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Teledyne Technologies Incorporated
Jun 25, 2026 at 11:07 AM UTC
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ELI5

TD SYNNEX: Second Quarter 2026 Presentation

Investor Presentation

June 2026



Patrick Zammit

CEO



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Q2 2026 global business overview

Our differentiated value proposition continues to support profitable growth, operating margin expansion, and earnings growth over time

Q2 FY26

Y/Y

Non-GAAP gross billings(1) ($B)

$28.9

33% / 32%(2)

Gross to net %(1)

(32.2)%

(120) bps

Revenue ($B)

$19.6

31% / 29%(2)

Non-GAAP operating income(1) ($M)

$615

49% / 48%(2)

Non-GAAP operating income % (1)(3)

2.13%

22 bps

Non-GAAP diluted earnings per share(1)

$4.85

62%

  1. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

  2. Growth rate adjusted for constant currency which is a non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

  3. Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings

Key takeaways

1

Non-GAAP gross billings(1) significantly exceeded the high end of our guidance and increased 33% y/y primarily driven by continued momentum across Distribution and Hyve

2

Non-GAAP operating income %(1)(3) expanded by 22 bps y/y reflecting a greater mix of Hyve and improved operating margins within Distribution

3

Non-GAAP diluted earnings per share(1) increased 62% y/y, supported by our focus on profitable growth and disciplined capital allocation framework

4



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Q2 2026 | Distribution(1) highlights

Non-GAAP gross billings(2)

Non-GAAP operating income(1)

Key Highlights

$19.1B

+22%

$23.4B

$318M

+36%

$434M

Selected by HPE as 1 of 2 Global Distribution Partners under unified model

Recognized with multiple HPE Partner of the Year awards across NA and Europe

Dell's 2026 LATAM Growth Distributor of the Year

Q2 FY25 Q2 FY26

Q2 FY25 Q2 FY26

NVIDIA's 2026 EMEA Distributor of the Year

Driven by strong demand across the portfolio, supported by our broad customer base and global footprint

Driven by non-GAAP gross billings(1) growth, favorable mix, and disciplined cost management

Equinix's 2026 APAC Distributor of the Year

IBM's Distribution Growth Leader -North America, Latin America and APAC

  1. "Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments

  2. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

5



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Q2 2026 | Hyve Solutions highlights

Non-GAAP gross billings(1) Non-GAAP operating income(1) Key Highlights

$2.5B

+89%

+117%

$5.5B

$96M

$181M

Manufacturing and engineering represented approximately two-thirds of Hyve and gross billings growth increased more than the total business, primarily driven by increased volumes with our existing customer base

Supply chain services represented approximately one-third of Hyve, and

Q2 FY25 Q2 FY26

Driven by increased volumes in manufacturing with our existing customer base, along with continued strength in supply chain services

Q2 FY25 Q2 FY26

Driven by non-GAAP gross billings(1) growth and mix of program offerings

growth was driven by increased demand for components supporting our customers' infrastructure deployments

Expanding U.S. facility footprint by more than one million square feet to support future growth and the needs of our customers

  1. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

6



David Jordan

CFO



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Q2 2026 | Portfolio Overview

Broad-based growth across our portfolio and geographies driven by disciplined execution

Portfolio Performance

Consolidated

Non-GAAP gross

Gross to

($B)

Revenue

Y/Y

billings(1)

Y/Y

net %(1)

Distribution(2)

$16.6

+28%

$23.4

+ 22%

(29)%

Advanced Solutions(3)

$7.8

+43%

$13.5

+ 31%

(42)%

Endpoint Solutions(3)

$8.8

+17%

$9.9

+ 13%

(11)%

Hyve Solutions

$3.0

+49%

$5.5

+ 117%

(46)%

Consolidated

$19.6

+31%

$28.9

+ 33%

(32)%

Non-GAAP operating

Non-GAAP operating

($M)

income(1)

Y/Y

income(1)

Y/Y

Distribution(2)

$434

+ 36%

$434

+ 36%

Hyve Solutions

$181

+ 89%

$181

+ 89%

Consolidated

$615

+ 49%

$615

+ 49%

Non-GAAP operating margin(1)

Y/Y

Non-GAAP operating income % (1)(4)

Y/Y

Distribution(2)

