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Nasdaq · Consumer Discretionary

CDW Corp (CDW)

As-reported financials and SEC filings for CDW Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About CDW Corp

CDW Corp provides information technology solutions and products to business, government, education, and healthcare customers primarily in the US, UK, and Canada. The company offers a wide range of hardware, software, and integrated IT services including cloud and security solutions. CDW serves over 250,000 customers through specialized sales teams and supports them with technical expertise and logistics capabilities.

Snapshot

Revenue
$22.42B
Revenue growth (YoY)
6.8%
Net income
$1.07B
Diluted EPS
$8.08
Gross margin
21.7%
Operating margin
7.4%
Net margin
4.8%
FCF margin
4.9%
ROE
40.9%
net income / fiscal-year-end equity
P/E
17.3×
trailing when available, otherwise FY EPS
Market cap
$17.97B
Long-term debt / equity
1.77×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at CDW

  • Revenue grew 6.8% to $22.4B in FY2025, after a 1.8% decline the year before.
  • Operating margin is 7.4% in FY2025, +0.6 pp against 6.8% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $6.6B, up 10.0% from Q2 FY2025.
  • Free cash flow was $1.1B in FY2025, 4.9% of revenue.
  • Net income fell 1.0% to $1.1B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where CDW’s fundamentals sit among the 410 Consumer Discretionary companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin21.7%
25th percentile of 277
Operating margin7.4%
65th percentile of 348
Net margin4.8%
62nd percentile of 384
FCF margin4.9%
57th percentile of 358
Revenue growth (YoY)+6.8%
67th percentile of 401
ROE40.9%
90th percentile of 349
P/E17.3×
50th percentile of 245
Long-term debt / equity1.77×
86th percentile of 236
Short interest6.28d
73rd percentile of 408

CDW’s return on equity of 40.9% ranks in the 90th percentile of the 349 Consumer Discretionary companies reporting it. CDW’s long-term debt to equity of 1.77 ranks in the 86th percentile of the 236 Consumer Discretionary companies reporting it.

No reported insider purchases (code P) in the last 90 days; 1 insider sale totaling $3.7M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
4
+7 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
7
6 trimmed, 1 exited
Combined position
$1.35B
reported long value
InvestorAs ofPosition valueSharesChange
Harris Associates (Oakmark)Q2 2026$779.6M5.5MAdded
AQR Capital ManagementquantQ2 2026$171.0M1.2MAdded
Point72 Asset ManagementquantQ2 2026$143.2M1.0MAdded
Duquesne Family OfficeQ2 2026$104.6M744.0KNew
Citadel AdvisorsquantQ2 2026$61.9M440.2KReduced
Two Sigma InvestmentsquantQ2 2026$58.8M418.1KReduced
Millennium ManagementquantQ2 2026$12.5M88.6KAdded
D. E. ShawquantQ2 2026$7.9M56.0KReduced
Gotham Asset ManagementQ2 2026$7.7M54.4KReduced
Renaissance TechnologiesquantQ2 2026$2.8M20.0KReduced
Bridgewater AssociatesQ2 2026$1.8M13.1KReduced

No longer held by: Wedgewood Partners (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
1
$3.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-07
filed 2026-08-11
Elizabeth H. ConnellySee RemarksSell26.7K$137.62$3.7M
2026-05-27
filed 2026-05-29
David W. NelmsDirectorBuy18.0K$111.43$2.0M
2026-05-18
filed 2026-05-19
Christine A. LeahySee RemarksBuy4.8K$103.39$499K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
9.3M
settled 2026-09-30
Change vs prior
-1.9%
vs previous settlement
Days to cover
6.28
at avg daily volume
Avg daily volume
1.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-309.3M-1.9%6.28
2026-09-159.5M+4.5%6.15
2026-08-319.1M+9.9%5.13
2026-08-148.3M+0.9%3.77
2026-07-318.2M-16.1%4.64
2026-07-159.8M-11.7%5.50
2026-06-3011.1M+14.3%5.17
2026-06-159.7M+9.2%4.49

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$22.42B$21.00B$21.38B$23.75B$20.82B
Gross profit
Operating income$1.66B$1.65B$1.68B$1.74B$1.42B
Net income$1.07B$1.08B$1.10B$1.11B$988.6M
Diluted EPS$8.08$7.97$8.10$8.13$7.04

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$618.7M$503.5M$588.7M$315.2M$258.1M
Current assets$8.50B$7.37B$6.71B$6.56B$6.48B
Total assets$16.03B$14.68B$13.28B$13.13B$13.20B
Current liabilities$7.23B$5.47B$5.44B$4.95B$5.10B
Long-term debt$4.62B$5.61B$5.03B$5.87B$6.76B
Total liabilities
Total equity$2.61B$2.35B$2.04B$1.60B$705.7M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.21B$1.28B$1.60B$1.34B$784.6M
Capital expenditure$117.1M$122.6M$148.2M$127.8M$100.0M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$6.57B10.0%$274.4M$2.15
Q1 FY2026$5.68B9.2%$235.4M$1.82
Q4 FY20256.3%
Q3 FY2025$5.74B4.0%$291.0M$2.21
Q2 FY2025$5.98B10.2%$271.2M$2.05
Q1 FY2025$5.20B6.7%$224.9M$1.69
Q4 FY20243.3%
Q3 FY2024$5.52B-2.0%$316.4M$2.34

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorConsumer Discretionary
SIC industryRetail-Catalog & Mail-Order Houses
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2018
SEC CIK1402057

Selected SEC filings

10-Q2026-08-05
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
8-K2026-09-21
View on EDGAR →
8-K2026-09-15
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-08-05
View on EDGAR →

Largest Consumer Discretionary peers

All Consumer Discretionary companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.