CDW : Investor Presentation - Spring/Summer 2026

Published: 2026-05-06 08:28:08 ET CDW

Published on 05/06/2026 at 08:28 am EDT

2026 | SPRING / SUMMER

Market-leading provider of integrated

NET SALES & GROSS PROFIT ($B)

technology solutions to business, government, education, and healthcare customers for 40+ years

Coworkers: ~11,000 US and ~3,700 international; over 2/3 are customer-facing(1)

CAGR (2016 - 2025)

$2.3

$2.5

$13.7 $14.8 $16.2

$2.7

$3.2

$3.0

$18.0 $18.5 $20.8

$23.7

$3.6

$4.7

$21.4 $21.0

$4.7

$4.6

$22.4

$4.9

Full stack of technology solutions and services across the entire IT lifecycle

Offers 100,000+ products and solutions from 1,000+ brands to more than 250,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

OPERATING INCOME ($M)(2)

CAGR (2016 - 2025)

customers in the US, UK, and Canada

"Sweet spot" is customers with <5,000

employees

US GAAP Operating Income: 8%

$2,051 $2,039 $1,947 $1,997

Attractive business model with demonstrated track record of profitable growth

As of March 31, 2026.

Non-GAAP Operating Income: 7%

$1,048

$820

$1,645 $1,735

$1,405 $1,419

$1,179

$1,681

$1,651

$1,656

$1,368

$1,107

$1,217 $1,134

$867

$987

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Refer to Non-GAAP Reconciliations Deck on investor.cdw.com for reconciliation of non-GAAP measures for additional detail.

THREE-PART STRATEGY FOR GROWTH

Capture Share and Acquire New

Customers

Enhance Capabilities in High-Growth

Solutions Areas

Expand Services Capabilities

TOTAL ADDRESSABLE MARKET

Total US, UK, and

Canada IT Market:

~$1,350B(1)

CDW Current

Addressable

Market:

~$450B(1)

The majority of the addressable market is highly fragmented across thousands of value-added resellers. CDW is an IT market leader, yet it holds a low share of its approximately $450 billion(1) addressable market.

Diverse Customer Channels and Geography Create Multiple Drivers of Profitable Growth and

Diversification Against Macro and Exogenous Headwinds

2025 NET SALES & Y/Y GROWTH %

($22.4B, +6.8%)

NET SALES vs GROSS PROFIT GROWTH %

Education

(K-12,

Higher Education)

Other

(UK, Canada)

$2.7B

+9.7%

$3.1B

-2.7%

$9.1B

+6.1%

Corporate

-11%

-17%

18%

16%

G% 10%

21%

13%

6% G%

Government

(Federal, State & Local)

$2.9B

+6.5%

$3.0B

+10.5%

$1.5B

+22.8%

'08-'0G

% Change

Great Recession

'0G-'11 CAGR

Great Recession Recovery

'13-'1G CAGR

IPO to Pre-

Pandemic

'1G-'20

% Change Pandemic

'20-'22

CAGR

Pandemic Recovery

'13-'25

CAGR

IPO to Current

Healthcare

FSI

CDW Sits Between Customers and Vendor Partners, Creating Value for Both

VALUE TO CUSTOMERS

Broad selection of products and multi-branded IT solutions

Value-added services with integration capabilities

Highly-skilled specialists and engineers

Solutions across IT lifecycle

Industry vertical expertise

VALUE TO VENDOR PARTNERS

Access to more than 250,000 customers

Large and established customer channels

Strong distribution and implementation capabilities

Customer relationships driving insight into technology roadmaps

Industry vertical expertise

Customer

Value

Intimate

Knowledge of IT Environment and Landscape

Vendor

Partner

Value

HIGHLY COMPLEX AND

INTERCONNECTED CUSTOMER EXPERIENCES

FULL SOLUTIONS STACK, FULL OUTCOME, AND FULL IT LIFECYCLE

DESIGN

ORCHESTRATE

CLOUD SERVICES

BUILDS

UPGRADES

& MIGRATIONS

SOLUTION BUILDS

PLATFORM DESIGNS

TRANSFORMATION DESIGNS

SOLUTION DESIGNS

ON MULTI-CLOUD

ON JOURNEY

ON PREMISE

The breadth of our product and solutions portfolio ensures we are well-positioned to meet our customers' needs and pivot quickly to trends in customer demand.

