Td Synnex Corporation · NYSE:SNX
Td Synnex — Q4 2025 Earnings Presentation
47 slides from Td Synnex's earnings presentation, Jan 8, 2026
Slide 1: Investor Presentation
Investor Presentation January 2026
Slide 2: Safe harbor statement
Safe harbor statement Statements in this presentation 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 inhere
Slide 3: FQ4'2025 snapshot
FQ4’2025 snapshot High-quality growth, robust free cash flow(1) and disciplined capital allocation framework support attractive shareholder returns $24.3B 2.86% $3.83 N O N - G A A P G R O S S B I L L I N G S (1) N O N - G A A P O P E R AT I N G M A R G I N (1) N O N - G A A P D I L U T E D E P S (1
Slide 4: Diversified, end-to-end technology portfolio is capitalizing on accelerating IT spending trends
FQ4’2025 Diversified, end-to-end technology portfolio is capitalizing on accelerating IT spending trends Q4 FY25 Y/Y Key takeaways GAAP Revenue ($B) $17.4 10% / 8%(2) Non-GAAP gross billings(1) exceeded the high end of our guidance and grew Operating Income ($M) $399 23% 15% y/y driven by broad-base
Slide 5: FQ4'2025 performance by geography
FQ4’2025 performance by geography Supporting partners around the world – five continents, 100+ countries served Non-GAAP Non-GAAP Non-GAAP Key takeaways Revenue gross operating operating billings(1) income(1) margin(1) Americas non-GAAP gross billings(1) were $14.1B, representing an increase of 9% y
Slide 6: FQ1'2026 outlook
FQ1’2026 outlook Q1 FY26E GAAP Non-GAAP (1) Gross billings ($B) $22.7 – $23.7 (2) Gross to net % (33.2)% (2) Revenue ($B) $15.1 – $15.9 $15.1 – $15.9 Net income ($M) $166 – $206 $243 – $283 (2) Estimated outstanding diluted weighted avg. shares (M) 80.1 80.1 Diluted earnings per share $2.05 – $2.55
Slide 7: FQ4'2024 - FQ4'2025 performance by technology category
FQ4’2024 - FQ4’2025 performance by technology category(1) Non-GAAP Key takeaways Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Advanced non-GAAP gross billings(1)(2) ($B) $12.0 $12.4 $12.8 $13.8 $14.0 Y/Y growth 11% 7% 12% 13% 17% Advanced Solutions non-GAAP gross Endpoint non-GAAP gross billings(1)(2) ($
Slide 8: Broad-based growth across all technologies
15% Y/Y % growth $24.3B Broad-based $21.2B growth across all Software 19% 23% technologies 18% 13% 15% reflects the value Servers and 15% Storage(3) of our diversified 17% 19% and end-to-end PCs 17% portfolio 15% 7% 16% Networking 13% Approximate % of total non-GAAP 6% Peripherals & 15% gross billin
Slide 9: Delivering on our plan
Delivering on our plan Expanding our presence in strategic technologies and delivering strong returns to stockholders Cash flow + Continued strategic technologies execution capital allocation Strategic technologies as a % of non-GAAP gross billings(1) Cash returned to stockholders(3) $751M $750M $74
Slide 10: Attractive long term growth in profitability
Attractive long term growth in profitability Gross profit(1) Non-GAAP operating income(1)(2) Non-GAAP diluted EPS(2) 5% CAGR 5% CAGR 9% CAGR $4,369 $3,900 $3,957 $3,981 $1,785 $13.19 $3,649 $1,724 $1,642 $1,627 $11.94 $11.68 $1,480 $11.26 $9.40 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022
Slide 11: TD SYNNEX is a Compelling Investment Opportunity
TD SYNNEX is a Compelling Investment Opportunity 11
Slide 12: TD SYNNEX's attractive shareholder value creation model
TD SYNNEX’s attractive shareholder value creation model Grow faster than the market Non-GAAP diluted EPS(1) growth Maximize shareholder returns by extending our reach and driven by gross margin improvement through dividends and capturing market share and disciplined cost management share repurchases
Slide 13: Strong investment grade balance sheet
Strong investment grade balance sheet Capital structure provides ample liquidity and flexibility Significant liquidity Long dated, well-laddered capital structure ($M) Nov 2025 Cash $2,435M Unsecured revolver $3,500M 3,500 A/R securitization $1,500M Total liquidity $7,435M 1,500 Investment grade bal
Slide 14: Appendix
Appendix
Slide 15: Technology and product solutions
