Balance Sheet CDW Corporation

Equities

CDW

US12514G1085

Integrated Hardware & Software

Real-time Estimate Cboe BZX Other stock markets 12:17:12 2026-04-17 pm EDT			5-day change	1st Jan Change
134.07 ^USD	+0.57%		+6.83%	-1.54%

11:05am	Northcoast Research Adjusts Price Target on CDW to $169 From $181, Maintains Buy Rating	MT
Mar. 27	CDW Corporation Announces Sanjay Mehrotra Will Not Stand for Reelection	CI

57.YUs6xtZRRp4JuMzmkSLqjtgF88FLjjm_KqbvAgsJjNU.ADsC85cXBcZ4y7yc_hejz4Bjg_cJwnfbUOKZa3w6wpIoIG2CuWkfpjrsiQ

Published financial data: CDW CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	20.82B	23.75B	21.38B	21B	22.42B
Total Revenues	20.82B	23.75B	21.38B	21B	22.42B
Cost of Goods Sold, Total	17.25B	19.06B	16.72B	16.4B	17.55B
Gross Profit	3.57B	4.69B	4.65B	4.6B	4.87B
Selling General & Admin Expenses, Total	2.1B	2.9B	2.92B	2.93B	3.2B
Other Operating Expenses, Total	2.1B	2.9B	2.92B	2.93B	3.2B
Operating Income	1.47B	1.78B	1.73B	1.68B	1.67B
Interest Expense, Total	-151M	-236M	-227M	-214M	-227M
Net Interest Expenses	-151M	-236M	-227M	-214M	-227M
Other Non Operating Income (Expenses)	-300K	-10.1M	-4.1M	-1.4M	-800K
EBT, Excl. Unusual Items	1.32B	1.54B	1.5B	1.46B	1.44B
Restructuring Charges	-	-	-47.7M	-25.4M	-16.2M
Merger & Related Restructuring Charges	-54.3M	-48.3M	-	-	-
Gain (Loss) On Sale Of Investments	36M	-	-	-	-
Other Unusual Items	-6M	-1.6M	-	-	-
EBT, Incl. Unusual Items	1.3B	1.49B	1.45B	1.44B	1.43B
Income Tax Expense	309M	373M	346M	358M	361M
Earnings From Continuing Operations	989M	1.11B	1.1B	1.08B	1.07B
Net Income to Company	989M	1.11B	1.1B	1.08B	1.07B
Net Income - (IS)	989M	1.11B	1.1B	1.08B	1.07B
Net Income to Common Incl Extra Items	989M	1.11B	1.1B	1.08B	1.07B
Net Income to Common Excl. Extra Items	989M	1.11B	1.1B	1.08B	1.07B
Per Share Items
Net EPS - Basic	7.14	8.24	8.2	8.06	8.12
Basic EPS - Continuing Operations	7.14	8.24	8.2	8.06	8.12
Basic Weighted Average Shares Outstanding	138M	135M	135M	134M	131M
Net EPS - Diluted	7.04	8.13	8.1	7.97	8.08
Diluted EPS - Continuing Operations	7.04	8.13	8.1	7.97	8.08
Diluted Weighted Average Shares Outstanding	140M	137M	136M	135M	132M
Normalized Basic EPS	5.97	7.11	6.96	6.82	6.87
Normalized Diluted EPS	5.88	7.02	6.87	6.75	6.83
Dividend Per Share	1.7	2.09	2.39	2.48	2.5
Payout Ratio	23.75	25.36	29.11	30.81	30.81
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	1.66B	2.07B	2B	1.95B	1.97B
EBITA	1.62B	2.02B	1.95B	1.9B	1.92B
EBIT	1.47B	1.78B	1.73B	1.68B	1.67B
EBITDAR	1.71B	2.14B	2.06B	2.01B	2.03B
Effective Tax Rate - (Ratio)	23.82	25.09	23.85	24.91	25.28
Current Domestic Taxes	288M	358M	337M	340M	313M
