vs
Side-by-side financial comparison of CDW Corporation (CDW) and ManpowerGroup Inc. (MAN). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $4.7B, roughly 1.2× ManpowerGroup Inc.). On growth, ManpowerGroup Inc. posted the faster year-over-year revenue change (7.1% vs 6.3%). CDW Corporation produced more free cash flow last quarter ($395.9M vs $168.0M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs 3.5%).
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.
ManpowerGroup is an American multinational corporation headquartered in Milwaukee, Wisconsin. Founded in 1948 by Elmer Winter and Aaron Scheinfeld, ManpowerGroup is the third-largest staffing firm in the world behind Swiss firm Adecco and Dutch firm Randstad NV. The company provides administrative & support services, professional services, and business services through its four primary brands: Manpower, Experis, Right Management, and ManpowerGroup Solutions.
CDW vs MAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $4.7B |
| Net Profit | — | $30.2M |
| Gross Margin | 22.8% | 16.3% |
| Operating Margin | 7.8% | 1.7% |
| Net Margin | — | 0.6% |
| Revenue YoY | 6.3% | 7.1% |
| Net Profit YoY | — | 34.2% |
| EPS (diluted) | $2.13 | $0.65 |
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 | $4.7B | ||
| Q3 25 | $5.7B | $4.6B | ||
| Q2 25 | $6.0B | $4.5B | ||
| Q1 25 | $5.2B | $4.1B | ||
| Q4 24 | $5.2B | $4.4B | ||
| Q3 24 | $5.5B | $4.5B | ||
| Q2 24 | $5.4B | $4.5B | ||
| Q1 24 | $4.9B | $4.4B |
| Q4 25 | — | $30.2M | ||
| Q3 25 | $291.0M | $18.0M | ||
| Q2 25 | $271.2M | $-67.1M | ||
| Q1 25 | $224.9M | $5.6M | ||
| Q4 24 | — | $22.5M | ||
| Q3 24 | $316.4M | $22.8M | ||
| Q2 24 | $281.1M | $60.1M | ||
| Q1 24 | $216.1M | $39.7M |
| Q4 25 | 22.8% | 16.3% | ||
| Q3 25 | 21.9% | 16.6% | ||
| Q2 25 | 20.8% | 16.9% | ||
| Q1 25 | 21.6% | 17.1% | ||
| Q4 24 | 22.3% | 17.2% | ||
| Q3 24 | 21.8% | 17.3% | ||
| Q2 24 | 21.8% | 17.4% | ||
| Q1 24 | 21.8% | 17.3% |
| Q4 25 | 7.8% | 1.7% | ||
| Q3 25 | 7.7% | 1.4% | ||
| Q2 25 | 7.0% | -0.6% | ||
| Q1 25 | 7.0% | 0.7% | ||
| Q4 24 | 7.9% | 1.6% | ||
| Q3 24 | 8.7% | 1.6% | ||
| Q2 24 | 8.0% | 2.2% | ||
| Q1 24 | 6.7% | 1.5% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | 5.1% | 0.4% | ||
| Q2 25 | 4.5% | -1.5% | ||
| Q1 25 | 4.3% | 0.1% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 5.7% | 0.5% | ||
| Q2 24 | 5.2% | 1.3% | ||
| Q1 24 | 4.4% | 0.9% |
| Q4 25 | $2.13 | $0.65 | ||
| Q3 25 | $2.21 | $0.38 | ||
| Q2 25 | $2.05 | $-1.44 | ||
| Q1 25 | $1.69 | $0.12 | ||
| Q4 24 | $1.97 | $0.49 | ||
| Q3 24 | $2.34 | $0.47 | ||
| Q2 24 | $2.07 | $1.24 | ||
| Q1 24 | $1.59 | $0.81 |
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 | $871.0M |
| Total DebtLower is stronger | — | $1.1B |
| Stockholders' EquityBook value | $2.6B | $2.1B |
