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1月前
Wesco International Reports First Quarter 2026 ResultsApril 30, 2026 6:00 AM
PR Newswire (US)
Record first quarter reported net sales of $6.1 billion, up 14% YOYOrganic sales up 12% YOYData center sales of $1.4 billion, up ~70% YOYRecord total company backlog, up 22% YOYFirst quarter operating margin of 4.8%, up 30 basis points YOY; adjusted EBITDA margin of 6.4%, up 60 basis points YOYFirst quarter diluted EPS of $3.11; adjusted diluted EPS of $3.37, up 52.5% YOYFirst quarter operating cash flow of $221 million, up $193 million YOY; free cash flow of $213 million or 128% of adjusted net incomeRaising 2026 outlook reflecting an exceptional start to the year PITTSBURGH, April 30, 2026 /PRNewswire/ -- Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services and supply chain solutions, announces its results for the first quarter of 2026.
"We delivered an exceptional start to 2026, building on last year's market outperformance and accelerating business momentum. Sales, backlog, operating margin, adjusted earnings per share, and free cash flow all increased versus the prior year and exceeded our expectations. Record sales of $6.1 billion were up 14% marking our third quarter in a row of double-digit sales growth. Data center sales of $1.4 billion were up approximately 70% and now represent 24% of our total Wesco sales. Backlog was up 22%, to a new record level, reflecting the benefits of secular growth trends and continued effectiveness of our cross-selling program. Profit growth and margin improvement were also excellent, driven by gross margin expansion and strong operating cost leverage. As a result, we delivered adjusted EBITDA margin expansion of 60 basis points, adjusted EBITDA growth of 25%, and adjusted EPS growth of over 50% versus the prior year. Free cash flow generation, at 128% of adjusted net income, was also very strong. The power of our customer value proposition, global capabilities, and leading portfolio of products, services and solutions is clear as we continue to outperform the market," said John Engel, Chairman, President, and CEO.Mr. Engel concluded, "We are very pleased with our first quarter results and continued positive business momentum to start the year. While uncertainty in the macro-economic environment may present challenges, we're focused on continued strong execution and outperformance under all market conditions. We are raising our full-year 2026 outlook reflecting our exceptional start to the year. As the market leader, and with positive momentum building, I'm confident that Wesco will continue to outperform our markets and deliver superior value to our customers and shareholders in 2026 and beyond."Key Financial Highlights
Three Months Ended March 31($ in millions except per share data)2026
Reported2025
ReportedChange vs prior
yearGAAP Results Net sales$6,080.1$5,343.713.8 %Selling, general, and administrative expenses$947.6$836.313.3 %Operating profit$293.5$240.921.8 %Net income attributable to common stockholders $153.8$104.047.9 %Earnings per diluted share$3.11$2.1048.1 %Operating cash flow$221.4$28.0690.7 %Effective tax rate 21.8 %23.4 %(160) basis points
($ in millions except per share data)2026
Adjusted 2025
Adjusted Change vs prior
yearNon-GAAP Results*Organic sales growth 12.3 %5.6 %N/AGross profit$1,291.8$1,125.614.8 %Gross margin21.2 %21.1 %20 basis pointsAdjusted selling, general, and administrative expenses$930.1$829.012.2 %Adjusted EBITDA$388.8$310.725.1 %Adjusted EBITDA margin6.4 %5.8 %60 basis pointsAdjusted net income attributable to common stockholders $166.8$109.652.2 %Adjusted earnings per diluted share$3.37$2.2152.5 %Free cash flow$213.4$9.42,170.2 %
* Amounts may not foot or recalculate due to rounding.Net SalesOn an organic basis, which removes differences in foreign exchange rates, sales for the first quarter of 2026 grew by 12.3%. The increase in organic sales reflects volume growth in all three segments (CSS, EES and UBS), as well as a favorable impact from changes in price. We had record backlog at the end of the first quarter of 2026, up by 22% compared to the end of the first quarter of 2025.Gross Profit and Gross MarginThe increase in gross margin for the first quarter of 2026 reflects improved gross margin in the EES segment partially offset by a decline in the UBS segment.Selling, General, and Administrative ("SG&A") ExpensesThe increase in SG&A expenses for the first quarter of 2026 is primarily driven by higher salaries and an increase in commissions and incentives due to higher sales and profit. SG&A expenses for the first quarter of 2026 include $17.5 million of digital transformation costs, compared to $7.3 million of digital transformation and restructuring costs for the first quarter of 2025. Adjusted for these costs, SG&A expenses were 15.3% and 15.5% of net sales for the first quarter of 2026 and 2025, respectively, reflecting positive operating cost leverage on the sales growth.Adjusted EBITDA and Adjusted EBITDA MarginThe increase in adjusted EBITDA for the first quarter of 2026 primarily reflects higher sales, lower cost of goods sold as a percentage of sales, and lower SG&A expenses as a percentage of sales, as described above.Effective Tax RateThe lower effective tax rate for the first quarter of 2026 is largely driven by higher discrete income tax benefits relating to the exercise and vesting of stock-based awards.Adjusted Earnings Per Diluted ShareThe increase in adjusted earnings per diluted share in the first quarter of 2026 primarily reflects higher sales, lower cost of goods sold as a percentage of sales, and lower SG&A expenses as a percentage of sales, as described above. Additionally, the prior year period included $14.4 million of preferred stock dividends. The preferred stock was retired in the second quarter of 2025.Operating Cash FlowNet cash provided by operating activities for the first quarter of 2026 totaled $221.4 million compared to $28.0 million in the first quarter of 2025. The $193.4 million increase is driven by a $105.7 million impact from changes in accounts payable, due to the increase in inventory purchases, as well as the timing of inventory purchases and payments to suppliers as compared to the prior year. Additionally an increase in net income as adjusted for certain non-cash items also contributed to the increase in operating cash flows.Webcast and Teleconference AccessWesco will conduct a webcast and teleconference to discuss the first quarter of 2026 earnings as described in this News Release on Thursday, April 30, 2026, at 10:00 a.m. E.T. The call will be broadcast live over the internet and can be accessed from the Investor Relations page of the Company's website at https://investors.wesco.com. The call will be archived on this internet site for seven days.Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with approximately $24 billion in annual sales in 2025 and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 21,000 people, partners with the industry's premier suppliers, and serves thousands of customers around the world. With millions of products, end-to-end supply chain services, and significant digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities. Wesco operates more than 700 sites, including distribution centers, fulfillment centers, and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations.Forward-Looking StatementsAll statements made herein that are not historical facts should be considered as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth strategy, competitive strengths, productivity and profitability enhancement, competition, new product and service introductions, and liquidity and capital resources. Such statements can generally be identified by the use of words such as "anticipate," "plan," "believe," "estimate," "intend," "expect," "project," and similar words, phrases or expressions or future or conditional verbs such as "could," "may," "should," "will," and "would," although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and beliefs of Wesco's management, as well as assumptions made by, and information currently available to, Wesco's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Wesco's and Wesco's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.Important factors that could cause actual results or events to differ materially from those presented or implied in the forward-looking statements include, among others, the failure to achieve the anticipated benefits of, and other risks associated with, acquisitions, joint ventures, divestitures