Cash Flow Statement

Operating Cash Flow

-10%

+3%

10Y

Currency: USD

	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	(29)	(36)	(63)	(26)	17	32	104	105	119	136	146	106	133	155	195	253	245	249	270	366	403	426	436	411	424	404	428	431	523	592	624	679	643	669	693	711	737	752	744	736	789	853	938	1 012	989	1 006	1 011	1 043	1 115	1 094	1 078	1 095	1 104	1 090	1 109	1 110	1 078	1 087	1 077	1 051
Depreciation & Amortization	209	209	207	205	205	206	208	210	210	210	209	207	208	208	208	208	208	208	209	217	227	239	250	253	255	255	256	259	261	263	264	264	266	263	262	264	267	294	354	419	426	379	301	217	191	217	242	269	291	290	285	275	271	267	271	274	275	283	287	291
Change in Deffered Taxes	(4)	2	8	32	(10)	(19)	(25)	(50)	(56)	(54)	(48)	(30)	(49)	(57)	(70)	(95)	(89)	(90)	(90)	(54)	(55)	(57)	(59)	(97)	(97)	(91)	(88)	(78)	(173)	(167)	(161)	(157)	(56)	(56)	(51)	(50)	(88)	(72)	(58)	(57)	(20)	(26)	(31)	(24)	(7)	(8)	(12)	(12)	(18)	(24)	(34)	(38)	(33)	(32)	(29)	(28)	(14)	(18)	(24)	10
Stock-Based Compensation	12	11	11	12	20	21	23	29	22	18	15	48	47	48	50	14	16	18	21	25	31	35	37	39	39	43	45	45	44	40	39	40	41	45	47	49	49	45	38	37	43	50	65	70	73	78	81	91	91	91	92	91	94	92	96	73	65	66	61	85
Other Non-Cash Items	83	104	199	186	161	169	51	50	54	41	48	122	121	123	117	85	113	131	128	8	(23)	(40)	(35)	47	46	110	108	105	106	41	46	50	52	58	59	76	78	101	95	109	116	93	67	33	43	54	101	122	116	118	133	131	138	132	124	102	101	103	99	127
Cash Taxes Paid	48	12	2	(26)	(21)	16	0	103	123	125	0	0	83	92	194	0	241	348	365	459	300	303	310	317	329	329	293	264	276	280	298	307	261	262	258	264	272	271	179	266	246	246	382	314	351	352	354	361	362	372	376	373	401	397	374	395	399	401	414	315
Cash Interest Paid	377	360	378	352	333	322	0	318	303	319	0	0	268	284	367	395	196	233	177	194	155	146	146	147	144	149	148	146	149	143	146	147	149	150	150	156	154	139	145	120	139	130	139	134	134	133	174	181	224	232	235	234	233	231	230	239	218	249	224	244
Change in Working Capital	165	(27)	(57)	(165)	(158)	(92)	51	95	(9)	(31)	(135)	(85)	(47)	(25)	(115)	(105)	(42)	(132)	(159)	(157)	(276)	(41)	(100)	(132)	(23)	(131)	(38)	(174)	60	(100)	(41)	104	2	2	25	(15)	34	(78)	(7)	(124)	5	136	(132)	(25)	(432)	(448)	(141)	(179)	(167)	(158)	(293)	(160)	119	215	120	10	(163)	(330)	(307)	(362)
Cash from Operating Activities	424 N/A	252 -41%	293 +16%	231 -21%	215 -7%	296 +38%	390 +32%	410 +5%	317 -23%	302 -5%	220 -27%	321 +46%	366 +14%	405 +10%	335 -17%	346 +3%	435 +26%	367 -16%	358 -2%	379 +6%	278 -27%	527 +90%	492 -7%	482 -2%	604 +25%	546 -10%	667 +22%	544 -18%	778 +43%	630 -19%	734 +16%	941 +28%	906 -4%	936 +3%	988 +6%	986 0%	1 027 +4%	998 -3%	1 129 +13%	1 083 -4%	1 314 +21%	1 436 +9%	1 143 -20%	1 213 +6%	785 -35%	821 +5%	1 201 +46%	1 242 +3%	1 336 +8%	1 321 -1%	1 168 -12%	1 304 +12%	1 599 +23%	1 673 +5%	1 595 -5%	1 469 -8%	1 277 -13%	1 125 -12%	1 131 +1%	1 117 -1%