2.61%

+ 15 bps

1.85%

+ 19 bps

Hyve Solutions

6.10%

+ 128 bps

3.31%

- 50 bps

Consolidated

3.14%

+ 37 bps

2.13%

+ 22 bps

Non-GAAP

gross billings(1)

19%

$28.9B

81%

Distribution(2) Hyve Solutions

  1. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

  2. "Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments

  3. Metric is an approximation, subject to certain allocations and other factors and may also change if the company aligns their products and services differently

  4. Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings

Non-GAAP

operating income(1)

29%

$615M

71%

Distribution(2) Hyve Solutions

8



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Cash flow and shareholder returns

Profitable growth and disciplined capital allocation support attractive longterm shareholder returns

Free cash flow(1) TTM

$0.4B

Return on equity(1) TTM

16.08%

+379 bps Y/Y

$688M

Shareholder

returns TTM

More than 100% of TTM FCF returned to shareholders

$0.6B $0.5B

$1.4B $1.2B

$0.4B

12.29% 12.76% 13.27%

14.76% 16.08%

Dividends

Share Repurchases

$670M $742M $723M $688M

$550M

Q2 FY25 TTM

Q3 FY25 TTM

Q4 FY25 TTM

Q1 FY26 TTM

Q2 FY26 TTM

Q2 FY25 TTM

Q3 FY25 TTM

Q4 FY25 TTM

Q1 FY26 TTM

Q2 FY26 TTM

Q2 FY25 TTM

Q3 FY25 TTM

Q4 FY25 TTM

Q1 FY26 TTM

Q2 FY26 TTM

Net Working Capital(2) as of Q2 FY26 of $4.9B, and gross CCC(1) of 17 days

Net working capital(2) and gross CCC(1)

We ended Q2 FY26 with $1.1B of cash and cash equivalents and a net leverage ratio(1) of

1.6x

Leverage ratio and cash position

Returned $151M to shareholders in Q2 FY26 through ~$112M of share

repurchases and ~$39M of

dividends

Shareholder returns

9

  1. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

  2. Net working capital is defined as current assets excluding cash and cash equivalents, minus current liabilities excluding borrowings



    BUSINESS OVERVIEW

    COMMERCIAL HIGHLIGHTS

    PORTFOLIO PERFORMANCE

    CAPITAL ALLOCATION

    FINANCIAL OUTLOOK

    APPENDIX

    Q3 2026 | Financial Outlook

    Our guidance reflects continued momentum across both our Distribution(1) and Hyve businesses

    Q3 2026E

    Midpoint

    Range

    Non-GAAP gross billings(2)

    ~$27.7B

    22% y/y(3)

    +/- $500 million

    Gross to net %(2)

    ~(33)%

    (2)% y/y(3)

    Revenue ($B)

    ~$18.6B

    19% y/y(3)

    +/- $400 million

    Non-GAAP net income(2)

    ~$361M

    22% y/y(3)

    +/- $20 million

    Est. outstanding diluted weighted avg.

    shares

    ~79.4M

    Non-GAAP diluted earnings per share(2)

    ~$4.50

    26% y/y(3)

    +/- 25 cents

    10

    1. "Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments

    2. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

    3. Y/Y growth rates compare the Q3 FY26 forecasted metrics to the Q3 FY25 actuals



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Broad-based growth across all Distribution(1) technologies

Approximate % of total non-GAAP gross billings(2) by product category(3) for Q2 2026

22%













Y/Y Growth

22%

24%

35%

26%

6%

21%

16%

Y/Y Growth

Y/Y Growth

Y/Y Growth

Y/Y Growth

Y/Y Growth

Y/Y Growth

Y/Y Growth

$19.1B $23.4B

Q2 FY25 Q2 FY26

Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26

Q2 FY25 Q2 FY26

Software

PCs

Servers & Storage(4)

Networking Peripherals

& Print

Services Mobile

  1. "Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments

  2. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

  3. Product metrics are approximations, subject to certain allocations and other factors and may also change if the company aligns their products and services differently

  4. The Servers and Storage product category includes Cloud Infrastructure as a Service ("IaaS") 11



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Q2 2026 performance by Distribution(1) segment

Region

Revenue

Non-GAAP

gross billings(2)

Non-GAAP

operating income(2)

