CDW dividend
MyStockButler's October 2026 analysis: CDW pays $2.52 a year per share at the guided annual rate. First-half adjusted free cash flow was $278.4M against roughly $706M of dividends and repurchases, so cash conversion is not covering both uses at that pace.
How much does CDW pay per share?
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 8.08 | 7.97 | 8.10 | 8.13 | 7.04 |
| − Dividends paid, per share | 2.49 | 2.46 | 2.36 | 2.06 | 1.67 |
| − Share buybacks, per share | 4.94 | 3.70 | 3.67 | 0.00 | 10.68 |
| = FCF not paid out, per share | 0.81 | 2.39 | 4.61 | 6.76 |
What this means. The company's own free cash flow per share is higher than our count because it adds back some financing cash flows and subtracts other items differently.
How much would CDW's dividend pay you?
$10,000 invested in CDW at its 1.5% dividend yield (our report of October 23, 2026) pays $150.00 in the first year, before tax. If its dividend per share keeps changing 10.5% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $452.57, with $2,734.28 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is CDW’s dividend covered by its cash?
The base reflects five consecutive annual increases, but cash conversion limits the pace. First-half adjusted free cash flow was $278.4M against roughly $706M of dividends and repurchases, while the cash-conversion cycle lengthened to 21 days.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,088.1 | 1,154.7 | 1,450.5 | 1,208.1 | 684.6 |
| − Dividends paid | 328.6 | 332.1 | 321.5 | 282.6 | 234.8 |
| − Share buybacks | 653.0 | 500.0 | 500.0 | 0.0 | 1,500.4 |
| = Free cash flow not paid out | 106.5 | 322.6 | 629.0 | 925.5 | |
| Paid out, % of free cash flow | 90.2% | 72.1% | 56.6% | 23.4% | 253.5% |
What this means. In 2021, the company paid shareholders more cash than its business generated, so it had to use savings or borrow money to cover the difference.
What could change CDW’s dividend?
Base DPS is $2.61 in 2027 and $2.89 in 2029. It assumes 5% annual increases. The bear case freezes DPS at $2.52, the guided annual rate. The bull case reaches $3.12 through 8% annual increases.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 1,391 (1,238 / 1,457) | 1,459 (1,200 / 1,617) | 1,533 (1,186 / 1,796) |
| Shares (millions) | 120 (123 / 119) | 116 (121 / 113) | 113 (120 / 108) |
| Dividends per share | 2.61 (2.52 / 2.67) | 2.75 (2.52 / 2.88) | 2.89 (2.52 / 3.12) |
| Price to earnings | 18.00 (15.00 / 22.00) | 18.00 (14.00 / 23.00) | 18.00 (13.00 / 24.00) |
What is CDW’s dividend yield today?
The 1.5% dividend yield is modest beside the 5.3% free cash flow yield, leaving cash for debt repayment, acquisitions or buybacks only if conversion improves.