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CDW (NASDAQ: CDW) grows Q1 2026 sales 9% and declares $0.63 dividend

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

CDW Corporation reported higher first quarter 2026 results, with net sales of $5.68 billion, up 9.2% from $5.20 billion a year earlier, as customer demand increased across commercial, government, education, and international markets.

Net income rose to $235.4 million from $224.9 million, and diluted EPS increased to $1.82 from $1.69. On a non‑GAAP basis, net income was $295.3 million and diluted EPS was $2.28. Free cash flow was $248.4 million, supporting continued investment and balance sheet strength.

The Board declared a quarterly cash dividend of $0.630 per common share, payable June 10, 2026 to stockholders of record on May 25, 2026. CDW highlighted strong infrastructure hardware demand, ongoing AI-related investments, and a long-term goal to exceed US IT market growth on a constant currency basis.

Positive

  • None.

Negative

  • None.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net sales $5,679.8 million Three months ended March 31, 2026; up 9.2% year over year
Net income $235.4 million Q1 2026; up 4.7% versus Q1 2025
Diluted EPS $1.82 per share Q1 2026 GAAP diluted earnings per share; up from $1.69
Non-GAAP diluted EPS $2.28 per share Q1 2026 non-GAAP net income per diluted share
Quarterly dividend $0.630 per common share Declared for payment on June 10, 2026 to holders of record May 25, 2026
Free cash flow $248.4 million Three months ended March 31, 2026
Cash and cash equivalents $578.6 million Balance as of March 31, 2026
Remaining buyback authorization $484 million Share repurchase program capacity as of March 31, 2026
Non-GAAP operating income financial
"Non-GAAP operating income was $452 million in the first quarter of 2026"
Non-GAAP operating income is a measure of a company's profit from its core business activities, calculated by excluding certain expenses or income that are not part of regular operations. It provides a clearer picture of how well the business is performing by focusing on ongoing operations, helping investors compare companies more consistently and make better-informed decisions.
Net sales on a constant currency basis financial
"Net sales on a constant currency basis increased 8.4 percent in the first quarter of 2026"
Free cash flow financial
"Free cash flow is defined as Net cash provided by operating activities less capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Adjusted free cash flow financial
"Adjusted free cash flow is defined as Free cash flow adjusted to include certain cash flows from financing activities"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
cash conversion cycle financial
"Cash conversion cycle | 16 | | | 16 | | | 15 |"
A cash conversion cycle measures how many days it takes a company to turn money spent on goods into money received from customers — essentially the time between paying suppliers and collecting cash. Think of it as the gap between buying inventory and getting paid at the register; a shorter cycle means the business frees up cash faster, reducing borrowing needs and indicating more efficient operations, which matters to investors evaluating liquidity and financial health.
share repurchase program financial
"we have returned approximately $8.4 billion to stockholders through share repurchases and dividends"
A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.
Net sales $5,679.8 million +9.2% year over year
Net income $235.4 million +4.7% year over year
GAAP diluted EPS $1.82 +7.9% year over year
Non-GAAP diluted EPS $2.28 +6.3% year over year
Free cash flow $248.4 million -$11.9 million versus prior-year free cash flow of $260.3 million
Guidance

Management reiterated confidence in exceeding US IT addressable market growth by 200 to 300 basis points on a constant currency basis.

Understanding 8-K Material Events →
0001402057False001-3598500014020572026-05-062026-05-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2026
cdw-2023-red logo (002).jpg
______________________________
CDW CORPORATION
(Exact name of registrant as specified in its charter)
_______________________________
Delaware001-3598526-0273989
(State or other jurisdiction of
incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
200 N. Milwaukee Avenue 
Vernon Hills, Illinois
60061
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (847) 465-6000
None
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareCDWNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
CDW Corporation (the “Company”) is furnishing under cover of this Current Report on Form 8-K a copy of its press release dated May 6, 2026 announcing its first quarter 2026 financial results. The press release is attached to this report as Exhibit 99.1 and incorporated herein by reference. The Company is furnishing this information in connection with its previously announced webcast conference call to be held on May 6, 2026 at 8:30 a.m. ET / 7:30 a.m. CT to discuss these results.
The information contained under Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 8.01. Other Events.
Quarterly Cash Dividend
On May 6, 2026, the Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.630 per common share to be paid on June 10, 2026 to all stockholders of record as of the close of business on May 25, 2026. A copy of the press release announcing the declaration of the quarterly cash dividend is attached to this report as Exhibit 99.2 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1
Press release dated May 6, 2026, announcing first quarter 2026 financial results.
99.2
 