Investing Cash Flow
Capital Expenditures	(42)	(46)	(48)	(49)	(46)	(46)	(45)	(45)	(41)	(42)	(46)	(47)	(47)	(48)	(48)	(51)	(55)	(56)	(57)	(65)	(90)	(91)	(93)	(88)	(64)	(72)	(75)	(81)	(81)	(77)	(78)	(76)	(86)	(90)	(96)	(108)	(236)	(242)	(292)	(295)	(158)	(153)	(97)	(91)	(100)	(121)	(125)	(131)	(128)	(118)	(136)	(145)	(148)	(146)	(137)	(128)	(123)	(120)	(112)	(108)
Other Items	(84)	(72)	(48)	(30)	(10)	0	(1)	0	(0)	0	0	0	0	(21)	(21)	(22)	(110)	(89)	(89)	(353)	(264)	(264)	(264)	(2)	(2)	0	0	(0)	0	0	0	0	0	(69)	(75)	(75)	(95)	(26)	(20)	(59)	(43)	(256)	(219)	(308)	(2 670)	(2 457)	(2 522)	(2 394)	(37)	(59)	(84)	(90)	(81)	(59)	(6)	(212)	(537)	(541)	(332)	(121)
Cash from Investing Activities	(125) N/A	(117) +7%	(96) +18%	(79) +18%	(56) +29%	(48) +14%	(45) +6%	(45) N/A	(42) +8%	(42) -1%	(46) -9%	(47) -2%	(47) -1%	(69) -45%	(69) -1%	(73) -5%	(165) -127%	(145) +12%	(146) -1%	(417) -185%	(354) +15%	(355) 0%	(357) -1%	(90) +75%	(66) +27%	(75) -13%	(77) -3%	(81) -5%	(81) 0%	(77) +5%	(78) -1%	(76) +3%	(86) -13%	(158) -84%	(171) -8%	(183) -7%	(331) -81%	(269) +19%	(313) -16%	(354) -13%	(201) +43%	(409) -104%	(315) +23%	(399) -27%	(2 770) -594%	(2 577) +7%	(2 647) -3%	(2 525) +5%	(165) +93%	(177) -8%	(220) -24%	(235) -7%	(230) +2%	(205) +11%	(143) +30%	(339) -137%	(659) -94%	(661) 0%	(444) +33%	(229) +48%
Financing Cash Flow
Net Issuance of Common Stock	0	0	(0)	(0)	(0)	(1)	(1)	(1)	(1)	(1)	(1)	424	425	425	427	5	7	9	(82)	(183)	(230)	(347)	(359)	(387)	(351)	(405)	(483)	(526)	(511)	(441)	(315)	(193)	(522)	(600)	(703)	(816)	(657)	(621)	(466)	(305)	(341)	(521)	(893)	(1 324)	(1 431)	(1 102)	(722)	(285)	30	(165)	(361)	(408)	(451)	(287)	(294)	(346)	(453)	(624)	(559)	(614)
Net Issuance of Debt	(339)	(115)	(140)	(315)	(320)	(183)	(227)	43	(309)	(199)	(130)	(504)	(563)	(554)	(645)	(301)	(139)	(60)	(16)	(30)	(33)	(36)	(39)	(16)	(13)	(10)	9	133	(58)	(57)	(57)	(205)	8	93	65	86	89	168	621	647	627	465	28	112	2 768	2 510	2 505	1 968	(934)	(808)	(836)	(475)	(286)	(169)	(140)	331	199	222	6	(408)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	(7)	(15)	(22)	(29)	(34)	(38)	(42)	(46)	(53)	(59)	(65)	(71)	(79)	(86)	(93)	(100)	(107)	(113)	(120)	(128)	(139)	(151)	(162)	(173)	(183)	(194)	(205)	(217)	(220)	(222)	(224)	(224)	(235)	(246)	(258)	(270)	(283)	(295)	(307)	(318)	(322)	(325)	(329)	(332)	(332)	(332)	(331)	(330)
