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Side-by-side financial comparison of CDW Corporation (CDW) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $5.5B, roughly 1.1× CDW Corporation). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs -6.9%). CarMax produced more free cash flow last quarter ($1.1B vs $395.9M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs 1.5%).
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.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
CDW vs KMX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $5.8B |
| Net Profit | — | $62.2M |
| Gross Margin | 22.8% | 10.2% |
| Operating Margin | 7.8% | — |
| Net Margin | — | 1.1% |
| Revenue YoY | 6.3% | -6.9% |
| Net Profit YoY | — | -50.4% |
| EPS (diluted) | $2.13 | $0.43 |
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 | $5.8B | ||
| Q3 25 | $5.7B | $6.6B | ||
| Q2 25 | $6.0B | $7.5B | ||
| Q1 25 | $5.2B | $6.0B | ||
| Q4 24 | $5.2B | $6.2B | ||
| Q3 24 | $5.5B | $7.0B | ||
| Q2 24 | $5.4B | $7.1B | ||
| Q1 24 | $4.9B | $5.6B |
| Q4 25 | — | $62.2M | ||
| Q3 25 | $291.0M | $95.4M | ||
| Q2 25 | $271.2M | $210.4M | ||
| Q1 25 | $224.9M | $89.9M | ||
| Q4 24 | — | $125.4M | ||
| Q3 24 | $316.4M | $132.8M | ||
| Q2 24 | $281.1M | $152.4M | ||
| Q1 24 | $216.1M | $50.3M |
| Q4 25 | 22.8% | 10.2% | ||
| Q3 25 | 21.9% | 10.9% | ||
| Q2 25 | 20.8% | 11.8% | ||
| Q1 25 | 21.6% | 11.1% | ||
| Q4 24 | 22.3% | 10.9% | ||
| Q3 24 | 21.8% | 10.8% | ||
| Q2 24 | 21.8% | 11.1% | ||
| Q1 24 | 21.8% | 10.4% |
| Q4 25 | 7.8% | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 7.0% | 2.0% | ||
| Q4 24 | 7.9% | 2.7% | ||
| Q3 24 | 8.7% | 2.5% | ||
| Q2 24 | 8.0% | 2.9% | ||
| Q1 24 | 6.7% | 1.2% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 5.1% | 1.4% | ||
| Q2 25 | 4.5% | 2.8% | ||
| Q1 25 | 4.3% | 1.5% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | 5.7% | 1.9% | ||
| Q2 24 | 5.2% | 2.1% | ||
| Q1 24 | 4.4% | 0.9% |
| Q4 25 | $2.13 | $0.43 | ||
| Q3 25 | $2.21 | $0.64 | ||
| Q2 25 | $2.05 | $1.38 | ||
| Q1 25 | $1.69 | $0.58 | ||
| Q4 24 | $1.97 | $0.81 | ||
| Q3 24 | $2.34 | $0.85 | ||
| Q2 24 | $2.07 | $0.97 | ||
| Q1 24 | $1.59 | $0.31 |
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 | $204.9M |
| Total DebtLower is stronger | — | $16.6B |
| Stockholders' EquityBook value | $2.6B | $6.1B |
| Total Assets | $16.0B | $25.6B |
| Debt / EquityLower = less leverage | — | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $204.9M | ||
| Q3 25 | $452.9M | $540.4M | ||
| Q2 25 | $481.0M | $262.8M | ||
| Q1 25 | $688.1M | $247.0M | ||
| Q4 24 | $717.7M | $271.9M | ||
| Q3 24 | $1.2B | $524.7M | ||
| Q2 24 | $665.3M | $218.9M | ||
| Q1 24 | $803.8M | $574.1M |
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
| Q4 25 | $2.6B | $6.1B | ||
| Q3 25 | $2.5B | $6.2B | ||
| Q2 25 | $2.5B | $6.3B | ||
| Q1 25 | $2.3B | $6.2B | ||
| Q4 24 | $2.4B | $6.2B | ||
| Q3 24 | $2.3B | $6.2B | ||
| Q2 24 | $2.2B | $6.2B | ||
| Q1 24 | $2.1B | $6.1B |
| Q4 25 | $16.0B | $25.6B | ||
| Q3 25 | $15.2B | $27.1B | ||
| Q2 25 | $15.3B | $27.4B | ||
| Q1 25 | $15.0B | $27.4B | ||
| Q4 24 | $14.7B | $27.3B | ||
| Q3 24 | $14.4B | $27.3B | ||
| Q2 24 | $13.6B | $27.2B | ||
| Q1 24 | $13.2B | $27.2B |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | $395.9M | $1.1B |
| FCF MarginFCF / Revenue | 7.2% | 19.2% |
| Capex IntensityCapex / Revenue | 0.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $1.3B | ||
| Q3 25 | $328.3M | $785.5M | ||
| Q2 25 | $155.9M | $299.5M | ||
| Q1 25 | $287.2M | $146.4M | ||
| Q4 24 | $345.3M | $-23.4M | ||
| Q3 24 | $342.1M | $619.1M | ||
| Q2 24 | $149.9M | $-117.7M | ||
| Q1 24 | $440.0M | $309.6M |
| Q4 25 | $395.9M | $1.1B | ||
| Q3 25 | $298.5M | $654.0M | ||
| Q2 25 | $133.4M | $162.8M | ||
| Q1 25 | $260.3M | $18.8M | ||
| Q4 24 | $316.7M | $-150.6M | ||
| Q3 24 | $308.5M | $509.9M | ||
| Q2 24 | $119.0M | $-221.6M | ||
| Q1 24 | $410.5M | $199.8M |
| Q4 25 | 7.2% | 19.2% | ||
| Q3 25 | 5.2% | 9.9% | ||
| Q2 25 | 2.2% | 2.2% | ||
| Q1 25 | 5.0% | 0.3% | ||
| Q4 24 | 6.1% | -2.4% | ||
| Q3 24 | 5.6% | 7.3% | ||
| Q2 24 | 2.2% | -3.1% | ||
| Q1 24 | 8.4% | 3.6% |
| Q4 25 | 0.7% | 2.4% | ||
| Q3 25 | 0.5% | 2.0% | ||
| Q2 25 | 0.4% | 1.8% | ||
| Q1 25 | 0.5% | 2.1% | ||
| Q4 24 | 0.6% | 2.0% | ||
| Q3 24 | 0.6% | 1.6% | ||
| Q2 24 | 0.6% | 1.5% | ||
| Q1 24 | 0.6% | 2.0% |
| Q4 25 | — | 20.14× | ||
| Q3 25 | 1.13× | 8.24× | ||
| Q2 25 | 0.57× | 1.42× | ||
| Q1 25 | 1.28× | 1.63× | ||
| Q4 24 | — | -0.19× | ||
| Q3 24 | 1.08× | 4.66× | ||
| Q2 24 | 0.53× | -0.77× | ||
| Q1 24 | 2.04× | 6.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