Press release dated May 6, 2026, announcing dividend declaration.
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 CDW CORPORATION
  
Date: May 6, 2026By:/s/ Albert J. Miralles
  Albert J. Miralles
  Chief Financial Officer and Executive Vice President, Enterprise Business Operations


EXHIBIT 99.1
cdw-2023xredlogo002.jpg
CDW Reports First Quarter 2026 Earnings

(Dollars in millions, except per share amounts)Three Months Ended March 31,
20262025Percent
Change
Net sales$5,679.8 $5,199.1 9.2 %
Gross profit $1,190.0 $1,122.3 6.0 
Gross profit margin21.0 %21.6 %
Operating income$376.0 $361.4 4.0 
Operating income margin6.6 %7.0 %
Non-GAAP operating income1
$451.9 $444.0 1.8 
Non-GAAP operating income margin1
8.0 %8.5 %
Net income$235.4 $224.9 4.7 
Non-GAAP net income1
$295.3 $286.5 3.1 
Net income per diluted share$1.82 $1.69 7.9 
Non-GAAP net income per diluted share1
$2.28 $2.15 6.3 
Average daily sales2
$90.2 $82.5 9.2 
1 Non-GAAP measures used in this release that are not based on accounting principles generally accepted in the United States of America ("GAAP") are each defined and reconciled to the most directly comparable GAAP measures in the attached schedules.
2 Defined as Net sales divided by the number of selling days. There were 63 selling days for both the three months ended March 31, 2026 and 2025.
VERNON HILLS, Ill., May 6, 2026 - CDW Corporation (Nasdaq: CDW) announced today first quarter 2026 results. CDW also announced the approval by its Board of Directors of a quarterly cash dividend of $0.630 per common share to be paid on June 10, 2026 to all stockholders of record as of the close of business on May 25, 2026.
"CDW delivered a strong first quarter, reflecting outcome-driven execution in a complex and fast-moving environment," said Christine A. Leahy, chair and chief executive officer, CDW. "As customers move from AI exploration into real, production environments, they are increasingly relying on partners with the integration, governance, and lifecycle expertise to execute at scale. Our diversified end-markets, services-led, full-stack capabilities, and continued progress on our AI-forward strategy position us to capture demand and deliver value as the year unfolds."
"Strong demand for infrastructure hardware, combined with disciplined execution, drove solid net sales growth and resilient profitability in the first quarter," said Albert J. Miralles, chief financial officer, CDW. "We continue to prioritize disciplined working capital management while supporting our customers in a dynamic environment, enabling strong cash flow and capital flexibility."
"In an environment defined by complexity and rapid technology change, CDW's role as a trusted advisor has never been more relevant," Leahy concluded. "Our ability to operate across the full technology stack and lifecycle enables us to help customers convert complexity into measurable outcomes. With this foundation, we remain confident in our ability to exceed US IT addressable market growth by 200 to 300 basis points on a constant currency basis."
1


