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Side-by-side financial comparison of CDW Corporation (CDW) and Devon Energy (DVN). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $3.9B, roughly 1.4× Devon Energy). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs -12.3%). Devon Energy produced more free cash flow last quarter ($702.0M vs $395.9M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs 2.6%).
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.
Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
CDW vs DVN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $3.9B |
| Net Profit | — | $562.0M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 19.0% |
| Net Margin | — | 14.3% |
| Revenue YoY | 6.3% | -12.3% |
| Net Profit YoY | — | -12.1% |
| EPS (diluted) | $2.13 | $0.90 |
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 | $3.9B | ||
| Q3 25 | $5.7B | $4.3B | ||
| Q2 25 | $6.0B | $4.0B | ||
| Q1 25 | $5.2B | $4.5B | ||
| Q4 24 | $5.2B | $4.5B | ||
| Q3 24 | $5.5B | $3.8B | ||
| Q2 24 | $5.4B | $3.9B | ||
| Q1 24 | $4.9B | $3.7B |
| Q4 25 | — | $562.0M | ||
| Q3 25 | $291.0M | $687.0M | ||
| Q2 25 | $271.2M | $899.0M | ||
| Q1 25 | $224.9M | $494.0M | ||
| Q4 24 | — | $639.0M | ||
| Q3 24 | $316.4M | $812.0M | ||
| Q2 24 | $281.1M | $844.0M | ||
| Q1 24 | $216.1M | $596.0M |
| 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 | 7.8% | 19.0% | ||
| Q3 25 | 7.7% | 21.5% | ||
| Q2 25 | 7.0% | 28.7% | ||
| Q1 25 | 7.0% | 14.2% | ||
| Q4 24 | 7.9% | 18.7% | ||
| Q3 24 | 8.7% | 28.0% | ||
| Q2 24 | 8.0% | 26.7% | ||
| Q1 24 | 6.7% | 20.5% |
| Q4 25 | — | 14.3% | ||
| Q3 25 | 5.1% | 16.2% | ||
| Q2 25 | 4.5% | 22.2% | ||
| Q1 25 | 4.3% | 10.9% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | 5.7% | 21.4% | ||
| Q2 24 | 5.2% | 21.7% | ||
| Q1 24 | 4.4% | 15.9% |
| Q4 25 | $2.13 | $0.90 | ||
| Q3 25 | $2.21 | $1.09 | ||
| Q2 25 | $2.05 | $1.41 | ||
| Q1 25 | $1.69 | $0.77 | ||
| Q4 24 | $1.97 | $0.98 | ||
| Q3 24 | $2.34 | $1.30 | ||
| Q2 24 | $2.07 | $1.34 | ||
| Q1 24 | $1.59 | $0.94 |
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 | $1.4B |
| Total DebtLower is stronger | — | $8.4B |
| Stockholders' EquityBook value | $2.6B | $15.5B |
| Total Assets | $16.0B | $31.6B |
| Debt / EquityLower = less leverage | — | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $1.4B | ||
| Q3 25 | $452.9M | $1.2B | ||
| Q2 25 | $481.0M | $1.7B | ||
| Q1 25 | $688.1M | $1.2B | ||
| Q4 24 | $717.7M | $811.0M | ||
| Q3 24 | $1.2B | $645.0M | ||
| Q2 24 | $665.3M | $1.1B | ||
| Q1 24 | $803.8M | $1.1B |
| Q4 25 | — | $8.4B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.9B | ||
| Q1 25 | — | $8.9B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $6.1B |
| Q4 25 | $2.6B | $15.5B | ||
| Q3 25 | $2.5B | $15.3B | ||
| Q2 25 | $2.5B | $15.1B | ||
| Q1 25 | $2.3B | $14.5B | ||
| Q4 24 | $2.4B | $14.5B | ||
| Q3 24 | $2.3B | $14.3B | ||
| Q2 24 | $2.2B | $12.6B | ||
| Q1 24 | $2.1B | $12.2B |
| Q4 25 | $16.0B | $31.6B | ||
| Q3 25 | $15.2B | $31.2B | ||
| Q2 25 | $15.3B | $31.4B | ||
| Q1 25 | $15.0B | $30.9B | ||
| Q4 24 | $14.7B | $30.5B | ||
| Q3 24 | $14.4B | $30.3B | ||
| Q2 24 | $13.6B | $25.2B | ||
| Q1 24 | $13.2B | $25.0B |
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.51× |
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 | $1.5B |
| Free Cash FlowOCF − Capex | $395.9M | $702.0M |
| FCF MarginFCF / Revenue | 7.2% | 17.8% |
| Capex IntensityCapex / Revenue | 0.7% | 21.1% |
| Cash ConversionOCF / Net Profit | — | 2.73× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $3.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $1.5B | ||
| Q3 25 | $328.3M | $1.7B | ||
| Q2 25 | $155.9M | $1.5B | ||
| Q1 25 | $287.2M | $1.9B | ||
| Q4 24 | $345.3M | $1.7B | ||
| Q3 24 | $342.1M | $1.7B | ||
| Q2 24 | $149.9M | $1.5B | ||
| Q1 24 | $440.0M | $1.7B |
| Q4 25 | $395.9M | $702.0M | ||
| Q3 25 | $298.5M | $820.0M | ||
| Q2 25 | $133.4M | $589.0M | ||
| Q1 25 | $260.3M | $1.0B | ||
| Q4 24 | $316.7M | $738.0M | ||
| Q3 24 | $308.5M | $786.0M | ||
| Q2 24 | $119.0M | $587.0M | ||
| Q1 24 | $410.5M | $844.0M |
| Q4 25 | 7.2% | 17.8% | ||
| Q3 25 | 5.2% | 19.3% | ||
| Q2 25 | 2.2% | 14.6% | ||
| Q1 25 | 5.0% | 22.2% | ||
| Q4 24 | 6.1% | 16.4% | ||
| Q3 24 | 5.6% | 20.7% | ||
| Q2 24 | 2.2% | 15.1% | ||
| Q1 24 | 8.4% | 22.6% |
| Q4 25 | 0.7% | 21.1% | ||
| Q3 25 | 0.5% | 20.5% | ||
| Q2 25 | 0.4% | 23.6% | ||
| Q1 25 | 0.5% | 20.5% | ||
| Q4 24 | 0.6% | 20.6% | ||
| Q3 24 | 0.6% | 23.1% | ||
| Q2 24 | 0.6% | 24.3% | ||
| Q1 24 | 0.6% | 23.9% |
| Q4 25 | — | 2.73× | ||
| Q3 25 | 1.13× | 2.46× | ||
| Q2 25 | 0.57× | 1.72× | ||
| Q1 25 | 1.28× | 3.93× | ||
| Q4 24 | — | 2.60× | ||
| Q3 24 | 1.08× | 2.05× | ||
| Q2 24 | 0.53× | 1.82× | ||
| Q1 24 | 2.04× | 2.92× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
DVN
| Oil Gas And NGL Sales | $2.6B | 65% |
| Marketing And Midstream Revenues | $1.4B | 35% |
