CDW: revenue, profit and dividends

In fiscal 2025, CDW had revenue of $22.4B, up 5.6% a year on average since 2015, and net income of $1.07B (4.8% of revenue). Its dividend per share has gone up 12 years in a row, to $2.50. It has 23% fewer shares than in 2015.

Revenue, fiscal 2025

$22.4B+5.6% a year

average annual revenue growth since 2015 · +6.8% vs 2024

Net income, 2025

$1.07B

4.8% of revenue

Diluted EPS, 2025

$8.08

13.1% a year since 2015

Dividend per share, 2025

$2.50

raised 12 years in a row

Revenue growth, 5 years

4.0% a year

since 2020

Shares, 2025

132M

−23.1% since 2015

Free cash flow, 2025

$1.09B

$1.21B from operations − $117M capex

Ticker: CDW · Nasdaq
Sector: Information Technology
Sub-industry: Technology Distributors
Headquarters: Vernon Hills, Illinois
Founded: 1984
In the S&P 500 since: September 23, 2019
Latest fiscal year: 2025, ended December 31, 2025
SEC filer: CDW Corp · CIK 0001402057

Revenue and net income

Revenue went from $7.16B in 2009 to $22.4B in 2025. Net loss in 2009–2010.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from −$0.20 in 2010 to $8.08 in 2025. Ten-year growth: 13.1% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Dividends per share

Raised 12 years in a row, every year from 2014 to 2025. Ten-year growth: 23.2% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

23.1% fewer shares in 2025 than in 2015 (172M → 132M): buybacks outweighed new shares.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was $1.09B in 2025, 4.9% of revenue.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Dividend	Shares	Operating cash flow	Capex	Free cash flow
2025	$22.4B	$1.07B	4.8%	$8.08	$2.50	132M	$1.21B	$117M	$1.09B
2024	$21B	$1.08B	5.1%	$7.97	$2.48	135M	$1.28B	$123M	$1.15B
2023	$21.4B	$1.1B	5.2%	$8.10	$2.39	136M	$1.6B	$148M	$1.45B
2022	$23.7B	$1.11B	4.7%	$8.13	$2.09	137M	$1.34B	$128M	$1.21B
2021	$20.8B	$989M	4.7%	$7.04	$1.70	140M	$785M	$100M	$685M
2020	$18.5B	$788M	4.3%	$5.45	$1.54	145M	$1.31B	$158M	$1.16B
2019	$18B	$737M	4.1%	$4.99	$1.26	148M	$1.03B	$236M	$791M
2018	$16.2B	$643M	4.0%	$4.19	$0.93	154M	$906M	$86.1M	$820M
2017	$14.8B	$523M	3.5%	$3.31	$0.69	158M	$778M	$81.1M	$697M
2016	$13.7B	$425M	3.1%	$2.56	$0.48	166M	$604M	$63.5M	$540M
2015	$13B	$403M	3.1%	$2.35	$0.31	172M	$278M	$90.1M	$187M
2014	$12.1B	$245M	2.0%	$1.42	$0.20	173M	$435M	$55M	$380M
2013	$10.8B	$133M	1.2%	$0.84	$0.04	159M	$366M	$47.1M	$319M
2012	$10.1B	$119M	1.2%	$0.82	$0.00	146M	$317M	$41.4M	$276M
2011	$9.6B	$17.1M	0.2%	$0.12	$0.00	145M	$215M	$45.7M	$169M
2010	$8.8B	−$29.2M	−0.3%	−$0.20	—	144M	$424M	$41.5M	$382M
2009	$7.16B	−$373M	−5.2%	—	—	—	$108M	$15.6M	$92M

Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.

About these figures

Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.

Other Technology Distributors companies

No other S&P 500 company is in this sub-industry.

All 76 Information Technology companies

Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.