and other corporate transactions; the inability to successfully integrate acquired businesses; the impact of increased interest rates or borrowing costs; fluctuations in currency exchange rates; evolving impacts from tariffs or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); failure to adequately protect Wesco's intellectual property or successfully defend against infringement claims; the inability to successfully deploy new technologies, digital products and information systems or to otherwise adapt to emerging technologies in the marketplace, such as those incorporating artificial intelligence (AI); risks relating to our use or reliance on AI; failure to execute on our efforts and programs related to environmental, social and governance (ESG) matters; unanticipated expenditures or other adverse developments related to compliance with new or stricter government policies, laws or regulations, including those relating to data privacy, cybersecurity, competition, sustainability and environmental protection; the inability to successfully develop, manage or implement new technology initiatives or business strategies, including with respect to the expansion of e-commerce or AI capabilities and other digital solutions and digitalization initiatives; disruption of information technology systems or operations; natural disasters (including as a result of climate change), health epidemics, pandemics and other outbreaks; supply chain disruptions; geopolitical conflicts and issues, such as the ongoing Middle East and Russia/Ukraine conflicts; the impact of changing and expanding export controls, sanctions, and data localization rules; the failure to manage the increased risks and impacts of cyber incidents or data breaches; and exacerbation of key materials shortages, inflationary cost pressures, material cost increases, demand volatility, and logistics and capacity constraints, any of which may have a material adverse effect on the Company's business, results of operations and financial condition. All such factors are difficult to predict and are beyond the Company's control. Additional factors that could cause results to differ materially from those described above can be found in Wesco's most recent Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission.Contact InformationInvestor RelationsCorporate CommunicationsScott GaffnerSenior Vice President, Investor Relationsinvestorrelations@wescodist.com Jennifer SnidermanVice President, Corporate Communications717-579-6603http://www.wesco.com WESCO INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(in millions, except per share amounts)(Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
Net sales$ 6,080.1
$ 5,343.7
Cost of goods sold (excluding depreciation and amortization)4,788.378.8 %
4,218.178.9 %Selling, general and administrative expenses947.615.6 %
836.315.7 %Depreciation and amortization50.7
48.4
Income from operations293.54.8 %
240.94.5 %Interest expense, net96.7
86.3
Other (income) expense, net(0.4)
0.2
Income before income taxes197.23.2 %
154.42.9 %Provision for income taxes43.1
36.1
Net income154.12.5 %
118.32.2 %Less: Net income attributable to noncontrolling interests0.3
(0.1)
Net income attributable to WESCO International, Inc.153.82.5 %
118.42.2 %Less: Preferred stock dividends—
14.4
Net income attributable to common stockholders$ 153.82.5 %
$ 104.01.9 %
Earnings per diluted share attributable to common stockholders$ 3.11
$ 2.10
Weighted-average common shares outstanding and common
share equivalents used in computing earnings per diluted
common share49.5
49.6
WESCO INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(dollar amounts in millions)(Unaudited)
As of
March 31,
2026
December 31,
2025Assets
Current assets:
Cash and cash equivalents$ 696.6
$ 604.8Trade accounts receivable, net4,273.1
4,069.6Inventories4,213.1
4,008.8Other current assets770.8
773.0 Total current assets9,953.6
9,456.2
Goodwill and intangible assets5,077.5
5,112.6Other assets1,933.6
1,926.1 Total assets$ 16,964.7
$ 16,494.9
Liabilities and Equity
Current liabilities:
Accounts payable$ 3,470.5
$ 3,030.5Short-term debt and current portion of long-term debt, net22.8
25.0Other current liabilities1,194.9
1,241.3 Total current liabilities4,688.2
4,296.8
Long-term debt, net5,738.1
5,756.4Other noncurrent liabilities1,440.5
1,415.3 Total liabilities11,866.8
11,468.5
Equity:
Total equity5,097.9
5,026.4 Total liabilities and equity$ 16,964.7
$ 16,494.9 WESCO INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(dollar amounts in millions)(Unaudited)
Three Months Ended
March 31,
2026
March 31,
2025Operating activities:
Net income$ 154.1
$ 118.3Add back (deduct):
Depreciation and amortization50.7
48.4Change in trade receivables, net(216.1)
(188.7)Change in inventories(215.2)
(227.4)Change in accounts payable449.5
343.8Other, net(1.6)
(66.4)Net cash provided by operating activities221.4
28.0
Investing activities:
Capital expenditures(23.4)
(20.4)Acquisition payments, net of cash acquired—
(35.2)Other, net3.5
1.2Net cash used in investing activities(19.9)
(54.4)
Financing activities:
Debt (repayments) borrowings, net(1)(11.0)
99.7Payments for taxes related to net-share settlement of equity awards(22.0)
(18.0)Repurchases of common stock(25.0)
(25.0)Payment of common stock dividends(24.4)
(22.1)Payment of preferred stock dividends—
(14.4)Other, net(25.8)
(17.9)Net cash (used in) provided by financing activities(108.2)
2.3
Effect of exchange rate changes on cash and cash equivalents(1.5)
3.1
Net change in cash and cash equivalents91.8
(21.0)Cash and cash equivalents at the beginning of the period604.8
702.6Cash and cash equivalents at the end of the period$ 696.6
$ 681.6
(1)The three months ended March 31, 2026 includes the issuance of the Company's $650 million aggregate principal amount of 5.250% Senior Notes due 2031 (the "2031 Notes") and $850 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "2034 Notes"). The three months ended March 31, 2025 includes the issuance of the Company's $800 million aggregate principal amount of 6.375% senior notes due 2033 (the "2033 Notes").NON-GAAP FINANCIAL MEASURESIn addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") above, this earnings release includes certain non-GAAP financial measures. These financial measures include organic sales growth, gross profit, gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, financial leverage, free cash flow, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted operating margin, adjusted other non-operating (income) expense, adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. The Company believes that these non-GAAP measures are useful to investors as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results such as digital transformation costs, restructuring costs, cloud computing arrangement amortization, and the related income tax effects, allowing investors to more easily compare the Company's financial performance from period to period. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above.WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts and ratios)(Unaudited)
Organic Sales Growth by Segment:
Three Months Ended
Growth/(Decline)
March 31, 2026
March 31, 2025
Reported
Sales
Acquisition
Foreign
Exchange
Workday
Organic
Sales
EES$ 2,244.2
$ 2,065.3
8.7 %
— %
1.7 %
— %
7.0 %CSS2,478.9
2,000.3
23.9 %
— %
2.0 %
— %
21.9 %UBS1,357.0
1,278.1
6.2 %
— %
0.4 %
— %
5.8 %Total net sales$ 6,080.1
$ 5,343.7
13.8 %
— %
1.5 %
— %
12.3 %
Organic Sales Growth by Segment - Sequential:
Three Months Ended
Growth/(Decline)
March 31, 2026
December 31,
2025
Reported
Sales
Acquisition
Foreign
Exchange
Workday
Organic
Sales
EES$ 2,244.2
$ 2,272.9
(1.3) %
— %
0.5 %
(1.6) %
(0.2) %CSS2,478.9
2,424.7
2.2 %
— %
0.4 %
(1.6) %
3.4 %UBS1,357.0
1,371.0
(1.0) %
— %
0.2 %
(1.6) %
0.4 %Total net sales$ 6,080.1
$ 6,068.6
0.2 %
— %
0.4 %
(1.6) %
1.4 %
Note: Organic sales growth is a non-GAAP financial measure of sales performance. Organic sales growth is calculated by deducting the percentage impact from acquisitions and divestitures for one year following the respective transaction, fluctuations in foreign exchange rates and number of workdays from the reported percentage change in consolidated net sales. Workday impact represents the change in the number of operating days period-over-period after adjusting for weekends and public holidays in the United States; There was no change in the number of workdays in the first quarter of 2026 compared to the first quarter of 2025. The first quarter of 2026 had one less workday than the fourth quarter of 2025.
