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Side-by-side financial comparison of CDW Corporation (CDW) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $5.5B, roughly 1.4× CDW Corporation). On growth, CDW Corporation posted the faster year-over-year revenue change (6.3% vs 0.5%). Smurfit Westrock produced more free cash flow last quarter ($612.0M vs $395.9M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% 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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
CDW vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $7.6B |
| Net Profit | — | $97.0M |
| Gross Margin | 22.8% | 18.2% |
| Operating Margin | 7.8% | 5.1% |
| Net Margin | — | 1.3% |
| Revenue YoY | 6.3% | 0.5% |
| Net Profit YoY | — | -33.6% |
| EPS (diluted) | $2.13 | $0.18 |
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 | $7.6B | ||
| Q3 25 | $5.7B | $8.0B | ||
| Q2 25 | $6.0B | $7.9B | ||
| Q1 25 | $5.2B | $7.7B | ||
| Q4 24 | $5.2B | $7.5B | ||
| Q3 24 | $5.5B | $7.7B | ||
| Q2 24 | $5.4B | $3.0B | ||
| Q1 24 | $4.9B | $2.9B |
| Q4 25 | — | $97.0M | ||
| Q3 25 | $291.0M | $246.0M | ||
| Q2 25 | $271.2M | $-28.0M | ||
| Q1 25 | $224.9M | $384.0M | ||
| Q4 24 | — | $146.0M | ||
| Q3 24 | $316.4M | $-150.0M | ||
| Q2 24 | $281.1M | $132.0M | ||
| Q1 24 | $216.1M | $191.0M |
| Q4 25 | 22.8% | 18.2% | ||
| Q3 25 | 21.9% | 19.6% | ||
| Q2 25 | 20.8% | 19.1% | ||
| Q1 25 | 21.6% | 20.6% | ||
| Q4 24 | 22.3% | 19.1% | ||
| Q3 24 | 21.8% | 17.6% | ||
| Q2 24 | 21.8% | 23.3% | ||
| Q1 24 | 21.8% | 24.2% |
| Q4 25 | 7.8% | 5.1% | ||
| Q3 25 | 7.7% | 6.6% | ||
| Q2 25 | 7.0% | 3.2% | ||
| Q1 25 | 7.0% | 7.2% | ||
| Q4 24 | 7.9% | 5.3% | ||
| Q3 24 | 8.7% | 0.7% | ||
| Q2 24 | 8.0% | 8.2% | ||
| Q1 24 | 6.7% | 10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 5.1% | 3.1% | ||
| Q2 25 | 4.5% | -0.4% | ||
| Q1 25 | 4.3% | 5.0% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 5.7% | -2.0% | ||
| Q2 24 | 5.2% | 4.4% | ||
| Q1 24 | 4.4% | 6.5% |
| Q4 25 | $2.13 | $0.18 | ||
| Q3 25 | $2.21 | $0.47 | ||
| Q2 25 | $2.05 | $-0.05 | ||
| Q1 25 | $1.69 | $0.73 | ||
| Q4 24 | $1.97 | $-0.12 | ||
| Q3 24 | $2.34 | $-0.30 | ||
| Q2 24 | $2.07 | $0.51 | ||
| Q1 24 | $1.59 | $0.73 |
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 | $892.0M |
| Total DebtLower is stronger | — | $13.4B |
| Stockholders' EquityBook value | $2.6B | $18.3B |
| Total Assets | $16.0B | $45.2B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $892.0M | ||
| Q3 25 | $452.9M | $851.0M | ||
| Q2 25 | $481.0M | $778.0M | ||
| Q1 25 | $688.1M | $797.0M | ||
| Q4 24 | $717.7M | $855.0M | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | $26.8K | ||
| Q1 24 | $803.8M | $108 |
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.6B | $18.3B | ||
| Q3 25 | $2.5B | $18.4B | ||
| Q2 25 | $2.5B | $18.3B | ||
| Q1 25 | $2.3B | $17.9B | ||
| Q4 24 | $2.4B | $17.4B | ||
| Q3 24 | $2.3B | $18.0B | ||
| Q2 24 | $2.2B | $14.5K | ||
| Q1 24 | $2.1B | $108 |
| Q4 25 | $16.0B | $45.2B | ||
| Q3 25 | $15.2B | $45.6B | ||
| Q2 25 | $15.3B | $45.7B | ||
| Q1 25 | $15.0B | $44.6B | ||
| Q4 24 | $14.7B | $43.8B | ||
| Q3 24 | $14.4B | $45.0B | ||
| Q2 24 | $13.6B | $26.8K | ||
| Q1 24 | $13.2B | $108 |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.2B |
| Free Cash FlowOCF − Capex | $395.9M | $612.0M |
| FCF MarginFCF / Revenue | 7.2% | 8.1% |
| Capex IntensityCapex / Revenue | 0.7% | 7.7% |
| Cash ConversionOCF / Net Profit | — | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $1.2B | ||
| Q3 25 | $328.3M | $1.1B | ||
| Q2 25 | $155.9M | $829.0M | ||
| Q1 25 | $287.2M | $235.0M | ||
| Q4 24 | $345.3M | $781.0M | ||
| Q3 24 | $342.1M | $320.0M | ||
| Q2 24 | $149.9M | $340.0M | ||
| Q1 24 | $440.0M | $42.0M |
| Q4 25 | $395.9M | $612.0M | ||
| Q3 25 | $298.5M | $523.0M | ||
| Q2 25 | $133.4M | $307.0M | ||
| Q1 25 | $260.3M | $-242.0M | ||
| Q4 24 | $316.7M | $212.0M | ||
| Q3 24 | $308.5M | $-192.0M | ||
| Q2 24 | $119.0M | $163.0M | ||
| Q1 24 | $410.5M | $-166.0M |
| Q4 25 | 7.2% | 8.1% | ||
| Q3 25 | 5.2% | 6.5% | ||
| Q2 25 | 2.2% | 3.9% | ||
| Q1 25 | 5.0% | -3.2% | ||
| Q4 24 | 6.1% | 2.8% | ||
| Q3 24 | 5.6% | -2.5% | ||
| Q2 24 | 2.2% | 5.5% | ||
| Q1 24 | 8.4% | -5.7% |
| Q4 25 | 0.7% | 7.7% | ||
| Q3 25 | 0.5% | 7.6% | ||
| Q2 25 | 0.4% | 6.6% | ||
| Q1 25 | 0.5% | 6.2% | ||
| Q4 24 | 0.6% | 7.5% | ||
| Q3 24 | 0.6% | 6.7% | ||
| Q2 24 | 0.6% | 6.0% | ||
| Q1 24 | 0.6% | 7.1% |
| Q4 25 | — | 12.32× | ||
| Q3 25 | 1.13× | 4.61× | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 1.28× | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | 2.58× | ||
| Q1 24 | 2.04× | 0.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
