Revenue growth has rebounded to 9.2% as of 2026Q1, though operating margins remain constrained between 6.6% and 8.7% due to SG&A expenses scaling alongside gross profits.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 | Dec'94 |
|---|
| Sales/Revenue | 22.9B | 22.42B | 21B | 21.38B | 23.75B | 20.82B | 18.47B | 18.03B | 16.24B | 14.83B | 13.67B | 12.99B | 12.07B | 10.77B | 10.13B | 9.6B | 8.8B | 7.16B | 6.79B | 6.29B | 5.74B | 4.66B | 4.26B | 3.96B | 3.84B | 2.56B | 1.73B | 1.28B | 927.89M | 628.7M | 413.3M |
| Revenue Growth % | 7.41% | 6.79% | -1.77% | -9.99% | 14.06% | 12.74% | 2.41% | 11.03% | 9.49% | 8.49% | 5.27% | 7.57% | 12.13% | 6.32% | 5.48% | 9.1% | 22.88% | 5.56% | 7.85% | 9.66% | 23.01% | 9.38% | 7.65% | 3.1% | 50.02% | 47.75% | 35.76% | 37.61% | 47.59% | 52.12% | 52.57% |
| Cost of Goods Sold | 17.96B | 17.55B | 16.4B | 16.72B | 19.06B | 17.25B | 15.26B | 14.99B | 13.53B | 12.38B | 11.34B | 10.87B | 10.15B | 9.01B | 8.46B | 8.02B | 7.41B | 6.03B | 5.72B | 5.32B | 4.87B | 3.99B | 3.7B | 3.43B | 3.35B | 2.24B | 1.51B | 1.1B | 805.41M | 546.4M | 357.6M |
| COGS % of Revenue | - | 78.27% | 78.08% | 78.24% | 80.27% | 82.86% | 82.62% | 83.14% | 83.33% | 83.48% | 82.97% | 83.71% | 84.09% | 83.65% | 83.52% | 83.51% | 84.2% | 84.18% | 84.23% | 84.62% | 84.84% | 85.56% | 86.78% | 86.7% | 87.25% | 87.37% | 87.3% | 86.41% | 86.8% | 86.91% | 86.52% |
| Gross Profit | 4.94B | 4.87B | 4.6B | 4.65B | 4.69B | 3.57B | 3.21B | 3.04B | 2.71B | 2.45B | 2.33B | 2.12B | 1.92B | 1.76B | 1.67B | 1.58B | 1.39B | 1.13B | 1.07B | 967.63M | 870.12M | 673.79M | 563.84M | 527.03M | 489.84M | 323.54M | 220.18M | 173.5M | 122.48M | 82.3M | 55.7M |
| Gross Margin % | 21.57% | 21.73% | 21.92% | 21.76% | 19.73% | 17.14% | 17.38% | 16.86% | 16.67% | 16.52% | 17.03% | 16.29% | 15.91% | 16.35% | 16.48% | 16.49% | 15.8% | 15.82% | 15.77% | 15.38% | 15.16% | 14.44% | 13.22% | 13.3% | 12.75% | 12.63% | 12.7% | 13.59% | 13.2% | 13.09% | 13.48% |
| Gross Profit Growth % | - | 5.89% | -1.07% | -0.73% | 31.33% | 11.16% | 5.6% | 12.3% | 10.48% | 5.24% | 10.04% | 10.12% | 9.15% | 5.43% | 5.44% | 13.86% | 22.76% | 5.89% | 10.56% | 11.21% | 29.14% | 19.5% | 6.98% | 7.59% | 51.4% | 46.95% | 26.9% | 41.65% | 48.82% | 47.76% | 58.24% |
| Operating Expenses | 3.27B | 3.22B | 2.95B | 2.97B | 2.95B | 2.15B | 2.03B | 1.91B | 1.72B | 1.58B | 1.51B | 1.37B | 1.25B | 1.25B | 1.16B | 1.11B | 1.04B | 1.16B | 673.44M | 548M | 477.37M | 389.33M | 265.66M | 258.84M | 230.24M | 165.63M | 115.54M | 93.01M | 68.88M | 51.4M | 36.3M |
| OpEx % of Revenue | - | 14.35% | 14.05% | 13.9% | 12.43% | 10.32% | 11% | 10.57% | 10.59% | 10.68% | 11.03% | 10.58% | 10.34% | 11.62% | 11.44% | 11.59% | 11.79% | 16.26% | 9.92% | 8.71% | 8.32% | 8.35% | 6.23% | 6.53% | 5.99% | 6.47% | 6.67% | 7.28% | 7.42% | 8.18% | 8.78% |
