NASDAQ: CDW
CDW
Technology · Retail-Catalog & Mail-Order Houses
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$17.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.30B |
| FY2017, ended Dec 31, 2017 | $10.6B |
| FY2018, ended Dec 31, 2018 | $11.9B |
| FY2019, ended Dec 31, 2019 | $20.4B |
| FY2020, ended Dec 31, 2020 | $18.6B |
| FY2021, ended Dec 31, 2021 | $27.6B |
| FY2022, ended Dec 31, 2022 | $24.2B |
| FY2023, ended Dec 31, 2023 | $30.5B |
| FY2024, ended Dec 31, 2024 | $23.1B |
| FY2025, ended Dec 31, 2025 | $17.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $17.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$23.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $14.0B |
| FY2017, ended Dec 31, 2017 | $15.2B |
| FY2018, ended Dec 31, 2018 | $16.2B |
| FY2019, ended Dec 31, 2019 | $18.0B |
| FY2020, ended Dec 31, 2020 | $18.5B |
| FY2021, ended Dec 31, 2021 | $20.8B |
| FY2022, ended Dec 31, 2022 | $23.7B |
| FY2023, ended Dec 31, 2023 | $21.4B |
| FY2024, ended Dec 31, 2024 | $21.0B |
| FY2025, ended Dec 31, 2025 | $22.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $23.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $425M | $541M |
| FY2017, ended Dec 31, 2017 | $523M | $697M |
| FY2018, ended Dec 31, 2018 | $643M | $820M |
| FY2019, ended Dec 31, 2019 | $737M | $791M |
| FY2020, ended Dec 31, 2020 | $789M | $1.16B |
| FY2021, ended Dec 31, 2021 | $989M | $685M |
| FY2022, ended Dec 31, 2022 | $1.11B | $1.21B |
| FY2023, ended Dec 31, 2023 | $1.10B | $1.45B |
| FY2024, ended Dec 31, 2024 | $1.08B | $1.15B |
| FY2025, ended Dec 31, 2025 | $1.07B | $1.09B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.08B | $860M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$362M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $264M |
| FY2017, ended Dec 31, 2017 | $144M |
| FY2018, ended Dec 31, 2018 | $206M |
| FY2019, ended Dec 31, 2019 | $154M |
| FY2020, ended Dec 31, 2020 | $1.41B |
| FY2021, ended Dec 31, 2021 | $258M |
| FY2022, ended Dec 31, 2022 | $315M |
| FY2023, ended Dec 31, 2023 | $589M |
| FY2024, ended Dec 31, 2024 | $504M |
| FY2025, ended Dec 31, 2025 | $619M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $362M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.82B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.23B |
| FY2017, ended Dec 31, 2017 | $3.24B |
| FY2018, ended Dec 31, 2018 | $3.21B |
| FY2019, ended Dec 31, 2019 | $3.32B |
| FY2020, ended Dec 31, 2020 | $3.93B |
| FY2021, ended Dec 31, 2021 | $6.86B |
| FY2022, ended Dec 31, 2022 | $5.92B |
| FY2023, ended Dec 31, 2023 | $5.64B |
| FY2024, ended Dec 31, 2024 | $5.84B |
| FY2025, ended Dec 31, 2025 | $5.63B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.82B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 21.6% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.125M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 159M |
| FY2017, ended Dec 31, 2017 | 152M |
| FY2018, ended Dec 31, 2018 | 147M |
| FY2019, ended Dec 31, 2019 | 143M |
| FY2020, ended Dec 31, 2020 | 141M |
| FY2021, ended Dec 31, 2021 | 135M |
| FY2022, ended Dec 31, 2022 | 136M |
| FY2023, ended Dec 31, 2023 | 134M |
| FY2024, ended Dec 31, 2024 | 132M |
| FY2025, ended Dec 31, 2025 | 129M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 125M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $758M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $367M | $39.2M |
| FY2017, ended Dec 31, 2017 | $534M | $43.7M |
| FY2018, ended Dec 31, 2018 | $522M | $40.7M |
| FY2019, ended Dec 31, 2019 | $657M | $48.5M |
| FY2020, ended Dec 31, 2020 | $341M | $42.5M |
| FY2021, ended Dec 31, 2021 | $1.50B | $72.6M |
| FY2022, ended Dec 31, 2022 | $0 | $91.1M |
| FY2023, ended Dec 31, 2023 | $500M | $93.7M |
| FY2024, ended Dec 31, 2024 | $500M | $64.7M |
| FY2025, ended Dec 31, 2025 | $653M | $83.6M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $848M | $89.8M |
Revenue (TTM)
$23.5B
+7.4% YoY
Net income (TTM)
$1.08B
+0.3% YoY
Cash
$362M
−24.8% YoY
Total debt
$5.82B
+3.3% YoY
Valuation
At current price- Market Cap
- $19.2B
- P/E
- 17.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.8×
- Price / Book
- 7.9×
- EV / EBITDA
- 12.5×
Growth
Trailing 12 months- Revenue (TTM)
- $23.5B
- Revenue Growth YoY
- 7.4%
- Revenue CAGR 3Y
- −1.9%
- Revenue CAGR 5Y
- 4.0%
- EPS Growth YoY
- 3.5%
- Net Income Growth YoY
- 0.3%
Profitability
Trailing 12 months- Gross Margin
- 21.4%
- Operating Margin
- 7.1%
- Net Margin
- 4.6%
- FCF Margin
- 3.7%
- Return on Equity
- 44.0%
Earnings
Trailing 12 months- Net Income
- $1.08B
- EPS (diluted)
- $8.32
- EBITDA
- $1.98B
- Operating Income
- $1.68B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $362M
- Total Debt
- $5.82B
- Net Debt
- $5.46B
- Total Assets
- $17.3B
- Total Liabilities
- $14.8B
- Shareholders' Equity
- $2.44B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $982M
- Capital Expenditure
- $122M
- Free Cash Flow
- $860M
Dividends and risk
Last 12 months- Dividend Yield
- 1.6%
- Dividend / Share
- $2.52
- Beta (5Y)
- 0.94
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 7.4% year over year, at $23.5B.