| Total Assets | $16.0B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $871.0M | ||
| Q3 25 | $452.9M | $274.6M | ||
| Q2 25 | $481.0M | $289.8M | ||
| Q1 25 | $688.1M | $395.0M | ||
| Q4 24 | $717.7M | $509.4M | ||
| Q3 24 | $1.2B | $410.9M | ||
| Q2 24 | $665.3M | $468.9M | ||
| Q1 24 | $803.8M | $604.8M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $468.3M | ||
| Q2 25 | — | $470.3M | ||
| Q1 25 | — | $971.4M | ||
| Q4 24 | — | $929.4M | ||
| Q3 24 | — | $999.7M | ||
| Q2 24 | — | $961.7M | ||
| Q1 24 | — | $968.9M |
| Q4 25 | $2.6B | $2.1B | ||
| Q3 25 | $2.5B | $2.0B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $2.2B | $2.1B | ||
| Q1 24 | $2.1B | $2.2B |
| Q4 25 | $16.0B | $9.2B | ||
| Q3 25 | $15.2B | $8.4B | ||
| Q2 25 | $15.3B | $8.5B | ||
| Q1 25 | $15.0B | $8.0B | ||
| Q4 24 | $14.7B | $8.2B | ||
| Q3 24 | $14.4B | $8.5B | ||
| Q2 24 | $13.6B | $8.5B | ||
| Q1 24 | $13.2B | $8.5B |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.45× | ||
| Q1 24 | — | 0.45× |
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 | $178.9M |
| Free Cash FlowOCF − Capex | $395.9M | $168.0M |
| FCF MarginFCF / Revenue | 7.2% | 3.6% |
| Capex IntensityCapex / Revenue | 0.7% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 5.92× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $-161.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $178.9M | ||
| Q3 25 | $328.3M | $59.8M | ||
| Q2 25 | $155.9M | $-189.6M | ||
| Q1 25 | $287.2M | $-153.2M | ||
| Q4 24 | $345.3M | $247.6M | ||
| Q3 24 | $342.1M | $83.5M | ||
| Q2 24 | $149.9M | $-137.9M | ||
| Q1 24 | $440.0M | $116.0M |
| Q4 25 | $395.9M | $168.0M | ||
| Q3 25 | $298.5M | $44.7M | ||
| Q2 25 | $133.4M | $-207.2M | ||
| Q1 25 | $260.3M | $-166.9M | ||
| Q4 24 | $316.7M | $236.3M | ||
| Q3 24 | $308.5M | $67.4M | ||
| Q2 24 | $119.0M | $-149.8M | ||
| Q1 24 | $410.5M | $104.2M |
| Q4 25 | 7.2% | 3.6% | ||
| Q3 25 | 5.2% | 1.0% | ||
| Q2 25 | 2.2% | -4.6% | ||
| Q1 25 | 5.0% | -4.1% | ||
| Q4 24 | 6.1% | 5.4% | ||
| Q3 24 | 5.6% | 1.5% | ||
| Q2 24 | 2.2% | -3.3% | ||
| Q1 24 | 8.4% | 2.4% |
| Q4 25 | 0.7% | 0.2% | ||
| Q3 25 | 0.5% | 0.3% | ||
| Q2 25 | 0.4% | 0.4% | ||
| Q1 25 | 0.5% | 0.3% | ||
| Q4 24 | 0.6% | 0.3% | ||
| Q3 24 | 0.6% | 0.4% | ||
| Q2 24 | 0.6% | 0.3% | ||
| Q1 24 | 0.6% | 0.3% |
| Q4 25 | — | 5.92× | ||
| Q3 25 | 1.13× | 3.32× | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 1.28× | -27.36× | ||
| Q4 24 | — | 11.00× | ||
| Q3 24 | 1.08× | 3.66× | ||
| Q2 24 | 0.53× | -2.29× | ||
| Q1 24 | 2.04× | 2.92× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
MAN
| Other | $2.4B | 52% |
| Transferred Over Time | $1.1B | 24% |
| Staffingand Interim | $1.0B | 22% |
| Productsand Services Other | $50.8M | 1% |
| Permanent Recruitment | $37.5M | 1% |
| Outcome Based Solutionsand Consulting | $20.7M | 0% |
| Transferred At Point In Time | $20.4M | 0% |
