CDW Corporation (CDW) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 5.68B | 5.51B | 5.74B | 5.98B | 5.2B | 5.19B | 5.52B | 5.42B | 4.87B | 5.02B | 5.63B | 5.63B | 5.1B | 5.44B | 6.22B | 6.15B | 5.95B | 5.54B | 5.3B | 5.15B |
| Revenue Growth % | 9.25% | 6.27% | 4% | 10.2% | 6.7% | 3.34% | -1.98% | -3.6% | -4.51% | -7.72% | -9.45% | -8.46% | -14.22% | -1.78% | 17.27% | 19.42% | 22.98% | 11.72% | 11.43% | 17.88% |
| Cost of Goods Sold | 4.49B | 4.26B | 4.48B | 4.74B | 4.08B | 4.03B | 4.32B | 4.24B | 3.81B | 3.86B | 4.4B | 4.44B | 4.01B | 4.26B | 4.98B | 4.98B | 4.84B | 4.56B | 4.39B | 4.26B |
| COGS % of Revenue | 79.05% | 77.24% | 78.12% | 79.23% | 78.41% | 77.72% | 78.23% | 78.19% | 78.18% | 77.01% | 78.19% | 79% | 78.65% | 78.28% | 80.16% | 80.99% | 81.44% | 82.38% | 82.74% | 82.85% |
| Gross Profit | 1.19B | 1.25B | 1.26B | 1.24B | 1.12B | 1.16B | 1.2B | 1.18B | 1.06B | 1.15B | 1.23B | 1.18B | 1.09B | 1.18B | 1.23B | 1.17B | 1.1B | 975.6M | 914.9M | 882.8M |
| Gross Margin % | 20.95% | 22.76% | 21.88% | 20.77% | 21.59% | 22.28% | 21.77% | 21.81% | 21.82% | 22.99% | 21.81% | 21% | 21.35% | 21.72% | 19.84% | 19.01% | 18.56% | 17.62% | 17.26% | 17.15% |
| Gross Profit Growth % | 6.03% | 8.58% | 4.56% | 4.91% | 5.55% | 0.13% | -2.2% | 0.14% | -2.4% | -2.31% | -0.45% | 1.14% | -1.33% | 21.06% | 34.79% | 32.33% | 38.85% | 10.75% | 10.83% | 18.15% |
| Operating Expenses | 814M | 823.7M | 812.2M | 821M | 760.9M | 746.7M | 719.1M | 750M | 735.3M | 718.8M | 749.3M | 769.3M | 734.1M | 734.5M | 766.8M | 732.9M | 717.2M | 636.3M | 528.5M | 512.9M |
| OpEx % of Revenue | 14.33% | 14.95% | 14.16% | 13.74% | 14.64% | 14.4% | 13.04% | 13.83% | 15.09% | 14.32% | 13.31% | 13.67% | 14.39% | 13.51% | 12.34% | 11.93% | 12.06% | 11.49% | 9.97% | 9.97% |
| Selling, General & Admin | 814M | 823.7M | 812.2M | 821M | 760.9M | 746.7M | 719.1M | 750M | 735.3M | 718.8M | 749.3M | 769.3M | 734.1M | 734.5M | 766.8M | 732.9M | 717.2M | 636.3M | 528.5M | 512.9M |
| SG&A % of Revenue | 14.33% | 14.95% | 14.16% | 13.74% | 14.64% | 14.4% | 13.04% | 13.83% | 15.09% | 14.32% | 13.31% | 13.67% | 14.39% | 13.51% | 12.34% | 11.93% | 12.06% | 11.49% | 9.97% | 9.97% |
| Research & Development | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 376M | 430.7M | 443.3M | 420.2M | 361.4M | 408.6M | 481.6M | 433.1M | 328M | 435M | 478.4M | 412.2M | 355.3M | 446.6M | 466.4M | 435.3M | 386.9M | 339.3M | 386.4M | 369.9M |
