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Side-by-side financial comparison of CDW Corporation (CDW) and McDonald's (MCD). Click either name above to swap in a different company.
McDonald's is the larger business by last-quarter revenue ($7.0B vs $5.5B, roughly 1.3× CDW Corporation). On growth, McDonald's posted the faster year-over-year revenue change (9.7% vs 6.3%). McDonald's produced more free cash flow last quarter ($1.6B vs $395.9M). Over the past eight quarters, McDonald's's revenue compounded faster (6.6% 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.
McDonald's Corporation, doing business as McDonald's, is an American multinational fast food restaurant chain. As of 2024, it is the second-largest by number of locations in the world, behind the Chinese chain Mixue Ice Cream & Tea.
CDW vs MCD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $7.0B |
| Net Profit | — | $2.2B |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 45.0% |
| Net Margin | — | 30.9% |
| Revenue YoY | 6.3% | 9.7% |
| Net Profit YoY | — | 7.3% |
| EPS (diluted) | $2.13 | $3.03 |
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 | $7.0B | ||
| Q3 25 | $5.7B | $7.1B | ||
| Q2 25 | $6.0B | $6.8B | ||
| Q1 25 | $5.2B | $6.0B | ||
| Q4 24 | $5.2B | $6.4B | ||
| Q3 24 | $5.5B | $6.9B | ||
| Q2 24 | $5.4B | $6.5B | ||
| Q1 24 | $4.9B | $6.2B |
| Q4 25 | — | $2.2B | ||
| Q3 25 | $291.0M | $2.3B | ||
| Q2 25 | $271.2M | $2.3B | ||
| Q1 25 | $224.9M | $1.9B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $316.4M | $2.3B | ||
| Q2 24 | $281.1M | $2.0B | ||
| Q1 24 | $216.1M | $1.9B |
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | 90.6% | ||
| Q2 25 | 20.8% | 90.4% | ||
| Q1 25 | 21.6% | 89.6% | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | 90.6% | ||
| Q2 24 | 21.8% | 90.3% | ||
| Q1 24 | 21.8% | 89.8% |
| Q4 25 | 7.8% | 45.0% | ||
| Q3 25 | 7.7% | 47.4% | ||
| Q2 25 | 7.0% | 47.2% | ||
| Q1 25 | 7.0% | 44.5% | ||
| Q4 24 | 7.9% | 44.9% | ||
| Q3 24 | 8.7% | 46.4% | ||
| Q2 24 | 8.0% | 45.0% | ||
| Q1 24 | 6.7% | 44.4% |
| Q4 25 | — | 30.9% | ||
| Q3 25 | 5.1% | 32.2% | ||
| Q2 25 | 4.5% | 32.9% | ||
| Q1 25 | 4.3% | 31.4% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | 5.7% | 32.8% | ||
| Q2 24 | 5.2% | 31.2% | ||
| Q1 24 | 4.4% | 31.3% |
| Q4 25 | $2.13 | $3.03 | ||
| Q3 25 | $2.21 | $3.18 | ||
| Q2 25 | $2.05 | $3.14 | ||
| Q1 25 | $1.69 | $2.60 | ||
| Q4 24 | $1.97 | $2.80 | ||
| Q3 24 | $2.34 | $3.13 | ||
| Q2 24 | $2.07 | $2.80 | ||
| Q1 24 | $1.59 | $2.66 |
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 | $774.0M |
| Total DebtLower is stronger | — | $40.0B |
| Stockholders' EquityBook value | $2.6B | $-1.8B |
| Total Assets | $16.0B | $59.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $774.0M | ||
| Q3 25 | $452.9M | $2.4B | ||
| Q2 25 | $481.0M | $1.9B | ||
| Q1 25 | $688.1M | $1.2B | ||
| Q4 24 | $717.7M | $1.1B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $665.3M | $792.0M | ||
| Q1 24 | $803.8M | $838.0M |
| Q4 25 | — | $40.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $38.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.6B | $-1.8B | ||
| Q3 25 | $2.5B | $-2.2B | ||
| Q2 25 | $2.5B | $-2.8B | ||
| Q1 25 | $2.3B | $-3.5B | ||
| Q4 24 | $2.4B | $-3.8B | ||
| Q3 24 | $2.3B | $-5.2B | ||
| Q2 24 | $2.2B | $-4.8B | ||
| Q1 24 | $2.1B | $-4.8B |
| Q4 25 | $16.0B | $59.5B | ||
| Q3 25 | $15.2B | $60.6B | ||
| Q2 25 | $15.3B | $59.6B | ||
| Q1 25 | $15.0B | $56.3B | ||
| Q4 24 | $14.7B | $55.2B | ||
| Q3 24 | $14.4B | $56.2B | ||
| Q2 24 | $13.6B | $53.8B | ||
| Q1 24 | $13.2B | $53.5B |
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 | $2.7B |
| Free Cash FlowOCF − Capex | $395.9M | $1.6B |
| FCF MarginFCF / Revenue | 7.2% | 23.4% |
| Capex IntensityCapex / Revenue | 0.7% | 15.1% |
| Cash ConversionOCF / Net Profit | — | 1.25× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $7.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $2.7B | ||
| Q3 25 | $328.3M | $3.4B | ||
| Q2 25 | $155.9M | $2.0B | ||
| Q1 25 | $287.2M | $2.4B | ||
| Q4 24 | $345.3M | $2.6B | ||
| Q3 24 | $342.1M | $2.7B | ||
| Q2 24 | $149.9M | $1.7B | ||
| Q1 24 | $440.0M | $2.4B |
| Q4 25 | $395.9M | $1.6B | ||
| Q3 25 | $298.5M | $2.4B | ||
| Q2 25 | $133.4M | $1.3B | ||
| Q1 25 | $260.3M | $1.9B | ||
| Q4 24 | $316.7M | $1.8B | ||
| Q3 24 | $308.5M | $1.9B | ||
| Q2 24 | $119.0M | $1.1B | ||
| Q1 24 | $410.5M | $1.8B |
| Q4 25 | 7.2% | 23.4% | ||
| Q3 25 | 5.2% | 34.1% | ||
| Q2 25 | 2.2% | 18.3% | ||
| Q1 25 | 5.0% | 31.5% | ||
| Q4 24 | 6.1% | 28.6% | ||
| Q3 24 | 5.6% | 28.3% | ||
| Q2 24 | 2.2% | 16.3% | ||
| Q1 24 | 8.4% | 29.9% |
| Q4 25 | 0.7% | 15.1% | ||
| Q3 25 | 0.5% | 14.3% | ||
| Q2 25 | 0.4% | 10.9% | ||
| Q1 25 | 0.5% | 9.3% | ||
| Q4 24 | 0.6% | 12.6% | ||
| Q3 24 | 0.6% | 11.6% | ||
| Q2 24 | 0.6% | 9.7% | ||
| Q1 24 | 0.6% | 8.9% |
| Q4 25 | — | 1.25× | ||
| Q3 25 | 1.13× | 1.50× | ||
| Q2 25 | 0.57× | 0.89× | ||
| Q1 25 | 1.28× | 1.30× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | 1.08× | 1.21× | ||
| Q2 24 | 0.53× | 0.84× | ||
| Q1 24 | 2.04× | 1.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
