WESCO公布二季度业绩超预期并上调全年展望

Record second quarter reported net sales of
$6.7 billion
, up 13% YOY and up 10% sequentially
Organic sales up 13% YOY
Data center sales of
$1.5 billion
, up ~45% YOY
Record total company backlog, up ~
60%
YOY
Second quarter operating margin of 5.7%, up 20 basis points YOY; adjusted EBITDA margin of 7.3%, up 60 basis points YOY
Second quarter diluted EPS of
$4.23
; record adjusted diluted EPS of
$4.57
, up 35% YOY
Second quarter operating cash flow of
$54 million
; free cash flow of
$32 million
Raising 2026 outlook reflecting exceptional results in first half of the year and accelerating business momentum
PITTSBURGH
,
July 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 second quarter of 2026.
"We delivered another exceptional quarter marked by continued market outperformance and accelerating business momentum. Sales, backlog, adjusted EBITDA, and adjusted earnings per share all increased versus the prior year and achieved records that exceeded our plan. Free cash flow generation was also positive and exceeded our expectations. We have now posted four consecutive quarters of double-digit sales growth fueled by data centers. Beyond our outsized growth in data centers, demand remained strong across the rest of our diversified portfolio and end markets as customers continue to invest in major infrastructure projects. Especially noteworthy, backlog was up approximately 60%, to a new record level, reflecting the benefits of the ongoing secular growth trends and the continued effectiveness of our One Wesco cross-selling strategy. We achieved a major milestone this quarter with a significant multi-year Grid Services award in our
UBS
business from a hyperscale data center customer. This win represents an important step in diversifying our
UBS
customer base and expanding our comprehensive data center offerings to include power solutions in addition to our extensive white space and gray space product and service offerings. As recently announced, we also strengthened our end-to-end capabilities and cooling solutions for data center customers through the acquisition of
Singapore
-based Newark Engineering," said
John Engel
, Chairman, President, and CEO.
Mr. Engel
concluded, "We are very pleased with our second quarter results and continued positive business momentum as we enter the second half of the year. Our backlog growth was fueled by multi-year customer commitments demonstrating our transformation into a leading infrastructure solutions provider serving communications, security, electrical, utility and power markets. 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. As a result, we are significantly raising our full-year 2026 outlook reflecting the favorable secular growth trends and our confidence in continued strong execution. As the market leader, and with positive momentum building, I'm bullish that
Wesco
will continue to outperform our markets and deliver superior value to our customers, suppliers, and shareholders in the second half of 2026 and beyond."
Key Financial Highlights
Three Months Ended
June 30
Six Months Ended
June 30
($ in millions except per share data)
2026
Reported
2025
Reported
Change vs prior
year quarter
2026
Reported
2025
Reported
Change vs prior
year
GAAP Results
Net sales
$6,665.1
$5,899.6
13.0 %
$12,745.2
$11,243.3
13.4 %
Selling, general, and administrative expenses
$1,022.7
$872.2
17.3 %
$1,970.3
$1,708.5
15.3 %
Operating profit
$382.2
$322.2
18.6 %
$675.7
$563.1
20.0 %
Net income attributable to common stockholders
$209.0
$189.2
10.5 %
$362.8
$293.2
23.7 %
Earnings per diluted share
$4.23
$3.83
10.4 %
$7.33
$5.92
23.8 %
Operating cash flow
$53.7
$107.8
(50.2) %
$275.1
$135.8
102.6 %
Effective tax rate
22.9 %
26.1 %
(320) basis points
22.5 %
25.0 %
(250) basis points
($ in millions except per share data)
2026
Adjusted
2025
Adjusted
Change vs prior
year quarter
2026
Adjusted
2025
Adjusted
Change vs prior
year
Non-GAAP Results
Organic sales growth
12.6 %
7.2 %
N/A
12.5 %
6.4 %
N/A
Gross profit
$1,456.0
$1,242.7
17.2 %
$2,747.8
$2,368.3
16.0 %
Gross margin
21.8 %
21.1 %
70 basis points
21.6 %
21.1 %
50 basis points
Adjusted selling, general, and administrative expenses
$999.5
$864.1
15.7 %
$1,929.6
$1,693.1
14.0 %
Adjusted EBITDA
$487.2
$394.2
23.6 %
$876.0
$704.9
24.3 %
Adjusted EBITDA margin
7.3 %
6.7 %
60 basis points
6.9 %
6.3 %
60 basis points
Adjusted net income attributable to common stockholders
$225.6
$167.5
34.7 %
$392.4
$277.2
41.6 %
Adjusted earnings per diluted share
$4.57
$3.39
34.8 %
$7.93
$5.60
41.6 %
Free cash flow
$32.3
$86.5
(62.7) %
$245.7
$95.9
156.2 %
Net Sales
On an organic basis, which removes differences in foreign exchange rates and the impact from the number of workdays, sales for the second quarter of 2026 grew by 12.6%. 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. Sequentially, net sales increased 9.6% and organic sales grew by 6.6%. We had record backlog at the end of the second quarter of 2026, up by approximately 60% compared to the end of the second quarter of 2025.
For the first six months of 2026, organic sales grew by 12.5%. 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.
Gross Profit and Gross Margin
The increase in gross margin for the three and six months ended
June 30, 2026
reflects improved gross margin in the EES and CSS segments, partially offset by a decline in the
UBS
segment.
Selling, General, and Administrative (
"
SG&A
"
) Expenses
The increase in SG&A expenses for the second quarter of 2026 is primarily driven by an increase in commissions and incentives due to company performance, as well as higher salaries and benefits. SG&A expenses for the second quarter of 2026 include
$23.2 million
of digital transformation costs, compared to
$8.1 million
of digital transformation and restructuring costs for the second quarter of 2025. Adjusted for these costs, SG&A expenses were 15.0% and 14.6% of net sales for the second quarter of 2026 and 2025, respectively.
The increase in SG&A expenses for the first six months of 2026 is primarily driven by an increase in commissions and incentives due to company performance, as well as higher salaries and benefits. SG&A expenses for the first six months of 2026 include
$40.7 million
of digital transformation costs, compared to
$15.4 million
of digital transformation and restructuring costs for the first six months of 2025. Adjusted for these costs, SG&A expenses were 15.1% of net sales for the first six months of 2026 and 2025.
Adjusted EBITDA and Adjusted EBITDA Margin
The increase in adjusted EBITDA and adjusted EBITDA margin for the the second quarter of 2026 primarily reflects higher sales and gross margin. Sequentially, adjusted EBITDA margin increased 90 basis points.
The increase in adjusted EBITDA for the first six months of 2026 primarily reflects higher sales and gross margin.
Effective Tax Rate
The lower effective tax rates for the three and six months ended
June 30, 2026
are largely driven by higher discrete income tax benefits relating to the exercise and vesting of stock-based awards as compared to the prior year periods.
Adjusted Earnings Per Diluted Share
The increase in adjusted earnings per diluted share in the second quarter of 2026 reflects higher adjusted EBITDA, as described above. There was also an unfavorable
$17.5 million
increase in interest expense primarily driven by higher net term debt throughout the quarter compared to the prior year, as well as a
$10.0 million
non-cash loss on extinguishment from the redemption of the 2028 Notes, partially offset by lower