--- title: "CDW Corporation: Business Model" description: "CDW Corporation revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/cdw-corporation/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # CDW Corporation: Business Model & Revenue Engine ## Direct Answer CDW Corporation reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Corporate Segment Private Sector Business is the largest, with $9.4 billion of revenue (42% of the total), followed by Public Segment Government Agencies Education and Healthcare at $8.5 billion (38%). 88% of revenue came from the United States. ## How Does CDW Corporation Make Money? No single line supplies a majority of revenue: the largest, Corporate Segment Private Sector Business, is 42%, which spreads CDW Corporation's exposure across several demand drivers. Between fiscal 2024 and 2025, Small Business grew fastest (+13.3%) and Public Segment Government Agencies Education and Healthcare slowest (+4.6%), so the revenue mix tilts toward Small Business while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Corporate Segment Private Sector Business | $9.4 billion | $8.8 billion | 42.1% | 6.8% | | Public Segment Government Agencies Education and Healthcare | $8.5 billion | $8.2 billion | 38.1% | 4.6% | | All Other | $2.7 billion | $2.5 billion | 12.1% | 9.7% | | Small Business | $1.7 billion | $1.5 billion | 7.7% | 13.3% | ![Bar chart of CDW Corporation revenue by segment for fiscal 2025: Corporate Segment Private Sector Business 42.1%, Public Segment Government Agencies Education and Healthcare 38.1%, All Other 12.1%, Small Business 7.7%.](https://www.getswoopr.com/images/charts/cdw-corporation-business-model-segment-mix.webp) *CDW Corporation revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which CDW Corporation Segments Earn the Most? | Segment | FY2025 segment operating income | Segment margin | | --- | --- | --- | | Corporate Segment Private Sector Business | $889 million | 9.4% | | Public Segment Government Agencies Education and Healthcare | $750 million | 8.8% | | All Other | $154 million | 5.7% | | Small Business | $203 million | 11.8% | Segment operating income is the profit measure CDW Corporation reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within CDW Corporation more safely than against another company. ## Where Does CDW Corporation's Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | United States | $19.6 billion | $18.5 billion | 87.5% | 6.3% | | Outside the United States | $2.8 billion | $2.5 billion | 12.5% | 10.3% | ## What the Segment Figures Do Not Show The rows above add up to 100% of CDW Corporation's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value CDW Corporation reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0001402057-26-000011), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are CDW Corporation's business segments? In its fiscal 2025 Form 10-K, CDW Corporation reports revenue for Corporate Segment Private Sector Business, Public Segment Government Agencies Education and Healthcare, All Other and Small Business. ### Which part of CDW Corporation brings in the most revenue? Corporate Segment Private Sector Business, with $9.4 billion of revenue in fiscal 2025, or 42% of the total. ### How much of CDW Corporation's revenue comes from outside the United States? 12% in fiscal 2025, by the geographic breakdown CDW Corporation reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: CDW Corp Form 10-K filed February 20, 2026](https://www.sec.gov/Archives/edgar/data/1402057/000140205726000011/cdw-20251231.htm) - [SEC EDGAR: CDW Corp annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1402057&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [CDW Corporation company dossier](https://www.getswoopr.com/stocks/companies/cdw-corporation/) - [CDW Corporation financial metrics](https://www.getswoopr.com/stocks/companies/cdw-corporation/metrics/) - [CDW Corporation financial risk indicators](https://www.getswoopr.com/stocks/companies/cdw-corporation/risks/) - [CDW Corporation peer comparison](https://www.getswoopr.com/stocks/companies/cdw-corporation/competitors/) - [CDW Corporation business model and revenue mix](https://www.getswoopr.com/stocks/companies/cdw-corporation/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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