# TD SYNNEX CORP (SNX)

Informational only - not investment advice.

CIK: 0001177394
SIC: 5045 Wholesale-Computers & Peripheral Equipment & Software
SIC breadcrumb: [Wholesale Trade](/division/F/) > [SIC Major Group 50](/major-group/50/) > [SIC 5045 Wholesale-Computers & Peripheral Equipment & Software](/industry/5045/)
Latest 10-K filed: 2026-01-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=1177394
Filing source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm

## At a glance

FY2025 · period end 2025-11-30 · filed 2026-01-27 · accession 0001628280-26-003598 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001177394.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 62,508,086,000 USD | 2025 | verified |
| Net income | 827,660,000 USD | 2025 | verified |
| Assets | 34,250,898,000 USD | 2025 | verified |
| Free cash flow | 1,389,422,000 USD | 2025 | computed |
| Net margin | 1.32% | 2025 | computed |
| Operating margin | 2.26% | 2025 | computed |
| Revenue YoY | +6.94% | 2025 | computed |
| ROE | 9.79% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SNX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 1.3% | 2.8% | 32 | 39 |
| Operating margin | 2.3% | 5.0% | 19 | 37 |
| Revenue growth | 6.9% | 4.0% | 61 | 39 |
| FCF margin | 2.2% | 2.4% | 49 | 38 |
| ROE | 9.8% | 9.1% | 58 | 39 |
| ROA | 2.4% | 3.9% | 39 | 39 |
| Liabilities / equity | 3.05 | 1.51 | 84 | 39 |
| Current ratio | 1.21 | 2.21 | 8 | 38 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 50 SIC Major Group 50, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 62508086000 | USD | 2025 | 2026-01-27 |
| Net income | 827660000 | USD | 2025 | 2026-01-27 |
| Assets | 34250898000 | USD | 2025 | 2026-01-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001177394.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 16,771,128,000 | 19,767,945,000 | 19,069,970,000 | 19,977,150,000 | 31,614,169,000 | 62,343,810,000 | 57,555,416,000 | 58,452,436,000 | 62,508,086,000 |
| Net income | 234,946,000 | 300,240,000 | 299,981,000 | 500,712,000 | 529,160,000 | 395,069,000 | 651,307,000 | 626,911,000 | 689,091,000 | 827,660,000 |
| Operating income | 379,596,000 | 507,337,000 | 550,236,000 | 519,429,000 | 521,341,000 | 623,218,000 | 1,050,873,000 | 1,078,032,000 | 1,194,211,000 | 1,414,919,000 |
| Gross profit | 1,282,965,000 | 1,549,312,000 | 1,926,899,000 | 1,157,258,000 | 1,193,858,000 | 1,889,534,000 | 3,900,199,000 | 3,956,829,000 | 3,981,306,000 | 4,368,982,000 |
| Diluted EPS | 5.88 | 7.48 | 7.17 | 9.74 | 10.21 | 6.24 | 6.77 | 6.70 | 7.95 | 9.95 |
| Operating cash flow | 324,704,000 | 176,764,000 | 100,706,000 | 549,919,000 | 1,834,366,000 | 809,787,000 | -49,604,000 | 1,407,373,000 | 1,217,724,000 | 1,531,704,000 |
| Capital expenditures |  |  |  |  | 197,965,000 | 54,892,000 | 117,049,000 | 150,007,000 | 175,112,000 | 142,282,000 |
| Dividends paid | 33,724,000 | 41,815,000 | 59,720,000 | 76,607,000 | 20,782,000 | 50,272,000 | 114,946,000 | 130,374,000 | 138,081,000 | 146,381,000 |
| Share buybacks | 6,917,000 | 0.00 | 65,987,000 | 15,184,000 | 3,405,000 | 0.00 | 125,016,000 | 620,659,000 | 611,892,000 | 596,109,000 |