Current Foreign Taxes	27.4M	33.9M	41.6M	31.5M	46.3M
Total Current Taxes	316M	392M	379M	372M	360M
Deferred Domestic Taxes	-8.7M	-15M	-29.3M	-14M	2.6M
Deferred Foreign Taxes	2M	-3.2M	-3.4M	-100K	-1.3M
Total Deferred Taxes	-6.7M	-18.2M	-32.7M	-14.1M	1.3M
Normalized Net Income	826M	961M	936M	913M	902M
Supplemental Operating Expense Items
Advertising Expense	199M	211M	215M	218M	223M
Selling and Marketing Expenses	199M	211M	215M	218M	223M
Net Rental Expense, Total	50M	62M	62M	60M	59M
Imputed Operating Lease Interest Expense	9.92M	16.5M	17.39M	16.27M	17.1M
Imputed Operating Lease Depreciation	40.08M	45.5M	44.61M	43.73M	41.9M
Stock-Based Comp., SG&A Exp. (Total)	72.6M	91.1M	93.7M	64.7M	83.6M
Total Stock-Based Compensation	72.6M	91.1M	93.7M	64.7M	83.6M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	258M	315M	589M	504M	619M
Short Term Investments	-	-	-	214M	-
Total Cash And Short Term Investments	258M	315M	589M	718M	619M
Accounts Receivable, Total	4.63B	4.7B	4.68B	5.23B	6.47B
Other Receivables	436M	489M	470M	510M	554M
Total Receivables	5.07B	5.19B	5.15B	5.74B	7.03B
Inventory	928M	800M	668M	605M	563M
Prepaid Expenses	223M	256M	298M	303M	293M
Restricted Cash	-	-	-	4M	200K
Total Current Assets	6.48B	6.56B	6.7B	7.37B	8.5B
Gross Property Plant And Equipment	617M	648M	633M	633M	612M
Accumulated Depreciation	-266M	-310M	-309M	-320M	-303M
Net Property Plant And Equipment	351M	338M	324M	312M	308M
Long-term Investments	-	-	-	-	-
Goodwill	4.38B	4.34B	4.41B	4.62B	4.66B
Other Intangibles, Total	1.63B	1.49B	1.37B	1.36B	1.19B
Accounts Receivable Long-Term	197M	203M	338M	923M	1.37B
Other Long-Term Assets, Total	162M	193M	135M	93.1M	-
Total Assets	13.2B	13.13B	13.28B	14.68B	16.03B
Liabilities
Accounts Payable, Total	3.11B	2.82B	2.88B	3.38B	4.22B
Accrued Expenses, Total	573M	582M	475M	475M	578M
Short-term Borrowings	448M	519M	431M	355M	353M
Current Portion of Long-Term Debt	103M	56.3M	613M	236M	1.01B
Current Portion of Leases	31.7M	31.9M	34M	32.2M	32.9M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	403M	486M	487M	491M	534M
Other Current Liabilities	423M	451M	520M	504M	501M
Total Current Liabilities	5.1B	4.95B	5.44B	5.47B	7.23B
Long-Term Debt	6.76B	5.87B	5.03B	5.61B	4.62B
Long-Term Leases	184M	175M	164M	149M	158M
Unearned Revenue Non Current	20M	40M	40M	31M	31M
Deferred Tax Liability Non Current	222M	203M	171M	167M	172M
Other Non Current Liabilities	215M	296M	393M	897M	1.21B
Total Liabilities	12.49B	11.53B	11.24B	12.33B	13.42B
Common Stock, Total	1.3M	1.4M	1.3M	1.3M	1.3M
Additional Paid In Capital	3.37B	3.52B	3.69B	3.83B	3.98B
