Revenue of $17.2 billion, an increase of 18.1% year over year and significantly above the high end of our outlook. On a constant currency⁽¹⁾ basis, revenue increased by 13.2% year over year.
Non-GAAP gross billings⁽¹⁾ of $25.8 billion, an increase of 24.4% year over year and significantly above the high end of our outlook. On a constant currency⁽¹⁾ basis, non-GAAP gross billings⁽¹⁾ increased by 19.9% year over year.
Diluted earnings per share ("EPS") of $4.04, and non-GAAP diluted EPS⁽¹⁾ of $4.73, an increase of 68.9% year over year and significantly above the high end of our outlook.
Returned $118 million to stockholders in the form of approximately $80 million of share repurchases and $39 million in dividends.
Announced a quarterly cash dividend of $0.48 per common share, up 9% year over year.

"We're pleased with how we've started fiscal 2026. In the first quarter, we delivered record non-GAAP gross billings and non-GAAP diluted earnings per share, while continuing to expand profitability and build on the execution and momentum established over the past year," said Patrick Zammit, CEO of TD SYNNEX. "Our results reflect strong performance across both our distribution and Hyve businesses, as well as the continued alignment between our strategy and the needs of our partners. Together, this reinforces the strength of our operating model and our ability to create long-term value for shareholders."

TD SYNNEX (NYSE:SNX) today announced financial results for the fiscal first quarter ended February 28, 2026.

Consolidated Financial Highlights for the Fiscal 2026 First Quarter

GAAP
($ in millions, except earnings per share)
	Q1 FY26			Q1 FY25			Net Change from Q1 FY25
Revenue	$	17,161		$	14,532		18.1	%
Gross profit	$	1,252		$	998		25.5	%
Gross margin		7.30	%		6.87	%	43 bps
Operating income	$	489		$	304		60.7	%
Operating margin		2.85	%		2.10	%	75 bps
Net income	$	327		$	168		95.1	%
Diluted EPS	$	4.04		$	1.98		104.0	%

Non-GAAP
($ in millions, except earnings per share)
	Q1 FY26			Q1 FY25			Net Change from Q1 FY25
Gross billings⁽¹⁾	$	25,775		$	20,718		24.4	%
Gross to net %⁽¹⁾		(33.4	)%		(29.9	)%	(350) bps
Revenue	$	17,161		$	14,532		18.1	%
Gross profit	$	1,252		$	998		25.5	%
Gross margin		7.30	%		6.87	%	43 bps
Operating income⁽¹⁾	$	590		$	399		47.8	%
Operating margin⁽¹⁾		3.44	%		2.74	%	70 bps
Net income⁽¹⁾	$	383		$	237		61.2	%
Diluted EPS⁽¹⁾	$	4.73		$	2.80		68.9	%

Change in Reportable Segments

During the fiscal 2026 first quarter ended February 28, 2026, the Company revised its reportable segments to align with how the Chief Operating Decision Maker ("CODM") manages the business, assesses performance and allocates resources. The Company now operates in four reportable segments comprised of three reportable segments related to its global distribution business organized within three geographic regions known as the Americas, Europe and Asia-Pacific and Japan ("APJ"). The Company's fourth reportable segment is Hyve Solutions, which operates globally. The Company's distribution businesses bring together a broad portfolio of information technology ("IT") hardware, software, and systems, providing access to more than 200,000 products across the global IT ecosystem. The Company's Hyve Solutions business partners with leading technology companies to design, manufacture, and deliver traditional and accelerated compute, cloud, and connected infrastructure worldwide.

Fiscal 2026 Second Quarter Outlook

The following statements are based on TD SYNNEX's current expectations for the fiscal 2026 second 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 amortization of intangible assets, share-based compensation, and the related tax effects thereon.

		Q2 2026 Outlook
Revenue		$16.1 - $16.9 billion
Non-GAAP gross billings⁽¹⁾		$24.6 - $25.6 billion
Net income		$234 - $274 million
Non-GAAP net income⁽¹⁾		$302 - $342 million
Diluted earnings per share		$2.90 - $3.40
Non-GAAP diluted earnings per share⁽¹⁾		$3.75 - $4.25
Estimated outstanding diluted weighted average shares		79.8 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 April 29, 2026 to stockholders of record as of the close of business on April 15, 2026.

