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CDW cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$372M in Q3 2026 · $934M over twelve months

Operating cash flow$399M
Capital spending−$26.8M
Free cash flow+$372M
Cash / net income1.3×
Cash conversion cycle29 days

Analysis

In Q3 2026, CDW generated $399M of operating cash flow and spent $26.8M on capital projects, leaving free cash flow of $372M. That is $73.5M more than in Q3 2025 ($298M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were buybacks ($806M), acquisitions ($467M), other financing ($323M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.1B), shares issued ($22.5M); the cash balance rose by $1.1B.

Operating cash flow was $399M against net income of $310M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: receivables −$430M, payables +$394M, other liabilities +$233M.

Its cash conversion cycle was 29 days (receivables 103 + inventory 17 − payables 91).

Free cash flow

CDW: free cash flow by quarterCDW: free cash flow by quarter$317MQ4 2024$260MQ1 2025$133MQ2 2025$298MQ3 2025$396MQ4 2025$248MQ1 2026−$82.6MQ2 2026$372MQ3 2026
Operating cash flow less capital spending.
CDW: operating cash flow against capital spendingCDW: operating cash flow against capital spendingOperating cash flowCapital spending$345M$28.6MQ4 2024$287M$26.9MQ1 2025$156M$22.5MQ2 2025$328M$29.8MQ3 2025$434M$37.9MQ4 2025$275M$26.4MQ1 2026−$55.1M$27.5MQ2 2026$399M$26.8MQ3 2026
Latest (Q3 2026): Operating cash flow $399M, Capital spending $26.8M.

Capital allocation, year by year

CDW: where the cash came from (up) and went (down), by fiscal yearCDW: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $785MFY2021: Net borrowing $4.2BFY2021: Shares issued $69.9MFY2021: Capital spending −$100MFY2021: Acquisitions −$2.7BFY2021: Buybacks −$1.5BFY2021: Dividends −$235M$5.1BFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing −$865MFY2022: Shares issued $30.2MFY2022: Capital spending −$128MFY2022: Acquisitions −$36.7MFY2022: Dividends −$283M$1.4BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing −$224MFY2023: Shares issued $49.3MFY2023: Capital spending −$148MFY2023: Acquisitions −$76.4MFY2023: Buybacks −$500MFY2023: Dividends −$322M$1.6BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $1.2BFY2024: Shares issued $47.0MFY2024: Capital spending −$123MFY2024: Acquisitions −$324MFY2024: Buybacks −$500MFY2024: Dividends −$332M$2.5BFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $381MFY2025: Shares issued $29.5MFY2025: Capital spending −$117MFY2025: Acquisitions −$21.5MFY2025: Buybacks −$653MFY2025: Dividends −$329M$1.6BFY2025
Over these 5 years operating cash flow totalled $6.2B; the largest uses were acquisitions ($3.2B) and buybacks ($3.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$7.1B
Net debt$5.6B
Due within a year$1.0B

CDW funds itself: free cash flow was $934M over the last twelve months, and $1.5B of cash and investments stands against $7.1B of debt ($1.0B due within a year, 1.5× covered by cash).

CDW: debt maturities by year (FY2025)CDW: debt maturities by year (FY2025)$1.0BYear 1$6.4MYear 2$1.1BYear 3$700MYear 4$1.2BYear 5$1.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.5B of cash and investments now.

Where the cash came from and went

CDW: sources (+) and uses (−) of cash, Q3 2026CDW: sources (+) and uses (−) of cash, Q3 2026Other financing$1.6BCash drawn (+) / kept (−)−$1.2BAcquisitions−$450MOperating cash flow$399MNet borrowing (+) / repaid (−)−$175MBuybacks−$108MDividends−$78.7MCapital spending−$26.8MShares issued$10.3MOther investing−$5.0MExchange rates−$2.6MTaxes on employees’ shares−$600K
CDW: sources (+) and uses (−) of cash, TTM to Q3 2026CDW: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$2.1BCash drawn (+) / kept (−)−$1.1BOperating cash flow$1.1BBuybacks−$806MAcquisitions−$467MOther financing−$323MDividends−$321MCapital spending−$119MShares issued$22.5MTaxes on employees’ shares−$17.0MExchange rates−$10.8MOther investing−$9.7M

From profit to cash

CDW: net income to operating cash flow, Q3 2026CDW: net income to operating cash flow, Q3 2026Net income$310MDepreciation & amortization$75.1MStock-based pay$26.7MReceivables−$430MInventory−$38.9MPayables$394MPrepaid and other assets−$174MOther liabilities$233MOperating cash flow$399M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026103179129
Q2 202696168427
Q1 2026101148827
Q4 2025101128527
Q3 202591137728
Q2 202583147126
Q1 202591157728
Q4 202489157529

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$399M−$26.8M−$450M−$108M−$78.7M−$175M$10.3M−$1.2B$372M
Q2 2026−$55.1M−$27.5M−$300K−$344M−$79.8M$175M$7.1M$217M−$82.6M
Q1 2026$275M−$26.4M—−$201M−$81.1M—$2.6M$39.0M$248M
Q4 2025$434M−$37.9M−$16.5M−$153M−$81.7M$592M$2.5M−$166M$396M
Q3 2025$328M−$29.8M—−$150M−$81.8M—$1.8M$28.1M$298M
Q2 2025$156M−$22.5M—−$150M−$82.3M—$19.3M−$5.6M$133M
Q1 2025$287M−$26.9M−$5.0M−$200M−$82.8M—$5.9M$32.1M$260M
Q4 2024$345M−$28.6M−$324M−$146M−$83.1M—$5.4M$439M$317M

CDW: income statement and cash flow

CDW, Q3 2026: revenue $6.8B (+18% year over year), operating margin 7.2%. The chart follows the revenue to costs, profit and cash.

CDW: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.