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Side-by-side financial comparison of CDW Corporation (CDW) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $5.5B, roughly 1.2× CDW Corporation). On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 6.3%). Over the past eight quarters, CDW Corporation's revenue compounded faster (6.3% CAGR vs 2.3%).
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.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
CDW vs RGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $6.6B |
| Net Profit | — | $463.0M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 7.7% |
| Net Margin | — | 7.0% |
| Revenue YoY | 6.3% | 26.6% |
| Net Profit YoY | — | 212.8% |
| EPS (diluted) | $2.13 | $6.91 |
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 | $6.6B | ||
| Q3 25 | $5.7B | $6.2B | ||
| Q2 25 | $6.0B | $5.6B | ||
| Q1 25 | $5.2B | $5.3B | ||
| Q4 24 | $5.2B | $5.2B | ||
| Q3 24 | $5.5B | $5.7B | ||
| Q2 24 | $5.4B | $4.9B | ||
| Q1 24 | $4.9B | $6.3B |
| Q4 25 | — | $463.0M | ||
| Q3 25 | $291.0M | $253.0M | ||
| Q2 25 | $271.2M | $180.0M | ||
| Q1 25 | $224.9M | $286.0M | ||
| Q4 24 | — | $148.0M | ||
| Q3 24 | $316.4M | $156.0M | ||
| Q2 24 | $281.1M | $203.0M | ||
| Q1 24 | $216.1M | $210.0M |
| 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% | 7.7% | ||
| Q3 25 | 7.7% | 5.2% | ||
| Q2 25 | 7.0% | 6.1% | ||
| Q1 25 | 7.0% | 7.0% | ||
| Q4 24 | 7.9% | 4.3% | ||
| Q3 24 | 8.7% | 3.8% | ||
| Q2 24 | 8.0% | 5.5% | ||
| Q1 24 | 6.7% | 4.3% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | 5.1% | 4.1% | ||
| Q2 25 | 4.5% | 3.2% | ||
| Q1 25 | 4.3% | 5.4% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 5.7% | 2.8% | ||
| Q2 24 | 5.2% | 4.2% | ||
| Q1 24 | 4.4% | 3.3% |
| Q4 25 | $2.13 | $6.91 | ||
| Q3 25 | $2.21 | $3.81 | ||
| Q2 25 | $2.05 | $2.70 | ||
| Q1 25 | $1.69 | $4.27 | ||
| Q4 24 | $1.97 | $2.21 | ||
| Q3 24 | $2.34 | $2.33 | ||
| Q2 24 | $2.07 | $3.03 | ||
| Q1 24 | $1.59 | $3.16 |
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 | $4.2B |
| Total DebtLower is stronger | — | $5.7B |
| Stockholders' EquityBook value | $2.6B | $13.5B |
| Total Assets | $16.0B | $156.6B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $4.2B | ||
| Q3 25 | $452.9M | $4.6B | ||
| Q2 25 | $481.0M | $5.4B | ||
| Q1 25 | $688.1M | $5.2B | ||
| Q4 24 | $717.7M | $3.3B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $665.3M | $4.6B | ||
| Q1 24 | $803.8M | $5.9B |
| Q4 25 | — | $5.7B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $2.6B | $13.5B | ||
| Q3 25 | $2.5B | $13.0B | ||
| Q2 25 | $2.5B | $12.1B | ||
| Q1 25 | $2.3B | $11.4B | ||
| Q4 24 | $2.4B | $10.8B | ||
| Q3 24 | $2.3B | $11.1B | ||
| Q2 24 | $2.2B | $9.7B | ||
| Q1 24 | $2.1B | $9.5B |
| Q4 25 | $16.0B | $156.6B | ||
| Q3 25 | $15.2B | $152.0B | ||
| Q2 25 | $15.3B | $133.5B | ||
| Q1 25 | $15.0B | $128.2B | ||
| Q4 24 | $14.7B | $118.7B | ||
| Q3 24 | $14.4B | $120.3B | ||
| Q2 24 | $13.6B | $109.9B | ||
| Q1 24 | $13.2B | $106.0B |
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.52× | ||
| 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 | $7.3B |
| Free Cash FlowOCF − Capex | $395.9M | — |
| FCF MarginFCF / Revenue | 7.2% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | — | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $7.3B | ||
| Q3 25 | $328.3M | $-990.0M | ||
| Q2 25 | $155.9M | $-820.0M | ||
| Q1 25 | $287.2M | $-1.4B | ||
| Q4 24 | $345.3M | $17.1B | ||
| Q3 24 | $342.1M | $-1.1B | ||
| Q2 24 | $149.9M | $-967.0M | ||
| Q1 24 | $440.0M | $-5.7B |
| 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 | — | 15.83× | ||
| Q3 25 | 1.13× | -3.91× | ||
| Q2 25 | 0.57× | -4.56× | ||
| Q1 25 | 1.28× | -5.00× | ||
| Q4 24 | — | 115.81× | ||
| Q3 24 | 1.08× | -6.84× | ||
| Q2 24 | 0.53× | -4.76× | ||
| Q1 24 | 2.04× | -27.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
