01—Abstract
Summary
Summary of the 10-Q filed October 1, 2025. Cited figures are marked; the original filing is the authoritative source.
TD SYNNEX Corporation's quarterly report for the period ended August 31, 2025 shows revenue of $15.65 billiona for the three months, up from $14.68 billion a year earlier, and $45.13 billion for the nine months, up from $42.61 billion.
Gross profit rose to $1.13 billionb from $961.0 million, and operating income rose to $383.7 million from $302.9 million. Net income for the quarter was $226.8 million, or $2.74 per diluted share, compared with $178.6 million, or $2.08 per diluted share, in the prior-year quarter. The filing attributes much of the revenue growth to Advanced Solutions and Endpoint Solutions, and notes that a greater share of sales presented on a net basis reduced reported revenue by approximately $810 million in the quarter.
Cash flow was weaker. Net cash provided by operating activities was $71.3 millionc for the nine months, down from $655.8 million, primarily due to higher accounts receivable and a smaller increase in accounts payable. Total borrowings were approximately $4.2 billion, compared with $3.9 billion at November 30, 2024.
Cash and cash equivalents were $874.4 milliond. The company repurchased $423.1 million of common stock during the nine months and has $1.4 billion remaining under its March 2024 program. It also declared a quarterly dividend of $0.44 per share, payable October 31, 2025.
The company completed the acquisition of Apptium Technologies, LLC on July 1, 2025 for a preliminary purchase price of approximately $111.8 million, which the filing describes as not material to results or financial condition. The company states it was in compliance with all material financial covenants as of August 31, 2025, and that $700.0 million of Senior Notes due August 2026 are expected to be repaid from available cash and liquidity.
02—Key points
Key Highlights
- Revenue rose to $15.65 billion in the quarter, up from $14.68 billion, and to $45.13 billion for the nine months, up from $42.61 billion.
- Gross margin was 7.22% for the quarter, up from 6.54%, with the filing citing a net-basis revenue presentation effect of approximately 35 basis points.
- Operating income was $383.7 million in the quarter, up from $302.9 million, and non-GAAP operating income was $474.9 million, up from $392.9 million.
- Diluted EPS was $2.74 for the quarter versus $2.08 a year earlier; non-GAAP diluted EPS was $3.58 versus $2.86.
- Net cash provided by operating activities fell to $71.3 million for the nine months from $655.8 million, driven by receivables growth and a smaller payables increase.
- Cash conversion cycle was 23 days at August 31, 2025, up from 21 days a year earlier, with inventory days rising to 58 from 51.
- The company repurchased $423.1 million of common stock in the nine months, has $1.4 billion remaining under its authorization, and declared a $0.44 quarterly dividend.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, TD Synnex kept $0.01.
- Revenue$15.65B100.0%
- Cost of revenue−$14.52B92.8%
- Gross profit$1.13B7.2%
- Operating costs−$746.2M4.8%
- Operating income$383.7M2.5%
- Interest, other & tax−$156.9M1.0%
- Net income$226.8M1.4%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 1, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $15.65B$14.68B | +6.6% |
| Cost of Revenue | $14.52B$13.72B | +5.8% |
| Gross Profit | $1.13B$961.05M | +17.6% |
| SG&A Expenses | $746.20M$657.51M | +13.5% |
| Operating Income | $383.66M$302.88M | +26.7% |
| Net Income | $226.79M$178.56M | +27.0% |
| EPS (Basic) | $2.76$2.09 | +32.1% |
| EPS (Diluted) | $2.74$2.08 | +31.7% |
| Shares Outstanding (Basic) | 81.56M84.51M | −3.5% |
| Shares Outstanding (Diluted) | 81.90M84.94M | −3.6% |
05—Questions
Frequently Asked Questions
How did TD SYNNEX perform in the quarter ended August 31, 2025?
Revenue increased 6.6% to $15.65 billion, gross profit rose 17.6% to $1.13 billion, and operating income increased 26.7% to $383.7 million. Net income was $226.8 million, compared with $178.6 million a year earlier.
Why did operating cash flow decline sharply?
Net cash provided by operating activities was $71.3 million for the nine months versus $655.8 million a year earlier. The filing attributes the decline primarily to an increase in accounts receivable compared with a decrease in the prior year, and a larger increase in accounts payable in the prior year, due to timing of cash receipts and payments.
How much debt does the company carry and is it meeting its covenants?
Total outstanding borrowings were approximately $4.2 billion at August 31, 2025, versus $3.9 billion at November 30, 2024. The company states it was in compliance with all material financial covenants as of August 31, 2025, and believes cash, operating cash flow and credit availability are sufficient for the next twelve months, including repayment of $700.0 million of Senior Notes due August 2026.
What did the company do with its capital in the period?
The company repurchased $423.1 million of common stock in the nine months ended August 31, 2025 and had $1.4 billion available under its March 2024 program. It declared a quarterly dividend of $0.44 per share payable October 31, 2025, and completed the Apptium acquisition on July 1, 2025 for a preliminary price of approximately $111.8 million.
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