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Side-by-side financial comparison of CDW Corporation (CDW) and Southwest Airlines (LUV). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $5.5B, roughly 1.3× CDW Corporation). On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 6.3%). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs -0.7%).
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.
Southwest Airlines is a major low-cost airline of the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas. It is the fourth-largest airline in North America when measured by passengers carried, as of 2024. With its all-Boeing 737 fleet, Southwest serves over 100 destinations in 42 states, Washington, D.C.
CDW vs LUV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $7.2B |
| Net Profit | — | $227.0M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | — |
| Net Margin | — | 3.1% |
| Revenue YoY | 6.3% | 12.8% |
| Net Profit YoY | — | 252.3% |
| EPS (diluted) | $2.13 | $0.45 |
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 | — | $7.2B | ||
| Q4 25 | $5.5B | $7.4B | ||
| Q3 25 | $5.7B | $6.9B | ||
| Q2 25 | $6.0B | $7.2B | ||
| Q1 25 | $5.2B | $6.4B | ||
| Q4 24 | $5.2B | $6.9B | ||
| Q3 24 | $5.5B | $6.9B | ||
| Q2 24 | $5.4B | $7.4B |
| Q1 26 | — | $227.0M | ||
| Q4 25 | — | $323.0M | ||
| Q3 25 | $291.0M | $54.0M | ||
| Q2 25 | $271.2M | $213.0M | ||
| Q1 25 | $224.9M | $-149.0M | ||
| Q4 24 | — | $262.0M | ||
| Q3 24 | $316.4M | $67.0M | ||
| Q2 24 | $281.1M | $367.0M |
| Q1 26 | — | — | ||
| 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 | — | — | ||
| Q4 25 | 7.8% | 5.3% | ||
| Q3 25 | 7.7% | 0.5% | ||
| Q2 25 | 7.0% | 3.1% | ||
| Q1 25 | 7.0% | -3.5% | ||
| Q4 24 | 7.9% | 4.0% | ||
| Q3 24 | 8.7% | 0.6% | ||
| Q2 24 | 8.0% | 5.4% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | — | 4.3% | ||
| Q3 25 | 5.1% | 0.8% | ||
| Q2 25 | 4.5% | 2.9% | ||
| Q1 25 | 4.3% | -2.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | 5.7% | 1.0% | ||
| Q2 24 | 5.2% | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $2.13 | $0.56 | ||
| Q3 25 | $2.21 | $0.10 | ||
| Q2 25 | $2.05 | $0.39 | ||
| Q1 25 | $1.69 | $-0.26 | ||
| Q4 24 | $1.97 | $0.46 | ||
| Q3 24 | $2.34 | $0.11 | ||
| Q2 24 | $2.07 | $0.58 |
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 | $3.3B |
| Total DebtLower is stronger | — | $5.4B |
| Stockholders' EquityBook value | $2.6B | $6.9B |
| Total Assets | $16.0B | $20.4B |
| Debt / EquityLower = less leverage | — | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $618.7M | $3.2B | ||
| Q3 25 | $452.9M | $3.0B | ||
| Q2 25 | $481.0M | $3.8B | ||
| Q1 25 | $688.1M | $8.3B | ||
| Q4 24 | $717.7M | $8.7B | ||
| Q3 24 | $1.2B | $9.4B | ||
| Q2 24 | $665.3M | $10.0B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $2.6B | $8.0B | ||
| Q3 25 | $2.5B | $7.8B | ||
| Q2 25 | $2.5B | $8.0B | ||
| Q1 25 | $2.3B | $9.4B | ||
| Q4 24 | $2.4B | $10.3B | ||
| Q3 24 | $2.3B | $10.4B | ||
| Q2 24 | $2.2B | $10.5B |
| Q1 26 | — | $20.4B | ||
| Q4 25 | $16.0B | $29.1B | ||
| Q3 25 | $15.2B | $28.3B | ||
| Q2 25 | $15.3B | $28.7B | ||
| Q1 25 | $15.0B | $33.2B | ||
| Q4 24 | $14.7B | $33.8B | ||
| Q3 24 | $14.4B | $34.8B | ||
| Q2 24 | $13.6B | $35.6B |
| Q1 26 | — | 0.78× | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.48× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $395.9M | — |
| FCF MarginFCF / Revenue | 7.2% | — |
| Capex IntensityCapex / Revenue | 0.7% | 8.7% |
| Cash ConversionOCF / Net Profit | — | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $433.8M | $294.0M | ||
| Q3 25 | $328.3M | $287.0M | ||
| Q2 25 | $155.9M | $401.0M | ||
| Q1 25 | $287.2M | $860.0M | ||
| Q4 24 | $345.3M | $476.0M | ||
| Q3 24 | $342.1M | $113.0M | ||
| Q2 24 | $149.9M | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $395.9M | $-565.0M | ||
| Q3 25 | $298.5M | $-391.0M | ||
| Q2 25 | $133.4M | $-234.0M | ||
| Q1 25 | $260.3M | $359.0M | ||
| Q4 24 | $316.7M | $16.0M | ||
| Q3 24 | $308.5M | $-404.0M | ||
| Q2 24 | $119.0M | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | 7.2% | -7.6% | ||
| Q3 25 | 5.2% | -5.6% | ||
| Q2 25 | 2.2% | -3.2% | ||
| Q1 25 | 5.0% | 5.6% | ||
| Q4 24 | 6.1% | 0.2% | ||
| Q3 24 | 5.6% | -5.9% | ||
| Q2 24 | 2.2% | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | 0.7% | 11.5% | ||
| Q3 25 | 0.5% | 9.8% | ||
| Q2 25 | 0.4% | 8.8% | ||
| Q1 25 | 0.5% | 7.8% | ||
| Q4 24 | 0.6% | 6.6% | ||
| Q3 24 | 0.6% | 7.5% | ||
| Q2 24 | 0.6% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | — | 0.91× | ||
| Q3 25 | 1.13× | 5.31× | ||
| Q2 25 | 0.57× | 1.88× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | 1.08× | 1.69× | ||
| Q2 24 | 0.53× | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