First Quarter of 2026 Highlights:
Net sales in the first quarter of 2026 were $5,680 million, compared to $5,199 million in the first quarter of 2025, an increase of 9.2 percent. There were 63 selling days for both the three months ended March 31, 2026 and 2025. Net sales on a constant currency basis increased 8.4 percent in the first quarter of 2026. The increase in Net sales was primarily due to increased customer demand for data storage and servers, netcomm products, software, and notebooks/mobile devices. While economic and geopolitical uncertainty persists, all segments continued to experience improved customer spending during the first quarter of 2026, compared to the first quarter of 2025. The first quarter Net sales performance included:
•Commercial segment Net sales of $3,569 million, 9.6 percent higher than 2025. Commercial results were primarily driven by an increase in Net sales to Financial Services, Corporate and Healthcare customers of 28.2 percent, 8.4 percent, and 4.9 percent, respectively.
•Government segment Net sales of $633 million, 4.6 percent higher than 2025.
•Education segment Net sales of $675 million, 2.5 percent higher than 2025.
•Net sales for CDW's UK and Canadian operations, combined as "Other" for financial reporting purposes, were $803 million, 17.9 percent higher than 2025.
Gross profit in the first quarter of 2026 was $1,190 million, compared to $1,122 million in the first quarter of 2025, representing an increase of 6.0 percent. Gross profit margin was 21.0 percent in the first quarter of 2026 compared to 21.6 percent in the first quarter of 2025. The decrease in Gross profit margin was primarily driven by a lower contribution of netted down revenue.
Selling and administrative expenses were $814 million in the first quarter of 2026, compared to $761 million in the first quarter of 2025, representing an increase of 7.0 percent, primarily due to higher compensation expense, including performance-based incentives, coworker-related costs, and investments to support our AI initiatives.
Operating income was $376 million in the first quarter of 2026, compared to $361 million in the first quarter of 2025, representing an increase of 4.0 percent. Non-GAAP operating income was $452 million in the first quarter of 2026, compared to $444 million in the first quarter of 2025, representing an increase of 1.8 percent. Operating income margin and Non-GAAP operating income margin were 6.6 percent and 8.0 percent, respectively, in the first quarter of 2026 compared to 7.0 percent and 8.5 percent in the first quarter of 2025.
Interest expense, net includes interest expense and interest income. Interest expense, net was $55 million for the first quarter of 2026, compared to $57 million for the first quarter of 2025, representing a decrease of 3.2 percent. The decrease was primarily due to decreased interest expense on lower debt levels and a lower variable interest rate on the senior unsecured term loan, partially offset by lower interest income earned on cash balances.
Income tax expense was $84 million for the first quarter of 2026 and was $79 million for the first quarter of 2025. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 26.2% for the first quarter of 2026 and 26.0% for the first quarter of 2025. The effective income tax rate for the three months ended March 31, 2026 was relatively consistent with the effective income tax rate for the three months ended March 31, 2025.
Net income was $235 million in the first quarter of 2026, compared to $225 million in the first quarter of 2025, representing an increase of 4.7 percent. Non-GAAP net income was $295 million for the first quarter of 2026, compared to $287 million in the first quarter of 2025, representing an increase of 3.1 percent.
Weighted average diluted shares outstanding were 129 million for the first quarter of 2026, compared to 133 million for the first quarter of 2025. Net income per diluted share for the first quarter of 2026 was $1.82, compared to $1.69 for 2025, representing an increase of 7.9 percent. Non-GAAP net income per diluted share for the first quarter of 2026 was $2.28, compared to $2.15 for 2025, representing an increase of 6.3 percent.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet determinable. These statements also relate to our future prospects, growth, developments, and business strategies.
2