MANAGE

CLOUD SERVICES & RESOURCES

MANAGED MIGRATIONS

OPERATIONS & SUPPORT

We plan to continue to invest, organically and inorganically, in high-growth solutions and services capabilities.

We have a holistic approach to drive value from AI across our business

Customers

Partners

The provider of choice to

drive AI-powered transformation outcomes

Coworkers

A magnet for AI-forward talent and a leading example of an AI-powered

workforce

The gateway go-to-market partner for AI in the marketplace

Enterprise

Customers

Partners

AI360

Coworkers

Enterprise

AI scaled across our organization and embedded in our operations

Differentiated mix of technology, services, and innovation

Purpose-built Technology

for a Customer's AI Journey

CDW has direct access to the most advanced AI platforms and tools available today, including partnerships with industry leaders in AI tooling, enterprise platforms, cloud computing, and hardware.

Services to get Customers from Idea to Execution

We excel in taking AI projects beyond proof-of-concept and scaling them into fully operational, ROI-driven solutions.

Solutions Designed for Customer Industry

CDW has built high-impact solutions for customers across verticals, and is rapidly developing a library of AI use case accelerators targeting industry-specific opportunities.

Commitment to Expertise & Innovation

CDW's dedicated AI Center of Excellence serves as our innovation engine, focused on evaluating new technology, pioneering new customer solutions, and maximizing customer value.

Full stack support: Hardware | Software | Cloud | Services

2025 Acquires

Lexicon

Complexity / Productivity and Growth Benefits

Tech Solutions1

2024 Acquires

Mission Cloud Services

2023 Acquires Locus Recruiting and Enquizit

2021

Acquires Amplified IT, Focal Point and Sirius Computer Solutions

2019

2020

Acquires IGNW, Aeritae and Southern Dakota Solutions

1984

CDW founded by Michael Krasny

1995

CDW

launches CDW.com

1998

CDW•G

founded

2003

Micro Warehouse Canada becomes CDW Canada

2005

Opens Western Distribution Center

Launches CDW Healthcare

2006

Acquires Berbee Information Networks

2007

Launches Nonprofit

2008

Launches Financial Services

2015

Acquires UK-based Kelway

2017

Launches CDW Small Business

Acquires Scalar Decisions and Aptris

Products Integrated Technology Services and Solutions

Acquired select assets of Lexicon Tech Solutions.

Our strong technical organization includes approximately 6,200 technical coworkers, including highly-skilled specialists and engineers, allowing CDW to deliver increasingly complex IT solutions.

As of March 31, 2026.

Customer-Facing Coworkers (CFCW).

Subcomponent of Customer-Facing Coworkers.

~6,200 TECHNICAL COWORKERS(3)

~14,700

Coworkers

Able to provide IT solutions to

~150 countries(1)

As of December 31, 2025.

Includes countries in the trailing 24 months that CDW has exported to or is able to supplement export capabilities with via fulfillment partners. 14

SUPERIOR VALUE

DIFFERENTIATED GROWTH

STRONG ROWC

Scale and Scope

Highly Engaged Performance - Driven Culture

Highly-Skilled Sales and

Service Capabilities

Robust

Distribution and Logistics Capabilities

Multinational Footprint With International Capabilities

Deep and Experienced Management

NET SALES

GROSS PROFIT

30%

21%

Gross Profit: 9%

$3,569

$2,328 $2,450 $2,707

$3,040 $3,210

29%

28%

27%

25%

35%

33%

35%

CAGR (2016 - 2025)

Net Sales: 6% $18.0 $18.5

$16.2

$20.8

$23.7

$21.4 $21.0

$22.4

$21.3

$22.9

CAGR (2016 - 2025)

$4,687 $4,652 $4,602 $4,873 $4,661 $4,941

$13.7 $14.8

2016 2017

2018

2019

2020

2021

2022

2023

2024

2025

Q1'25

Q1'26

2016 2017 2018 2019

2020

2021 2022 2023 2024

2025

Q1'25 Q1'26

TTM

TTM TTM

OPERATING INCOME AND MARGIN(2) NET INCOME(4)

CAGR (2016 - 2025)

NGNI: 10%

$794

$1,119

$902

$954

$570

$606

$1,342 $1,346 $1,287 1,323 $1,313 $1,332

CAGR (2016 - 2025)

$2,051 $2,039 $1,947 $1,997 $1,988 $2,005

NGOI: 7%

$1,048 $1,107 $1,217

$1,645

$1,368 $1,405

9.3%

8.8%

7.5%

7.7% 7.5%

7.6% 7.6%

7.9%

8.9%

9.3%

9.5%

8.6%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'25 Q1'26

TTM

Netted down revenues represent revenue recognized on a net basis, which equals gross profit. Netted down revenues result when CDW is not primarily responsible for fulfillment and acceptability of the product or service and, therefore,

is acting as an agent. CDW acts as an agent for Software as a Service, Software Assurance, and warranty solutions. Agent commission fees are also netted down revenues. CDW has not disclosed netted down revenues prior to 2016.