Technology Technology and and product product solutions solutions Strategic technologies CLOUD Endpoint solutions (ES) SECURITY Advanced D ATA / A I / I O T solutions (AS) HYPERSCALE CLOUD SERVERS NETWORKING STORAGE SOFTWARE OTHER INFRASTRUCTURE HYPERSCALE INFRASTRUCTURE 15
Slide 16: TD SYNNEX: Connecting the global IT system
TD SYNNEX Connecting the global IT system Service providers ISVs DMs/ System retailers integrators VARs CSP’s/Hyperscalers G L O B A L I T P L AT F O R M S SPECIALIZED SKILLS 16
Slide 17: Well positioned to benefit from industry evolution
Well positioned to benefit from industry evolution Linear Model Solutions Aggregation Ecosystem Orchestration OEM TD SYNNEX Reseller End User Inventory financing Reduces solution building cost for resellers Expands ecosystem addressable market Logistics management Accelerated time to market As a ser
Slide 18: Attractive business model with variable cost structure and limited capital intensity
Attractive business model with variable cost structure and limited capital intensity Illustrative business model Highly variable cost structure TTM adj. EBITDA less capex ($M)(1) OEM 93% conversion ~2% Back- $960 $20 end Margin $1,903 $(142) $1,760 Opex <5% COGS ~4% Front- ~65% ~35% >95% end Margin
Slide 19: Stable cash conversion cycle with countercyclical benefits
Stable cash conversion cycle with countercyclical benefits Steady cash conversion cycle (gross cash Countercyclical cash generation days)(1) 17 14 12 Dot com bubble Global financial crisis COVID-19 pandemic 47 44 44 35 38 37 (75) (65) (68) (69) 2000 2001 2002 2003 2008 2009 2010 2020 2021 2022 2023
Slide 20: Corporate Citizenship Highlights
Corporate Citizenship Highlights Driving sustainable transformation Fostering connection Leading with integrity Commitment to Science-Based Target initiative Company: Committed to equality and ensuring our workforce Strong corporate governance based on our values - (SBTi) Business Ambition Pledge wi
Slide 21: Non-GAAP financial measures
Non-GAAP financial measures In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: • Revenue in constant currency, which adjusts for the translation effect of foreign currencies so that certain financial results can be viewed In prior periods,TD SYNNEX
Slide 22: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe APJ November 30, November 30, November 30, November 30, November 30, November 30, November 30, November 30, Revenue
Slide 23: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe APJ November 30, November 30, November 30, November 30, November 30, November 30, November 30, November 30, Non-GAA
Slide 24: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Advanced Solutions(1) Endpoint Solutions(1) Non-GAAP gross billings and gross profit - Advanced Solutions and Nov 30, Aug 31, May 31, Feb 28, Nov 30, Nov 3
Slide 25: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Gross profit as a % of non-GAAP gross billings November 30, 2025 November 30, 2024 Revenue $ 17,379,140 $ 15,844,563 Costs incurred and netted a
Slide 26: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP cost of revenue November 30, 2025 November 30, 2024 November 30, 2023 Cost of revenue $ 16,184,390 $ 14,803,618 $ 13,388,727 Costs incu
Slide 27: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Adjusted selling, general and administrative expenses November 30, 2025 November 30, 2024 Revenue $ 17,379,140 $ 15,844,563 Costs incurred and n
Slide 28: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe APJ Non-GAAP operating income and non-GAAP operating November November November November November November November
Slide 29: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP income before income taxes, non-GAAP provision for income taxes and non-GAAP effective tax rate November 30, 2025 Income before income
Slide 30: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP net income and non-GAAP diluted EPS(1) November 30, 2025 Net income $ 248,407 Acquisition, integration & rest
