What changed

• Net sales reported to $3,569M.
• Net income +4.7% YoY to $235M.
• 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:.

Guidance / outlook

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.