Three Months EndedGross Profit:March 31,
2026
March 31,
2025
Net sales$ 6,080.1
$ 5,343.7Cost of goods sold (excluding depreciation and amortization)4,788.3
4,218.1Gross profit$ 1,291.8
$ 1,125.6Gross margin21.2 %
21.1 %
Note: Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold, excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts and ratios)(Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025Adjusted SG&A Expenses:
SG&A expenses$ 947.6
$ 836.3Digital transformation costs(1)(17.5)
(6.2)Restructuring costs(2)—
(1.1)Adjusted SG&A expenses$ 930.1
$ 829.0Percentage of Net sales15.3 %
15.5 %
Adjusted Income from Operations:
Income from operations$ 293.5
$ 240.9Digital transformation costs(1)17.5
6.2Restructuring costs(2)—
1.1Adjusted income from operations$ 311.0
$ 248.2Adjusted income from operations margin %5.1 %
4.6 %
Adjusted Other (Income) Expense, net:
Other (income) expense, net$ (0.4)
$ 0.2Loss on termination of business arrangement(3)—
(0.3)Adjusted other income, net$ (0.4)
$ (0.1)
Adjusted Provision for Income Taxes:
Provision for income taxes$ 43.1
$ 36.1Income tax effect of adjustments to income from
operations and other expense (income), net(4)4.5
2.0Adjusted provision for income taxes$ 47.6
$ 38.1
Adjusted Net Income Attributable to Common
Stockholders:
Net income attributable to common stockholders$ 153.8
$ 104.0Digital transformation costs(1)17.5
6.2Restructuring costs(2)—
1.1Loss on termination of business arrangement(3)—
0.3Income tax effect of adjustments to income from
operations and other expense (income), net(4)(4.5)
(2.0)Adjusted net income attributable to common
stockholders$ 166.8
$ 109.6
(1) Digital transformation costs include costs associated with certain digital transformation initiatives.(2)Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.(3)Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party.(4) The adjustments to income from operations and other (income) expense, net have been tax effected at rates of 25.8% and 26.4% for the three months ended March 31, 2026 and 2025, respectively. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts and ratios)(Unaudited)
Three Months EndedAdjusted Earnings per Diluted Share:March 31,
2026
March 31,
2025
Adjusted income from operations$ 311.0
$ 248.2Interest expense, net96.7
86.3Adjusted other income, net(0.4)
(0.1)Adjusted income before income taxes214.7
162.0Adjusted provision for income taxes47.6
38.1Adjusted net income167.1
123.9Net income (loss) attributable to noncontrolling interests0.3
(0.1)Adjusted net income attributable to WESCO International, Inc.166.8
124.0Preferred stock dividends—
14.4Adjusted net income attributable to common stockholders$ 166.8
$ 109.6
Diluted shares49.5
49.6Adjusted earnings per diluted share$ 3.37
$ 2.21
Note: For the three months ended March 31, 2026, SG&A expenses, income from operations, provision for income taxes, net income attributable to common stockholders and earnings per diluted share have been adjusted to exclude digital transformation costs and the related income tax effects. For the three months ended March 31, 2025, SG&A expenses, income from operations, other non-operating (income) expense, provision for income taxes, net income attributable to common stockholders and earnings per diluted share have been adjusted to exclude digital transformation costs, restructuring costs, the loss on termination of business arrangement, and the related income tax effects. These non-GAAP financial measures provide a better understanding of our financial results on a comparable basis. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts and ratios)(Unaudited)
Three Months Ended March 31, 2026EBITDA and Adjusted EBITDA by Segment:
EES
CSS
UBS
Corporate
Total
Net income attributable to common stockholders
$ 164.1
$ 188.3
$ 121.7
$ (320.3)
$ 153.8Net income (loss) attributable to noncontrolling interests
0.1
0.4
—
(0.2)
0.3Provision for income taxes(1)
—
—
—
43.1
43.1Interest expense, net(1)
—
—
—
96.7
96.7Depreciation and amortization
13.2
19.8
8.5
9.2
50.7EBITDA
$ 177.4
$ 208.5
$ 130.2
$ (171.5)
$ 344.6Other expense (income), net
6.8
13.1
(0.4)
(19.9)
(0.4)Stock-based compensation expense
0.8
1.6
0.9
12.8
16.1Digital transformation costs(2)
—
—
—
17.5
17.5Cloud computing arrangement amortization(3)
—
—
—
11.0
11.0Adjusted EBITDA
$ 185.0
$ 223.2
$ 130.7
$ (150.1)
$ 388.8Adjusted EBITDA margin %
8.2 %
9.0 %
9.6 %
6.4 %(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and
treasury functions.(2) Digital transformation costs include costs associated with certain digital transformation initiatives.(3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized
implementation costs for cloud computing arrangements to support our digital transformation initiatives.
Three Months Ended March 31, 2025EBITDA and Adjusted EBITDA by Segment:
EES
CSS
UBS
Corporate
Total
Net income attributable to common stockholders
$ 125.1
$ 127.2
$ 130.3
$ (278.6)
$ 104.0Net (loss) income attributable to noncontrolling interests
(0.1)
0.1
—
(0.1)
(0.1)Preferred stock dividends
—
—
—
14.4
14.4Provision for income taxes(1)
—
—
—
36.1
36.1Interest expense, net(1)
—
—
—
86.3
86.3Depreciation and amortization
12.2
19.0
7.8
9.4
48.4EBITDA
$ 137.2
$ 146.3
$ 138.1
$ (132.5)
$ 289.1Other expense (income), net
4.4
10.9
(0.2)
(14.9)
0.2Stock-based compensation expense
1.0
1.3
0.4
7.5
10.2Digital transformation costs(2)
—
—
—
6.2
6.2Cloud computing arrangement amortization(3)
—
—
—
3.9
3.9Restructuring costs(4)
—
—
—
1.1
1.1Adjusted EBITDA
$ 142.6
$ 158.5
$ 138.3
$ (128.7)
$ 310.7Adjusted EBITDA margin %
6.9 %
7.9 %
10.8 %
5.8 %(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the corporate tax and
treasury functions.(2) Digital transformation costs include costs associated with certain digital transformation initiatives.(3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized
implementation costs for cloud computing arrangements to support our digital transformation initiatives.(4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
Note: EBITDA, adjusted EBITDA and adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. For the three months ended March 31, 2026, adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, and cloud computing arrangement amortization. For the three months ended March 31, 2025, adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts and ratios)(Unaudited)
Twelve Months EndedFinancial Leverage:March 31,
2026
December 31,
2025
Net income attributable to common stockholders$ 695.6
$ 645.8Net income attributable to noncontrolling interests2.6
2.3Gain on redemption of Series A Preferred Stock(32.9)
(32.9)Preferred stock dividends12.9
27.3Provision for income taxes220.4
213.4Interest expense, net397.2
386.7Depreciation and amortization199.9
197.6EBITDA$ 1,495.7
$ 1,440.2Other income, net(10.1)
(9.6)Stock-based compensation expense46.4
40.5Digital transformation costs(1)46.5
35.2Cloud computing arrangement amortization(2)37.3
30.2Restructuring costs(3)(1.1)
—Adjusted EBITDA$ 1,614.7
$ 1,536.5
As of
March 31,
2026
December 31,
2025Short-term debt and current portion of long-term debt, net$ 22.8
$ 25.0Long-term debt, net5,738.1
5,756.4Debt issuance costs and debt discount(4)63.6
48.0Total debt5,824.5
5,829.4Less: Cash and cash equivalents696.6
604.8Total debt, net of cash$ 5,127.9
$ 5,224.6
Financial leverage ratio3.2
3.4
(1)Digital transformation costs include costs associated with certain digital transformation initiatives.(2)Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.(3)Reduction to restructuring costs represents the reversal of certain severance costs previously incurred pursuant to an ongoing restructuring plan.(4)Debt is presented in the Condensed Consolidated Balance Sheets net of debt issuance and debt discount costs.
