Record Q1 2026 lifts TD SYNNEX (NYSE: SNX) earnings and dividend

Rhea-AI Filing Summary

TD SYNNEX reported record fiscal 2026 first-quarter results with sharp growth in sales and profit. Revenue reached $17.2 billion, up 18.1% year over year, while GAAP net income rose to $326.9 million and diluted EPS more than doubled to $4.04 from $1.98.

Non-GAAP gross billings were $25.8 billion, up 24.4%, and non-GAAP diluted EPS increased to $4.73 from $2.80. The company returned $118 million to stockholders through about $80 million of share repurchases and $39 million in dividends and announced a quarterly dividend of $0.48 per share, 9% higher than a year ago.

For the second quarter of fiscal 2026, TD SYNNEX guides to revenue of $16.1–$16.9 billion and non-GAAP diluted EPS of $3.75–$4.25. Despite strong earnings, free cash flow was negative $929.0 million, driven largely by higher inventories.

Positive

• Record top-line and bottom-line performance: Q1 FY26 revenue rose 18.1% to $17.2 billion, GAAP diluted EPS more than doubled to $4.04, and non-GAAP diluted EPS climbed 68.9% to $4.73, all significantly above the company’s prior outlook.
• Margin expansion and upgraded capital returns: Non-GAAP operating margin improved to 3.44% from 2.74%, and the quarterly dividend was increased 9% year over year to $0.48 per share while $80 million of stock was repurchased.

Negative

• Weak near-term cash generation: Despite strong earnings, Q1 FY26 operating cash flow was negative $895.9 million and free cash flow was negative $929.0 million, driven in part by a large increase in inventories of approximately $1.48 billion.

Insights

Equity research analyst

Record Q1 revenue and earnings, higher dividend, but cash flow was weak.

TD SYNNEX delivered a strong fiscal Q1 2026, with revenue of $17.2 billion, up 18.1%, and GAAP diluted EPS jumping to $4.04 from $1.98. Non-GAAP gross billings grew 24.4% to $25.8 billion, showing broad strength in both distribution and Hyve Solutions.

Margins expanded, with GAAP operating margin rising to 2.85% and non-GAAP operating margin to 3.44%. Management also signaled confidence by raising the quarterly dividend to $0.48 per share, up 9% year over year, and returning $118 million via buybacks and dividends in the quarter.

However, cash generation lagged earnings: operating cash flow was negative $895.9 million and free cash flow was negative $929.0 million, largely reflecting a sizable inventory increase. Q2 2026 guidance calls for revenue of $16.1–$16.9 billion and non-GAAP diluted EPS of $3.75–$4.25, framing expectations for the next quarter.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 FY26 revenue: $17,161.2M Q1 FY26 GAAP net income: $326.9M Q1 FY26 GAAP diluted EPS: $4.04/share +5 more

8 metrics

Q1 FY26 revenue $17,161.2M Revenue Q1 FY26, up 18.1% year over year from $14,531.7M

Q1 FY26 GAAP net income $326.9M Net income Q1 FY26 vs $167.5M in Q1 FY25 (95.1% increase)

Q1 FY26 GAAP diluted EPS $4.04/share Diluted EPS Q1 FY26 vs $1.98 in Q1 FY25, up 104.0%

Q1 FY26 non-GAAP gross billings $25,775.5M Non-GAAP gross billings Q1 FY26, up 24.4% from $20,718.2M

Q1 FY26 non-GAAP diluted EPS $4.73/share Non-GAAP diluted EPS Q1 FY26 vs $2.80 in Q1 FY25, up 68.9%

Quarterly dividend $0.48/share Declared Q2 FY26 dividend, 9% higher year over year

Q1 FY26 free cash flow -$929.0M Free cash flow in Q1 FY26 vs -$789.5M in Q1 FY25

Q2 FY26 revenue outlook $16.1–$16.9B Forecast revenue range for quarter ending May 31, 2026

Key Terms

non-GAAP gross billings, gross to net %, free cash flow, constant currency, +1 more

5 terms

non-GAAP gross billings financial

"Non-GAAP gross billings(1) of $25.8 billion, an increase of 24.4% year over year"

gross to net % financial

"“Gross to net %” refers to the percentage of adjustments made to non-GAAP gross billings"

free cash flow financial

"Free cash flow, which is cash flow from operating activities reduced by purchases of property and equipment"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

constant currency financial

"Revenue and non-GAAP gross billings in constant currency, which adjusts for the translation effect of foreign currencies"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

forward-looking statements regulatory

"Statements in this news release regarding TD SYNNEX that are not historical facts are “forward-looking statements”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Revenue: $17,161.2M · Guidance included

Q1 FY26

Revenue $17,161.2M +18.1% YoY

GAAP net income $326.9M +95.1% YoY

GAAP diluted EPS $4.04 +104.0% YoY

Non-GAAP gross billings $25,775.5M +24.4% YoY

Non-GAAP diluted EPS $4.73 +68.9% YoY

Guidance

For Q2 FY26, TD SYNNEX expects revenue of $16.1–$16.9 billion, GAAP net income of $234–$274 million, non-GAAP net income of $302–$342 million, GAAP diluted EPS of $2.90–$3.40, and non-GAAP diluted EPS of $3.75–$4.25.