We claim the protection of The Private Securities Litigation Reform Act of 1995 for all forward-looking statements in this release.
These forward-looking statements are identified by the use of terms and phrases such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "potential," "predict," "project," "target" and similar terms and phrases or future or conditional verbs such as "could," "may," "should," "will," and "would." However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions, and other expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions, or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those that we expected.
Important factors that could cause actual results or events to differ materially from our expectations, or cautionary statements, are disclosed under the sections entitled "Risk Factors" and "Trends and Key Factors Affecting our Financial Performance" included in our Annual Report on Form 10-K for the year ended December 31, 2025 and from time to time in our subsequent Quarterly Reports on Form 10-Q and our other US Securities and Exchange Commission ("SEC") filings and public communications.
These factors include, among others:
•relationships with our vendor partners and wholesale distributors and the terms of their agreements;
•the ability of vendor partners, wholesale distributors, and third-party providers to fulfill their responsibilities and commitments and our reliance on certain key vendor partners and wholesale distributors;
•our dependence on the continued innovations in technology by our vendor partners;
•the use or capabilities of artificial intelligence and the challenges related to its adoption;
•substantial competition that could reduce our market share;
•the continuing development, maintenance, and operation of our information technology (“IT”) systems;
•potential breaches of data security and failure to protect our IT systems from cybersecurity threats;
•potential failures to provide high-quality services to our customers;
•potential losses of any key personnel, significant increases in labor costs, or ineffective workforce management;
•potential service failures or disruptions related to outsourcing arrangements with certain business processes;
•potential adverse occurrences at one of our primary facilities or third-party data centers, including as a result of climate change;
•increases in the cost of commercial delivery services or disruptions of those services;
•exposure to accounts receivable and inventory risks;
•the costs and risks associated with, and the successful and timely execution and effects of, strategic investments or acquisitions or entry into joint ventures including our ability to align our investment efforts with our strategic goals;
•future operating results may fluctuate significantly due to rapid changes in the technology industry and broader market conditions;
•the costs and risks associated with, and the successful and timely execution and effects of, our existing and any future business opportunities, expansions, initiatives, strategies, investments, and plans;
•fluctuations in foreign currency and the impact to our operating results;
•global and regional economic and political conditions, including the impact of inflationary pressures and the level of interest rates;
•decreases, delays, or changes in spending on technology products and services, including impacts of adverse changes in government spending and funding policies, federal procurement policies, and US government shutdowns;
•potential disruptions in the supply of products from our suppliers, including capacity limitations and cost increases resulting from heightened demand related to artificial intelligence workloads;
•potential failures to comply with public sector contracts or applicable laws and regulations;
•current and future legal proceedings, investigations, and audits, including intellectual property infringement claims;
•potential failure to comply with complex and evolving laws and regulations applicable to our operations or to meet sometimes conflicting stakeholder expectations on environmental sustainability and corporate responsibility matters;
•our level of indebtedness and the obligations imposed by agreements and instruments relating to our indebtedness;
3


•fluctuations in the market price and trading volumes of our common stock and changes in, or the discontinuation of, our share repurchase program or dividend payments; and
•other risk factors or uncertainties identified from time to time in our filings with the SEC.
All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by those cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this release in the context of these risks and uncertainties.
We caution you that the important factors referenced above may not reflect all of the factors that could cause actual results or events to differ from our expectations. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this release are made only as of the date hereof or, with respect to any documents incorporated by reference, available at the time such document was prepared or filed with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Non-GAAP Financial Measures
Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial condition that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures used by management may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
Our non-GAAP performance measures include Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share, and Net sales on a constant currency basis, and our non-GAAP financial condition measures include Free cash flow and Adjusted free cash flow. These non-GAAP performance measures and non-GAAP financial condition measures are collectively referred to as “non-GAAP financial measures.” The GAAP measures most directly comparable to Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share, and Net sales on a constant currency basis are Operating income, Operating income margin, Net income, Net income per diluted share, and Net sales, respectively. The GAAP measure most directly comparable to Free cash flow and Adjusted free cash flow is Net cash provided by operating activities.
Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives, and workplace optimization. Non-GAAP operating income margin is defined as Non-GAAP operating income as a percentage of Net sales. Non-GAAP net income and Non-GAAP net income per diluted share exclude, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and the associated payroll taxes, acquisition and integration expenses, transformation initiatives, workplace optimization, and their associated income tax effects. Net sales on a constant currency basis is defined as Net sales excluding the impact of foreign currency translation on Net sales. Free cash flow is defined as Net cash provided by operating activities less capital expenditures. Adjusted free cash flow is defined as Free cash flow adjusted to include certain cash flows from financing activities incurred in the normal course of operations or as capital expenditures.
We believe our non-GAAP financial measures provide analysts, investors, and management with useful information regarding the underlying operating performance of our business, as they remove the impact of items that management believes are not reflective of underlying operating performance. Management uses these measures to evaluate period-over-period performance as management believes they provide a more comparable measure of the underlying business. We also present non-GAAP financial condition measures as we believe they provide analysts, investors, and management with more information regarding our liquidity and capital resources. Certain non-GAAP financial measures are also used to determine certain components of performance-based compensation.
Our outlook includes non-GAAP financial measures because certain reconciling items are dependent on future events that either cannot be controlled, such as currency impacts or interest rates, or reliably predicted because they are not part of our underlying performance, such as refinancing activities or acquisition and integration expenses.
4