Note: Financial leverage ratio is a non-GAAP measure of the use of debt. Financial leverage ratio is calculated by dividing total debt, excluding debt issuance costs, and debt discount, net of cash, by adjusted EBITDA. EBITDA is defined as the trailing twelve months earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the trailing twelve months EBITDA before other non-operating expense (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts and ratios)(Unaudited)
Three Months EndedFree Cash Flow:March 31,
2026
March 31,
2025
Cash flow provided by operations$ 221.4
$ 28.0Less: Capital expenditures(23.4)
(20.4)Add: Other adjustments15.4
1.8Free cash flow$ 213.4
$ 9.4 Percentage of Adjusted net income127.7 %
7.6 %
Note: Free cash flow is a non-GAAP financial measure of liquidity. Capital expenditures are deducted from operating cash flow to determine free cash flow. Free cash flow is available to fund investing and financing activities. For the three months ended March 31, 2026 and 2025, the Company paid for certain costs related to digital transformation and restructuring. Such expenditures have been added back to operating cash flow to determine free cash flow for such periods. Our calculation of free cash flow may not be comparable to similar measures used by other companies.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wesco-international-reports-first-quarter-2026-results-302758145.htmlSOURCE Wesco International
Original: Wesco International Reports First Quarter 2026 Results
US Market News
4月前
Wesco International Reports Fourth Quarter and Full Year 2025 ResultsFebruary 10, 2026 6:00 AM
PR Newswire (US)
Record fourth quarter reported net sales of $6.1 billion, up 10% YOYOrganic sales up 9% YOY Data center sales of $1.2 billion, up ~30% YOYRecord full-year reported net sales of $23.5 billion, up 8% YOYOrganic sales up 9% YOYData center sales of $4.3 billion, up ~50% YOYRecord total company backlog, up 19% YOYFull-year 2026 outlook of 5% to 8% reported sales growth, adjusted EBITDA margin of ~6.8% at the mid-point, adjusted diluted EPS of $14.50 to $16.50, and free cash flow of $500 - $800 millionPlan to increase our annual common stock dividend by over 10% to $2.00 per sharePITTSBURGH, Feb. 10, 2026 /PRNewswire/ -- Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services and supply chain solutions, announces its results for the fourth quarter and full year 2025.
"We closed out 2025 with positive momentum and again outperformed the market with our leading portfolio of products, services and solutions. Record sales of $23.5 billion were up 8% and increased by double-digits in the second half. Backlog was up 19% to a record level at year end, highlighting the strength of our business, and providing another proof point that Wesco is benefiting from the secular growth trends of AI-driven data centers, increased power generation, and supply chain re-shoring," said John Engel, Chairman, President and CEO.Mr. Engel continued, "In the fourth quarter, CSS and EES delivered excellent results. CSS delivered 16% sales growth while expanding adjusted EBITDA margin 90 basis points and EES delivered 9% sales growth with adjusted EBITDA margin up 50 basis points. UBS continued to face ongoing sales and margin challenges with public power customers, while sales to investor owned utilities accelerated in the fourth quarter. Utility backlog increased over 20% at year end, providing a strong set-up for 2026. Adjusted EPS in the quarter was below our expectations, as the continued operating strength in our CSS and EES businesses was more than offset by lower sales and margin in UBS. Additionally, adjusted EPS was impacted to a larger degree by non-operating items, including updated tax positions."Mr. Engel continued, "Due to our strong fourth quarter sales, particularly when considering normal seasonality, we increased our investment in working capital which impacted our normal expectation of cash generation in the quarter. We expect to collect cash from our higher receivables balance during the first quarter. We expect much stronger cash generation in 2026 as we continue to make progress on our working capital management initiatives. In the near term, our capital allocation priorities remain focused on debt reduction and stock repurchases to offset annual equity award dilution. We also continue to invest in our tech enabled business transformation and manage an active M&A pipeline."Mr. Engel added, "We made excellent progress on our enterprise-wide digitalization efforts in 2025. We advanced our technology and capabilities build and have deployed our new technology stack in pilot locations in each of our three business units. The centerpiece of our new tech stack is a world-class data lake where we're working to apply AI to improve the efficiency and effectiveness of our business. We were pleased to be recognized by Fortune in their inaugural AI ranking of Fortune 500 companies with a number 10 ranking. Once our digital transformation is completed, we will accelerate our earnings growth through even greater cross-sell, expand our margins through improved pricing and operating cost leverage, and increase our working capital turns by leveraging our single global IT instance." Mr. Engel concluded, "Looking ahead in 2026, we expect to continue to outperform the market and deliver mid- to high-single-digit organic sales growth, strong operating leverage and margin expansion, double-digit EPS growth, and improved free cash flow generation. I am pleased to announce that we plan to increase our common stock dividend 10% again this year to $2.00 per share. As the market leader, and with positive momentum building, I'm confident that Wesco will continue to outperform our markets and deliver exceptional value to our customers and shareholders in 2026 and beyond. Finally, I continue to be very proud of our talented and dedicated Wesco team, whose relentless focus on serving customers, advancing our digital transformation agenda, and driving superior execution across our businesses is producing notable results, as we realize our vision of becoming the best tech-enabled supply chain solutions provider in the world."Key Financial Highlights
Three Months Ended December 31Twelve Months Ended December 31($ in millions except per share data)2025
Reported 2024
ReportedChange vs prior
year quarter2025
Reported 2024
ReportedChange vs prior
yearGAAP Results Net sales$6,068.6$5,499.710.3 %$23,510.9$21,818.87.8 %Selling, general, and administrative
expenses$910.0$817.311.3 %$3,541.4$3,306.27.1 %Operating profit$324.6$301.17.8 %$1,233.0$1,223.20.8 %Net income attributable to common
stockholders $165.2$151.09.4 %$645.8$660.2(2.2) %Earnings per diluted share$3.34$3.0310.2 %$13.05$13.05— %Operating cash flow$71.9$276.6(74.0) %$125.0$1,101.2(88.6) %Effective tax rate 26.4 %20.8 %560 basis points24.9 %24.4 %50 basis points
($ in millions except per share data)2025
Adjusted 2024
AdjustedChange vs prior
year quarter2025
Adjusted 2024
AdjustedChange vs prior
yearNon-GAAP ResultsOrganic sales growth (decline)9.2 %2.4 %N/A8.6 %(0.6) %N/AGross profit$1,286.3$1,164.010.5 %$4,972.0$4,712.65.5 %Gross margin21.2 %21.2 %0 basis points21.1 %21.6 %(50) basis pointsAdjusted selling, general, and
administrative expenses$899.0$807.211.4 %$3,506.2$3,246.58.0 %Adjusted EBITDA$408.6$370.510.3 %$1,536.5$1,509.11.8 %Adjusted EBITDA margin6.7 %6.7 %0 basis points6.5 %6.9 %(40) basis pointsAdjusted net income attributable to
common stockholders $167.9$157.46.7 %$638.9$618.63.3 %Adjusted earnings per diluted share$3.40$3.167.6 %$12.91$12.235.6 %Free cash flow$47.2$268.4(82.4) %$53.8$1,045.2(94.9) %Net SalesOn an organic basis, which removes the impact of the Ascent, LLC ("Ascent") acquisition and differences in foreign exchange rates, sales for the fourth quarter of 2025 grew by 9.2%. The increase in organic sales reflects volume growth in all three segments (CSS, EES and UBS), as well as a favorable impact from changes in price. Backlog at the end of the fourth quarter of 2025 increased by 19% compared to the end of the fourth quarter of 2024.For 2025, organic sales, which removes the impact of the Wesco Integrated Supply ("WIS") divestiture and Ascent acquisition, differences in foreign exchange rates, and the impact from the number of workdays, grew by 8.6%. The increase in organic sales reflects volume growth in the CSS and EES segments, as well as a favorable impact from changes in price.Gross Profit and Gross MarginGross margin for the fourth quarter of 2025 remained flat compared to the fourth quarter of 2024.The decrease in gross margin for the twelve months ended December 31, 2025 primarily reflects a decrease in gross margin across all three segments, most significantly in the UBS segment due to competitive pressures in the public power market, as well as