CDW CDW Corp

Overview and Growth

Fiscal 2025 results for CDW Corp combined $22.42B of revenue with net income of $1.07B and an operating cash inflow of $1.21B. The $22.42B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $21.00B in fiscal 2024, revenue recorded a 6.8% year-over-year increase. On a per-share basis, diluted EPS was $8.08, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 1.4% from $7.97 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Asset turnover was 1.4x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $4.87B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 21.7% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $1.66B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 7.4%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $1.07B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 4.8% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $1.43B of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 6.4%, relating income before taxes directly to revenue. The company recognized $360.80M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 25.3%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

At period end, the $16.03B asset base was financed through $13.42B of liabilities and $2.61B of equity. The near-term balance sheet paired $8.50B of current assets with $7.23B of current liabilities at the reporting date. Current assets covered current liabilities by 1.18x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $618.70M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 8.6% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $5.63B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 2.16x, showing how much debt the company carried for each unit of book equity. Debt represented 35.1% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 83.7%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 3.9%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 9.2% higher than fiscal 2024 assets of $14.68B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Cash flow from operations was $1.21B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.13x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $117.10M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 9.7% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $1.09B, leaving a positive amount after capital expenditures. The free-cash-flow margin was 4.9%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 6.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.