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Side-by-side financial comparison of CDW Corporation (CDW) and Eaton Corporation (ETN). Click either name above to swap in a different company.
Eaton Corporation is the larger business by last-quarter revenue ($7.1B vs $5.5B, roughly 1.3× CDW Corporation). On growth, Eaton Corporation posted the faster year-over-year revenue change (13.1% vs 6.3%). Eaton Corporation produced more free cash flow last quarter ($1.6B vs $395.9M). Over the past eight quarters, Eaton Corporation's revenue compounded faster (9.0% 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.
Eaton Corporation plc is an Irish multinational power management company, with a primary administrative center in Beachwood, Ohio. Eaton has more than 85,000 employees and sells products to customers in more than 175 countries.
CDW vs ETN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $7.1B |
| Net Profit | — | $1.1B |
| Gross Margin | 22.8% | 36.8% |
| Operating Margin | 7.8% | 18.3% |
| Net Margin | — | 16.0% |
| Revenue YoY | 6.3% | 13.1% |
| Net Profit YoY | — | 16.5% |
| EPS (diluted) | $2.13 | $2.90 |
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 | $7.1B | ||
| Q3 25 | $5.7B | $7.0B | ||
| Q2 25 | $6.0B | $7.0B | ||
| Q1 25 | $5.2B | $6.4B | ||
| Q4 24 | $5.2B | $6.2B | ||
| Q3 24 | $5.5B | $6.3B | ||
| Q2 24 | $5.4B | $6.3B | ||
| Q1 24 | $4.9B | $5.9B |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $291.0M | $1.0B | ||
| Q2 25 | $271.2M | $982.0M | ||
| Q1 25 | $224.9M | $964.0M | ||
| Q4 24 | — | $971.0M | ||
| Q3 24 | $316.4M | $1.0B | ||
| Q2 24 | $281.1M | $993.0M | ||
| Q1 24 | $216.1M | $821.0M |
| Q4 25 | 22.8% | 36.8% | ||
| Q3 25 | 21.9% | 38.3% | ||
| Q2 25 | 20.8% | 37.0% | ||
| Q1 25 | 21.6% | 38.4% | ||
| Q4 24 | 22.3% | 38.9% | ||
| Q3 24 | 21.8% | 38.6% | ||
| Q2 24 | 21.8% | 38.0% | ||
| Q1 24 | 21.8% | 37.3% |
| Q4 25 | 7.8% | 18.3% | ||
| Q3 25 | 7.7% | 18.2% | ||
| Q2 25 | 7.0% | 16.9% | ||
| Q1 25 | 7.0% | 18.5% | ||
| Q4 24 | 7.9% | 18.7% | ||
| Q3 24 | 8.7% | 19.0% | ||
| Q2 24 | 8.0% | 18.8% | ||
| Q1 24 | 6.7% | 16.8% |
| Q4 25 | — | 16.0% | ||
| Q3 25 | 5.1% | 14.5% | ||
| Q2 25 | 4.5% | 14.0% | ||
| Q1 25 | 4.3% | 15.1% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | 5.7% | 15.9% | ||
| Q2 24 | 5.2% | 15.6% | ||
| Q1 24 | 4.4% | 13.8% |
| Q4 25 | $2.13 | $2.90 | ||
| Q3 25 | $2.21 | $2.59 | ||
| Q2 25 | $2.05 | $2.51 | ||
| Q1 25 | $1.69 | $2.45 | ||
| Q4 24 | $1.97 | $2.45 | ||
| Q3 24 | $2.34 | $2.53 | ||
| Q2 24 | $2.07 | $2.48 | ||
| Q1 24 | $1.59 | $2.04 |
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 | $803.0M |
| Total DebtLower is stronger | — | $8.8B |
| Stockholders' EquityBook value | $2.6B | $19.4B |
| Total Assets | $16.0B | $41.3B |
| Debt / EquityLower = less leverage | — | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $803.0M | ||
| Q3 25 | $452.9M | $565.0M | ||
