vs
Side-by-side financial comparison of CDW Corporation (CDW) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $2.9B, roughly 1.9× Ulta Beauty). On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs 6.3%). CDW Corporation produced more free cash flow last quarter ($395.9M vs $-81.6M). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
CDW vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $2.9B |
| Net Profit | — | $230.9M |
| Gross Margin | 22.8% | 40.4% |
| Operating Margin | 7.8% | 10.8% |
| Net Margin | — | 8.1% |
| Revenue YoY | 6.3% | 12.9% |
| Net Profit YoY | — | -4.7% |
| EPS (diluted) | $2.13 | $5.14 |
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 | $2.9B | ||
| Q3 25 | $5.7B | $2.8B | ||
| Q2 25 | $6.0B | $2.8B | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.2B | $2.5B | ||
| Q3 24 | $5.5B | $2.6B | ||
| Q2 24 | $5.4B | $2.7B | ||
| Q1 24 | $4.9B | $3.6B |
| Q4 25 | — | $230.9M | ||
| Q3 25 | $291.0M | $260.9M | ||
| Q2 25 | $271.2M | $305.1M | ||
| Q1 25 | $224.9M | — | ||
| Q4 24 | — | $242.2M | ||
| Q3 24 | $316.4M | $252.6M | ||
| Q2 24 | $281.1M | $313.1M | ||
| Q1 24 | $216.1M | $394.4M |
| Q4 25 | 22.8% | 40.4% | ||
| Q3 25 | 21.9% | 39.2% | ||
| Q2 25 | 20.8% | 39.1% | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | 39.7% | ||
| Q3 24 | 21.8% | 38.3% | ||
| Q2 24 | 21.8% | 39.2% | ||
| Q1 24 | 21.8% | 37.7% |
| Q4 25 | 7.8% | 10.8% | ||
| Q3 25 | 7.7% | 12.4% | ||
| Q2 25 | 7.0% | 14.1% | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | 7.9% | 12.6% | ||
| Q3 24 | 8.7% | 12.9% | ||
| Q2 24 | 8.0% | 14.7% | ||
| Q1 24 | 6.7% | 14.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | 5.1% | 9.4% | ||
| Q2 25 | 4.5% | 10.7% | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | 5.7% | 9.9% | ||
| Q2 24 | 5.2% | 11.5% | ||
| Q1 24 | 4.4% | 11.1% |
| Q4 25 | $2.13 | $5.14 | ||
| Q3 25 | $2.21 | $5.78 | ||
| Q2 25 | $2.05 | $6.70 | ||
| Q1 25 | $1.69 | — | ||
| Q4 24 | $1.97 | $5.14 | ||
| Q3 24 | $2.34 | $5.30 | ||
| Q2 24 | $2.07 | $6.47 | ||
| Q1 24 | $1.59 | $8.06 |
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 | $204.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $2.6B |
| Total Assets | $16.0B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $204.9M | ||
| Q3 25 | $452.9M | $242.7M | ||
| Q2 25 | $481.0M | $454.6M | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | $177.8M | ||
| Q3 24 | $1.2B | $414.0M | ||
| Q2 24 | $665.3M | $524.6M | ||
| Q1 24 | $803.8M | $766.6M |
| Q4 25 | $2.6B | $2.6B | ||
| Q3 25 | $2.5B | $2.6B | ||
| Q2 25 | $2.5B | $2.4B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | $2.2B | $2.3B | ||
| Q1 24 | $2.1B | $2.3B |
| Q4 25 | $16.0B | $7.0B | ||
| Q3 25 | $15.2B | $6.6B | ||
| Q2 25 | $15.3B | $6.0B | ||
| Q1 25 | $15.0B | — | ||
| Q4 24 | $14.7B | $6.0B | ||
| Q3 24 | $14.4B | $5.7B | ||
| Q2 24 | $13.6B | $5.6B | ||
| Q1 24 | $13.2B | $5.7B |
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 | $5.6M |
| Free Cash FlowOCF − Capex | $395.9M | $-81.6M |
| FCF MarginFCF / Revenue | 7.2% | -2.9% |
| Capex IntensityCapex / Revenue | 0.7% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $5.6M | ||
| Q3 25 | $328.3M | $96.5M | ||
| Q2 25 | $155.9M | $220.0M | ||
| Q1 25 | $287.2M | — | ||
| Q4 24 | $345.3M | $-56.8M | ||
| Q3 24 | $342.1M | $199.5M | ||
| Q2 24 | $149.9M | $159.3M | ||
| Q1 24 | $440.0M | $1.1B |
| Q4 25 | $395.9M | $-81.6M | ||
| Q3 25 | $298.5M | $19.6M | ||
| Q2 25 | $133.4M | $141.0M | ||
| Q1 25 | $260.3M | — | ||
| Q4 24 | $316.7M | $-171.1M | ||
| Q3 24 | $308.5M | $104.3M | ||
| Q2 24 | $119.0M | $68.3M | ||
| Q1 24 | $410.5M | $994.0M |
| Q4 25 | 7.2% | -2.9% | ||
| Q3 25 | 5.2% | 0.7% | ||
| Q2 25 | 2.2% | 4.9% | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 6.1% | -6.8% | ||
| Q3 24 | 5.6% | 4.1% | ||
| Q2 24 | 2.2% | 2.5% | ||
| Q1 24 | 8.4% | 28.0% |
| Q4 25 | 0.7% | 3.1% | ||
| Q3 25 | 0.5% | 2.8% | ||
| Q2 25 | 0.4% | 2.8% | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.6% | 4.5% | ||
| Q3 24 | 0.6% | 3.7% | ||
| Q2 24 | 0.6% | 3.3% | ||
| Q1 24 | 0.6% | 3.5% |
| Q4 25 | — | 0.02× | ||
| Q3 25 | 1.13× | 0.37× | ||
| Q2 25 | 0.57× | 0.72× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | -0.23× | ||
| Q3 24 | 1.08× | 0.79× | ||
| Q2 24 | 0.53× | 0.51× | ||
| Q1 24 | 2.04× | 2.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