Non-GAAP

operating income %(2)(3)

Americas distribution

$9.5B

+28% y/y

$13.9B

+22% y/y

$297M

+29% y/y

2.14%

+12 bps y/y

Europe distribution

$6.0B

+29% y/y

$8.0B

+23% y/y

$110M

+61% y/y

1.37%

+33 bps y/y

APJ

distribution

$1.0B

+29% y/y

$1.5B

+30% y/y

$27M

+40% y/y

1.80%

+13 bps y/y

Disciplined execution against our strategy is driving above market growth across our reportable segments

Total Distribution

$16.6B

+28%y/y

$23.4B

+22% y/y

$434M

+36% y/y

1.85%

+19 bps y/y

  1. "Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments

  2. Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP

  3. Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings

Key takeaways

Americas distribution non-GAAP gross

1 growth in Advanced Solutions

billings(1) were $13.9B, representing an

increase of 22% y/y driven primarily by

Europe distribution non-GAAP gross

2 growth in Endpoint Solutions

billings(1) were $8.0B, representing an

increase of 23% y/y driven primarily by

APJ distribution non-GAAP gross

3 broad-based growth

billings(1) were $1.5B, representing an

increase of 30% y/y driven primarily by

1

Americas distribution non-GAAP gross billings(2) were $13.9B, representing an increase of 22% y/y driven primarily by growth within Advanced Solutions

2

Europe distribution non-GAAP gross billings(2) were $8.0B, representing an increase of 23% y/y driven by growth across Endpoint and Advanced Solutions

3

APJ distribution non-GAAP gross billings(2) were $1.5B, representing an increase of 30% y/y driven primarily by growth within Advanced Solutions

12



‌Appendix

BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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 without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our performance. Financial results adjusted for constant currency are calculated by translating current period activity using the comparable prior year periods' currency conversion rate.

  • Non-GAAP gross billings, which are the amounts billed to the customer prior to any presentation adjustment under ASC Topic 606 for those arrangements where the Company does not act as the principal; and non-GAAP cost of revenue, which represents cost of revenue prior to any presentation adjustment under ASC Topic 606 for those arrangements where the Company does not act as the principal. These are useful non-GAAP metrics in understanding the volume of our business activity and they serve as an important performance metric in internally managing our operations. TD SYNNEX also refers to gross billings on a constant currency basis, adjusted for foreign exchange fluctuations in a similar manner as revenue in constant currency mentioned above.

  • "Gross to net %" refers to the percentage of adjustments made to non-GAAP gross billings for costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts.

  • Adjusted selling, general and administrative expenses, which is a non-GAAP financial measure that excludes acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. TD SYNNEX also uses adjusted selling, general and administrative expenses and adjusted selling, general and administrative expenses as a percentage of gross profit.

  • Non-GAAP operating income and non-GAAP operating margin, which are non-GAAP financial measures that exclude acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. TD SYNNEX also refers to non-GAAP operating income on a constant currency basis, adjusted for foreign exchange fluctuations in a similar manner as revenue in constant currency mentioned above. Furthermore, TD SYNNEX refers to non-GAAP operating income as a percentage of non-GAAP gross billings.

  • Non-GAAP net income and non-GAAP diluted earnings per share, which are non-GAAP financial measures that exclude acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense, realized gains upon sale of certain equity securities ("gain on investments") and the related tax effects thereon.

  • Earnings before interest, taxes, depreciation and amortization ("EBITDA"), which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, and amortization of intangibles. The Company also uses adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, amortization of intangibles, other income (expense), net, acquisition, integration and restructuring costs, and share-based compensation expense.

  • Non-GAAP income before income taxes, which is a non-GAAP financial measure that excludes acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense and gain on investments. TD SYNNEX also uses non-GAAP provision for income taxes which factors in the income tax impacts related to those adjustments which in turn determines the non-GAAP effective tax rate.

  • Free cash flow which is cash flow from operating activities, reduced by purchases of property and equipment. TD SYNNEX uses free cash flow to conduct and evaluate its business because, although it is similar to cash flow from operations, TD SYNNEX believes it is an additional useful measure of cash flows since purchases of property and equipment are a necessary component of ongoing operations. Free cash flow reflects an additional way of viewing TD SYNNEX's liquidity that, when viewed with its GAAP results, provides a more complete understanding of factors and trends affecting its cash flows. Free cash flow has limitations as it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions. Therefore, TD SYNNEX believes it is important to view free cash flow as a complement to its entire Consolidated Statements of Cash Flows.