Retained Earnings	-2.57B	-1.76B	-1.53B	-1.32B	-1.27B
Comprehensive Income and Other	-94.4M	-152M	-125M	-160M	-99.8M
Total Common Equity	706M	1.6B	2.04B	2.35B	2.61B
Total Equity	706M	1.6B	2.04B	2.35B	2.61B
Total Liabilities And Equity	13.2B	13.13B	13.28B	14.68B	16.03B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	135M	136M	134M	132M	129M
ECS Total Common Shares Outstanding	135M	136M	134M	133M	129M
Book Value / Share	5.24	11.83	15.23	17.74	20.14
Tangible Book Value	-5.31B	-4.23B	-3.74B	-3.62B	-3.24B
Tangible Book Value Per Share	-39.36	-31.22	-27.89	-27.33	-25.06
Total Debt	7.52B	6.65B	6.27B	6.38B	6.17B
Net Debt	7.26B	6.33B	5.69B	5.66B	5.55B
Debt Equivalent Oper. Leases	400M	496M	496M	480M	472M
Account Code - Inventory Valuation	6	6	6	5	5
Inventories - Finished Goods, Total	928M	800M	668M	605M	563M
Land - (BS)	27.7M	27.7M	28.1M	27.7M	27.7M
Buildings, Total	151M	150M	125M	134M	144M
Machinery, Total	238M	269M	275M	286M	252M
Full Time Employees	13.9K	15.1K	15.1K	15.1K	14.8K
Accumulated Allowance for Doubtful Accounts (Supple)	20.4M	25.7M	28.8M	43.3M	65.2M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	989M	1.11B	1.1B	1.08B	1.07B
Depreciation & Amortization - CF	42.2M	57.6M	51.7M	53.3M	47.6M
Amortization of Goodwill and Intangible Assets - (CF)	149M	233M	219M	222M	248M
Depreciation & Amortization, Total	191M	291M	271M	275M	296M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	72.6M	91.1M	93.7M	64.7M	83.6M
Provision and Write-off of Bad Debts	-5.4M	8.3M	14.9M	32.2M	37.2M
Other Operating Activities, Total	-30.8M	-2M	-3.7M	-10M	8.5M
Change In Accounts Receivable	-617M	-34.8M	-54.5M	-559M	-1.17B
Change In Inventories	-151M	112M	139M	61.1M	48.2M
Change In Accounts Payable	374M	-260M	-55.4M	444M	815M
Change in Other Net Operating Assets	-38.3M	16.3M	89.7M	-108M	16.6M
Cash from Operations	785M	1.34B	1.6B	1.28B	1.21B
Capital Expenditure	-100M	-128M	-148M	-123M	-117M
Cash Acquisitions	-2.71B	-36.7M	-76.4M	-324M	-21.5M
Investment in Marketable and Equity Securities, Total	36M	-	-	-211M	211M
Other Investing Activities, Total	-	-	-5M	-1.6M	-2.3M
Cash from Investing	-2.77B	-164M	-230M	-659M	70.2M
Short Term Debt Issued, Total	-	84.6M	-	-	-
Long-Term Debt Issued, Total	5.54B	2.3B	208M	1.49B	3.2B
Total Debt Issued	5.54B	2.39B	208M	1.49B	3.2B
Short Term Debt Repaid, Total	-162M	-	-23.7M	-75.7M	-2.6M
Long-Term Debt Repaid, Total	-2.77B	-3.24B	-493M	-1.29B	-3.41B
Total Debt Repaid	-2.93B	-3.24B	-517M	-1.37B	-3.41B
Issuance of Common Stock	69.9M	30.2M	49.3M	47M	29.5M
Repurchase of Common Stock	-1.53B	-23.1M	-540M	-538M	-679M