| Operating Margin % | 6.62% | 7.82% | 7.73% | 7.03% | 6.95% | 7.88% | 8.73% | 7.99% | 6.73% | 8.67% | 8.5% | 7.33% | 6.96% | 8.21% | 7.5% | 7.08% | 6.5% | 6.13% | 7.29% | 7.19% |
| Operating Income Growth % | 4.04% | 5.41% | -7.95% | -2.98% | 10.18% | -6.07% | 0.67% | 5.07% | -7.68% | -2.6% | 2.57% | -5.31% | -8.17% | 31.62% | 20.7% | 17.68% | 19.64% | 2.14% | 21.59% | 30.52% |
| EBITDA | 376M | 505.2M | 516.6M | 493.5M | 436.3M | 478.1M | 550.7M | 502.5M | 395.3M | 503.1M | 544.4M | 478.1M | 426M | 519.1M | 542M | 506.4M | 458.3M | 390.5M | 434.6M | 416.5M |
| EBITDA Margin % | 6.62% | 9.17% | 9% | 8.26% | 8.39% | 9.22% | 9.98% | 9.27% | 8.11% | 10.02% | 9.67% | 8.5% | 8.35% | 9.55% | 8.72% | 8.24% | 7.7% | 7.05% | 8.2% | 8.09% |
| EBITDA Growth % | -13.82% | 5.67% | -6.19% | -1.79% | 10.37% | -4.97% | 1.16% | 5.1% | -7.21% | -3.08% | 0.44% | -5.59% | -7.05% | 32.93% | 24.71% | 21.58% | 24.34% | -4.48% | -3.47% | 1.93% |
| D&A (Non-Cash Add-back) | 0 | 74.5M | 73.3M | 73.3M | 74.9M | 69.5M | 69.1M | 69.4M | 67.3M | 68.1M | 66M | 65.9M | 70.7M | 72.5M | 75.6M | 71.1M | 71.4M | 51.2M | 48.2M | 46.6M |
| EBIT | 376M | 427.6M | 444.4M | 421.7M | 361.1M | 408M | 482M | 432M | 327.9M | 434M | 477.2M | 411.6M | 354M | 440.6M | 461.6M | 434.9M | 386.4M | 330.7M | 386.8M | 406.7M |
| Net Interest Income | 55.3M | -58.5M | -55M | -56.8M | -57.1M | -56.5M | -54.4M | -52.3M | -51.3M | -53.3M | -57.4M | -58.2M | -57.7M | -59.4M | -62.6M | -57.7M | -56M | -43.4M | -36.4M | -35.5M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -55.3M | 58.5M | 55M | 56.8M | 57.1M | 56.5M | 54.4M | 52.3M | 51.3M | 53.3M | 57.4M | 58.2M | 57.7M | 59.4M | 62.6M | 57.7M | 56M | 43.4M | 36.4M | 35.5M |
| Other Income/Expense | -57M | -61.6M | -53.9M | -55.3M | -57.4M | -57.1M | -54M | -53.4M | -51.4M | -54.3M | -58.6M | -58.8M | -59M | -65.4M | -67.4M | -58.1M | -56.5M | -52M | -36M | 1.3M |
| Pretax Income | 319M | 369.1M | 389.4M | 364.9M | 304M | 351.5M | 427.6M | 379.7M | 276.6M | 380.7M | 419.8M | 353.4M | 296.3M | 381.2M | 399M | 377.2M | 330.4M | 287.3M | 350.4M | 371.2M |
| Pretax Margin % | 5.62% | 6.7% | 6.79% | 6.11% | 5.85% | 6.78% | 7.75% | 7% | 5.68% | 7.59% | 7.46% | 6.28% | 5.81% | 7.01% | 6.42% | 6.14% | 5.55% | 5.19% | 6.61% | 7.21% |
