Cdw Corporation · NASDAQ:CDW
Cdw — Investor Presentation (2025)
25 slides from Cdw's investor presentation, Dec 6, 2025
Slide 1: Investor Presentation 2025 Fall / Winter
INVESTOR PRESENTATION 2025 | FALL / WINTER
Slide 2: Disclaimers
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 3: Track Record of Profitable Growth
Track Record of Profitable Growth NET SALES & GROSS PROFIT ($B)(2) • Market-leading provider of integrated technology solutions to business, government, CAGR (2015 – 2024) education and healthcare customers for 40+ Net Sales: 5% years Gross Profit: 9% $20.8 $23.7 $21.4 $21.0 $18.0 $18.5 $14.8 $16.2
Slide 4: Strategy Drives Share Gain In Large and Growing Market
Strategy Drives Share Gain In Large and Growing Market THREE-PART STRATEGY FOR GROWTH TOTAL ADDRESSABLE MARKET Capture Share and Acquire New 1 Customers Total US, UK and Canada IT Market: ~$1,300B(1) Enhance Capabilities in High-Growth 2 Solutions Areas CDW Current Addressable Market: 3 Expand Servi
Slide 5: Balanced Portfolio Offers Multiple Growth Drivers
Balanced Portfolio Offers Multiple Growth Drivers Diverse Customer Channels and Geography Create Multiple Drivers of Growth and Diversification Against Macro and Exogenous Headwinds 2024 NET SALES & Y/Y GROWTH % NET SALES GROWTH ($21.0B, -1.8%) TOTAL 11% 3% CHANGE OTHER Great Recession 0% (UK, Canad
Slide 6: Long Term Gross Profit Outperformance
Long Term Gross Profit Outperformance NET SALES vs GROSS PROFIT GROWTH % 21% 18% 16% 13% 9% 10% 9% 6% 6% 2% -11% -17% '08-'09 '09-'11 '13-'19 '19-'20 '20-'22 '13-'24 % Change CAGR CAGR % Change CAGR CAGR Great Recession Great Recession IPO to Pandemic Pandemic Recovery IPO to Current Recovery Pre-Pa
Slide 7: Uniquely Positioned to Deliver Customer and Partner Value
Uniquely Positioned to Deliver Customer and Partner Value 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 engi
Slide 8: Highly Complex and Interconnected Customer Experiences
HIGHLY COMPLEX AND INTERCONNECTED CUSTOMER EXPERIENCES 8
Slide 9: Full Solutions Stack, Full Outcome and Full IT Lifecycle
FULL SOLUTIONS STACK, FULL OUTCOME AND FULL IT LIFECYCLE As a trusted advisor, we help customers navigate and be successful in an ever-changing world by providing them the technology advice and solutions they need, when they need them. 9
Slide 10: Broad Portfolio of Solutions and Services
Broad Portfolio of Solutions and Services The breadth of our product and solutions portfolio ON PREMISE ON JOURNEY ON MULTI-CLOUD ensures we are well- positioned to meet our SOLUTION TRANSFORMATION PLATFORM customers’ needs and pivot DESIGNS DESIGNS DESIGNS DESIGN quickly to trends in customer deman
Slide 11: Proven Track Record of Execution to Accelerate Capabilities
Proven Track Record of Execution to Accelerate Capabilities 2024 Acquires Mission Cloud Services Complexity / Productivity and Growth Benefits 2023 Acquires Locus Recruiting and Enquizit 2021 Acquires Amplified IT, Focal Point and Sirius Computer Solutions 2020 Acquires IGNW, Aeritae and Southern 20
Slide 12: Highly Skilled Services and Sales Capabilities
Highly Skilled Services and Sales Capabilities (1) ~10,700 CUSTOMER-FACING COWORKERS (CFCW) (2) ~6,300 TECHNICAL COWORKERS (3) Our strong technical organization includes approximately 6,300 technical coworkers, including highly-skilled specialists and engineers, allowing ~14,900 CDW to deliver incre
