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CDW Corporation（CDW）与CSX Corporation（CSX）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是CSX Corporation的1.6倍（$5.5B vs $3.5B），CDW Corporation同比增速更快（6.3% vs 1.7%），CSX Corporation自由现金流更多（$793.0M vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs -3.0%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
CSX运输是美国一级货运铁路企业，业务覆盖美国东部区域及加拿大安大略省、魁北克省，运营铁路总里程约3.4万公里，隶属于总部位于佛罗里达州杰克逊维尔市的财富500强企业CSX Corporation，是其旗下核心子公司。
CDW vs CSX — 直观对比
营收规模更大
CDW
是对方的1.6倍
$3.5B
营收增速更快
CDW
高出4.5%
1.7%
自由现金流更多
CSX
多$397.1M
$395.9M
两年增速更快
CDW
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.5B |
| 净利润 | — | $807.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 29.9% |
| 净利率 | — | 23.2% |
| 营收同比 | 6.3% | 1.7% |
| 净利润同比 | — | 401.2% |
| 每股收益（稀释后） | $2.13 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CDWCSX
| Q1 26 | — | $3.5B | ||
| Q4 25 | $5.5B | $3.5B | ||
| Q3 25 | $5.7B | $3.6B | ||
| Q2 25 | $6.0B | $3.6B | ||
| Q1 25 | $5.2B | $3.4B | ||
| Q4 24 | $5.2B | $3.5B | ||
| Q3 24 | $5.5B | $3.6B | ||
| Q2 24 | $5.4B | $3.7B |
净利润CDWCSX
| Q1 26 | — | $807.0M | ||
| Q4 25 | — | $720.0M | ||
| Q3 25 | $291.0M | $694.0M | ||
| Q2 25 | $271.2M | $829.0M | ||
| Q1 25 | $224.9M | $646.0M | ||
| Q4 24 | — | $720.0M | ||
| Q3 24 | $316.4M | $894.0M | ||
| Q2 24 | $281.1M | $963.0M |
毛利率CDWCSX
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CDWCSX
| Q1 26 | — | 29.9% | ||
| Q4 25 | 7.8% | 31.6% | ||
| Q3 25 | 7.7% | 30.3% | ||
| Q2 25 | 7.0% | 35.9% | ||
| Q1 25 | 7.0% | 30.4% | ||
| Q4 24 | 7.9% | 30.8% | ||
| Q3 24 | 8.7% | 37.4% | ||
| Q2 24 | 8.0% | 39.1% |
净利率CDWCSX
| Q1 26 | — | 23.2% | ||
| Q4 25 | — | 20.5% | ||
| Q3 25 | 5.1% | 19.3% | ||
| Q2 25 | 4.5% | 23.2% | ||
| Q1 25 | 4.3% | 18.9% | ||
| Q4 24 | — | 20.3% | ||
| Q3 24 | 5.7% | 24.7% | ||
| Q2 24 | 5.2% | 26.0% |
每股收益（稀释后）CDWCSX
| Q1 26 | — | — | ||
| Q4 25 | $2.13 | $0.39 | ||
| Q3 25 | $2.21 | $0.37 | ||
| Q2 25 | $2.05 | $0.44 | ||
| Q1 25 | $1.69 | $0.34 | ||
| Q4 24 | $1.97 | $0.38 | ||
| Q3 24 | $2.34 | $0.46 | ||
| Q2 24 | $2.07 | $0.49 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $618.7M | $1.1B |
| 总债务越低越好 | — | $18.9B |
| 股东权益账面价值 | $2.6B | $13.6B |
| 总资产 | $16.0B | $44.2B |
| 负债/权益比越低杠杆越低 | — | 1.39× |
8季度趋势，按日历期对齐
现金及短期投资CDWCSX
| Q1 26 | — | $1.1B | ||
| Q4 25 | $618.7M | $5.0M | ||
| Q3 25 | $452.9M | $6.0M | ||
| Q2 25 | $481.0M | $6.0M | ||
| Q1 25 | $688.1M | $8.0M | ||
| Q4 24 | $717.7M | $72.0M | ||
| Q3 24 | $1.2B | $12.0M | ||
| Q2 24 | $665.3M | $4.0M |
