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Side-by-side financial comparison of CDW Corporation (CDW) and Medtronic (MDT). Click either name above to swap in a different company.
Medtronic is the larger business by last-quarter revenue ($9.0B vs $5.5B, roughly 1.6× CDW Corporation). On growth, Medtronic posted the faster year-over-year revenue change (6.6% vs 6.3%). Medtronic produced more free cash flow last quarter ($457.0M vs $395.9M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs 5.3%).
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.
Medtronic plc is an Irish medical device company. The company's legal and executive headquarters are in Ireland, while its operational headquarters are in Minneapolis, Minnesota. Medtronic rebased to Ireland following its acquisition of Irish-based Covidien in 2015. While it primarily operates in the United States, it operates in more than 150 countries and employs over 90,000 people. It develops and manufactures healthcare technologies and therapies.
CDW vs MDT — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $9.0B |
| Net Profit | — | $1.4B |
| Gross Margin | 22.8% | 65.8% |
| Operating Margin | 7.8% | 18.8% |
| Net Margin | — | 15.3% |
| Revenue YoY | 6.3% | 6.6% |
| Net Profit YoY | — | 8.2% |
| EPS (diluted) | $2.13 | $1.07 |
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 | $9.0B | ||
| Q3 25 | $5.7B | $8.6B | ||
| Q2 25 | $6.0B | $8.9B | ||
| Q1 25 | $5.2B | $8.3B | ||
| Q4 24 | $5.2B | $8.4B | ||
| Q3 24 | $5.5B | $7.9B | ||
| Q2 24 | $5.4B | $8.6B | ||
| Q1 24 | $4.9B | $8.1B |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $291.0M | $1.0B | ||
| Q2 25 | $271.2M | $1.1B | ||
| Q1 25 | $224.9M | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $316.4M | $1.0B | ||
| Q2 24 | $281.1M | $654.0M | ||
| Q1 24 | $216.1M | $1.3B |
| Q4 25 | 22.8% | 65.8% | ||
| Q3 25 | 21.9% | 65.0% | ||
| Q2 25 | 20.8% | 64.8% | ||
| Q1 25 | 21.6% | 66.5% | ||
| Q4 24 | 22.3% | 64.9% | ||
| Q3 24 | 21.8% | 65.1% | ||
| Q2 24 | 21.8% | 64.5% | ||
| Q1 24 | 21.8% | 65.6% |
| Q4 25 | 7.8% | 18.8% | ||
| Q3 25 | 7.7% | 16.8% | ||
| Q2 25 | 7.0% | 16.1% | ||
| Q1 25 | 7.0% | 19.9% | ||
| Q4 24 | 7.9% | 19.0% | ||
| Q3 24 | 8.7% | 16.1% | ||
| Q2 24 | 8.0% | 12.3% | ||
| Q1 24 | 6.7% | 18.3% |
| Q4 25 | — | 15.3% | ||
| Q3 25 | 5.1% | 12.1% | ||
| Q2 25 | 4.5% | 11.8% | ||
| Q1 25 | 4.3% | 15.6% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | 5.7% | 13.2% | ||
| Q2 24 | 5.2% | 7.6% | ||
| Q1 24 | 4.4% | 16.3% |
| Q4 25 | $2.13 | $1.07 | ||
| Q3 25 | $2.21 | $0.81 | ||
| Q2 25 | $2.05 | $0.81 | ||
| Q1 25 | $1.69 | $1.01 | ||
| Q4 24 | $1.97 | $0.99 | ||
| Q3 24 | $2.34 | $0.80 | ||
| Q2 24 | $2.07 | $0.50 | ||
| Q1 24 | $1.59 | $0.99 |