The financial statement tables that accompany this press release include a reconciliation of non-GAAP financial measures to the applicable most comparable GAAP financial measures.
About CDW
CDW Corporation (Nasdaq: CDW) is a leading multi-brand provider of information technology solutions to business, government, education, and healthcare customers in the United States, the United Kingdom, and Canada. A Fortune 500 company and member of the S&P 500 Index, CDW helps its customers to navigate an increasingly complex IT market and maximize return on their technology investments. For more information about CDW, please visit www.CDW.com.
Webcast
CDW Corporation will hold a conference call today, May 6, 2026 at 7:30 a.m. CT/8:30 a.m. ET to discuss its first quarter financial results. The conference call, which will be broadcast live via the Internet, and a copy of this press release along with supplemental slides used during the call, can be accessed on CDW’s website at investor.cdw.com. For those unable to participate in the live call, a replay of the webcast will be available at investor.cdw.com approximately 90 minutes after the completion of the call and will be accessible on the site for approximately one year.
Investor InquiriesMedia Inquiries
Steven O’BrienKelly Caraher
Senior Vice President, Investor RelationsDirector, Corporate Communications
(847) 968-0238(847) 968-0729
investorrelations@cdw.commediarelations@cdw.com
5



CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars and shares in millions, except per-share amounts)
(unaudited)

Three Months Ended March 31,
20262025Percent Change
Net sales$5,679.8 $5,199.1 9.2 %
Cost of sales4,489.8 4,076.8 10.1 
Gross profit1,190.0 1,122.3 6.0 
Selling and administrative expenses814.0 760.9 7.0 
Operating income376.0 361.4 4.0 
Interest expense, net(55.3)(57.1)(3.2)
Other income (expense), net(1.7)(0.3)nm*
Income before income taxes319.0 304.0 4.9 
Income tax expense(83.6)(79.1)5.7 
Net income$235.4 $224.9 4.7 %
Net income per common share:
    Basic$1.82 $1.70 7.5 %
    Diluted$1.82 $1.69 7.9 %
Weighted-average common shares outstanding:
     Basic129.0 132.5 
     Diluted129.5 133.5 

*nm - Not meaningful

6


CDW CORPORATION AND SUBSIDIARIES
NET SALES DETAIL
(dollars in millions)
(unaudited)

Three Months Ended March 31,
20262025
Percent Change(i)
Commercial:
Corporate$2,374.3 $2,190.0 8.4 %
Financial Services428.4 334.1 28.2 
Healthcare766.7 731.2 4.9 
Total Commercial3,569.4 3,255.3 9.6 
Government632.9 604.9 4.6 
Education675.0 658.5 2.5 
Other802.5 680.4 17.9 
Total Net sales$5,679.8 $5,199.1 9.2 %
(i)There were 63 selling days for both the three months ended March 31, 2026 and 2025. Average Daily Sales is defined as Net sales divided by the number of selling days.

7


CDW CORPORATION AND SUBSIDIARIES
TIMING OF REVENUE RECOGNITION
(dollars in millions)
(unaudited)

Three Months Ended March 31, 2026
CommercialGovernmentEducationOtherTotal
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$3,032.8 $541.4 $618.7 $693.5 $4,886.4 
Transferred at a point in time where CDW is agent297.1 44.5 29.8 39.3 410.7 
Transferred over time where CDW is principal239.5 47.0 26.5 69.7 382.7 
Total Net sales$3,569.4 $632.9 $675.0 $802.5 $5,679.8 
Three Months Ended March 31, 2025
CommercialGovernmentEducationOtherTotal
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$2,731.7 $506.4 $603.7 $574.6 $4,416.4 
Transferred at a point in time where CDW is agent297.9 43.0 28.2 41.1 410.2 
Transferred over time where CDW is principal225.7 55.5 26.6 64.7 372.5 
Total Net sales$3,255.3 $604.9 $658.5 $680.4 $5,199.1 


8


CDW CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)

