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Side-by-side financial comparison of CDW Corporation (CDW) and Principal Financial Group (PFG). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $4.6B, roughly 1.2× Principal Financial Group). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs -3.7%). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% 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.
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
CDW vs PFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $4.6B |
| Net Profit | — | $517.0M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | — |
| Net Margin | — | 11.3% |
| Revenue YoY | 6.3% | -3.7% |
| Net Profit YoY | — | -42.9% |
| EPS (diluted) | $2.13 | $2.30 |
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 | $4.6B | ||
| Q3 25 | $5.7B | $3.7B | ||
| Q2 25 | $6.0B | $3.7B | ||
| Q1 25 | $5.2B | $3.7B | ||
| Q4 24 | $5.2B | $4.8B | ||
| Q3 24 | $5.5B | $3.0B | ||
| Q2 24 | $5.4B | $4.3B | ||
| Q1 24 | $4.9B | $4.1B |
| Q4 25 | — | $517.0M | ||
| Q3 25 | $291.0M | $213.8M | ||
| Q2 25 | $271.2M | $406.2M | ||
| Q1 25 | $224.9M | $48.1M | ||
| Q4 24 | — | $905.4M | ||
| Q3 24 | $316.4M | $-220.0M | ||
| Q2 24 | $281.1M | $353.1M | ||
| Q1 24 | $216.1M | $532.5M |
| 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% | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 8.0% | — | ||
| Q1 24 | 6.7% | — |
| Q4 25 | — | 11.3% | ||
| Q3 25 | 5.1% | 5.8% | ||
| Q2 25 | 4.5% | 11.1% | ||
| Q1 25 | 4.3% | 1.3% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | 5.7% | -7.3% | ||
| Q2 24 | 5.2% | 8.2% | ||
| Q1 24 | 4.4% | 13.1% |
| Q4 25 | $2.13 | $2.30 | ||
| Q3 25 | $2.21 | $0.95 | ||
| Q2 25 | $2.05 | $1.79 | ||
| Q1 25 | $1.69 | $0.21 | ||
| Q4 24 | $1.97 | $3.92 | ||
| Q3 24 | $2.34 | $-0.95 | ||
| Q2 24 | $2.07 | $1.49 | ||
| Q1 24 | $1.59 | $2.22 |
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 | $4.4B |
| Total DebtLower is stronger | — | $3.9B |
| Stockholders' EquityBook value | $2.6B | $11.9B |
| Total Assets | $16.0B | $341.4B |
| Debt / EquityLower = less leverage | — | 0.33× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $4.4B | ||
| Q3 25 | $452.9M | $5.1B | ||
| Q2 25 | $481.0M | $3.7B | ||
| Q1 25 | $688.1M | $3.9B | ||
| Q4 24 | $717.7M | $4.2B | ||
| Q3 24 | $1.2B | $6.2B | ||
| Q2 24 | $665.3M | $4.8B | ||
| Q1 24 | $803.8M | $4.2B |
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.9B |
| Q4 25 | $2.6B | $11.9B | ||
| Q3 25 | $2.5B | $11.7B | ||
| Q2 25 | $2.5B | $11.4B | ||
| Q1 25 | $2.3B | $11.2B | ||
| Q4 24 | $2.4B | $11.1B | ||
| Q3 24 | $2.3B | $11.2B | ||
| Q2 24 | $2.2B | $11.0B | ||
| Q1 24 | $2.1B | $11.2B |
| Q4 25 | $16.0B | $341.4B | ||
| Q3 25 | $15.2B | $334.5B | ||
| Q2 25 | $15.3B | $323.1B | ||
| Q1 25 | $15.0B | $313.0B | ||
| Q4 24 | $14.7B | $313.7B | ||
| Q3 24 | $14.4B | $322.9B | ||
| Q2 24 | $13.6B | $308.8B | ||
| Q1 24 | $13.2B | $308.7B |
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 0.35× |
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 | $1.7B |
| Free Cash FlowOCF − Capex | $395.9M | — |
| FCF MarginFCF / Revenue | 7.2% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | — | 3.37× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $1.7B | ||
| Q3 25 | $328.3M | $1.0B | ||
| Q2 25 | $155.9M | $811.9M | ||
| Q1 25 | $287.2M | $977.3M | ||
| Q4 24 | $345.3M | $1.5B | ||
| Q3 24 | $342.1M | $1.1B | ||
| Q2 24 | $149.9M | $1.4B | ||
| Q1 24 | $440.0M | $584.2M |
| Q4 25 | $395.9M | — | ||
| Q3 25 | $298.5M | — | ||
| Q2 25 | $133.4M | — | ||
| Q1 25 | $260.3M | — | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $308.5M | — | ||
| Q2 24 | $119.0M | — | ||
| Q1 24 | $410.5M | — |
| Q4 25 | 7.2% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 8.4% | — |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.6% | — |
| Q4 25 | — | 3.37× | ||
| Q3 25 | 1.13× | 4.70× | ||
| Q2 25 | 0.57× | 2.00× | ||
| Q1 25 | 1.28× | 20.32× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | 4.05× | ||
| Q1 24 | 2.04× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
