CDW (CDW) Financials

$165.75 -1.08 (-0.65%)

Closing price 05/5/2025 04:00 PM Eastern

Extended Trading

$166.00 +0.25 (+0.15%)

As of 07:00 AM Eastern

Annual Income Statements for CDW

This table shows CDW's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	403	425	523	643	737	789	989	1,115	1,104	1,078
Consolidated Net Income / (Loss)	403	425	523	643	737	789	989	1,115	1,104	1,078
Net Income / (Loss) Continuing Operations	403	425	523	643	737	789	989	1,115	1,104	1,078
Total Pre-Tax Income	647	673	661	841	950	1,002	1,298	1,488	1,450	1,435
Total Operating Income	742	820	867	987	1,134	1,179	1,419	1,735	1,681	1,651
Total Gross Profit	2,116	2,328	2,450	2,707	3,040	3,210	3,569	4,687	4,652	4,602
Total Revenue	12,989	13,673	14,833	16,241	18,032	18,468	20,821	23,749	21,376	20,999
Operating Revenue	12,989	13,673	14,833	16,241	18,032	18,468	20,821	23,749	21,376	20,999
Total Cost of Revenue	10,873	11,344	12,383	13,534	14,993	15,257	17,252	19,062	16,724	16,396
Operating Cost of Revenue	10,873	11,344	12,383	13,534	14,993	15,257	17,252	19,062	16,724	16,396
Total Operating Expenses	1,374	1,508	1,584	1,720	1,906	2,031	2,150	2,951	2,972	2,951
Selling, General & Admin Expense	1,226	1,345	1,410	1,720	1,906	2,031	2,150	2,951	2,972	2,951
Total Other Income / (Expense), net	-95	-147	-206	-147	-184	-177	-121	-247	-231	-216
Interest & Investment Income	-	-	-	-	-	-	-	-236	-227	-215
Other Income / (Expense), net	89	1.80	-55	1.80	-25	-22	30	-12	-4.10	-1.40
Income Tax Expense	244	248	138	198	213	214	309	373	346	358
Basic Earnings per Share	$2.37	$2.60	$3.37	$4.26	$5.08	$5.53	$7.14	$8.24	$8.20	$8.06
Weighted Average Basic Shares Outstanding	170.30M	163.60M	155.40M	150.90M	145.10M	142.60M	138.50M	135.20M	134.60M	133.80M
Diluted Earnings per Share	$2.35	$2.56	$3.31	$4.19	$4.99	$5.45	$7.04	$8.13	$8.10	$7.97
Weighted Average Diluted Shares Outstanding	171.80M	166M	158.20M	153.60M	147.80M	144.80M	140.50M	137M	136.30M	135.20M
Weighted Average Basic & Diluted Shares Outstanding	170.10M	163.20M	155.20M	147.06M	142.77M	140.99M	134.94M	135.59M	134.22M	132.49M
Cash Dividends to Common per Share	$0.31	$0.48	$0.69	$0.93	$1.27	$1.54	$1.70	$2.09	$2.39	$2.49

This table shows CDW's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	298	287	230	263	316	296	216	281	316	264
Consolidated Net Income / (Loss)	298	287	230	263	316	296	216	281	316	264
Net Income / (Loss) Continuing Operations	298	287	230	263	316	296	216	281	316	264
Total Pre-Tax Income	399	381	296	353	420	381	277	380	428	352
Total Operating Income	466	447	355	412	478	435	328	433	482	409
Total Gross Profit	1,233	1,181	1,089	1,182	1,228	1,154	1,063	1,183	1,201	1,155
Total Revenue	6,216	5,438	5,103	5,626	5,628	5,019	4,873	5,423	5,517	5,186
Operating Revenue	6,216	5,438	5,103	5,626	5,628	5,019	4,873	5,423	5,517	5,186
Total Cost of Revenue	4,982	4,257	4,014	4,445	4,401	3,865	3,809	4,240	4,316	4,031
Operating Cost of Revenue	4,982	4,257	4,014	4,445	4,401	3,865	3,809	4,240	4,316	4,031
Total Operating Expenses	767	735	734	769	749	719	735	750	719	747
Selling, General & Admin Expense	767	735	734	769	749	719	735	750	719	747
Total Other Income / (Expense), net	-67	-65	-59	-59	-59	-54	-51	-53	-54	-57
Other Income / (Expense), net	-4.80	-6.00	-1.30	-0.60	-1.20	-1.00	-0.10	-1.10	0.40	-0.60
Income Tax Expense	101	94	66	91	104	85	61	99	111	87
Basic Earnings per Share	$2.20	$2.12	$1.70	$1.95	$2.35	$2.20	$1.61	$2.10	$2.37	$1.98
Weighted Average Basic Shares Outstanding	135.30M	135.20M	135.60M	134.60M	134.10M	134.60M	134.40M	134.10M	133.50M	133.80M
Diluted Earnings per Share	$2.17	$2.09	$1.68	$1.92	$2.32	$2.18	$1.59	$2.07	$2.34	$1.97
Weighted Average Diluted Shares Outstanding	137.10M	137M	137.30M	136.10M	135.90M	136.30M	136M	135.60M	134.90M	135.20M
Weighted Average Basic & Diluted Shares Outstanding	135.39M	135.59M	134.79M	268.10M	267.92M	134.22M	134.40M	133.58M	133.26M	132.49M