March 31, 2026December 31, 2025March 31, 2025
Assets(unaudited)(unaudited)
Current assets:
Cash and cash equivalents
$578.6 $618.7 $471.4 
Short-term investments— — 216.7 
Accounts receivable, net of allowance for credit losses
of $66.4, $65.2, and $47.5, respectively
6,468.4 6,312.4 5,334.4 
Merchandise inventory
820.6 563.4 720.2 
Miscellaneous receivables
583.4 554.0 523.6 
Prepaid expenses and other
514.2 452.0 385.3 
          Total current assets8,965.2 8,500.5 7,651.6 
Operating lease right-of-use assets130.4 136.7 112.9 
Property and equipment, net172.2 171.5 188.3 
Goodwill4,651.1 4,662.3 4,636.1 
Other intangible assets, net1,137.4 1,186.4 1,314.2 
Accounts receivable and other assets, noncurrent1,397.1 1,370.8 1,115.4 
               Total assets
$16,453.4 $16,028.2 $15,018.5 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable - trade
$4,561.5 $4,220.1 $3,628.4 
Accounts payable - inventory financing
355.6 352.6 343.7 
Current maturities of long-term debt
1,005.9 1,007.5 230.6 
Contract liabilities
597.3 534.0 520.6 
Accrued expenses and other current liabilities
1,178.2 1,111.9 1,058.2 
          Total current liabilities7,698.5 7,226.1 5,781.5 
Long-term liabilities:
Debt
4,635.1 4,622.3 5,622.4 
Deferred income taxes
167.2 171.8 155.0 
Operating lease liabilities
149.7 157.8 140.6 
Accounts payable and other liabilities1,247.5 1,244.1 995.9 
          Total long-term liabilities6,199.5 6,196.0 6,913.9 
          Total stockholders’ equity2,555.4 2,606.1 2,323.1 
               Total liabilities and stockholders’ equity
$16,453.4 $16,028.2 $15,018.5 

9


CDW CORPORATION AND SUBSIDIARIES
DEBT AND WORKING CAPITAL INFORMATION
(dollars in millions)
(unaudited)

March 31, 2026December 31, 2025March 31, 2025
Debt and Revolver Availability
Cash and cash equivalents$578.6 $618.7 $471.4 
Short-term investments— — 216.7 
Total debt5,641.0 5,629.8 5,853.0 
Net debt(i)
5,062.4 5,011.1 5,164.9 
Revolver availability1,886.8 1,925.8 1,265.0 
Cash plus revolver availability2,465.4 2,544.5 1,736.4 
Working Capital(ii)
Days of sales outstanding96 95 86 
Days of supply in inventory14 11 13 
Days of purchases outstanding(94)(90)(84)
Cash conversion cycle16 16 15 
(i)Defined as Total debt minus Cash and cash equivalents and Short-term investments.
(ii)Based on a rolling three-month average.





CDW CORPORATION AND SUBSIDIARIES
CASH FLOW INFORMATION
(dollars in millions)
(unaudited)

Three Months Ended March 31,
20262025
Net cash provided by operating activities$274.8 $287.2 
Capital expenditures(26.4)(26.9)
Other cash flows used in investing activities(4.5)(5.0)
Net cash used in investing activities(30.9)(31.9)
Net change in accounts payable - inventory financing3.0 (11.5)
Other cash flows used in financing activities(276.2)(282.6)
Net cash used in financing activities(273.2)(294.1)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(9.7)6.7 
Net decrease in cash, cash equivalents, and restricted cash(39.0)(32.1)
Cash, cash equivalents, and restricted cash - beginning of period(i)
618.9 507.7 
Cash, cash equivalents, and restricted cash - end of period(i)
$579.9 $475.6 
Supplementary disclosure of cash flow information:
Interest paid$(51.8)$(53.9)
Income taxes paid, net$(17.3)$(18.9)
(i)Restricted cash is presented within Prepaid expenses and other on the Consolidated Balance Sheets, as applicable.
10


CDW CORPORATION AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS

CDW has included reconciliations of Non-GAAP operating income, Non-GAAP operating income margin, Non-GAAP net income, Non-GAAP net income per diluted share, and Net sales on a constant currency basis for the three months ended March 31, 2026 and 2025 below. In addition, a reconciliation of Free cash flow and Adjusted free cash flow is included for the three months ended March 31, 2026 and 2025.