Slide 13: International Presence to Better Serve Customers
International Presence to Better Serve Customers Able to provide IT solutions to ~150 countries(1) Located in 11 countries Capability to export to(2) No presence 1. As of December 31, 2024. 2. Includes countries in the trailing 24 months that CDW has exported to or is able to supplement export capab
Slide 14: Sustainable Competitive Advantages
Sustainable Competitive Advantages SUPERIOR VALUE DIFFERENTIATED GROWTH STRONG ROWC Highly Engaged Highly-Skilled Scale & Scope Performance - Driven Sales and Culture Service Capabilities Robust Multinational Footprint Deep and Distribution and Logistics With International Experienced Capabilities C
Slide 15: Strong Financial Performance
Strong Financial Performance (1) NET SALES GROSS PROFIT Net sales ($B) Netted down revenues as % of Gross profit (%)(2) Gross profit ($M) $23.7 CAGR (2015 – 2024) $20.8 $21.4 $21.0 $20.8 $22.1 CAGR (2015 – 2024) $4,687 $4,652 $4,602 $4,601 $4,774 Net Sales: 5% $18.0 $18.5 Gross Profit: 9% $3,569 $14
Slide 16: Strong Return on Working Capital
Strong Return on Working Capital(1) 65.0% 65.5% 66.1% 63.7% 58.0% 59.1% 58.7% 54.9% 55.1% 55.5% 52.7% Highly focused on balancing working ROWC (%) capital investments to support customers while generating attractive returns on invested capital. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3'25
Slide 17: 2025 Capital Allocation Priorities
2025 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) consiste
Slide 18: Outlook
CUSTOMER SPEND U.S. IT growth plus a premium target of ~200 to 300 bps 2025 (1)(2) GROSS PROFIT Low-to-mid single digit growth OUTLOOK NON-GAAP NET INCOME PER DILUTED SHARE Low single-digit growth 1. Certain annual outlooks are provided on a non-GAAP basis because certain reconciling items are depen
Slide 19: Returned Approximately $7.9B in Cash to Shareholders Since 2013
Returned Approximately $7.9B in Cash to Shareholders Since 2013(1) DIVIDENDS PAID ($M) SHARE REPURCHASES ($M)(2) In 2022, CDW paused CAGR (2014 – 2024) $322 $332 $1,500 share repurchases(3) Dividends Paid: 26% $283 (1)(2) $235 $657 $220 $534 $522 $183 $500 $500 $139 $367 $341 $107 $79 $241 $53 $34 $
Slide 20: Investment Highlights
• ~$440B(1) addressable market opportunity with attractive growth potential • Market-leading provider of integrated technology solutions in a highly fragmented IT Solutions Industry • Proven ability to evolve and capitalize on IT trends INVESTMENT HIGHLIGHTS • Flexible, nimble, performance-driven cu
Slide 21: Appendix
APPENDIX cow)
Slide 22: ESG at CDW
cow) ESG at CDW Ads At CDW, our ESG work is guided by the principles of The CDW Way and our values of trust, connection and commitment. We focus our PEOPLE PLANET ESG efforts on the topics, challenges and opportunities where CDW a cine ‘ We use our reach, scale and We strive to be sustainable and is
Slide 23: CDW's 2023 ESG Milestones and Highlights
CDW’s 2023 ESG Milestones and Highlights 23
Slide 24: ESG Products and Solutions
ESG Products and Solutions - - 24
Slide 25: Debt Maturity Profile
Debt Maturity Profile As of September 30, 2025 ($M) Weighted Average Rate: 4.0% Weighted Average Maturity: 3.8 years $1,000 $635 $1,304 $500 $1,000 $600 $700 $600 $600 $296 2026 2027 2028 2029 2030 2031 2032 2033 2034 $1.6B RLF(1) - Floorplan Senior Notes 2.670% Due 2026 Senior Notes 3.250% Due 2029