Common Dividends Paid	-235M	-283M	-322M	-332M	-329M
Common & Preferred Stock Dividends Paid	-235M	-283M	-322M	-332M	-329M
Other Financing Activities, Total	-79.1M	22.9M	22.7M	13.3M	8.4M
Cash from Financing	833M	-1.1B	-1.1B	-687M	-1.18B
Foreign Exchange Rate Adjustments	100K	-12.2M	3.1M	-12.2M	20.3M
Net Change in Cash	-1.15B	57.1M	274M	-81M	111M
Supplemental Items
Cash Interest Paid	134M	224M	233M	218M	234M
Cash Income Tax Paid (Refund)	351M	362M	401M	399M	326M
Levered Free Cash Flow	550M	1.02B	1.31B	1.08B	920M
Unlevered Free Cash Flow	644M	1.17B	1.45B	1.21B	1.06B
Change In Net Working Capital	441M	202M	-157M	51.9M	244M
Net Debt Issued / Repaid	2.61B	-850M	-309M	123M	-215M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.17	8.47	8.18	7.5	6.81
Return on Total Capital	12.99	13.53	13.04	12.29	11.93
Return On Equity %	98.72	96.54	60.58	49.04	43.02
Return on Common Equity	98.72	96.54	60.58	49.04	43.02
Margin Analysis
Gross Profit Margin %	17.14	19.73	21.76	21.92	21.73
SG&A Margin	10.06	12.22	13.68	13.93	14.28
EBITDA Margin %	7.99	8.73	9.35	9.3	8.77
EBITA Margin %	7.79	8.49	9.11	9.04	8.56
EBIT Margin %	7.08	7.51	8.09	7.98	7.46
Income From Continuing Operations Margin %	4.75	4.69	5.17	5.13	4.76
Net Income Margin %	4.75	4.69	5.17	5.13	4.76
Net Avail. For Common Margin %	4.75	4.69	5.17	5.13	4.76
Normalized Net Income Margin	3.97	4.05	4.38	4.35	4.02
Levered Free Cash Flow Margin	2.64	4.29	6.14	5.14	4.1
Unlevered Free Cash Flow Margin	3.09	4.91	6.8	5.78	4.74
Asset Turnover
Asset Turnover	1.85	1.8	1.62	1.5	1.46
Fixed Assets Turnover	63.31	68.9	64.55	65.98	72.29
Receivables Turnover (Average Receivables)	5.28	5.09	4.56	4.24	3.83
Inventory Turnover (Average Inventory)	20.45	22.07	22.78	25.75	30.03
Short Term Liquidity
Current Ratio	1.27	1.33	1.23	1.35	1.18
Quick Ratio	1.05	1.11	1.05	1.18	1.06
Operating Cash Flow to Current Liabilities	0.15	0.27	0.29	0.23	0.17
Days Sales Outstanding (Average Receivables)	69.12	71.75	80.11	86.38	95.26
Days Outstanding Inventory (Average Inventory)	17.85	16.54	16.02	14.21	12.15
Average Days Payable Outstanding	54.51	57.21	62.72	70.16	79.23
Cash Conversion Cycle (Average Days)	32.47	31.09	33.41	30.43	28.18
Long Term Solvency
Total Debt/Equity	1.07K	414.69	307.16	271.15	236.87
Total Debt / Total Capital	91.42	80.57	75.44	73.06	70.32
LT Debt/Equity	983.42	376.82	254.38	244.66	183.42
Long-Term Debt / Total Capital	84.34	73.21	62.48	65.92	54.45
Total Liabilities / Total Assets	94.65	87.79	84.62	83.97	83.74
EBIT / Interest Expense	9.76	7.57	7.63	7.82	7.35
EBITDA / Interest Expense	11.36	9.06	9.1	9.38	8.91
(EBITDA - Capex) / Interest Expense	10.7	8.52	8.44	8.81	8.4