  • Return on equity ("ROE") is a non-GAAP measure calculated based on trailing twelve months non-GAAP net income, divided by trailing five quarters average total stockholders' equity. TD SYNNEX believes this is additional useful information for investors because it measures how effectively the Company uses stockholders' equity to generate profits.

In prior periods,TD SYNNEX has excluded other items relevant to those periods for purposes of its non-GAAP financial measures.

TD SYNNEX management uses non-GAAP financial measures internally to understand, manage and evaluate the business, to establish operational goals, and in some cases for measuring performance for compensation purposes. These non-GAAP measures are intended to provide investors with an understanding of TD SYNNEX's operational results and trends that more readily enable investors to analyze TD SYNNEX's base financial and operating performance and to facilitate period-to-period comparisons and analysis of operational trends, as well as for planning and forecasting in future periods. Management believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. 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 read only in conjunction with TD SYNNEX's Consolidated Financial Statements prepared in accordance with GAAP. A reconciliation of TD SYNNEX's GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this presentation.

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.

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

Gain on investments includes benefits recorded in other income (expense), net during the first and second quarters of fiscal 2026 resulting from realized gains upon sale of certain equity securities.

14



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

Revenue in constant currency

May 31, 2026

May 31, 2025

Revenue

$ 19,574,813

$ 14,946,315

Impact of changes in foreign currencies

(280,184)

-

Revenue in constant currency

$ 19,294,629

$ 14,946,315

Y/Y revenue growth 31.0 %

Y/Y revenue growth in constant currency 29.1 %

15



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

Non-GAAP gross billings in constant currency

May 31, 2026

May 31, 2025

Revenue

$ 19,574,813

$ 14,946,315

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts

9,304,288

6,701,215

Non-GAAP gross billings

$ 28,879,101

$ 21,647,530

Impact of changes in foreign currencies

(375,832)

-

Non-GAAP gross billings in constant currency

$ 28,503,269

$ 21,647,530

Y/Y non-GAAP gross billings growth

33.4 %

Y/Y non-GAAP gross billings in constant currency

growth 31.7 %

16



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

Non-GAAP operating income and non-GAAP operating margin in constant currency May 31, 2026 May 31, 2025

Revenue $ 19,574,813 $ 14,946,315

arrangements and certain fulfillment contracts

9,304,288

6,701,215

Non-GAAP gross billings

$ 28,879,101

$ 21,647,530

Operating income

$ 519,362

$ 328,139

Acquisition, integration and restructuring costs

2,116

664

Amortization of intangibles

75,663

73,282

Share-based compensation

17,875 11,950

Non-GAAP operating income

$ 615,016 $ 414,035

Impact of changes in foreign currencies

(3,734) -

Non-GAAP operating income in constant currency

$ 611,282 $ 414,035

Operating margin

2.65 %

2.20 %

Non-GAAP operating margin

3.14 %

2.77 %

Non-GAAP operating income %(1)

2.13 %

1.91 %

Y/Y non-GAAP operating income growth

48.5 %

Y/Y non-GAAP operating income in constant currency growth

47.6 %

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service

(1) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings 17



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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 distribution Europe distribution APJ distribution Hyve Solutions

Non-GAAP gross billings, non-GAAP operating income and non-

GAAP operating margin

May 31, 2026

May 31, 2025

May 31, 2026

May 31, 2025

May 31, 2026

May 31, 2025

May 31, 2026

May 31, 2025

May 31, 2026

May 31, 2025

Revenue

$ 19,574,813

$ 14,946,315

$ 9,545,327

$ 7,486,566

$ 6,043,771

$ 4,676,539

$ 1,020,152

$ 793,665

$ 2,965,563

$ 1,989,545

Costs incurred and netted against

revenue related to sales of third-party

supplier service contracts, software

as a service arrangements and certain fulfillment contracts

9,304,288

6,701,215

4,315,017

3,915,469

1,999,112

1,886,061

495,278

371,302

2,494,881

528,383

Non-GAAP gross billings

$ 28,879,101

$ 21,647,530

$ 13,860,344

$ 11,402,035

$ 8,042,883

$ 6,562,600

$ 1,515,430

$ 1,164,967

$ 5,460,444

$ 2,517,928

Operating income

$ 519,362

$ 328,139

$ 243,249

$ 182,931

$ 72,110

$ 32,889

$ 25,192

$ 17,724

$ 178,811

$ 94,595

Acquisition, integration and

restructuring costs

2,116

664

2,130

58

(37)