| Income Tax | -83.6M | 89.6M | 98.4M | 93.7M | 79.1M | 87.3M | 111.2M | 98.6M | 60.5M | 84.6M | 104.3M | 90.8M | 66.2M | 94M | 101.2M | 97.9M | 80.2M | 72M | 83.8M | 97.1M |
| Effective Tax Rate % | -26.21% | 24.28% | 25.27% | 25.68% | 26.02% | 24.84% | 26.01% | 25.97% | 21.87% | 22.22% | 24.85% | 25.69% | 22.34% | 24.66% | 25.36% | 25.95% | 24.27% | 25.06% | 23.92% | 26.16% |
| Net Income | 235.4M | 279.5M | 291M | 271.2M | 224.9M | 264.2M | 316.4M | 281.1M | 216.1M | 296.1M | 315.5M | 262.6M | 230.1M | 287.2M | 297.8M | 279.3M | 250.2M | 215.3M | 266.6M | 274.1M |
| Net Margin % | 4.14% | 5.07% | 5.07% | 4.54% | 4.33% | 5.09% | 5.74% | 5.18% | 4.43% | 5.9% | 5.61% | 4.67% | 4.51% | 5.28% | 4.79% | 4.54% | 4.21% | 3.89% | 5.03% | 5.33% |
| Net Income Growth % | 4.67% | 5.79% | -8.03% | -3.52% | 4.07% | -10.77% | 0.29% | 7.04% | -6.08% | 3.1% | 5.94% | -5.98% | -8.03% | 33.4% | 11.7% | 1.9% | 7.57% | -9.65% | 37.99% | 44.95% |
| Net Income (Continuing) | 235.4M | 279.5M | 291M | 271.2M | 224.9M | 264.2M | 316.4M | 281.1M | 216.1M | 296.1M | 315.5M | 262.6M | 230.1M | 287.2M | 297.8M | 279.3M | 250.2M | 215.3M | 266.6M | 274.1M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 1.82 | 2.14 | 2.21 | 2.05 | 1.69 | 1.97 | 2.35 | 2.07 | 1.59 | 2.18 | 2.32 | 1.93 | 1.68 | 2.09 | 2.17 | 2.04 | 1.83 | 1.57 | 1.91 | 1.93 |
| EPS Growth % | 7.69% | 8.63% | -5.96% | -0.97% | 6.29% | -9.63% | 1.29% | 7.25% | -5.36% | 4.31% | 6.91% | -5.39% | -8.2% | 33.12% | 13.61% | 5.7% | 12.27% | -4.85% | 43.61% | 47.33% |
| EPS (Basic) | 1.82 | 2.15 | 2.22 | 2.06 | 1.70 | 1.98 | 2.37 | 2.10 | 1.61 | 2.21 | 2.35 | 1.95 | 1.70 | 2.12 | 2.20 | 2.07 | 1.85 | 1.60 | 1.94 | 1.96 |
| Diluted Shares Outstanding | 129.5M | 130.6M | 131.8M | 132.4M | 133.5M | 134.4M | 134.9M | 135.6M | 136M | 135.9M | 135.9M | 136.1M | 137.3M | 137.4M | 137.1M | 136.8M | 136.7M | 137.7M | 139.4M | 141.7M |
| Basic Shares Outstanding | 129M | 130M | 131M | 131.6M | 132.5M | 133.1M | 133.5M | 134.1M | 134.4M | 134.1M | 134.1M | 134.6M | 135.6M | 135.5M | 135.3M | 135.2M | 134.9M | 135.5M | 137.3M | 139.8M |
| Dividend Payout Ratio | 34.45% | 29.23% | 28.11% | 30.35% | 36.82% | 31.45% | 26.14% | 29.53% | 38.55% | 28.06% | 25.07% | 30.24% | 34.72% | 27.82% | 22.73% | 24.17% | 26.98% | 31.44% | 20.56% | 20.36% |