CDW Corporation (CDW) financial statements: income statement, balance sheet and cash flow
CDW Corporation's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CDW Corporation reported revenue of $22.4B (+6.8% year on year) and net income of $1.1B (-1.0% year on year).
Income statement
CDW Corporation income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net sales
$22.4B
$21.0B
$21.4B
$23.7B
Cost of sales
$17.6B
$16.4B
$16.7B
$19.1B
Gross profit
$4.9B
$4.6B
$4.7B
$4.7B
Selling and administrative expenses
$3.2B
$3.0B
$3.0B
$3.0B
Operating income
$1.7B
$1.7B
$1.7B
$1.7B
Interest expense, net
($227.4M)
($214.5M)
($226.6M)
($235.7M)
Other expense, net
($800.0K)
($1.4M)
($4.1M)
($11.7M)
Income before income taxes
$1.4B
$1.4B
$1.5B
$1.5B
Income tax expense
($360.8M)
($357.6M)
($345.9M)
($373.3M)
Net income
$1.1B
$1.1B
$1.1B
$1.1B
Basic (in dollars per share)
$8.13
$8.06
$8.20
$8.24
Diluted (in dollars per share)
$8.08
$7.97
$8.10
$8.13
Basic (in shares)
131.3M
133.8M
134.6M
135.2M
Diluted (in shares)
132.1M
135.2M
136.3M
137.0M
CDW Corporation income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net sales
$6.6B
$5.7B
$5.7B
$6.0B
Cost of sales
$5.3B
$4.5B
$4.5B
$4.7B
Gross profit
$1.3B
$1.2B
$1.3B
$1.2B
Selling and administrative expenses
$891.2M
$814.0M
$812.2M
$821.0M
Operating income
$428.6M
$376.0M
$443.3M
$420.2M
Interest expense, net
($60.2M)
($55.3M)
($55.0M)
($56.8M)
Other income (expense), net
$4.5M
($1.7M)
$1.1M
$1.5M
Income before income taxes
$372.9M
$319.0M
$389.4M
$364.9M
Income tax expense
($98.5M)
($83.6M)
($98.4M)
($93.7M)
Net income
$274.4M
$235.4M
$291.0M
$271.2M
Basic (in dollars per share)
$2.16
$1.82
$2.22
$2.06
Diluted (in dollars per share)
$2.15
$1.82
$2.21
$2.05
Basic (in shares)
127.0M
129.0M
131.0M
131.6M
Diluted (in shares)
127.4M
129.5M
131.8M
132.4M
Balance sheet
CDW Corporation balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$618.7M
$503.5M
$588.7M
$315.2M
Short-term investments
$0
$214.2M
—
—
Accounts receivable, net of allowance for credit losses of $65.2 and $43.3, respectively
$6.3B
$5.1B
$4.6B
$4.5B
Merchandise inventory
$563.4M
$605.3M
$668.1M
$800.2M
Miscellaneous receivables
$554.0M
$509.9M
$470.5M
$489.1M
Prepaid expenses and other
$452.0M
$404.4M
$410.2M
$498.2M
Total current assets
$8.5B
$7.4B
$6.7B
$6.6B
Operating lease right-of-use assets
$136.7M
$120.2M
$128.8M
$149.2M
Property and equipment, net
$171.5M
$192.0M
$195.5M
$188.8M
Goodwill
$4.7B
$4.6B
$4.4B
$4.3B
Other intangible assets, net
$1.2B
$1.4B
$1.4B
$1.5B
Accounts receivable and other assets, noncurrent
$1.4B
$1.0B
—
—
Total Assets
$16.0B
$14.7B
$13.3B
$13.1B
Accounts payable-trade
$4.2B
$3.4B
$2.9B
$2.8B
Accounts payable-inventory financing
$352.6M
$355.2M
$430.9M
$519.0M
Current maturities of long-term debt
$1.0B
$235.8M
$613.1M
$56.3M
Contract liabilities
$534.0M
$491.0M
$487.4M
$485.5M
Compensation
$318.8M
$275.8M
$303.0M
$377.8M
Advertising
$176.1M
$137.7M
$119.9M
$130.5M
Sales and income taxes
$82.9M
$61.6M
$52.4M
$73.5M
Other
$534.1M
$536.0M
$554.3M
$483.2M
Total current liabilities
$7.2B
$5.5B
$5.4B
$4.9B
Debt
$4.6B
$5.6B
$5.0B
$5.9B
Deferred income taxes
$171.8M
$167.4M
$171.4M
$203.4M
Operating lease liabilities
$157.8M
$149.1M
$164.0M
$175.2M
Accounts payable and other liabilities
$1.2B
$927.8M
—
—
Total long-term liabilities
$6.2B
$6.9B
$5.8B
$6.6B
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods
0
0
0
0
