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Side-by-side financial comparison of CDW Corporation (CDW) and PayPal (PYPL). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $5.5B, roughly 1.6× CDW Corporation). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs 3.7%). PayPal produced more free cash flow last quarter ($2.2B vs $395.9M). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs 6.2%).
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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
CDW vs PYPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $8.7B |
| Net Profit | — | $1.4B |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 17.4% |
| Net Margin | — | 16.6% |
| Revenue YoY | 6.3% | 3.7% |
| Net Profit YoY | — | 28.2% |
| EPS (diluted) | $2.13 | $1.53 |
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 | $8.7B | ||
| Q3 25 | $5.7B | $8.4B | ||
| Q2 25 | $6.0B | $8.3B | ||
| Q1 25 | $5.2B | $7.8B | ||
| Q4 24 | $5.2B | $8.4B | ||
| Q3 24 | $5.5B | $7.8B | ||
| Q2 24 | $5.4B | $7.9B | ||
| Q1 24 | $4.9B | $7.7B |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $291.0M | $1.2B | ||
| Q2 25 | $271.2M | $1.3B | ||
| Q1 25 | $224.9M | $1.3B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $316.4M | $1.0B | ||
| Q2 24 | $281.1M | $1.1B | ||
| Q1 24 | $216.1M | $888.0M |
| 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% | 17.4% | ||
| Q3 25 | 7.7% | 18.1% | ||
| Q2 25 | 7.0% | 18.1% | ||
| Q1 25 | 7.0% | 19.6% | ||
| Q4 24 | 7.9% | 17.2% | ||
| Q3 24 | 8.7% | 17.7% | ||
| Q2 24 | 8.0% | 16.8% | ||
| Q1 24 | 6.7% | 15.2% |
| Q4 25 | — | 16.6% | ||
| Q3 25 | 5.1% | 14.8% | ||
| Q2 25 | 4.5% | 15.2% | ||
| Q1 25 | 4.3% | 16.5% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 5.7% | 12.9% | ||
| Q2 24 | 5.2% | 14.3% | ||
| Q1 24 | 4.4% | 11.5% |
| Q4 25 | $2.13 | $1.53 | ||
| Q3 25 | $2.21 | $1.30 | ||
| Q2 25 | $2.05 | $1.29 | ||
| Q1 25 | $1.69 | $1.29 | ||
| Q4 24 | $1.97 | $1.09 | ||
| Q3 24 | $2.34 | $0.99 | ||
| Q2 24 | $2.07 | $1.08 | ||
| Q1 24 | $1.59 | $0.83 |
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 | $10.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $20.3B |
| Total Assets | $16.0B | $80.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $10.4B | ||
| Q3 25 | $452.9M | $10.8B | ||
| Q2 25 | $481.0M | $10.0B | ||
| Q1 25 | $688.1M | $11.2B | ||
| Q4 24 | $717.7M | $10.8B | ||
| Q3 24 | $1.2B | $11.9B | ||
| Q2 24 | $665.3M | $13.6B | ||
| Q1 24 | $803.8M | $14.3B |
| Q4 25 | $2.6B | $20.3B | ||
| Q3 25 | $2.5B | $20.2B | ||
| Q2 25 | $2.5B | $20.2B | ||
| Q1 25 | $2.3B | $20.3B | ||
| Q4 24 | $2.4B | $20.4B | ||
| Q3 24 | $2.3B | $20.2B | ||
| Q2 24 | $2.2B | $20.6B | ||
| Q1 24 | $2.1B | $20.7B |
| Q4 25 | $16.0B | $80.2B | ||
| Q3 25 | $15.2B | $79.8B | ||
| Q2 25 | $15.3B | $79.8B | ||
| Q1 25 | $15.0B | $81.3B | ||
| Q4 24 | $14.7B | $81.6B | ||
| Q3 24 | $14.4B | $83.5B | ||
| Q2 24 | $13.6B | $84.0B | ||
| Q1 24 | $13.2B | $83.3B |
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 | $2.4B |
| Free Cash FlowOCF − Capex | $395.9M | $2.2B |
| FCF MarginFCF / Revenue | 7.2% | 25.2% |
| Capex IntensityCapex / Revenue | 0.7% | 2.2% |
| Cash ConversionOCF / Net Profit | — | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $2.4B | ||
| Q3 25 | $328.3M | $2.0B | ||
| Q2 25 | $155.9M | $898.0M | ||
| Q1 25 | $287.2M | $1.2B | ||
| Q4 24 | $345.3M | $2.4B | ||
| Q3 24 | $342.1M | $1.6B | ||
| Q2 24 | $149.9M | $1.5B | ||
| Q1 24 | $440.0M | $1.9B |
| Q4 25 | $395.9M | $2.2B | ||
| Q3 25 | $298.5M | $1.7B | ||
| Q2 25 | $133.4M | $692.0M | ||
| Q1 25 | $260.3M | $964.0M | ||
| Q4 24 | $316.7M | $2.2B | ||
| Q3 24 | $308.5M | $1.4B | ||
| Q2 24 | $119.0M | $1.4B | ||
| Q1 24 | $410.5M | $1.8B |
| Q4 25 | 7.2% | 25.2% | ||
| Q3 25 | 5.2% | 20.4% | ||
| Q2 25 | 2.2% | 8.3% | ||
| Q1 25 | 5.0% | 12.4% | ||
| Q4 24 | 6.1% | 26.2% | ||
| Q3 24 | 5.6% | 18.4% | ||
| Q2 24 | 2.2% | 17.3% | ||
| Q1 24 | 8.4% | 22.9% |
| Q4 25 | 0.7% | 2.2% | ||
| Q3 25 | 0.5% | 3.0% | ||
| Q2 25 | 0.4% | 2.5% | ||
| Q1 25 | 0.5% | 2.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.6% | 2.2% | ||
| Q2 24 | 0.6% | 2.0% | ||
| Q1 24 | 0.6% | 2.0% |
| Q4 25 | — | 1.66× | ||
| Q3 25 | 1.13× | 1.58× | ||
| Q2 25 | 0.57× | 0.71× | ||
| Q1 25 | 1.28× | 0.90× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | 1.08× | 1.60× | ||
| Q2 24 | 0.53× | 1.35× | ||
| Q1 24 | 2.04× | 2.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
