TD SYNNEX Reports Record Fiscal 2025 Fourth Quarter Results

CLEARWATER, Fla. & FREMONT, Calif.--( BUSINESS WIRE)--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 FY25

Q4 FY24

Net Change from Q4 FY24

Revenue

17,379

15,845

9.7

Gross profit

1,195

1,041

14.8

Gross margin

6.87

6.57

30 bps

Operating income

399

325

22.7

Operating margin

2.29

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 FY25

Q4 FY24

Net 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 margin

6.87

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

Regional Fiscal 2025 Fourth Quarter versus Fiscal 2024 Fourth Quarter Highlights

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:

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.

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, 2025

November 30, 2024

ASSETS

Current assets:

Cash and cash equivalents

2,435,389

1,059,378

Accounts receivable, net

11,707,581

10,341,625

Receivables from vendors, net

972,658

958,105

Inventories

9,504,340

8,287,048

Other current assets

669,470

678,540

Total current assets

25,289,438

21,324,696

Property and equipment, net

496,291

457,024

Goodwill

4,099,297

3,895,077

Intangible assets, net

3,774,952

3,912,267

Other assets, net

590,920

685,415

Total assets

34,250,898

30,274,479

LIABILITIES AND EQUITY

Current liabilities:

Borrowings, current

1,018,321

171,092

Accounts payable

17,624,254

15,084,107

Other accrued liabilities

2,318,265

1,966,036

Total current liabilities

20,960,840

17,221,235

Long-term borrowings

3,592,130

3,736,399

Other long-term liabilities

447,981

468,648

Deferred tax liabilities

799,518

812,763

Total liabilities

25,800,469

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

Additional paid-in capital

7,431,231

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 earnings

3,437,060

2,755,781

Total stockholders' equity

8,450,429

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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 profit

1,194,750

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 income

398,664

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 taxes

311,032

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:

Basic

80,632

84,154

82,104

85,494

Diluted

80,932

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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 amortization

105,078

102,438

414,219

407,532

Share-based compensation

20,190

22,105

66,428

69,201

Provision for doubtful accounts

13,364

(1,178

)

35,071

862

Deferred income taxes

(46,809

)

(28,813

)

(46,809

)

(28,813

)

Other

2,972

(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 payable

2,039,800

1,466,053

2,175,637

1,930,252

Other operating assets and liabilities

461,006

152,889

213,816

(436,310

)

Net cash provided by operating activities

1,460,378

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

)

Other

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 debt

1,152,159

—

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 FY25

Q4 FY24

Net 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 margin

2.90

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 margin

1.44

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 margin

2.19

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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 currencies

6,787

—

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 currencies

16,156

—

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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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

6,947,890

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

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 profit

58.4

59.5

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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 costs

3,150

1,124

7,180

71,314

Amortization of intangibles

75,028

73,495

296,258

292,304

Share-based compensation

20,190

22,105

66,428

69,201

Non-GAAP operating income

497,032

421,536

1,784,785

1,627,030

Operating margin

2.29

2.05

2.26

2.04

Non-GAAP operating margin

2.86

2.66

2.86

2.78

Three Months Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 costs

2,414

219

4,322

53,245

Amortization of intangibles

40,833

41,430

164,167

165,860

Share-based compensation

13,149

14,681

43,445

45,107

Non-GAAP operating income

331,775

284,012

1,217,328

1,081,760

Operating margin

2.90

2.46

2.78

2.35

Non-GAAP operating margin

3.49

3.07

3.36

3.11

Three Months Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 costs

612

606

2,112

16,831

Amortization of intangibles

33,278

31,248

128,754

123,567

Share-based compensation

5,946

6,285

19,056

20,318

Non-GAAP operating income

133,028

101,952

449,737

424,629

Operating margin

1.44

1.16

1.38

1.34

Non-GAAP operating margin

2.05

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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 costs

124

299

746

1,238

Amortization of intangibles

917

817

3,337

2,877

Share-based compensation

1,095

1,139

3,927

3,776

Non-GAAP operating income

32,229

35,572

117,720

120,641

Operating margin

2.19

3.02

2.37

2.80

Non-GAAP operating margin

2.34

3.22

2.54

3.00

Three Months Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 30, 2024

EBITDA & adjusted EBITDA

Net income

248,407

194,802

827,660

689,091

Interest expense and finance charges, net

87,558

86,419

356,608

319,458

Provision for income taxes

62,625

42,366

229,594

176,944

Depreciation (1)

30,050

28,943

117,961

115,228

Amortization of intangibles

75,028

73,495

296,258

292,304

EBITDA

503,668

426,025

1,828,081

1,593,025

Other expense, net

1,225

1,057

8,718

Acquisition, integration and restructuring costs

3,150

1,124

7,180

65,828

Share-based compensation

20,190

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 Ended

Twelve Months Ended

November 30, 2025

November 30, 2024

November 30, 2025

November 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 costs

3,150

1,124

7,180

71,314

Amortization of intangibles

75,028

73,495

296,258

292,304

Share-based compensation

20,190

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 costs

0.04

0.01

0.09

0.83

Amortization of intangibles

0.91

0.86

3.56

3.37

Share-based compensation

0.25

0.26

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 Ended

Twelve Months Ended

(Currency in thousands)

November 30, 2025

November 30, 2024

November 30, 2025

November 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

Low

High

Net income

166

206

Amortization of intangibles

Share-based compensation

Income taxes related to the above

(23

)

(23

)

Non-GAAP net income

243

283

Diluted EPS (1)

2.05

2.55

Amortization of intangibles

0.93

Share-based compensation

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

Low

High

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 contracts

7.6

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, 2025

November 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

ROIC

9.7

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)

1,738,666

1,451,601

Total non-GAAP invested capital (last five quarters average)

13,107,626

12,638,589

Adjusted ROIC

10.5

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, 2025

November 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

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 period

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 period

Cash conversion cycle

(j) = (c)+(f)-(i)