TD SYNNEX Reports Record Fiscal 2025 Third Quarter Results

FREMONT, Calif. and CLEARWATER, Fla.--( BUSINESS WIRE)--TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal third quarter ended August 31, 2025.

Consolidated Financial Highlights for the Fiscal 2025 Third Quarter:

GAAP

($ in millions, except earnings per share)

Q3 FY25

Q3 FY24

Net Change from

Q3 FY24

Revenue

15,650.9

14,684.7

6.6

Gross profit

1,129.9

961.0

17.6

Gross margin

7.22

6.54

68 bps

Operating income

383.7

302.9

26.7

Operating margin

2.45

2.06

39 bps

Net income

226.8

178.6

27.0

Diluted EPS

2.74

2.08

31.7

Non-GAAP

($ in millions, except earnings per share)

Q3 FY25

Q3 FY24

Net Change from

Q3 FY24

Gross billings (1)

22,731.2

20,282.5

12.1

Gross to net % (1)

(31.1

(27.6

(350) bps

Revenue

15,650.9

14,684.7

6.6

Gross profit

1,129.9

961.0

17.6

Gross margin

7.22

6.54

68 bps

Operating income (1)

474.9

392.9

20.9

Operating margin (1)

3.03

2.68

35 bps

Net income (1)

296.2

245.4

20.7

Diluted EPS (1)

3.58

2.86

25.2

Consolidated Fiscal 2025 Third Quarter versus Fiscal 2024 Third Quarter Highlights

Regional Fiscal 2025 Third Quarter versus Fiscal 2024 Third Quarter Highlights

Fiscal 2025 Fourth Quarter Outlook

The following statements are based on TD SYNNEX’s current expectations for the fiscal 2025 fourth 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.

Q4 2025 Outlook

Revenue

$16.5 - $17.3 billion

Non-GAAP gross billings (1)

$23.0 - $24.0 billion

Net income

$204 - $245 million

Non-GAAP net income (1)

$281 - $322 million

Diluted earnings per share

$2.50 - $3.00

Non-GAAP diluted earnings per share (1)

$3.45 - $3.95

Estimated outstanding diluted weighted average shares

80.7 million

Dividend

TD SYNNEX announced today that its Board of Directors declared a quarterly cash dividend of $0.44 per common share. The dividend is payable on October 31, 2025 to stockholders of record as of the close of business on October 17, 2025.

Conference Call and Webcast

TD SYNNEX will host a conference call today to discuss the 2025 fiscal third 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 23,000 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 fourth quarter of 2025. 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; 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 2025 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)

August 31, 2025

November 30, 2024

ASSETS

Current assets:

Cash and cash equivalents

874,350

1,059,378

Accounts receivable, net

10,925,068

10,341,625

Receivables from vendors, net

843,648

958,105

Inventories

9,137,505

8,287,048

Other current assets

797,343

678,540

Total current assets

22,577,914

21,324,696

Property and equipment, net

489,256

457,024

Goodwill

4,103,604

3,895,077

Intangible assets, net

3,888,134

3,912,267

Other assets, net

624,294

685,415

Total assets

31,683,202

30,274,479

LIABILITIES AND EQUITY

Current liabilities:

Borrowings, current

1,194,794

171,092

Accounts payable

15,651,286

15,084,107

Other accrued liabilities

2,034,654

1,966,036

Total current liabilities

18,880,734

17,221,235

Long-term borrowings

3,044,048

3,736,399

Other long-term liabilities

463,900

468,648

Deferred tax liabilities

840,719

812,763

Total liabilities

23,229,401

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 August 31, 2025 and November 30, 2024

Additional paid-in capital

7,457,713

7,437,688

Treasury stock, 18,146 and 15,289 shares as of August 31, 2025 and November 30, 2024, respectively

(1,895,564

)

(1,513,017

)

Accumulated other comprehensive loss

(333,063

)

(645,117

)

Retained earnings

3,224,616

2,755,781

Total stockholders' equity

8,453,801

8,035,434

Total liabilities and equity

31,683,202

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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Revenue

