vs
Side-by-side financial comparison of CDW Corporation (CDW) and MARKEL GROUP INC. (MKL). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $3.6B, roughly 1.5× MARKEL GROUP INC.). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs -6.9%). MARKEL GROUP INC. produced more free cash flow last quarter ($599.1M vs $395.9M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs -10.5%).
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.
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
CDW vs MKL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $3.6B |
| Net Profit | — | $576.8M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 22.2% |
| Net Margin | — | 16.1% |
| Revenue YoY | 6.3% | -6.9% |
| Net Profit YoY | — | 5.0% |
| EPS (diluted) | $2.13 | $48.22 |
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 | $3.6B | ||
| Q3 25 | $5.7B | $3.9B | ||
| Q2 25 | $6.0B | $4.6B | ||
| Q1 25 | $5.2B | $3.4B | ||
| Q4 24 | $5.2B | $3.8B | ||
| Q3 24 | $5.5B | $4.6B | ||
| Q2 24 | $5.4B | $3.7B | ||
| Q1 24 | $4.9B | $4.5B |
| Q4 25 | — | $576.8M | ||
| Q3 25 | $291.0M | $751.3M | ||
| Q2 25 | $271.2M | $657.1M | ||
| Q1 25 | $224.9M | $121.7M | ||
| Q4 24 | — | $549.2M | ||
| Q3 24 | $316.4M | $905.0M | ||
| Q2 24 | $281.1M | $267.7M | ||
| Q1 24 | $216.1M | $1.0B |
| 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% | 22.2% | ||
| Q3 25 | 7.7% | 25.7% | ||
| Q2 25 | 7.0% | 24.1% | ||
| Q1 25 | 7.0% | 8.3% | ||
| Q4 24 | 7.9% | 15.5% | ||
| Q3 24 | 8.7% | 29.7% | ||
| Q2 24 | 8.0% | 11.1% | ||
| Q1 24 | 6.7% | 29.9% |
| Q4 25 | — | 16.1% | ||
| Q3 25 | 5.1% | 19.1% | ||
| Q2 25 | 4.5% | 14.3% | ||
| Q1 25 | 4.3% | 3.6% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | 5.7% | 19.6% | ||
| Q2 24 | 5.2% | 7.2% | ||
| Q1 24 | 4.4% | 23.0% |
| Q4 25 | $2.13 | $48.22 | ||
| Q3 25 | $2.21 | $59.25 | ||
| Q2 25 | $2.05 | $49.67 | ||
| Q1 25 | $1.69 | $12.08 | ||
| Q4 24 | $1.97 | $39.02 | ||
| Q3 24 | $2.34 | $66.25 | ||
| Q2 24 | $2.07 | $18.62 | ||
| Q1 24 | $1.59 | $75.43 |
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 | $4.0B |
| Total DebtLower is stronger | — | $4.3B |
| Stockholders' EquityBook value | $2.6B | $18.6B |
| Total Assets | $16.0B | $68.9B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $4.0B | ||
| Q3 25 | $452.9M | $4.0B | ||
| Q2 25 | $481.0M | $3.7B | ||
| Q1 25 | $688.1M | $4.2B | ||
| Q4 24 | $717.7M | $3.7B | ||
| Q3 24 | $1.2B | $3.9B | ||
| Q2 24 | $665.3M | $3.5B | ||
| Q1 24 | $803.8M | $3.6B |
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
| Q4 25 | $2.6B | $18.6B | ||
| Q3 25 | $2.5B | $18.0B | ||
| Q2 25 | $2.5B | $17.3B | ||
| Q1 25 | $2.3B | $17.1B | ||
| Q4 24 | $2.4B | $16.9B | ||
| Q3 24 | $2.3B | $17.0B | ||
| Q2 24 | $2.2B | $15.9B | ||
| Q1 24 | $2.1B | $15.7B |
| Q4 25 | $16.0B | $68.9B | ||
| Q3 25 | $15.2B | $67.4B | ||
| Q2 25 | $15.3B | $66.8B | ||
| Q1 25 | $15.0B | $64.6B | ||
| Q4 24 | $14.7B | $61.9B | ||
| Q3 24 | $14.4B | $62.3B | ||
| Q2 24 | $13.6B | $59.7B | ||
| Q1 24 | $13.2B | $57.3B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 0.25× |
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 | $662.2M |
| Free Cash FlowOCF − Capex | $395.9M | $599.1M |
| FCF MarginFCF / Revenue | 7.2% | 16.7% |
| Capex IntensityCapex / Revenue | 0.7% | 1.8% |
| Cash ConversionOCF / Net Profit | — | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $662.2M | ||
| Q3 25 | $328.3M | $1.2B | ||
| Q2 25 | $155.9M | $504.4M | ||
| Q1 25 | $287.2M | $376.2M | ||
| Q4 24 | $345.3M | $493.9M | ||
| Q3 24 | $342.1M | $890.8M | ||
| Q2 24 | $149.9M | $578.6M | ||
| Q1 24 | $440.0M | $630.7M |
| Q4 25 | $395.9M | $599.1M | ||
| Q3 25 | $298.5M | $1.2B | ||
| Q2 25 | $133.4M | $453.8M | ||
| Q1 25 | $260.3M | $335.5M | ||
| Q4 24 | $316.7M | $420.0M | ||
| Q3 24 | $308.5M | $838.9M | ||
| Q2 24 | $119.0M | $521.4M | ||
| Q1 24 | $410.5M | $558.7M |
| Q4 25 | 7.2% | 16.7% | ||
| Q3 25 | 5.2% | 29.6% | ||
| Q2 25 | 2.2% | 9.9% | ||
| Q1 25 | 5.0% | 9.9% | ||
| Q4 24 | 6.1% | 10.9% | ||
| Q3 24 | 5.6% | 18.2% | ||
| Q2 24 | 2.2% | 14.1% | ||
| Q1 24 | 8.4% | 12.5% |
| Q4 25 | 0.7% | 1.8% | ||
| Q3 25 | 0.5% | 1.3% | ||
| Q2 25 | 0.4% | 1.1% | ||
| Q1 25 | 0.5% | 1.2% | ||
| Q4 24 | 0.6% | 1.9% | ||
| Q3 24 | 0.6% | 1.1% | ||
| Q2 24 | 0.6% | 1.5% | ||
| Q1 24 | 0.6% | 1.6% |
| Q4 25 | — | 1.15× | ||
| Q3 25 | 1.13× | 1.62× | ||
| Q2 25 | 0.57× | 0.77× | ||
| Q1 25 | 1.28× | 3.09× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | 1.08× | 0.98× | ||
| Q2 24 | 0.53× | 2.16× | ||
| Q1 24 | 2.04× | 0.62× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
