CDW began 2025 with results that outpaced Wall Street’s expectations, which was reflected in a notably positive market reaction to its first quarter performance. Management pointed to robust demand for client devices, partly driven by customers seeking to refresh aging technology and prepare for upcoming Windows 10 expiration and potential tariff-related price increases. CEO Christine Leahy credited the company’s “balanced portfolio of customer end-markets” and continued investment in high-growth areas such as cloud adoption, cybersecurity, and IT workflow optimization as key contributors to the quarter’s results.

Is now the time to buy CDW? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions CDW’s Q1 Earnings Call

• David Voigt (UBS) asked about softness in networking and storage categories; CEO Christine Leahy attributed it to a temporary pause as customers digest prior investments and shift to software-defined networking, viewing it as a timing issue rather than a structural decline.
• Erik Woodring (Morgan Stanley) sought clarity on pricing power amid tariffs; Leahy and CFO Albert Miralles expressed confidence in passing through cost increases while maintaining margins, citing CDW’s cost-plus model and orderly market behavior.
• Asiya Merchant (Citigroup) questioned drivers of strength in healthcare; Leahy credited specific investments in industry expertise, transformation centers, and accelerated adoption of cloud and security solutions within the healthcare vertical.
• Samik Chatterjee (JPMorgan) explored whether recent demand was budget-driven or project-driven; Leahy described activity as balanced between transactional and project-based, with ongoing design discussions signaling future large-scale projects.
• Harry Read (Redburn) asked about hiring plans and operating leverage; Leahy and Miralles indicated headcount will remain stable with targeted strategic hires, and operating leverage may moderate after a strong first quarter due to growth normalization.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will monitor (1) whether cloud and security offerings continue to deliver double-digit growth, (2) stabilization and potential recovery in government and education demand after the recent pull forward, and (3) how effectively CDW manages expense discipline while investing in strategic hires and new capabilities. Progress on integrating recent acquisitions and evolving tariff impacts will also be key performance indicators.

CDW currently trades at $180.75, up from $164 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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