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CDW Corporation (CDW)
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CDW Corporation Income Statement 2025-2008 | CDW
Brief overview of profit and loss at CDW Corporation
The comparison covers a five-year financial horizon. Revenue at CDW Corporation moved from $18.5 billion in 2020 to $22.4 billion in 2025. The cumulative result was +21.4%, corresponding to roughly 4% per year. The business did not achieve meaningful top-line expansion.
The five-year change in gross profit reached +51.8%: from 3.2 billion dollars to 4.9 billion dollars. The relationship between sales and direct costs improved over the period. At the margin level, the figure shifted from 17.4% to 21.7%. Improving gross profitability strengthens the quality of revenue growth.
EBITDA changed from 1.6 billion dollars to 2 billion dollars (+21.6%). Operating performance was consistent with the change in sales. Comparing the endpoints gives EBITDA margins of 8.7% and 8.7%. The operating margin showed no pronounced shift.
The five-year change in net income was +35.3%: from 788 million dollars to 1.1 billion dollars. Net profitability strengthened faster than the top line.
The five-year change in capitalization reached −26.5%: from $22.3 billion to $16.4 billion. The market has not yet confirmed the improvement in fundamentals.
Summary assessment
The figures do not all move in the same direction. Key strengths include a stronger final result, improving gross profitability and stable operating profitability. Caution is warranted because of weak sales momentum and a weaker market valuation. The next reporting periods will show whether revenue, margins, and final profitability can strengthen.
Annual Income Statement CDW Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
16.4 B | 25.1 B | 33.2 B | 27.3 B | 23.9 B | 22.3 B | 19.4 B | 12.5 B | 11.7 B | 8.35 B | 6.55 B | 5.84 B | 3.69 B | - | - | - | - | - |
Shares |
131 M | 134 M | 135 M | 135 M | 138 M | 143 M | 145 M | 151 M | 155 M | 164 M | 170 M | 171 M | 157 M | - | - | 144 M | - | - |
Historical Prices |
125 | 187 | 247 | 202 | 172 | 156 | 112 | 91.2 | 70 | 55.9 | 37.1 | 35 | 24.2 | - | - | - | - | - |
Net Income |
1.07 B | 1.08 B | 1.1 B | 1.11 B | 989 M | 788 M | 737 M | 643 M | 523 M | 424 M | 403 M | 245 M | 133 M | 119 M | 17.1 M | -29.2 M | -373 M | - |
Revenue |
22.4 B | 21 B | 21.4 B | 23.7 B | 20.8 B | 18.5 B | 18 B | 16.2 B | 15.2 B | 14 B | 13 B | 12.1 B | 10.8 B | 10.1 B | 9.6 B | 8.8 B | - | - |
Cost of Revenue |
17.6 B | 16.4 B | 16.7 B | 19.1 B | 17.3 B | 15.3 B | 15 B | 13.5 B | 12.4 B | 11.3 B | 10.9 B | 10.2 B | 9.01 B | 8.46 B | 8.02 B | 7.41 B | 6.03 B | - |
Gross Profit |
4.87 B | 4.6 B | 4.65 B | 4.69 B | 3.57 B | 3.21 B | 3.04 B | 2.71 B | 2.45 B | 2.33 B | 2.12 B | 1.92 B | 1.76 B | 1.67 B | 1.59 B | 1.39 B | 1.13 B | - |
Operating Income |
1.66 B | 1.65 B | 1.68 B | 1.74 B | 1.42 B | 1.18 B | 1.13 B | 987 M | 866 M | 820 M | 742 M | 673 M | 509 M | 511 M | 471 M | 353 M | -31.9 M | - |
Interest Expense |
-800 K | -1.4 M | -4.1 M | -11.7 M | 29.7 M | -22 M | -24.5 M | 1.8 M | -55.3 M | 1.8 M | -9.3 M | 2.7 M | 250 M | 307 M | 324 M | 392 M | 432 M | - |