Common stock, $0.01 par value, 1,000.0 shares authorized; 129.4 and 132.6 shares outstanding, respectively
1.3M
1.3M
1.3M
1.4M
Paid-in capital
$4.0B
$3.8B
$3.7B
$3.5B
Accumulated deficit
($1.3B)
($1.3B)
($1.5B)
($1.8B)
Accumulated other comprehensive loss
($99.8M)
($160.1M)
($124.6M)
($152.4M)
Total stockholders’ equity
$2.6B
$2.4B
$2.0B
$1.6B
Total Liabilities and Stockholders’ Equity
$16.0B
$14.7B
$13.3B
$13.1B
CDW Corporation balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$361.8M
$578.6M
$452.9M
$481.0M
Accounts receivable, net of allowance for credit losses of $68.4 and $65.2, respectively
$7.3B
$6.5B
$5.8B
$5.6B
Merchandise inventory
$981.8M
$820.6M
$504.7M
$761.6M
Miscellaneous receivables
$546.8M
$583.4M
$613.3M
$559.0M
Prepaid expenses and other
$446.4M
$514.2M
$421.4M
$408.0M
Total current assets
$9.7B
$9.0B
$7.8B
$7.8B
Operating lease right-of-use assets
$128.2M
$130.4M
$102.9M
$110.4M
Property and equipment, net
$166.0M
$172.2M
$177.1M
$181.6M
Goodwill
$4.7B
$4.7B
$4.6B
$4.7B
Other intangible assets, net
$1.1B
$1.1B
$1.2B
$1.3B
Accounts receivable and other assets, noncurrent
$1.5B
$1.4B
$1.3B
$1.2B
Total Assets
$17.3B
$16.5B
$15.2B
$15.3B
Accounts payable-trade
$5.1B
$4.6B
$3.7B
$3.8B
Accounts payable-inventory financing
$465.2M
$355.6M
$331.0M
$420.4M
Current maturities of long-term debt
$1.0B
$1.0B
$9.1M
$9.5M
Contract liabilities
$576.6M
$597.3M
$477.0M
$489.9M
Compensation
$295.3M
$249.7M
$282.6M
$313.4M
Advertising
$228.1M
$237.2M
$192.7M
$171.7M
Sales and income taxes
$78.1M
$166.6M
$116.4M
$82.1M
Other
$526.8M
$524.7M
$506.2M
$519.2M
Total current liabilities
$8.3B
$7.7B
$5.6B
$5.8B
Debt
$4.8B
$4.6B
$5.6B
$5.6B
Deferred income taxes
$162.3M
$167.2M
$165.3M
$139.1M
Operating lease liabilities
$147.3M
$149.7M
$128.8M
$136.3M
Accounts payable and other liabilities
$1.4B
$1.2B
$1.2B
$1.1B
Total long-term liabilities
$6.5B
$6.2B
$7.1B
$7.0B
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods
0
0
0
0
Common stock, $0.01 par value, 1,000.0 shares authorized; 125.3 and 129.4 shares outstanding, respectively
1.2M
1.2M
1.3M
1.3M
Paid-in capital
$4.1B
$4.0B
$4.0B
$3.9B
Accumulated deficit
($1.5B)
($1.3B)
($1.3B)
($1.4B)
Accumulated other comprehensive loss
($123.1M)
($120.1M)
($106.5M)
($86.3M)
Total stockholders’ equity
$2.4B
$2.6B
$2.5B
$2.5B
Total Liabilities and Stockholders’ Equity
$17.3B
$16.5B
$15.2B
$15.3B
Cash flow statement
CDW Corporation cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$1.1B
$1.1B
$1.1B
$1.1B
Depreciation and amortization
$295.6M
$275.3M
$270.7M
$290.6M
Equity-based compensation expense
$83.6M
$64.7M
$93.7M
$91.1M
Deferred income taxes
$1.3M
($14.1M)
($32.7M)
($18.2M)
Provision for credit losses
$37.2M
$32.2M
$14.9M
$8.3M
Other
$7.2M
$4.1M
$29.0M
$16.2M
Accounts receivable
($1.2B)
($559.4M)
($54.5M)
($34.8M)
Merchandise inventory
$48.2M
$61.1M
$139.0M
$111.9M
Other assets
($390.1M)
($605.3M)
$183.3M
($208.9M)
Accounts payable-trade
$815.4M
$443.8M
($55.4M)
($260.0M)
Other liabilities
$406.7M
$497.1M
($93.6M)
$225.2M
Net cash provided by operating activities
$1.2B
$1.3B
$1.6B
$1.3B
Capital expenditures
($117.1M)
($122.6M)
($148.2M)
($127.8M)
Net change in short-term investments
$211.1M
—
—
—
Acquisitions of businesses, net of cash acquired
($21.5M)
($323.9M)
($76.4M)
($36.7M)
Other
($2.3M)
($1.6M)
($5.0M)
—
Net cash provided by (used in) investing activities
$70.2M
($659.2M)
($229.6M)
($164.5M)
Proceeds from borrowings under revolving credit facilities
$2.6B
$294.2M
$207.6M
$2.3B