in the EES and CSS segments driven by large project sales.Selling, General, and Administrative ("SG&A") ExpensesThe increase in SG&A expenses for the fourth quarter of 2025 is driven by higher commissions and incentives, higher salaries, higher IT costs, higher transportation costs, and increased costs to operate our facilities. SG&A expenses for the fourth quarter of 2025 include $11.0 million of digital transformation costs, compared to $10.0 million of digital transformation and restructuring costs for the fourth quarter of 2024. Adjusted for these costs, SG&A expenses were 14.8% and 14.7% of net sales for the fourth quarter of 2025 and 2024, respectively.The increase in SG&A expenses for 2025 is driven by higher salaries, higher commissions and incentives, increased costs to operate our facilities, higher transportation costs, and higher IT costs, partially offset by the impact of the divestiture of the WIS business. SG&A expenses for 2025 include $35.2 million of digital transformation costs. SG&A expenses for 2024 include $37.0 million of digital transformation and restructuring costs, a $17.8 million loss on abandonment of assets and $4.9 million of excise taxes on excess pension plan assets. Adjusted for these costs, SG&A expenses were 14.9% of net sales for 2025 and 2024.Adjusted EBITDA and Adjusted EBITDA MarginThe increase in Adjusted EBITDA for the fourth quarter of 2025 primarily reflects an increase in net sales, partially offset by increases in cost of goods sold, related to large project sales with lower margins, and SG&A expenses as described above.The increase in Adjusted EBITDA for 2025 primarily reflects an increase in net sales, partially offset by increases in cost of goods sold, related to large project sales with lower margins, and SG&A expenses as described above.Effective Tax RateThe provision for income taxes was $57.6 million for the fourth quarter of 2025 compared to $43.5 million for the fourth quarter of 2024, resulting in effective tax rates of 26.4% and 20.8%, respectively. The effective tax rate for the quarter ended December 31, 2025 was higher due to higher tax expense related to uncertain tax positions and an increase in valuation allowance against foreign tax credit deferred tax assets.The provision for income taxes was $213.4 million for 2025 compared to $231.6 million for the 2024, resulting in effective tax rates of 24.9% and 24.4%, respectively.Adjusted Earnings Per Diluted ShareThe increase in adjusted earnings per diluted share in the fourth quarter of 2025 primarily reflects the favorable impact of the June 2025 redemption of the Company's 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock") and the corresponding decrease in preferred dividends, as well as higher adjusted EBITDA. The increase in adjusted earnings per diluted share was offset by a $23.5 million increase in interest expense primarily driven by the issuance of the 2033 Notes and an increase from adjustments for uncertain tax positions, partially offset by lower borrowings and lower interest rates on the Receivables Facility. There was also a positive impact from the reduction in outstanding common shares during the fourth quarter of 2025 as compared to the fourth quarter of 2024.The increase in adjusted earnings per diluted share in 2025 primarily reflects the favorable impact of the Series A Preferred Stock redemption and the corresponding decrease in preferred dividends. There was also a positive impact from the reduction in outstanding common shares during 2025 as compared to 2024.Operating Cash FlowNet cash provided by operating activities for the fourth quarter of 2025 totaled $71.9 million compared to $276.6 million in the fourth quarter of 2024. The $204.7 million decrease is primarily driven by a $201.9 million impact from changes in accounts payable, due to the timing of payments to suppliers, as well as a $21.6 million impact from changes in trade accounts receivable, driven primarily by sales growth in all three segments.Net cash provided by operating activities for 2025 totaled $125.0 million, compared to $1,101.2 million for 2024. The $976.2 million decrease is primarily driven a $507.3 million impact from changes in trade accounts receivable and a $428.1 million impact from changes in inventories. The impact from trade accounts receivable was primarily due to sales growth in the CSS and EES segments, as well as the timing of receipts from customers as compared to the prior year. The impact from inventories was primarily due to an increase in volume related to growth in large projects as compared to the prior year. These decreases were partially offset by an increase in net income as adjusted for certain non-cash items.Webcast and Teleconference AccessWesco will conduct a webcast and teleconference to discuss the fourth quarter and full year 2025 earnings as described in this News Release on Tuesday, February 10, 2026, at 10:00 a.m. E.T. The call will be broadcast live over the internet and can be accessed from the Investor Relations page of the Company's website at https://investors.wesco.com. The call will be archived on this internet site for seven days.Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with approximately $24 billion in annual sales in 2025 and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 21,000 people, partners with the industry's premier suppliers, and serves thousands of customers around the world. With millions of products, end-to-end supply chain services, and significant digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities. Wesco operates more than 700 sites, including distribution centers, fulfillment centers, and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations.Forward-Looking Statements All statements made herein that are not historical facts should be considered as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth strategy, competitive strengths, productivity and profitability enhancement, competition, new product and service introductions, and liquidity and capital resources. Such statements can generally be identified by the use of words such as "anticipate," "plan," "believe," "estimate," "intend," "expect," "project," and similar words, phrases or expressions or future or conditional verbs such as "could," "may," "should," "will," and "would," although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and beliefs of Wesco's management, as well as assumptions made by, and information currently available to, Wesco's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Wesco's and Wesco's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.Important factors that could cause actual results or events to differ materially from those presented or implied in the forward-looking statements include, among others, the failure to achieve the anticipated benefits of, and other risks associated with, acquisitions, joint ventures, divestitures and other corporate transactions; the inability to successfully integrate acquired businesses; the impact of increased interest rates or borrowing costs; fluctuations in currency exchange rates; evolving impacts from tariffs or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); failure to adequately protect Wesco's intellectual property or successfully defend against infringement claims; the inability to successfully deploy new technologies, digital products and information systems or to otherwise adapt to emerging technologies in the marketplace, such as those incorporating artificial intelligence (AI); risks relating to our use or reliance on AI; failure to execute on our efforts and programs related to environmental, social and governance (ESG) matters; unanticipated expenditures or other adverse developments related to compliance with new or stricter government policies, laws or regulations, including those relating to data privacy, cybersecurity, competition, sustainability and environmental protection; the inability to successfully develop, manage or implement new technology initiatives or business strategies, including with respect to the expansion of e-commerce or AI capabilities and other digital solutions and digitalization initiatives; disruption of information technology systems or operations; natural disasters (including as a result of climate change), health epidemics, pandemics and other outbreaks; supply chain disruptions; geopolitical conflicts and issues, such as the ongoing Middle East and Russia/Ukraine conflicts; the impact of changing and expanding export controls, sanctions, and data localization rules; the failure to manage the increased risks and impacts of cyber incidents or data breaches; and exacerbation of key materials shortages, inflationary cost pressures, material cost increases, demand volatility, and logistics and capacity constraints, any of which may have a material adverse effect on the Company's business, results of operations and financial condition. All such factors are difficult to predict and are beyond the Company's control. Additional factors that could cause results to differ materially from those described above can be found in Wesco's most recent Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission.Contact Information:Investor Relations
