September 2026
Patrick Zammit CEO
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Q3 2026 global business overviewOur differentiated value proposition continues to support profitable growth, operating margin expansion, and earnings growth over time
Q3 FY26 | Y/Y | |
Non-GAAP gross billings(1) ($B) | $31.8 | 40% / 41%(2) |
Gross to net %(1) | (32.3)% | (120) bps |
Revenue ($B) | $21.6 | 38% / 38%(2) |
Non-GAAP operating income(1) ($M) | $736 | 55% / 56%(2) |
Non-GAAP operating income % (1)(3) | 2.31% | 22 bps |
Non-GAAP diluted earnings per share(1) | $5.68 | 59% |
Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP
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
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) exceeded the high end of our guidance and increased 40% y/y primarily driven by continued momentum across both 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 59% 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
Q3 2026 | Distribution(1) highlights
Non-GAAP gross billings(2)
Non-GAAP operating income(2)
Key Highlights
$19.5B
+27%
$24.8B
$313M
+55%
$483M
Expanded IBM footprint into 20 new countries across EMEA, APJ, LATAM
Palo Alto Networks' 2026 North America & Central America and Caribbean Distributor of the Year
Veeam's 2026 EMEA Distributor of the Year
Q3 FY25 Q3 FY26
Driven by strong demand across the portfolio, supported by our broad customer base and global footprint
Q3 FY25 Q3 FY26
Driven by non-GAAP gross billings(1) growth and disciplined cost management
Adobe's 2026 EMEA Best Retention Partner of the Year
CRN Channel Awards Asia 2026 -Distributor of the Year
"Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments
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
Q3 2026 | Hyve Solutions highlights
Non-GAAP gross billings(1) Non-GAAP operating income(1) Key Highlights
$3.2B
+56%
+117%
$7.0B
$162M
$253M
Manufacturing growth in excess of 130% year-over-year, primarily driven by increased volumes with our existing customer base
Supply Chain Services growth in excess of 90% year-over-year supported by component demand associated with
Q3 FY25 Q3 FY26
Driven by increased volumes in Manufacturing with our existing customer base, along with continued strength in Supply Chain Services
Q3 FY25 Q3 FY26
Driven by non-GAAP gross billings(1) growth and mix of program offerings
customers infrastructure deployments
Secured customer programs expected to utilize the recently expanded manufacturing capacity announced last quarter
Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP
6
David Jordan CFO
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Q3 2026 | Portfolio Overview
Broad-based growth across our portfolio and geographies driven by disciplined execution
Portfolio Performance
Consolidated
($B) | Revenue | Y/Y | Non-GAAP gross billings(1) | Y/Y | Gross to net %(1) |
Distribution(2) | $17.8 | +35% | $24.8 | + 27% | (28)% |
Advanced Solutions(3) | $8.5 | +57% | $14.5 | + 37% | (41)% |
Endpoint Solutions(3) | $9.3 | +20% | $10.3 | + 16% | (10)% |
Hyve Solutions | $3.8 | +52% | $7.0 | + 117% | (46)% |
Consolidated | $21.6 | +38% | $31.8 | + 40% | (32)% |
Non-GAAP | Non-GAAP | ||||
($M) | operating income(1) | Y/Y | operating income(1) | Y/Y | |
Distribution(2) | $483 | + 55% | $483 | + 55% | |
Hyve Solutions | $253 | + 56% | $253 | + 56% | |
Consolidated | $736 | + 55% | $736 | + 55% | |
Non-GAAP operating margin(1) | Y/Y | Non-GAAP operating income % (1)(4) | Y/Y | ||
Distribution(2) | 2.72% | + 34 bps | 1.95% | + 35 bps | |
Hyve Solutions | 6.65% | + 17 bps | 3.61% | - 143 bps | |
Consolidated | 3.42% | + 39 bps | 2.31% | + 22 bps |
Non-GAAP
gross billings(1)
22%
$31.8B
78%
Distribution(2) Hyve Solutions
Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP
"Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments
Metric is an approximation, subject to certain allocations and other factors and may also change if the company aligns their products and services differently
Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings
Non-GAAP
operating income(1)
34%
$736M
66%
Distribution(2) Hyve Solutions
8
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Cash flow and shareholder returnsShareholder
returns TTM
Profitable growth and disciplined capital allocation support attractive long-term shareholder returns
Free cash flow(1) TTM
$(0.8)BReturn on equity(1) TTM
17.55%
$617M$0.5B
$1.4B
$1.2B
$0.4B
$(0.8)B
12.76% 13.27% 14.76%
16.08% 17.55%
DividendsShare Repurchases
$670M $742M $723M
$688M
$617M
Q3 FY25 TTM
Q4 FY25 TTM
Q1 FY26 TTM
Q2 FY26 TTM
Q3 FY26 TTM
Q3 FY25 TTM
Q4 FY25 TTM
Q1 FY26 TTM
Q2 FY26 TTM
Q3 FY26 TTM
Q3 FY25 TTM
Q4 FY25 TTM
Q1 FY26 TTM
Q2 FY26 TTM
Q3 FY26 TTM
Net Working Capital(2) as of Q3 FY26 of $6.5B, and gross CCC(1) of 22 days
Net working capital(2) and gross CCC(1)
We ended Q3 FY26 with
$749M of cash and cash equivalents and a net leverage ratio(1) of 1.9x
Leverage ratio and cash position
Returned $139M to shareholders in Q3 FY26 through ~$100M of share
repurchases and ~$38M of
dividends
Shareholder returns
9
Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP
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
Q4 2026 | Financial Outlook
Our guidance reflects continued momentum across both our Distribution(1) and Hyve businesses
Q4 2026E
Midpoint
Range
Non-GAAP gross billings(2)
~$31.9B
31% y/y(3)
+/- $500 million
Gross to net %(2)
~(30)%
(2)% y/y(3)
Revenue ($B)
~$22.2B
28% y/y(3)
+/- $400 million
Non-GAAP net income(2)
~$474M
51% y/y(3)
+/- $20 million
Est. outstanding diluted weighted avg.
