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Side-by-side financial comparison of Apollo Global Management (APO) and CDW Corporation (CDW). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $5.5B, roughly 1.8× CDW Corporation). On growth, Apollo Global Management posted the faster year-over-year revenue change (86.7% vs 6.3%). Over the past eight quarters, Apollo Global Management's revenue compounded faster (18.4% CAGR vs 6.3%).
Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. As of 2025, the company had $840 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of p...
CDW Corporation is an American multi-brand provider of information technology services, serving business, government, education, and healthcare sectors across the United States, the United Kingdom, and Canada. Headquartered in Vernon Hills, Illinois, CDW is a Fortune 500 and generated $21 billion in annual net sales in 2023.
APO vs CDW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $5.5B |
| Net Profit | $684.0M | — |
| Gross Margin | — | 22.8% |
| Operating Margin | 17.8% | 7.8% |
| Net Margin | 6.9% | — |
| Revenue YoY | 86.7% | 6.3% |
| Net Profit YoY | -54.0% | — |
| EPS (diluted) | $1.09 | $2.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $9.9B | $5.5B | ||
| Q3 25 | $9.8B | $5.7B | ||
| Q2 25 | $6.8B | $6.0B | ||
| Q1 25 | $5.5B | $5.2B | ||
| Q4 24 | $5.3B | $5.2B | ||
| Q3 24 | $7.8B | $5.5B | ||
| Q2 24 | $6.0B | $5.4B | ||
| Q1 24 | $7.0B | $4.9B |
| Q4 25 | $684.0M | — | ||
| Q3 25 | $1.7B | $291.0M | ||
| Q2 25 | $630.0M | $271.2M | ||
| Q1 25 | $442.0M | $224.9M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $811.0M | $316.4M | ||
| Q2 24 | $853.0M | $281.1M | ||
| Q1 24 | $1.4B | $216.1M |
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 20.8% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 21.8% |
| Q4 25 | 17.8% | 7.8% | ||
| Q3 25 | 29.5% | 7.7% | ||
| Q2 25 | 12.4% | 7.0% | ||
| Q1 25 | 21.3% | 7.0% | ||
| Q4 24 | 32.6% | 7.9% | ||
| Q3 24 | 26.8% | 8.7% | ||
| Q2 24 | 23.9% | 8.0% | ||
| Q1 24 | 31.1% | 6.7% |
| Q4 25 | 6.9% | — | ||
| Q3 25 | 17.7% | 5.1% | ||
| Q2 25 | 9.2% | 4.5% | ||
| Q1 25 | 8.0% | 4.3% | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 10.4% | 5.7% | ||
| Q2 24 | 14.2% | 5.2% | ||
| Q1 24 | 20.3% | 4.4% |
| Q4 25 | $1.09 | $2.13 | ||
| Q3 25 | $2.78 | $2.21 | ||
| Q2 25 | $0.99 | $2.05 | ||
| Q1 25 | $0.68 | $1.69 | ||
| Q4 24 | $2.41 | $1.97 | ||
| Q3 24 | $1.29 | $2.34 | ||
| Q2 24 | $1.35 | $2.07 | ||
| Q1 24 | $2.28 | $1.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $618.7M |
| Total DebtLower is stronger | $13.4B | — |
| Stockholders' EquityBook value | $23.3B | $2.6B |
| Total Assets | $460.9B | $16.0B |
| Debt / EquityLower = less leverage | 0.57× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $618.7M | ||
| Q3 25 | — | $452.9M | ||
| Q2 25 | — | $481.0M | ||
| Q1 25 | — | $688.1M | ||
| Q4 24 | — | $717.7M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $665.3M | ||
| Q1 24 | — | $803.8M |
| Q4 25 | $13.4B | — | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | — | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — | ||
| Q1 24 | $9.6B | — |
| Q4 25 | $23.3B | $2.6B | ||
| Q3 25 | $23.1B | $2.5B | ||
| Q2 25 | $19.3B | $2.5B | ||
| Q1 25 | $18.0B | $2.3B | ||
| Q4 24 | $17.3B | $2.4B | ||
| Q3 24 | $17.9B | $2.3B | ||
| Q2 24 | $15.3B | $2.2B | ||
| Q1 24 | $14.8B | $2.1B |
| Q4 25 | $460.9B | $16.0B | ||
| Q3 25 | $449.5B | $15.2B | ||
| Q2 25 | $419.6B | $15.3B | ||
| Q1 25 | $395.0B | $15.0B | ||
| Q4 24 | $377.9B | $14.7B | ||
| Q3 24 | $368.7B | $14.4B | ||
| Q2 24 | $346.5B | $13.6B | ||
| Q1 24 | $334.1B | $13.2B |
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.65× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.7B | $433.8M |
| Free Cash FlowOCF − Capex | — | $395.9M |
| FCF MarginFCF / Revenue | — | 7.2% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | 6.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7B | $433.8M | ||
| Q3 25 | $303.0M | $328.3M | ||
| Q2 25 | $1.3B | $155.9M | ||
| Q1 25 | $1.0B | $287.2M | ||
| Q4 24 | $-4.0M | $345.3M | ||
| Q3 24 | $1.9B | $342.1M | ||
| Q2 24 | $1.3B | $149.9M | ||
| Q1 24 | $70.0M | $440.0M |
| Q4 25 | — | $395.9M | ||
| Q3 25 | — | $298.5M | ||
| Q2 25 | — | $133.4M | ||
| Q1 25 | — | $260.3M | ||
| Q4 24 | — | $316.7M | ||
| Q3 24 | — | $308.5M | ||
| Q2 24 | — | $119.0M | ||
| Q1 24 | — | $410.5M |
| Q4 25 | — | 7.2% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 8.4% |
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | 1.13× | ||
| Q2 25 | 2.00× | 0.57× | ||
| Q1 25 | 2.29× | 1.28× | ||
| Q4 24 | -0.00× | — | ||
| Q3 24 | 2.29× | 1.08× | ||
| Q2 24 | 1.56× | 0.53× | ||
| Q1 24 | 0.05× | 2.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APO
| Retirement Services Segment | $8.5B | 86% |
| Asset Management1 | $681.0M | 7% |
| Principal Investing Segment | $624.0M | 6% |
| Management Service Incentive | $96.0M | 1% |
CDW
Segment breakdown not available.