Scott Gaffner
Senior Vice President, Investor Relations
InvestorRelations@Wescodist.com Corporate Communications
Jennifer Sniderman
Vice President, Corporate Communications
Jennifer.Sniderman@Wescodist.comhttp://www.wesco.comWESCO INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(in millions, except per share amounts)(Unaudited)
Three Months Ended
December 31,
2025
December 31,
2024
Net sales$ 6,068.6
$ 5,499.7
Cost of goods sold (excluding depreciation and amortization)4,782.378.8 %
4,335.778.8 %Selling, general and administrative expenses910.015.0 %
817.314.9 %Depreciation and amortization51.7
45.6
Income from operations324.65.3 %
301.15.5 %Interest expense, net108.6
85.1
Other (income) expense, net(2.5)
6.6
Income before income taxes218.53.6 %
209.43.8 %Provision for income taxes57.6
43.5
Net income160.92.7 %
165.93.0 %Less: Net income attributable to noncontrolling interests1.0
0.5
Net income attributable to WESCO International, Inc.159.92.6 %
165.43.0 %Plus: Gain on redemption of Series A Preferred Stock5.3
—
Less: Preferred stock dividends—
14.4
Net income attributable to common stockholders$ 165.22.7 %
$ 151.02.7 %
Earnings per diluted share attributable to common stockholders$ 3.34
$ 3.03
Weighted-average common shares outstanding and common
share equivalents used in computing earnings per diluted
common share49.4
49.8
WESCO INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(in millions, except per share amounts)(Unaudited)
Twelve Months Ended
December 31,
2025
December 31,
2024
Net sales$ 23,510.9
$ 21,818.8
Cost of goods sold (excluding depreciation and amortization)18,538.978.9 %
17,106.278.4 %Selling, general and administrative expenses3,541.415.1 %
3,306.215.2 %Depreciation and amortization197.6
183.2
Income from operations1,233.05.2 %
1,223.25.6 %Interest expense, net386.7
364.9
Other income, net(9.6)
(92.7)
Income before income taxes855.93.6 %
951.04.4 %Provision for income taxes213.4
231.6
Net income642.52.7 %
719.43.3 %Less: Net income attributable to noncontrolling interests2.3
1.8
Net income attributable to WESCO International, Inc.640.22.7 %
717.63.3 %Plus: Gain on redemption of Series A Preferred Stock32.9
—
Less: Preferred stock dividends27.3
57.4
Net income attributable to common stockholders$ 645.82.7 %
$ 660.23.0 %
Earnings per diluted share attributable to common stockholders$ 13.05
$ 13.05
Weighted-average common shares outstanding and common
share equivalents used in computing earnings per diluted
common share49.5
50.6
WESCO INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in millions)(Unaudited)
As of
December 31,
2025
December 31,
2024Assets
Current Assets
Cash and cash equivalents$ 604.8
$ 702.6Trade accounts receivable, net4,069.6
3,454.4Inventories4,008.8
3,501.7Other current assets773.0
692.7 Total current assets9,456.2
8,351.4
Goodwill and intangible assets5,112.6
5,116.0Other assets1,926.1
1,594.0 Total assets$ 16,494.9
$ 15,061.4
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable$ 3,030.5
$ 2,670.6Short-term debt and current portion of long-term debt, net25.0
19.5Other current liabilities1,241.3
1,113.9 Total current liabilities4,296.8
3,804.0
Long-term debt, net5,756.4
5,045.5Other noncurrent liabilities1,415.3
1,246.4 Total liabilities11,468.5
10,095.9
Stockholders' Equity
Total stockholders' equity5,026.4
4,965.5 Total liabilities and stockholders' equity$ 16,494.9
$ 15,061.4 WESCO INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)(Unaudited)
Twelve Months Ended
December 31,
2025
December 31,
2024Operating Activities:
Net income$ 642.5
$ 719.4Add back (deduct):
Depreciation and amortization197.6
183.2Gain on divestiture—
(122.2)Loss on abandonment of assets—
17.8Deferred income taxes7.4
(39.9)Change in trade receivables, net(558.0)
(50.7)Change in inventories(446.1)
(18.0)Change in accounts payable323.7
329.5Other, net(42.1)
82.1Net cash provided by operating activities125.0
1,101.2
Investing Activities:
Capital expenditures(99.8)
(94.7)Acquisition payments, net of cash acquired(36.1)
(221.3)Proceeds from divestiture, net of cash transferred—
354.9 Other, net(4.8)
1.5Net cash (used in) provided by investing activities(140.7)
40.4
Financing Activities:
Debt borrowings (repayments), net(1)705.5
(278.3)Payments for taxes related to net-share settlement of equity awards(37.2)
(30.9)Repurchases of common stock(75.0)
(425.0)Redemption of preferred stock(540.3)
—Payment of common stock dividends(88.4)
(81.5)Payment of preferred stock dividends(27.3)
(57.4)Other, net(30.0)
(55.2)Net cash used in financing activities(92.7)
(928.3)
Effect of exchange rate changes on cash and cash equivalents10.6
(34.8)
Net change in cash and cash equivalents(97.8)
178.5Cash and cash equivalents at the beginning of the period702.6
524.1Cash and cash equivalents at the end of the period$ 604.8
$ 702.6
(1) The year ended December 31, 2025 includes the issuance of the Company's $800.0 million aggregate principal amount of 6.375% Senior Notes due 2033 (the "2033 Notes"). The proceeds from the issuance of the 2033 Notes were used for the redemption of the Company's Series A Preferred Stock in June 2025 and to repay a portion of the amounts outstanding under the Revolving Credit Facility. The year ended December 31, 2024 includes the issuance of the Company's $900.0 million aggregate principal amount of 6.375% Senior Notes due 2029 (the "2029 Notes") and the Company's $850.0 million aggregate principal amount of 6.625% Senior Notes due 2032 (the "2032 Notes" and, together with the 2029 Notes, the "2029 and 2032 Notes"). The proceeds from the issuance of the 2029 and 2032 Notes were used for the redemption of the Company's $1,500.0 million aggregate principal amount of 7.125% Senior Notes due 2025 (the "2025 Notes") and for other corporate purposes. NON-GAAP FINANCIAL MEASURESIn addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") above, this earnings release includes certain non-GAAP financial measures. These financial measures include organic sales growth, gross profit, gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, financial leverage, free cash flow, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted operating margin, adjusted other non-operating expense (income), adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. The Company believes that these non-GAAP measures are useful to investors as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results such as digital transformation costs, restructuring costs, cloud computing arrangement amortization, pension settlement cost and excise taxes on excess pension plan assets related to the settlement of the Anixter Inc. Pension Plan, loss on abandonment of assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, and the related income tax effects, as well as the gain on the redemption of the Series A Preferred Stock, allowing investors to more easily compare the Company's financial performance from period to period. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Organic Sales Growth by Segment - Three Months Ended:
Three Months Ended
Growth/(Decline)
December 31,
2025
December 31,
2024
Reported
Sales
Acquisition
Foreign
Exchange
Workday
Organic
Sales
EES(1)$ 2,272.9
$ 2,082.5
9.1 %
— %
0.3 %
— %
8.8 %CSS(1)2,424.7
2,087.1
16.2 %
1.7 %
1.0 %
— %
13.5 %UBS1,371.0
1,330.1
3.1 %
— %
— %
— %
3.1 %Total net sales$ 6,068.6
$ 5,499.7
10.3 %
0.6 %
0.5 %
— %
9.2 %
(1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational
realignment. As a result, the reportable segment information for the three months ended December 31, 2024 has been recast to conform to the
current year presentation. The recast does not impact previously report condensed consolidated results.
Organic Sales Growth by Segment - Twelve Months Ended:
Twelve Months Ended
Growth/(Decline)
December 31,
2025
December 31,
2024
Reported
Sales
Acquisition/
Divestiture
Foreign
Exchange
Workday
Organic
Sales
EES(1)$ 8,955.5
$ 8,391.7
6.7 %
— %
(0.4) %
(0.4) %
7.5 %CSS(1)9,101.0
7,692.1
18.3 %
1.9 %
0.1 %
(0.4) %
16.7 %UBS5,454.4
5,735.0
(4.9) %
(3.3) %
(0.2) %
(0.4) %
(1.0) %Total net sales$ 23,510.9
$ 21,818.8
7.8 %
(0.2) %
(0.2) %
(0.4) %
8.6 %
(1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational
realignment. As a result, the reportable segment information for the year ended December 31, 2024 has been recast to conform to the current year
presentation. The recast does not impact previously report condensed consolidated results.
