CDW Corp 10-Q10-Q

Financial Statements (unaudited)

Item 1. Financial Statements CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars and shares in millions, except per share amounts) June 30, 2026 December 31, 2025 Assets (unaudited) Current assets: Cash and cash equivalents $ 361.8 $ 618.7 Accounts receivable, net of allowance for credit losses of $ 68.4 and $ 65.2 , respectively 7,343.7 6,312.4 Merchandise inventory 981.8 563.4 Miscellaneous receivables 546.8 554.0 Prepaid expenses and other 446.4 452.0 Total current assets 9,680.5 8,500.5 Operating lease right-of-use assets 128.2 136.7 Property and equipment, net 166.0 171.5 Goodwill 4,652.1 4,662.3 Other intangible assets, net 1,095.7 1,186.4 Accounts receivable and other assets, noncurrent 1,532.3 1,370.8 Total Assets $ 17,254.8 $ 16,028.2 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable-trade $ 5,117.4 $ 4,220.1 Accounts payable-inventory financing 465.2 352.6 Current maturities of long-term debt 1,008.9 1,007.5 Contract liabilities 576.6 534.0 Accrued expenses and other current liabilities: Compensation 295.3 318.8 Advertising 228.1 176.1 Sales and income taxes 78.1 82.9 Other 526.8 534.1 Total current liabilities 8,296.4 7,226.1 Long-term liabilities: Debt 4,808.1 4,622.3 Deferred income taxes 162.3 171.8 Operating lease liabilities 147.3 157.8 Accounts payable and other liabilities 1,398.6 1,244.1 Total long-term liabilities 6,516.3 6,196.0 Commitments and contingencies (Note 10) Stockholders’ equity: Preferred stock, $ 0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods — — Common stock, $ 0.01 par value, 1,000.0 shares authorized; 125.3 and 129.4 shares outstanding, respectively 1.2 1.3 Paid-in capital 4,052.9 3,978.5 Accumulated deficit ( 1,488.9 ) ( 1,273.9 ) Accumulated other comprehensive loss ( 123.1 ) ( 99.8 ) Total stockholders’ equity 2,442.1 2,606.1 Total Liabilities and Stockholders’ Equity $ 17,254.8 $ 16,028.2 The accompanying notes are an integral part of the Consolidated Financial Statements. 3 Table of Contents CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollars and shares in millions, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 6,572.2 $ 5,976.6 $ 12,252.0 $ 11,175.7 Cost of sales 5,252.4 4,735.4 9,742.2 8,812.2 Gross profit 1,319.8 1,241.2 2,509