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 | $8.3B |
| Total DebtLower is stronger | — | $27.7B |
| Stockholders' EquityBook value | $2.6B | $48.7B |
| Total Assets | $16.0B | $91.3B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $8.3B | ||
| Q3 25 | $452.9M | $8.1B | ||
| Q2 25 | $481.0M | $9.0B | ||
| Q1 25 | $688.1M | $7.9B | ||
| Q4 24 | $717.7M | $8.0B | ||
| Q3 24 | $1.2B | $7.8B | ||
| Q2 24 | $665.3M | $8.0B | ||
| Q1 24 | $803.8M | $8.3B |
| Q4 25 | — | $27.7B | ||
| Q3 25 | — | $26.2B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | — | $24.0B | ||
| Q4 24 | — | $24.6B | ||
| Q3 24 | — | $26.3B | ||
| Q2 24 | — | $23.9B | ||
| Q1 24 | — | $24.2B |
| Q4 25 | $2.6B | $48.7B | ||
| Q3 25 | $2.5B | $47.9B | ||
| Q2 25 | $2.5B | $48.0B | ||
| Q1 25 | $2.3B | $49.4B | ||
| Q4 24 | $2.4B | $48.5B | ||
| Q3 24 | $2.3B | $47.9B | ||
| Q2 24 | $2.2B | $50.2B | ||
| Q1 24 | $2.1B | $51.8B |
| Q4 25 | $16.0B | $91.3B | ||
| Q3 25 | $15.2B | $91.0B | ||
| Q2 25 | $15.3B | $91.7B | ||
| Q1 25 | $15.0B | $90.0B | ||
| Q4 24 | $14.7B | $90.0B | ||
| Q3 24 | $14.4B | $89.7B | ||
| Q2 24 | $13.6B | $90.0B | ||
| Q1 24 | $13.2B | $90.8B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.47× |
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 | $925.0M |
| Free Cash FlowOCF − Capex | $395.9M | $457.0M |
| FCF MarginFCF / Revenue | 7.2% | 5.1% |
| Capex IntensityCapex / Revenue | 0.7% | 5.2% |
| Cash ConversionOCF / Net Profit | — | 0.67× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $5.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $925.0M | ||
| Q3 25 | $328.3M | $1.1B | ||
| Q2 25 | $155.9M | $2.5B | ||
| Q1 25 | $287.2M | $2.6B | ||
| Q4 24 | $345.3M | $958.0M | ||
| Q3 24 | $342.1M | $986.0M | ||
| Q2 24 | $149.9M | $2.8B | ||
| Q1 24 | $440.0M | $2.5B |
| Q4 25 | $395.9M | $457.0M | ||
| Q3 25 | $298.5M | $584.0M | ||
| Q2 25 | $133.4M | $2.1B | ||
| Q1 25 | $260.3M | $2.1B | ||
| Q4 24 | $316.7M | $554.0M | ||
| Q3 24 | $308.5M | $466.0M | ||
| Q2 24 | $119.0M | $2.4B | ||
| Q1 24 | $410.5M | $2.1B |
| Q4 25 | 7.2% | 5.1% | ||
| Q3 25 | 5.2% | 6.8% | ||
| Q2 25 | 2.2% | 23.2% | ||
| Q1 25 | 5.0% | 25.3% | ||
| Q4 24 | 6.1% | 6.6% | ||
| Q3 24 | 5.6% | 5.9% | ||
| Q2 24 | 2.2% | 27.4% | ||
| Q1 24 | 8.4% | 26.3% |
| Q4 25 | 0.7% | 5.2% | ||
| Q3 25 | 0.5% | 5.9% | ||
| Q2 25 | 0.4% | 5.1% | ||
| Q1 25 | 0.5% | 5.7% | ||
| Q4 24 | 0.6% | 4.8% | ||
| Q3 24 | 0.6% | 6.6% | ||
| Q2 24 | 0.6% | 5.0% | ||
| Q1 24 | 0.6% | 4.3% |
| Q4 25 | — | 0.67× | ||
| Q3 25 | 1.13× | 1.05× | ||
| Q2 25 | 0.57× | 2.39× | ||
| Q1 25 | 1.28× | 1.99× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | 1.08× | 0.95× | ||
| Q2 24 | 0.53× | 4.25× | ||
| Q1 24 | 2.04× | 1.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