Total Debt / EBITDA	4.39	3.11	3.04	3.17	3.05
Net Debt / EBITDA	4.24	2.97	2.76	2.81	2.74
Total Debt / (EBITDA - Capex)	4.66	3.31	3.28	3.38	3.23
Net Debt / (EBITDA - Capex)	4.5	3.15	2.97	3	2.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	12.74	14.06	-9.99	-1.77	6.79
Gross Profit, 1 Yr. Growth %	11.16	31.33	-0.73	-1.07	5.89
EBITDA, 1 Yr. Growth %	3.4	24.61	-1.31	-2.37	0.79
EBITA, 1 Yr. Growth %	16.2	24.3	-1.05	-2.51	1.11
EBIT, 1 Yr. Growth %	24.42	21.05	-0.38	-3	-0.29
Earnings From Cont. Operations, 1 Yr. Growth %	25.38	12.74	-0.92	-2.4	-1.04
Net Income, 1 Yr. Growth %	25.38	12.74	-0.92	-2.4	-1.04
Normalized Net Income, 1 Yr. Growth %	27.8	16.31	0.57	-2.48	-1.18
Diluted EPS Before Extra, 1 Yr. Growth %	29.17	15.48	-0.37	-1.6	1.38
Accounts Receivable, 1 Yr. Growth %	42.51	1.5	-0.51	11.83	23.67
Inventory, 1 Yr. Growth %	22.05	-13.73	-16.51	-9.4	-6.92
Net Property, Plant and Equip., 1 Yr. Growth %	14.72	-3.81	-4.05	-3.73	-1.28
Total Assets, 1 Yr. Growth %	41.25	-0.51	1.17	10.49	9.2
Tangible Book Value, 1 Yr. Growth %	204.22	-20.27	-11.57	-3.11	-10.53
Common Equity, 1 Yr. Growth %	-45.59	127.19	27.39	15.19	10.77
Cash From Operations, 1 Yr. Growth %	-40.3	70.27	19.67	-20.1	-5.64
Capital Expenditures, 1 Yr. Growth %	-36.71	27.8	15.96	-17.27	-4.49
Levered Free Cash Flow, 1 Yr. Growth %	-36.82	85.39	32.63	-17.7	-14.73
Unlevered Free Cash Flow, 1 Yr. Growth %	-33.39	81.11	27.9	-16.5	-12.44
Dividend Per Share, 1 Yr. Growth %	10.39	22.94	14.35	3.97	0.8
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.45	13.4	1.32	-5.97	2.42
Gross Profit, 2 Yr. CAGR %	8.35	20.83	14.18	-0.9	2.35
EBITDA, 2 Yr. CAGR %	9.01	13.69	10.24	-1.84	0.4
EBITA, 2 Yr. CAGR %	9.52	20.39	10.23	-1.78	0.52
EBIT, 2 Yr. CAGR %	14	22.98	9.03	-1.7	-0.27
Earnings From Cont. Operations, 2 Yr. CAGR %	15.83	18.89	5.69	-1.66	-1.72
Net Income, 2 Yr. CAGR %	15.83	18.89	5.69	-1.66	-1.72
Normalized Net Income, 2 Yr. CAGR %	17.99	23.86	6.01	-0.91	-0.23
Diluted EPS Before Extra, 2 Yr. CAGR %	18.78	22.14	7.26	-0.99	-0.12
Accounts Receivable, 2 Yr. CAGR %	24.24	20.27	0.49	5.48	17.6
Inventory, 2 Yr. CAGR %	23.19	2.61	-15.13	-13.03	-8.17
Net Property, Plant and Equip., 2 Yr. CAGR %	-15.74	5.05	-3.93	-3.89	-2.51
Total Assets, 2 Yr. CAGR %	28.45	18.54	0.32	5.73	9.84
Tangible Book Value, 2 Yr. CAGR %	55.76	55.75	-16.03	-7.44	-6.89
Common Equity, 2 Yr. CAGR %	-14.28	11.18	70.13	21.14	12.96
Cash From Operations, 2 Yr. CAGR %	-12.6	0.82	42.74	-2.22	-13.17
Capital Expenditures, 2 Yr. CAGR %	-34.95	-10.06	21.74	-2.06	-11.11
Levered Free Cash Flow, 2 Yr. CAGR %	-14.27	8.42	56.19	4.48	-15.26