This table details how cash moves in and out of CDW's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-307	226	-120	62	-52	1,256	-1,152	57	274	-81
Net Cash From Operating Activities	278	604	778	906	1,027	1,314	785	1,336	1,599	1,277
Net Cash From Continuing Operating Activities	278	604	778	906	1,027	1,314	785	1,336	1,599	1,277
Net Income / (Loss) Continuing Operations	403	425	523	643	737	789	989	1,115	1,104	1,078
Consolidated Net Income / (Loss)	403	425	523	643	737	789	989	1,115	1,104	1,078
Depreciation Expense	227	255	261	266	267	426	191	291	271	275
Non-Cash Adjustments To Reconcile Net Income	-29	41	44	42	49	73	67	99	109	97
Changes in Operating Assets and Liabilities, net	-330	-117	-50	-44	-26	27	-462	-169	115	-173
Net Cash From Investing Activities	-354	-66	-81	-86	-331	-201	-2,770	-165	-230	-659
Net Cash From Continuing Investing Activities	-354	-66	-81	-86	-331	-201	-2,770	-165	-230	-659
Purchase of Property, Plant & Equipment	-90	-64	-81	-86	-236	-158	-100	-128	-148	-123
Acquisitions	-264	-	-	0.00	-95	-43	-2,706	-37	-76	-324
Purchase of Investments	-0.50	-2.40	-	-	-	-	-	0.00	0.00	-211
Other Investing Activities, net	-	-	-	-	-	-	0.00	0.00	-5.00	-1.60
Net Cash From Financing Activities	-227	-305	-819	-755	-750	139	833	-1,102	-1,099	-687
Net Cash From Continuing Financing Activities	-228	-305	-819	-755	-750	139	833	-1,102	-1,099	-687
Repayment of Debt	-879	-1,824	-3,697	-687	-2,967	-1,735	-2,787	-3,144	-409	-1,243
Repurchase of Common Equity	-241	-367	-534	-522	-657	-341	-1,500	0.00	-500	-500
Payment of Dividends	-53	-79	-107	-139	-183	-220	-235	-283	-322	-332
Issuance of Debt	840	1,822	3,653	695	3,046	2,333	5,537	2,301	208	1,492
Other Financing Activities, net	98	144	-134	-101	12	102	-182	23	-76	-104
Other Net Changes in Cash	-	-	2.60	-3.40	-	4.10	-	-	-	-12
Cash Interest Paid	155	144	149	149	154	139	134	224	233	218
Cash Income Taxes Paid	300	329	276	261	272	246	351	362	401	399

This table details how cash moves in and out of CDW's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-157	-69	-36	-76	237	148	215	-139	281	-439
Net Cash From Operating Activities	333	242	365	228	469	537	440	150	342	345
Net Cash From Continuing Operating Activities	333	242	365	228	469	537	440	150	342	345
Net Income / (Loss) Continuing Operations	298	287	230	263	316	296	216	281	316	264
Consolidated Net Income / (Loss)	298	287	230	263	316	296	216	281	316	264
Depreciation Expense	76	73	71	66	66	68	67	69	69	70
Non-Cash Adjustments To Reconcile Net Income	30	21	27	27	30	25	24	34	10	29
Changes in Operating Assets and Liabilities, net	-70	-139	38	-127	57	148	133	-235	-53	-17
Net Cash From Investing Activities	-34	-39	-54	-93	-49	-34	-30	-31	-245	-354
Net Cash From Continuing Investing Activities	-34	-39	-54	-93	-49	-34	-30	-31	-245	-354
Purchase of Property, Plant & Equipment	-34	-31	-32	-40	-43	-34	-30	-31	-34	-29
Acquisitions	-	-8.70	-23	-53	-0.70	-0.20	-0.20	-	-	-324
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	-1.40
Net Cash From Financing Activities	-456	-272	-348	-211	-180	-359	-193	-257	179	-416
Net Cash From Continuing Financing Activities	-456	-272	-348	-211	-180	-359	-193	-257	179	-416
Repayment of Debt	-769	-675	-96	-219	-51	-44	3.80	8.40	-783	-473
Repurchase of Common Equity	-	-	-200	-196	-54	-50	-52	-202	-100	-146
Payment of Dividends	-68	-80	-80	-79	-79	-83	-83	-83	-83	-83
Issuance of Debt	375	447	-	-	6.30	-	-	-	1,198	294
Other Financing Activities, net	6.50	36	27	82	-2.80	-182	-61	20	-53	-8.60
Cash Interest Paid	25	93	25	92	24	92	23	92	33	71
Cash Income Taxes Paid	114	88	22	153	110	116	17	131	132	120

This table presents CDW's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	6,755	6,958	6,967	7,168	7,999	9,345	13,199	13,132	13,285	14,678
Total Current Assets	2,791	3,248	3,396	3,797	4,334	5,954	6,478	6,564	6,705	7,373
Cash & Equivalents	38	264	144	206	154	1,410	258	315	589	504
Short-Term Investments	-	-	-	-	-	-	-	-	0.00	214
Accounts Receivable	2,216	2,406	2,672	2,988	3,397	3,592	4,935	4,950	5,038	5,646
Inventories, net	393	424	412	454	611	760	928	800	668	605
Prepaid Expenses	144	154	168	149	172	191	358	498	410	404
Plant, Property, & Equipment, net	175	0.00	161	156	363	176	196	189	196	192
Total Noncurrent Assets	3,789	2,491	3,409	3,215	3,302	3,216	6,526	6,379	6,384	7,113
Goodwill	2,500	2,455	2,480	2,463	2,553	2,596	4,383	4,343	4,413	4,620
Intangible Assets	1,276	0.00	897	712	594	445	1,628	1,491	1,370	1,357
Other Noncurrent Operating Assets	12	36	33	40	155	175	359	396	601	1,136
Total Liabilities & Shareholders' Equity	6,755	0.00	6,967	7,168	7,999	9,345	13,199	13,132	13,285	14,678
Total Liabilities	5,190	144	5,981	6,193	7,039	8,048	12,494	11,528	11,242	12,326
Total Current Liabilities	1,887	2,288	2,522	2,803	3,491	3,898	5,096	4,947	5,442	5,474
Short-Term Debt	27	0.00	26	25	34	71	103	56	613	236
Accounts Payable	1,306	0.00	1,816	2,006	2,265	2,613	3,563	3,340	3,312	3,737
Accrued Expenses	219	0.00	89	119	148	153	146	614	674	674
Current Employee Benefit Liabilities	120	0.00	130	186	212	288	362	378	303	276
Other Taxes Payable	38	0.00	60	56	89	104	66	74	52	62
Other Current Liabilities	-	144	402	410	744	669	858	-	487	491
Total Noncurrent Liabilities	3,772	0.00	3,459	3,389	3,548	4,149	7,398	6,581	5,800	6,851
Long-Term Debt	3,233	0.00	3,210	3,183	3,283	3,856	6,756	5,866	5,032	5,607
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	196	142	62	55	222	203	171	167
Other Noncurrent Operating Liabilities	70	0.00	53	64	202	238	235	336	597	1,077
Commitments & Contingencies	-	-	-	-	-	0.00	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,096	0.00	986	975	960	1,297	706	1,603	2,043	2,353
Total Preferred & Common Equity	1,096	1,048	986	975	960	1,297	706	1,603	2,043	2,353
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,096	0.00	987	975	960	1,297	706	1,603	2,043	2,353
Common Stock	2,809	0.00	2,915	2,998	3,097	3,206	3,371	3,520	3,693	3,836
Retained Earnings	-1,652	0.00	-1,832	-1,893	-2,019	-1,813	-2,571	-1,764	-1,526	-1,323
Accumulated Other Comprehensive Income / (Loss)	-61	0.00	-96	-131	-118	-96	-94	-152	-125	-160

