CDW Corp

Was sich verändert hat

• Net sales reported to $3,965M.
• Net income +1.2% YoY to $274M.
• Net sales for CDW’s UK and Canadian operations, combined as "Other" for financial reporting purposes, were $826 million, 22.9 percent higher than 2025. Gross profit in the second quarter of 2026 was $1,320 million, compared to $1,241 million for the second quarter of 2025, representing an increase of 6.3 percent. Gross profit margin was 20.1 percent in the second quarter of 2026 compared to 20.8 percent in the second quarter of 2025. The decrease in Gross profit margin was primarily driven by mix into and lower margin in certain hardware categories, partially offset by a higher contribution of netted down revenue. Selling and administrative expenses were $891 million in the second quarter of 2026, compared to $821 million in the second quarter of 2025, representing an increase of 8.6 percent. The increase was primarily due to higher compensation expense, including performance-based incentives, and workplace optimization costs. Operating income was $429 million in the second quarter of 2026, compared to $420 million in the second quarter of 2025, representing an increase of 2.0 percent. Non-GAAP operating income was $556 million in the second quarter of 2026, compared to $520 million in the second quarter of 2025, representing an increase of 7.0 percent. Operating income margin and Non-GAAP operating income margin were 6.5 percent and 8.5 percent, respectively, for the second quarter of 2026, compared to 7.0 percent and 8.7 percent, respectively, for the second quarter of 2025. Interest expense, net includes interest expense and interest income. Interest expense, net was $60 million in the second quarter of 2026, compared to $57 million for the second quarter of 2025, representing an increase of 6.0 percent. The increase is primarily due to higher average debt levels on our senior unsecured revolving loan facility. The effective income tax rate was 26.4 percent in the second quarter of 2026, compared to 25.7 percent in the second quarter of 2025, which resulted in income tax expense of $99 million and $94 million, respectively. The increase in the effective income tax rate was primarily due to current year tax shortfalls as compared to prior year excess tax benefits on equity-based compensation . Net income was $274 million in the second quarter of 2026, compared to $271 million in the second quarter of 2025, representing an increase of 1.2 percent. Non-GAAP net income was $370 million in the second quarter of 2026, compared to $344 million in the second quarter of 2025, representing an increase of 7.8 percent. Weighted-average diluted shares outstanding were 127 million for the second quarter of 2026, compared to 132 million for the second quarter of 2025. Net income per diluted share for the second quarter of 2026 was $2.15, compared to $2.05 for the second quarter of 2025, representing an increase of 5.1 percent. Non-GAAP net income per diluted share for the second quarter of 2026 was $2.91, compared to $2.60 for the second quarter of 2025, representing an increase of 11.9 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 2 determinable. These statements also relate to our future prospects, financial outlook, growth, developments, business strategies, capital allocation, and stockholder returns. 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. Examples of forward-looking statements include, but are not limited to, statements we make in this release regarding our future financial and operational performance, expected customer demand for technology solutions and services, customer spending trends, future liquidity, capital allocation priorities, strategic investments and transformation initiatives, management of debt obligations, and the impact of any economic, geopolitical, and regulatory developments. 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.