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TD SYNNEX Reports Record Fiscal 2025 Fourth Quarter Results
•Revenue of $17.4 billion, an increase of 9.7% year over year and above the high end of our outlook. On a constant currency(1) basis, revenue increased by 7.5% year over year.
•Non-GAAP gross billings(1) of $24.3 billion, an increase of 14.7% year over year and above the high end of our outlook. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 12.6% year over year.
•Diluted earnings per share (“EPS”) of $3.04, and non-GAAP diluted EPS(1) of $3.83, an increase of 24.0% year over year.
•Cash provided by operations of $1.5 billion and free cash flow(1) of $1.4 billion.
•Returned $209 million to stockholders in the form of $173 million of share repurchases and $36 million in dividends.
•Announced a quarterly cash dividend of $0.48 per common share, up 9% year over year.
“In the fourth quarter, our non-GAAP gross billings grew 15% year-over-year and non-GAAP diluted earnings per share grew 24% year-over-year, which established new records for our company and demonstrated the value of our diversified business model and the successful execution of our long-term strategy,” said Patrick Zammit, CEO of TD SYNNEX. “These results complete an outstanding year for our organization in which we’ve substantially surpassed our initial medium-term targets provided at our Investor Day. We are well positioned for the year ahead, underpinned by our specialized business model, an unrivaled portfolio that is indexed toward higher-growing technologies and our continued focus on delivering best-in-class customer experiences. These strengths give us confidence in our ability to drive sustainable growth through time.”
CLEARWATER, FL and FREMONT, CA, January 8, 2026 – TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal fourth quarter ended November 30, 2025.
Consolidated Financial Highlights for the Fiscal 2025 Fourth Quarter
GAAP
($ in millions, except earnings per share)
Q4 FY25Q4 FY24Net Change from Q4 FY24
Revenue$17,379 $15,845 9.7 %
Gross profit$1,195 $1,041 14.8 %
Gross margin6.87 %6.57 %30 bps
Operating income$399 $325 22.7 %
Operating margin2.29 %2.05 %24 bps
Net income$248 $195 27.5 %
Diluted EPS$3.04 $2.29 32.8 %
Non-GAAP
($ in millions, except earnings per share)
Q4 FY25Q4 FY24Net Change from Q4 FY24
Gross billings(1)
$24,327 $21,211 14.7 %
Gross to net %(1)
(28.6)%(25.3)%(330) bps
Revenue$17,379 $15,845 9.7 %
Gross profit$1,195 $1,041 14.8 %
Gross margin6.87 %6.57 %30 bps
Operating income(1)
$497 $422 17.9 %
Operating margin(1)
2.86 %2.66 %20 bps
Net income(1)
$313 $263 18.8 %
Diluted EPS(1)
$3.83 $3.09 24.0 %


Consolidated Fiscal 2025 Fourth Quarter versus Fiscal 2024 Fourth Quarter Highlights
•Revenue was $17.4 billion, compared to $15.8 billion, representing an increase of 9.7% and above the high end of our outlook. On a constant currency(1) basis, revenue increased by 7.5%, driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 5%.
•Non-GAAP gross billings(1) were $24.3 billion, compared to $21.2 billion, representing an increase of 14.7% and above the high end of our outlook. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 12.6%.
•Gross profit was $1.2 billion, compared to $1.0 billion.
•Gross margin was 6.9%, compared to 6.6%. The presentation of additional revenues on a net basis due to the mix of products sold positively impacted our gross margin by approximately 30 basis points.
•Operating income was $399 million, compared to $325 million. Non-GAAP operating income(1) was $497 million, compared to $422 million.
•Operating margin was 2.3%, compared to 2.1%. Non-GAAP operating margin(1) was 2.9%, compared to 2.7%.
•Diluted EPS was $3.04, compared to $2.29. Non-GAAP diluted EPS(1) was $3.83, compared to $3.09.
•Cash provided by operations of $1.5 billion, compared to $562 million, and free cash flow(1) of $1.4 billion, compared to $513 million.
•We returned $209 million to stockholders in the form of share repurchases and dividends, compared to $136 million.
Regional Fiscal 2025 Fourth Quarter versus Fiscal 2024 Fourth Quarter Highlights
•Americas:
◦Revenue was $9.5 billion, compared to $9.2 billion, representing an increase of 2.9%. On a constant currency(1) basis, revenue increased by 3.0%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 6%.
◦Non-GAAP gross billings(1) were $14.1 billion, compared to $12.9 billion, representing an increase of 9.3%. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 9.4%.
◦Operating income was $275 million, compared to $228 million. Non-GAAP operating income(1) was $332 million, compared to $284 million.
◦Operating margin was 2.9%, compared to 2.5%. Non-GAAP operating margin(1) was 3.5%, compared to 3.1%.
•Europe:
◦Revenue was $6.5 billion, compared to $5.5 billion, representing an increase of 18.1%. On a constant currency(1) basis, revenue increased by 11.2%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 3%.
◦Non-GAAP gross billings(1) were $8.4 billion, compared to $7.0 billion, representing an increase of 20.8%. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 14.0%.
◦Operating income was $93 million, compared to $64 million. Non-GAAP operating income(1) was $133 million, compared to $102 million.
◦Operating margin was 1.4%, compared to 1.2%. Non-GAAP operating margin(1) was 2.1% compared to 1.9%.
•Asia-Pacific and Japan (“APJ”):
◦Revenue was $1.4 billion, compared to $1.1 billion, representing an increase of 24.7%. On a constant currency(1) basis, revenue increased by 26.1%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 10%.