Other	(11)	(14)	(40)	122	225	(101)	(2)	(242)	(29)	51	(22)	(36)	(22)	(32)	21	61	54	11	40	41	90	72	127	107	138	40	(71)	12	(143)	24	(139)	(181)	(101)	(46)	78	15	2	(153)	(0)	225	73	(97)	(209)	(388)	(269)	105	(25)	22	84	26	217	190	(41)	(163)	(227)	(283)	(101)	(54)	(2)	(34)
Cash from Financing Activities	(350) N/A	(129) +63%	(180) -39%	(193) -7%	(95) +51%	(285) -199%	(230) +19%	(200) +13%	(338) -69%	(149) +56%	(152) -2%	(116) +24%	(168) -45%	(176) -4%	(219) -24%	(265) -21%	(112) +58%	(78) +31%	(100) -29%	(218) -117%	(227) -4%	(370) -63%	(336) +9%	(368) -9%	(305) +17%	(460) -51%	(639) -39%	(481) +25%	(819) -70%	(588) +28%	(630) -7%	(706) -12%	(755) -7%	(704) +7%	(722) -3%	(888) -23%	(750) +16%	(800) -7%	(50) +94%	350 N/A	139 -60%	(375) N/A	(1 298) -246%	(1 825) -41%	833 N/A	1 268 +52%	1 500 +18%	1 434 -4%	(1 102) N/A	(1 242) -13%	(1 287) -4%	(1 011) +21%	(1 099) -9%	(943) +14%	(989) -5%	(630) +36%	(687) -9%	(788) -15%	(887) -12%	(1 385) -56%
Change in Cash
Effect of Foreign Exchange Rates	0	1	1	(1)	0	(0)	(1)	2	0	(1)	(1)	(1)	(1)	(1)	1	(1)	(2)	(3)	(3)	(5)	(4)	(1)	(5)	(4)	(7)	(8)	(2)	(2)	3	4	(4)	(1)	(3)	(4)	(1)	(3)	2	(6)	(2)	2	4	12	13	7	0	(3)	(14)	(12)	(12)	(8)	0	(1)	3	(1)	(1)	6	(12)	(3)	16	4
Net Change in Cash	(51) N/A	6 N/A	19 +208%	(41) N/A	63 N/A	(37) N/A	114 N/A	167 +46%	(62) N/A	111 N/A	21 -81%	157 +663%	150 -4%	160 +6%	48 -70%	8 -84%	156 +1 958%	141 -10%	108 -23%	(260) N/A	(307) -18%	(199) +35%	(206) -4%	21 N/A	226 +987%	4 -98%	(50) N/A	(20) +60%	(120) -486%	(31) +74%	22 N/A	157 +624%	62 -61%	70 +13%	94 +35%	(88) N/A	(52) +41%	(76) -47%	764 N/A	1 083 +42%	1 256 +16%	664 -47%	(457) N/A	(1 004) -120%	(1 152) -15%	(492) +57%	40 N/A	140 +245%	57 -59%	(108) N/A	(338) -214%	56 N/A	274 +388%	524 +92%	461 -12%	506 +10%	(81) N/A	(328) -305%	(184) +44%	(494) -168%
Free Cash Flow
Free Cash Flow	382 N/A	206 -46%	246 +19%	182 -26%	169 -7%	251 +48%	345 +38%	365 +6%	276 -24%	261 -6%	174 -33%	275 +58%	319 +16%	357 +12%	287 -20%	295 +3%	380 +29%	311 -18%	301 -3%	315 +5%	187 -40%	436 +133%	399 -9%	394 -1%	541 +37%	474 -12%	593 +25%	463 -22%	697 +50%	553 -21%	656 +19%	865 +32%	820 -5%	847 +3%	892 +5%	878 -2%	791 -10%	756 -4%	836 +11%	788 -6%	1 156 +47%	1 283 +11%	1 047 -18%	1 122 +7%	685 -39%	700 +2%	1 076 +54%	1 111 +3%	1 208 +9%	1 202 0%	1 033 -14%	1 159 +12%	1 451 +25%	1 527 +5%	1 458 -5%	1 341 -8%	1 155 -14%	1 005 -13%	1 019 +1%	1 009 -1%

Income Statement Balance Sheet Cash Flow Statement

CDW Corp
NASDAQ:CDW

Cash Flow Statement

Cash Flow Statement
CDW Corp

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CDW Corp NASDAQ:CDW

Cash Flow Statement

Cash Flow Statement CDW Corp

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CDW Corp
NASDAQ:CDW

Cash Flow Statement
CDW Corp