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Side-by-side financial comparison of CDW Corporation (CDW) and Lennar (LEN). Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($9.4B vs $5.5B, roughly 1.7× CDW Corporation). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs -5.8%). Lennar produced more free cash flow last quarter ($1.7B vs $395.9M). Over the past eight quarters, Lennar's revenue compounded faster (13.2% 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.
Lennar Corporation is an American home construction company based in Miami-Dade County, Florida. As of 2025, it is the second-largest home construction company in the United States based on the number of homes sold. Lennar has investments in multifamily and single-family residential rental properties, luxury development, property technology with LenX, and mortgage lending from Lennar Mortgage.
CDW vs LEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $9.4B |
| Net Profit | — | $490.2M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 7.3% |
| Net Margin | — | 5.2% |
| Revenue YoY | 6.3% | -5.8% |
| Net Profit YoY | — | -55.3% |
| EPS (diluted) | $2.13 | — |
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 | $9.4B | ||
| Q3 25 | $5.7B | $8.8B | ||
| Q2 25 | $6.0B | $8.4B | ||
| Q1 25 | $5.2B | $7.6B | ||
| Q4 24 | $5.2B | $9.9B | ||
| Q3 24 | $5.5B | $9.4B | ||
| Q2 24 | $5.4B | $8.8B | ||
| Q1 24 | $4.9B | $7.3B |
| Q4 25 | — | $490.2M | ||
| Q3 25 | $291.0M | $591.0M | ||
| Q2 25 | $271.2M | $477.4M | ||
| Q1 25 | $224.9M | $519.5M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $316.4M | $1.2B | ||
| Q2 24 | $281.1M | $954.3M | ||
| Q1 24 | $216.1M | $719.3M |
| 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% | 7.3% | ||
| Q3 25 | 7.7% | 9.0% | ||
| Q2 25 | 7.0% | 7.7% | ||
| Q1 25 | 7.0% | 9.1% | ||
| Q4 24 | 7.9% | 14.7% | ||
| Q3 24 | 8.7% | 16.3% | ||
| Q2 24 | 8.0% | 14.4% | ||
| Q1 24 | 6.7% | 12.7% |
| Q4 25 | — | 5.2% | ||
| Q3 25 | 5.1% | 6.7% | ||
| Q2 25 | 4.5% | 5.7% | ||
| Q1 25 | 4.3% | 6.8% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | 5.7% | 12.3% | ||
| Q2 24 | 5.2% | 10.9% | ||
| Q1 24 | 4.4% | 9.8% |
| Q4 25 | $2.13 | — | ||
| Q3 25 | $2.21 | $2.29 | ||
| Q2 25 | $2.05 | $1.81 | ||
| Q1 25 | $1.69 | $1.96 | ||
| Q4 24 | $1.97 | $4.03 | ||
| Q3 24 | $2.34 | $4.26 | ||
| Q2 24 | $2.07 | $3.45 | ||
| Q1 24 | $1.59 | $2.57 |
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 | $3.8B |
| Total DebtLower is stronger | — | $5.9B |
| Stockholders' EquityBook value | $2.6B | $22.0B |
| Total Assets | $16.0B | $34.4B |
| Debt / EquityLower = less leverage | — | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $3.8B | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | — | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | $4.9B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — | ||
| Q1 24 | $803.8M | — |
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.6B | $22.0B | ||
| Q3 25 | $2.5B | $22.6B | ||
| Q2 25 | $2.5B | $22.6B | ||
| Q1 25 | $2.3B | $22.7B | ||
| Q4 24 | $2.4B | $27.9B | ||
| Q3 24 | $2.3B | $27.4B | ||
| Q2 24 | $2.2B | $26.9B | ||
| Q1 24 | $2.1B | $26.6B |
| Q4 25 | $16.0B | $34.4B | ||
| Q3 25 | $15.2B | $34.9B | ||
| Q2 25 | $15.3B | $34.4B | ||
| Q1 25 | $15.0B | $35.0B | ||
| Q4 24 | $14.7B | $41.3B | ||
| Q3 24 | $14.4B | $39.7B | ||
| Q2 24 | $13.6B | $38.7B | ||
| Q1 24 | $13.2B | $39.0B |
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $395.9M | $1.7B |
| FCF MarginFCF / Revenue | 7.2% | 17.9% |
| Capex IntensityCapex / Revenue | 0.7% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 3.59× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $28.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $1.8B | ||
| Q3 25 | $328.3M | $-158.6M | ||
| Q2 25 | $155.9M | $-1.1B | ||
| Q1 25 | $287.2M | $-289.0M | ||
| Q4 24 | $345.3M | $974.5M | ||
| Q3 24 | $342.1M | $819.2M | ||
| Q2 24 | $149.9M | $241.8M | ||
| Q1 24 | $440.0M | $367.9M |
| Q4 25 | $395.9M | $1.7B | ||
| Q3 25 | $298.5M | $-190.8M | ||
| Q2 25 | $133.4M | $-1.1B | ||
| Q1 25 | $260.3M | $-345.1M | ||
| Q4 24 | $316.7M | $933.1M | ||
| Q3 24 | $308.5M | $800.8M | ||
| Q2 24 | $119.0M | $203.0M | ||
| Q1 24 | $410.5M | $294.9M |
| Q4 25 | 7.2% | 17.9% | ||
| Q3 25 | 5.2% | -2.2% | ||
| Q2 25 | 2.2% | -13.3% | ||
| Q1 25 | 5.0% | -4.5% | ||
| Q4 24 | 6.1% | 9.4% | ||
| Q3 24 | 5.6% | 8.5% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | 8.4% | 4.0% |
| Q4 25 | 0.7% | 0.9% | ||
| Q3 25 | 0.5% | 0.4% | ||
| Q2 25 | 0.4% | 0.2% | ||
| Q1 25 | 0.5% | 0.7% | ||
| Q4 24 | 0.6% | 0.4% | ||
| Q3 24 | 0.6% | 0.2% | ||
| Q2 24 | 0.6% | 0.4% | ||
| Q1 24 | 0.6% | 1.0% |
| Q4 25 | — | 3.59× | ||
| Q3 25 | 1.13× | -0.27× | ||
| Q2 25 | 0.57× | -2.29× | ||
| Q1 25 | 1.28× | -0.56× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | 1.08× | 0.70× | ||
| Q2 24 | 0.53× | 0.25× | ||
| Q1 24 | 2.04× | 0.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
LEN
| Lennar Homebuilding East Central West Houstonand Other | $8.9B | 95% |
| Lennar Financial Services | $308.8M | 3% |
| Lennar Multifamily | $158.7M | 2% |
| Lennar Other | $14.8M | 0% |
| Homebuilding Other Regions | $3.9M | 0% |