| Assets | 5,215,281,000 | 7,756,343,000 | 11,543,498,000 | 11,697,960,000 | 13,468,590,000 | 27,666,380,000 | 29,733,998,000 | 29,412,814,000 | 30,274,479,000 | 34,250,898,000 |
| Liabilities | 3,239,483,000 | 5,414,831,000 | 8,108,444,000 | 7,909,510,000 | 9,129,730,000 | 19,760,405,000 | 21,708,492,000 | 21,229,632,000 | 22,239,045,000 | 25,800,469,000 |
| Stockholders' equity | 1,975,776,000 | 2,287,298,000 | 3,435,054,000 | 3,788,450,000 | 4,338,860,000 | 7,905,975,000 | 8,025,506,000 | 8,183,182,000 | 8,035,434,000 | 8,450,429,000 |
| Cash and cash equivalents | 380,717,000 | 550,688,000 | 454,694,000 | 225,529,000 | 1,412,016,000 | 993,973,000 | 522,604,000 | 1,033,776,000 | 1,059,378,000 | 2,435,389,000 |
| Free cash flow |  |  |  |  | 1,636,401,000 | 754,895,000 | -166,653,000 | 1,257,366,000 | 1,042,612,000 | 1,389,422,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 1.79% | 1.52% | 2.63% | 2.65% | 1.25% | 1.04% | 1.09% | 1.18% | 1.32% |
| Operating margin |  | 3.03% | 2.78% | 2.72% | 2.61% | 1.97% | 1.69% | 1.87% | 2.04% | 2.26% |
| Return on equity | 11.89% | 13.13% | 8.73% | 13.22% | 12.20% | 5.00% | 8.12% | 7.66% | 8.58% | 9.79% |
| Return on assets | 4.50% | 3.87% | 2.60% | 4.28% | 3.93% | 1.43% | 2.19% | 2.13% | 2.28% | 2.42% |
| Liabilities / equity | 1.64 | 2.37 | 2.36 | 2.09 | 2.10 | 2.50 | 2.70 | 2.59 | 2.77 | 3.05 |
| Current ratio | 1.61 | 1.42 | 1.45 | 1.62 | 1.56 | 1.25 | 1.25 | 1.20 | 1.24 | 1.21 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SNX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001177394.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-08-31 |  |  | 1.55 | reported discrete quarter |
| 2023-Q1 | 2023-02-28 |  |  | 1.75 | reported discrete quarter |
| 2023-Q2 | 2023-05-31 |  |  | 1.41 | reported discrete quarter |
| 2023-Q3 | 2023-08-31 | 13,960,615,000 | 139,262,000 | 1.49 | reported discrete quarter |
| 2023-Q4 | 2023-11-30 | 14,407,306,000 | 187,542,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-02-29 | 13,975,253,000 | 172,128,000 | 1.93 | reported discrete quarter |
| 2024-Q2 | 2024-05-31 | 13,947,908,000 | 143,605,000 | 1.66 | reported discrete quarter |
| 2024-Q3 | 2024-08-31 | 14,684,712,000 | 178,556,000 | 2.08 | reported discrete quarter |
| 2024-Q4 | 2024-11-30 | 15,844,563,000 | 194,802,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-02-28 | 14,531,707,000 | 167,537,000 | 1.98 | reported discrete quarter |
| 2025-Q2 | 2025-05-31 | 14,946,315,000 | 184,921,000 | 2.21 | reported discrete quarter |
| 2025-Q3 | 2025-08-31 | 15,650,924,000 | 226,795,000 | 2.74 | reported discrete quarter |
| 2025-Q4 | 2025-11-30 | 17,379,140,000 | 248,407,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-02-28 | 17,161,198,000 | 326,915,000 | 4.04 | reported discrete quarter |
| 2026-Q2 | 2026-05-31 | 19,574,813,000 | 334,088,000 | 4.15 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SNX's latest 10-K: [/company/SNX/business/](/company/SNX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SNX's latest 10-K: [/company/SNX/risk-factors/](/company/SNX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026046858/snx-20260531.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-02
Report date: 2026-05-31