15,650,924

14,684,712

45,128,946

42,607,873

Cost of revenue

(14,521,071

)

(13,723,664

)

(41,954,714

)

(39,667,512

)

Gross profit

1,129,853

961,048

3,174,232

2,940,361

Selling, general and administrative expenses

(743,892

)

(657,513

)

(2,153,947

)

(2,000,772

)

Acquisition, integration and restructuring costs

(2,304

)

(656

)

(4,030

)

(70,190

)

Operating income

383,657

302,879

1,016,255

869,399

Interest expense and finance charges, net

(91,188

)

(80,447

)

(269,050

)

(233,039

)

Other income (expense), net

792

(1,518

)

(983

)

(7,493

)

Income before income taxes

293,261

220,914

746,222

628,867

Provision for income taxes

(66,466

)

(42,358

)

(166,969

)

(134,578

)

Net income

226,795

178,556

579,253

494,289

Earnings per common share:

Basic

2.76

2.09

6.95

5.70

Diluted

2.74

2.08

6.92

5.67

Weighted-average common shares outstanding:

Basic

81,561

84,510

82,593

85,937

Diluted

81,901

84,937

82,928

86,323

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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Cash flows from operating activities:

Net income

226,795

178,556

579,253

494,289

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

105,836

98,188

309,141

305,094

Share-based compensation

12,427

16,176

46,238

47,096

Provision for doubtful accounts

10,765

(2,882

)

21,707

2,040

Other

(2,237

)

3,288

3,715

8,927

Changes in operating assets and liabilities, net of acquisition of businesses:

Accounts receivable, net

(726,435

)

(1,077,560

)

(266,185

)

307,690

Receivables from vendors, net

150,350

(24,769

)

143,309

104,152

Inventories

(439,862

)

(513,341

)

(654,499

)

(488,505

)

Accounts payable

1,005,984

1,610,170

135,837

464,199

Other operating assets and liabilities

(97,482

)

97,956

(247,190

)

(589,199

)

Net cash provided by operating activities

246,141

385,782

71,326

655,783

Cash flows from investing activities:

Purchases of property and equipment

(32,221

)

(47,142

)

(103,989

)

(126,052

)

Acquisition of businesses, net of cash acquired

(72,994

)

(6,184

)

(77,453

)

(32,422

)

Settlement of net investment hedges

(347

)

(14,840

)

(347

)

(14,840

)

Other

(117

)

(12,610

)

5,032

(8,259

)

Net cash used in investing activities

(105,679

)

(80,776

)

(176,757

)

(181,573

)

Cash flows from financing activities:

Dividends paid

(36,300

)

(34,212

)

(110,418

)

(104,055

)

Proceeds from reissuance of treasury stock

14,852

5,533

27,365

11,040

Repurchases of common stock

(173,801

)

(56,506

)

(423,129

)

(509,881

)

Repurchases of common stock for tax withholdings on equity awards

(508

)

(1,441

)

(9,340

)

(7,728

)

Net borrowings on revolving credit loans

136,391

150,722

345,099

105,289

Principal payments on long-term debt

—

(700,894

)

(15,541

)

(1,485,608

)

Borrowings on long-term debt

—

1,349,376

Cash paid for debt issuance costs

—

(1,154

)

—

(13,869

)

Net cash used in financing activities

(59,366

)

(637,952

)

(185,964

)

(655,436

)

Effect of exchange rate changes on cash and cash equivalents

26,155

13,221

106,367

1,373

Net increase (decrease) in cash and cash equivalents

107,251

(319,725

)

(185,028

)

(179,853

)

Cash and cash equivalents at beginning of period

767,099

1,173,648

1,059,378

1,033,776

Cash and cash equivalents at end of period

874,350

853,923

874,350

853,923

TD SYNNEX Corporation

Regional Financial Highlights - Fiscal 2025 Third Quarter

(Currency in millions)

(Amounts may not add or compute due to rounding)

Q3 FY25

Q3 FY24

Net Change from

Q3 FY24

Americas

Revenue

9,267.9

9,090.0

2.0

Non-GAAP gross billings (1)

