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Side-by-side financial comparison of CDW Corporation (CDW) and LEAR CORP (LEA). Click either name above to swap in a different company.
LEAR CORP is the larger business by last-quarter revenue ($6.0B vs $5.5B, roughly 1.1× CDW Corporation). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs 4.8%). CDW Corporation produced more free cash flow last quarter ($395.9M vs $281.1M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs -0.1%).
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.
Lear Corporation is an American company that manufactures automotive seating and electrical systems. In 2019, it ranked #147 and in 2018, it ranked #148 on the Fortune 500 list.
CDW vs LEA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $6.0B |
| Net Profit | — | $82.7M |
| Gross Margin | 22.8% | 5.7% |
| Operating Margin | 7.8% | 2.6% |
| Net Margin | — | 1.4% |
| Revenue YoY | 6.3% | 4.8% |
| Net Profit YoY | — | -6.1% |
| EPS (diluted) | $2.13 | $1.58 |
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 | $6.0B | ||
| Q3 25 | $5.7B | $5.7B | ||
| Q2 25 | $6.0B | $6.0B | ||
| Q1 25 | $5.2B | $5.6B | ||
| Q4 24 | $5.2B | $5.7B | ||
| Q3 24 | $5.5B | $5.6B | ||
| Q2 24 | $5.4B | $6.0B | ||
| Q1 24 | $4.9B | $6.0B |
| Q4 25 | — | $82.7M | ||
| Q3 25 | $291.0M | $108.2M | ||
| Q2 25 | $271.2M | $165.2M | ||
| Q1 25 | $224.9M | $80.7M | ||
| Q4 24 | — | $88.1M | ||
| Q3 24 | $316.4M | $135.8M | ||
| Q2 24 | $281.1M | $173.1M | ||
| Q1 24 | $216.1M | $109.6M |
| Q4 25 | 22.8% | 5.7% | ||
| Q3 25 | 21.9% | 6.4% | ||
| Q2 25 | 20.8% | 7.3% | ||
| Q1 25 | 21.6% | 6.5% | ||
| Q4 24 | 22.3% | 6.8% | ||
| Q3 24 | 21.8% | 7.3% | ||
| Q2 24 | 21.8% | 7.5% | ||
| Q1 24 | 21.8% | 6.6% |
| Q4 25 | 7.8% | 2.6% | ||
| Q3 25 | 7.7% | 3.4% | ||
| Q2 25 | 7.0% | 4.1% | ||
| Q1 25 | 7.0% | 3.3% | ||
| Q4 24 | 7.9% | 3.7% | ||
| Q3 24 | 8.7% | 3.9% | ||
| Q2 24 | 8.0% | 4.3% | ||
| Q1 24 | 6.7% | 3.3% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | 5.1% | 1.9% | ||
| Q2 25 | 4.5% | 2.7% | ||
| Q1 25 | 4.3% | 1.5% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | 5.7% | 2.4% | ||
| Q2 24 | 5.2% | 2.9% | ||
| Q1 24 | 4.4% | 1.8% |
| Q4 25 | $2.13 | $1.58 | ||
| Q3 25 | $2.21 | $2.02 | ||
| Q2 25 | $2.05 | $3.06 | ||
| Q1 25 | $1.69 | $1.49 | ||
| Q4 24 | $1.97 | $1.64 | ||
| Q3 24 | $2.34 | $2.41 | ||
| Q2 24 | $2.07 | $3.02 | ||
| Q1 24 | $1.59 | $1.90 |
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 | $1.0B |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $2.6B | $5.0B |
| Total Assets | $16.0B | $14.8B |
| Debt / EquityLower = less leverage | — | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $1.0B | ||
| Q3 25 | $452.9M | $1.0B | ||
| Q2 25 | $481.0M | $887.9M | ||
| Q1 25 | $688.1M | $779.9M | ||
| Q4 24 | $717.7M | $1.1B | ||
| Q3 24 | $1.2B | $763.9M | ||
| Q2 24 | $665.3M | $950.3M | ||
| Q1 24 | $803.8M | $930.4M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $2.6B | $5.0B | ||
| Q3 25 | $2.5B | $5.1B | ||
| Q2 25 | $2.5B | $5.1B | ||
| Q1 25 | $2.3B | $4.7B | ||
| Q4 24 | $2.4B | $4.5B | ||
| Q3 24 | $2.3B | $4.8B | ||
| Q2 24 | $2.2B | $4.8B | ||
| Q1 24 | $2.1B | $4.9B |
| Q4 25 | $16.0B | $14.8B | ||
| Q3 25 | $15.2B | $15.2B | ||
| Q2 25 | $15.3B | $15.3B | ||
| Q1 25 | $15.0B | $14.6B | ||
| Q4 24 | $14.7B | $14.0B | ||
| Q3 24 | $14.4B | $14.8B | ||
| Q2 24 | $13.6B | $14.7B | ||
| Q1 24 | $13.2B | $14.9B |
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.59× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.56× |
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 | $475.9M |
| Free Cash FlowOCF − Capex | $395.9M | $281.1M |
| FCF MarginFCF / Revenue | 7.2% | 4.7% |
| Capex IntensityCapex / Revenue | 0.7% | 3.3% |
| Cash ConversionOCF / Net Profit | — | 5.75× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $527.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $475.9M | ||
| Q3 25 | $328.3M | $444.4M | ||
| Q2 25 | $155.9M | $296.2M | ||
| Q1 25 | $287.2M | $-127.7M | ||
| Q4 24 | $345.3M | $680.8M | ||
| Q3 24 | $342.1M | $182.7M | ||
| Q2 24 | $149.9M | $291.2M | ||
| Q1 24 | $440.0M | $-34.6M |
| Q4 25 | $395.9M | $281.1M | ||
| Q3 25 | $298.5M | $307.0M | ||
| Q2 25 | $133.4M | $170.8M | ||
| Q1 25 | $260.3M | $-231.7M | ||
| Q4 24 | $316.7M | $488.7M | ||
| Q3 24 | $308.5M | $50.5M | ||
| Q2 24 | $119.0M | $170.4M | ||
| Q1 24 | $410.5M | $-148.2M |
| Q4 25 | 7.2% | 4.7% | ||
| Q3 25 | 5.2% | 5.4% | ||
| Q2 25 | 2.2% | 2.8% | ||
| Q1 25 | 5.0% | -4.2% | ||
| Q4 24 | 6.1% | 8.6% | ||
| Q3 24 | 5.6% | 0.9% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 8.4% | -2.5% |
| Q4 25 | 0.7% | 3.3% | ||
| Q3 25 | 0.5% | 2.4% | ||
| Q2 25 | 0.4% | 2.1% | ||
| Q1 25 | 0.5% | 1.9% | ||
| Q4 24 | 0.6% | 3.4% | ||
| Q3 24 | 0.6% | 2.4% | ||
| Q2 24 | 0.6% | 2.0% | ||
| Q1 24 | 0.6% | 1.9% |
| Q4 25 | — | 5.75× | ||
| Q3 25 | 1.13× | 4.11× | ||
| Q2 25 | 0.57× | 1.79× | ||
| Q1 25 | 1.28× | -1.58× | ||
| Q4 24 | — | 7.73× | ||
| Q3 24 | 1.08× | 1.35× | ||
| Q2 24 | 0.53× | 1.68× | ||
| Q1 24 | 2.04× | -0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
LEA
| Other | $3.5B | 59% |
| Seating Segment | $1.9B | 32% |
| E Systems Segment | $520.6M | 9% |