EBITDA |
1.95 B | 1.93 B | 1.95 B | 2.03 B | 1.61 B | 1.6 B | 1.4 B | 1.25 B | 1.13 B | 1.07 B | 969 M | 881 M | 717 M | 721 M | 676 M | 562 M | 186 M | - |
Operating Expenses |
3.22 B | 2.95 B | 2.97 B | 2.95 B | 2.15 B | 2.03 B | 1.91 B | 1.72 B | 1.58 B | 1.51 B | 1.37 B | 1.25 B | 1.25 B | 1.16 B | 1.12 B | 1.04 B | 1.16 B | - |
General and Administrative Expenses |
3.22 B | 2.95 B | 2.97 B | 2.95 B | 2.15 B | 2.03 B | 1.71 B | 1.54 B | 1.41 B | 1.35 B | 1.23 B | 1.11 B | 1.12 B | 1.03 B | 994 M | 932 M | 821 M | - |
Annual performance
Select metrics to display
All numbers in USD currency
Quarterly Income Statement CDW Corporation
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
125 M | 127 M | 129 M | -400 K | 131 M | 132 M | 132 M | -200 K | 134 M | 134 M | 134 M | -200 K | 134 M | 135 M | 136 M | 100 M | 135 M | 135 M | 135 M | -1 M | 137 M | 140 M | 141 M | 142 M | 143 M | 142 M | 143 M | -600 K | 144 M | 146 M | 147 M | -700 K | 151 M | 152 M | 152 M | -900 K | 154 M | 156 M | 159 M | -1.2 M | 162 M | 165 M | 167 M | -600 K | 170 M | 171 M | 172 M | 400 K | 171 M | 170 M | 170 M | 4.1 M | 167 M | 145 M | 145 M | 100 M | 145 M | 145 M | - | 145 M | - | - | - |
Net Income |
310 M | 274 M | 235 M | 280 M | 291 M | 271 M | 225 M | 264 M | 316 M | 281 M | 216 M | 296 M | 316 M | 263 M | 230 M | 287 M | 298 M | 279 M | 250 M | 215 M | 267 M | 274 M | 233 M | 238 M | 193 M | 189 M | 168 M | 186 M | 202 M | 197 M | 153 M | 159 M | 184 M | 173 M | 127 M | 195 M | 129 M | 141 M | 58.2 M | 103 M | 126 M | 118 M | 77.8 M | 89.3 M | 151 M | 108 M | 54.7 M | 51.8 M | 55.6 M | 86.6 M | 50.9 M | 60 M | -2.2 M | 46.7 M | 28.3 M | 33.3 M | 38 M | 36.8 M | 10.9 M | 19 M | 37.1 M | -34.8 M | -4.2 M |
Revenue |
6.75 B | 6.57 B | 5.68 B | 5.51 B | 5.74 B | 5.98 B | 5.2 B | 5.19 B | 5.52 B | 5.42 B | 4.87 B | 5.02 B | 5.63 B | 5.63 B | 5.1 B | 5.44 B | 6.22 B | 6.15 B | 5.95 B | 5.54 B | 5.3 B | 5.15 B | 4.84 B | 4.96 B | 4.76 B | 4.37 B | 4.39 B | 4.54 B | 4.91 B | 4.63 B | 3.96 B | 4.07 B | 4.37 B | 4.19 B | 3.61 B | 3.75 B | 3.93 B | 3.89 B | 3.26 B | 3.49 B | 3.71 B | 3.66 B | 3.12 B | 3.42 B | 3.5 B | 3.31 B | 2.76 B | 3.05 B | 3.27 B | 3.11 B | 2.65 B | 2.71 B | 2.86 B | 2.78 B | 2.41 B | 2.6 B | 2.62 B | 2.58 B | 2.32 B | 2.48 B | 2.58 B | 2.41 B | 2.13 B |
Cost of Revenue |
5.37 B | 5.25 B | 4.49 B | 4.26 B | 4.48 B | 4.74 B | 4.08 B | 4.03 B | 4.32 B | 4.24 B | 3.81 B | 3.86 B | 4.4 B | 4.44 B | 4.01 B | 4.26 B | 4.98 B | 4.98 B | 4.84 B | 4.56 B | 4.39 B | 4.26 B | 4.04 B | 4.08 B | 3.93 B | 3.62 B | 3.63 B | 3.76 B | 4.09 B | 3.86 B | 3.29 B | 3.38 B | 3.66 B | 3.49 B | 3 B | 3.14 B | 3.29 B | 3.25 B | 2.7 B | 2.6 B | 3.09 B | 3.05 B | 2.59 B | 2.86 B | 2.93 B | 2.78 B | 2.3 B | 2.56 B | 2.76 B | 2.61 B | 2.23 B | 2.26 B | 2.41 B | 2.33 B | 2.01 B | 2.18 B | 2.19 B | 2.16 B | 1.93 B | 2.07 B | 2.16 B | 2.01 B | 1.78 B |
Gross Profit |
1.39 B | 1.32 B | 1.19 B | 1.25 B | 1.26 B | 1.24 B | 1.12 B | 1.16 B | 1.2 B | 1.18 B | 1.06 B | 1.15 B | 1.23 B | 1.18 B | 1.09 B | 1.18 B | 1.23 B | 1.17 B | 1.1 B | 976 M | 915 M | 883 M | 795 M | 881 M | 826 M | 747 M | 756 M | 778 M | 816 M | 774 M | 672 M | 694 M | 714 M | 696 M | 604 M | 614 M | 642 M | 641 M | 554 M | 578 M | 614 M | 610 M | 524 M | 558 M | 567 M | 534 M | 456 M | 492 M | 507 M | 497 M | 425 M | 448 M | 458 M | 452 M | 402 M | 425 M | 433 M | 427 M | 385 M | 412 M | 420 M | 401 M | 350 M |