499

23

107

-

-

Amortization of intangibles

75,663

73,282

41,213

40,488

33,472

31,988

978

806

-

-

Share-based compensation

17,875

11,950

9,969

6,843

4,613

2,988

1,096

795

2,197

1,324

Non-GAAP operating income

$ 615,016

$ 414,035

$ 296,561

$ 230,320

$ 110,158

$ 68,364

$ 27,289

$ 19,432

$ 181,008

$ 95,919

Operating margin

2.65 %

2.20 %

2.55 %

2.44 %

1.19 %

0.70 %

2.47 %

2.23 %

6.03 %

4.75 %

Non-GAAP operating margin

3.14 %

2.77 %

3.11 %

3.08 %

1.82 %

1.46 %

2.67 %

2.45 %

6.10 %

4.82 %

Non-GAAP operating income % (1)

2.13 %

1.91 %

2.14 %

2.02 %

1.37 %

1.04 %

1.80 %

1.67 %

3.31 %

3.81 %

Y/Y non-GAAP gross billings growth

33.4 %

21.6 %

22.6 %

30.1 %

116.9 %

Y/Y non-GAAP operating income

growth

48.5 %

28.8 %

61.1 %

40.4 %

88.7 %

(1) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings 18



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Reconciliation of GAAP to Non-GAAP financial measures

TD SYNNEX

(Amounts may not add or compute due to rounding)

Three Months Ended

(in billions) Distribution(2) Advanced Solutions(1) Endpoint Solutions(1)

Non-GAAP gross billings - Advanced Solutions(1) and Endpoint Solutions(1)

May 31,

2026

May 31,

2025

May 31,

2026

May 31,

2025

May 31,

2026

May 31,

2025

Revenue

$ 16.6

$ 13.0

$ 7.8

$ 5.4

$ 8.8

$ 7.5

Costs incurred and netted against revenue related

to sales of third-party supplier service contracts,

software as a service arrangements and certain

fulfillment contracts

6.8

6.1

5.7

4.9

1.1

1.3

Non-GAAP gross billings

$ 23.4

$ 19.1

$ 13.5

$ 10.3

$ 9.9

$ 8.8

  1. Product metrics are approximations, subject to certain allocations and other factors and may also change if the company aligns their products and services differently

  2. "Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments. 19



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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 May 31, 2026

Cost of revenue $ 18,235,352

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements

and certain fulfillment contracts 9,304,288

Non-GAAP cost of revenue $ 27,539,640

20



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

May 31, 2026

May 31, 2025

Gross profit

$ 1,339,461

$ 1,046,373

Selling, general and administrative expenses

$ 820,099

$ 718,234

Acquisition, integration and restructuring costs

(2,116)

(664)

Amortization of intangibles

(75,663)

(73,282)

Share-based compensation

(17,875)

(11,950)

Adjusted selling, general and administrative expenses

$ 724,445

$ 632,338

Selling, general and administrative expenses as a

percentage of gross profit 61.2 % 68.6 %

Adjusted selling, general and administrative expenses

as a % of gross profit 54.1 % 60.4 %

21



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

May 31, 2026

Income before income taxes

$

429,933

Acquisition, integration & restructuring costs

2,116

Amortization of intangibles

75,663

Share based compensation

17,875

Gain on investments

(10,753)

Non-GAAP income before income taxes $ 514,834

Provision for income taxes $ 95,845

Income taxes related to the above

28,565

Non-GAAP provision for income taxes

$ 124,410

Effective tax rate

22.29 %

Non-GAAP effective tax rate

24.17 %

22



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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)

May 31, 2026

May 31, 2025

Net income

$ 334,088

$ 184,921

Acquisition, integration & restructuring costs

2,116

664

Amortization of intangibles

75,663

73,282

Share-based compensation

17,875

11,950

Gain on investments

(10,753)