◦Non-GAAP gross billings(1) were $1.8 billion, compared to $1.4 billion, representing an increase of 34.2%. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 35.8%.
◦Operating income was $30 million, compared to $33 million. Non-GAAP operating income(1) was $32 million, compared to $36 million.
◦Operating margin was 2.2%, compared to 3.0%. Non-GAAP operating margin(1) was 2.3%, compared to 3.2%.
Fiscal 2026 First Quarter Outlook
The following statements are based on TD SYNNEX’s current expectations for the fiscal 2026 first quarter. These statements are forward-looking and actual results may differ materially. Non-GAAP gross billings(1) include the impact of costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts, and the remaining non-GAAP financial measures exclude the impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation, and the related tax effects thereon.
Q1 2026 Outlook
Revenue
$15.1 - $15.9 billion
Non-GAAP gross billings(1)
$22.7 - $23.7 billion
Net income
$166 - $206 million
Non-GAAP net income(1)
$243 - $283 million
Diluted earnings per share
$2.05 - $2.55
Non-GAAP diluted earnings per share(1)
$3.00 - $3.50
Estimated outstanding diluted weighted average shares
80.1 million
Dividend
TD SYNNEX announced today that its Board of Directors declared a quarterly cash dividend of $0.48 per common share. The dividend is payable on January 30, 2026 to stockholders of record as of the close of business on January 16, 2026.
Conference Call and Webcast
TD SYNNEX will host a conference call today to discuss the 2025 fiscal fourth quarter results at 6:00 AM (PT)/9:00 AM (ET).
A live audio webcast of the earnings call will be accessible at ir.tdsynnex.com and a replay of the webcast will be available following the call.
About TD SYNNEX
TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We are an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, demonstrate business outcomes and unlock growth opportunities. Headquartered in Clearwater, Florida and Fremont, California, TD SYNNEX’s approximately 24,000 co-workers are dedicated to uniting compelling IT products, services and solutions from approximately 2,500 best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including cloud, cybersecurity, big data/analytics, AI, IoT, mobility and everything as a service.
TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit TDSYNNEX.com, follow our newsroom or find us on LinkedIn, Facebook and Instagram.