Operating Income |
490 M | 429 M | 376 M | 431 M | 443 M | 420 M | 361 M | 409 M | 482 M | 433 M | 328 M | 435 M | 478 M | 412 M | 355 M | 447 M | 466 M | 435 M | 387 M | 339 M | 386 M | 370 M | 323 M | 332 M | 318 M | 283 M | 246 M | 284 M | 321 M | 300 M | 229 M | 243 M | 275 M | 266 M | 204 M | 221 M | 244 M | 231 M | 171 M | 197 M | 238 M | 224 M | 161 M | 180 M | 205 M | 206 M | 152 M | 164 M | 185 M | 188 M | 136 M | 142 M | 92.9 M | 154 M | 120 M | 131 M | 140 M | 136 M | 104 M | 111 M | 140 M | 128 M | 91.7 M |
Interest Expense |
300 K | 4.5 M | -1.7 M | -3.1 M | 1.1 M | 1.5 M | -300 K | -600 K | 400 K | -52.3 M | -51.3 M | -53.3 M | -57.4 M | -58.2 M | -57.7 M | -59.4 M | -62.6 M | -57.7 M | -56 M | -43.4 M | -36.4 M | -35.5 M | -35.6 M | -37.1 M | -40.2 M | -39.7 M | -37.9 M | -38.3 M | -42.3 M | -40.5 M | -38.3 M | -37.1 M | -36.6 M | -37.2 M | -37.7 M | -37.1 M | -37.8 M | -35.9 M | -39.7 M | -33.9 M | -37.6 M | -36.9 M | -38.1 M | -38.4 M | -38.5 M | -37.8 M | -44.8 M | -48.6 M | -50.1 M | 48.5 M | 50.1 M | -449 M | 56.2 M | 200 K | 400 K | 307 M | 200 K | 200 K | -200 K | -300 K | 500 K | 65.7 M | 92.1 M |
EBITDA |
565 M | 504 M | 451 M | 457 M | 517 M | 494 M | 436 M | 425 M | 551 M | 502 M | 395 M | 451 M | 544 M | 478 M | 426 M | 462 M | 542 M | 506 M | 458 M | 348 M | 435 M | 416 M | 369 M | 195 M | 450 M | 409 M | 337 M | 305 M | 389 M | 365 M | 293 M | 267 M | 341 M | 332 M | 271 M | 247 M | 310 M | 296 M | 235 M | 222 M | 301 M | 287 M | 225 M | 214 M | 264 M | 258 M | 204 M | 190 M | 236 M | 240 M | 188 M | 167 M | 145 M | 206 M | 172 M | 150 M | 193 M | 190 M | 156 M | 111 M | 191 M | 179 M | 143 M |
Operating Expenses |
896 M | 891 M | 814 M | 824 M | 812 M | 821 M | 761 M | 747 M | 719 M | 750 M | 735 M | 719 M | 749 M | 769 M | 734 M | 734 M | 767 M | 733 M | 717 M | 636 M | 528 M | 513 M | 472 M | 549 M | 508 M | 464 M | 511 M | 494 M | 496 M | 474 M | 443 M | 451 M | 439 M | 430 M | 400 M | 393 M | 398 M | 410 M | 383 M | 381 M | 377 M | 387 M | 364 M | 378 M | 363 M | 329 M | 305 M | 328 M | 323 M | 309 M | 289 M | 306 M | 366 M | 298 M | 282 M | 294 M | 293 M | 290 M | 281 M | 301 M | 280 M | 273 M | - |
General and Administrative Expenses |
896 M | 891 M | 814 M | 824 M | 812 M | 821 M | 761 M | 747 M | 719 M | 750 M | 735 M | 719 M | 749 M | 769 M | 734 M | 734 M | 767 M | 733 M | 717 M | 636 M | 528 M | 513 M | 472 M | 549 M | 508 M | 464 M | 511 M | 494 M | 496 M | 474 M | 443 M | 585 M | 391 M | 381 M | 363 M | 347 M | 352 M | 364 M | 347 M | 336 M | 335 M | 345 M | 329 M | 338 M | 321 M | 291 M | 276 M | 290 M | 285 M | 274 M | 261 M | 271 M | 332 M | 266 M | 252 M | 261 M | 257 M | 260 M | 252 M | 265 M | 252 M | 243 M | 229 M |
Quarterly performance
Select metrics to display
All numbers in USD currency
The income statement is one of the three key financial reports of a company CDW Corporation (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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