-

Income taxes related to the above

(28,565)

(20,300)

Non-GAAP net income

$ 390,424

$ 250,517

Diluted EPS(1)

$ 4.15

$ 2.21

Acquisition, integration & restructuring costs

0.03

0.01

Amortization of intangibles

0.94

0.87

Share-based compensation

0.22

0.14

Gain on investments

(0.13)

-

Income taxes related to the above

(0.36)

(0.24)

Non-GAAP diluted EPS(1)

$ 4.85

$ 2.99

23

(1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees, as well as vested but unexercised common stock warrants, are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was immaterial



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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 ended

Return on Equity

May 31, 2026

February 28, 2026

November 30, 2025

August 31, 2025

May 31, 2025

Net income

$ 1,136,205

$ 987,038

$ 827,660

$ 774,055

$ 725,816

Acquisition, integration & restructuring costs

8,454

7,002

7,180

5,154

3,506

Amortization of intangibles

302,935

300,554

296,258

294,725

291,357

Share-based compensation

74,137

68,212

66,428

68,343

72,092

Gain on investments

(33,107)

(22,354)

-

-

-

Income taxes related to the above

(106,384)

(98,119)

(100,389)

(94,731)

(96,030)

Non-GAAP net income

$ 1,382,240

$ 1,242,333

$ 1,097,137

$ 1,047,546

$ 996,741

Trailing five quarters' avg. total stockholders' equity

$ 8,595,938

$ 8,415,946

$ 8,266,485

$ 8,209,216

$ 8,109,748

Return on equity

16.08%

14.76%

13.27%

12.76%

12.29%

24



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

May

February

November

August

May

February

November

August

Non-GAAP net income 31, 2026

28, 2026

30, 2025

31, 2025

31, 2025

28, 2025

30, 2024

31, 2024

Net income

$ 334,088

$ 326,915

$ 248,407

$ 226,795

$ 184,921

$ 167,537

$ 194,802

$ 178,556

Acquisition, integration & restructuring costs

2,116

884

3,150

2,304

664

1,062

1,124

656

Amortization of intangibles

75,663

75,703

75,028

76,541

73,282

71,407

73,495

73,173

Share-based compensation

17,875

23,645

20,190

12,427

11,950

21,861

22,105

16,176

Gain on investments

(10,753)

(22,354)

-

-

-

-

-

-

Income taxes related to the above

(28,565)

(22,226)

(33,770)

(21,823)

(20,300)

(24,496)

(28,112)

(23,122)

Non-GAAP net income

$ 390,424

$ 382,567

$ 313,005

$ 296,244

$ 250,517

$ 237,371

$ 263,414

$ 245,439

25



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

May

February

November

August

May

February

November

August

Free cash flow 31, 2026

28, 2026

30, 2025

31, 2025

31, 2025

28, 2025

30, 2024

31, 2024

Net cash (used in) provided by

operating activities

$ (265,611)

$ (895,866)

$ 1,460,378

$ 246,141

$ 573,182

$ (747,997)

$ 561,941

$ 385,782

Purchases of property and equipment

(66,822)

(33,147)

(38,293)

(32,221)

(30,243)

(41,525)

(49,060)

(47,142)

Free cash flow

$ (332,433)

$ (929,013)

$ 1,422,085

$ 213,920

$ 542,939

$ (789,522)

$ 512,881

$ 338,640

26



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Calculation of financial metrics

TD SYNNEX

(Currency in thousands)

(Amounts may not add or compute due to rounding)

Three Months

Ended

Cash conversion cycle May 31, 2026

Days sales outstanding

Revenue (a) $ 19,574,813

Accounts receivable, net (b) 12,995,129

(c) = ((b)/(a))*the number of

Days sales outstanding

days during the period 61

Days inventory outstanding

Cost of revenue (d) $ 18,235,352

Inventories (e) 13,894,044

(f) = ((e)/(d))*the number of

Days inventory outstanding

days during the period 70

Days payable outstanding

Cost of revenue (g) $ 18,235,352

Accounts payable (h) 21,179,061

(i) = ((h)/(g))*the number of

Days payable outstanding

days during the period 107

Cash conversion cycle (j) = (c)+(f)-(i) 24

27



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Calculation of financial metrics