This table presents CDW's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Total Assets	13,476	13,132	12,768	12,986	12,875	13,285	13,193	13,639	14,377	14,678
Total Current Assets	6,895	6,564	6,280	6,488	6,458	6,705	6,634	7,044	7,662	7,373
Cash & Equivalents	385	315	279	204	441	589	804	665	947	504
Short-Term Investments	-	-	-	-	-	0.00	-	-	212	214
Accounts Receivable	5,036	4,950	4,732	5,015	4,908	5,038	4,793	5,264	5,414	5,646
Inventories, net	915	800	781	790	706	668	671	725	683	605
Prepaid Expenses	560	498	488	479	403	410	367	389	407	404
Plant, Property, & Equipment, net	188	189	187	194	195	196	190	187	193	192
Total Noncurrent Assets	6,392	6,379	6,301	6,304	6,222	6,384	6,369	6,408	6,522	7,113
Goodwill	4,328	4,343	4,366	4,428	4,417	4,413	4,410	4,409	4,425	4,620
Intangible Assets	1,526	1,491	1,455	1,425	1,385	1,370	1,331	1,295	1,260	1,357
Other Noncurrent Operating Assets	539	396	335	314	287	601	493	573	709	1,136
Total Liabilities & Shareholders' Equity	13,476	13,132	12,768	12,986	12,875	13,285	13,193	13,639	14,377	14,678
Total Liabilities	12,150	11,528	11,199	11,373	11,065	11,242	11,054	11,464	12,027	12,326
Total Current Liabilities	5,359	4,947	4,778	4,997	4,782	5,442	5,261	6,208	5,459	5,474
Short-Term Debt	58	56	46	42	40	613	605	1,204	423	236
Accounts Payable	3,730	3,340	3,176	3,483	3,237	3,312	3,126	3,523	3,537	3,737
Accrued Expenses	716	614	642	670	715	674	700	654	712	674
Current Employee Benefit Liabilities	359	378	288	281	271	303	251	296	247	276
Other Taxes Payable	-	74	130	79	80	52	110	81	65	62
Other Current Liabilities	438	-	496	-	-	487	-	-	-	491
Total Noncurrent Liabilities	6,791	6,581	6,421	6,375	6,283	5,800	5,793	5,256	6,569	6,851
Long-Term Debt	6,100	5,866	5,750	5,721	5,662	5,032	5,028	4,425	5,608	5,607
Noncurrent Deferred & Payable Income Tax Liabilities	208	203	193	180	172	171	162	152	145	167
Other Noncurrent Operating Liabilities	303	336	307	301	281	597	436	518	658	1,077
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,326	1,603	1,569	1,613	1,810	2,043	2,139	2,175	2,349	2,353
Total Preferred & Common Equity	1,326	1,603	1,569	1,613	1,810	2,043	2,139	2,175	2,349	2,353
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,326	1,603	1,569	1,613	1,810	2,043	2,139	2,175	2,349	2,353
Common Stock	3,483	3,520	3,559	3,601	3,646	3,693	3,746	3,791	3,809	3,836
Retained Earnings	-1,969	-1,764	-1,847	-1,863	-1,687	-1,526	-1,474	-1,481	-1,351	-1,323
Accumulated Other Comprehensive Income / (Loss)	-188	-152	-143	-125	-150	-125	-133	-135	-108	-160