(1)Use of Non-GAAP Financial Information
In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to:
•Non-GAAP gross billings, which are the amounts billed to the customer prior to any presentation adjustment under ASC Topic 606 for those arrangements where the Company does not act as the principal. Non-GAAP gross billings are a useful non-GAAP metric in understanding the volume of our business activity and serve as an important performance metric in internally managing our operations.
•Revenue and non-GAAP gross billings in constant currency, which adjusts for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our performance. Financial results adjusted for constant currency are calculated by translating current period activity using the comparable prior year periods’ currency conversion rate.
•“Gross to net %” refers to the percentage of adjustments made to non-GAAP gross billings for costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts.
•Adjusted selling, general and administrative expenses, which excludes acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. TD SYNNEX also uses adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings, which is a useful metric in considering our selling, general and administrative expenses without the impact of gross to net revenue adjustments to gross billings. Furthermore, TD SYNNEX uses adjusted selling, general and administrative expenses as a percentage of gross profit, which is a useful metric in considering the portion of gross profit retained after selling, general and administrative expenses.
•Non-GAAP operating income and non-GAAP operating margin, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense.
•Earnings before interest, taxes, depreciation and amortization (“EBITDA”), which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, and amortization of intangibles. TD SYNNEX also uses adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, amortization of intangibles, other income (expense), net, acquisition, integration and restructuring costs, and share-based compensation expense.
•Non-GAAP net income and non-GAAP diluted earnings per share, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense, and the related tax effects thereon.
•Free cash flow, which is cash flow from operating activities reduced by purchases of property and equipment. TD SYNNEX uses free cash flow to conduct and evaluate its business because although it is similar to cash flows from operating activities, TD SYNNEX believes free cash flow is an additional useful measure of cash flows since purchases of property and equipment are a necessary component of ongoing operations. Free cash flow reflects an additional way of viewing TD SYNNEX’s liquidity that, when viewed with its GAAP results, provides a more complete understanding of factors and trends affecting its cash flows. Free cash flow has limitations as it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions. Therefore, TD SYNNEX believes it is important to view free cash flow as a complement to its entire Consolidated Statements of Cash Flows.
•Trailing fiscal four quarters return on invested capital (“ROIC”), which is defined as the last four quarters’ tax effected operating income divided by the average of the last five quarterly balances of borrowings and equity, net of cash. Adjusted ROIC is calculated by excluding the tax effected impact of non-GAAP adjustments from operating income and by excluding the cumulative tax effected impact of current and prior period non-GAAP adjustments on equity.
In prior periods, TD SYNNEX has excluded other items relevant to those periods for purposes of its non-GAAP financial measures.


Acquisition, integration and restructuring costs, which are expensed as incurred, primarily represent professional services costs for legal, banking, consulting and advisory services, severance and other personnel-related costs, share-based compensation expense and debt extinguishment fees that are incurred in connection with acquisition, integration, restructuring, and divestiture activities. From time to time, this category may also include transaction-related gains/losses on divestitures/spin-off of businesses, costs related to long-lived assets including impairment charges and accelerated depreciation and amortization expense due to changes in asset useful lives, as well as various other costs associated with the acquisition or divestiture.
TD SYNNEX’s acquisition activities have resulted in the recognition of finite-lived intangible assets which consist primarily of customer relationships and vendor lists. Finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in the Company’s Statements of Operations. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the Company’s products. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.
Share-based compensation expense is a non-cash expense arising from the grant of equity awards to employees and non-employee members of the Company’s Board of Directors based on the estimated fair value of those awards. Although share-based compensation is an important aspect of the compensation of our employees, the fair value of the share-based awards may bear little resemblance to the actual value realized upon the vesting or future exercise of the related share-based awards and the expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Given the variety and timing of awards and the subjective assumptions that are necessary when calculating share-based compensation expense, TD SYNNEX believes this additional information allows investors to make additional comparisons between our operating results from period to period.
TD SYNNEX management uses non-GAAP financial measures internally to understand, manage and evaluate the business, to establish operational goals, and in some cases for measuring performance for compensation purposes. These non-GAAP measures are intended to provide investors with an understanding of TD SYNNEX’s operational results and trends that more readily enable investors to analyze TD SYNNEX’s base financial and operating performance and to facilitate period-to-period comparisons and analysis of operational trends, as well as for planning and forecasting in future periods. Management believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and should be read only in conjunction with TD SYNNEX’s Consolidated Financial Statements prepared in accordance with GAAP. A reconciliation of TD SYNNEX’s GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release.


