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TD SynnexSNX

Legal name
TD Synnex Corporation
Sector
Technology
Industry
Wholesale-Computers & Peripheral Equipment & Software
Exchange
NYSE

Stock Price $SNX

Latest filings

You are here#92 of 92 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K163

SNX filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Sep ’17Sep ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $62.51B
YoY changeLargest recent move+97.2%in FY22Latest +6.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All SNX Financial Metrics60 metrics

Income Statement13

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

TD Synnex Financial Overview 2021–2025

Updated Nov 4, 2026

TD SYNNEX earns just 2.26% on every revenue dollar, yet its profit is compounding faster than its sales. Diluted EPS climbed 64% from $6.24 in FY2021 to $9.95a in FY2025. The thesis: this is a thin-margin distributor whose earnings power is rising through mix, cost discipline and buybacks, not through volume alone. The tradeoff is a balance sheet that absorbs more working capital as it grows.

The long-term arc is clear. Revenue grew from $31.61 billionb in FY2021, the first year with Tech Data, to $62.51 billion in FY2025. The path was uneven: revenue dipped to $57.56 billion in FY2023 as PC demand cooled, then recovered. Gross margin widened from 5.98% to 6.99%, and operating income reached $1.41 billion in FY2025, up from $1.19 billion a year earlier. Net income rose to $827.7 million from $689.1 million.

Cash returns and liquidity back this up. Operating cash flow hit $1.53 billion in FY2025, and cash rose to $2.44 billionc. The company repurchased $596.1 million of stock, and its quarterly dividend rose to $0.48 from $0.44. Debt is the counterweight: borrowings reached about $4.6 billion, and by Q3 2026 they were about $5.5 billion as inventories swelled to $15.29 billion. At the close of FY2025, the stock traded at $152.48, or 15.3x earnings.

Recent Developments (Q2 and Q3 2026)

Growth accelerated sharply. Revenue reached $19.57 billiond in Q2 2026 and $21.56 billion in Q3 2026, up 37.7% year over year in the latest quarter. Diluted EPS of $5.18 nearly doubled from $2.74. Gross margin slipped to 6.61% from 7.22% on Hyve and Advanced Solutions mix, but operating income rose 67.6% to $643 million.

Cash absorbed the growth. Operating cash flow was negative $2.08 billione for nine months, and the cash conversion cycle stretched to 31 days. Cash fell to $749.3 million. Management repaid $700.0 million of senior notes, added a EUR 650 million European securitization, and lifted the U.S. facility to $3.0 billion. It also granted Amazon a warrant for up to 3,238,066 shares.

Bull case: Q4 2026 guidance of $21.8 to $22.6 billion implies momentum continues. Bear case: at 27.3x earnings as of the Q3 2026 filing date (September 30, 2026, not today), the stock prices in growth while cash burn and debt rise.

What to watch: inventory and cash conversion cycle trends; gross margin against the Q4 2026 outlook