This table displays calculated financial ratios and metrics derived from CDW's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.57%	5.27%	8.49%	9.49%	11.03%	2.41%	12.74%	14.06%	-9.99%	-1.77%
EBITDA Growth	19.62%	1.10%	-0.39%	17.03%	9.68%	15.01%	3.61%	22.82%	-3.31%	-1.15%
EBIT Growth	22.95%	-1.08%	-1.29%	21.93%	12.13%	4.34%	25.19%	18.97%	-2.71%	-1.60%
NOPAT Growth	8.74%	12.01%	32.49%	10.10%	16.44%	5.48%	16.52%	20.25%	-1.53%	-3.13%
Net Income Growth	64.60%	5.46%	23.05%	22.92%	14.59%	7.02%	25.38%	12.74%	-0.92%	-2.40%
EPS Growth	65.49%	8.94%	29.30%	26.59%	19.09%	9.22%	29.17%	15.48%	-0.37%	-1.60%
Operating Cash Flow Growth	-36.21%	117.66%	28.76%	16.48%	13.39%	27.95%	-40.30%	70.27%	19.67%	-20.10%
Free Cash Flow Firm Growth	-129.80%	99.20%	138,604.59%	-55.99%	-14.09%	68.58%	-309.78%	154.10%	11.62%	-45.08%
Invested Capital Growth	15.29%	10.79%	-23.54%	-2.43%	3.66%	-7.51%	96.38%	-1.39%	-3.89%	5.34%
Revenue Q/Q Growth	2.92%	-1.69%	3.99%	2.03%	2.63%	2.32%	2.87%	-0.41%	-1.93%	0.80%
EBITDA Q/Q Growth	2.39%	1.19%	-2.89%	6.92%	2.48%	4.27%	-1.61%	6.97%	-0.56%	-1.26%
EBIT Q/Q Growth	1.76%	2.16%	-4.00%	8.80%	2.84%	5.26%	-0.10%	6.81%	-0.39%	-1.55%
NOPAT Q/Q Growth	1.92%	2.45%	20.47%	-5.67%	4.25%	5.17%	-1.20%	6.75%	0.16%	-2.46%
Net Income Q/Q Growth	10.26%	3.56%	21.00%	-5.22%	3.70%	7.16%	-2.27%	6.90%	0.81%	-2.87%
EPS Q/Q Growth	10.33%	4.92%	21.69%	-4.12%	4.61%	7.50%	-1.12%	6.83%	1.12%	-2.57%
Operating Cash Flow Q/Q Growth	-26.86%	25.34%	43.01%	-3.72%	4.19%	21.32%	-35.30%	7.57%	22.59%	-13.02%
Free Cash Flow Firm Q/Q Growth	-87.01%	-100.19%	106.52%	4.97%	-21.25%	43.31%	-611.54%	200.05%	18.95%	-23.85%
Invested Capital Q/Q Growth	1.12%	17.85%	-1.85%	-3.93%	1.75%	-6.32%	60.80%	1.47%	-1.95%	1.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.29%	17.03%	16.52%	16.67%	16.86%	17.38%	17.14%	19.73%	21.76%	21.92%
EBITDA Margin	8.20%	7.87%	7.23%	7.73%	7.63%	8.57%	7.88%	8.48%	9.11%	9.17%
Operating Margin	5.71%	6.00%	5.84%	6.08%	6.29%	6.39%	6.82%	7.31%	7.86%	7.86%
EBIT Margin	6.40%	6.01%	5.47%	6.09%	6.15%	6.27%	6.96%	7.26%	7.84%	7.86%
Profit (Net Income) Margin	3.10%	3.11%	3.53%	3.96%	4.09%	4.27%	4.75%	4.69%	5.17%	5.13%
Tax Burden Percent	62.30%	63.15%	79.17%	76.50%	77.58%	78.67%	76.18%	74.91%	76.15%	75.09%
Interest Burden Percent	77.88%	81.92%	81.45%	84.98%	85.63%	86.61%	89.58%	86.32%	86.49%	87.00%
Effective Tax Rate	37.70%	36.85%	20.83%	23.50%	22.42%	21.33%	23.82%	25.09%	23.85%	24.91%
Return on Invested Capital (ROIC)	10.29%	10.21%	14.58%	18.75%	21.71%	23.37%	19.12%	17.48%	17.67%	17.01%
ROIC Less NNEP Spread (ROIC-NNEP)	8.59%	8.16%	10.71%	15.07%	17.08%	18.47%	17.14%	14.53%	14.43%	13.83%
Return on Net Nonoperating Assets (RNNOA)	29.38%	67.37%	91.57%	46.83%	54.42%	46.49%	79.60%	79.06%	42.91%	32.03%
Return on Equity (ROE)	39.67%	77.58%	106.15%	65.59%	76.14%	69.86%	98.72%	96.54%	60.58%	49.04%
Cash Return on Invested Capital (CROIC)	-3.92%	-0.03%	41.26%	21.21%	18.12%	31.17%	-45.92%	18.88%	21.64%	11.81%
Operating Return on Assets (OROA)	12.95%	11.99%	11.65%	14.00%	14.63%	13.34%	12.85%	13.09%	12.70%	11.80%
Return on Assets (ROA)	6.28%	6.20%	7.51%	9.10%	9.72%	9.09%	8.77%	8.47%	8.36%	7.71%
Return on Common Equity (ROCE)	39.67%	77.58%	106.31%	65.64%	76.14%	69.86%	98.72%	96.54%	60.58%	49.04%
Return on Equity Simple (ROE_SIMPLE)	36.78%	40.57%	53.07%	65.94%	76.73%	60.79%	140.09%	69.51%	54.07%	45.81%
Net Operating Profit after Tax (NOPAT)	462	518	686	755	879	928	1,081	1,300	1,280	1,240
NOPAT Margin	3.56%	3.79%	4.63%	4.65%	4.88%	5.02%	5.19%	5.47%	5.99%	5.90%
Net Nonoperating Expense Percent (NNEP)	1.70%	2.05%	3.87%	3.69%	4.63%	4.90%	1.99%	2.95%	3.24%	3.18%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.88%	16.65%	15.13%
Cost of Revenue to Revenue	83.71%	82.97%	83.48%	83.33%	83.14%	82.62%	82.86%	80.27%	78.24%	78.08%
SG&A Expenses to Revenue	9.44%	9.84%	9.51%	10.59%	10.57%	11.00%	10.32%	12.43%	13.90%	14.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.58%	11.03%	10.68%	10.59%	10.57%	11.00%	10.32%	12.43%	13.90%	14.05%
Earnings before Interest and Taxes (EBIT)	831	822	811	989	1,109	1,157	1,449	1,724	1,677	1,650
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,065	1,076	1,072	1,255	1,376	1,583	1,640	2,014	1,948	1,925
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.90	0.00	10.01	11.71	20.30	13.98	38.25	14.73	14.74	9.86
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.50	0.56	0.67	0.70	1.08	0.98	1.30	0.99	1.41	1.10
Price to Earnings (P/E)	16.04	18.06	18.88	17.76	26.46	22.99	27.31	21.19	27.26	21.52
Dividend Yield	0.81%	1.01%	1.07%	1.22%	0.93%	1.21%	0.85%	1.20%	1.06%	1.43%
Earnings Yield	6.24%	5.54%	5.30%	5.63%	3.78%	4.35%	3.66%	4.72%	3.67%	4.65%
Enterprise Value to Invested Capital (EV/IC)	2.01	1.39	3.18	3.63	5.49	5.41	4.51	3.98	4.95	3.79
Enterprise Value to Revenue (EV/Rev)	0.75	0.54	0.87	0.89	1.26	1.12	1.62	1.24	1.65	1.35
Enterprise Value to EBITDA (EV/EBITDA)	9.10	6.89	12.10	11.49	16.46	13.04	20.60	14.60	18.06	14.71
Enterprise Value to EBIT (EV/EBIT)	11.66	9.02	15.99	14.58	20.43	17.84	23.32	17.06	20.97	17.16
Enterprise Value to NOPAT (EV/NOPAT)	20.95	14.32	18.90	19.09	25.76	22.26	31.25	22.62	27.47	22.84
Enterprise Value to Operating Cash Flow (EV/OCF)	34.90	12.27	16.67	15.92	22.06	15.71	43.05	22.01	22.00	22.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	6.68	16.88	30.87	16.69	0.00	20.94	22.44	32.90
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.97	0.00	3.28	3.29	3.45	3.03	9.98	3.80	2.76	2.48
Long-Term Debt to Equity	2.95	0.00	3.26	3.26	3.42	2.97	9.83	3.77	2.46	2.38
Financial Leverage	3.42	8.26	8.55	3.11	3.19	2.52	4.64	5.44	2.97	2.32
Leverage Ratio	6.31	12.51	14.13	7.21	7.84	7.68	11.26	11.40	7.25	6.36
Compound Leverage Factor	4.92	10.25	11.51	6.13	6.71	6.65	10.08	9.84	6.27	5.54