Safe Harbor Statement
Statements in this news release regarding TD SYNNEX that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from TD SYNNEX expectations as a result of a variety of factors. These forward-looking statements may be identified by terms such as believe, foresee, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements about our strategy, demand, plans and positioning, capital allocation, as well as guidance related to the first quarter of 2026. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which TD SYNNEX is unable to predict or control, that may cause TD SYNNEX actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to: the unfavorable outcome of any legal proceedings that have been or may be instituted against us; the ability to retain key personnel; general economic and political conditions; weakness in information technology spending; seasonality; risks related to the buying patterns of our customers, concentration of sales to large customers; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; the timing and amount of returns to our stockholders via repurchases of our common stock and dividends; changes in foreign currency exchange rates and interest rates; increased inflation; uncertainty over global trade policies and the impacts of related tariffs; dependence upon and trends in capital spending budgets in the IT industry; investments in IT systems and adoption of new technologies, including artificial intelligence or other products and services; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our supplier finance programs; credit exposure to our reseller customers and negative trends in their businesses; any incidents of theft; the declaration, timing and payment of dividends, and the Board’s reassessment thereof; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2024 and subsequent SEC filings. Statements included in this press release are based upon information known to TD SYNNEX as of the date of this release, and TD SYNNEX assumes no obligation to update information contained in this press release unless otherwise required by law.

Copyright 2026 TD SYNNEX CORPORATION. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks or registered trademarks of TD SYNNEX Corporation. Other names and marks are the property of their respective owners.
Contacts:
Nate Friedel
Bobby Eagle
Investor RelationsGlobal Corporate Communications
510-668-8436727-538-5864
IR@tdsynnex.com
bobby.eagle@tdsynnex.com



TD SYNNEX Corporation
Consolidated Balance Sheets
(Currency and share amounts in thousands, except par value)
(Amounts may not add or compute due to rounding)
(Unaudited)
November 30, 2025November 30, 2024
ASSETS
Current assets:
Cash and cash equivalents$2,435,389 $1,059,378 
Accounts receivable, net11,707,581 10,341,625 
Receivables from vendors, net972,658 958,105 
Inventories9,504,340 8,287,048 
Other current assets669,470 678,540 
Total current assets25,289,438 21,324,696 
Property and equipment, net496,291 457,024 
Goodwill4,099,297 3,895,077 
Intangible assets, net3,774,952 3,912,267 
Other assets, net590,920 685,415 
Total assets$34,250,898 $30,274,479 
LIABILITIES AND EQUITY
Current liabilities:
Borrowings, current$1,018,321 $171,092 
Accounts payable17,624,254 15,084,107 
Other accrued liabilities2,318,265 1,966,036 
Total current liabilities20,960,840 17,221,235 
Long-term borrowings3,592,130 3,736,399 
Other long-term liabilities447,981 468,648 
Deferred tax liabilities799,518 812,763 
Total liabilities25,800,469 22,239,045 
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding
— — 
Common stock, $0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both November 30, 2025 and 2024
99 99 
Additional paid-in capital7,431,231 7,437,688 
Treasury stock, 18,912 and 15,289 shares as of November 30, 2025 and 2024, respectively
(2,038,528)(1,513,017)
Accumulated other comprehensive loss(379,433)(645,117)
Retained earnings3,437,060 2,755,781 
Total stockholders' equity8,450,429 8,035,434 
Total liabilities and equity$34,250,898 $30,274,479 


TD SYNNEX Corporation
Consolidated Statements of Operations
(Currency and share amounts in thousands, except per share amounts)
(Amounts may not add or compute due to rounding)
(Unaudited)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Revenue$17,379,140 $15,844,563 $62,508,086 $58,452,436 
Cost of revenue(16,184,390)(14,803,618)(58,139,104)(54,471,130)
Gross profit1,194,750 1,040,945 4,368,982 3,981,306 
Selling, general and administrative expenses(792,936)(715,009)(2,946,883)(2,715,781)
Acquisition, integration and restructuring costs(3,150)(1,124)(7,180)(71,314)
Operating income398,664 324,812 1,414,919 1,194,211 
Interest expense and finance charges, net(87,558)(86,419)(356,608)(319,458)
Other expense, net(74)(1,225)(1,057)(8,718)
Income before income taxes311,032 237,168 1,057,254 866,035 
Provision for income taxes(62,625)(42,366)(229,594)(176,944)
Net income$248,407 $194,802 $827,660 $689,091 
Earnings per common share:
Basic$3.05 $2.30 $9.99 $7.99 
Diluted$3.04 $2.29 $9.95 $7.95 
Weighted-average common shares outstanding:
Basic80,632 84,154 82,104 85,494 
Diluted80,932 84,519 82,430 85,874 