Repayments of borrowings under revolving credit facilities
($2.6B)
($294.2M)
($282.0M)
($2.5B)
Proceeds from issuance of long-term debt
$592.5M
$1.2B
$0
$0
Repayments of long-term debt
($211.1M)
$0
($150.0M)
($635.5M)
Payments to extinguish long-term debt
($593.5M)
($962.4M)
$0
$0
Net change in accounts payable-inventory financing
($2.6M)
($75.7M)
($23.7M)
$84.6M
Repurchases of common stock
($653.0M)
($500.0M)
($500.0M)
$0
Proceeds from stock option exercises
$29.5M
$47.0M
$49.3M
$30.2M
Payment of incentive compensation plan withholding taxes
($26.1M)
($38.2M)
($40.0M)
($23.1M)
Dividend payments
($328.6M)
($332.1M)
($321.5M)
($282.6M)
Other
$8.4M
$24.2M
$22.7M
$22.9M
Net cash used in financing activities
($1.2B)
($686.9M)
($1.1B)
($1.1B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$20.3M
($12.2M)
$3.1M
($12.2M)
Net increase (decrease) in cash, cash equivalents and restricted cash
$111.2M
($81.0M)
$273.5M
$57.1M
Cash, cash equivalents and restricted cash – beginning of period
$507.7M
$588.7M
$315.2M
$258.1M
Cash, cash equivalents and restricted cash – end of period
$618.9M
—
—
—
Interest paid
($234.3M)
($217.5M)
($233.2M)
($224.3M)
Income taxes paid, net
($326.0M)
($398.6M)
($401.4M)
($362.2M)
CDW Corporation cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$509.8M
$235.4M
$787.1M
$496.1M
Depreciation and amortization
$150.2M
$75.1M
$221.5M
$148.2M
Equity-based compensation expense
$50.2M
$22.1M
$71.1M
$44.0M
Deferred income taxes
($9.0M)
($4.3M)
($3.2M)
($29.9M)
Provision for credit losses
$13.9M
$5.6M
$26.5M
$15.9M
Other
$2.3M
$1.0M
($600.0K)
($1.6M)
Accounts receivable
($1.1B)
($170.1M)
($633.0M)
($450.1M)
Merchandise inventory
($418.3M)
($257.6M)
$106.8M
($147.3M)
Other assets
($126.7M)
($104.0M)
($334.9M)
($217.1M)
Accounts payable-trade
$896.2M
$341.3M
$273.8M
$384.7M
Other liabilities
$205.1M
$130.3M
$256.3M
$200.2M
Net cash provided by operating activities
$219.7M
$274.8M
$771.4M
$443.1M
Capital expenditures
($53.9M)
($26.4M)
($79.2M)
($49.4M)
Proceeds from short-term investments
$0
—
$211.1M
$211.1M
Acquisitions of businesses, net of cash acquired
($300.0K)
$0
($5.0M)
($5.0M)
Other
($4.6M)
($4.5M)
($2.2M)
($2.1M)
Net cash (used in) provided by investing activities
($58.8M)
($30.9M)
$124.7M
$154.6M
Proceeds from borrowings under revolving credit facility
$3.2B
$651.5M
$1.4B
$1.1B
Repayments of borrowings under revolving credit facility
($3.0B)
($651.5M)
($1.4B)
($1.1B)
Repayments of long-term debt
$0
—
($211.1M)
($211.1M)
Net change in accounts payable-inventory financing-supplier financing
$50.6M
—
—
—
Proceeds from accounts payable-inventory financing-product financing
$62.5M
—
—
—
Payments on accounts payable-inventory financing-product financing
($500.0K)
—
—
—
Repurchases of common stock
($544.7M)
($201.0M)
($500.0M)
($350.1M)
Proceeds from stock option exercises
$9.7M
$2.6M
$27.0M
$25.2M
Payment of incentive compensation plan withholding taxes
($12.3M)
($10.4M)
($22.0M)
($20.9M)
Dividend payments
($160.9M)
($81.1M)
($246.9M)
($165.1M)
Other
$14.4M
$13.7M
$14.7M
$8.9M
Net cash used in financing activities
($406.2M)
($273.2M)
($968.7M)
($649.2M)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
($10.5M)
($9.7M)
$18.0M
$25.0M
Net decrease in cash, cash equivalents, and restricted cash
($255.8M)
($39.0M)
($54.6M)
($26.5M)
Cash, cash equivalents, and restricted cash—beginning of period
$618.9M
$618.9M
$507.7M
$507.7M
Cash, cash equivalents and restricted cash—end of period