Debt to Total Capital	74.84%	0.00%	76.65%	76.69%	77.55%	75.17%	90.89%	79.18%	73.43%	71.29%
Short-Term Debt to Total Capital	0.62%	0.00%	0.60%	0.60%	0.80%	1.36%	1.33%	0.73%	7.98%	2.88%
Long-Term Debt to Total Capital	74.21%	0.00%	76.05%	76.09%	76.75%	73.81%	89.57%	78.45%	65.46%	68.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	25.16%	0.00%	23.38%	23.31%	22.45%	24.83%	9.11%	20.82%	26.57%	28.71%
Debt to EBITDA	3.06	0.00	3.02	2.56	2.41	2.48	4.29	3.03	2.90	3.03
Net Debt to EBITDA	3.03	0.00	2.88	2.39	2.30	1.59	4.14	2.87	2.60	2.66
Long-Term Debt to EBITDA	3.04	0.00	2.99	2.54	2.39	2.44	4.23	3.00	2.58	2.91
Debt to NOPAT	7.05	0.00	4.72	4.25	3.77	4.23	6.52	4.69	4.41	4.71
Net Debt to NOPAT	6.97	0.00	4.51	3.98	3.60	2.71	6.28	4.45	3.95	4.13
Long-Term Debt to NOPAT	6.99	0.00	4.68	4.21	3.73	4.16	6.42	4.65	3.93	4.52
Altman Z-Score	2.89	34.62	3.29	3.62	4.15	3.73	3.09	3.43	3.59	2.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-0.15%	-0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.48	1.42	1.35	1.35	1.24	1.53	1.27	1.33	1.23	1.35
Quick Ratio	1.19	1.17	1.12	1.14	1.02	1.28	1.02	1.06	1.03	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-176	-1.40	1,941	854	734	1,237	-2,595	1,404	1,567	861
Operating Cash Flow to CapEx	307.99%	951.18%	958.94%	1,052.15%	434.70%	831.84%	784.60%	1,045.31%	1,078.74%	1,041.84%
Free Cash Flow to Firm to Interest Expense	-0.96	-0.01	12.90	5.75	4.60	7.99	-17.20	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1.51	4.06	5.17	6.10	6.44	8.48	5.20	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.02	3.64	4.63	5.52	4.96	7.46	4.54	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.02	1.99	2.13	2.30	2.38	2.13	1.85	1.80	1.62	1.50
Accounts Receivable Turnover	6.61	5.92	5.84	5.74	5.65	5.28	4.88	4.80	4.28	3.93
Inventory Turnover	29.76	27.77	29.65	31.26	28.14	22.25	20.45	22.07	22.78	25.75
Fixed Asset Turnover	83.10	0.00	0.00	102.40	69.46	68.58	112.15	123.50	111.25	108.38
Accounts Payable Turnover	9.28	0.00	0.00	7.08	7.02	6.26	5.59	5.52	5.03	4.65
Days Sales Outstanding (DSO)	55.25	61.70	62.49	63.60	64.62	69.07	74.74	75.96	85.28	92.85
Days Inventory Outstanding (DIO)	12.26	13.14	12.31	11.68	12.97	16.40	17.85	16.54	16.02	14.17
Days Payable Outstanding (DPO)	39.31	0.00	0.00	51.54	51.99	58.35	65.33	66.09	72.59	78.45
Cash Conversion Cycle (CCC)	28.20	74.84	74.80	23.74	25.60	27.13	27.27	26.42	28.71	28.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,813	5,332	4,077	3,978	4,124	3,814	7,490	7,386	7,099	7,478
Invested Capital Turnover	2.89	2.70	3.15	4.03	4.45	4.65	3.68	3.19	2.95	2.88
Increase / (Decrease) in Invested Capital	638	519	-1,255	-99	146	-310	3,676	-104	-287	379
Enterprise Value (EV)	9,686	7,413	12,968	14,421	22,657	20,646	33,779	29,400	35,165	28,318
Market Capitalization	6,464	7,677	9,877	11,418	19,493	18,129	26,995	23,618	30,109	23,193
Book Value per Share	$6.47	$0.00	$6.45	$6.50	$6.68	$9.07	$5.20	$11.84	$15.25	$17.65
Tangible Book Value per Share	($15.84)	($15.30)	($15.61)	($14.67)	($15.22)	($12.20)	($39.09)	($31.24)	($27.92)	($27.20)
Total Capital	4,356	0.00	4,221	4,184	4,278	5,224	7,748	7,701	7,687	8,196
Total Debt	3,260	0.00	3,236	3,209	3,317	3,927	7,043	6,098	5,645	5,843
Total Long-Term Debt	3,233	0.00	3,210	3,183	3,283	3,856	6,940	6,042	5,032	5,607
Net Debt	3,222	-264	3,091	3,003	3,163	2,517	6,785	5,783	5,056	5,125
Capital Expenditures (CapEx)	90	64	81	86	236	158	100	128	148	123
Debt-free, Cash-free Net Working Capital (DFCFNWC)	893	696	756	813	723	716	1,227	1,358	1,287	1,417
Debt-free Net Working Capital (DFNWC)	931	960	900	1,019	877	2,126	1,485	1,673	1,876	2,135
Net Working Capital (NWC)	904	960	874	994	843	2,055	1,382	1,617	1,263	1,899
Net Nonoperating Expense (NNE)	59	93	163	112	143	139	92	185	176	162
Net Nonoperating Obligations (NNO)	3,717	5,332	3,091	3,003	3,163	2,517	6,785	5,783	5,056	5,125
Total Depreciation and Amortization (D&A)	234	255	261	266	267	426	191	291	271	275
Debt-free, Cash-free Net Working Capital to Revenue	6.88%	5.09%	5.09%	5.01%	4.01%	3.88%	5.89%	5.72%	6.02%	6.75%
Debt-free Net Working Capital to Revenue	7.17%	7.02%	6.07%	6.27%	4.86%	11.51%	7.13%	7.05%	8.78%	10.16%
Net Working Capital to Revenue	6.96%	7.02%	5.89%	6.12%	4.67%	11.13%	6.64%	6.81%	5.91%	9.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.37	$2.59	$3.37	$4.26	$5.08	$5.53	$7.14	$8.24	$8.20	$8.06
Adjusted Weighted Average Basic Shares Outstanding	170.30M	163.60M	155.40M	150.90M	145.10M	142.60M	138.50M	135.20M	134.60M	133.80M
Adjusted Diluted Earnings per Share	$2.35	$2.56	$3.31	$4.19	$4.99	$5.45	$7.04	$8.13	$8.10	$7.97
Adjusted Weighted Average Diluted Shares Outstanding	171.80M	166M	158.20M	153.60M	147.80M	144.80M	140.50M	137M	136.30M	135.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$5.08	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	167.74M	159.37M	152.42M	147.06M	142.77M	140.99M	134.94M	135.59M	134.22M	132.49M
Normalized Net Operating Profit after Tax (NOPAT)	462	518	686	755	879	928	1,081	1,300	1,280	1,240
Normalized NOPAT Margin	3.56%	3.79%	4.63%	4.65%	4.88%	5.02%	5.19%	5.47%	5.99%	5.90%
Pre Tax Income Margin	4.98%	4.92%	4.45%	5.18%	5.27%	5.43%	6.23%	6.26%	6.78%	6.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.52	5.53	5.39	6.66	6.96	7.47	9.60	0.00	0.00	0.00
NOPAT to Interest Expense	2.52	3.48	4.56	5.08	5.52	5.99	7.16	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	4.03	5.10	4.85	6.08	5.48	6.45	8.94	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.03	3.06	4.02	4.50	4.04	4.97	6.50	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.12%	18.51%	20.44%	21.68%	24.89%	27.85%	23.75%	25.36%	29.11%	30.81%
Augmented Payout Ratio	72.98%	104.94%	122.52%	102.91%	114.09%	71.05%	175.52%	25.36%	74.39%	77.20%

