CDW Corp (CDW) closed fiscal year 2025 with a gross margin of 21.7 % and a net margin of 4.8 %.
CDW Corp (CDW) closed fiscal year 2025 with a gross margin of 21.7 % and a net margin of 4.8 %. The same year shows an EBITDA margin of 8.7 % and an EBIT margin of 7.4 %. The free cash flow margin was 4.9 %. Against the previous year the gross margin moved −0.2 pp and the net margin −0.4 pp. Across the period the gross margin ranges between 15.8 % in 2010 and 21.9 % in 2024. The series covers 17 fiscal years, from 2009 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 15.82 % | 15.80 % | 16.49 % | 16.48 % | 16.35 % | 15.91 % | 16.29 % | 17.03 % | 16.52 % | 16.67 % | 16.86 % | 17.38 % | 17.14 % | 19.73 % | 21.76 % | 21.92 % | 21.73 % |
| EBITDA margin (%) | 2.60 % | 6.39 % | 7.04 % | 7.12 % | 6.66 % | 7.30 % | 7.46 % | 7.86 % | 7.60 % | 7.71 % | 7.77 % | 8.69 % | 7.73 % | 8.53 % | 9.13 % | 9.17 % | 8.70 % |
| EBIT margin (%) | -0.45 % | 4.01 % | 4.90 % | 5.04 % | 4.72 % | 5.57 % | 5.71 % | 6.00 % | 5.84 % | 6.08 % | 6.29 % | 6.39 % | 6.82 % | 7.31 % | 7.86 % | 7.86 % | 7.38 % |
| Net margin (%) | -5.21 % | -0.33 % | 0.18 % | 1.17 % | 1.23 % | 2.03 % | 3.10 % | 3.11 % | 3.53 % | 3.96 % | 4.09 % | 4.27 % | 4.75 % | 4.69 % | 5.17 % | 5.13 % | 4.76 % |
| FCF margin (%) | 1.28 % | 4.34 % | 1.76 % | 2.73 % | 2.96 % | 3.15 % | 1.44 % | 3.95 % | 4.70 % | 5.05 % | 4.39 % | 6.26 % | 3.29 % | 5.09 % | 6.79 % | 5.50 % | 4.85 % |