CDW CORPORATION AND SUBSIDIARIES
NON-GAAP OPERATING INCOME AND NON-GAAP OPERATING INCOME MARGIN
(dollars in millions)
(unaudited)

Three Months Ended March 31,
2026Percentage of Net sales2025Percentage of Net sales
Operating income, as reported$376.0 6.6 %$361.4 7.0 %
Amortization of intangibles(i)
42.7 42.8 
Equity-based compensation22.1 20.5 
Transformation initiatives(ii)
8.3 13.7 
Acquisition and integration expenses1.0 2.9 
Workplace optimization(iii)
— 0.1 
Other adjustments1.8 2.6 
Non-GAAP operating income$451.9 8.0 %$444.0 8.5 %
(i)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts, and trade names.
(ii)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems.
(iii)Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio.

11


CDW CORPORATION AND SUBSIDIARIES
NON-GAAP NET INCOME
AND NON-GAAP NET INCOME PER DILUTED SHARE
(dollars and shares in millions, except per-share amounts)
(unaudited)

Three Months Ended March 31,
20262025
Income before Income Taxes
Income Tax Expense(i)
Net IncomeEffective Tax RateIncome before Income Taxes
Income Tax Expense(i)
Net IncomeEffective Tax Rate
GAAP, as reported$319.0 $(83.6)$235.4 26.2 %$304.0 $(79.1)$224.9 26.0 %
Amortization of intangibles(ii)
42.7 (11.1)31.6 42.8 (11.1)31.7 
Equity-based compensation22.1 (2.0)20.1 20.5 (4.9)15.6 
Transformation initiatives(iii)
8.3 (2.2)6.1 13.7 (3.6)10.1 
Acquisition and integration expenses1.0 (0.3)0.7 2.9 (0.8)2.1 
Workplace optimization(iv)
— — — 0.1 — 0.1 
Other adjustments1.8 (0.4)1.4 2.6 (0.6)2.0 
Non-GAAP$394.9 $(99.6)$295.3 25.2 %$386.6 $(100.1)$286.5 25.9 %
Net income per diluted share, as reported$1.82 $1.69 
Non-GAAP net income per diluted share$2.28 $2.15 
Shares used in computing GAAP and Non-GAAP net income per diluted share129.5 133.5 
(i)Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation.
(ii)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts, and trade names.
(iii)Includes costs related to strategic transformation initiatives focused on optimizing various operations and systems.
(iv)Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio.


12


CDW CORPORATION AND SUBSIDIARIES
NET SALES ON A CONSTANT CURRENCY BASIS
(dollars in millions)
(unaudited)

Three Months Ended March 31,
20262025
Percent Change(i)
Net sales, as reported$5,679.8 $5,199.1 9.2 %
Foreign currency translation(ii)
— 40.3 
Net sales, on a constant currency basis$5,679.8 $5,239.4 8.4 %
(i)There were 63 selling days for both the three months ended March 31, 2026 and 2025. Average Daily Sales is defined as Net sales divided by the number of selling days.
(ii)Represents the effect of translating the prior year results of CDW UK and CDW Canada at the average exchange rates applicable in the current year.


13


CDW CORPORATION AND SUBSIDIARIES
FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
(dollars in millions)
(unaudited)

Three Months Ended March 31,
20262025
Net cash provided by operating activities$274.8 $287.2 
Capital expenditures(26.4)(26.9)
Free cash flow248.4 260.3 
Net change in accounts payable - inventory financing3.0 (11.5)
Adjusted free cash flow(i)
$251.4 $248.8 
(i)Defined as Net cash provided by operating activities less Capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory.