Unlevered Free Cash Flow, 2 Yr. CAGR %	-12.83	10.01	51.64	3.34	-13.6
Dividend Per Share, 2 Yr. CAGR %	15.93	16.5	18.57	9.04	2.38
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.63	9.61	5	0.28	-1.89
Gross Profit, 3 Yr. CAGR %	9.65	15.52	13.17	8.85	1.31
EBITDA, 3 Yr. CAGR %	9.93	13.98	7.6	5.87	-0.97
EBITA, 3 Yr. CAGR %	10.26	14.24	11.87	5.81	-0.83
EBIT, 3 Yr. CAGR %	14.27	16.31	13.6	4.86	-1.23
Earnings From Cont. Operations, 3 Yr. CAGR %	15.42	14.79	11.88	2.92	-1.45
Net Income, 3 Yr. CAGR %	15.42	14.79	11.88	2.92	-1.45
Normalized Net Income, 3 Yr. CAGR %	16.3	17.43	14.33	3.1	-1
Diluted EPS Before Extra, 3 Yr. CAGR %	18.88	17.67	14.12	4.22	-0.21
Accounts Receivable, 3 Yr. CAGR %	20.16	16.14	12.9	4.13	11.22
Inventory, 3 Yr. CAGR %	26.86	9.4	-4.21	-13.26	-11.04
Net Property, Plant and Equip., 3 Yr. CAGR %	31.06	-11.94	1.92	-3.87	-3.03
Total Assets, 3 Yr. CAGR %	22.57	17.96	12.44	3.6	6.87
Tangible Book Value, 3 Yr. CAGR %	34.1	24.6	28.97	-11.93	-8.48
Common Equity, 3 Yr. CAGR %	-10.22	18.63	16.34	49.39	17.58
Cash From Operations, 3 Yr. CAGR %	-4.68	9.15	6.75	17.64	-3.37
Capital Expenditures, 3 Yr. CAGR %	5.12	-18.53	-2.11	7.03	-2.87
Levered Free Cash Flow, 3 Yr. CAGR %	-10.05	10.86	14.8	26.15	-2.37
Unlevered Free Cash Flow, 3 Yr. CAGR %	-8.77	11.23	14.67	24.29	-2.21
Dividend Per Share, 3 Yr. CAGR %	22.49	18.22	15.78	13.49	6.22
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.77	9.87	5.65	3.09	3.96
Gross Profit, 5 Yr. CAGR %	8.92	13.85	11.44	8.65	8.71
EBITDA, 5 Yr. CAGR %	9.15	12.97	9.8	6.86	4.16
EBITA, 5 Yr. CAGR %	9.38	13.14	9.98	7.02	6.65
EBIT, 5 Yr. CAGR %	12.43	15.53	11.85	8.14	7.23
Earnings From Cont. Operations, 5 Yr. CAGR %	18.39	16.33	11.42	7.9	6.23
Net Income, 5 Yr. CAGR %	18.39	16.33	11.42	7.9	6.23
Normalized Net Income, 5 Yr. CAGR %	14.38	18.41	12.25	8.99	7.57
Diluted EPS Before Extra, 5 Yr. CAGR %	22.42	19.69	14.09	9.82	8.19
Accounts Receivable, 5 Yr. CAGR %	16.4	15.09	11.87	11.75	14.76
Inventory, 5 Yr. CAGR %	15.46	14.23	8.02	-0.19	-5.81
Net Property, Plant and Equip., 5 Yr. CAGR %	16.51	15.98	15.75	-8.8	0.12
Total Assets, 5 Yr. CAGR %	13.69	13.52	13.13	12.91	11.39
Tangible Book Value, 5 Yr. CAGR %	16.57	12.09	11.2	10.63	13.21
Common Equity, 5 Yr. CAGR %	-7.56	10.22	15.93	19.63	14.98
Cash From Operations, 5 Yr. CAGR %	5.37	11.43	12.03	4.45	-1.72
Capital Expenditures, 5 Yr. CAGR %	9.51	9.52	11.47	-12.3	-5.82
Levered Free Cash Flow, 5 Yr. CAGR %	-4.48	7.49	11.67	7.61	1.2
Unlevered Free Cash Flow, 5 Yr. CAGR %	-3.83	7.72	11.37	7.44	1.97
Dividend Per Share, 5 Yr. CAGR %	28.64	24.81	20.91	14.46	10.22