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TD Synnex Annual Report, Year Ended Nov 30, 2025

Filing Date
Filed January 27, 2026
Period End
November 30, 2025
Security
SNX
One revenue dollarkept$0.01
In the 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 · Oct ’18Oct ’18
  2. Deal closed8-K · Dec ’20Dec ’20
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 10-K filed January 27, 2026. Cited figures are marked; the original filing is the authoritative source.

TD SYNNEX Corporation, a Fortune 100 global distributor and solutions aggregator for the IT ecosystem, reported fiscal 2025 (year ended November 30, 2025) revenue of $62.51 billiona, up from $58.45 billion in fiscal 2024, with net income of $827.7 million (diluted EPS of $9.95) versus $689.1 million (diluted EPS of $7.95) a year earlier.

Gross profit rose to $4.37 billionb from $3.98 billion, and gross margin was 6.99% versus 6.81%. Operating income increased to $1.41 billion from $1.19 billion, and non-GAAP operating income was $1.78 billion, with non-GAAP diluted EPS of $13.19 versus $11.68. The filing attributes revenue growth to both Advanced Solutions and Endpoint Solutions, partly offset by net-basis revenue presentation from product mix, and notes higher personnel costs and lower acquisition, integration and restructuring costs.

Cash generation strengthened: operating cash flow was $1.53 billionc versus $1.22 billion, and cash and cash equivalents rose to $2.44 billion from $1.06 billion. Total borrowings were approximately $4.6 billion, with Senior Notes of $3.6 billion, and the company issued $1.15 billion of new long-term debt in fiscal 2025 while repaying the TD SYNNEX Term Loan in October 2025. The company stated it has $3.5 billion of revolving credit capacity, of which $3.5 billion was unused at year end, and $1.2 billion remained available under its March 2024 share repurchase program.

Supplier finance program obligations included in accounts payable were $3.7 billiond, up from $3.2 billion, and the cash conversion cycle improved to 16 days from 18. The filing also details the Apptium acquisition completed July 1, 2025 for approximately $105.1 million, and notes ongoing risk factors including customer and OEM concentration (Apple at 12% of revenue, HP at 10%), foreign currency exposure with about 48% of revenue generated outside the United States, and cybersecurity incidents disclosed in prior periods. The Board declared a quarterly dividend of $0.48 per share in January 2026, up from $0.44 per share in each quarter of fiscal 2025.

02—Key points

Key Highlights

  1. Revenue rose to $62.51 billion in fiscal 2025 from $58.45 billion, driven by growth in Advanced Solutions and Endpoint Solutions, partly offset by net-basis revenue presentation.
  2. Net income increased to $827.7 million (diluted EPS $9.95) from $689.1 million (diluted EPS $7.95); non-GAAP diluted EPS was $13.19 versus $11.68.
  3. Gross margin improved to 6.99% from 6.81%, and operating margin rose to 2.26% from 2.04%.
  4. Operating cash flow was $1.53 billion versus $1.22 billion, and cash and cash equivalents increased to $2.44 billion from $1.06 billion.
  5. Total borrowings were about $4.6 billion, including $3.6 billion of Senior Notes; $3.5 billion of the revolving credit facility was unused at year end.
  6. Repurchased 4.4 million shares for $596.1 million in fiscal 2025, leaving $1.2 billion available under the March 2024 program; quarterly dividend was $0.44 per share in fiscal 2025 and $0.48 declared for January 2026.
  7. Apple (12%) and HP (10%) were the only vendors above 10% of consolidated revenue, and one customer accounted for 11% of total revenue.

03—One dollar

Follow one dollar

Of each $1.00 of revenue in FY2025, TD Synnex kept $0.01.

  1. Revenue$62.51B100.0%
  2. Cost of revenue−$58.14B93.0%
  3. Gross profit$4.37B7.0%
  4. Operating costs−$2.95B4.7%
  5. Operating income$1.41B2.3%
  6. Interest, other & tax−$587.3M0.9%
  7. Net income$827.7M1.3%
Computed from 10-KFY2025filed January 27, 2026Computed from this filing’s revenue, gross profit, operating income and net income · right columngrey figure: share of revenue

Where FY2025 revenue went

$62.51B
  • Cost of revenue: $58.14B, 93% of revenue
  • Net income: $827.7M, 1.3% of revenue
  • SG&A: $2.95B, 4.7% of revenue
  • Interest, other & tax: $587.3M, 0.9% of revenue

Kept 1.3% as net incomeNet income $827.7M · 1.3%

Full revenue history →

04—Financials

Financial Highlights

Figures from 10-KFY2025filed January 27, 2026
Revenue$62.51B7.0% Gross MarginNet Income$827.66M1.3% Net MarginEPS (Diluted)$9.95Total Assets$34.25BCash & Equivalents$2.44BFree Cash Flow$1.53B

Financial Statements

FY2025 against FY2024

Line itemFY2025FY2024Change
Revenue$62.51B$58.45B+6.9%
Cost of Revenue$58.14B$54.47B+6.7%
Gross Profit$4.37B$3.98B+9.7%
SG&A Expenses$2.95B$2.72B+8.5%
Operating Income$1.41B$1.19B+18.5%
Net Income$827.66M$689.09M+20.1%
EPS (Basic)$9.99$7.99+25.0%
EPS (Diluted)$9.95$7.95+25.2%
Shares Outstanding (Basic)82.10M85.49M−4.0%
Shares Outstanding (Diluted)82.43M85.87M−4.0%

05—Questions

Frequently Asked Questions

  1. How did TD SYNNEX perform financially in fiscal 2025?

    Revenue grew 6.9% to $62.51 billion, gross profit rose 9.7% to $4.37 billion, and operating income increased 18.5% to $1.41 billion. Net income was $827.7 million, up from $689.1 million, with diluted EPS of $9.95 versus $7.95.

  2. What drove the change in gross margin?

    The filing states gross margin increased to 6.99% from 6.81%, primarily due to the presentation of additional revenue on a net basis from product mix, which added about 30 basis points, and gross margin expansion in the Endpoint Solutions portfolio, partially offset by higher strategic technologies margins in the prior year.

  3. How is the company's liquidity and debt position?

    Cash and cash equivalents were $2.44 billion at November 30, 2025, and total borrowings were about $4.6 billion. The company had $3.5 billion of unused commitments under its TD SYNNEX Revolving Credit Facility and stated it was in compliance with all material financial covenants. Of the $700.0 million of Senior Notes due August 2026, the company believes existing resources will be sufficient to repay them.

  4. What are the main concentration risks?

    Apple accounted for 12% of consolidated revenue and HP for 10% in fiscal 2025. One customer represented 11% of total revenue. The filing notes that OEM supplier agreements are generally short-term and terminable on short notice, and that approximately 48% of revenue was generated outside the United States.

  5. What capital allocation actions did the company take?

    The company repurchased shares for $596.1 million in fiscal 2025, paid dividends of $1.76 per share for the year, and completed the Apptium acquisition on July 1, 2025 for approximately $105.1 million. It declared a $0.48 per share dividend in January 2026.

06—Continue

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