TD SYNNEX Corporation
Consolidated Statements of Cash Flows
(Currency amounts in thousands)
(Amounts may not add or compute due to rounding)
(Unaudited)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Cash flows from operating activities:
Net income$248,407 $194,802 $827,660 $689,091 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization105,078 102,438 414,219 407,532 
Share-based compensation20,190 22,105 66,428 69,201 
Provision for doubtful accounts13,364 (1,178)35,071 862 
Deferred income taxes(46,809)(28,813)(46,809)(28,813)
Other2,972 (6,292)6,687 2,635 
Changes in operating assets and liabilities, net of acquisition of businesses:
Accounts receivable, net(851,835)(503,305)(1,118,020)(195,615)
Receivables from vendors, net(134,416)(110,758)8,893 (6,606)
Inventories(397,379)(726,000)(1,051,878)(1,214,505)
Accounts payable2,039,800 1,466,053 2,175,637 1,930,252 
Other operating assets and liabilities461,006 152,889 213,816 (436,310)
Net cash provided by operating activities1,460,378 561,941 1,531,704 1,217,724 
Cash flows from investing activities:
Purchases of property and equipment(38,293)(49,060)(142,282)(175,112)
Acquisition of businesses, net of cash acquired(6,213)(11,255)(83,666)(43,677)
Proceeds from sale of fixed assets— 42,890 — 42,890 
Settlement of net investment hedges— — (347)(14,840)
Other97 5,160 5,129 (3,099)
Net cash used in investing activities(44,409)(12,265)(221,166)(193,838)
Cash flows from financing activities:
Dividends paid(35,963)(34,026)(146,381)(138,081)
Proceeds from reissuance of treasury stock
6,256 956 33,621 11,996 
Repurchases of common stock(172,980)(102,011)(596,109)(611,892)
Repurchases of common stock for tax withholdings on equity awards(21,757)(16,975)(31,097)(24,703)
Net (repayments) borrowings on revolving credit loans
(182,839)(144,819)162,260 (39,530)
Principal payments on long-term debt(583,031)(789)(598,572)(1,486,397)
Borrowings on long-term debt1,152,159 — 1,152,159 1,349,376 
Cash paid for debt issuance costs(8,750)— (8,750)(13,869)
Net cash provided by (used in) financing activities
153,095 (297,664)(32,869)(953,100)
Effect of exchange rate changes on cash and cash equivalents
(8,025)(46,557)98,342 (45,184)
Net increase in cash and cash equivalents
1,561,039 205,455 1,376,011 25,602 
Cash and cash equivalents at beginning of period
874,350 853,923 1,059,378 1,033,776 
Cash and cash equivalents at end of period
$2,435,389 $1,059,378 $2,435,389 $1,059,378 


TD SYNNEX Corporation
Regional Financial Highlights - Fiscal 2025 Fourth Quarter
(Currency in millions)
(Amounts may not add or compute due to rounding)
Q4 FY25Q4 FY24Net Change from Q4 FY24
Americas
Revenue$9,510.0 $9,241.2 2.9 %
Non-GAAP gross billings(1)
$14,086.5 $12,883.0 9.3 %
Operating income$275.4 $227.7 20.9 %
Non-GAAP operating income(1)
$331.8 $284.0 16.8 %
Operating margin2.90 %2.46 %44 bps
Non-GAAP operating margin(1)
3.49 %3.07 %42 bps
Europe
Revenue$6,492.2 $5,499.0 18.1 %
Non-GAAP gross billings(1)
$8,417.0 $6,969.1 20.8 %
Operating income$93.2 $63.8 46.0 %
Non-GAAP operating income(1)
$133.0 $102.0 30.5 %
Operating margin1.44 %1.16 %28 bps
Non-GAAP operating margin(1)
2.05 %1.85 %20 bps
APJ
Revenue$1,376.9 $1,104.4 24.7 %
Non-GAAP gross billings(1)
$1,823.6 $1,359.1 34.2 %
Operating income$30.1 $33.3 (9.7)%
Non-GAAP operating income(1)
$32.2 $35.6 (9.4)%
Operating margin2.19 %3.02 %(83) bps
Non-GAAP operating margin(1)
2.34 %3.22 %(88) bps
(1) A reconciliation of TD SYNNEX’s GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release.