shares
~79.2M
Non-GAAP diluted earnings per share(2)
~$5.90
54% y/y(3)
+/- 25 cents
10
"Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments
Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP
Y/Y growth rates compare the Q4 FY26 forecasted metrics to the Q4 FY25 actuals
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Broad-based growth across all Distribution(1) technologiesApproximate % of total non-GAAP gross billings(2) by product category(3) for Q3 2026
27%
Y/Y Growth
$19.5B $24.8B
23%
Y/Y Growth
21%
Y/Y Growth
67%
Y/Y Growth
19%
Y/Y Growth
21%
Y/Y Growth
16%
Y/Y Growth
21%
Y/Y Growth
Q3 FY25 Q3 FY26
Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26
Q3 FY25 Q3 FY26
Software
PCs
Servers & Storage(4)
Networking Peripherals
Services Mobile
"Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments
Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP
Product metrics are approximations, subject to certain allocations and other factors and may also change if the company aligns their products and services differently
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
Q3 2026 performance by Distribution(1) segmentRegion | Revenue | Non-GAAP gross billings(2) | Non-GAAP operating income(2) | Non-GAAP operating income %(2)(3) |
Americas distribution | $10.3B +40% y/y | $15.0B +28% y/y | $306M +36% y/y | 2.04% +12 bps y/y |
Europe distribution | $6.4B +30% y/y | $8.2B +26% y/y | $155M +116% y/y | 1.90% +79 bps y/y |
APJ distribution | $1.1B +22% y/y | $1.7B +26% y/y | $23M +38% y/y | 1.35% +11 bps y/y |
Disciplined execution against our strategy is driving above market growth and operating margin expansion across our reportable segments
Total Distribution | $17.8B +35%y/y | $24.8B +27% y/y | $483M +55% y/y | 1.95% +35 bps y/y |
"Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments
Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP
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 $15.0B, representing an
increase of 28% y/y driven primarily by
Europe distribution non-GAAP gross
2 growth in Endpoint Solutions
billings(1) were $8.2B, representing an
increase of 26% y/y driven primarily by
APJ distribution non-GAAP gross
3 broad-based growth
billings(1) were $1.7B, representing an
increase of 26% y/y driven primarily by
1
Americas distribution non-GAAP gross billings(2) were $15.0B, representing an increase of 28% y/y driven primarily by growth within servers and storage, software, and PCs
2
Europe distribution non-GAAP gross billings(2) were $8.2B, representing an increase of 26% y/y driven primarily by growth within servers and storage and peripherals
3
APJ distribution non-GAAP gross billings(2) were $1.7B, representing an increase of 26% y/y driven by growth within servers and storage, networking and PCs
12
Appendix
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Non-GAAP financial measuresIn 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, dividends and realized gains upon sale related to certain equity securities ("dividends and gains 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 dividends and gains 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 Consolidated 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.
Dividends and gains on investments includes benefits recorded in other income (expense), net during the first three quarters of fiscal 2026 resulting from dividends and realized gains upon sale related to certain equity securities.