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related Notes included elsewhere in this Report. All financial data included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations section are in thousands, except as otherwise indicated. Amounts in certain tables may not add or compute due to rounding.

When used in this Quarterly Report on Form 10-Q, or this “Report”, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “allows,” “can,” “may,” “could,” “designed,” “will,” and similar expressions are intended to identify forward-looking statements. These are statements that relate to future periods and include statements about our business model and our services, our business and market strategy, future growth, demand, our infrastructure, our investment in our information technology ("IT") systems, our employee hiring and retention, our revenue, sources of revenue, our gross margins, our operating costs and results, timing of payment, the value of our inventory, our competition, our future needs and sources for additional financing, contract terms, relationships with our suppliers, adequacy of our facilities, our legal proceedings, our operations, foreign currency exchange rates and hedging activities, our strategic acquisitions, seasonality of sales, adequacy of our cash resources, our debt and financing arrangements and repayment expectations related thereto, including our supplier finance programs, the impact of any change to our credit rating, interest rate risk and impact thereof, cash held by our international subsidiaries and repatriation, changes in fair value of derivative instruments, our tax liabilities, adequacy of our disclosure controls and procedures, cybersecurity and cyberattacks, impact of our pricing policies, impact of economic and industry trends, changes to the markets in which we compete, impact of new reporting rules and accounting policies, our estimates and assumptions, impact of inventory repurchase obligations and commitments and contingencies, our effective tax rates, impact of any impairment of our goodwill and intangible assets, and our share repurchase and dividend program. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, those risks discussed herein and others, including 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 ("OEM") suppliers or customers, market acceptance of the products we assemble and distribute, competitive conditions in our industry and their impact on our margins, pricing and other terms with our OEM suppliers, our ability to retain key personnel, our ability to gain market share, variations in supplier-sponsored programs, changes in our costs and operating expenses, increased inflation, uncertainty over global trade policies and the impacts of related tariffs, geopolitical instability and armed conflicts in the Middle East and other regions, dependence upon and trends in capital spending budgets in the IT industry, fluctuations in general economic conditions, changes in tax laws, risks associated with our international operations, any incidents of theft, uncertainties and variability in demand by our reseller and integration customers, credit exposure to our reseller customers and negative trends in their businesses, supply shortages or delays, any termination or reduction in our supplier finance programs; changes in value of foreign currencies and interest rates and other risk factors contained in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended November 30, 2025. These forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless otherwise required by law.

In the Management’s Discussion and Analysis of Financial Condition and Results of Operations, all references to “TD SYNNEX,” “we,” “us,” “our” or the “Company” mean TD SYNNEX Corporation and its subsidiaries, except where it is made clear that the term means only the parent company or one of its segments.

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.

Overview

We are a Fortune 100 corporation and a leading global distributor, solutions aggregator, and original design and contract manufacturer that plays a central role in connecting the technology ecosystem, helping partners maximize the value of technology investments and achieve measurable business outcomes.

30

Table of contents

Digital transformation and the migration to cloud computing has reshaped our industry, enabling businesses and consumers to evaluate, procure, acquire, and consume technology products and services in a variety of ways. Hybrid models of IT consumption, supporting both physical and virtual delivery methods are emerging, as hardware and software-based solutions become increasingly combined. As a result, customers are seeking greater integration of products, services and solutions that tie technologies together. Therefore, we believe it is important to provide a broad, end-to-end portfolio, with deep capabilities across the computing continuum to help customers manage the increasingly complex IT ecosystem and deliver the solutions and business outcomes the market desires. Our vision for the future is to be the vital solutions aggregator and orchestrator that connects the IT ecosystem.

We are focusing on the following strategic imperatives in pursuit of our vision:

•Unify our reach by expanding our portfolio in both mature and developing markets through our targeted go-to-market strategy.

•Target new customers by leveraging our specialist go-to-market and trusted advisor approach to deliver tailored value propositions and personalized solutions that align closely with the unique business needs and priorities of each customer.

•Expand our addressable market through our unique vendor value proposition, capitalizing on end-to-end capabilities to support business currently operated by vendors.

•Diversify our offerings within our end-to-end portfolio of products, services and solutions, including providing design, manufacturing and supply chain services to hyperscale computing customers.

•Expand and attach our service capabilities to meet our customers' evolving needs, also enabling us to engage earlier in the customer lifecycle, support more complex deployments, drive renewals and deepen our relationships with our customers.

We offer a comprehensive catalog of technology products from OEMs, such as personal computing devices, mobile phones and accessories, cloud, security, data analytics, artificial intelligence ("AI") and hyperscale computing infrastructure. This enables us to offer comprehensive solutions to our customers, including value-added resellers ("VARs"), independent software vendors, corporate resellers, government resellers, system integrators, direct marketers, retailers and managed service providers ("MSPs"). We combine our core strengths in distribution with demand generation, supply chain management and design and integration solutions to help our customers achieve greater efficiencies in time to market, cost minimization, real-time linkages in the supply chain and aftermarket product support. We also provide comprehensive IT solutions including hardware, software and services which provides a highly efficient route to market for both vendors and customers.

During the first quarter of fiscal year 2026, the Company revised its reportable segments to align with how the Company’s Chief Operating Decision Maker (the "CODM") manages the business, assesses performance and allocates resources. As a result, we now operate in four reportable segments comprised of three reportable segments related to our global distribution business organized within three geographic regions known as the Americas, Europe and Asia-Pacific and Japan ("APJ"). Our fourth reportable segment is Hyve Solutions, which operates globally. Across each geographic region, our distribution businesses bring together a broad portfolio of IT hardware, software and systems, providing access to products across the global IT ecosystem. Our Hyve Solutions business partners with technology companies to design, manufacture, and deliver traditional and accelerated compute, cloud, and connected infrastructure worldwide. Prior period segment results have been recast to reflect our new reportable segments.

