CDW Corp

Listed Company

CDWCIK 0001402057NasdaqLarge AcceleratedRetail-Catalog & Mail-Order HousesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$22.42B

Net Income

$1.07B

Total Assets

$16.03B

Equity

$2.61B

Shares Out

128.99M

Op. Cash Flow

$1.21B

Business

CDW Corp is a multi-brand provider of information technology solutions serving business, government, education and healthcare customers. It offers hardware, software, cloud and security products plus value-added services including advisory, design, implementation, managed services and warranties to deliver integrated on‑premise, hybrid and public cloud solutions. The company reports Corporate, Small Business and Public segments and also operates CDW UK and CDW Canada as other operating segments. CDW distributes products and solutions across the US, UK and Canada and supports customers in approximately 150 countries via sales teams, vendor partnerships, distribution centers and digital channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	22,424	20,999	21,376	23,749	20,821
Cost of sales	17,551	16,396	16,724	19,062	17,252
Gross profit	4,873	4,602	4,652	4,687	3,569
Selling and administrative expenses	3,218	2,951	2,972	2,951	2,150
Operating income	1,656	1,651	1,681	1,735	1,419
Interest expense, net	−227	−215	−227	−236	—
Other expense, net	−800,000	−1	−4	−12	30
Income before income taxes	1,427	1,435	1,450	1,488	1,298
Income tax expense	−361	−358	−346	−373	−309
Net income	1,067	1,078	1,104	1,115	989
Basic (in dollars per share)	8.13	8.06	8.2	8.24	7.14
Diluted (in dollars per share)	8.08	7.97	8.1	8.13	7.04
Basic (in shares)	131	134	135	135	139
Diluted (in shares)	132	135	136	137	141

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	619	504	589	315	258
Short-term investments	0	214	0	—	—
Accounts receivable, net of allowance for credit losses of $65.2 and $43.3, respectively	6,312	5,136	4,568	4,461	4,499
Merchandise inventory	563	605	668	800	928
Miscellaneous receivables	554	510	471	489	436
Prepaid expenses and other	452	404	410	498	358
Total current assets	8,501	7,373	6,705	6,564	6,478
Operating lease right-of-use assets	137	120	129	149	156
Property and equipment, net	172	192	196	189	196
Goodwill	4,662	4,620	4,413	4,343	4,383
Other intangible assets, net	1,186	1,357	1,370	1,491	1,628
Accounts receivable and other assets, noncurrent	1,371	1,016	472	—	—
Total Assets	16,028	14,678	13,285	13,132	13,199
Accounts payable-trade	4,220	3,381	2,881	2,821	3,114
Accounts payable-inventory financing	353	355	431	519	448
Current maturities of long-term debt	1,008	236	613	56	103
Contract liabilities	534	491	487	486	403
Compensation	319	276	303	378	362
Advertising	176	138	120	131	146
Sales and income taxes	83	62	52	74	66
Other	534	536	554	483	—
Total current liabilities	7,226	5,474	5,442	4,947	5,096
Debt	4,622	5,607	5,032	5,866	6,756
Deferred income taxes	172	167	171	203	222
Operating lease liabilities	158	149	164	175	184
Accounts payable and other liabilities	1,244	928	433	—	—
Total long-term liabilities	6,196	6,851	5,800	6,581	7,398
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods	0	0	0	0	0
Common stock, $0.01 par value, 1,000.0 shares authorized; 129.4 and 132.6 shares outstanding, respectively	1	1	1	1	1
Paid-in capital	3,979	3,834	3,691	3,518	3,370
Accumulated deficit	−1,274	−1,323	−1,526	−1,764	−2,571
Accumulated other comprehensive loss	−100	−160	−125	−152	−94
Total stockholders equity	2,606	2,353	2,043	1,603	706
Total Liabilities and Stockholders Equity	16,028	14,678	13,285	13,132	13,199

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	296	275	271	291	191
Equity-based compensation expense	84	65	94	91	73
Deferred income taxes	1	−14	−33	−18	−7
Provision for credit losses	37	32	15	8	−5
Other	7	4	29	16	−24
Accounts receivable	−1,167	−559	−55	−35	−617
Merchandise inventory	48	61	139	112	−151
Other assets	−390	−605	183	−209	−135
Accounts payable-trade	815	444	−55	−260	375
Other liabilities	407	497	−94	225	97
Net cash provided by operating activities	1,205	1,277	1,599	1,336	785
Capital expenditures	−117	−123	−148	−128	−100
Net change in short-term investments	211	−211	0	—	—
Acquisitions of businesses, net of cash acquired	−22	−324	−76	−37	−2,706
Other	−2	−2	−5	0	0
Net cash provided by (used in) investing activities	70	−659	−230	−165	−2,770
Proceeds from borrowings under revolving credit facilities	2,604	294	208	2,301	1,620
Repayments of borrowings under revolving credit facilities	−2,604	−294	−282	−2,531	−1,301
Proceeds from issuance of long-term debt	593	1,198	0	0	3,918
Repayments of long-term debt	−211	0	−150	−636	−11
Payments to extinguish long-term debt	−594	−962	0	0	−1,469
Net change in accounts payable-inventory financing	−3	−76	−24	85	−162
Repurchases of common stock	−653	−500	−500	0	−1,500
Proceeds from stock option exercises	30	47	49	30	70
Payment of incentive compensation plan withholding taxes	−26	−38	−40	−23	−29
Dividend payments	−329	−332	−322	−283	−235
Other	8	−23	−38	23	32
Net cash used in financing activities	−1,185	−687	−1,099	−1,102	833
Effect of exchange rate changes on cash, cash equivalents and restricted cash	20	−12	3	−12	100,000
Net increase (decrease) in cash, cash equivalents and restricted cash	111	−81	274	57	−1,152
Interest paid	−234	−218	−233	−224	−134
Income taxes paid, net	−326	−399	−401	−362	−351

Filings

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