03—Filings

Recent SEC Filings

  1. 8-KTD Synnex 8-K Report, Material Agreement (Sep 30, 2026)TD SYNNEX Corporation (SNX) reported in an 8-K filed September 30, 2026 that, on September 25, 2026, it amended its accounts receivable securitization program (the "Trade Receivables Securitization") through the Eighth Omnibus Amendment to the Fifth Amended and Restated Receivables Funding and Administration Agreement and the Third Amended and Restated Receivables Sale and Servicing Agreement. The amendment was entered into among TD SYNNEX, its subsidiary SIT Funding LLC (the borrower), the subsidiary originators, the lenders and managing agents, and The Toronto-Dominion Bank as administrative agent. The amendment extends the maturity of the program to September 25, 2028 and increases the aggregate lender commitment to $3.0 billion. The program fee on the used portion of the commitment is now 0.725% per annum for advances funded through commercial paper and 0.825% per annum for other advances. The lenders received an upfront fee in connection with the amendment, the amount of which the filing does not state. For investors, the filing points to a longer-dated and larger funding facility for trade receivables, with the maturity extended by roughly three years from the amendment date. The filing does not describe the prior commitment size or fee levels, so the change in borrowing cost cannot be assessed from this document alone. The full agreement is filed as Exhibit 10.1, with certain schedules and information omitted under Regulation S-K.
  2. 8-KTD Synnex 8-K Report, Financial Results (Sep 24, 2026)TD SYNNEX Corporation (NYSE: SNX) furnished an 8-K on September 24, 2026 containing its press release for the fiscal third quarter ended August 31, 2026, which the company described as a record quarter. Revenue was $21.56 billion, up 37.7% year over year (38.4% in constant currency), and non-GAAP gross billings were $31.83 billion, up 40.0%. GAAP operating income was $643 million (up 67.6%) and GAAP diluted EPS was $5.18 (up 89.1%). Non-GAAP diluted EPS was $5.68, up 58.7% from $3.58. Management said Distribution and Hyve both performed above expectations, and both revenue and non-GAAP EPS came in above the high end of the company's outlook. Cash flow was weak in the quarter. Operating cash flow was negative $916.7 million, and free cash flow was negative $975.6 million, as accounts receivable and inventories rose sharply. Inventories reached $15.29 billion at August 31, 2026, versus $9.50 billion at November 30, 2025, and accounts receivable reached $14.95 billion, versus $11.71 billion. Cash and equivalents fell to $749 million, and revolving credit borrowings rose by a net $1.50 billion in the quarter. For the fourth quarter of fiscal 2026, the company guided to revenue of $21.8 to $22.6 billion, non-GAAP gross billings of $31.4 to $32.4 billion, and non-GAAP diluted EPS of $5.65 to $6.15. The Board declared a quarterly cash dividend of $0.48 per common share, up 9% year over year, payable October 30, 2026 to holders of record on October 16, 2026.
  3. 8-KTD Synnex 8-K Report, Executive Changes (Aug 3, 2026)TD SYNNEX Corporation filed this Form 8-K to disclose that on July 28, 2026, its Compensation Committee approved forms of Notice of Hyve Solutions Performance-Based Restricted Stock Unit Award and Performance-Based Restricted Stock Unit Agreement for U.S. and non-U.S. participants. The Award Agreements will govern new performance-based restricted stock unit grants to officers and employees under the Company's 2020 Stock Incentive Plan. The awards would vest based on performance targets tied to the financial performance of Hyve Solutions US Global Holding Corporation ("Hyve Solutions") over a three-year performance period, and are conditioned on continuous service for the Hyve Solutions business through the end of that period. The non-U.S. form consolidates various country-specific award agreements into uniform global templates, with a country-specific appendix for disclosures or agreements particular to employees in each country. This filing is a compensation-related disclosure under Item 5.02(e) and does not report any financial results, specific award amounts, or recipients. The agreements are filed as Exhibits 10.1 and 10.2 and are identified as management contracts or compensatory arrangements.
  4. 8-KTD Synnex 8-K Report, Executive Changes (Jul 16, 2026)TD SYNNEX Corporation filed a Form 8-K on July 16, 2026 under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers) to disclose an updated offer letter with David Vetter, Chief Legal Officer. The offer letter, entered into July 10, 2026 and effective the same day, confirms Mr. Vetter continues as Chief Legal Officer, reporting solely to the Chief Executive Officer. His annual base salary is $670,000, subject to annual review, with an annual incentive bonus targeted at 100% of base salary, paid based on performance metrics set by the Compensation Committee. The letter also provides for equity awards with an approximate fair market value of $1,500,000, consisting of 60% time-based vesting restricted stock and 40% performance-based vesting restricted stock units, granted alongside annual equity grants to other executive officers. It includes severance-related payments upon termination without cause or for good reason, with separate provisions applying in connection with a change of control, as well as restrictive covenants including a non-solicitation provision benefiting the Company. The filing is primarily a compensation disclosure for a single executive. It does not report financial results or changes to the company's operations, and the full terms are contained in Exhibit 10.1, which the filing states is the offer letter, with certain schedules and information omitted under Regulation S-K.
  5. 8-KTD Synnex 8-K Report, Material Agreement (Jul 2, 2026)TD SYNNEX Corporation (SNX) disclosed in this Form 8-K that on June 26, 2026, it and certain subsidiaries entered into documentation for a European receivables securitization program (the "EU Securitization Program"). The Issuer, TD SYNNEX Ireland Receivables I Designated Activity Company, is the final purchaser, and BNP Paribas S.A., Dublin Branch serves as master purchaser. Senior noteholders BNP Paribas, Banco Santander S.A. and Crédit Agricole Corporate and Investment Bank committed an aggregate of EUR 650 million under the Senior Variable Funding Notes Facility Agreement. The facility is intended to fund purchases of eligible receivables originated by seller entities in Belgium, France, Germany and Spain, and TD SYNNEX Corporation has provided a guaranty of certain seller and transaction party obligations. The program is structured as a revolving securitization during its reloading period, with interest accruing over weekly periods within monthly periods. The documents set ratings-based performance thresholds tied to TD SYNNEX Corporation's credit ratings, including Level 2 and Level 3 Required Ratings, which trigger enhanced collection, servicing and cash management protections. The agreements also include customary early amortization events and Issuer events of default, which permit the senior noteholders to accelerate the notes, instruct enforcement of transaction security, and terminate the cash manager or direct a back-up servicer. The last day of borrowing is the Scheduled Amortisation Date of June 25, 2028, which the parties may agree to extend to June 2031. The filing describes the program's terms by reference to three agreements filed as Exhibits 10.1, 10.2 and 10.3, with certain schedules omitted under Regulation S-K. The filing does not state a dollar amount for the program beyond the EUR 650 million senior commitment.
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04—See also

Related Companies

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