PC CONNECTION INC 10-K

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities ​ Market Information ​ Our common stock commenced trading on March 3, 1998, on the Nasdaq Global Select Market and trades today under the symbol “CNXN”. As of February 13, 2026, there were 25,198,472 shares of our common stock outstanding, held by approximately 36 stockholders of record. This figure does not include an estimate of the number of beneficial holders whose shares are held of record by brokerage firms. ​ Dividends ​ The following table summarizes our 2025 quarterly dividends paid (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend per Share ​ ​ ​ Declaration Date ​ ​ ​ Record Date ​ ​ ​ Payment Date ​ ​ ​ Total Dividend $ 0.15 ​ February 4, 2025 ​ February 25, 2025 ​ March 14, 2025 ​ $ 3.9 $ 0.15 ​ April 29, 2025 ​ May 13, 2025 ​ May 30, 2025 ​ $ 3.8 $ 0.15 ​ July 29, 2025 ​ August 12, 2025 ​ August 29, 2025 ​ $ 3.8 $ 0.15 ​ October 28, 2025 ​ November 11, 2025 ​ November 28, 2025 ​ $ 3.8 ​ On February 4, 2026, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.20 per share. The dividend will be paid on March 6, 2026 to all stockholders of record as of the close of business on February 17, 2026. The declaration and payment of any future dividends is at the discretion of our Board of Directors and will depend upon our financial position, strategic plans, general business conditions and any other factors deemed relevant by our ‎Board of Directors. ​ Share Repurchase Authorization ​ Repurchases under our stock repurchase program are made from time to time at management’s discretion in accordance with applicable federal securities laws. All repurchases of our common stock have been recorded as treasury stock. The following table summarizes information relating to purchases of common stock made by or on our behalf during the quarter ended December 31, 2025 (dollars in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer Purchases of Equity Securities ​ ​ ​ ​ ​ ​ ​ Total Number of ​ Approximate Dollar Value ​ ​ ​ ​ ​ ​ Shares Purchased as ​ of Shares that May Yet Be ​ ​ Total Number ​ ​ ​ Part of Publicly ​ Purchased Under the Plans ​ ​ of Shares ​ Average Price Paid ​ Announced Plans or ​ or Programs Period ​ ​ ​ Purchased ​ ​ ​ Per Share ​ ​ ​ Programs (1) ​ ​ ​ (in thousands) (1)(2) 10/01/25-10/31/25 ​ 110,285 ​ $ 60.43 ​ 110,285 ​ $ 37,607 11/01/25-11/30/25 ​ 61,469 ​ $ 57.97 ​ 61,469 ​ $ 34,044 12/01/25-12/31/25 ​ 7,481 ​ $ 59.10 ​ 7,481 ​ $ 33,602 ​ ​ 179,235 ​ $ 59.53 ​ 179,235 ​ ​ ​ ​ (1) As of December 31, 2025, we have repurchased in the aggregate approximately 4.1 million shares of our common stock for approximately $136.4 million pursuant to the repurchase program approved by our Board of Directors. ​ (2) On March 28, 2001, we announced that our Board of Directors authorized the spending of up to $15.0 million to repurchase shares of our common stock. On each of February 11, 2014, December 17, 2018, November 22, 2022, May 1, 2024, April 30, 2025, and February 4, 2026, our Board of Directors approved increases of $15.0 million, $25.0 million, $25.0 million, $40.0 million, $50.0 million, and $50.0 million, respectively, to the repurchase program bringing the aggregate authorized amount under the repurchase program to $220.0 million. 27 Table of Contents There is no fixed termination date for this repurchase program. Purchases may be made in open-market transactions, block transactions on or off an exchange, or in privately negotiated transactions. The timing and amount of any share repurchases will be based on market conditions and other factors. ​ Stock Performance Graph ​ The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, or the Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing. ​ The following graph compares our annual percentage change in cumulative total return on shares of our common stock over the past five years with the cumulative total return of companies comprising the NASDAQ Composite Index and the NASDAQ US Benchmark TR Index. This presentation assumes that $100 was invested in shares of the relevant issuers on December 31, 2020, and that dividends received were immediately invested in additional shares of our common stock. The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown. Measurement points are December 31, 2020, December 31, 2021, December 31, 2022, December 31, 2023, December 31, 2024, and December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base Period ​ Years Ended December 31, Company Name / Index ​ December 31, 2020 ​ ​ ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 PC Connection, Inc. $ 100.00 $ 93.75 ​ $ 102.57 ​ $ 147.95 ​ $ 153.36 ​ $ 129.07 Nasdaq Stock Market-Composite $ 100.00 $ 122.18 ​ $ 82.43 ​ $ 119.22 ​ $ 154.48 ​ $ 187.14 Nasdaq US Benchmark TR Index $ 100.00 $ 125.89 ​ $ 101.05 ​ $ 127.76 ​ $ 159.03 ​ $ 186.96 ​ ​ Item 6. [Reserved] ​ ​ ​ ​ ​ 28 Table of Contents