Conference Call and Webcast

TD SYNNEX will host a conference call today to discuss the 2026 fiscal first 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, solutions aggregator, and original design and contract manufacturer that plays a central role in connecting the IT ecosystem. We support more than 150,000 customers across over 100 countries with a comprehensive edge‑to‑cloud portfolio spanning cybersecurity, analytics, artificial intelligence, mobility, and Everything‑as‑a‑Service. We are a Fortune 100 company that helps partners maximize the value of technology investments and achieve measurable business outcomes through our global reach, expertise, and enablement capabilities. Headquartered in Clearwater, Florida and Fremont, California, TD SYNNEX brings together offerings from more than 2,500 best‑in‑class technology vendors through approximately 24,000 co‑workers worldwide. 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.
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.
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, a realized gain upon sale of certain equity securities ("gain on investments") 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.

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.

Gain on investments includes a benefit recorded in other income (expense), net during the first quarter of fiscal 2026 resulting from a realized gain upon sale of certain equity securities.

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 second 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, including geopolitical instability and armed conflicts in the Middle East and other regions; 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, 2025 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.


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)

	February 28, 2026			November 30, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,562,557		$	2,435,389
Accounts receivable, net		11,936,790			11,707,581
Receivables from vendors, net		945,061			972,658
Inventories		10,980,995			9,504,340
Other current assets		683,821			669,470
Total current assets		26,109,224			25,289,438
Property and equipment, net		504,209			496,291
Goodwill		4,128,374			4,099,297
Intangible assets, net		3,735,545			3,774,952
Other assets, net		606,353			590,920
Total assets	$	35,083,705		$	34,250,898

LIABILITIES AND EQUITY
Current liabilities:
Borrowings, current	$	1,128,634		$	1,018,321
Accounts payable		18,055,340			17,624,254
Other accrued liabilities		2,257,021			2,318,265
Total current liabilities		21,440,995			20,960,840
Long-term borrowings		3,593,006			3,592,130
Other long-term liabilities		462,364			447,981
Deferred tax liabilities		804,604			799,518
Total liabilities		26,300,969			25,800,469
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 February 28, 2026 and November 30, 2025		99			99
Additional paid-in capital		7,446,803			7,431,231
Treasury stock, 19,200 and 18,912 shares as of February 28, 2026 and November 30, 2025, respectively		(2,095,613	)		(2,038,528	)
Accumulated other comprehensive loss		(293,786	)		(379,433	)
Retained earnings		3,725,233			3,437,060
Total stockholders' equity		8,782,736			8,450,429
Total liabilities and equity	$	35,083,705		$	34,250,898


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 Ended
	February 28, 2026			February 28, 2025
Revenue	$	17,161,198		$	14,531,707
Cost of revenue		(15,909,052	)		(13,533,701	)
Gross profit		1,252,146			998,006
Selling, general and administrative expenses		(762,786	)		(693,547	)
Operating income		489,360			304,459
Interest expense and finance charges, net		(86,534	)		(87,880	)
Other income (expense), net		19,582			(1,696	)
Income before income taxes		422,408			214,883
Provision for income taxes		(95,493	)		(47,346	)
Net income	$	326,915		$	167,537
Earnings per common share:
Basic	$	4.05		$	1.98
Diluted	$	4.04		$	1.98
Weighted-average common shares outstanding:
Basic		79,955			83,615
Diluted		80,178			83,970


TD SYNNEX Corporation Consolidated Statements of Cash Flows (Currency amounts in thousands) (Amounts may not add or compute due to rounding) (Unaudited)

	Three Months Ended
	February 28, 2026			February 28, 2025
Cash flows from operating activities:
Net income	$	326,915		$	167,537
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		104,675			99,710
Share-based compensation		23,645			21,861
Provision for doubtful accounts		6,833			6,366
Gain on investments		(22,354	)		—
Other		(435	)		4,373
Changes in operating assets and liabilities, net of acquisition of businesses:
Accounts receivable, net		(136,327	)		854,220
Receivables from vendors, net		36,723			(16,640	)
Inventories		(1,417,512	)		(102,861	)
Accounts payable		284,497			(1,970,112	)
Other operating assets and liabilities		(102,526	)		187,549
Net cash used in operating activities		(895,866	)		(747,997	)
Cash flows from investing activities:
Purchases of property and equipment		(33,147	)		(41,525	)
Acquisition of businesses, net of cash acquired		(7,786	)		(3,793	)
Proceeds from sale of investments in equity securities		29,854			—
Other		(520	)		786
Net cash used in investing activities		(11,599	)		(44,532	)
Cash flows from financing activities:
Dividends paid		(38,742	)		(37,220	)
Proceeds from reissuance of treasury stock		18,615			9,781
Repurchases of common stock		(79,742	)		(100,510	)
Repurchases of common stock for tax withholdings on equity awards		(3,576	)		(4,250	)
Net borrowings on revolving credit loans		113,430			421,422
Principal payments on long-term debt		(661	)		(627	)
Other		(1,737	)		—
Net cash provided by financing activities		7,587			288,596
Effect of exchange rate changes on cash and cash equivalents		27,046			(13,582	)
Net decrease in cash and cash equivalents		(872,832	)		(517,515	)
Cash and cash equivalents at beginning of period		2,435,389			1,059,378
Cash and cash equivalents at end of period	$	1,562,557		$	541,863


