Slide 1: CDW Corporation Webcast Conference Call
CDW Corporation Webcast Conference Call May 6, 2026
Slide 2: Today's Agenda
First 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 $5.7 billion • Up 9.2% on a reported basis • Up 8.4% on a constant currency* basis • Gross profit of $1.2 billion, up 6.0% • Gross profit margin of 21.0%, down 60 basis points • Operating income of $376 million, up 4.0% • Non-GAAP operating income* of $452 millio
Slide 6: Net Sales By Channel
Net Sales By Channel Three Months Ended March 31, ($ in millions) 2026 2025 Percent Change(1) Commercial Corporate $ 2,374.3 $ 2,190.0 8.4 % Financial Services 428.4 334.1 28.2 Healthcare 766.7 731.2 4.9 Total Commercial 3,569.4 3,255.3 9.6 Government 632.9 604.9 4.6 Education 675.0 658.5 2.5 Other
Slide 7: Financial Results
Financial Results Three Months Ended March 31, ($ in millions) 2026 2025 Percent Change Net sales $ 5,679.8 $ 5,199.1 9.2 % Average daily net sales(1) $ 90.2 $ 82.5 9.2 Gross profit $ 1,190.0 $ 1,122.3 6.0 Gross profit margin 21.0 % 21.6 % Selling and administrative expenses $ 814.0 $ 760.9 7.0 Oper
Slide 8: Earnings Per Diluted Share
Earnings Per Diluted Share Three Months Ended March 31, ($ in millions, except per-share amounts) 2026 2025 Percent Change US GAAP Net income $ 235.4 $ 224.9 4.7 % Weighted-average common shares outstanding - Diluted 129.5 133.5 Net income per diluted share $ 1.82 $ 1.69 7.9 % Non-GAAP net income* $
Slide 9: Debt and Revolver Availability
Debt and Revolver Availability ($ in millions) March 31, 2026 December 31, 2025 March 31, 2025 Cash and cash equivalents $ 578.6 $ 618.7 $ 471.4 Short-term investments — — 216.7 Total debt 5,641.0 5,629.8 5,853.0 Net debt(1) 5,062.4 5,011.1 5,164.9 Revolver availability 1,886.8 1,925.8 1,265.0 Cash
Slide 10: Cash Conversion Cycle
Cash Conversion Cycle (Based on a rolling three-month average) March 31, 2026 December 31, 2025 March 31, 2025 Days of sales outstanding 96 95 86 Days of supply in inventory 14 11 13 Days purchases outstanding (94) (90) (84) Cash conversion cycle 16 16 15 10
Slide 11: Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow and Adjusted Free Cash Flow Three Months Ended March 31, ($ in millions) 2026 2025 Net cash provided by operating activities $ 274.8 $ 287.2 Capital expenditures (26.4) (26.9) Free cash flow* 248.4 260.3 Net change in accounts payable - inventory financing 3.0 (11.5) Adjusted free cas
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 Low-to-mid single-digit growth Outlook NON-GAAP NET INCOME PER DILUTED SHARE* Mid single-digit growth 1. Certain annual outlooks are provided on a non-GAAP basis because certain reconciling items are
Slide 14: Modeling Thoughts
Modeling Thoughts Metric Expectations(1) • High single-digit sequential growth in Q2 leads to mid single-digit year-over-year growth Gross profit • Closer to 50/50 between 1H and 2H vs historical levels (still slightly 2H weighted) • Currency expected to be a slight benefit to growth for the year •
Slide 15: Questions and Answers
Questions and Answers ———————