CDW Corporation
Profit after direct costs
Core business profitability
Bottom line profitability
Top line growth rate
Flow of revenue through cost categories to net income
| Item | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | YoY Change |
|---|---|---|---|---|---|---|---|
Total Revenue | 20.82B | 23.75B | 21.38B | 21.00B | 22.42B | 6.8% | |
| Cost of Revenue | (17.25B) | (19.06B) | (16.72B) | (16.40B) | (17.55B) | 7.0% | |
Gross Profit | 3.57B | 4.69B | 4.65B | 4.60B | 4.87B | 5.9% | |
| Operating Expenses | |||||||
| Research & Development | — | — | — | — | — | — | |
| Selling, General & Administrative | (2.15B) | (2.95B) | (2.97B) | (2.93B) | (3.22B) | 10.0% | |
| Depreciation & Amortization | (191.20M) | (290.60M) | (270.70M) | (275.30M) | (296.00M) | 7.5% | |
Operating Income (EBIT) | 1.42B | 1.74B | 1.68B | 1.65B | 1.66B | 0.3% | |
| Non-Operating Items | |||||||
| Interest Income | — | — | — | — | — | — | |
| Interest Expense | (150.90M) | (235.70M) | (226.60M) | (214.50M) | (227.40M) | 6.0% | |
| Other Income/Expenses (Net) | -121.20M | -247.40M | -230.70M | -215.90M | -228.20M | 5.7% | |
Income Before Tax | 1.30B | 1.49B | 1.45B | 1.44B | 1.43B | -0.6% | |
| Income Tax Expense | (309.20M) | (373.30M) | (345.90M) | (357.60M) | (360.80M) | 0.9% | |
Net Income | 988.60M | 1.11B | 1.10B | 1.08B | 1.07B | -1.0% | |
| Per Share Metrics | |||||||
| Earnings Per Share (Basic) | $7 | $8 | $8 | $8 | $8 | 0.9% | |
| Weighted Avg Shares Outstanding | 138.50M | 135.20M | 134.60M | 133.80M | 131.30M | -1.9% | |
| Weighted Avg Shares Outstanding (Diluted) | 140.50M | 137.00M | 136.30M | 135.20M | 132.10M | -2.3% | |
EBITDA | 1.64B | 2.01B | 1.95B | 1.93B | 1.95B | 1.3% |
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CDW in the Technology
Large Cap