Understanding 8-K Material Events →

0001177394false44201 Nobel DriveFremontCalifornia00011773942026-03-312026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________________________

FORM 8-K

_________________________________________________

CURRENT REPORT

Pursuant To Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): March 31, 2026

_________________________________________________

TD SYNNEX CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________________

Delaware			001-31892			94-2703333
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification Number)

44201 Nobel Drive, Fremont, California						94538
(Address of principal executive offices)						(Zip Code)

(510) 668-3400

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

_________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.001 per share

SNX

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).     

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

The information in this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 2.02 shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On March 31, 2026, TD SYNNEX Corporation (“TD SYNNEX”) issued a press release regarding TD SYNNEX’s financial results for its fiscal first quarter ended February 28, 2026 and the announcement of a dividend in the amount of $0.48 per common share in the second quarter of fiscal year 2026. The full text of TD SYNNEX’s press release is furnished herewith as Exhibit 99.1.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description of Document
99.1						Press Release dated March 31, 2026 regarding financial results.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 31, 2026			TD SYNNEX CORPORATION
			By:			/s/ David Jordan
						David Jordan
						Chief Financial Officer

Exhibit 99.1

TD SYNNEX Reports Record Fiscal 2026 First Quarter Results

•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.”

CLEARWATER, FL and FREMONT, CA, March 31, 2026 – 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.

Contacts:
Nate Friedel			Bobby Eagle
Investor Relations			Global Corporate Communications
510-668-8436			727-538-5864
IR@tdsynnex.com			bobby.eagle@tdsynnex.com

TD SYNNEX Corporation

Consolidated Balance Sheets

(Currency and share amounts in thousands, except par value)

(Amounts may not add or compute due to rounding)

(Unaudited)

						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

FAQ

How did TD SYNNEX (SNX) perform in its fiscal Q1 2026?

TD SYNNEX posted record fiscal Q1 2026 results, with revenue of $17.2 billion, up 18.1% year over year. GAAP net income rose to $326.9 million and diluted EPS more than doubled to $4.04, reflecting strong growth and margin expansion across its businesses.

What were TD SYNNEX (SNX) non-GAAP earnings and gross billings in Q1 2026?

Non-GAAP performance was strong, with gross billings of $25.8 billion, up 24.4% year over year. Non-GAAP net income reached $382.6 million and non-GAAP diluted EPS rose to $4.73 from $2.80, significantly above the high end of the company’s prior outlook.

What guidance did TD SYNNEX (SNX) give for fiscal Q2 2026?

For fiscal Q2 2026, TD SYNNEX guides revenue between $16.1 billion and $16.9 billion. It expects GAAP net income of $234–$274 million and non-GAAP net income of $302–$342 million, with GAAP diluted EPS of $2.90–$3.40 and non-GAAP diluted EPS of $3.75–$4.25.

What dividend did TD SYNNEX (SNX) declare and when will it be paid?

TD SYNNEX declared a quarterly cash dividend of $0.48 per common share, up 9% year over year. The dividend is payable on April 29, 2026 to stockholders of record as of the close of business on April 15, 2026, reinforcing ongoing capital returns.

How much capital did TD SYNNEX (SNX) return to shareholders in Q1 2026?

During fiscal Q1 2026, TD SYNNEX returned $118 million to shareholders. This included approximately $80 million of share repurchases and $39 million in dividends, demonstrating active capital deployment alongside strong earnings and record non-GAAP gross billings performance.

What was TD SYNNEX (SNX) cash flow and liquidity position in Q1 2026?

Operating cash flow was negative $895.9 million and free cash flow was negative $929.0 million in Q1 2026, influenced by a large inventory increase. The company ended the quarter with $1.56 billion in cash and cash equivalents on its balance sheet.

How did TD SYNNEX (SNX) margins change in fiscal Q1 2026?

TD SYNNEX improved profitability in Q1 2026, with GAAP gross margin rising to 7.30% and operating margin to 2.85%. On a non-GAAP basis, operating margin increased to 3.44% from 2.74%, reflecting better operating leverage and a favorable business mix in the quarter.

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