| Selling, General & Admin | 3.27B | 3.22B | 2.93B | 2.97B | 2.95B | 2.15B | 2.03B | 1.91B | 1.72B | 1.58B | 1.51B | 1.37B | 1.25B | 1.25B | 1.16B | 1.11B | 1.04B | 923M | 648.44M | 548M | 386.56M | 325.2M | 261.61M | 253.33M | 217.76M | 149.23M | 115.54M | 90.3M | 64.88M | 49.2M | 34.6M |
| SG&A % of Revenue | - | 14.35% | 13.93% | 13.9% | 12.43% | 10.32% | 11% | 10.57% | 10.59% | 10.68% | 11.03% | 10.58% | 10.34% | 11.62% | 11.44% | 11.59% | 11.79% | 12.89% | 9.56% | 8.71% | 6.74% | 6.97% | 6.13% | 6.39% | 5.67% | 5.83% | 6.67% | 7.07% | 6.99% | 7.83% | 8.37% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 25.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 241.8M | 25M | 0 | 90.8M | 64.13M | 4.05M | 5.51M | 12.48M | 16.4M | 0 | 2.71M | 4M | 2.2M | 1.7M |
| Operating Income | 1.67B | 1.66B | 1.65B | 1.68B | 1.74B | 1.42B | 1.18B | 1.13B | 987.3M | 866.5M | 820M | 742M | 673M | 508.6M | 510.6M | 470.7M | 352.7M | -31.9M | 396.4M | 419.63M | 392.76M | 284.46M | 298.18M | 268.2M | 259.61M | 157.91M | 104.64M | 80.49M | 53.6M | 30.9M | 19.4M |
| Operating Margin % | 7.29% | 7.38% | 7.86% | 7.86% | 7.31% | 6.82% | 6.39% | 6.29% | 6.08% | 5.84% | 6% | 5.71% | 5.57% | 4.72% | 5.04% | 4.9% | 4.01% | -0.45% | 5.84% | 6.67% | 6.85% | 6.1% | 6.99% | 6.77% | 6.76% | 6.17% | 6.04% | 6.3% | 5.78% | 4.91% | 4.69% |
| Operating Income Growth % | - | 0.26% | -1.76% | -3.13% | 22.28% | 20.34% | 4.02% | 14.82% | 13.94% | 5.67% | 10.51% | 10.25% | 32.32% | -0.39% | 8.48% | 33.46% | 1205.64% | -108.05% | -5.54% | 6.84% | 38.07% | -4.6% | 11.18% | 3.31% | 64.4% | 50.91% | 30% | 50.16% | 73.47% | 59.28% | 56.45% |
| EBITDA | 1.89B | 1.95B | 1.93B | 1.95B | 2.03B | 1.61B | 1.6B | 1.4B | 1.25B | 1.13B | 1.07B | 969.4M | 880.9M | 716.8M | 720.8M | 675.6M | 562.1M | 186.3M | 424.54M | 441.13M | 409.76M | 299.59M | 313.74M | 283.58M | 270.09M | 164.7M | 109.4M | 77.79M | 55.58M | 28.7M | 17.7M |
| EBITDA Margin % | 8.26% | 8.7% | 9.17% | 9.13% | 8.53% | 7.73% | 8.69% | 7.77% | 7.71% | 7.6% | 7.86% | 7.46% | 7.3% | 6.66% | 7.12% | 7.04% | 6.39% | 2.6% | 6.26% | 7.01% | 7.14% | 6.42% | 7.36% | 7.16% | 7.03% | 6.43% | 6.31% | 6.09% | 5.99% | 4.57% | 4.28% |
| EBITDA Growth % | -3.88% | 1.3% | -1.28% | -3.66% | 25.81% | 0.34% | 14.57% | 11.8% | 11.13% | 4.92% | 10.84% | 10.05% | 22.89% | -0.55% | 6.69% | 20.19% | 201.72% | -56.12% | -3.76% | 7.66% | 36.77% | -4.51% | 10.64% | 5% | 63.99% | 50.55% | 40.63% | 39.97% | 93.65% | 62.15% | 55.26% |
| D&A (Non-Cash Add-back) | 221.1M | 296M | 275.3M | 270.7M | 290.6M | 191.2M | 425.6M | 267.1M | 265.6M | 260.9M | 254.5M | 227.4M | 207.9M | 208.2M | 210.2M | 204.9M | 209.4M | 218.2M | 28.14M | 21.49M | 17M | 15.13M | 15.56M | 15.38M | 10.48M | 6.79M | 4.76M | -2.7M | 1.98M | -2.2M | -1.7M |
