vs
Side-by-side financial comparison of American Express (AXP) and CDW Corporation (CDW). Click either name above to swap in a different company.
American Express is the larger business by last-quarter revenue ($10.9B vs $5.5B, roughly 2.0× CDW Corporation). On growth, American Express posted the faster year-over-year revenue change (9.9% vs 6.3%). American Express produced more free cash flow last quarter ($2.3B vs $395.9M). Over the past eight quarters, American Express's revenue compounded faster (8.2% CAGR vs 6.3%).
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. The company's products an...
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.
AXP vs CDW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $10.9B | $5.5B |
| Net Profit | $2.5B | — |
| Gross Margin | — | 22.8% |
| Operating Margin | 28.2% | 7.8% |
| Net Margin | 22.5% | — |
| Revenue YoY | 9.9% | 6.3% |
| Net Profit YoY | 13.5% | — |
| EPS (diluted) | $3.52 | $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 | $10.9B | $5.5B | ||
| Q3 25 | $10.4B | $5.7B | ||
| Q2 25 | $10.3B | $6.0B | ||
| Q1 25 | $9.6B | $5.2B | ||
| Q4 24 | $10.0B | $5.2B | ||
| Q3 24 | $9.7B | $5.5B | ||
| Q2 24 | $9.8B | $5.4B | ||
| Q1 24 | $9.3B | $4.9B |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $291.0M | ||
| Q2 25 | $2.9B | $271.2M | ||
| Q1 25 | $2.6B | $224.9M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.5B | $316.4M | ||
| Q2 24 | $3.0B | $281.1M | ||
| Q1 24 | $2.4B | $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 | 28.2% | 7.8% | ||
| Q3 25 | 36.7% | 7.7% | ||
| Q2 25 | 34.4% | 7.0% | ||
| Q1 25 | 34.6% | 7.0% | ||
| Q4 24 | 27.7% | 7.9% | ||
| Q3 24 | 33.0% | 8.7% | ||
| Q2 24 | 38.6% | 8.0% | ||
| Q1 24 | 33.7% | 6.7% |
| Q4 25 | 22.5% | — | ||
| Q3 25 | 27.9% | 5.1% | ||
| Q2 25 | 28.0% | 4.5% | ||
| Q1 25 | 26.8% | 4.3% | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 25.8% | 5.7% | ||
| Q2 24 | 30.7% | 5.2% | ||
| Q1 24 | 26.1% | 4.4% |
| Q4 25 | $3.52 | $2.13 | ||
| Q3 25 | $4.14 | $2.21 | ||
| Q2 25 | $4.08 | $2.05 | ||
| Q1 25 | $3.64 | $1.69 | ||
| Q4 24 | $3.04 | $1.97 | ||
| Q3 24 | $3.49 | $2.34 | ||
| Q2 24 | $4.15 | $2.07 | ||
| Q1 24 | $3.33 | $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 | $742.0M | $618.7M |
| Total DebtLower is stronger | $56.4B | — |
| Stockholders' EquityBook value | $33.5B | $2.6B |
| Total Assets | $300.1B | $16.0B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $742.0M | $618.7M | ||
| Q3 25 | $1.3B | $452.9M | ||
| Q2 25 | $197.0M | $481.0M | ||
| Q1 25 | $261.0M | $688.1M | ||
| Q4 24 | $221.0M | $717.7M | ||
| Q3 24 | $120.0M | $1.2B | ||
| Q2 24 | $188.0M | $665.3M | ||
| Q1 24 | $69.0M | $803.8M |
| Q4 25 | $56.4B | — | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | — | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | — | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — | ||
| Q1 24 | $48.8B | — |
| Q4 25 | $33.5B | $2.6B | ||
| Q3 25 | $32.4B | $2.5B | ||
| Q2 25 | $32.3B | $2.5B | ||
| Q1 25 | $31.2B | $2.3B | ||
| Q4 24 | $30.3B | $2.4B | ||
| Q3 24 | $29.7B | $2.3B | ||
| Q2 24 | $29.5B | $2.2B | ||
| Q1 24 | $28.8B | $2.1B |
| Q4 25 | $300.1B | $16.0B | ||
| Q3 25 | $297.6B | $15.2B | ||
| Q2 25 | $295.6B | $15.3B | ||
| Q1 25 | $282.2B | $15.0B | ||
| Q4 24 | $271.5B | $14.7B | ||
| Q3 24 | $271.0B | $14.4B | ||
| Q2 24 | $272.2B | $13.6B | ||
| Q1 24 | $269.3B | $13.2B |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — | ||
| Q1 24 | 1.70× | — |
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 | $3.1B | $433.8M |
| Free Cash FlowOCF − Capex | $2.3B | $395.9M |
| FCF MarginFCF / Revenue | 21.4% | 7.2% |
| Capex IntensityCapex / Revenue | 6.6% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.0B | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.1B | $433.8M | ||
| Q3 25 | $6.2B | $328.3M | ||
| Q2 25 | $4.4B | $155.9M | ||
| Q1 25 | $4.8B | $287.2M | ||
| Q4 24 | $5.8B | $345.3M | ||
| Q3 24 | $-1.8B | $342.1M | ||
| Q2 24 | $4.5B | $149.9M | ||
| Q1 24 | $5.6B | $440.0M |
| Q4 25 | $2.3B | $395.9M | ||
| Q3 25 | $5.6B | $298.5M | ||
| Q2 25 | $3.7B | $133.4M | ||
| Q1 25 | $4.3B | $260.3M | ||
| Q4 24 | $5.3B | $316.7M | ||
| Q3 24 | $-2.3B | $308.5M | ||
| Q2 24 | $4.0B | $119.0M | ||
| Q1 24 | $5.2B | $410.5M |
| Q4 25 | 21.4% | 7.2% | ||
| Q3 25 | 53.6% | 5.2% | ||
| Q2 25 | 36.3% | 2.2% | ||
| Q1 25 | 45.0% | 5.0% | ||
| Q4 24 | 53.1% | 6.1% | ||
| Q3 24 | -23.3% | 5.6% | ||
| Q2 24 | 40.4% | 2.2% | ||
| Q1 24 | 55.2% | 8.4% |
| Q4 25 | 6.6% | 0.7% | ||
| Q3 25 | 6.3% | 0.5% | ||
| Q2 25 | 6.0% | 0.4% | ||
| Q1 25 | 4.5% | 0.5% | ||
| Q4 24 | 5.0% | 0.6% | ||
| Q3 24 | 4.7% | 0.6% | ||
| Q2 24 | 5.8% | 0.6% | ||
| Q1 24 | 4.2% | 0.6% |
| Q4 25 | 1.25× | — | ||
| Q3 25 | 2.15× | 1.13× | ||
| Q2 25 | 1.51× | 0.57× | ||
| Q1 25 | 1.84× | 1.28× | ||
| Q4 24 | 2.66× | — | ||
| Q3 24 | -0.72× | 1.08× | ||
| Q2 24 | 1.50× | 0.53× | ||
| Q1 24 | 2.28× | 2.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
CDW
Segment breakdown not available.