TD SYNNEX

(Currency in thousands)

(Amounts may not add or compute due to rounding)

Three Months Ended

Cash conversion cycle (gross cash days) May 31, 2026

Days sales outstanding (gross)

Non-GAAP gross billings

(a)

$ 28,879,101

Accounts receivable, net

(b)

12,995,129

(c

Days sales outstanding (gross)

) = ((b)/(a))*the number of days

during the period

41

Days inventory outstanding (gross)

Non-GAAP cost of revenue

(d)

$ 27,539,640

Inventories

(e)

13,894,044

(f

Days inventory outstanding (gross)

) = ((e)/(d))*the number of days

during the period

47

Days payable outstanding (gross)

Non-GAAP cost of revenue

(g)

$ 27,539,640

Accounts payable

(h)

21,179,061

Days payable outstanding (gross)

Cash conversion cycle (gross cash

(i) = ((h)/(g))*the number of days

during the period 71

days) (j) = (c)+(f)-(i) 17

28



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Calculation of financial metrics

TD SYNNEX

(Currency in thousands)

(Amounts may not add or compute due to rounding)

Leverage ratio

May 31, 2026

Total borrowings

(a)

$ 4,719,969

Less: cash and cash equivalents

(b)

1,094,181

Net debt

(c)=(a)-(b)

$ 3,625,788

Trailing four quarters Adjusted EBITDA

(d)

2,294,502

Debt to Adjusted EBITDA leverage ratio

(e)=(a)/(d)

2.1

Net debt to Adjusted EBITDA leverage ratio

(f)=(c)/(d)

1.6

29



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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

May 31,

2026

February 28,

2026

November 30,

2025

August 31,

2025

Net income

$ 334,088

$ 326,915

$ 248,407

$ 226,795

Interest expense and finance charges, net

97,841

86,534

87,558

91,188

Provision for income taxes

95,845

95,493

62,625

66,466

Depreciation

29,616

28,972

30,050

29,295

Amortization of intangibles

75,663

75,703

75,028

76,541

EBITDA

$ 633,053

$ 613,617

$ 503,668

$ 490,285

Other (income) expense, net

(8,412)

(19,582)

74

(792)

Acquisition, integration and restructuring costs

2,116

884

3,150

2,304

Share-based compensation

17,875

23,645

20,190

12,427

Adjusted EBITDA

$ 644,632

$ 618,564

$ 527,082

$ 504,224

30



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

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 August 31, 2026

Non-GAAP net income and non-GAAP diluted EPS

Low

Midpoint

High

Net income

$ 273

$ 293

$ 313

Amortization of intangibles

75

75

75

Share-based compensation

15

15

15

Income taxes related to the above

(22)

(22)

(22)

Non-GAAP net income

$ 341

$ 361

$ 381

Diluted EPS(1)

$ 3.40

$ 3.65

$ 3.90

Amortization of intangibles

0.93

0.93

0.93

Share-based compensation

0.19

0.19

0.19

Income taxes related to the above

(0.27)

(0.27)

(0.27)

Non-GAAP diluted EPS(1)

$ 4.25

$ 4.50

$ 4.75

(1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees, as well as vested but unexercised common stock

warrants, are considered participating securities. Net income allocable to participating securities is estimated to be approximately 1.1% of the forecast net income for 31

the three months ending August 31, 2026.



BUSINESS OVERVIEW

COMMERCIAL HIGHLIGHTS

PORTFOLIO PERFORMANCE

CAPITAL ALLOCATION

FINANCIAL OUTLOOK

APPENDIX

Reconciliation of GAAP to non-GAAP financial measures

TD SYNNEX

(Currency in billions)

(Amounts may not add or

com

pute due to ro

unding)

Forecast

Three Months Ending

August 31, 2026

Non-GAAP gross billings

Low

Midpoint

High

Revenue

$

18.2

$ 18.6

$

19.0

Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a

service arrangements and certain fulfillment contracts

9.0

9.1

9.2

Non-GAAP gross billings

$

27.2

$

27.7

$

28.2

32



Nate Friedel

TD SYNNEX Corporation [email protected]

IR website: ir.tdsynnex.com

Thank You

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