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 Ended
Revenue in constant currency	February 28, 2026			February 28, 2025
Revenue	$	17,161,198		$	14,531,707
Impact of changes in foreign currencies		(708,566	)		—
Revenue in constant currency	$	16,452,632		$	14,531,707

	Three Months Ended
	February 28, 2026			February 28, 2025
Non-GAAP gross billings
Revenue	$	17,161,198		$	14,531,707
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts		8,614,257			6,186,489
Non-GAAP gross billings	$	25,775,455		$	20,718,196
Impact of changes in foreign currencies		(935,852	)		—
Non-GAAP gross billings in constant currency	$	24,839,603		$	20,718,196

	Three Months Ended
	February 28, 2026			February 28, 2025
Non-GAAP operating income & non-GAAP operating margin
Operating income	$	489,360		$	304,459
Acquisition, integration and restructuring costs		884			1,062
Amortization of intangibles		75,703			71,407
Share-based compensation expense		23,645			21,861
Non-GAAP operating income	$	589,592		$	398,789

Operating margin		2.85	%		2.10	%
Non-GAAP operating margin		3.44	%		2.74	%


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 Ended
	February 28, 2026			February 28, 2025
Non-GAAP net income & non-GAAP diluted EPS⁽¹⁾
Net income	$	326,915		$	167,537
Acquisition, integration and restructuring costs		884			1,062
Amortization of intangibles		75,703			71,407
Share-based compensation		23,645			21,861
Gain on investments		(22,354	)		—
Income taxes related to the above		(22,226	)		(24,496	)
Non-GAAP net income	$	382,567		$	237,371

Diluted EPS⁽¹⁾	$	4.04		$	1.98
Acquisition, integration and restructuring costs		0.01			0.01
Amortization of intangibles		0.94			0.84
Share-based compensation		0.29			0.26
Gain on investments		(0.28	)		—
Income taxes related to the above		(0.27	)		(0.29	)
Non-GAAP diluted EPS⁽¹⁾	$	4.73		$	2.80

⁽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 months ended February 28, 2026 and February 28, 2025.

	Three Months Ended
(Currency in thousands)	February 28, 2026			February 28, 2025
Free cash flow
Net cash used in operating activities	$	(895,866	)	$	(747,997	)
Purchases of property and equipment		(33,147	)		(41,525	)
Free cash flow	$	(929,013	)	$	(789,522	)


TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Amounts may not add or compute due to rounding)

	Forecast
	Three Months Ending
(Currency in millions, except per share amounts)	May 31, 2026
Non-GAAP net income and non-GAAP Diluted EPS	Low			High
Net income	$	234		$	274
Amortization of intangibles		75			75
Share-based compensation		15			15
Income taxes related to the above		(22	)		(22	)
Non-GAAP net income	$	302		$	342

Diluted EPS⁽¹⁾	$	2.90		$	3.40
Amortization of intangibles		0.93			0.93
Share-based compensation		0.19			0.19
Income taxes related to the above		(0.27	)		(0.27	)
Non-GAAP Diluted EPS⁽¹⁾	$	3.75		$	4.25

⁽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 May 31, 2026.

	Forecast
	Three Months Ending
(Currency in billions)	May 31, 2026
Non-GAAP gross billings	Low		High
Revenue	$	16.1	$	16.9
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts		8.5		8.7
Non-GAAP gross billings	$	24.6	$	25.6

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331867190/en/

Nate Friedel

Investor Relations

510-668-8436

IR@tdsynnex.com

Bobby Eagle

Global Corporate Communications

727-538-5864

bobby.eagle@tdsynnex.com

TD SYNNEX Reports Record Fiscal 2026 First Quarter Results