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Side-by-side financial comparison of CDW Corporation (CDW) and Vistra Corp. (VST). Click either name above to swap in a different company.
CDW Corporation is the larger business by last-quarter revenue ($5.5B vs $4.8B, roughly 1.1× Vistra Corp.). On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 6.3%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $395.9M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
CDW vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $4.8B |
| Net Profit | — | $233.0M |
| Gross Margin | 22.8% | — |
| Operating Margin | 7.8% | 9.9% |
| Net Margin | — | 4.8% |
| Revenue YoY | 6.3% | 31.2% |
| Net Profit YoY | — | -47.2% |
| EPS (diluted) | $2.13 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $5.7B | $4.8B | ||
| Q2 25 | $6.0B | $3.8B | ||
| Q1 25 | $5.2B | $4.3B | ||
| Q4 24 | $5.2B | $3.7B | ||
| Q3 24 | $5.5B | $4.3B | ||
| Q2 24 | $5.4B | $3.6B | ||
| Q1 24 | $4.9B | $3.2B |
| Q4 25 | — | $233.0M | ||
| Q3 25 | $291.0M | $652.0M | ||
| Q2 25 | $271.2M | $327.0M | ||
| Q1 25 | $224.9M | $-268.0M | ||
| Q4 24 | — | $441.0M | ||
| Q3 24 | $316.4M | $1.9B | ||
| Q2 24 | $281.1M | $365.0M | ||
| Q1 24 | $216.1M | $-35.0M |
| 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% | 9.9% | ||
| Q3 25 | 7.7% | 21.7% | ||
| Q2 25 | 7.0% | 13.7% | ||
| Q1 25 | 7.0% | -2.8% | ||
| Q4 24 | 7.9% | 16.4% | ||
| Q3 24 | 8.7% | 59.6% | ||
| Q2 24 | 8.0% | 22.5% | ||
| Q1 24 | 6.7% | 2.7% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 5.1% | 13.6% | ||
| Q2 25 | 4.5% | 8.7% | ||
| Q1 25 | 4.3% | -6.3% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 5.7% | 43.5% | ||
| Q2 24 | 5.2% | 10.1% | ||
| Q1 24 | 4.4% | -1.1% |
| Q4 25 | $2.13 | $0.55 | ||
| Q3 25 | $2.21 | $1.75 | ||
| Q2 25 | $2.05 | $0.81 | ||
| Q1 25 | $1.69 | $-0.93 | ||
| Q4 24 | $1.97 | $1.09 | ||
| Q3 24 | $2.34 | $5.25 | ||
| Q2 24 | $2.07 | $0.90 | ||
| Q1 24 | $1.59 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $2.6B | $5.1B |
| Total Assets | $16.0B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $618.7M | $785.0M | ||
| Q3 25 | $452.9M | $602.0M | ||
| Q2 25 | $481.0M | $458.0M | ||
| Q1 25 | $688.1M | $561.0M | ||
| Q4 24 | $717.7M | $1.2B | ||
| Q3 24 | $1.2B | $905.0M | ||
| Q2 24 | $665.3M | $1.6B | ||
| Q1 24 | $803.8M | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $2.5B | $5.2B | ||
| Q2 25 | $2.5B | $4.8B | ||
| Q1 25 | $2.3B | $4.8B | ||
| Q4 24 | $2.4B | $5.6B | ||
| Q3 24 | $2.3B | $5.4B | ||
| Q2 24 | $2.2B | $5.6B | ||
| Q1 24 | $2.1B | $5.7B |
| Q4 25 | $16.0B | $41.5B | ||
| Q3 25 | $15.2B | $38.0B | ||
| Q2 25 | $15.3B | $38.1B | ||
| Q1 25 | $15.0B | $38.2B | ||
| Q4 24 | $14.7B | $37.8B | ||
| Q3 24 | $14.4B | $37.9B | ||
| Q2 24 | $13.6B | $39.1B | ||
| Q1 24 | $13.2B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $395.9M | $596.0M |
| FCF MarginFCF / Revenue | 7.2% | 12.4% |
| Capex IntensityCapex / Revenue | 0.7% | 17.4% |
| Cash ConversionOCF / Net Profit | — | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $433.8M | $1.4B | ||
| Q3 25 | $328.3M | $1.5B | ||
| Q2 25 | $155.9M | $572.0M | ||
| Q1 25 | $287.2M | $599.0M | ||
| Q4 24 | $345.3M | $1.4B | ||
| Q3 24 | $342.1M | $1.7B | ||
| Q2 24 | $149.9M | $1.2B | ||
| Q1 24 | $440.0M | $312.0M |
| Q4 25 | $395.9M | $596.0M | ||
| Q3 25 | $298.5M | $1.0B | ||
| Q2 25 | $133.4M | $-118.0M | ||
| Q1 25 | $260.3M | $-169.0M | ||
| Q4 24 | $316.7M | $923.0M | ||
| Q3 24 | $308.5M | $1.0B | ||
| Q2 24 | $119.0M | $698.0M | ||
| Q1 24 | $410.5M | $-153.0M |
| Q4 25 | 7.2% | 12.4% | ||
| Q3 25 | 5.2% | 21.1% | ||
| Q2 25 | 2.2% | -3.1% | ||
| Q1 25 | 5.0% | -4.0% | ||
| Q4 24 | 6.1% | 25.2% | ||
| Q3 24 | 5.6% | 23.4% | ||
| Q2 24 | 2.2% | 19.4% | ||
| Q1 24 | 8.4% | -4.8% |
| Q4 25 | 0.7% | 17.4% | ||
| Q3 25 | 0.5% | 9.6% | ||
| Q2 25 | 0.4% | 18.4% | ||
| Q1 25 | 0.5% | 18.1% | ||
| Q4 24 | 0.6% | 11.7% | ||
| Q3 24 | 0.6% | 15.8% | ||
| Q2 24 | 0.6% | 13.8% | ||
| Q1 24 | 0.6% | 14.7% |
| Q4 25 | — | 6.15× | ||
| Q3 25 | 1.13× | 2.25× | ||
| Q2 25 | 0.57× | 1.75× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | 1.08× | 0.90× | ||
| Q2 24 | 0.53× | 3.28× | ||
| Q1 24 | 2.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDW
Segment breakdown not available.
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