We group our distribution businesses' offerings into two solutions portfolios, Endpoint Solutions and Advanced Solutions. Our Endpoint Solutions portfolio primarily includes personal computing devices and peripherals, mobile phones and accessories, printers and supplies. Our Advanced Solutions portfolio primarily includes data center technologies such as hybrid cloud, security, storage, networking, servers, software, and converged and hyper-converged infrastructure.

We group our Hyve Solutions business offerings into two service offerings, Manufacturing and Supply Chain Services. Manufacturing primarily provides Original Design Manufacturing (“ODM”) and Contract Manufacturing (“CM”). Supply Chain Services primarily provides data center support, supply continuity and integrated supply chain orchestration.

31

Table of contents

Our business is characterized by low gross profit as a percentage of revenue, or gross margin, and low operating income as a percentage of revenue, or operating margin. Relatedly, tariffs, value added taxes and other similar charges on our products are generally passed through to our customers as part of our sales price. The market for IT products has generally been characterized by declining unit prices and short product life cycles, although unit prices for certain products have increased during certain periods due to factors such as supply chain constraints and inflation. We set our sales price based on the market supply and demand characteristics for each particular product or bundle of products we distribute and services we provide.

Economic and Industry Trends

We are highly dependent on the end-market demand for IT products, and on our partners’ strategic initiatives and business models. This end-market demand is influenced by many factors including the introduction of new IT products and software by OEM suppliers, replacement cycles for existing IT products, trends toward cloud computing and AI, overall economic growth and general business activity. A difficult and challenging economic environment, due to the continued persistence of inflation, elevated interest rates, market volatility and adverse effects on product demand connected to geopolitical developments including tariff uncertainty, or other factors may also lead to decline in the IT industry or increased price-based competition. Our Hyve Solutions business is highly dependent on the demand for cloud infrastructure, and the number of key customers and suppliers in the market. Our business includes operations in the Americas, Europe and APJ so we are affected by demand for our products in those regions, as well as the impact of fluctuations in forei

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1177394/000162828026003598/snx-20251130.htm
Complete FY 2025 MD&A: /company/SNX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-01-27
Report date: 2025-11-30

Item 7.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

For an understanding of TD SYNNEX and the significant factors that influenced our performance during the past three fiscal years, the following discussion and analysis of our financial condition and results of operations should be read in conjunction with the description of the business appearing in Item 1 of this Report and Item 8 Financial Statements and Supplementary Data included elsewhere in this Report. Amounts in certain tables appearing in this Report may not add or compute due to rounding.

This section of this Annual Report on Form 10-K generally discusses fiscal years 2025 and 2024 items and year-to-year comparisons between fiscal years 2025 and 2024. Discussions of fiscal year 2023 items and year-to-year comparisons between fiscal years 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2024 filed with the SEC on January 24, 2025.

In addition to historical information, the MD&A contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include, but are not limited to, those matters discussed under the heading “Note Regarding Forward-looking Statements.” Our actual results could differ materially from those anticipated by these forward‑looking statements due to various factors, including, but not limited to, those set forth under Item 1A. Risk Factors of this Annual Report on Form 10-K and elsewhere in this document.

Overview

We are a Fortune 100 corporation and a leading global distributor and solutions aggregator for the information technology ("IT") ecosystem. We serve a critical role, bringing products from the world's leading and emerging technology vendors to market, and helping our customers create solutions best suited to maximize business outcomes for their end-user customers.

Economic and Industry Trends

We are highly dependent on the end-market demand for IT products, and on our partners' strategic initiatives and business models. This end-market demand is influenced by many factors including the introduction of new IT products and software by OEM suppliers, replacement cycles for existing IT products, trends toward cloud computing, overall economic growth and general business activity. A difficult and challenging economic environment due to the continued persistence of inflation, elevated interest rates, market volatility and adverse effects on product demand connected to geopolitical developments including tariff uncertainty, or other factors may also lead to decline in the IT industry or increased price-based competition. Our systems design and integration solutions business is highly dependent on the demand for cloud infrastructure, and the number of key customers and suppliers in the market. Our business includes operations in the Americas, Europe and Asia-Pacific and Japan ("APJ"), so we are affected by demand for our products in those regions, as well as the impact of fluctuations in foreign currency exchange rates compared to the U.S. dollar.