Non-GAAP operating income (NGOI) excludes, among other things, charges related to acquisition-related intangible asset amortization, 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.

GAAP operating margin was 7.3%, 7.9%, 7.4%, 7.9%, 7.9%, 7.3%, 6.8%, 6.4%, 6.3%, 6.1%, 5.8%, and 6.0%, in the years Q1'26 TTM, Q1'25 TTM, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016, respectively.

Non-GAAP net income (NGNI) 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, workplace optimization, and their associated income tax effects.

65.0%

65.5%

66.1%

63.7%

58.0%

59.1%

58.7%

54.9% 55.1%

54.3%

52.8%

ROWC (%)

Highly focused on balancing working capital investments to support customers while generating attractive returns on invested capital.

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26

TTM

Return on Working Capital ("ROWC") is defined as the percentage of Non-GAAP operating income after-tax divided by working capital. 17

PRIORITIES

OBJECTIVES

ACTIONS

INCREASE DIVIDEND ANNUALLY

Target ~25% payout of Non-GAAP net income*; grow in-line with earnings

~1% increase in November 2025 to $2.52/share annually

MAINTAIN NET LEVERAGE RATIO(1)

Target ~2.0 to 3.0 times Net Leverage Ratio; consistent with our commitment to an investment grade capital structure

Currently at 2.4x(2)

SUPPLEMENT ORGANIC GROWTH WITH M&A

Expand CDW's strategic capabilities

Twelve acquisitions over the last seven years

RETURN EXCESS ADJUSTED FCF* AFTER DIVIDENDS AND M&A THROUGH SHARE REPURCHASES

Target, in aggregate with Dividend, returning 50% to 75% of Adjusted FCF* to shareholders

Returned $282M YTD(2) to shareholders in the form of share repurchases

and dividends

Defined as the ratio of total debt at period-end excluding any unamortized discount and/or premium and deferred financing costs, less cash and cash equivalents and short-term investments, to trailing twelve-month Non-GAAP operating income plus depreciation and amortization in SG&A (excluding amortization expenses for acquisition-related intangible assets).

As of March 31, 2026. 18

* Non-GAAP measure.

CUSTOMER SPEND

U.S. IT growth plus a premium target of ~200 to 300 bps(3)

GROSS PROFIT

Low-to-mid single-digit growth

NON-GAAP NET INCOME PER DILUTED SHARE*

Mid single-digit growth

Certain annual outlooks are provided on a non-GAAP basis 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 CDW's underlying performance, such as refinancing activities or acquisition and integration expenses. Further, for the same reasons, a reconciliation of these forward-looking non-GAAP measures to the most directly comparable GAAP measure cannot be provided without unreasonable efforts.

As of May 6, 2026; all growth rates are on a year-over-year constant currency basis.

CDW current addressable IT market. 19

* Non-GAAP measure.

2026(1),(2)

OUTLOOK

DIVIDENDS PAID ($M)

CAGR (2014 - 2025)

$322 $332 $329

SHARE REPURCHASES ($M)(2)

In 2022, CDW paused

share repurchases(3)

$1,500

Dividends Paid: 23%

$79

$107

$139

$183

$220 $235

$283

$241

$367

$534 $522

$657

$341

$500 $500

$653

$53

$34

From IPO through March 31, 2026.

In February 2025, CDW's Board of Directors authorized a $750 million increase to the company's share repurchase program. As of March 31, 2026, the Company has approximately $484 million remaining under the program.

CDW elected to temporarily suspend share repurchases as a precautionary measure following the COVID-19 pandemic from March 2020 through October 2020. CDW put a lower priority on share repurchases in 2022 until its Net

Leverage Ratio was in target range. The Net Leverage Ratio was outside of CDW's target range as a result of CDW issuing $2.5 billion of senior notes on December 1, 2021, to fund the acquisition of Sirius Computer Solutions, Inc.

Disclaimer

CDW Corporation published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 12:27 UTC.