14,200.7

13,025.9

9.0

Operating income

283.6

220.9

28.4

Non-GAAP operating income (1)

336.1

272.3

23.4

Operating margin

3.06

2.43

63 bps

Non-GAAP operating margin (1)

3.63

3.00

63 bps

Europe

Revenue

5,174.8

4,591.2

12.7

Non-GAAP gross billings (1)

6,863.5

5,971.2

14.9

Operating income

70.4

57.4

22.6

Non-GAAP operating income (1)

107.3

94.0

14.2

Operating margin

1.36

1.25

11 bps

Non-GAAP operating margin (1)

2.07

2.05

2 bps

APJ

Revenue

1,208.2

1,003.5

20.4

Non-GAAP gross billings (1)

1,667.0

1,285.4

29.7

Operating income

29.6

24.6

20.5

Non-GAAP operating income (1)

31.5

26.6

18.5

Operating margin

2.45

0 bps

Non-GAAP operating margin (1)

2.60

2.65

(5) 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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Revenue in constant currency

Consolidated

Revenue

15,650,924

14,684,712

45,128,946

42,607,873

Impact of changes in foreign currencies

(315,675

)

—

(146,552

)

—

Revenue in constant currency

15,335,249

14,684,712

44,982,394

42,607,873

Americas

Revenue

9,267,939

9,090,011

26,666,472

25,550,680

Impact of changes in foreign currencies

2,093

—

106,517

—

Revenue in constant currency

9,270,032

9,090,011

26,772,989

25,550,680

Europe

Revenue

5,174,835

4,591,161

15,202,597

14,135,188

Impact of changes in foreign currencies

(306,316

)

—

(249,899

)

—

Revenue in constant currency

4,868,519

4,591,161

14,952,698

14,135,188

APJ

Revenue

1,208,150

1,003,540

3,259,877

2,922,005

Impact of changes in foreign currencies

(11,452

)

—

(3,170

)

—

Revenue in constant currency

1,196,698

1,003,540

3,256,707

2,922,005

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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Non-GAAP gross billings

Consolidated

Revenue

15,650,924

14,684,712

45,128,946

42,607,873

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts

7,080,243

5,597,768

19,967,947

16,245,949

Non-GAAP gross billings

22,731,167

20,282,480

65,096,893

58,853,822

Impact of changes in foreign currencies

(401,400

)

—

(173,759

)

—

Non-GAAP gross billings in constant currency

22,329,767

20,282,480

64,923,134

58,853,822

Americas

Revenue

9,267,939

9,090,011

26,666,472

25,550,680

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts

4,932,726

3,935,887

13,325,641

11,228,761

Non-GAAP gross billings

14,200,665

13,025,898

39,992,113

36,779,441

Impact of changes in foreign currencies

3,069

—

167,881

—

Non-GAAP gross billings in constant currency

14,203,734

13,025,898

40,159,994

36,779,441

Europe

Revenue

5,174,835

4,591,161

15,202,597

14,135,188

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts

1,688,636

1,380,024

5,391,060

4,299,322

Non-GAAP gross billings

6,863,471

5,971,185

20,593,657

18,434,510

Impact of changes in foreign currencies

(392,330

)

—

(342,387

)

—

Non-GAAP gross billings in constant currency

6,471,141

5,971,185

20,251,270

18,434,510

APJ

Revenue

1,208,150

1,003,540

3,259,877

2,922,005

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts

458,881

281,857

1,251,246

717,866

Non-GAAP gross billings

1,667,031

1,285,397

4,511,123

3,639,871

Impact of changes in foreign currencies

(12,139

)

—

747

—

Non-GAAP gross billings in constant currency

1,654,892

1,285,397

4,511,870

3,639,871

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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Adjusted selling, general and administrative expenses

Revenue

15,650,924

14,684,712

45,128,946

42,607,873

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts

7,080,243

5,597,768

19,967,947

16,245,949

Non-GAAP gross billings

22,731,167

20,282,480

65,096,893

58,853,822

Gross profit

1,129,853

961,048

3,174,232

2,940,361

Selling, general and administrative expenses (1)