Note
Net margin of 4.6% over the last 12 months.
Note
Net debt of $5.46B is 2.8× EBITDA.
Note
Free cash flow of $860M, 3.7% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 20, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K49Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 21, 2025 · Read the filing on EDGAR
- Sales fell 1.8% to $21.0 billion, with declines in every operating segment, a much smaller drop than 2023's 10.0% fall.
- Operating income fell 1.8% and net income 2.4%, while gross margin edged up to 21.9% on more software-as-a-service revenue.
- Operating cash flow fell to $1.28 billion from $1.60 billion, yet CDW still bought back $500 million of stock and bought Mission Cloud Services.
- New disclosure: the US Justice Department demanded information in June 2024 about bids for contracts funded by the E-Rate schools and libraries program.
Business momentum
Weakening
“Net sales decreased $377 million, or 1.8%, with lower Net sales across all operating segments.”
Outlook
Cautious
“The uncertainty in the current economic environment resulted in, and may continue to result in, a delay, pause or reduction of investments in technology by our customers.”
Financial stress
Low
“We believe we have adequate sources of liquidity and funding available for at least the next year”
Tone against the previous report
About the same
Red flags
- Minor
Investigation
“the Company received a Civil Investigative Demand, issued by the US Department of Justice (“DOJ”) on June 11, 2024, in connection with a False Claims Act investigation.”
Positives
Gross margin rose slightly despite lower sales, helped by more software-as-a-service revenue
“Gross profit margin, expressed as a percentage of Net sales, increased 10 basis points to 21.9% primarily driven by a higher contribution of netted down revenue”
The largest segment's operating income grew, mainly because of lower pay costs
“Corporate segment Operating income increased $33 million, or 3.9%”
Debt coming due was refinanced early, and CDW stayed within its loan terms
“we had total unsecured indebtedness of $5.8 billion, and we were in compliance with the covenants under our credit agreements and indentures”
Concerns
Customers remain cautious about technology spending, and sales fell for a second year
“Continued economic uncertainty and the complex technology landscape has led customers to be cautious and measured in their approach to technology spending, leading to a decline in Net sales.”
Operating cash flow fell about 20%, partly because customers took longer to pay on multi-year deals
“Net cash provided by operating activities $ 1,277.3 $ 1,598.7”
UK and Canada profit dropped sharply on project costs, lower gross profit and more bad debts
“Other Operating income decreased $30 million, or 21.1%, primarily due to increased transformation initiative expense, lower Gross profit dollars and increased bad debt expense for expected credit losses.”
New risks since the previous report
Justice Department False Claims Act investigation into bids for contracts funded by the E-Rate schools and libraries program
“The DOJ requested information relating to bids the Company submitted for contracts funded in whole or in part by the Schools and Libraries Program (E-Rate Program).”
A change in federal administration could shift government spending priorities and affect public-sector demand
“Federal government spending policies and budget priorities often shift during a change in federal administration, which has and can create increased levels of uncertainty with respect to these policies and priorities.”
Longer multi-year subscription deals extend the time CDW is exposed to customers not paying
“Further, evolving product delivery models, such as multi-year subscriptions, may result in prolonged risk as customer terms extend in duration.”
Criminals could use AI to make cyberattacks more sophisticated and harder to defend against
“Further, as AI continues to evolve, malicious actors could use AI to enhance the sophistication and coordination of their attacks, which could pose significant challenges to our security defenses.”
Biggest risks named
- Economic uncertainty and interest rates delaying customer technology spending
- Dependence on key vendors and distributors such as Apple, Cisco, Ingram Micro and TD SYNNEX
- Competition, including direct vendor sales and cloud providers
- $5.8 billion of debt with restrictive covenants
- Cybersecurity breaches and failures of information technology systems
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.5 | |
| New risks | −2 | |
| Score | 49 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 20, 2026 | Pro | |||
| 10-K | Feb 21, 2025 | 49 | Weakening | 1 minor | |
| 10-K | Feb 26, 2024 | 49 | Weakening | None | |
| 10-K | Feb 24, 2023 | 68 | Strong improvement | None | |
| 10-K | Feb 28, 2022 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 26, 2021 | 52 | Mixed | None | |
| 10-K | Feb 28, 2020 | 63 | Improving | None | |
| 10-K | Feb 27, 2019 | 73 | Strong improvement | None | |
| 10-K | Mar 1, 2018 | 71 | Strong improvement | None | |
| 10-K | Mar 1, 2017 | 65 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR