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Side-by-side financial comparison of CDW Corporation (CDW) and Quest Diagnostics (DGX). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.7B vs $2.9B, roughly 2.0× Quest Diagnostics). Quest Diagnostics runs the higher net margin — 9.7% vs 4.1%, a 5.6% gap on every dollar of revenue. On growth, CDW Corporation posted the faster year-over-year revenue change (9.2% vs 9.2%). Over the past eight quarters, Quest Diagnostics's revenue compounded faster (9.9% CAGR vs 2.3%).
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.
Quest Diagnostics Incorporated is an American clinical laboratory. A Fortune 500 company, Quest operates in the United States, Puerto Rico, Mexico, and Brazil. Quest also maintains collaborative agreements with various hospitals and clinics across the globe.
CDW vs DGX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $2.9B |
| Net Profit | $235.4M | $281.0M |
| Gross Margin | 21.0% | — |
| Operating Margin | 6.6% | 15.4% |
| Net Margin | 4.1% | 9.7% |
| Revenue YoY | 9.2% | 9.2% |
| Net Profit YoY | 4.7% | 12.0% |
| EPS (diluted) | $1.82 | $2.24 |
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.
| Q1 26 | $5.7B | $2.9B | ||
| Q4 25 | $5.5B | $2.8B | ||
| Q3 25 | $5.7B | $2.8B | ||
| Q2 25 | $6.0B | $2.8B | ||
| Q1 25 | $5.2B | $2.7B | ||
| Q4 24 | $5.2B | $2.6B | ||
| Q3 24 | $5.5B | $2.5B | ||
| Q2 24 | $5.4B | $2.4B |
| Q1 26 | $235.4M | $281.0M | ||
| Q4 25 | — | $245.0M | ||
| Q3 25 | $291.0M | $245.0M | ||
| Q2 25 | $271.2M | $282.0M | ||
| Q1 25 | $224.9M | $220.0M | ||
| Q4 24 | — | $222.0M | ||
| Q3 24 | $316.4M | $226.0M | ||
| Q2 24 | $281.1M | $229.0M |
| Q1 26 | 21.0% | — | ||
| Q4 25 | 22.8% | 32.4% | ||
| Q3 25 | 21.9% | 33.7% | ||
| Q2 25 | 20.8% | 34.2% | ||
| Q1 25 | 21.6% | 32.5% | ||
| Q4 24 | 22.3% | 32.7% | ||
| Q3 24 | 21.8% | 32.6% | ||
| Q2 24 | 21.8% | 33.5% |
| Q1 26 | 6.6% | 15.4% | ||
| Q4 25 | 7.8% | 13.8% | ||
| Q3 25 | 7.7% | 13.7% | ||
| Q2 25 | 7.0% | 15.9% | ||
| Q1 25 | 7.0% | 13.0% | ||
| Q4 24 | 7.9% | 13.8% | ||
| Q3 24 | 8.7% | 13.3% | ||
| Q2 24 | 8.0% | 14.8% |
| Q1 26 | 4.1% | 9.7% | ||
| Q4 25 | — | 8.7% | ||
| Q3 25 | 5.1% | 8.7% | ||
| Q2 25 | 4.5% | 10.2% | ||
| Q1 25 | 4.3% | 8.3% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | 5.7% | 9.1% | ||
| Q2 24 | 5.2% | 9.6% |
| Q1 26 | $1.82 | $2.24 | ||
| Q4 25 | $2.13 | $2.18 | ||
| Q3 25 | $2.21 | $2.16 | ||
| Q2 25 | $2.05 | $2.47 | ||
| Q1 25 | $1.69 | $1.94 | ||
| Q4 24 | $1.97 | $1.95 | ||
| Q3 24 | $2.34 | $1.99 | ||
| Q2 24 | $2.07 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $578.6M | $393.0M |
| Total DebtLower is stronger | $1.0B | $5.7B |
| Stockholders' EquityBook value | $2.6B | $7.7B |
| Total Assets | $16.5B | $16.7B |
