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CDW Corporation（CDW）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
华纳兄弟探索的季度营收约是CDW Corporation的1.7倍（$9.5B vs $5.5B），CDW Corporation同比增速更快（6.3% vs -5.7%），华纳兄弟探索自由现金流更多（$1.4B vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs -2.5%）
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。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
CDW vs WBD — 直观对比
营收规模更大
WBD
是对方的1.7倍
$5.5B
营收增速更快
CDW
高出11.9%
-5.7%
自由现金流更多
WBD
多$987.1M
$395.9M
两年增速更快
CDW
近两年复合增速
-2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $9.5B |
| 净利润 | — | $-252.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 3.7% |
| 净利率 | — | -2.7% |
| 营收同比 | 6.3% | -5.7% |
| 净利润同比 | — | 49.0% |
| 每股收益（稀释后） | $2.13 | $-0.10 |
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CDWWBD
| Q4 25 | $5.5B | $9.5B | ||
| Q3 25 | $5.7B | $9.0B | ||
| Q2 25 | $6.0B | $9.8B | ||
| Q1 25 | $5.2B | $9.0B | ||
| Q4 24 | $5.2B | $10.0B | ||
| Q3 24 | $5.5B | $9.6B | ||
| Q2 24 | $5.4B | $9.7B | ||
| Q1 24 | $4.9B | $10.0B |
净利润CDWWBD
| Q4 25 | — | $-252.0M | ||
| Q3 25 | $291.0M | $-148.0M | ||
| Q2 25 | $271.2M | $1.6B | ||
| Q1 25 | $224.9M | $-453.0M | ||
| Q4 24 | — | $-494.0M | ||
| Q3 24 | $316.4M | $135.0M | ||
| Q2 24 | $281.1M | $-10.0B | ||
| Q1 24 | $216.1M | $-966.0M |
毛利率CDWWBD
| 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% | — |
营业利润率CDWWBD
| Q4 25 | 7.8% | 3.7% | ||
| Q3 25 | 7.7% | 6.8% | ||
| Q2 25 | 7.0% | -1.9% | ||
| Q1 25 | 7.0% | -0.4% | ||
| Q4 24 | 7.9% | 1.6% | ||
| Q3 24 | 8.7% | 2.9% | ||
| Q2 24 | 8.0% | -105.1% | ||
| Q1 24 | 6.7% | -2.7% |
净利率CDWWBD
| Q4 25 | — | -2.7% | ||
| Q3 25 | 5.1% | -1.6% | ||
| Q2 25 | 4.5% | 16.1% | ||
| Q1 25 | 4.3% | -5.0% | ||
| Q4 24 | — | -4.9% | ||
| Q3 24 | 5.7% | 1.4% | ||
| Q2 24 | 5.2% | -102.8% | ||
| Q1 24 | 4.4% | -9.7% |
每股收益（稀释后）CDWWBD
| Q4 25 | $2.13 | $-0.10 | ||
| Q3 25 | $2.21 | $-0.06 | ||
| Q2 25 | $2.05 | $0.63 | ||
| Q1 25 | $1.69 | $-0.18 | ||
| Q4 24 | $1.97 | $-0.20 | ||
| Q3 24 | $2.34 | $0.05 | ||
| Q2 24 | $2.07 | $-4.07 | ||
| Q1 24 | $1.59 | $-0.40 |
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 | $4.6B |
| 总债务越低越好 | — | $32.4B |
| 股东权益账面价值 | $2.6B | $35.9B |
| 总资产 | $16.0B | $100.1B |
| 负债/权益比越低杠杆越低 | — | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资CDWWBD
| Q4 25 | $618.7M | $4.6B | ||
| Q3 25 | $452.9M | $4.3B | ||
| Q2 25 | $481.0M | $4.9B | ||
| Q1 25 | $688.1M | $3.9B | ||
| Q4 24 | $717.7M | $5.3B | ||
| Q3 24 | $1.2B | $3.3B | ||
| Q2 24 | $665.3M | $3.6B | ||
| Q1 24 | $803.8M | $3.0B |
总债务CDWWBD
| Q4 25 | — | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
股东权益CDWWBD
| Q4 25 | $2.6B | $35.9B | ||
| Q3 25 | $2.5B | $36.0B | ||
| Q2 25 | $2.5B | $36.0B | ||
| Q1 25 | $2.3B | $33.8B | ||
| Q4 24 | $2.4B | $34.0B | ||
| Q3 24 | $2.3B | $35.1B | ||
| Q2 24 | $2.2B | $34.3B | ||
| Q1 24 | $2.1B | $44.2B |
总资产CDWWBD
| Q4 25 | $16.0B | $100.1B | ||
| Q3 25 | $15.2B | $100.5B | ||
| Q2 25 | $15.3B | $101.7B | ||
| Q1 25 | $15.0B | $101.7B | ||
| Q4 24 | $14.7B | $104.6B | ||
| Q3 24 | $14.4B | $106.3B | ||
| Q2 24 | $13.6B | $108.0B | ||
| Q1 24 | $13.2B | $119.8B |
负债/权益比CDWWBD
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $1.4B |
| 自由现金流率自由现金流/营收 | 7.2% | 14.6% |
| 资本支出强度资本支出/营收 | 0.7% | 4.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | $3.1B |
8季度趋势，按日历期对齐
经营现金流CDWWBD
| Q4 25 | $433.8M | $1.8B | ||
| Q3 25 | $328.3M | $979.0M | ||
| Q2 25 | $155.9M | $983.0M | ||
| Q1 25 | $287.2M | $553.0M | ||
| Q4 24 | $345.3M | $2.7B | ||
| Q3 24 | $342.1M | $847.0M | ||
| Q2 24 | $149.9M | $1.2B | ||
| Q1 24 | $440.0M | $585.0M |
自由现金流CDWWBD
| Q4 25 | $395.9M | $1.4B | ||
| Q3 25 | $298.5M | $701.0M | ||
| Q2 25 | $133.4M | $702.0M | ||
| Q1 25 | $260.3M | $302.0M | ||
| Q4 24 | $316.7M | $2.4B | ||
| Q3 24 | $308.5M | $632.0M | ||
| Q2 24 | $119.0M | $976.0M | ||
| Q1 24 | $410.5M | $390.0M |
自由现金流率CDWWBD
| Q4 25 | 7.2% | 14.6% | ||
| Q3 25 | 5.2% | 7.8% | ||
| Q2 25 | 2.2% | 7.2% | ||
| Q1 25 | 5.0% | 3.4% | ||
| Q4 24 | 6.1% | 24.2% | ||
| Q3 24 | 5.6% | 6.6% | ||
| Q2 24 | 2.2% | 10.0% | ||
| Q1 24 | 8.4% | 3.9% |
资本支出强度CDWWBD
| Q4 25 | 0.7% | 4.5% | ||
| Q3 25 | 0.5% | 3.1% | ||
| Q2 25 | 0.4% | 2.9% | ||
| Q1 25 | 0.5% | 2.8% | ||
| Q4 24 | 0.6% | 2.9% | ||
| Q3 24 | 0.6% | 2.2% | ||
| Q2 24 | 0.6% | 2.6% | ||
| Q1 24 | 0.6% | 2.0% |
现金转化率CDWWBD
| Q4 25 | — | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 0.57× | 0.62× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.08× | 6.27× | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 2.04× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CDW
暂无分部数据
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