TD SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Revenue in constant currency
Consolidated
Revenue$17,379,140 $15,844,563 $62,508,086 $58,452,436 
Impact of changes in foreign currencies (353,494)— (500,045)— 
Revenue in constant currency$17,025,646 $15,844,563 $62,008,041 $58,452,436 
Americas
Revenue$9,510,048 $9,241,168 $36,176,520 $34,791,848 
Impact of changes in foreign currencies6,787 — 113,303 — 
Revenue in constant currency$9,516,835 $9,241,168 $36,289,823 $34,791,848 
Europe
Revenue$6,492,153 $5,498,968 $21,694,750 $19,634,156 
Impact of changes in foreign currencies(376,437)— (626,335)— 
Revenue in constant currency$6,115,716 $5,498,968 $21,068,415 $19,634,156 
APJ
Revenue$1,376,939 $1,104,427 $4,636,816 $4,026,432 
Impact of changes in foreign currencies16,156 — 12,987 — 
Revenue in constant currency$1,393,095 $1,104,427 $4,649,803 $4,026,432 


TD SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Non-GAAP gross billings
Consolidated
Revenue$17,379,140 $15,844,563 $62,508,086 $58,452,436 
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts
6,947,890 5,366,634 26,915,837 21,612,583 
Non-GAAP gross billings$24,327,030 $21,211,197 $89,423,923 $80,065,019 
  Impact of changes in foreign currencies
(446,345)— (620,102)— 
Non-GAAP gross billings in constant currency$23,880,685 $21,211,197 $88,803,821 $80,065,019 
Americas
Revenue$9,510,048 $9,241,168 $36,176,520 $34,791,848 
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts
4,576,435 3,641,867 17,902,076 14,870,628 
Non-GAAP gross billings$14,086,483 $12,883,035 $54,078,596 $49,662,476 
  Impact of changes in foreign currencies
1,879 — 169,760 — 
Non-GAAP gross billings in constant currency$14,088,362 $12,883,035 $54,248,356 $49,662,476 
Europe
Revenue$6,492,153 $5,498,968 $21,694,750 $19,634,156 
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts
1,924,816 1,470,110 7,315,876 5,769,432 
Non-GAAP gross billings$8,416,969 $6,969,078 $29,010,626 $25,403,588 
  Impact of changes in foreign currencies
(470,563)— (812,948)— 
Non-GAAP gross billings in constant currency$7,946,406 $6,969,078 $28,197,678 $25,403,588 
APJ
Revenue$1,376,939 $1,104,427 $4,636,816 $4,026,432 
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts
446,639 254,657 1,697,885 972,523 
Non-GAAP gross billings$1,823,578 $1,359,084 $6,334,701 $4,998,955 
  Impact of changes in foreign currencies
22,339 — 23,086 — 
Non-GAAP gross billings in constant currency$1,845,917 $1,359,084 $6,357,787 $4,998,955 


TD SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Adjusted selling, general and administrative expenses
Revenue
$17,379,140$15,844,563$62,508,086$58,452,436
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts
6,947,8905,366,63426,915,83721,612,583
Non-GAAP gross billings$24,327,030$21,211,197$89,423,923$80,065,019
Gross profit$1,194,750$1,040,945$4,368,982$3,981,306
Selling, general and administrative expenses(1)
$792,936$715,009$2,946,883$2,715,781
Amortization of intangibles(75,028)(73,495)(296,258)(292,304)
Share-based compensation(20,190)(22,105)(66,428)(69,201)
Adjusted selling, general and administrative expenses$697,718$619,409$2,584,197$2,354,276
Selling, general and administrative expenses(1) as a percentage of revenue
4.56 %4.51 %4.71 %4.65 %
Adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings
2.87 %2.92 %2.89 %2.94 %
Selling, general and administrative expenses(1) as a percentage of gross profit
66.4 %68.7 %67.5 %68.2 %
Adjusted selling, general and administrative expenses as a percentage of gross profit58.4 %59.5 %59.1 %59.1 %
(1) Excludes acquisition, integration and restructuring costs, which are presented separately on the Consolidated Statements of Operations.