| Debt / EquityLower = less leverage | 0.39× | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $578.6M | $393.0M | ||
| Q4 25 | $618.7M | $420.0M | ||
| Q3 25 | $452.9M | $432.0M | ||
| Q2 25 | $481.0M | $319.0M | ||
| Q1 25 | $688.1M | $188.0M | ||
| Q4 24 | $717.7M | $549.0M | ||
| Q3 24 | $1.2B | $764.0M | ||
| Q2 24 | $665.3M | $271.0M |
| Q1 26 | $1.0B | $5.7B | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $3.8B |
| Q1 26 | $2.6B | $7.7B | ||
| Q4 25 | $2.6B | $7.2B | ||
| Q3 25 | $2.5B | $7.3B | ||
| Q2 25 | $2.5B | $7.2B | ||
| Q1 25 | $2.3B | $6.9B | ||
| Q4 24 | $2.4B | $6.8B | ||
| Q3 24 | $2.3B | $6.8B | ||
| Q2 24 | $2.2B | $6.6B |
| Q1 26 | $16.5B | $16.7B | ||
| Q4 25 | $16.0B | $16.2B | ||
| Q3 25 | $15.2B | $16.2B | ||
| Q2 25 | $15.3B | $16.0B | ||
| Q1 25 | $15.0B | $15.8B | ||
| Q4 24 | $14.7B | $16.2B | ||
| Q3 24 | $14.4B | $16.1B | ||
| Q2 24 | $13.6B | $13.9B |
| Q1 26 | 0.39× | 0.74× | ||
| Q4 25 | — | 0.72× | ||
| Q3 25 | — | 0.71× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.58× |
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 | $274.8M | $278.0M |
| Free Cash FlowOCF − Capex | $248.4M | — |
| FCF MarginFCF / Revenue | 4.4% | — |
| Capex IntensityCapex / Revenue | 0.5% | 3.9% |
| Cash ConversionOCF / Net Profit | 1.17× | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $274.8M | $278.0M | ||
| Q4 25 | $433.8M | $465.0M | ||
| Q3 25 | $328.3M | $563.0M | ||
| Q2 25 | $155.9M | $544.0M | ||
| Q1 25 | $287.2M | $314.0M | ||
| Q4 24 | $345.3M | $464.0M | ||
| Q3 24 | $342.1M | $356.0M | ||
| Q2 24 | $149.9M | $360.0M |
| Q1 26 | $248.4M | — | ||
| Q4 25 | $395.9M | $307.0M | ||
| Q3 25 | $298.5M | $419.0M | ||
| Q2 25 | $133.4M | $436.0M | ||
| Q1 25 | $260.3M | $197.0M | ||
| Q4 24 | $316.7M | $341.0M | ||
| Q3 24 | $308.5M | $250.0M | ||
| Q2 24 | $119.0M | $268.0M |
| Q1 26 | 4.4% | — | ||
| Q4 25 | 7.2% | 10.9% | ||
| Q3 25 | 5.2% | 14.9% | ||
| Q2 25 | 2.2% | 15.8% | ||
| Q1 25 | 5.0% | 7.4% | ||
| Q4 24 | 6.1% | 13.0% | ||
| Q3 24 | 5.6% | 10.0% | ||
| Q2 24 | 2.2% | 11.2% |
| Q1 26 | 0.5% | 3.9% | ||
| Q4 25 | 0.7% | 5.6% | ||
| Q3 25 | 0.5% | 5.1% | ||
| Q2 25 | 0.4% | 3.9% | ||
| Q1 25 | 0.5% | 4.4% | ||
| Q4 24 | 0.6% | 4.7% | ||
| Q3 24 | 0.6% | 4.3% | ||
| Q2 24 | 0.6% | 3.8% |
| Q1 26 | 1.17× | 0.99× | ||
| Q4 25 | — | 1.90× | ||
| Q3 25 | 1.13× | 2.30× | ||
| Q2 25 | 0.57× | 1.93× | ||
| Q1 25 | 1.28× | 1.43× | ||
| Q4 24 | — | 2.09× | ||
| Q3 24 | 1.08× | 1.58× | ||
| Q2 24 | 0.53× | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
| Corporate | $2.4B | 42% |
| Other | $802.5M | 14% |
| Healthcare | $766.7M | 13% |
| Education | $675.0M | 12% |
| Government | $632.9M | 11% |
| Financial Services | $428.4M | 8% |
DGX
Segment breakdown not available.
