Filing Flows › CDW (CDW) › Q1 2025
CDW (CDW) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
CDW (CDW) reported revenue of $5.2B for the first quarter 2025 (Q1 2025), +7% from a year earlier and +0.3% from the quarter before. Operating margin was 7.0%, net earnings $225M (4.3% of revenue).
CDW, Q1 2025: revenue $5.2B (+7% year over year), operating margin 7.0%, net earnings $225M, operating cash flow $287M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.2B | +0.3% | +7% |
| Gross profit | $1.1B | -3% | +6% |
| Operating profit | $361M | -12% | +10% |
| Net earnings | $225M | -15% | +4% |
| Operating cash flow | $287M | -17% | -35% |
| Free cash flow | $260M | -18% | -37% |
What changed
Revenue was $5.2B in Q1 2025, up 7% year over year and roughly flat from the previous quarter. Notebooks/Mobile Devices was the largest line at 26% of revenue. Notebooks/Mobile Devices added $0.21B year over year (up 18%), 63% of the total change. Other Hardware declined 7%.
Gross margin was 21.6%, down 0.2 points from a year earlier. Operating profit was $0.36B, a 7.0% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, above the 7% margin then. Operating expenses grew 3% against revenue growth of 7%. Net earnings were $0.22B, up 4% year over year. The effective tax rate was 26.0%.
Operating cash flow was $0.29B (down 35% year over year), 128% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.03B. Capital expenditures of $0.03B left free cash flow of $0.26B.
Questions
What was CDW's revenue in the first quarter 2025?
CDW (CDW) reported revenue of $5.2B for the first quarter 2025 (Q1 2025), +7% from a year earlier and +0.3% from the quarter before.
Was CDW profitable in the first quarter 2025?
Operating profit was $361M (7.0% of revenue) and net earnings $225M.
Source: CDW 10-Q on SEC EDGAR.