TD SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Non-GAAP operating income & non-GAAP operating margin - Consolidated
Revenue$17,379,140$15,844,563$62,508,086$58,452,436
Operating income$398,664$324,812$1,414,919$1,194,211
Acquisition, integration and restructuring costs3,1501,1247,18071,314
Amortization of intangibles75,02873,495296,258292,304
Share-based compensation20,19022,10566,42869,201
Non-GAAP operating income$497,032$421,536$1,784,785$1,627,030
Operating margin2.29 %2.05 %2.26 %2.04 %
Non-GAAP operating margin2.86 %2.66 %2.86 %2.78 %
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Non-GAAP operating income & non-GAAP operating margin - Americas
Revenue$9,510,048$9,241,168$36,176,520$34,791,848
Operating income$275,379$227,682$1,005,394$817,548
Acquisition, integration and restructuring costs2,4142194,32253,245
Amortization of intangibles40,83341,430164,167165,860
Share-based compensation13,14914,68143,44545,107
Non-GAAP operating income$331,775$284,012$1,217,328$1,081,760
Operating margin2.90 %2.46 %2.78 %2.35 %
Non-GAAP operating margin3.49 %3.07 %3.36 %3.11 %
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Non-GAAP operating income & non-GAAP operating margin - Europe
Revenue$6,492,153$5,498,968$21,694,750$19,634,156
Operating income$93,192$63,813$299,815$263,913
Acquisition, integration and restructuring costs6126062,11216,831
Amortization of intangibles33,27831,248128,754123,567
Share-based compensation5,9466,28519,05620,318
Non-GAAP operating income$133,028$101,952$449,737$424,629
Operating margin1.44 %1.16 %1.38 %1.34 %
Non-GAAP operating margin2.05 %1.85 %2.07 %2.16 %


TD SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Non-GAAP operating income & non-GAAP operating margin - APJ
Revenue$1,376,939$1,104,427$4,636,816$4,026,432
Operating income$30,093$33,317$109,710$112,750
Acquisition, integration and restructuring costs1242997461,238
Amortization of intangibles9178173,3372,877
Share-based compensation1,0951,1393,9273,776
Non-GAAP operating income$32,229$35,572$117,720$120,641
Operating margin2.19 %3.02 %2.37 %2.80 %
Non-GAAP operating margin2.34 %3.22 %2.54 %3.00 %

Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
EBITDA & adjusted EBITDA
Net income$248,407 $194,802 $827,660 $689,091 
Interest expense and finance charges, net87,558 86,419 356,608 319,458 
Provision for income taxes62,625 42,366 229,594 176,944 
Depreciation(1)
30,050 28,943 117,961 115,228 
Amortization of intangibles75,028 73,495 296,258 292,304 
EBITDA$503,668 $426,025 $1,828,081 $1,593,025 
Other expense, net74 1,225 1,057 8,718 
Acquisition, integration and restructuring costs3,150 1,124 7,180 65,828 
Share-based compensation20,190 22,105 66,428 69,201 
Adjusted EBITDA$527,082 $450,479 $1,902,746 $1,736,772 
(1) Includes depreciation recorded in acquisition, integration, and restructuring costs.


TD SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(Currency in thousands, except per share amounts)
(Amounts may not add or compute due to rounding)
Three Months EndedTwelve Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Non-GAAP net income & non-GAAP diluted EPS(1)
Net income$248,407 $194,802 $827,660 $689,091 
Acquisition, integration and restructuring costs3,150 1,124 7,180 71,314 
Amortization of intangibles75,028 73,495 296,258 292,304 
Share-based compensation20,190 22,105 66,428 69,201 
Income taxes related to the above(33,770)(28,112)(100,389)(109,973)
Non-GAAP net income$313,005 $263,414 $1,097,137 $1,011,937 
Diluted EPS(1)
$3.04 $2.29 $9.95 $7.95 
Acquisition, integration and restructuring costs0.04 0.01 0.09 0.83 
Amortization of intangibles0.91 0.86 3.56 3.37 
Share-based compensation0.25 0.26 0.80 0.80 
Income taxes related to the above(0.41)(0.33)(1.21)(1.27)
Non-GAAP Diluted EPS(1)
$3.83 $3.09 $13.19 $11.68 
(1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for both the three and twelve months ended November 30, 2025, and was approximately 0.8% and 0.9% of net income for the three and twelve months ended November 30, 2024, respectively.