总债务CDWCSX
| Q1 26 | — | $18.9B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $18.6B | ||
| Q2 25 | — | $18.6B | ||
| Q1 25 | — | $18.5B | ||
| Q4 24 | — | $17.9B | ||
| Q3 24 | — | $18.5B | ||
| Q2 24 | — | $18.0B |
股东权益CDWCSX
| Q1 26 | — | $13.6B | ||
| Q4 25 | $2.6B | $13.2B | ||
| Q3 25 | $2.5B | $12.8B | ||
| Q2 25 | $2.5B | $12.4B | ||
| Q1 25 | $2.3B | $12.2B | ||
| Q4 24 | $2.4B | $12.5B | ||
| Q3 24 | $2.3B | $12.9B | ||
| Q2 24 | $2.2B | $12.6B |
总资产CDWCSX
| Q1 26 | — | $44.2B | ||
| Q4 25 | $16.0B | $43.7B | ||
| Q3 25 | $15.2B | $43.3B | ||
| Q2 25 | $15.3B | $42.9B | ||
| Q1 25 | $15.0B | $43.2B | ||
| Q4 24 | $14.7B | $42.8B | ||
| Q3 24 | $14.4B | $43.1B | ||
| Q2 24 | $13.6B | $42.4B |
负债/权益比CDWCSX
| Q1 26 | — | 1.39× | ||
| Q4 25 | — | 1.38× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.50× | ||
| Q1 25 | — | 1.52× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.43× | ||
| Q2 24 | — | 1.42× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $433.8M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $793.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 22.8% |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | — | 1.58× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.0B |
8季度趋势，按日历期对齐
经营现金流CDWCSX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $433.8M | $1.4B | ||
| Q3 25 | $328.3M | $1.3B | ||
| Q2 25 | $155.9M | $635.0M | ||
| Q1 25 | $287.2M | $1.3B | ||
| Q4 24 | $345.3M | $1.4B | ||
| Q3 24 | $342.1M | $1.7B | ||
| Q2 24 | $149.9M | $1.1B |
自由现金流CDWCSX
| Q1 26 | — | $793.0M | ||
| Q4 25 | $395.9M | $709.0M | ||
| Q3 25 | $298.5M | $607.0M | ||
| Q2 25 | $133.4M | $-141.0M | ||
| Q1 25 | $260.3M | $536.0M | ||
| Q4 24 | $316.7M | $550.0M | ||
| Q3 24 | $308.5M | $1.1B | ||
| Q2 24 | $119.0M | $547.0M |
自由现金流率CDWCSX
| Q1 26 | — | 22.8% | ||
| Q4 25 | 7.2% | 20.2% | ||
| Q3 25 | 5.2% | 16.9% | ||
| Q2 25 | 2.2% | -3.9% | ||
| Q1 25 | 5.0% | 15.7% | ||
| Q4 24 | 6.1% | 15.5% | ||
| Q3 24 | 5.6% | 29.3% | ||
| Q2 24 | 2.2% | 14.8% |
资本支出强度CDWCSX
| Q1 26 | — | — | ||
| Q4 25 | 0.7% | 19.3% | ||
| Q3 25 | 0.5% | 20.4% | ||
| Q2 25 | 0.4% | 21.7% | ||
| Q1 25 | 0.5% | 21.0% | ||
| Q4 24 | 0.6% | 23.7% | ||
| Q3 24 | 0.6% | 17.3% | ||
| Q2 24 | 0.6% | 14.6% |
现金转化率CDWCSX
| Q1 26 | — | 1.58× | ||
| Q4 25 | — | 1.93× | ||
| Q3 25 | 1.13× | 1.93× | ||
| Q2 25 | 0.57× | 0.77× | ||
| Q1 25 | 1.28× | 1.94× | ||
| Q4 24 | — | 1.93× | ||
| Q3 24 | 1.08× | 1.89× | ||
| Q2 24 | 0.53× | 1.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