This table displays calculated financial ratios and metrics derived from CDW's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.27%	-1.78%	-14.22%	-8.46%	-9.45%	-7.72%	-4.51%	-3.60%	-1.98%	3.34%
EBITDA Growth	23.49%	34.35%	-7.23%	-5.63%	1.12%	-2.14%	-6.95%	5.01%	1.45%	-4.90%
EBIT Growth	19.34%	33.23%	-8.39%	-5.36%	3.38%	-1.50%	-7.37%	4.96%	1.01%	-5.99%
NOPAT Growth	18.41%	32.33%	-5.83%	-4.97%	3.29%	0.55%	-7.13%	4.68%	-0.89%	-9.23%
Net Income Growth	11.70%	33.40%	-8.03%	-5.98%	5.94%	3.10%	-6.08%	7.04%	0.29%	-10.77%
EPS Growth	13.61%	33.12%	-8.20%	-5.88%	6.91%	4.31%	-5.36%	7.81%	0.86%	-9.63%
Operating Cash Flow Growth	14.09%	63.56%	-4.04%	-39.99%	40.76%	121.79%	20.42%	-34.31%	-27.00%	-35.64%
Free Cash Flow Firm Growth	-676.54%	112.88%	111.34%	111.49%	117.56%	41.94%	19.77%	26.17%	-45.97%	-111.51%
Invested Capital Growth	56.27%	-1.39%	-0.54%	0.21%	-0.54%	-3.89%	-1.67%	-0.63%	1.94%	5.34%
Revenue Q/Q Growth	1.13%	-12.50%	-6.16%	10.25%	0.04%	-10.83%	-2.91%	11.30%	1.72%	-5.99%
EBITDA Q/Q Growth	6.17%	-4.49%	-17.23%	12.43%	13.76%	-7.57%	-21.29%	26.87%	9.91%	-13.36%
EBIT Q/Q Growth	6.14%	-4.55%	-19.66%	16.27%	15.94%	-9.05%	-24.45%	31.75%	11.57%	-15.35%
NOPAT Q/Q Growth	8.00%	-3.34%	-18.00%	11.01%	17.38%	-5.90%	-24.26%	25.12%	11.14%	-13.82%
Net Income Q/Q Growth	6.62%	-3.56%	-19.88%	14.12%	20.14%	-6.15%	-27.02%	30.08%	12.56%	-16.50%
EPS Q/Q Growth	6.37%	-3.69%	-19.62%	14.29%	20.83%	-6.03%	-27.06%	30.19%	13.04%	-15.81%
Operating Cash Flow Q/Q Growth	-12.46%	-27.34%	51.05%	-37.55%	105.35%	14.49%	-17.99%	-65.93%	128.22%	0.94%
Free Cash Flow Firm Q/Q Growth	10.23%	119.39%	-28.46%	-7.71%	37.17%	56.75%	-18.19%	-2.79%	-41.26%	-133.38%
Invested Capital Q/Q Growth	-0.70%	1.47%	-1.76%	1.24%	-1.45%	-1.95%	-1.76%	2.31%	1.11%	1.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.84%	21.72%	21.35%	21.00%	21.81%	22.99%	21.82%	21.81%	21.77%	22.28%
EBITDA Margin	8.64%	9.43%	8.32%	8.49%	9.65%	10.01%	8.11%	9.25%	9.99%	9.21%
Operating Margin	7.50%	8.21%	6.96%	7.33%	8.50%	8.67%	6.73%	7.99%	8.73%	7.88%
EBIT Margin	7.43%	8.10%	6.94%	7.32%	8.48%	8.65%	6.73%	7.97%	8.74%	7.87%
Profit (Net Income) Margin	4.79%	5.28%	4.51%	4.67%	5.61%	5.90%	4.43%	5.18%	5.74%	5.09%
Tax Burden Percent	74.64%	75.34%	77.66%	74.31%	75.15%	77.78%	78.13%	74.03%	73.99%	75.16%
Interest Burden Percent	86.44%	86.52%	83.70%	85.86%	87.97%	87.72%	84.36%	87.89%	88.71%	86.15%
Effective Tax Rate	25.36%	24.66%	22.34%	25.69%	24.85%	22.22%	21.87%	25.97%	26.01%	24.84%
Return on Invested Capital (ROIC)	22.38%	19.75%	17.02%	16.61%	19.18%	19.90%	15.46%	16.91%	18.41%	17.06%
ROIC Less NNEP Spread (ROIC-NNEP)	21.35%	18.97%	16.26%	15.87%	18.41%	19.12%	14.70%	16.18%	17.64%	16.22%
Return on Net Nonoperating Assets (RNNOA)	96.47%	103.25%	79.85%	69.80%	66.81%	56.84%	42.37%	46.38%	44.38%	37.57%
Return on Equity (ROE)	118.84%	123.00%	96.87%	86.41%	85.99%	76.74%	57.82%	63.28%	62.78%	54.63%
Cash Return on Invested Capital (CROIC)	-23.51%	18.88%	18.17%	17.05%	18.15%	21.64%	19.20%	18.04%	15.46%	11.81%
Operating Return on Assets (OROA)	15.75%	14.61%	12.09%	12.29%	14.03%	14.00%	10.96%	12.53%	13.36%	11.82%
Return on Assets (ROA)	10.16%	9.53%	7.86%	7.84%	9.27%	9.55%	7.22%	8.15%	8.77%	7.65%
Return on Common Equity (ROCE)	118.84%	123.00%	96.87%	86.41%	85.99%	76.74%	57.82%	63.28%	62.78%	54.63%
Return on Equity Simple (ROE_SIMPLE)	78.63%	0.00%	69.76%	66.81%	60.52%	0.00%	50.98%	50.98%	47.24%	0.00%
Net Operating Profit after Tax (NOPAT)	348	336	276	306	360	338	256	321	356	307
NOPAT Margin	5.60%	6.19%	5.41%	5.44%	6.39%	6.74%	5.26%	5.91%	6.46%	5.92%
Net Nonoperating Expense Percent (NNEP)	1.03%	0.78%	0.76%	0.73%	0.77%	0.78%	0.75%	0.73%	0.76%	0.84%
Return On Investment Capital (ROIC_SIMPLE)	-	4.37%	-	-	-	4.40%	-	-	-	3.75%
Cost of Revenue to Revenue	80.16%	78.28%	78.65%	79.00%	78.19%	77.01%	78.18%	78.19%	78.23%	77.72%
SG&A Expenses to Revenue	12.34%	13.51%	14.39%	13.67%	13.31%	14.32%	15.09%	13.83%	13.04%	14.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.34%	13.51%	14.39%	13.67%	13.31%	14.32%	15.09%	13.83%	13.04%	14.40%
Earnings before Interest and Taxes (EBIT)	462	441	354	412	477	434	328	432	482	408
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	537	513	425	478	543	502	395	501	551	478
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.60	14.73	16.60	15.17	14.78	14.74	15.98	13.83	12.87	9.86
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.87	0.99	1.14	1.09	1.23	1.41	1.62	1.44	1.45	1.10
Price to Earnings (P/E)	19.84	21.19	23.80	22.70	24.43	27.26	31.34	27.13	27.24	21.52
Dividend Yield	1.31%	1.20%	1.13%	1.25%	1.18%	1.06%	0.95%	1.09%	1.10%	1.43%
Earnings Yield	5.04%	4.72%	4.20%	4.41%	4.09%	3.67%	3.19%	3.69%	3.67%	4.65%
Enterprise Value to Invested Capital (EV/IC)	3.66	3.98	4.37	4.11	4.45	4.95	5.49	4.82	4.78	3.79
Enterprise Value to Revenue (EV/Rev)	1.12	1.24	1.39	1.35	1.48	1.65	1.85	1.68	1.69	1.35
Enterprise Value to EBITDA (EV/EBITDA)	14.15	14.60	16.02	15.47	16.43	18.06	20.42	18.13	18.08	14.71
Enterprise Value to EBIT (EV/EBIT)	16.51	17.06	18.77	18.11	19.12	20.97	23.73	21.07	21.04	17.16
Enterprise Value to NOPAT (EV/NOPAT)	21.88	22.62	24.74	23.84	25.19	27.47	31.08	27.63	27.74	22.84
Enterprise Value to Operating Cash Flow (EV/OCF)	21.45	22.01	24.03	25.85	24.68	22.00	23.41	22.07	24.01	22.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	20.94	24.01	24.13	24.43	22.44	28.35	26.65	31.19	32.90
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.78	3.80	3.80	3.68	3.24	2.76	2.71	2.66	2.63	2.48
Long-Term Debt to Equity	4.74	3.77	3.77	3.65	3.22	2.46	2.43	2.11	2.45	2.38
Financial Leverage	4.52	5.44	4.91	4.40	3.63	2.97	2.88	2.87	2.52	2.32
Leverage Ratio	10.40	11.40	10.68	9.80	8.40	7.25	7.00	7.03	6.55	6.36