14

EXHIBIT 99.2
CDW Declares Quarterly Cash Dividend of $0.630 Per Share
Reinforces Ongoing Commitment to Delivering Value to Stockholders
VERNON HILLS, Ill., May 6, 2026 -- CDW Corporation (Nasdaq: CDW) announced today that its Board of Directors declared a quarterly cash dividend of $0.630 per common share to be paid on June 10, 2026 to all stockholders of record as of the close of business on May 25, 2026.
"Dividends represent an important component of our capital allocation priorities, along with share repurchases, strategic M&A, and managing our capital structure." said Albert J. Miralles, chief financial officer, CDW. "Since our IPO in June 2013, our dividend has increased nearly fifteen-fold, with twelve consecutive years of increases, and we have returned approximately $8.4 billion to stockholders through share repurchases and dividends. Our capital allocation strategy has enabled us to deliver value to our stockholders, just as we have delivered value to our customers and partners for over 40 years."
Future dividends and share repurchase authorizations will be at the discretion of and subject to approval by CDW's Board of Directors. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations, and other factors that our Board of Directors deems relevant. Share repurchases under the program will be made from time to time in private transactions, open market purchases, or other transactions as permitted by securities laws and other legal requirements. The timing and amounts of any purchases will be based on market conditions and other factors including but not limited to price, regulatory requirements, and capital availability. The program does not require the purchase of any minimum dollar amount or number of shares and the program may be modified, suspended, or discontinued at any time. As of March 31, 2026, the Company has approximately $484 million remaining under the program.
About CDW
CDW Corporation (Nasdaq: CDW) is a leading multi-brand provider of information technology solutions to business, government, education, and healthcare customers in the United States, the United Kingdom, and Canada. A Fortune 500 company and member of the S&P 500 Index, CDW helps its customers to navigate an increasingly complex IT market and maximize return on their technology investments. For more information about CDW, please visit www.CDW.com.
Forward-Looking Statements
Statements in this release that are not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the future dividends, share repurchases, earnings growth, capital allocation, leverage ratio, and other strategic plans of CDW. These forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those described in such statements. Although CDW believes that its plans, intentions, and other expectations reflected in or suggested by such forward-looking statements are reasonable, it can give no assurance that it will achieve those plans, intentions, or expectations. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Forward-Looking Statements" and "Risk Factors" in CDW's Annual Report on Form 10-K for the year ended December 31, 2025 and in CDW's subsequent filings with the Securities and Exchange Commission. CDW undertakes no obligation to update or revise any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.


Investor InquiriesMedia Inquiries
Steven O’BrienKelly Caraher
Senior Vice President, Investor RelationsDirector, Corporate Communications
(847) 968-0238(847) 968-0729
investorrelations@cdw.commediarelations@cdw.com

Source: View Original Filing on SEC EDGAR

FAQ

How did CDW (CDW) perform financially in Q1 2026?

CDW grew net sales to $5.68 billion in Q1 2026, up 9.2% year over year. Net income was $235.4 million, compared with $224.9 million, and diluted EPS increased to $1.82 from $1.69, reflecting solid underlying demand.

What were CDW (CDW) non-GAAP earnings in Q1 2026?

CDW reported non-GAAP net income of $295.3 million in Q1 2026, up from $286.5 million a year earlier. Non-GAAP diluted EPS was $2.28, compared with $2.15 in 2025, excluding amortization, equity-based compensation, and other specified items.

How did CDW (CDW) revenue grow across segments in Q1 2026?

CDW’s Q1 2026 net sales rose 9.2%, led by Commercial segment sales of $3.57 billion, up 9.6%. Government grew 4.6%, Education 2.5%, and “Other” (UK and Canada) increased 17.9%, reflecting broad-based customer spending improvement versus 2025.

What dividend did CDW (CDW) declare in May 2026?

CDW’s Board declared a quarterly cash dividend of $0.630 per common share, payable June 10, 2026 to stockholders of record on May 25, 2026. Management emphasized dividends as a key capital allocation priority alongside repurchases and strategic M&A.

What were CDW (CDW) cash flow and debt metrics for Q1 2026?

In Q1 2026, CDW generated net cash from operating activities of $274.8 million and free cash flow of $248.4 million. Total debt was $5.64 billion and cash and cash equivalents were $578.6 million, resulting in net debt of about $5.06 billion.

How much capacity remains under CDW (CDW) share repurchase program?

As of March 31, 2026, CDW had approximately $484 million remaining under its share repurchase program. Future repurchases will depend on market conditions, capital availability, regulatory requirements, and Board discretion, with no minimum purchase requirement.

How is CDW (CDW) using AI in its business strategy?

CDW highlighted continued investments to support AI initiatives and an “AI-forward” strategy. Management noted customers are moving from AI exploration to production, relying on CDW’s integration, governance, and lifecycle expertise to execute large, complex technology solutions.

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