CDW Corporation (CDW) Income Statement
CDW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCDW revenue and net income
Where CDW's revenue goes
2025Each bar shows an amount and its share of revenue. CDW kept 4.8% of revenue as net income.
CDW profit margins
CDW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.8% | −1.9% | +4.0% | +5.6% |
| Gross profit | +5.9% | +1.3% | +8.7% | +8.7% |
| Operating income | +0.3% | −1.6% | +7.0% | +8.4% |
| Net income | −1.0% | −1.5% | +6.2% | +10.2% |
| EPS (diluted) | +5.2% | +0.8% | +8.8% | +13.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CDW quarterly EPS vs estimates
CDW beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $2.77).
CDW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.42B | $21.00B | $21.38B | $23.75B | $20.82B | $18.47B | $18.03B | $16.24B | $14.83B | $13.67B |
| Cost of revenue | $17.55B | $16.40B | $16.72B | $19.06B | $17.25B | $15.26B | $14.99B | $13.53B | $12.38B | $11.34B |
| Gross profit | $4.87B | $4.60B | $4.65B | $4.69B | $3.57B | $3.21B | $3.04B | $2.71B | $2.45B | $2.33B |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $3.22B | $2.93B | $2.99B | $2.95B | $2.15B | $2.03B | $1.91B | $1.72B | $1.58B | $1.51B |
| Total operating expenses | $3.22B | $2.95B | $2.97B | $2.95B | $2.15B | $2.03B | $1.91B | $1.72B | $1.58B | $1.51B |
| Operating income | $1.66B | $1.65B | $1.68B | $1.74B | $1.42B | $1.18B | $1.13B | $987.3M | $866.5M | $820.0M |
| Interest income | — | — | — | — | — | — | $159.4M | $148.6M | $150.5M | $146.5M |
| Interest expense | $227.4M | $214.5M | $226.6M | $235.7M | $150.9M | $154.9M | $159.4M | $148.6M | $150.5M | $146.5M |
| Income before taxes | $1.43B | $1.44B | $1.45B | $1.49B | $1.30B | $1.00B | $949.7M | $840.5M | $660.7M | $673.2M |
| Income taxes | $360.8M | $357.6M | −$345.9M | $373.3M | $309.2M | $213.8M | $212.9M | $197.5M | $137.6M | $248.1M |
| Net income | $1.07B | $1.08B | $1.10B | $1.11B | $988.6M | $788.5M | $736.8M | $643.0M | $523.1M | $425.1M |
| EBITDA | $1.95B | $1.93B | $1.68B | $2.01B | $1.64B | $1.58B | $1.38B | $1.25B | $1.07B | $1.07B |
| EPS (diluted) | $10.03 | $9.53 | $9.88 | $9.79 | $7.97 | $6.59 | $6.11 | $5.17 | $3.85 | $3.43 |
| Gross margin | 21.7% | 21.9% | 21.8% | 19.7% | 17.1% | 17.4% | 16.9% | 16.7% | 16.5% | 17.0% |
| Operating margin | 7.4% | 7.9% | 7.9% | 7.3% | 6.8% | 6.4% | 6.3% | 6.1% | 5.8% | 6.0% |
| Net margin | 4.8% | 5.1% | 5.2% | 4.7% | 4.7% | 4.3% | 4.1% | 4.0% | 3.5% | 3.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.57B | $5.68B | $5.51B | $5.74B | $5.98B | $5.20B | $5.19B | $5.52B | $5.42B | $4.87B | $5.02B | $5.63B |
| Cost of revenue | $5.25B | $4.49B | $4.26B | $4.48B | $4.74B | $4.08B | $4.03B | $4.32B | $4.24B | $3.81B | $3.86B | $4.40B |
| Gross profit | $1.32B | $1.19B | $1.25B | $1.26B | $1.24B | $1.12B | $1.16B | $1.20B | $1.18B | $1.06B | $1.15B | $1.23B |
| Sales, general & admin | $891.2M | $814.0M | $823.7M | $812.2M | $821.0M | $760.9M | $746.7M | $719.1M | $750.0M | $735.3M | $713.6M | $749.3M |
| Total operating expenses | $891.2M | $814.0M | $823.7M | $812.2M | $821.0M | $760.9M | $746.7M | $719.1M | $750.0M | $735.3M | $718.8M | $749.3M |
| Operating income | $428.6M | $377.0M | $430.7M | $443.3M | $420.2M | $361.4M | $408.6M | $481.6M | $433.1M | $328.0M | $435.0M | $478.4M |
| Interest expense | $60.2M | $55.3M | $58.5M | $55.0M | $56.8M | $57.1M | $56.5M | $54.4M | $52.3M | $51.3M | $53.3M | $57.4M |
| Income before taxes | $372.9M | $319.0M | $369.1M | $389.4M | $364.9M | $304.0M | $351.5M | $427.6M | $379.7M | $276.6M | $380.7M | $419.8M |
| Income taxes | $98.5M | $83.6M | $89.6M | $98.4M | $93.7M | $79.1M | $87.3M | $111.2M | $98.6M | $60.5M | $84.6M | $104.3M |
| Net income | $274.4M | $235.4M | $279.5M | $291.0M | $271.2M | $224.9M | $264.2M | $316.4M | $281.1M | $216.1M | $296.1M | $315.5M |
| EBITDA | $466.5M | $338.8M | $502.1M | $517.7M | $495.0M | $436.0M | $477.5M | $551.1M | $501.4M | $395.2M | $502.1M | $543.2M |
| EPS (diluted) | $2.73 | $2.28 | $2.57 | $2.71 | $2.60 | $2.15 | $2.48 | $2.63 | $2.50 | $1.92 | $2.57 | $2.72 |
| Gross margin | 20.1% | 21.0% | 22.8% | 21.9% | 20.8% | 21.6% | 22.3% | 21.8% | 21.8% | 21.8% | 23.0% | 21.8% |
| Operating margin | 6.5% | 6.6% | 7.8% | 7.7% | 7.0% | 7.0% | 7.9% | 8.7% | 8.0% | 6.7% | 8.7% | 8.5% |
| Net margin | 4.2% | 4.1% | 5.1% | 5.1% | 4.5% | 4.3% | 5.1% | 5.7% | 5.2% | 4.4% | 5.9% | 5.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CDW's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CDW financial results
In fiscal year 2025 (ended December 31, 2025), CDW reported revenue of $22.4 billion, up 6.8% from the year before. It had net income of $1.1 billion (down 1.0%), a net profit margin of 4.8%. Diluted earnings per share came to $10.03. Over five years revenue grew at an average rate of 4.0% a year.
See the CDW stock overview for the latest quote and news, or the CDW chart for price history and technical indicators.
CDW income statement FAQ
What is CDW's annual revenue?
CDW reported total revenue of $22.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.8% from $21.0 billion the previous year.
Is CDW profitable?
Yes. CDW reported net income of $1.1 billion in fiscal 2025, a net profit margin of 4.8%; its operating margin was 7.4%.
What is CDW's gross margin?
CDW's gross margin was 21.7% in fiscal 2025: for every $100 of revenue, CDW kept $22 after the direct cost of its products and services.
How fast is CDW growing?
Revenue grew 4.0% a year on average over the last five fiscal years, from $18.5 billion to $22.4 billion.
What are CDW's earnings per share?
CDW earned $10.03 per diluted share in fiscal 2025, compared with $9.53 a year earlier.
When will CDW report its next earnings?
CDW is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does CDW's fiscal year end?
CDW's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.