At a glance
CDW Corp is worth $18.83B, about 19 times its fiscal 2025 earnings. Revenue grew 6.8% to $22.42B in fiscal 2025, with 4.8% kept as profit; over 5 years it has grown 4.0% a year. It pays a 1.67% dividend yield, raised every year for at least 9 years, and returned $4.65B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −3.6% over the past year with dividends reinvested and −3.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.3% in the 2020 crash (S&P 500: 33.7%) and 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows.
The business in plain English
CDW Corp is a middleman for business information technology (IT). It purchases laptops, networking gear, servers, software and cloud services from more than 1,000 vendor partners, either directly or through wholesale distributors. The partners include Apple, Cisco, Dell Technologies, HP Inc., Lenovo and Microsoft. CDW then supplies these products to more than 250,000 business, government, education and healthcare customers in the US, UK and Canada. It also adds services such as design, installation and managed services, which means running part of a customer's technology on an ongoing basis.
CDW earns the gap between what it pays suppliers and what customers pay, plus rebates and incentives from vendors. Margins are thin. In fiscal 2025, revenue was $22.4 billion. Gross margin (sales minus product costs, as a share of sales) was 21.7%, and operating margin was 7.4%. Notebooks and mobile devices were the largest product group at 25.1% of sales. Software followed at 18.7% and networking products at 12.0%. Services made up 9.1%.
By customer type, the Corporate segment (US businesses with more than 250 employees) brought in 42.1% of fiscal 2025 sales. Public (US government, education and healthcare) brought in 38.1%. CDW UK and CDW Canada together added 12.1%, and Small Business 7.7%. From January 1, 2026, CDW regrouped its US business into Commercial, Government and Education segments.
Price history
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CDW -3.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Notebooks/Mobile Devices | $5.64B | 25.1% |
| Software | $4.20B | 18.7% |
| Netcomm Products | $2.69B | 12% |
| Other Hardware | $2.50B | 11.2% |
| Data Storage and Servers | $2.15B | 9.6% |
| Services | $2.04B | 9.1% |
| Collaboration | $1.76B | 7.8% |
| Desktops | $1.33B | 5.9% |
| Other | $114.8M | 0.5% |
By business segment
| Corporate | $9.44B | 42.1% |
| Public | $8.54B | 38.1% |
| Other | $2.72B | 12.1% |
| Small Business | $1.73B | 7.7% |
By geography
| United States | $19.62B | 87.5% |
| Rest of World | $2.80B | 12.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $6.57B, up 10% from a year earlier, and net income was $274.4M (+1.2%).
- For fiscal 2025, revenue was $22.42B (+6.8% year over year; +4.0% a year from FY2020 to FY2025) with a 4.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.0% watch |
|---|---|
| Operating margin | 7.4% watch |
| Free cash flow margin | 4.9% watch |
| Return on equity (FY2025) | 40.9% good |
| Return on assets (FY2025) | 6.7% watch |
| Net cash (cash minus debt) | $-5.46B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $18.47B | $788.5M | $1.16B |
| FY2021 | $20.82B | $988.6M | $684.6M |
| FY2022 | $23.75B | $1.11B | $1.21B |
| FY2023 | $21.38B | $1.10B | $1.45B |
| FY2024 | $21.00B | $1.08B | $1.15B |
| FY2025 | $22.42B | $1.07B | $1.09B |
Valuation snapshot
| Market value | $18.83B |
|---|---|
| P/E ratio | 18.6 |
| Dividend yield | 1.67% |
Rank among 1514 US companies
Market value at each year end
CDW’s market value went from $8.36B at the end of 2016 to $18.83B on Nov 2, 2026, about 2.3 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $18.83B | +6.2% |
| 2025 | $17.73B | -23.5% |
| 2024 | $23.19B | -23.8% |
| 2023 | $30.45B | +25.9% |
| 2022 | $24.18B | -13.0% |
| 2021 | $27.79B | +47.5% |
| 2020 | $18.84B | -8.2% |
| 2019 | $20.52B | +68.8% |
| 2018 | $12.16B | +14.3% |
| 2017 | $10.64B | +27.2% |
| 2016 | $8.36B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CDW price data to Nov 2, 2026 | +12.3% | -3.6% | -8.7% | -3.1% | +14.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.3% |
| 2025 | -20.6% |
| 2024 | -22.6% |
| 2023 | +28.9% |
| 2022 | -11.8% |
| 2021 | +56.9% |
| 2020 | -6.5% |
| 2019 | +78.3% |
| 2018 | +18.0% |
| 2017 | +34.9% |
| 2016 | +25.3% |
| 2015 | +20.5% |
| 2014 | +51.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.2% over that stretch · deepest drop along the way 42.3%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.9% over that stretch · deepest drop along the way 26%, back to its old high 4.1 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 1 sales ($3.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Elizabeth H. Connelly See Remarks | sell | $3.7M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.57% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.37% | Mar 31, 2026 |
| BlackRock Portfolio Management LLC | 5.9% | Sep 30, 2026 |
ETFs with the most weight in CDW
| TDV ProShares S&P Technology Dividend Aristocrats ETF | 2.46% |
| QTEC First Trust NASDAQ-100 Technology Sector Index Fund | 2.45% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.62% |
| PSET Principal Quality ETF | 0.74% |
| PY Principal Value ETF | 0.74% |
| DSTL Distillate US Fundamental Stability & Value ETF | 0.72% |
| FXL First Trust Technology AlphaDEX Fund | 0.67% |
| QNXT iShares Nasdaq-100 ex Top 30 ETF | 0.59% |
What could go wrong
- Heavy reliance on a few suppliers. Sales depend heavily on Apple, Cisco, Dell, HP Inc., Lenovo and Microsoft. Two distributors, Ingram Micro and TD SYNNEX, supply over 25% of purchases. Vendor contracts are mostly short-term, and many can end on notice.
