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Arphra AIPlain-English read on CDW Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $20.82B | $23.75B | $21.38B | $21B | $22.42B | $23.51B | $24.36B | $25.11B | $27.06B |
| Cost of revenue | $17.25B | $19.06B | $16.72B | $16.4B | $17.55B | $18.8B | $18.71B | $20.14B | $20.61B |
| Gross profit | $3.57B | $4.69B | $4.65B | $4.6B | $4.87B | $5.03B | $5.39B | $5.38B | $5.89B |
| Gross margin | +17.14% | +19.73% | +21.76% | +21.92% | +21.73% | +21.42% | +22.15% | +21.41% | +21.77% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.15B | $2.95B | $2.97B | $2.93B | $3.22B | $3.27B | $3.45B | $3.58B | $3.76B |
| Total operating expenses | $2.15B | $2.95B | $2.97B | $2.95B | $3.22B | $3.39B | $3.35B | $3.62B | $3.78B |
| Operating income | $1.42B | $1.74B | $1.68B | $1.65B | $1.66B | $1.78B | $1.82B | $1.93B | $2.08B |
| Operating margin | +6.82% | +7.31% | +7.86% | +7.86% | +7.38% | +7.56% | +7.48% | +7.68% | +7.68% |
| EBITDA | $1.64B | $2.01B | $1.95B | $1.93B | $1.95B | $2.15B | $2.13B | $2.28B | $2.39B |
| EBIT | $1.45B | $1.72B | $1.68B | $1.65B | $1.65B | $1.8B | $1.85B | $1.97B | $2.11B |
| Below the line | |||||||||
| Interest expense | $150.9M | $235.7M | $226.6M | $214.5M | $227.4M | $242.19M | $255.47M | $261.77M | $280.67M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$121.2M | -$247.4M | -$230.7M | -$215.9M | -$228.2M | — | — | — | — |
| Pre-tax income | $1.3B | $1.49B | $1.45B | $1.44B | $1.43B | $1.57B | $1.62B | $1.72B | $1.84B |
| Income tax expense | $309.2M | $373.3M | $345.9M | $357.6M | $360.8M | $394.78M | $398.89M | $408.65M | $452.77M |
| Earnings | |||||||||
| Net income | $988.6M | $1.11B | $1.1B | $1.08B | $1.07B | $1.19B | $1.25B | $1.24B | $1.32B |
| Net income · continuing ops | $988.6M | $1.11B | $1.1B | $1.08B | $1.07B | $1.21B | $1.26B | $1.24B | $1.4B |
| Net margin | +4.75% | +4.69% | +5.17% | +5.13% | +4.76% | +5.07% | +5.12% | +4.94% | +4.87% |
| EPS · basic | $7.14 | $8.24 | $8.20 | $8.06 | $8.13 | $10.75 | $11.97 | $12.30 | $0.00 |
| EPS · diluted | $7.04 | $8.14 | $8.10 | $7.97 | $8.08 | $10.71 | $11.68 | $12.36 | $0.00 |
| EPS · low estimate | — | — | — | — | — | $10.27 | $11.18 | $11.69 | $0.00 |
| EPS · high estimate | — | — | — | — | — | $11.30 | $13.04 | $12.84 | $0.00 |
| Shares · basic | 138.5M | 135.2M | 134.6M | 133.8M | 131.3M | 131.43M | 130.16M | 130.71M | 130.3M |
| Shares · diluted | 140.5M | 137M | 136.3M | 135.2M | 132.1M | 131.05M | 131.84M | 133.26M | 132.27M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 8 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 6 | 7 | 1 | 0 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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