Compound Leverage Factor	8.99	9.87	8.94	8.41	7.39	6.36	5.91	6.18	5.81	5.48
Debt to Total Capital	82.70%	79.18%	79.18%	78.63%	76.43%	73.43%	73.06%	72.69%	72.49%	71.29%
Short-Term Debt to Total Capital	0.75%	0.73%	0.61%	0.56%	0.52%	7.98%	7.62%	15.11%	4.96%	2.88%
Long-Term Debt to Total Capital	81.94%	78.45%	78.57%	78.07%	75.91%	65.46%	65.44%	57.58%	67.53%	68.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	17.30%	20.82%	20.82%	21.37%	23.57%	26.57%	26.94%	27.31%	27.51%	28.71%
Debt to EBITDA	3.37	3.03	3.01	3.04	3.00	2.90	3.02	2.98	3.17	3.03
Net Debt to EBITDA	3.16	2.87	2.87	2.94	2.77	2.60	2.60	2.64	2.58	2.66
Long-Term Debt to EBITDA	3.34	3.00	2.99	3.02	2.98	2.58	2.71	2.36	2.96	2.91
Debt to NOPAT	5.21	4.69	4.65	4.69	4.59	4.41	4.60	4.54	4.87	4.71
Net Debt to NOPAT	4.89	4.45	4.43	4.53	4.25	3.95	3.96	4.02	3.96	4.13
Long-Term Debt to NOPAT	5.16	4.65	4.62	4.65	4.56	3.93	4.12	3.60	4.54	4.52
Altman Z-Score	2.84	3.11	3.22	3.06	3.24	3.28	3.51	3.14	3.12	2.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.29	1.33	1.31	1.30	1.35	1.23	1.26	1.13	1.40	1.35
Quick Ratio	1.01	1.06	1.05	1.04	1.12	1.03	1.06	0.96	1.20	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,273	441	315	291	399	626	378	367	216	-72
Operating Cash Flow to CapEx	990.77%	790.52%	1,152.68%	576.26%	1,079.72%	1,601.49%	1,491.53%	485.11%	1,018.15%	1,207.34%
Free Cash Flow to Firm to Interest Expense	-36.31	0.00	5.46	5.00	0.00	0.00	7.36	7.02	0.00	0.00
Operating Cash Flow to Interest Expense	5.32	0.00	6.33	3.92	0.00	0.00	8.58	2.87	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	4.78	0.00	5.78	3.24	0.00	0.00	8.00	2.28	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.12	1.80	1.74	1.68	1.65	1.62	1.63	1.57	1.53	1.50
Accounts Receivable Turnover	5.30	4.80	4.68	4.50	4.38	4.28	4.44	4.07	4.04	3.93
Inventory Turnover	22.02	22.07	19.86	19.56	21.12	22.78	22.76	21.54	23.37	25.75
Fixed Asset Turnover	129.85	123.50	119.60	115.05	113.85	111.25	112.00	109.85	107.38	108.38
Accounts Payable Turnover	6.10	5.52	5.25	4.88	4.91	5.03	5.24	4.66	4.79	4.65
Days Sales Outstanding (DSO)	68.81	75.96	78.05	81.16	83.26	85.28	82.20	89.58	90.43	92.85
Days Inventory Outstanding (DIO)	16.58	16.54	18.38	18.66	17.28	16.02	16.04	16.94	15.62	14.17
Days Payable Outstanding (DPO)	59.84	66.09	69.47	74.78	74.28	72.59	69.62	78.37	76.17	78.45
Cash Conversion Cycle (CCC)	25.54	26.42	26.96	25.04	26.27	28.71	28.62	28.15	29.88	28.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,279	7,386	7,256	7,346	7,240	7,099	7,135	7,300	7,380	7,478
Invested Capital Turnover	4.00	3.19	3.15	3.05	3.00	2.95	2.94	2.86	2.85	2.88
Increase / (Decrease) in Invested Capital	2,621	-104	-39	15	-40	-287	-121	-47	141	379
Enterprise Value (EV)	26,636	29,400	31,736	30,199	32,187	35,165	39,170	35,208	35,259	28,318
Market Capitalization	20,683	23,618	26,049	24,466	26,758	30,109	34,174	30,084	30,228	23,193
Book Value per Share	$9.80	$11.84	$11.57	$11.97	$13.50	$15.25	$15.91	$16.18	$17.59	$17.65
Tangible Book Value per Share	($33.47)	($31.24)	($31.36)	($31.45)	($29.78)	($27.92)	($26.80)	($26.26)	($24.97)	($27.20)
Total Capital	7,664	7,701	7,536	7,550	7,680	7,687	7,939	7,965	8,539	8,196
Total Debt	6,338	6,098	5,967	5,937	5,870	5,645	5,800	5,790	6,189	5,843
Total Long-Term Debt	6,280	6,042	5,921	5,895	5,830	5,032	5,195	4,587	5,766	5,607
Net Debt	5,953	5,783	5,687	5,733	5,430	5,056	4,996	5,125	5,031	5,125
Capital Expenditures (CapEx)	34	31	32	40	43	34	30	31	34	29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,210	1,358	1,268	1,329	1,276	1,287	1,174	1,374	1,468	1,417
Debt-free Net Working Capital (DFNWC)	1,594	1,673	1,548	1,533	1,716	1,876	1,978	2,039	2,626	2,135
Net Working Capital (NWC)	1,536	1,617	1,502	1,491	1,676	1,263	1,373	836	2,203	1,899
Net Nonoperating Expense (NNE)	50	49	46	44	44	42	40	40	40	43
Net Nonoperating Obligations (NNO)	5,953	5,783	5,687	5,733	5,430	5,056	4,996	5,125	5,031	5,125
Total Depreciation and Amortization (D&A)	76	73	71	66	66	68	67	69	69	70
Debt-free, Cash-free Net Working Capital to Revenue	5.07%	5.72%	5.54%	5.94%	5.85%	6.02%	5.55%	6.56%	7.05%	6.75%
Debt-free Net Working Capital to Revenue	6.69%	7.05%	6.76%	6.85%	7.87%	8.78%	9.35%	9.74%	12.61%	10.16%
Net Working Capital to Revenue	6.44%	6.81%	6.56%	6.66%	7.69%	5.91%	6.49%	3.99%	10.58%	9.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.20	$2.12	$1.70	$1.95	$2.35	$2.20	$1.61	$2.10	$2.37	$1.98
Adjusted Weighted Average Basic Shares Outstanding	135.30M	135.20M	135.60M	134.60M	134.10M	134.60M	134.40M	134.10M	133.50M	133.80M
Adjusted Diluted Earnings per Share	$2.17	$2.09	$1.68	$1.92	$2.32	$2.18	$1.59	$2.07	$2.34	$1.97
Adjusted Weighted Average Diluted Shares Outstanding	137.10M	137M	137.30M	136.10M	135.90M	136.30M	136M	135.60M	134.90M	135.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.39M	135.59M	134.79M	268.10M	267.92M	134.22M	134.40M	133.58M	133.26M	132.49M
Normalized Net Operating Profit after Tax (NOPAT)	348	336	276	306	360	338	256	321	356	307
Normalized NOPAT Margin	5.60%	6.19%	5.41%	5.44%	6.39%	6.74%	5.26%	5.91%	6.46%	5.92%
Pre Tax Income Margin	6.42%	7.01%	5.81%	6.28%	7.46%	7.59%	5.68%	7.00%	7.75%	6.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.37	0.00	6.14	7.07	0.00	0.00	6.39	8.26	0.00	0.00
NOPAT to Interest Expense	5.56	0.00	4.78	5.26	0.00	0.00	5.00	6.13	0.00	0.00
EBIT Less CapEx to Interest Expense	6.84	0.00	5.59	6.39	0.00	0.00	5.82	7.67	0.00	0.00
NOPAT Less CapEx to Interest Expense	5.02	0.00	4.23	4.58	0.00	0.00	4.42	5.54	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.94%	25.36%	26.96%	28.48%	29.06%	29.11%	29.80%	29.63%	29.93%	30.81%
Augmented Payout Ratio	56.16%	25.36%	45.23%	65.23%	70.14%	74.39%	62.09%	61.90%	66.33%	77.20%

