CDW · Earnings call · 2026Q2T · Full report
Capital Return Program
CDW Corp · 2026-08-05 · Importance 58 · Surprise 42 · In source text
CDW returned $344 million through share repurchases and $80 million through dividends during the second quarter. First-half 2026 share repurchases totaled approximately $545 million, compared with $653 million for all of 2025 and $500 million in each of 2023 and 2024. The company announced an additional $1 billion repurchase authorization during the quarter, leaving more than $1.1 billion of remaining capacity. CDW's first capital priority is to increase dividends in line with non-GAAP net-income growth while targeting an approximately 25% payout ratio.
Key facts
- With additional $1 billion authorization announced in the second quarter, more than $1.1 billion remaining capacity under share repurchase program
- Through the first half of 2026, returned approximately $545 million to shareholders in repurchases compared to $653 million in 2025 and $500 million in each of 2023 and 2024
- Returned $344 million in share repurchases and $80 million in dividends in the quarter
- Targeting a roughly 25% payout ratio of non-GAAP net income for dividends going forward
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | — | With additional $1 billion authorization announced in the second quarter, more than $1.1 billion remaining capacity under share repurchase… |
| cash | negative | realized | — | Through the first half of 2026, returned approximately $545 million to shareholders in repurchases compared to $653 million in 2025 and… |
| cash | negative | realized | — | Returned $344 million in share repurchases and $80 million in dividends in the quarter |
| cash | negative | realized | — | Returned $344 million in share repurchases and $80 million in dividends in the quarter |
| cash | negative | probable | — | Targeting a roughly 25% payout ratio of non-GAAP net income for dividends going forward |