| EBIT | 1.67B | 1.65B | 1.65B | 1.68B | 1.72B | 1.45B | 1.16B | 1.11B | 989.1M | 811.2M | 819.7M | 806.5M | 585M | 445.6M | 493.5M | 352.5M | 354.9M | 209.9M | 396.4M | 419.63M | 392.76M | 284.46M | 298.18M | 268.2M | 259.61M | 157.91M | 104.64M | 80.5M | 53.6M | 30.9M | 19.4M |
| Net Interest Income | -115M | -227.4M | -214.5M | -226.6M | -235.7M | -150.9M | -154.9M | -159.4M | -148.6M | -150.5M | -146.5M | -159.5M | -197.3M | -250.1M | -307.4M | -324.2M | -391.9M | -431.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 115M | 227.4M | 214.5M | 226.6M | 235.7M | 150.9M | 154.9M | 159.4M | 148.6M | 150.5M | 146.5M | 159.5M | 197.3M | 250.1M | 307.4M | 324.2M | 391.9M | 431.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -227.8M | -228.2M | -215.9M | -230.7M | -247.4M | -121.2M | -176.9M | -183.9M | -146.8M | -205.8M | -146.8M | -95M | -285.3M | -313.1M | -324.5M | -442.4M | -389.7M | -429.3M | 17.95M | 13.32M | 7.1M | 5.11M | 8.02M | 11.78M | 9.05M | 4.48M | 4.37M | 4.01M | 3.28M | 2.1M | 500K |
| Pretax Income | 1.44B | 1.43B | 1.44B | 1.45B | 1.49B | 1.3B | 1B | 949.7M | 840.5M | 660.7M | 673.2M | 647M | 387.7M | 195.5M | 186.1M | 28.3M | -37M | -461.2M | 414.35M | 432.96M | 399.86M | 289.56M | 306.2M | 279.98M | 268.66M | 162.39M | 109.01M | 84.5M | 56.88M | 33M | 19.9M |
| Pretax Margin % | 6.3% | 6.37% | 6.84% | 6.78% | 6.26% | 6.23% | 5.43% | 5.27% | 5.18% | 4.45% | 4.92% | 4.98% | 3.21% | 1.82% | 1.84% | 0.29% | -0.42% | -6.44% | 6.11% | 6.88% | 6.97% | 6.21% | 7.18% | 7.07% | 6.99% | 6.34% | 6.29% | 6.62% | 6.13% | 5.25% | 4.81% |
| Income Tax | 198.1M | 360.8M | 357.6M | 345.9M | 373.3M | 309.2M | 213.8M | 212.9M | 197.5M | 137.6M | 248.1M | 243.9M | 142.8M | 62.7M | 67.1M | 11.2M | -7.8M | -87.8M | 148.27M | 160.87M | 158.41M | 114.38M | 120.95M | 111.29M | 106.39M | 64.31M | 43.17M | 33.5M | 22.48M | 12.9M | 7.8M |
| Effective Tax Rate % | 13.73% | 25.28% | 24.91% | 23.85% | 25.09% | 23.82% | 21.33% | 22.42% | 23.5% | 20.83% | 36.85% | 37.7% | 36.83% | 32.07% | 36.06% | 39.58% | 21.08% | 19.04% | 35.78% | 37.16% | 39.62% | 39.5% | 39.5% | 39.75% | 39.6% | 39.6% | 39.6% | 39.64% | 39.53% | 39.09% | 39.2% |
| Net Income | 1.08B | 1.07B | 1.08B | 1.1B | 1.11B | 988.6M | 788.5M | 736.8M | 643M | 523.1M | 425.1M | 403.1M | 244.9M | 132.8M | 119M | 17.1M | -29.2M | -373.4M | 266.08M | 272.09M | 241.44M | 175.19M | 185.25M | 168.69M | 162.27M | 98.08M | 65.84M | 51M | 34.4M | 20.1M | 12.1M |
| Net Margin % | 4.7% | 4.76% | 5.13% | 5.17% | 4.69% | 4.75% | 4.27% | 4.09% | 3.96% | 3.53% | 3.11% | 3.1% | 2.03% | 1.23% | 1.17% | 0.18% | -0.33% | -5.21% | 3.92% | 4.32% | 4.21% | 3.76% | 4.34% | 4.26% | 4.22% | 3.83% | 3.8% | 3.99% | 3.71% | 3.2% | 2.93% |
