Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.7B | $14.8B | $16.2B | $18.0B | $18.5B | $20.8B | $23.7B | $21.4B | $21.0B | $22.4B |
| Revenue growth | — | 8.5% | 9.5% | 11.0% | 2.4% | 12.7% | 14.1% | -10.0% | -1.8% | 6.8% |
| Gross profit | $2.33B | $2.45B | $2.71B | $3.04B | $3.21B | $3.57B | $4.69B | $4.65B | $4.60B | $4.87B |
| Gross margin | 17.0% | 16.5% | 16.7% | 16.9% | 17.4% | 17.1% | 19.7% | 21.8% | 21.9% | 21.7% |
| Operating income | $820M | $867M | $987M | $1.13B | $1.18B | $1.42B | $1.74B | $1.68B | $1.65B | $1.66B |
| Operating margin | 6.0% | 5.8% | 6.1% | 6.3% | 6.4% | 6.8% | 7.3% | 7.9% | 7.9% | 7.4% |
| Net income | $425M | $523M | $643M | $737M | $789M | $989M | $1.11B | $1.10B | $1.08B | $1.07B |
| Net margin | 3.1% | 3.5% | 4.0% | 4.1% | 4.3% | 4.7% | 4.7% | 5.2% | 5.1% | 4.8% |
| EPS (diluted) | $2.56 | $3.31 | $4.19 | $4.99 | $5.45 | $7.04 | $8.13 | $8.10 | $7.97 | $8.08 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $604M | $778M | $906M | $1.03B | $1.31B | $785M | $1.34B | $1.60B | $1.28B | $1.21B |
| Capital expenditures | $63.5M | $81.1M | $86.1M | $236M | $158M | $100M | $128M | $148M | $123M | $117M |
| Free cash flow | $541M | $697M | $820M | $791M | $1.16B | $685M | $1.21B | $1.45B | $1.15B | $1.09B |
| Share buybacks | $367M | $534M | $522M | $657M | $341M | $1.50B | $0.00 | $500M | $500M | $653M |
| Dividends paid | $78.7M | $107M | $139M | $183M | $220M | $235M | $283M | $322M | $332M | $329M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $264M | $144M | $206M | $154M | $1.41B | $258M | $315M | $589M | $504M | $619M |
| Total assets | $6.96B | $6.97B | $7.17B | $8.00B | $9.34B | $13.2B | $13.1B | $13.3B | $14.7B | $16.0B |
| Total liabilities | $5.91B | $5.98B | — | — | — | — | — | — | — | — |
| Long-term debt | $3.22B | $3.21B | $3.18B | $3.28B | $3.86B | $6.76B | $5.87B | $5.03B | $5.61B | $4.62B |
| Shareholders' equity | $1.05B | $986M | $975M | $960M | $1.30B | $706M | $1.60B | $2.04B | $2.35B | $2.61B |
| Retained earnings | -$1.67B | -$1.83B | -$1.89B | -$2.02B | -$1.81B | -$2.57B | -$1.76B | -$1.53B | -$1.32B | -$1.27B |
| Shares (wtd avg diluted) | 166M | 158M | 154M | 148M | 145M | 141M | 137M | 136M | 135M | 132M |
Every figure is extracted from CDW Corp’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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