- Vendors could go around CDW. Manufacturers already deal directly with end users, and large cloud providers run their own online marketplaces. Vendors could also limit which products CDW may offer or cut the rebates and incentives it earns.
- Keeping pace with cloud and AI. CDW depends on vendors to innovate and on customers to adopt new products. If it fails to train staff to deliver fast-changing offerings like cloud and artificial intelligence (AI), its results could suffer.
- Customers can delay or cut IT budgets. Businesses may put off technology purchases in a weak economy or while they evaluate new options. The Public segment, 38.1% of fiscal 2025 sales, depends on government budget and funding decisions.
- Strict rules on government contracts. Breaking the terms of public-sector contracts or related laws could lead to contract termination or fines. Changes in how governments purchase technology could also hurt results.
- Large debt compared with cash. As of June 30, 2026, CDW had about $5.8 billion of debt and $362 million of cash and investments. Its debt obligations could limit its flexibility and weigh on results and cash flow.
Recent events
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Other company announcement
- Investor presentation or announcement
- Executive or board change
For income and retirement investors
CDW pays a modest dividend, yielding 1.55% as of October 28, 2026. It raised the dividend in at least nine straight fiscal years through 2025. Dividends per share grew about 10% a year, from $1.54 in fiscal 2020 to $2.505 in fiscal 2025, but the last increase, from $2.485, was small. Dividends took 31% of fiscal 2025 earnings and 30% of free cash flow (cash from operations minus capital spending). CDW spent more on repurchasing its own shares: $3.15 billion over fiscal 2021–2025, versus $1.50 billion on dividends. The share count fell 7.9% from October 2021 to July 2026.
The stock can fall hard. It fell 42% in the 2020 COVID crash and 26% in the 2022 bear market, recovering by November 2020 and February 2023. In the three years to October 28, 2026, it fell as much as 60.4%, its deepest decline in about 13 years of price history. A single stock carries more risk than a diversified fund.
Questions investors ask
How does CDW make money?
CDW makes money as a middleman for business technology. It purchases hardware, software and cloud services from more than 1,000 vendor partners and wholesale distributors. It then supplies them to more than 250,000 business, government, education and healthcare customers in the US, UK and Canada, along with services such as design, installation and management. It keeps the difference between its cost and its price, plus vendor rebates. In fiscal 2025, that produced $22.4 billion of revenue and $1.07 billion of net income, a 4.8% net margin.
Does CDW raise its dividend every year?
Yes, through fiscal 2025. CDW raised its dividend in at least nine straight fiscal years, and the true streak may be longer. Dividends per share grew from $1.54 in fiscal 2020 to $2.505 in fiscal 2025, about 10% a year. However, the fiscal 2025 increase, from $2.485, was small. Dividends used about 31% of fiscal 2025 earnings, which leaves a cushion. Future increases are not guaranteed.
What is CDW's P/E ratio and dividend yield?
As of October 28, 2026, CDW's P/E ratio was 20.1 and its dividend yield was 1.55%. Its market value was about $20.3 billion. The P/E (price-to-earnings) ratio divides the share price by earnings per share. Here it uses fiscal 2025 diluted earnings of $8.08 per share. Diluted earnings count extra shares that stock options and similar awards could add. Earnings have barely grown: diluted earnings per share were $8.13 in fiscal 2022.
How much debt does CDW have?
As of June 30, 2026, CDW had about $5.8 billion of total debt and $362 million of cash and investments. Shareholders' equity was about $2.4 billion. In a September 21, 2026 filing, CDW reported a new agreement that created a debt or other financial obligation. Its 10-K annual report lists debt as a risk. The obligations could limit flexibility and weigh on results and cash flow.
How has CDW stock performed over the long term?
Strongly over 10 years, poorly over five. As of October 28, 2026, CDW's share price had gained about 311% over 10 years, or 15.2% a year. It had lost 6% over five years and 14% over three years. The stock fell about 23% in 2024 and 21% in 2025, then rose 21.3% in 2026 through October 28. Past returns do not predict future results.