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Side-by-side financial comparison of CDW Corporation (CDW) and IQVIA (IQV). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $4.4B, roughly 1.3× IQVIA). On growth, IQVIA posted the faster year-over-year revenue change (10.3% vs 6.3%). IQVIA produced more free cash flow last quarter ($561.0M vs $395.9M). Over the past eight quarters, IQVIA's revenue compounded faster (8.1% 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.
IQVIA Holdings, Inc., headquartered in Durham, North Carolina, is an American company focused on health information technology and clinical research.
CDW vs IQV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $4.4B |
| Net Profit | — | $514.0M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 14.4% |
| Net Margin | — | 11.8% |
| Revenue YoY | 6.3% | 10.3% |
| Net Profit YoY | — | 17.6% |
| EPS (diluted) | $2.13 | $2.97 |
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 | $4.4B | ||
| Q3 25 | $5.7B | $4.1B | ||
| Q2 25 | $6.0B | $4.0B | ||
| Q1 25 | $5.2B | $3.8B | ||
| Q4 24 | $5.2B | $4.0B | ||
| Q3 24 | $5.5B | $3.9B | ||
| Q2 24 | $5.4B | $3.8B | ||
| Q1 24 | $4.9B | $3.7B |
| Q4 25 | — | $514.0M | ||
| Q3 25 | $291.0M | $331.0M | ||
| Q2 25 | $271.2M | $266.0M | ||
| Q1 25 | $224.9M | $249.0M | ||
| Q4 24 | — | $437.0M | ||
| Q3 24 | $316.4M | $285.0M | ||
| Q2 24 | $281.1M | $363.0M | ||
| Q1 24 | $216.1M | $288.0M |
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | 23.5% | ||
| Q2 24 | 21.8% | 22.6% | ||
| Q1 24 | 21.8% | 22.1% |
| Q4 25 | 7.8% | 14.4% | ||
| Q3 25 | 7.7% | 13.5% | ||
| Q2 25 | 7.0% | 12.6% | ||
| Q1 25 | 7.0% | 13.0% | ||
| Q4 24 | 7.9% | 15.8% | ||
| Q3 24 | 8.7% | 14.1% | ||
| Q2 24 | 8.0% | 13.6% | ||
| Q1 24 | 6.7% | 13.5% |
| Q4 25 | — | 11.8% | ||
| Q3 25 | 5.1% | 8.1% | ||
| Q2 25 | 4.5% | 6.6% | ||
| Q1 25 | 4.3% | 6.5% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | 5.7% | 7.3% | ||
| Q2 24 | 5.2% | 9.5% | ||
| Q1 24 | 4.4% | 7.7% |
| Q4 25 | $2.13 | $2.97 | ||
| Q3 25 | $2.21 | $1.93 | ||
| Q2 25 | $2.05 | $1.54 | ||
| Q1 25 | $1.69 | $1.40 | ||
| Q4 24 | $1.97 | $2.41 | ||
| Q3 24 | $2.34 | $1.55 | ||
| Q2 24 | $2.07 | $1.97 | ||
| Q1 24 | $1.59 | $1.56 |
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 | $2.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $6.5B |
| Total Assets | $16.0B | $29.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $2.1B | ||
| Q3 25 | $452.9M | $2.0B | ||
| Q2 25 | $481.0M | $2.2B | ||
| Q1 25 | $688.1M | $1.9B | ||
| Q4 24 | $717.7M | $1.8B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $665.3M | $1.7B | ||
| Q1 24 | $803.8M | $1.6B |
| Q4 25 | $2.6B | $6.5B | ||
| Q3 25 | $2.5B | $6.2B | ||
| Q2 25 | $2.5B | $5.8B | ||
| Q1 25 | $2.3B | $6.0B | ||
| Q4 24 | $2.4B | $6.1B | ||
| Q3 24 | $2.3B | $7.0B | ||
| Q2 24 | $2.2B | $6.7B | ||
| Q1 24 | $2.1B | $6.3B |
| Q4 25 | $16.0B | $29.9B | ||
| Q3 25 | $15.2B | $28.7B | ||
| Q2 25 | $15.3B | $28.6B | ||
| Q1 25 | $15.0B | $27.3B | ||
| Q4 24 | $14.7B | $26.9B | ||
| Q3 24 | $14.4B | $27.2B | ||
| Q2 24 | $13.6B | $26.4B | ||
| Q1 24 | $13.2B | $26.6B |
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 | $735.0M |
| Free Cash FlowOCF − Capex | $395.9M | $561.0M |
| FCF MarginFCF / Revenue | 7.2% | 12.9% |
| Capex IntensityCapex / Revenue | 0.7% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.43× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $2.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $735.0M | ||
| Q3 25 | $328.3M | $908.0M | ||
| Q2 25 | $155.9M | $443.0M | ||
| Q1 25 | $287.2M | $568.0M | ||
| Q4 24 | $345.3M | $885.0M | ||
| Q3 24 | $342.1M | $721.0M | ||
| Q2 24 | $149.9M | $588.0M | ||
| Q1 24 | $440.0M | $522.0M |
| Q4 25 | $395.9M | $561.0M | ||
| Q3 25 | $298.5M | $772.0M | ||
| Q2 25 | $133.4M | $292.0M | ||
| Q1 25 | $260.3M | $426.0M | ||
| Q4 24 | $316.7M | $721.0M | ||
| Q3 24 | $308.5M | $571.0M | ||
| Q2 24 | $119.0M | $445.0M | ||
| Q1 24 | $410.5M | $377.0M |
| Q4 25 | 7.2% | 12.9% | ||
| Q3 25 | 5.2% | 18.8% | ||
| Q2 25 | 2.2% | 7.3% | ||
| Q1 25 | 5.0% | 11.1% | ||
| Q4 24 | 6.1% | 18.2% | ||
| Q3 24 | 5.6% | 14.7% | ||
| Q2 24 | 2.2% | 11.7% | ||
| Q1 24 | 8.4% | 10.1% |
| Q4 25 | 0.7% | 4.0% | ||
| Q3 25 | 0.5% | 3.3% | ||
| Q2 25 | 0.4% | 3.8% | ||
| Q1 25 | 0.5% | 3.7% | ||
| Q4 24 | 0.6% | 4.1% | ||
| Q3 24 | 0.6% | 3.9% | ||
| Q2 24 | 0.6% | 3.7% | ||
| Q1 24 | 0.6% | 3.9% |
| Q4 25 | — | 1.43× | ||
| Q3 25 | 1.13× | 2.74× | ||
| Q2 25 | 0.57× | 1.67× | ||
| Q1 25 | 1.28× | 2.28× | ||
| Q4 24 | — | 2.03× | ||
| Q3 24 | 1.08× | 2.53× | ||
| Q2 24 | 0.53× | 1.62× | ||
| Q1 24 | 2.04× | 1.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