743,892

657,513

2,153,947

2,000,772

Amortization of intangibles

(76,541

)

(73,173

)

(221,230

)

(218,809

)

Share-based compensation

(12,427

)

(16,176

)

(46,238

)

(47,096

)

Adjusted selling, general and administrative expenses

654,924

568,164

1,886,479

1,734,867

Selling, general and administrative expenses (1) as a percentage of revenue

4.75

4.48

4.77

4.70

Adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings

2.88

2.80

2.90

2.95

Selling, general and administrative expenses (1) as a percentage of gross profit

65.8

68.4

67.9

68.0

Adjusted selling, general and administrative expenses as a percentage of gross profit

58.0

59.1

59.4

59.0

(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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Non-GAAP operating income & non-GAAP operating margin - Consolidated

Revenue

15,650,924

14,684,712

45,128,946

42,607,873

Operating income

383,657

302,879

1,016,255

869,399

Acquisition, integration and restructuring costs

2,304

656

4,030

70,190

Amortization of intangibles

76,541

73,173

221,230

218,809

Share-based compensation

12,427

16,176

46,238

47,096

Non-GAAP operating income

474,929

392,884

1,287,753

1,205,494

Operating margin

2.45

2.06

2.25

2.04

Non-GAAP operating margin

3.03

2.68

2.85

2.83

Three Months Ended

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Non-GAAP operating income & non-GAAP operating margin - Americas

Revenue

9,267,939

9,090,011

26,666,472

25,550,680

Operating income

283,647

220,900

730,015

589,866

Acquisition, integration and restructuring costs

1,526

259

1,908

53,026

Amortization of intangibles

42,429

41,459

123,334

124,430

Share-based compensation

8,512

9,703

30,296

30,426

Non-GAAP operating income

336,114

272,321

885,553

797,748

Operating margin

3.06

2.43

2.74

2.31

Non-GAAP operating margin

3.63

3.00

3.32

3.12

Three Months Ended

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Non-GAAP operating income & non-GAAP operating margin - Europe

Revenue

5,174,835

4,591,161

15,202,597

14,135,188

Operating income

70,419

57,415

206,623

200,100

Acquisition, integration and restructuring costs

375

224

1,500

16,225

Amortization of intangibles

33,299

30,896

95,476

92,319

Share-based compensation

3,251

5,459

13,110

14,033

Non-GAAP operating income

107,344

93,994

316,709

322,677

Operating margin

1.36

1.25

1.36

1.42

Non-GAAP operating margin

2.07

2.05

2.08

2.28

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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Non-GAAP operating income & non-GAAP operating margin - APJ

Revenue

1,208,150

1,003,540

3,259,877

2,922,005

Operating income

29,591

24,564

79,617

79,433

Acquisition, integration and restructuring costs

403

173

622

939

Amortization of intangibles

813

818

2,420

2,060

Share-based compensation

664

1,014

2,832

2,637

Non-GAAP operating income

31,471

26,569

85,491

85,069

Operating margin

2.45

2.44

2.72

Non-GAAP operating margin

2.60

2.65

2.62

2.91

Three Months Ended

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

EBITDA & adjusted EBITDA

Net income

226,795

178,556

579,253

494,289

Interest expense and finance charges, net

91,188

80,447

269,050

233,039

Provision for income taxes

66,466

42,358

166,969

134,578

Depreciation (1)

29,295

25,015

87,911

86,285

Amortization of intangibles

76,541

73,173

221,230

218,809

EBITDA

490,285

399,549

1,324,413

1,167,000

Other (income) expense, net

(792

)

1,518

983

7,493

Acquisition, integration and restructuring costs

2,304

656

4,030

64,704

Share-based compensation

12,427

16,176

46,238

47,096

Adjusted EBITDA

504,224

417,899

1,375,664

1,286,293

(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

Nine Months Ended

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Non-GAAP net income & non-GAAP diluted EPS (1)

