CDW Corp（CDW）の決算・業績分析
CDW Corpの2025年有価証券報告書をAI分析。売上高$22.4B(+6.8%)。営業利益$1.7B。Consumer Discretionary。
目次
CDW Corpの2025年度 業績サマリー
CDW Corp（証券コード: CDW）の2025年度決算・業績分析。売上高は$22.4B（前年比+6.8%）。営業利益は$1.7B（前年比+0.3%）。純利益は$1.1B（前年比-1.0%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
CDW Corpの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- CDW Corp achieved 14.1% YoY revenue growth to $23.7B (XBRL), with operating income rising 22.3% to $1.7B (XBRL).
- Net income grew 12.7% YoY to $1.1B (XBRL), while ROE surged to 157.9% (XBRL), reflecting strong equity leverage.
- Free cash flow reached $1.2B (XBRL), driven by $1.3B operating cash flow (XBRL) and $128M CapEx (XBRL).
CDW Corpの売上高変化の要因
- •Revenue grew 14.1% YoY to $23.7B (XBRL), with a 5-year CAGR of 5.6% (XBRL). Segment-specific revenue data is not disclosed in XBRL or 10-K (N/A). Growth drivers include expansion in IT solutions and partnerships with key vendors. Historical revenue increased from $16.2B in FY2020 to $23.7B in FY2024 (XBRL), with a slight decline to $21.4B in FY2025 (XBRL).
CDW Corpの営業利益変化の要因
- •Gross margin remained stable at 19.7% (XBRL), while operating margin expanded to 7.3% (XBRL) and net margin to 4.7% (XBRL). Operating income grew 22.3% YoY to $1.7B (XBRL), and EBITDA reached $2.0B (8.5% of revenue) (XBRL). Historical operating income increased from $987M in FY2020 to $1.7B in FY2024 (XBRL), with no growth in FY2025 (XBRL).
CDW Corpの事業リスクと対応
Reliance on vendor partners (e.g., Ingram Micro, TD SYNNEX) for product supply and terms, with risks of termination or reduced support (10-K).
Changes in vendor partner programs, funding, or incentives could harm operations and cash flows (10-K).
Concentration in key vendors (Apple, Cisco, Dell, etc.) and risk of supply disruptions or pricing impacts (10-K).
Need to keep pace with rapid technological innovation and customer adoption of new solutions (10-K).
Inability to offer competitive products if vendor partners restrict access to high-demand offerings (10-K).
CDW Corpの事業内容
CDW Corp operates as a leading IT solutions provider, selling hardware, software, and integrated services to businesses, government, education, and healthcare customers (10-K). The company acts as a sales channel partner for over 1,000 vendor partners, including major OEMs like Apple, Cisco, and Microsoft (10-K). Key segments include Corporate (large US businesses), Small Business (US businesses <250 employees), and Public (government, education, healthcare), with international operations in the UK and Canada (10-K). Competitive advantages include vendor neutrality, broad product selection, and a large customer base of 250,000+ clients (10-K).
CDW CorpのAI業績分析レポート（2024年度）
CDW Corp FY2024 Annual Report Analysis
Highlights
Business Overview
CDW Corp provides IT solutions, acting as a sales channel partner for over 1,000 vendor partners (10-K). Key segments include Corporate, Small Business, and Public (government, education, healthcare), with international operations in the UK and Canada (10-K). Competitive advantages include vendor neutrality, broad product selection, and a large customer base of 250,000+ clients (10-K).
Revenue Analysis
Revenue grew 14.1% YoY to $23.7B (XBRL), with a 5-year CAGR of 5.6% (XBRL). Historical revenue increased from $16.2B in FY2020 to $23.7B in FY2024 (XBRL), with a slight decline to $21.4B in FY2025 (XBRL). Segment-specific revenue data is not disclosed (N/A).
Profitability Analysis
Gross margin remained stable at 19.7% (XBRL), while operating margin expanded to 7.3% (XBRL) and net margin to 4.7% (XBRL). Operating income grew 22.3% YoY to $1.7B (XBRL), and EBITDA reached $2.0B (8.5% of revenue) (XBRL). Historical operating income increased from $987M in FY2020 to $1.7B in FY2024 (XBRL), with no growth in FY2025 (XBRL).
Balance Sheet Analysis
Total assets grew from $8.0B in FY2020 to $14.7B in FY2025 (XBRL), while total equity declined from $986M in FY2020 to $706M in FY2024 (XBRL). Net debt stood at $4.4B (2.2x EBITDA) (XBRL), with long-term debt at $5.0B (XBRL). Current ratio was 1.23x (XBRL), and cash reserves totaled $589M (XBRL).
Cash Flow Analysis
Operating cash flow increased 65.6% YoY to $1.3B (XBRL), with free cash flow of $1.2B (XBRL) after $128M CapEx (XBRL). Financing cash flow was -$1.1B (XBRL), driven by $283M in dividends paid (XBRL) and no share repurchases (XBRL). Investing cash flow was -$164M (XBRL), reflecting capital expenditures.
Working Capital Analysis
Receivables days were 70 (XBRL), inventory days were 13 (XBRL), and asset turnover was 1.79x (XBRL). Days payables outstanding data is not available (N/A).
Risks
Outlook
N/A (10-K does not provide management guidance or forward-looking trends).
Consumer Discretionaryの企業一覧
CDW Corpと同じ「Consumer Discretionary」セクターの企業