Note: Organic sales growth is a non-GAAP financial measure of sales performance. Organic sales growth is calculated by deducting the
percentage impact from acquisitions and divestitures for one year following the respective transaction, fluctuations in foreign exchange rates
and number of workdays from the reported percentage change in consolidated net sales. Workday impact represents the change in the number of
operating days period-over-period after adjusting for weekends and public holidays in the United States. The fourth quarter of 2025 had the same
number of workdays as the fourth quarter of 2024, and 2025 had one less workday compared to 2024. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Three Months Ended
Twelve Months EndedGross Profit:December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Net sales$ 6,068.6
$ 5,499.7
$ 23,510.9
$ 21,818.8Cost of goods sold (excluding depreciation and
amortization)4,782.3
4,335.7
18,538.9
17,106.2 Gross profit$ 1,286.3
$ 1,164.0
$ 4,972.0
$ 4,712.6Gross margin21.2 %
21.2 %
21.1 %
21.6 %
Note: Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold, excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Three Months Ended
Twelve Months EndedAdjusted SG&A Expenses:December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Selling, general and administrative expenses$ 910.0
$ 817.3
$ 3,541.4
$ 3,306.2Digital transformation costs(1)(11.0)
(7.4)
(35.2)
(24.9)Restructuring costs(2)—
(2.6)
—
(12.1)Loss on abandonment of assets(3)—
—
—
(17.8)Excise taxes on excess pension plan assets(4)—
(0.1)
—
(4.9)Adjusted selling, general and administrative
expenses$ 899.0
$ 807.2
$ 3,506.2
$ 3,246.5% of net sales14.8 %
14.7 %
14.9 %
14.9 %
Adjusted Income from Operations:
Income from operations$ 324.6
$ 301.1
$ 1,233.0
$ 1,223.2Digital transformation costs(1)11.0
7.4
35.2
24.9Restructuring costs(2)—
2.6
—
12.1Loss on abandonment of assets(3)—
—
—
17.8Excise taxes on excess pension plan assets(4)—
0.1
—
4.9Adjusted income from operations$ 335.6
$ 311.2
$ 1,268.2
$ 1,282.9Adjusted income from operations margin %5.5 %
5.7 %
5.4 %
5.9 %
Adjusted Other (Income) Expense, net:
Other (income) expense, net$ (2.5)
$ 6.6
$ (9.6)
$ (92.7)Loss on termination of business arrangement(5)—
0.2
(0.3)
(3.6)Pension settlement cost(6)—
0.8
—
(2.5)Gain on divestiture—
—
—
122.2Adjusted other (income) expense, net$ (2.5)
$ 7.6
$ (9.9)
$ 23.4
Adjusted Provision for Income Taxes:
Provision for income taxes$ 57.6
$ 43.5
$ 213.4
$ 231.6Income tax effect of adjustments to income
from operations and other (income) expense,
net(7)3.0
2.7
9.5
(14.8)Adjusted provision for income taxes$ 60.6
$ 46.2
$ 222.9
$ 216.8
(1)Digital transformation costs include costs associated with certain digital transformation initiatives.(2)Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.(3)Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations.(4)Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan.(5)Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party.(6)Pension settlement cost represents expense related to the settlement of the Company's U.S. pension plan.(7)The adjustments to income from operations and other (income) expense, net have been tax effected at rates of 27.1% and 26.6% for the three and twelve months ended December 31, 2025, respectively, and 29.7% and 26.2% for the three and twelve months ended December 31, 2024, respectively. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024Adjusted Net Income Attributable to Common
Stockholders:
Net income attributable to common stockholders$ 165.2
$ 151.0
$ 645.8
$ 660.2Digital transformation costs(1)11.0
7.4
35.2
24.9Restructuring costs(2)—
2.6
—
12.1Loss on abandonment of assets(3)—
—
—
17.8Excise taxes on excess pension plan assets(4)—
0.1
—
4.9Gain on divestiture—
—
—
(122.2)Loss on termination of business arrangement(5)—
(0.2)
0.3
3.6Pension settlement cost(6)—
(0.8)
—
2.5Income tax effect of adjustments to income
from operations and other (income) expense,
net(7)(3.0)
(2.7)
(9.5)
14.8Gain on redemption of Series A Preferred Stock(5.3)
—
(32.9)
—Adjusted net income attributable to common
stockholders$ 167.9
$ 157.4
$ 638.9
$ 618.6
(1)Digital transformation costs include costs associated with certain digital transformation initiatives.(2)Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.(3)Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations.(4)Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan.(5)Loss on termination of business arrangement represents the loss recognized as a result of management's decision to terminate a business arrangement with a third party.(6)Pension settlement cost represents expense related to the final settlement of the Company's U.S. pension plan. Reduction to pension settlement cost during the three months ended December 31, 2024 represents income as a result of the finalization of the liabilities transferred as part of the settlement of the Company's U.S. pension plan.(7)The adjustments to income from operations and other (income) expense, net have been tax effected at rates of 27.1% and 26.6% for the three and twelve months ended December 31, 2025, respectively, and 29.7% and 26.2% for the three and twelve months ended December 31, 2024, respectively. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Three Months Ended
Twelve Months EndedAdjusted Earnings per Diluted Share:December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Adjusted income from operations$ 335.6
$ 311.2
$ 1,268.2
$ 1,282.9Interest expense, net108.6
85.1
386.7
364.9Adjusted other (income) expense, net(2.5)
7.6
(9.9)
23.4Adjusted income before income taxes229.5
218.5
891.4
894.6Adjusted provision for income taxes60.6
46.2
222.9
216.8Adjusted net income168.9
172.3
668.5
677.8Net income attributable to noncontrolling interests1.0
0.5
2.3
1.8Adjusted net income attributable to WESCO
International, Inc.167.9
171.8
666.2
676.0Preferred stock dividends—
14.4
27.3
57.4Adjusted net income attributable to common
stockholders$ 167.9
$ 157.4
$ 638.9
$ 618.6
Diluted shares49.4
49.8
49.5
50.6Adjusted earnings per diluted share$ 3.40
$ 3.16
$ 12.91
$ 12.23
Note: For the three and twelve months ended December 31, 2025, SG&A expenses, income from operations, other non-operating expense (income), the provision for income taxes, net income attributable to common stockholders and earnings per diluted share have been adjusted to exclude digital transformation costs, restructuring costs, the loss on termination of business arrangement, and the related income tax effects, and the gain on redemption of the Company's Series A Preferred Stock. For the three and twelve months ended December 31, 2024, SG&A expenses, income from operations, other non-operating (income) expense, the provision for income taxes, net income attributable to common stockholders, and earnings per diluted share have been adjusted to exclude digital transformation costs, the loss on abandonment of assets, restructuring costs, excise taxes on excess pension plan assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, pension settlement cost, and the related income tax effects. These non-GAAP financial measures provide a better understanding of our financial results on a comparable basis. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Three Months Ended December 31, 2025EBITDA and Adjusted EBITDA by Segment:
EES
CSS
UBS
Corporate
Total
Net income attributable to common stockholders
$ 176.0
$ 168.1
$ 122.3
$ (301.2)
$ 165.2Net income (loss) attributable to noncontrolling interests
0.1
1.0
—
(0.1)
1.0Gain on redemption of Series A Preferred Stock
—
—
—
(5.3)
(5.3)Provision for income taxes(1)
—
—
—
57.6
57.6Interest expense, net(1)
—
—
—
108.6
108.6Depreciation and amortization
13.3
20.2
9.4
8.8
51.7EBITDA
$ 189.4
$ 189.3
$ 131.7
$ (131.6)
$ 378.8Other expense (income), net
3.3
30.7
—
(36.5)
(2.5)Stock-based compensation expense
1.0
1.3
0.4
8.5
11.2Digital transformation costs(2)
—
—
—
11.0
11.0Cloud computing arrangement amortization(3)
—
—
—
10.1
10.1Adjusted EBITDA
$ 193.7
$ 221.3
$ 132.1
$ (138.5)
$ 408.6Adjusted EBITDA margin %
8.5 %
9.1 %
9.6 %
6.7 %(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.(2) Digital transformation costs include costs associated with certain digital transformation initiatives.(3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs
for cloud computing arrangements to support our digital transformation initiatives.
Three Months Ended December 31, 2024EBITDA and Adjusted EBITDA by Segment:
EES(1)
CSS(1)
UBS
Corporate
Total
Net income attributable to common stockholders
$ 157.9
$ 130.9
$ 135.3
$ (273.1)
$ 151.0Net income (loss) attributable to noncontrolling interests
0.2
0.4
—
(0.1)
0.5Preferred stock dividends
—
—
—
14.4
14.4Provision for income taxes(2)
—
—
—
43.5
43.5Interest expense, net(2)
—
—
—
85.1
85.1Depreciation and amortization
11.8
17.7
7.2
8.9
45.6EBITDA
$ 169.9
$ 149.0
$ 142.5
$ (121.3)
$ 340.1Other (income) expense, net
(4.6)
21.2
0.8
(10.8)
6.6Stock-based compensation expense
1.1
1.6
0.8
5.8
9.3Digital transformation costs(3)
—
—
—
7.4
7.4Cloud computing arrangement amortization(4)
—
—
—
4.4
4.4Restructuring costs(5)
—
—
—
2.6
2.6Excise taxes on excess pension plan assets (6)
—
—
—
0.1
0.1Adjusted EBITDA
$ 166.4
$ 171.8
$ 144.1
$ (111.8)
$ 370.5Adjusted EBITDA margin %
8.0 %
8.2 %
10.8 %
6.7 %(1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment.