Acquisitions

We continually seek to augment organic growth in our business with strategic acquisitions of businesses and assets that complement and expand our existing capabilities. We also divest businesses that we deem no longer strategic to our ongoing operations. We seek to acquire new OEM relationships, enhance our supply chain and integration capabilities, the services we provide to our customers and OEM suppliers, and expand our geographic footprint.

On July 1, 2025, we completed the acquisition of Apptium Technologies, LLC and its subsidiaries ("Apptium"), a software development company and provider of a cloud commerce platform that represents a critical investment in our technology solutions orchestration strategy. We acquired all of the outstanding shares of Apptium for a purchase price of approximately $105.1 million.

On September 1, 2021, SYNNEX Corporation acquired Tech Data Corporation, a Florida corporation (“Tech Data”) through a series of mergers, which resulted in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the "Merger").

32

Table of Contents

Results of Operations

The following table sets forth, for the indicated periods, data as percentages of total revenue:

[[GREPCENT_TABLE]]
[["","Fiscal Years Ended November 30,"],["Consolidated Statements of Operations Data:","2025","","2024"],["Revenue","100.00","%","","100.00","%"],["Cost of revenue","(93.01)","%","","(93.19)","%"],["Gross profit","6.99","%","","6.81","%"],["Selling, general and administrative expenses","(4.72)","%","","(4.65)","%"],["Acquisition, integration and restructuring costs","(0.01)","%","","(0.12)","%"],["Operating income","2.26","%","","2.04","%"],["Interest expense and finance charges, net","(0.57)","%","","(0.55)","%"],["Other expense, net","\u2014","%","","(0.01)","%"],["Income before income taxes","1.69","%","","1.48","%"],["Provision for income taxes","(0.37)","%","","(0.30)","%"],["Net income","1.32","%","","1.18","%"]]
[[/GREPCENT_TABLE]]

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including:

•Revenue in constant currency, which is revenue adjusted 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 business performance. Revenue in constant currency is calculated by translating the revenue for the fiscal year ended November 30, 2025 in the billing currency using the comparable prior period currency conversion rate. Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates will be higher or lower than growth reported at actual exchange rates.

•Adjusted selling, general and administrative expenses, which excludes the amortization of intangible assets and share-based compensation expense. TD SYNNEX also uses adjusted selling, general and administrative expenses as a percentage of gross profit, which is a useful metric in considering the portion of gross profit retained after selling, general and administrative expenses.

•Non-GAAP operating income, which is operating income, adjusted to exclude acquisition, integration and restructuring costs, amortization of intangible assets and share-based compensation expense.

•Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue.

•Non-GAAP net income, which is net income, adjusted to exclude acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense and income taxes related to the aforementioned items.

•Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense and income taxes related to the aforementioned items.

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.

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Table of Contents

Our 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 our Consolidated Statements of Operations. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to the sale of our products. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of our acquisition activity. Accordingly, we believe excluding the amortization of intangible assets, along with the other non-GAAP adjustments which neither relate to the ordinary course of our business nor reflect our underlying business performance, enhances our and our investors’ ability to compare our past financial performance with our 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 our 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 our 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, we believe this additional information allows investors to make additional comparisons between our operating results from period to period.

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. 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 used as a complement to, and in conjunction with, data presented in accordance with GAAP.

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Table of Contents

Fiscal Years Ended November 30, 2025 and 2024:

Revenue

The following table summarizes our revenue and change in revenue by segment for the fiscal years ended November 30, 2025 and 2024:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SNX/mda/fy2025/
All MD&A years: /company/SNX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SNX/mda/fy2024/): filed 2025-01-24; accession 0001177394-25-000009 (https://www.sec.gov/Archives/edgar/data/1177394/000117739425000009/snx-20241130.htm)
- [FY 2023 MD&A](/company/SNX/mda/fy2023/): filed 2024-01-26; accession 0001177394-24-000014 (https://www.sec.gov/Archives/edgar/data/1177394/000117739424000014/snx-20231130.htm)
- [FY 2022 MD&A](/company/SNX/mda/fy2022/): filed 2023-01-24; accession 0001177394-23-000010 (https://www.sec.gov/Archives/edgar/data/1177394/000117739423000010/snx-20221130.htm)
- [FY 2021 MD&A](/company/SNX/mda/fy2021/): filed 2022-01-28; accession 0001564590-22-003003 (https://www.sec.gov/Archives/edgar/data/1177394/000156459022003003/snx-10k_20211130.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5045 Wholesale-Computers & Peripheral Equipment & Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SNX.md · JSON record: /company/SNX.json · verified financials: /company/SNX/financials.json / /company/SNX/financials.csv · machine TOC for the whole site: /llms.txt