TD SYNNEX Corporation
Reconciliation of GAAP to Non-GAAP financial measures
(Amounts may not add or compute due to rounding)
Three Months EndedTwelve Months Ended
(Currency in thousands)November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Free cash flow
Net cash provided by operating activities$1,460,378 $561,941 $1,531,704 $1,217,724 
Purchases of property and equipment (38,293)(49,060)(142,282)(175,112)
Free cash flow $1,422,085 $512,881 $1,389,422 $1,042,612 
Forecast
Three Months Ending
(Currency in millions, except per share amounts)February 28, 2026
Non-GAAP net income and non-GAAP Diluted EPS
LowHigh
Net income$166 $206 
Amortization of intangibles75 75 
Share-based compensation25 25 
Income taxes related to the above(23)(23)
Non-GAAP net income$243 $283 
Diluted EPS(1)
$2.05 $2.55 
Amortization of intangibles0.93 0.93 
Share-based compensation0.31 0.31 
Income taxes related to the above(0.29)(0.29)
Non-GAAP Diluted EPS(1)
$3.00 $3.50 
(1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. Net income allocable to participating securities is estimated to be approximately 0.9% of the forecast net income for the three months ending February 28, 2026.

Forecast
Three Months Ending
(Currency in billions)February 28, 2026
Non-GAAP gross billings
LowHigh
Revenue$15.1 $15.9 
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts7.6 7.8 
Non-GAAP gross billings$22.7 $23.7 



TD SYNNEX Corporation
Calculation of Financial Metrics
Return on Invested Capital (“ROIC”)
(Currency in thousands)
(Amounts may not add or compute due to rounding)
November 30, 2025November 30, 2024
ROIC
Operating income (trailing fiscal four quarters)$1,414,919$1,194,211
Income taxes on operating income(1)
(307,265)(243,995)
Operating income after taxes$1,107,654$950,216
Total invested capital comprising equity and borrowings, less cash (last five quarters average)$11,368,960$11,186,988
ROIC9.7 %8.5 %
Adjusted ROIC
Non-GAAP operating income (trailing fiscal four quarters)$1,784,785$1,627,030
Income taxes on non-GAAP operating income(1)
(412,683)(359,411)
Non-GAAP operating income after taxes$1,372,102$1,267,619
Total invested capital comprising equity and borrowings, less cash (last five quarters average)$11,368,960$11,186,988
Tax effected impact of cumulative non-GAAP adjustments (last five quarters average)1,738,6661,451,601
Total non-GAAP invested capital (last five quarters average)$13,107,626$12,638,589
Adjusted ROIC10.5 %10.0 %
(1) Income taxes on GAAP operating income was calculated using the effective year-to-date tax rates during the respective periods. Income taxes on non-GAAP operating income was calculated by excluding the tax effect of taxable and deductible non-GAAP adjustments using the effective year-to-date tax rate during the respective periods.


TD SYNNEX Corporation
Calculation of Financial Metrics
Cash Conversion Cycle
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
November 30, 2025November 30, 2024
Days sales outstanding
Revenue(a)$17,379,140 $15,844,563 
Accounts receivable, net(b)11,707,581 10,341,625 
Days sales outstanding(c) = ((b)/(a))*the number of days during the period61 60 
Days inventory outstanding
Cost of revenue(d)$16,184,390 $14,803,618 
Inventories(e)9,504,340 8,287,048 
Days inventory outstanding(f) = ((e)/(d))*the number of days during the period53 51 
Days payable outstanding
Cost of revenue(g)$16,184,390 $14,803,618 
Accounts payable(h)17,624,254 15,084,107 
Days payable outstanding(i) = ((h)/(g))*the number of days during the period98 93 
Cash conversion cycle(j) = (c)+(f)-(i)16 18