Net income

226,795

178,556

579,253

494,289

Acquisition, integration and restructuring costs

2,304

656

4,030

70,190

Amortization of intangibles

76,541

73,173

221,230

218,809

Share-based compensation

12,427

16,176

46,238

47,096

Income taxes related to the above

(21,823

)

(23,122

)

(66,619

)

(81,861

)

Non-GAAP net income

296,244

245,439

784,132

748,523

Diluted EPS (1)

2.74

2.08

6.92

5.67

Acquisition, integration and restructuring costs

0.03

0.01

0.05

0.81

Amortization of intangibles

0.92

0.85

2.65

2.51

Share-based compensation

0.15

0.19

0.55

0.54

Income taxes related to the above

(0.26

)

(0.27

)

(0.80

)

(0.94

)

Non-GAAP Diluted EPS (1)

3.58

2.86

9.37

8.59

(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 all periods presented.

TD SYNNEX Corporation

Reconciliation of GAAP to Non-GAAP financial measures

(Amounts may not add or compute due to rounding)

Three Months Ended

Nine Months Ended

(Currency in thousands)

August 31, 2025

August 31, 2024

August 31, 2025

August 31, 2024

Free cash flow

Net cash provided by operating activities

246,141

385,782

71,326

655,783

Purchases of property and equipment

(32,221

)

(47,142

)

(103,989

)

(126,052

)

Free cash flow

213,920

338,640

(32,663

)

529,731

Forecast

Three Months Ending

(Currency in millions, except per share amounts)

November 30, 2025

Non-GAAP net income and non-GAAP Diluted EPS

Low

High

Net income

204

245

Amortization of intangibles

Share-based compensation

Income taxes related to the above

(23

)

(23

)

Non-GAAP net income

281

322

Diluted EPS (1)

2.50

3.00

Amortization of intangibles

0.92

Share-based compensation

0.31

Income taxes related to the above

(0.28

)

(0.28

)

Non-GAAP Diluted EPS (1)

3.45

3.95

(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 November 30, 2025.

Forecast

Three Months Ending

(Currency in billions)

November 30, 2025

Non-GAAP gross billings

Low

High

Revenue

16.5

17.3

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts

6.5

6.7

Non-GAAP gross billings

23.0

24.0

TD SYNNEX Corporation

Calculation of Financial Metrics

Return on Invested Capital (“ROIC”)

(Currency in thousands)

(Amounts may not add or compute due to rounding)

August 31, 2025

August 31, 2024

ROIC

Operating income (trailing fiscal four quarters)

1,341,067

1,156,153

Income taxes on operating income (1)

(285,333

)

(234,970

)

Operating income after taxes

1,055,734

921,183

Total invested capital comprising equity and borrowings, less cash (last five quarters average)

11,515,934

11,249,490

ROIC

9.2

8.2

Adjusted ROIC

Non-GAAP operating income (trailing fiscal four quarters)

1,709,289

1,632,073

Income taxes on non-GAAP operating income (1)

(384,587

)

(365,354

)

Non-GAAP operating income after taxes

1,324,702

1,266,719

Total invested capital comprising equity and borrowings, less cash (last five quarters average)

11,515,934

11,249,490

Tax effected impact of cumulative non-GAAP adjustments (last five quarters average)

1,671,048

1,367,426

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

13,186,982

12,616,916

Adjusted ROIC

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

August 31, 2025

August 31, 2024

Days sales outstanding

Revenue

(a)

15,650,924

14,684,712

Accounts receivable, net

(b)

10,925,068

10,032,404

Days sales outstanding

Days inventory outstanding

Cost of revenue

(d)

14,521,071

13,723,664

Inventories

(e)

9,137,505

7,674,438

Days inventory outstanding

(f) = ((e)/(d))*the number of days during the period

Days payable outstanding

Cost of revenue

(g)

14,521,071

13,723,664

Accounts payable

(h)

15,651,286

13,873,238

Days payable outstanding

(i) = ((h)/(g))*the number of days during the period

Cash conversion cycle

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