Slide 31: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Per share amounts) (Amounts may not add or compute due to rounding) Fiscal Years Ended November 30, November 30, November 30, November 30, November 30, Non-GAAP net income & non-GAAP diluted EPS(1) 2025 2024 2023 2022 2021 Net income $
Slide 32: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended Free cash flow November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 November 30, 2023 Net cash provided b
Slide 33: Calculation of non-GAAP financial metrics
Calculation of non-GAAP financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) ROIC November 30, 2025 Operating income (trailing fiscal four quarters) $ 1,414,919 Income taxes on operating income(1) (307,265) Operating income after taxes $ 1,107,654 Tota
Slide 34: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended November 30, November 30, November 30, Cash conversion cycle 2025 2024 2023 Days sales outstanding Revenue (a) $ 17,379,140 $ 15,844,563 $ 14,407,306 Accounts receiv
Slide 35: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended November 30, November 30, November 30, Cash conversion cycle (gross cash days) 2025 2024 2023 Days sales outstanding (gross) Non-GAAP gross billings (a) $ 24,327,030
Slide 36: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in millions, except per share amounts) (Amounts may not add or compute due to rounding) Forecast Three Months Ending February 28, 2026 Non-GAAP net income and non-GAAP diluted EPS Low High Net income $ 166 $ 206 Amortization o
Slide 37: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in billions) (Amounts may not add or compute due to rounding) Forecast Three Months Ending February 28, 2026 Non-GAAP gross billings Low High Revenue $ 15.1 $ 15.9 Costs incurred and netted against revenue related to sales of
Slide 38: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Leverage ratio November 30, 2025 August 31, 2025 May 31, 2025 February 28, 2025 Total borrowings (a) $ 4,610,451 $ 4,238,842 $ 4,105,705 $ 4,327,965 Less: cash and cash equivalents (b)
Slide 39: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended November 30, August 31, May 31, February 28, November 30, August 31, May 31, 2025 2025 2025 2025 2024 2024 2024 Net income $ 248,407 $ 226,795 $
Slide 40: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Fiscal Years Ended November 30, November 30, November 30, November 30, Non-GAAP operating income 2025 2024 2023 2022 Revenue $ 62,508,086 $ 58,452,436 $ 57,555,416
Slide 41: TD SYNNEX results
TD SYNNEX results TD SYNNEX (Currency in millions) (Amounts may not add or compute due to rounding) Three Months Ended November 30, 2021 Revenue $ 15,611.3 Cost of revenue (14,668.1) Gross profit 943.2 Operating expenses: Selling, general and administrative (655.7) expenses Acquisition, integration
Slide 42: Legacy SYNNEX results
Legacy SYNNEX results SYNNEX CORPORATION (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 5,207.1 $ 5,856.8 $ 4,939.0 Cost of revenue (4,894.4) (5,527.7) (4,634.4) Gross profit 312.6 329.2
Slide 43: Legacy Tech Data results
Legacy Tech Data results TIGER PARENT (AP) CORPORATION AND SUBSIDIARIES (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 9,132.1 $ 9,570.6 $ 10,306.6 Cost of revenue (8,558.7) (9,004.2) (9,
Slide 44: Combined legacy SYNNEX and legacy Tech Data results
Combined legacy SYNNEX and legacy Tech Data results Combined (Legacy SYNNEX and Legacy Tech Data) (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 14,339.2 $ 15,427.4 $ 15,245.6 Cost of rev
Slide 45: Combined legacy SYNNEX and legacy Tech Data results
Combined legacy SYNNEX and legacy Tech Data results Combined (Legacy SYNNEX and Legacy Tech Data) (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Trailing Twelve Months for Periods Ended November 30, 2021 Revenue $ 60,623.5 Cost of revenue (56,974.2) Gross profit
Slide 46: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Trailing Twelve Months for Periods Ended November 30, Adjusted EBITDA less Capex 2025 Net income $ 827,660 Interest expense and finance charges, net 356,608 Provis
Slide 47: THANK YOU
THANK YOU Nate Friedel TD SYNNEX Corporation 510-668-8436 IR@tdsynnex.com IR website: ir.tdsynnex.com