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Side-by-side financial comparison of CDW Corporation (CDW) and LINCOLN NATIONAL CORP (LNC). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.7B vs $4.9B, roughly 1.2× LINCOLN NATIONAL CORP). LINCOLN NATIONAL CORP runs the higher net margin — 15.3% vs 4.1%, a 11.2% gap on every dollar of revenue. On growth, CDW Corporation posted the faster year-over-year revenue change (9.2% vs -2.8%). Over the past eight quarters, LINCOLN NATIONAL CORP's revenue compounded faster (9.4% CAGR vs 2.3%).
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.
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
CDW vs LNC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $4.9B |
| Net Profit | $235.4M | $755.0M |
| Gross Margin | 21.0% | — |
| Operating Margin | 6.6% | 18.6% |
| Net Margin | 4.1% | 15.3% |
| Revenue YoY | 9.2% | -2.8% |
| Net Profit YoY | 4.7% | -55.2% |
| EPS (diluted) | $1.82 | $4.32 |
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.
| Q1 26 | $5.7B | — | ||
| Q4 25 | $5.5B | $4.9B | ||
| Q3 25 | $5.7B | $4.6B | ||
| Q2 25 | $6.0B | $4.0B | ||
| Q1 25 | $5.2B | $4.7B | ||
| Q4 24 | $5.2B | $5.1B | ||
| Q3 24 | $5.5B | $4.1B | ||
| Q2 24 | $5.4B | $5.2B |
| Q1 26 | $235.4M | — | ||
| Q4 25 | — | $755.0M | ||
| Q3 25 | $291.0M | $445.0M | ||
| Q2 25 | $271.2M | $699.0M | ||
| Q1 25 | $224.9M | $-722.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $316.4M | $-528.0M | ||
| Q2 24 | $281.1M | $895.0M |
| Q1 26 | 21.0% | — | ||
| 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 26 | 6.6% | — | ||
| Q4 25 | 7.8% | 18.6% | ||
| Q3 25 | 7.7% | 11.5% | ||
| Q2 25 | 7.0% | 21.0% | ||
| Q1 25 | 7.0% | -20.2% | ||
| Q4 24 | 7.9% | 41.5% | ||
| Q3 24 | 8.7% | -17.1% | ||
| Q2 24 | 8.0% | 21.3% |
| Q1 26 | 4.1% | — | ||
| Q4 25 | — | 15.3% | ||
| Q3 25 | 5.1% | 9.8% | ||
| Q2 25 | 4.5% | 17.3% | ||
| Q1 25 | 4.3% | -15.4% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | 5.7% | -12.8% | ||
| Q2 24 | 5.2% | 17.4% |
| Q1 26 | $1.82 | — | ||
| Q4 25 | $2.13 | $4.32 | ||
| Q3 25 | $2.21 | $2.12 | ||
| Q2 25 | $2.05 | $3.80 | ||
| Q1 25 | $1.69 | $-4.41 | ||
| Q4 24 | $1.97 | $9.66 | ||
| Q3 24 | $2.34 | $-3.29 | ||
| Q2 24 | $2.07 | $5.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $578.6M | — |
| Total DebtLower is stronger | $1.0B | $6.3B |
| Stockholders' EquityBook value | $2.6B | $10.9B |
| Total Assets | $16.5B | $417.2B |
| Debt / EquityLower = less leverage | 0.39× | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $578.6M | — | ||
| Q4 25 | $618.7M | — | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | — | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — |
| Q1 26 | $1.0B | — | ||
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.7B |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $10.9B | ||
| Q3 25 | $2.5B | $10.5B | ||
| Q2 25 | $2.5B | $9.5B | ||
| Q1 25 | $2.3B | $8.2B | ||
| Q4 24 | $2.4B | $8.3B | ||
| Q3 24 | $2.3B | $9.0B | ||
| Q2 24 | $2.2B | $7.9B |
| Q1 26 | $16.5B | — | ||
| Q4 25 | $16.0B | $417.2B | ||
| Q3 25 | $15.2B | $415.3B | ||
| Q2 25 | $15.3B | $399.1B | ||
| Q1 25 | $15.0B | $382.9B | ||
| Q4 24 | $14.7B | $390.8B | ||
| Q3 24 | $14.4B | $396.8B | ||
| Q2 24 | $13.6B | $384.5B |
| Q1 26 | 0.39× | — | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.72× |
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 | $274.8M | $233.0M |
| Free Cash FlowOCF − Capex | $248.4M | — |
| FCF MarginFCF / Revenue | 4.4% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | 1.17× | 0.31× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $274.8M | — | ||
| Q4 25 | $433.8M | $233.0M | ||
| Q3 25 | $328.3M | $-1.1B | ||
| Q2 25 | $155.9M | $1.0B | ||
| Q1 25 | $287.2M | $-272.0M | ||
| Q4 24 | $345.3M | $222.0M | ||
| Q3 24 | $342.1M | $-27.0M | ||
| Q2 24 | $149.9M | $-859.0M |
| Q1 26 | $248.4M | — | ||
| Q4 25 | $395.9M | — | ||
| Q3 25 | $298.5M | — | ||
| Q2 25 | $133.4M | — | ||
| Q1 25 | $260.3M | — | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $308.5M | — | ||
| Q2 24 | $119.0M | — |
| Q1 26 | 4.4% | — | ||
| Q4 25 | 7.2% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 2.2% | — |
| Q1 26 | 0.5% | — | ||
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — |
| Q1 26 | 1.17× | — | ||
| Q4 25 | — | 0.31× | ||
| Q3 25 | 1.13× | -2.56× | ||
| Q2 25 | 0.57× | 1.45× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | -0.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
| Corporate | $2.4B | 42% |
| Other | $802.5M | 14% |
| Healthcare | $766.7M | 13% |
| Education | $675.0M | 12% |
| Government | $632.9M | 11% |
| Financial Services | $428.4M | 8% |
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
