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Side-by-side financial comparison of CDW Corporation (CDW) and Mastercard (MA). Click either name above to swap in a different company.
Mastercard is the larger business by last-quarter revenue ($8.8B vs $5.5B, roughly 1.6× CDW Corporation). On growth, Mastercard posted the faster year-over-year revenue change (17.6% vs 6.3%). Mastercard produced more free cash flow last quarter ($4.9B vs $395.9M). Over the past eight quarters, Mastercard's revenue compounded faster (17.8% 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.
Mastercard Inc. is an American multinational payment card services corporation headquartered in Purchase, New York. It offers a range of payment transaction processing and other related-payment services. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
CDW vs MA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $8.8B |
| Net Profit | — | $4.1B |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 55.8% |
| Net Margin | — | 46.1% |
| Revenue YoY | 6.3% | 17.6% |
| Net Profit YoY | — | 21.5% |
| EPS (diluted) | $2.13 | $4.52 |
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 | $8.8B | ||
| Q3 25 | $5.7B | $8.6B | ||
| Q2 25 | $6.0B | $8.1B | ||
| Q1 25 | $5.2B | $7.3B | ||
| Q4 24 | $5.2B | $7.5B | ||
| Q3 24 | $5.5B | $7.4B | ||
| Q2 24 | $5.4B | $7.0B | ||
| Q1 24 | $4.9B | $6.3B |
| Q4 25 | — | $4.1B | ||
| Q3 25 | $291.0M | $3.9B | ||
| Q2 25 | $271.2M | $3.7B | ||
| Q1 25 | $224.9M | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $316.4M | $3.3B | ||
| Q2 24 | $281.1M | $3.3B | ||
| Q1 24 | $216.1M | $3.0B |
| 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% | 55.8% | ||
| Q3 25 | 7.7% | 58.8% | ||
| Q2 25 | 7.0% | 58.7% | ||
| Q1 25 | 7.0% | 57.2% | ||
| Q4 24 | 7.9% | 52.6% | ||
| Q3 24 | 8.7% | 54.3% | ||
| Q2 24 | 8.0% | 58.0% | ||
| Q1 24 | 6.7% | 56.8% |
| Q4 25 | — | 46.1% | ||
| Q3 25 | 5.1% | 45.7% | ||
| Q2 25 | 4.5% | 45.5% | ||
| Q1 25 | 4.3% | 45.2% | ||
| Q4 24 | — | 44.6% | ||
| Q3 24 | 5.7% | 44.3% | ||
| Q2 24 | 5.2% | 46.8% | ||
| Q1 24 | 4.4% | 47.4% |
| Q4 25 | $2.13 | $4.52 | ||
| Q3 25 | $2.21 | $4.34 | ||
| Q2 25 | $2.05 | $4.07 | ||
| Q1 25 | $1.69 | $3.59 | ||
| Q4 24 | $1.97 | $3.64 | ||
| Q3 24 | $2.34 | $3.53 | ||
| Q2 24 | $2.07 | $3.50 | ||
| Q1 24 | $1.59 | $3.22 |
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 | $10.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $7.7B |
| Total Assets | $16.0B | $54.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $10.6B | ||
| Q3 25 | $452.9M | $10.3B | ||
| Q2 25 | $481.0M | $9.0B | ||
| Q1 25 | $688.1M | $7.6B | ||
| Q4 24 | $717.7M | $8.4B | ||
| Q3 24 | $1.2B | $11.1B | ||
| Q2 24 | $665.3M | $7.0B | ||
| Q1 24 | $803.8M | $7.3B |
| Q4 25 | $2.6B | $7.7B | ||
| Q3 25 | $2.5B | $7.9B | ||
| Q2 25 | $2.5B | $7.9B | ||
| Q1 25 | $2.3B | $6.7B | ||
| Q4 24 | $2.4B | $6.5B | ||
| Q3 24 | $2.3B | $7.4B | ||
| Q2 24 | $2.2B | $7.4B | ||
| Q1 24 | $2.1B | $7.2B |
| Q4 25 | $16.0B | $54.2B | ||
| Q3 25 | $15.2B | $53.3B | ||
| Q2 25 | $15.3B | $51.4B | ||
| Q1 25 | $15.0B | $48.5B | ||
| Q4 24 | $14.7B | $48.1B | ||
| Q3 24 | $14.4B | $47.2B | ||
| Q2 24 | $13.6B | $42.3B | ||
| Q1 24 | $13.2B | $42.6B |
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 | $5.0B |
| Free Cash FlowOCF − Capex | $395.9M | $4.9B |
| FCF MarginFCF / Revenue | 7.2% | 55.5% |
| Capex IntensityCapex / Revenue | 0.7% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $5.0B | ||
| Q3 25 | $328.3M | $5.7B | ||
| Q2 25 | $155.9M | $4.6B | ||
| Q1 25 | $287.2M | $2.4B | ||
| Q4 24 | $345.3M | $4.8B | ||
| Q3 24 | $342.1M | $5.1B | ||
| Q2 24 | $149.9M | $3.1B | ||
| Q1 24 | $440.0M | $1.7B |
| Q4 25 | $395.9M | $4.9B | ||
| Q3 25 | $298.5M | $5.5B | ||
| Q2 25 | $133.4M | $4.6B | ||
| Q1 25 | $260.3M | $2.2B | ||
| Q4 24 | $316.7M | $4.7B | ||
| Q3 24 | $308.5M | $5.0B | ||
| Q2 24 | $119.0M | $3.0B | ||
| Q1 24 | $410.5M | $1.5B |
| Q4 25 | 7.2% | 55.5% | ||
| Q3 25 | 5.2% | 63.8% | ||
| Q2 25 | 2.2% | 56.1% | ||
| Q1 25 | 5.0% | 30.6% | ||
| Q4 24 | 6.1% | 63.3% | ||
| Q3 24 | 5.6% | 68.2% | ||
| Q2 24 | 2.2% | 43.4% | ||
| Q1 24 | 8.4% | 23.9% |
| Q4 25 | 0.7% | 1.3% | ||
| Q3 25 | 0.5% | 2.1% | ||
| Q2 25 | 0.4% | 0.5% | ||
| Q1 25 | 0.5% | 2.2% | ||
| Q4 24 | 0.6% | 1.3% | ||
| Q3 24 | 0.6% | 1.5% | ||
| Q2 24 | 0.6% | 1.7% | ||
| Q1 24 | 0.6% | 2.5% |
| Q4 25 | — | 1.23× | ||
| Q3 25 | 1.13× | 1.44× | ||
| Q2 25 | 0.57× | 1.24× | ||
| Q1 25 | 1.28× | 0.73× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | 1.08× | 1.57× | ||
| Q2 24 | 0.53× | 0.96× | ||
| Q1 24 | 2.04× | 0.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
