CDW · 10-Q · 2026Q2 · Full report
Operating Cash Flow Trends
CDW Corp · 2026-08-05 · Importance 57 · Surprise 64 · From source text
Net cash provided by operating activities declined $223.4 million to $219.7 million in the six months ended June 30, 2026 from $443.1 million in the prior-year period. Free cash flow fell to $165.8 million from $393.7 million after $53.9 million of capital expenditures, compared with $49.4 million previously. The operating-cash-flow decline was driven by a $603.9 million larger use of accounts receivable and a $271.0 million larger use of merchandise inventory, partially offset by a $511.5 million increase in accounts payable-trade. The cash conversion cycle increased to 21 days from 16 days because of higher collection and inventory days, partly offset by higher days payable.
Key facts
- Six months ended June 30, 2026 Adjusted free cash flow: $278.4 million; prior year: $458.9 million source
- Six months ended June 30, 2026 Net cash provided by operating activities: $219.7 million versus $443.1 million prior year (decrease of $223.4 million) source
- Accounts receivable change in operating activities for six months ended June 30, 2026: $(1,054.0) million versus $(450.1) million prior year (decrease of $603.9 million) primarily due to timing of collections and increased sales activity source
- Accounts payable-trade change provided $896.2 million for six months ended June 30, 2026 versus $384.7 million prior year (increase of $511.5 million) primarily due to timing of payments and increased sales activity source
- Cash conversion cycle increased to 21 days at June 30, 2026 compared to 16 days at June 30, 2025 source
- Average daily sales for three months ended June 30, 2026: $102.7; for three months ended June 30, 2025: $93.4 source
- Six months ended June 30, 2026 Free cash flow: $165.8 million (Net cash provided by operating activities $219.7 million less capital expenditures $53.9 million) source
- All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by those cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -1.3% | Six months ended June 30, 2026 Net cash provided by operating activities: $219.7 million versus $443.1 million prior year (decrease of… |
| cash | negative | realized | -1.1% | Six months ended June 30, 2026 Adjusted free cash flow: $278.4 million; prior year: $458.9 million |