As a result, the reportable segment financial information for the three months ended December 31, 2024 has been recast to conform to the current year presentation.
The recast does not impact previously reported condensed consolidated results.(2) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.(3) Digital transformation costs include costs associated with certain digital transformation initiatives.(4) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs
for cloud computing arrangements to support our digital transformation initiatives. (5) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.(6) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's
U.S. pension plan.
Note: EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability
to meet debt service requirements. For the three months ended December 31, 2025, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and
amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, and cloud computing arrangement amortization. For the three months ended December 31, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, restructuring, and excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Year Ended December 31, 2025EBITDA and Adjusted EBITDA by Segment:
EES
CSS
UBS
Corporate
Total
Net income attributable to common stockholders
$ 646.5
$ 649.1
$ 531.0
$ (1,180.8)
$ 645.8Net income (loss) attributable to noncontrolling interests
0.5
2.9
—
(1.1)
2.3Gain on redemption of Series A Preferred Stock
—
—
—
(32.9)
(32.9)Preferred stock dividends
—
—
—
27.3
27.3Provision for income taxes(1)
—
—
—
213.4
213.4Interest expense, net(1)
—
—
—
386.7
386.7Depreciation and amortization
50.5
77.7
32.6
36.8
197.6EBITDA
$ 697.5
$ 729.7
$ 563.6
$ (550.6)
$ 1,440.2Other expense (income), net
16.0
64.4
(2.6)
(87.4)
(9.6)Stock-based compensation expense
4.1
5.3
1.8
29.3
40.5Digital transformation costs(2)
—
—
—
35.2
35.2Cloud computing arrangement amortization(3)
—
—
—
30.2
30.2Adjusted EBITDA
$ 717.6
$ 799.4
$ 562.8
$ (543.3)
$ 1,536.5Adjusted EBITDA margin %
8.0 %
8.8 %
10.3 %
6.5 %(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.(2) Digital transformation costs include costs associated with certain digital transformation initiatives.(3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation
costs for cloud computing arrangements to support our digital transformation initiatives.
Year Ended December 31, 2024EBITDA and Adjusted EBITDA by Segment:
EES(1)
CSS(1)
UBS
Corporate
Total
Net income attributable to common stockholders
$ 641.0
$ 496.8
$ 733.0
$ (1,210.6)
$ 660.2Net (loss) income attributable to noncontrolling interests
(1.1)
2.3
—
0.6
1.8Preferred stock dividends
—
—
—
57.4
57.4Provision for income taxes(2)
—
—
—
231.6
231.6Interest expense, net(2)
—
—
—
364.9
364.9Depreciation and amortization
46.4
71.9
28.5
36.4
183.2EBITDA
$ 686.3
$ 571.0
$ 761.5
$ (519.7)
$ 1,499.1Other expense (income), net(3)
9.1
61.2
(121.2)
(41.8)
(92.7)Stock-based compensation expense
4.4
6.6
3.1
14.8
28.9Digital transformation costs(4)
—
—
—
24.9
24.9Loss on abandonment of assets(5)
—
—
—
17.8
17.8Cloud computing arrangement amortization(6)
—
—
—
14.1
14.1Restructuring costs(7)
—
—
—
12.1
12.1Excise taxes on excess pension plan assets(8)
—
—
—
4.9
4.9Adjusted EBITDA
$ 699.8
$ 638.8
$ 643.4
$ (472.9)
$ 1,509.1Adjusted EBITDA margin %
8.3 %
8.3 %
11.2 %
6.9 %(1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment. As a
result, the reportable segment financial information for the year ended December 31, 2024 has been recast to conform to the current year presentation. The
recast does not impact previously reported condensed consolidated results.(2) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury
functions.(3) Other income for the UBS segment includes the gain on the divestiture of the WIS business.(4) Digital transformation costs include costs associated with certain digital transformation initiatives.(5) Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party
developed operations management software product in favor of an application with functionality that better suits the Company's operation.(6) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation
costs for cloud computing arrangements to support our digital transformation initiatives.(7) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.(8) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the
Company's U.S. pension plan.
Note: EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance
and its ability to meet debt service requirements. For the year ended December 31, 2025, Adjusted EBITDA is defined as earnings before interest, taxes,
depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs,
cloud computing arrangement amortization and restructuring costs. For the year ended December 31, 2024, Adjusted EBITDA is defined as earnings before
interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital
transformation costs, loss on abandonment of assets, cloud computing arrangement amortization, restructuring costs and excise taxes on excess pension
plan assets related to the final settlement of the Anixter Inc. Pension Plan. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Twelve months endedFinancial Leverage:December 31,
2025
December 31,
2024
Net income attributable to common stockholders$ 645.8
$ 660.2Net income attributable to noncontrolling interests2.3
1.8Gain on redemption of Series A Preferred Stock(32.9)
—Preferred stock dividends27.3
57.4Provision for income taxes213.4
231.6Interest expense, net386.7
364.9Depreciation and amortization197.6
183.2EBITDA$ 1,440.2
$ 1,499.1Other income, net(9.6)
(92.7)Stock-based compensation expense40.5
28.9Digital transformation costs(1)35.2
24.9Cloud computing arrangement amortization(2)30.2
14.1Restructuring costs(3)—
12.1Loss on abandonment of assets(4)—
17.8Excise taxes on excess pension plan assets costs(5)—
4.9Adjusted EBITDA$ 1,536.5
$ 1,509.1
As of
December 31,
2025
December 31,
2024Short-term debt and current portion of long-term debt, net$ 25.0
$ 19.5Long-term debt, net5,756.4
5,045.5Debt discount and debt issuance costs(6)48.0
47.2Fair value adjustments to the Anixter Senior Notes(6)—
(0.1)Total debt5,829.4
5,112.1Less: Cash and cash equivalents604.8
702.6Total debt, net of cash$ 5,224.6
$ 4,409.5
Financial leverage ratio3.4
2.9
(1)Digital transformation costs include costs associated with certain digital transformation initiatives.(2)Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.(3)Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.(4)Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company's operations.(5)Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company's U.S. pension plan.(6)Debt is presented in the Consolidated Balance Sheets net of debt issuance costs and debt discount, and includes adjustments to record the long-term debt assumed in the merger with Anixter at its acquisition date fair value.
Note: Financial leverage is a non-GAAP measure of the use of debt. Financial leverage ratio is calculated by dividing total debt, excluding debt discount, debt issuance costs and fair value adjustments, net of cash, by adjusted EBITDA. EBITDA is defined as the trailing twelve months earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the trailing twelve months EBITDA before other non-operating expense (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, restructuring costs, loss on abandonment of assets, and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. WESCO INTERNATIONAL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(in millions, except per share amounts)(Unaudited)
Three Months Ended
Twelve Months EndedFree Cash Flow:December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Cash flow provided by operations$ 71.9
$ 276.6
$ 125.0
$ 1,101.2Less: Capital expenditures(44.4)
(24.3)
(99.8)
(94.7)Add: Other adjustments19.7
16.1
28.6
38.7Free cash flow$ 47.2
$ 268.4
$ 53.8
$ 1,045.2 % of adjusted net income27.9 %
155.8 %
8.0 %
154.2 %
Note: Free cash flow is a non-GAAP financial measure of liquidity. Capital expenditures are deducted from operating cash flow to determine free cash flow. Free cash flow is available to fund investing and financing activities. For the three and twelve months ended December 31, 2025 and 2024, the Company paid for certain costs related to digital transformation and restructuring. Such expenditures have been added back to operating cash flow to determine free cash flow for such periods. Our calculation of free cash flow may not be comparable to similar measures used by other companies.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wesco-international-reports-fourth-quarter-and-full-year-2025-results-302683266.htmlSOURCE Wesco International
Original: Wesco International Reports Fourth Quarter and Full Year 2025 Results
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