Frequently Asked Questions About CDW's Financials

When does CDW's financial year end?

According to the most recent income statement we have on file, CDW's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has CDW's net income changed over the last 9 years?

CDW's net income appears to be on an upward trend, with a most recent value of $1.08 billion in 2024, rising from $403.10 million in 2015. The previous period was $1.10 billion in 2023. See where experts think CDW is headed by visiting CDW's forecast page.

What is CDW's operating income?

CDW's total operating income in 2024 was $1.65 billion, based on the following breakdown:

Total Gross Profit: $4.60 billion
Total Operating Expenses: $2.95 billion

How has CDW revenue changed over the last 9 years?

Over the last 9 years, CDW's total revenue changed from $12.99 billion in 2015 to $21.00 billion in 2024, a change of 61.7%.

How much debt does CDW have?

CDW's total liabilities were at $12.33 billion at the end of 2024, a 9.6% increase from 2023, and a 137.5% increase since 2015.

How much cash does CDW have?

In the past 9 years, CDW's cash and equivalents has ranged from $37.60 million in 2015 to $1.41 billion in 2020, and is currently $503.50 million as of their latest financial filing in 2024.

How has CDW's book value per share changed over the last 9 years?

Over the last 9 years, CDW's book value per share changed from 6.47 in 2015 to 17.65 in 2024, a change of 172.7%.

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This page (NASDAQ:CDW) was last updated on 5/6/2025 by MarketBeat.com Staff

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CDW (CDW) Financials

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CDW (CDW) Financials

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