| Net Income Growth % | -0.87% | -1.04% | -2.4% | -0.92% | 12.74% | 25.38% | 7.02% | 14.59% | 22.92% | 23.05% | 5.46% | 64.6% | 84.41% | 11.6% | 595.91% | 158.56% | 92.18% | -240.33% | -2.21% | 12.69% | 37.82% | -5.43% | 9.82% | 3.95% | 65.44% | 48.97% | 29.1% | 48.26% | 71.14% | 66.12% | -3.97% |
| Net Income (Continuing) | 1.08B | 1.07B | 1.08B | 1.1B | 1.11B | 988.6M | 788.5M | 736.8M | 643M | 523.1M | 425.1M | 403.1M | 244.9M | 132.8M | 119M | 17.1M | -29.2M | -373.4M | 266.08M | 272.09M | 241.44M | 175.19M | 185.25M | 168.69M | 162.27M | 98.08M | 65.84M | 51M | 34.4M | 20.1M | 12.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.32 | 8.08 | 7.97 | 8.10 | 8.14 | 7.04 | 5.45 | 4.99 | 4.19 | 3.31 | 2.56 | 2.35 | 1.42 | 0.84 | 0.82 | 0.12 | -0.20 | -2.56 | 3.30 | 3.26 | 2.79 | 2.03 | 2.10 | 1.89 | 1.79 | 1.11 | 0.77 | 0.59 | 1.58 | 0.24 | 0.16 |
| EPS Growth % | 1.73% | 1.38% | -1.6% | -0.49% | 15.63% | 29.17% | 9.22% | 19.09% | 26.59% | 29.3% | 8.94% | 65.49% | 69.05% | 2.44% | 583.33% | 160% | 92.19% | -177.58% | 1.23% | 16.85% | 37.44% | -3.33% | 11.11% | 5.59% | 61.26% | 44.16% | 30.51% | -62.66% | 558.33% | 50% | 6.67% |
| EPS (Basic) | - | 8.13 | 8.06 | 8.20 | 8.24 | 7.14 | 5.53 | 5.08 | 4.26 | 3.37 | 2.59 | 2.37 | 1.44 | 0.85 | 0.82 | 0.12 | -0.20 | -2.57 | 3.37 | 3.35 | 2.90 | 2.10 | 2.18 | 1.97 | 1.87 | 1.14 | 0.77 | 0.60 | 1.58 | 0.24 | 0.16 |
| Diluted Shares Outstanding | 129.5M | 132.1M | 135.2M | 136.3M | 137M | 140.5M | 144.8M | 147.8M | 153.6M | 158.2M | 166M | 171.8M | 172.8M | 158.7M | 145.8M | 144.9M | 144.4M | 146.1M | 80.65M | 83.57M | 86.55M | 86.17M | 88.3M | 89.14M | 90.86M | 88.3M | 85.5M | 86.44M | 84.64M | 83.75M | 75.63M |
| Basic Shares Outstanding | 129M | 131.3M | 133.8M | 134.6M | 135.2M | 138.5M | 142.6M | 145.1M | 150.9M | 155.4M | 163.6M | 170.3M | 170.6M | 156.6M | 145.1M | 144.8M | 144.4M | 145.2M | 78.87M | 81.13M | 83.39M | 83.33M | 84.86M | 85.8M | 87M | 86.27M | 85.5M | 85M | 84.64M | 83.75M | 75.63M |
| Dividend Payout Ratio | - | 30.81% | 30.81% | 29.11% | 25.36% | 23.75% | 27.85% | 24.89% | 21.68% | 20.44% | 18.51% | 13.12% | 13.72% | 5.5% | - | - | - | - | 15.3% | 12.91% | 12.44% | 14.19% | - | - | - | - | - | - | - | - | - |
Hardware cycle demand volatility
According to quarterly financial data, CDW's revenue growth has transitioned from negative territory in 2024 to a positive 9.2% expansion by 2026Q1, suggesting that the company is successfully navigating the recent trough in IT infrastructure spending through its diversified segment exposure and strategic market positioning.
The return to positive year-over-year growth indicates that the company's role as an IT orchestrator remains relevant despite broader macroeconomic headwinds. Investors should monitor whether this acceleration is driven by sustainable AI-related infrastructure refreshes or merely a temporary rebound in transactional hardware volume.