| Q2 25 | $481.0M | $584.0M | ||
| Q1 25 | $688.1M | $1.9B | ||
| Q4 24 | $717.7M | $2.1B | ||
| Q3 24 | $1.2B | $2.0B | ||
| Q2 24 | $665.3M | $2.8B | ||
| Q1 24 | $803.8M | $2.4B |
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $8.8B | ||
| Q2 25 | — | $8.8B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | — | $8.7B | ||
| Q2 24 | — | $8.6B | ||
| Q1 24 | — | $8.2B |
| Q4 25 | $2.6B | $19.4B | ||
| Q3 25 | $2.5B | $18.8B | ||
| Q2 25 | $2.5B | $18.6B | ||
| Q1 25 | $2.3B | $18.5B | ||
| Q4 24 | $2.4B | $18.5B | ||
| Q3 24 | $2.3B | $19.1B | ||
| Q2 24 | $2.2B | $19.2B | ||
| Q1 24 | $2.1B | $19.3B |
| Q4 25 | $16.0B | $41.3B | ||
| Q3 25 | $15.2B | $40.6B | ||
| Q2 25 | $15.3B | $40.5B | ||
| Q1 25 | $15.0B | $39.2B | ||
| Q4 24 | $14.7B | $38.4B | ||
| Q3 24 | $14.4B | $39.2B | ||
| Q2 24 | $13.6B | $39.4B | ||
| Q1 24 | $13.2B | $38.5B |
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.45× | ||
| Q1 24 | — | 0.42× |
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 | $2.0B |
| Free Cash FlowOCF − Capex | $395.9M | $1.6B |
| FCF MarginFCF / Revenue | 7.2% | 22.3% |
| Capex IntensityCapex / Revenue | 0.7% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 1.74× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $3.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $2.0B | ||
| Q3 25 | $328.3M | $1.4B | ||
| Q2 25 | $155.9M | $918.0M | ||
| Q1 25 | $287.2M | $238.0M | ||
| Q4 24 | $345.3M | $1.6B | ||
| Q3 24 | $342.1M | $1.3B | ||
| Q2 24 | $149.9M | $946.0M | ||
| Q1 24 | $440.0M | $475.0M |
| Q4 25 | $395.9M | $1.6B | ||
| Q3 25 | $298.5M | $1.2B | ||
| Q2 25 | $133.4M | $716.0M | ||
| Q1 25 | $260.3M | $91.0M | ||
| Q4 24 | $316.7M | $1.3B | ||
| Q3 24 | $308.5M | $1.1B | ||
| Q2 24 | $119.0M | $759.0M | ||
| Q1 24 | $410.5M | $292.0M |
| Q4 25 | 7.2% | 22.3% | ||
| Q3 25 | 5.2% | 16.8% | ||
| Q2 25 | 2.2% | 10.2% | ||
| Q1 25 | 5.0% | 1.4% | ||
| Q4 24 | 6.1% | 21.5% | ||
| Q3 24 | 5.6% | 17.7% | ||
| Q2 24 | 2.2% | 12.0% | ||
| Q1 24 | 8.4% | 4.9% |
| Q4 25 | 0.7% | 5.6% | ||
| Q3 25 | 0.5% | 2.5% | ||
| Q2 25 | 0.4% | 2.9% | ||
| Q1 25 | 0.5% | 2.3% | ||
| Q4 24 | 0.6% | 4.1% | ||
| Q3 24 | 0.6% | 2.9% | ||
| Q2 24 | 0.6% | 2.9% | ||
| Q1 24 | 0.6% | 3.1% |
| Q4 25 | — | 1.74× | ||
| Q3 25 | 1.13× | 1.34× | ||
| Q2 25 | 0.57× | 0.93× | ||
| Q1 25 | 1.28× | 0.25× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | 1.08× | 1.30× | ||
| Q2 24 | 0.53× | 0.95× | ||
| Q1 24 | 2.04× | 0.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
ETN
| Other | $1.8B | 26% |
| Electrical Global Segment | $1.7B | 24% |
| Aerospace Segment | $1.1B | 16% |
| Vehicle Segment | $586.0M | 8% |
| Original Equipment Manufacturers | $438.0M | 6% |
| Aftermarket Distribution And End User | $403.0M | 6% |
| Commercial | $341.0M | 5% |
| Industrialand Other | $269.0M | 4% |
| Passenger And Light Duty | $244.0M | 3% |
| E Mobility Segment | $124.0M | 2% |
