Slide 1: CDW Corporation Webcast Conference Call
CDW Corporation Webcast Conference Call August 5, 2026
Slide 2: Today's Agenda
Second Quarter 2026 Results Performance Drivers Today's Agenda Outlook Q&A 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation 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 futur
Slide 4: Non-GAAP Financial Measures
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 accorda
Slide 5: Financial Performance
Financial Performance • Net sales of $6.6 billion • Up 10.0% on a reported basis • Up 9.9% on a constant currency* basis • Gross profit of $1.3 billion, up 6.3% • Gross profit margin of 20.1%, down 70 basis points • Operating income of $429 million, up 2.0% • Non-GAAP operating income* of $556 milli
Slide 6: Net Sales By Channel
Net Sales By Channel Three Months Ended June 30, ($ in millions) 2026 2025 % Change(1) Commercial Corporate $ 2,618.1 $ 2,364.4 10.7 % Financial Services $ 487.1 $ 478.6 1.8 % Healthcare $ 860.2 $ 788.3 9.1 % Total Commercial 3,965.4 3,631.3 9.2 % Government 848.0 746.6 13.6 Education 933.1 926.6 0.
Slide 7: Financial Results
Financial Results Three Months Ended June 30, ($ in millions) 2026 2025 Percent Change Net sales $ 6,572.2 $ 5,976.6 10.0 % Average daily net sales(1) $ 102.7 $ 93.4 10.0 Gross profit $ 1,319.8 $ 1,241.2 6.3 Gross profit margin 20.1 % 20.8 % Selling and administrative expenses $ 891.2 $ 821.0 8.6 Op
Slide 8: Earnings Per Diluted Share
Earnings Per Diluted Share Three Months Ended June 30, ($ in millions, except per-share amounts) 2026 2025 Percent Change US GAAP Net income $ 274.4 $ 271.2 1.2 % Weighted-average common shares outstanding - Diluted 127.4 132.4 Net income per diluted share $ 2.15 $ 2.05 5.1 % Non-GAAP net income* $
Slide 9: Debt and Revolver Availability
Debt and Revolver Availability ($ in millions) June 30, 2026 December 31, 2025 June 30, 2025 Cash and cash equivalents $ 361.8 $ 618.7 $ 481.0 Total debt 5,817.0 5,629.8 5,632.7 Net debt(1) 5,455.2 5,011.1 5,151.7 Revolver availability 1,682.4 1,925.8 1,213.1 Cash plus revolver availability 2,044.2
Slide 10: Cash Conversion Cycle
Cash Conversion Cycle (Based on a rolling three-month average) June 30, 2026 December 31, 2025 June 30, 2025 Days of sales outstanding 93 95 80 Days of supply in inventory 16 11 13 Days of purchases outstanding (88) (90) (77) Cash conversion cycle 21 16 16 10
Slide 11: Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow and Adjusted Free Cash Flow Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 Net cash provided by operating activities $ (55.1) $ 155.9 $ 219.7 $ 443.1 Capital expenditures (27.5) (22.5) (53.9) (49.4) Free cash flow* (82.6) 133.4 165.8 393.7 Ne
Slide 12: 2026 Capital Allocation Priorities
2026 Capital Allocation Priorities PRIORITIES OBJECTIVES ACTIONS Target ~25% payout of Non-GAAP net ~1% increase in November 2025 Increase Dividend annually income*; grow in-line with earnings to $2.52/share annually Target ~2.0 to 3.0 times Net Leverage Ratio; Maintain Net Leverage Ratio (1) consis
Slide 13: Outlook
CUSTOMER SPEND U.S. IT growth plus a premium target of ~200 to 300 bps(3) 2026 (1),(2) GROSS PROFIT Mid single-digit growth Outlook NON-GAAP NET INCOME PER DILUTED SHARE* High end of high single-digit growth 1. Certain annual outlooks are provided on a non-GAAP basis because certain reconciling item
Slide 14: Modeling Thoughts
Modeling Thoughts Metric Expectations(1) • Flat sequentially into Q3 leads to mid single-digit year-over-year growth Gross profit • 1H and 2H splits relatively aligned to historical levels • Currency expected to be a slight benefit to growth for the year • Approximately $300 million Annual depreciat
Slide 15: Questions and Answers
Questions and Answers ———————