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Side-by-side financial comparison of CDW Corporation (CDW) and Coupang, Inc. (CPNG). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $5.5B, roughly 1.6× CDW Corporation). On growth, Coupang, Inc. posted the faster year-over-year revenue change (10.9% vs 6.3%). CDW Corporation produced more free cash flow last quarter ($395.9M vs $-278.0M). Over the past eight quarters, Coupang, Inc.'s revenue compounded faster (11.4% CAGR vs 6.3%).
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.
Coupang, Inc. is an American Delaware-incorporated technology and online retail company headquartered in Seattle, Washington. Founded in 2010 by Bom Kim, the company operates a retail business, food delivery service, and OTT streaming service, with offices and operations in South Korea, Taiwan, the United States, India, Japan and Singapore.
CDW vs CPNG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $8.8B |
| Net Profit | — | $-26.0M |
| Gross Margin | 22.8% | 28.8% |
| Operating Margin | 7.8% | 0.1% |
| Net Margin | — | -0.3% |
| Revenue YoY | 6.3% | 10.9% |
| Net Profit YoY | — | -116.7% |
| EPS (diluted) | $2.13 | $-0.02 |
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 | $5.5B | $8.8B | ||
| Q3 25 | $5.7B | $9.3B | ||
| Q2 25 | $6.0B | $8.5B | ||
| Q1 25 | $5.2B | $7.9B | ||
| Q4 24 | $5.2B | $8.0B | ||
| Q3 24 | $5.5B | $7.9B | ||
| Q2 24 | $5.4B | $7.3B | ||
| Q1 24 | $4.9B | $7.1B |
| Q4 25 | — | $-26.0M | ||
| Q3 25 | $291.0M | $95.0M | ||
| Q2 25 | $271.2M | $32.0M | ||
| Q1 25 | $224.9M | $107.0M | ||
| Q4 24 | — | $156.0M | ||
| Q3 24 | $316.4M | $70.0M | ||
| Q2 24 | $281.1M | $-77.0M | ||
| Q1 24 | $216.1M | $5.0M |
| Q4 25 | 22.8% | 28.8% | ||
| Q3 25 | 21.9% | 29.4% | ||
| Q2 25 | 20.8% | 30.0% | ||
| Q1 25 | 21.6% | 29.3% | ||
| Q4 24 | 22.3% | 31.3% | ||
| Q3 24 | 21.8% | 28.8% | ||
| Q2 24 | 21.8% | 29.3% | ||
| Q1 24 | 21.8% | 27.1% |
| Q4 25 | 7.8% | 0.1% | ||
| Q3 25 | 7.7% | 1.7% | ||
| Q2 25 | 7.0% | 1.7% | ||
| Q1 25 | 7.0% | 1.9% | ||
| Q4 24 | 7.9% | 3.9% | ||
| Q3 24 | 8.7% | 1.4% | ||
| Q2 24 | 8.0% | -0.3% | ||
| Q1 24 | 6.7% | 0.6% |
| Q4 25 | — | -0.3% | ||
| Q3 25 | 5.1% | 1.0% | ||
| Q2 25 | 4.5% | 0.4% | ||
| Q1 25 | 4.3% | 1.4% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | 5.7% | 0.9% | ||
| Q2 24 | 5.2% | -1.1% | ||
| Q1 24 | 4.4% | 0.1% |
| Q4 25 | $2.13 | $-0.02 | ||
| Q3 25 | $2.21 | $0.05 | ||
| Q2 25 | $2.05 | $0.02 | ||
| Q1 25 | $1.69 | $0.06 | ||
| Q4 24 | $1.97 | $0.08 | ||
| Q3 24 | $2.34 | $0.04 | ||
| Q2 24 | $2.07 | $-0.04 | ||
| Q1 24 | $1.59 | $0.00 |
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 | $6.3B |
| Total DebtLower is stronger | — | $648.0M |
| Stockholders' EquityBook value | $2.6B | $4.6B |
| Total Assets | $16.0B | $17.8B |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $6.3B | ||
| Q3 25 | $452.9M | $7.2B | ||
| Q2 25 | $481.0M | $6.8B | ||
| Q1 25 | $688.1M | $6.1B | ||
| Q4 24 | $717.7M | $5.9B | ||
| Q3 24 | $1.2B | $5.8B | ||
| Q2 24 | $665.3M | $5.5B | ||
| Q1 24 | $803.8M | $5.2B |
| Q4 25 | — | $648.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $988.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.6B | $4.6B | ||
| Q3 25 | $2.5B | $4.7B | ||
| Q2 25 | $2.5B | $4.7B | ||
| Q1 25 | $2.3B | $4.4B | ||
| Q4 24 | $2.4B | $4.1B | ||
| Q3 24 | $2.3B | $4.2B | ||
| Q2 24 | $2.2B | $3.9B | ||
| Q1 24 | $2.1B | $4.1B |
| Q4 25 | $16.0B | $17.8B | ||
| Q3 25 | $15.2B | $18.7B | ||
| Q2 25 | $15.3B | $17.8B | ||
| Q1 25 | $15.0B | $16.0B | ||
| Q4 24 | $14.7B | $15.3B | ||
| Q3 24 | $14.4B | $16.3B | ||
| Q2 24 | $13.6B | $15.2B | ||
| Q1 24 | $13.2B | $14.9B |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $433.8M | $82.0M |
| Free Cash FlowOCF − Capex | $395.9M | $-278.0M |
| FCF MarginFCF / Revenue | 7.2% | -3.1% |
| Capex IntensityCapex / Revenue | 0.7% | 4.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $522.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $82.0M | ||
| Q3 25 | $328.3M | $792.0M | ||
| Q2 25 | $155.9M | $545.0M | ||
| Q1 25 | $287.2M | $354.0M | ||
| Q4 24 | $345.3M | $676.0M | ||
| Q3 24 | $342.1M | $334.0M | ||
| Q2 24 | $149.9M | $664.0M | ||
| Q1 24 | $440.0M | $212.0M |
| Q4 25 | $395.9M | $-278.0M | ||
| Q3 25 | $298.5M | $439.0M | ||
| Q2 25 | $133.4M | $246.0M | ||
| Q1 25 | $260.3M | $115.0M | ||
| Q4 24 | $316.7M | $462.0M | ||
| Q3 24 | $308.5M | $-46.0M | ||
| Q2 24 | $119.0M | $486.0M | ||
| Q1 24 | $410.5M | $105.0M |
| Q4 25 | 7.2% | -3.1% | ||
| Q3 25 | 5.2% | 4.7% | ||
| Q2 25 | 2.2% | 2.9% | ||
| Q1 25 | 5.0% | 1.5% | ||
| Q4 24 | 6.1% | 5.8% | ||
| Q3 24 | 5.6% | -0.6% | ||
| Q2 24 | 2.2% | 6.6% | ||
| Q1 24 | 8.4% | 1.5% |
| Q4 25 | 0.7% | 4.1% | ||
| Q3 25 | 0.5% | 3.8% | ||
| Q2 25 | 0.4% | 3.5% | ||
| Q1 25 | 0.5% | 3.0% | ||
| Q4 24 | 0.6% | 2.7% | ||
| Q3 24 | 0.6% | 4.8% | ||
| Q2 24 | 0.6% | 2.4% | ||
| Q1 24 | 0.6% | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | 1.13× | 8.34× | ||
| Q2 25 | 0.57× | 17.03× | ||
| Q1 25 | 1.28× | 3.31× | ||
| Q4 24 | — | 4.33× | ||
| Q3 24 | 1.08× | 4.77× | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 2.04× | 42.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
