CDW · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

CDW Corp · 2026-11-04 · Importance 79 · Surprise 66 · No source text

At September 30, 2026, CDW held $1.5 billion in cash and had $1.9 billion of available borrowing capacity under its revolving loan facility. Total unsecured indebtedness was $7.1 billion, compared with $5.6 billion a year earlier, and net debt was $5,585.6 million versus $5,175.9 million. Third-quarter financing included $1.5 billion of senior notes carrying coupons of 5.700% to 6.350%, with proceeds intended to repay $600 million of 2.670% notes due December 2026 and support general corporate purposes, including Lovelytics. CDW reported compliance with credit-agreement and indenture covenants and stated it had adequate liquidity for at least the next 12 months.

Key facts

• CDW plans to use net proceeds from its 2026 Senior Notes issuance to repay the 2.670% Senior Notes due at maturity in December 2026; remaining proceeds are available for general corporate purposes, including funding a substantial portion of the Lovelytics acquisition. source
• During the third quarter of 2026, CDW issued $600 million of 5.700% Senior Notes due 2029, $500 million of 6.100% Senior Notes due 2032, and $400 million of 6.350% Senior Notes due 2033. source
• As of September 30, 2026, CDW had $1.5 billion in cash and cash equivalents and $1.9 billion of availability under its Revolving Loan Facility. source
• As of September 30, 2026, CDW had $7.1 billion of total unsecured indebtedness and was in compliance with its credit agreement and indenture covenants. source
• CDW stated that it believes it has adequate liquidity and funding for at least the next 12 months and thereafter. source
• For the nine months ended September 30, 2026, CDW net cash used in investing activities was $540.6 million, compared with net cash provided of $124.7 million in 2025. source
• For the nine months ended September 30, 2026, CDW net cash provided by financing activities was $862.3 million, compared with net cash used of $968.7 million in 2025. source
• CDW’s financing cash flows increased $1,831 million in the nine months ended September 30, 2026, driven by long-term debt issuance proceeds, product-financing proceeds, and repayment of long-term debt in 2025, partly offset by higher share repurchases. source

Impact estimates