CDWCdwFY2025财报解读

Revenue Growth Driven by Volume Expansion

CDW grew total revenue by 6.8% YoY to $22.4B in FY2025, up from $21.0B in the prior year, reflecting continued demand for IT products and solutions across its customer segments. Cost of revenue rose at a slightly faster pace of 7.0%, indicating modest pressure on product mix.

来源: Source: 10-K Income Statement

SG&A Cost Inflation Pressured Operating Leverage

Selling, General & Administrative expenses rose 9.0% YoY to $3.22B, outpacing revenue growth of 6.8%, which compressed operating margin by approximately 48 basis points to 7.38%. This suggests the company is investing heavily in its salesforce and infrastructure to support growth.

来源: Source: 10-K Income Statement

Gross Margin Held Relatively Stable

Gross margin declined only modestly from 21.92% to 21.73%, a drop of roughly 19 basis points, suggesting CDW maintained reasonable pricing discipline and product mix management despite a competitive IT distribution environment.

来源: Source: 10-K Income Statement & Key Ratios

Significant Debt Reduction Strengthens Balance Sheet

Long-term debt fell 17.6% YoY to $4.62B from $5.61B, demonstrating meaningful deleveraging. This was partially offset by a 32.0% increase in current liabilities to $7.23B, which warrants monitoring for near-term liquidity management.

来源: Source: 10-K Balance Sheet

Capital Return Program Accelerated

CDW repurchased $653M in shares during FY2025, a 30.6% increase from $500M in the prior year, reflecting management's confidence in the business and commitment to returning capital. Financing cash outflows widened to -$1.18B as a result.

来源: Source: 10-K Cash Flow Statement

SG&A expenses grew at 9.0% YoY, well above the 6.8% revenue growth rate, causing operating income to grow only 0.3% despite a $1.4B increase in top-line revenue. If this cost trajectory continues without commensurate revenue acceleration, net margins could face further compression. Net margin already stands at just 4.76%.

来源: Source: 10-K Income Statement

Current liabilities surged 32.0% YoY to $7.23B while current assets grew only 15.3% to $8.50B, causing the current ratio to tighten to 1.18x. This narrowing liquidity buffer could create refinancing or working capital stress if business conditions deteriorate. The company must carefully manage its short-term obligations.

来源: Source: 10-K Balance Sheet

Operating cash flow fell 5.6% YoY to $1.21B despite higher revenues, suggesting that working capital consumption is increasing. This trend, if sustained, could limit CDW's ability to fund capital expenditures, debt repayment, and shareholder returns simultaneously.

来源: Source: 10-K Cash Flow Statement

With $4.62B in long-term debt against stockholders' equity of $2.61B, CDW carries a debt-to-equity ratio of approximately 1.77x. While long-term debt declined 17.6% YoY, the absolute level remains elevated and exposes the company to interest rate risk and refinancing risk in a higher-rate environment.

来源: Source: 10-K Balance Sheet

Net income fell 1.0% YoY to $1.07B even as revenue grew 6.8%, highlighting that cost pressures — particularly in SG&A — are absorbing the benefits of top-line growth. This divergence between revenue and earnings growth could disappoint investors expecting operating leverage.

来源: Source: 10-K Income Statement