As reported in recent income statements, CDW has maintained gross margins consistently between 20.8% and 23.0%, demonstrating a resilient pricing structure that appears to withstand the inherent volatility of its hardware-heavy distribution model and the ongoing shift toward net-basis software and cloud services revenue.
The ability to sustain these margins suggests that the company possesses meaningful pricing power, likely derived from its deep integration into client IT environments. However, the slight compression observed in recent quarters warrants investigation into whether competitive pressures or changes in vendor incentive programs are beginning to weigh on profitability.
Based on the provided income statement figures, operating margins have fluctuated between 6.6% and 8.7% over the last ten quarters, indicating that SG&A expenses are scaling in close lockstep with gross profit rather than providing the operating leverage typically expected from a mature technology services firm.
The lack of significant operating margin expansion suggests that the company continues to invest heavily in its sales and engineering force to maintain its competitive moat. While this spending is necessary to support complex solution sales, it limits the potential for bottom-line outperformance during periods of moderate revenue growth.
Analysis of the reported financial data reveals that stock-based compensation has been a recurring, albeit variable, expense, reaching as high as $28.7 million in 2024Q2, which directly impacts the quality of net income and complicates the assessment of true operational profitability for shareholders.
The presence of these non-cash charges suggests that management is utilizing equity-based incentives to align employee interests, though the volatility of these charges makes period-over-period earnings comparisons less transparent. Investors should focus on adjusted earnings metrics to better gauge the underlying cash-generating capability of the core business.
Quick answers to the most common questions about buying CDW stock.
For fiscal year 2025, CDW Corporation (CDW) reported total revenue of $22.42B. This represents a 5325.6% increase compared to $413.3M in 1994.
CDW Corporation (CDW) is profitable, generating $1.07B in net income for the fiscal year ending 2025 with a net profit margin of 4.8%.
CDW Corporation (CDW) reported an operating income of $1.66B, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
CDW Corporation (CDW) generated $4.87B in gross profit for the year, representing a gross profit margin of 21.7%. This demonstrates the company's core pricing power and production efficiency.