-000011 · filed 2026-02-20FY25OCF $1.21BFCF $1.09B0001402057-26-000011 · filed 2026-02-20’09’13’17’21’25

FY2025: $1.21B operating cash − $117.1M capex = $1.09B free cash flow

Returns on capitalReturn on equityReturn on assets
-200%0%FY2010 · ROE 67.1% · ROA -0.5%FY10ROE 67.1%ROA -0.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE -234.2% · ROA 0.3%FY11ROE -234.2%ROA 0.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 87.2% · ROA 2.1%FY12ROE 87.2%ROA 2.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 18.7% · ROA 2.2%FY13ROE 18.7%ROA 2.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 26.2% · ROA 4.0%FY14ROE 26.2%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 36.8% · ROA 6.0%FY15ROE 36.8%ROA 6.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 40.7% · ROA 6.1%FY16ROE 40.7%ROA 6.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 53.1% · ROA 7.5%FY17ROE 53.1%ROA 7.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 65.9% · ROA 9.0%FY18ROE 65.9%ROA 9.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 76.7% · ROA 9.2%FY19ROE 76.7%ROA 9.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 60.8% · ROA 8.4%FY20ROE 60.8%ROA 8.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 140.1% · ROA 7.5%FY21ROE 140.1%ROA 7.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 69.5% · ROA 8.5%FY22ROE 69.5%ROA 8.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 54.1% · ROA 8.3%FY23ROE 54.1%ROA 8.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 45.8% · ROA 7.3%FY24ROE 45.8%ROA 7.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 40.9% · ROA 6.7%FY25ROE 40.9%ROA 6.7%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 40.9%ROA 6.7%derived: net income ÷ equity · derived: net income ÷ assets’13’17’21’25

return on equity 67% (FY2010) → 41% (FY2025) · on assets 6.7%

Balance sheetLiabilitiesEquity
$0$2B$4B$6BFY2016 · Liabilities $5.90B · Equity $1.05BFY16Liabilities $5.90BEquity $1.05B0001402057-18-000038 · filed 2018-03-01FY2017 · Liabilities $5.98B · Equity $985.6MFY17Liabilities $5.98BEquity $985.6M0001402057-19-000046 · filed 2019-02-27FY17Liabilities $5.98BEquity $985.6M0001402057-19-000046 · filed 2019-02-27’16’17
The receipts