14
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
Revenue in constant currency | August 31, 2026 | August 31, 2025 |
Revenue | $ 21,558,406 | $ 15,650,924 |
Impact of changes in foreign currencies | 99,963 | - |
Revenue in constant currency | $ 21,658,369 | $ 15,650,924 |
Y/Y revenue growth 37.7 %
Y/Y revenue growth in constant currency 38.4 %
15
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
Non-GAAP gross billings in constant currency | August 31, 2026 | August 31, 2025 |
Revenue | $ 21,558,406 | $ 15,650,924 |
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts | 10,269,281 | 7,080,243 |
Non-GAAP gross billings | $ 31,827,687 | $ 22,731,167 |
Impact of changes in foreign currencies | 117,791 | - |
Non-GAAP gross billings in constant currency | $ 31,945,478 | $ 22,731,167 |
Y/Y non-GAAP gross billings growth | 40.0 % | |
Y/Y non-GAAP gross billings in constant currency growth | 40.5 % |
16
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
Non-GAAP operating income and non-GAAP operating income in constant currency August 31, 2026 August 31, 2025
Revenue $ 21,558,406 $ 15,650,924
arrangements and certain fulfillment contracts | 10,269,281 | 7,080,243 |
Non-GAAP gross billings | $ 31,827,687 | $ 22,731,167 |
Operating income | $ 642,879 | $ 383,657 |
Acquisition, integration and restructuring costs | 2,101 | 2,304 |
Amortization of intangibles | 75,190 | 76,541 |
Share-based compensation | 16,251 12,427 | |
Non-GAAP operating income | $ 736,421 $ 474,929 | |
Impact of changes in foreign currencies | 3,719 - | |
Non-GAAP operating income in constant currency | $ 740,140 $ 474,929 | |
Operating margin | 2.98 % | 2.45 % |
Non-GAAP operating margin | 3.42 % | 3.03 % |
Non-GAAP operating income %(1) | 2.31 % | 2.09 % |
Y/Y non-GAAP operating income growth | 55.1 % | |
Y/Y non-GAAP operating income in constant currency growth | 55.8 % | |
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
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FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD 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 and non-GAAP operating income | August 31, 2026 | August 31, 2025 | August 31, 2026 | August 31, 2025 | August 31, 2026 | August 31, 2025 | August 31, 2026 | August 31, 2025 | August 31, 2026 | August 31, 2025 |
Revenue | $21,558,406 | $15,650,924 | $10,319,406 | $ 7,376,484 | $ 6,366,004 | $ 4,888,624 | $ 1,071,038 | $ 880,360 | $ 3,801,958 | $ 2,505,456 |
Costs incurred and netted against revenue | ||||||||||
related to sales of third-party supplier service | ||||||||||
contracts, software as a service | ||||||||||
arrangements and certain fulfillment contracts | 10,269,281 | 7,080,243 | 4,664,998 | 4,327,576 | 1,797,559 | 1,590,872 | 600,529 | 445,004 | 3,206,195 | 716,791 |
Non-GAAP gross billings | $31,827,687 | $22,731,167 | $14,984,404 | $11,704,060 | $ 8,163,563 | $ 6,479,496 | $ 1,671,567 | $ 1,325,364 | $ 7,008,153 | $ 3,222,247 |
Operating income | $ 642,879 | $ 383,657 | $ 255,416 | $ 172,733 | $ 117,450 | $ 34,878 | $ 20,582 | $ 14,570 | $ 249,431 | $ 161,476 |
Acquisition, integration and restructuring | ||||||||||
costs | 2,101 | 2,304 | 1,476 | 1,526 | 508 | 375 | 117 | 403 | - | - |
Amortization of intangibles | 75,190 | 76,541 | 41,145 | 42,429 | 33,073 | 33,299 | 972 | 813 | - | - |
Share-based compensation | 16,251 | 12,427 | 7,522 | 7,718 | 4,296 | 3,239 | 911 | 638 | 3,522 | 832 |
Non-GAAP operating income | $ 736,421 | $ 474,929 | $ 305,559 | $ 224,406 | $ 155,327 | $ 71,791 | $ 22,582 | $ 16,424 | $ 252,953 | $ 162,308 |
Operating margin | 2.98 % | 2.45 % | 2.48 % | 2.34 % | 1.84 % | 0.71 % | 1.92 % | 1.66 % | 6.56 % | 6.44 % |
Non-GAAP operating margin | 3.42 % | 3.03 % | 2.96 % | 3.04 % | 2.44 % | 1.47 % | 2.11 % | 1.87 % | 6.65 % | 6.48 % |
Non-GAAP operating income % (1) | 2.31 % | 2.09 % | 2.04 % | 1.92 % | 1.90 % | 1.11 % | 1.35 % | 1.24 % | 3.61 % | 5.04 % |
51.7 % | ||||||||||
Y/Y non-GAAP gross billings growth | 40.0 % | 28.0 % | 26.0 % | 26.1 % | 117.5 % | |||||
Y/Y non-GAAP operating income growth | 55.1 % | 36.2 % | 116.4 % | 37.5 % | 55.8 % | |||||
(1) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings 18
BUSINESS OVERVIEW
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APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in billions)
(Amounts may not add or compute due to rounding)
Three Months Ended
Distribution(2) Advanced Solutions(1) Endpoint Solutions(1)
Non-GAAP gross billings - Advanced Solutions(1) and Endpoint Solutions(1) | August 31, 2026 | August 31, 2025 | August 31, 2026 | August 31, 2025 | August 31, 2026 | August 31, 2025 | ||
Revenue | $ 17.8 | $ 13.1 | $ 8.5 | $ 5.4 | $ 9.3 | $ 7.7 | ||
Costs incurred and netted against revenue related | ||||||||
to sales of third-party supplier service contracts, | ||||||||
software as a service arrangements and certain | ||||||||
fulfillment contracts | 7.0 | 6.4 | 6.0 | 5.2 | 1.0 | 1.2 | ||
Non-GAAP gross billings | $ 24.8 | $ 19.5 | $ 14.5 | $ 10.6 | $ 10.3 | $ 8.9 | ||
Product metrics are approximations, subject to certain allocations and other factors and may also change if the company aligns their products and services differently
"Distribution" represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments. 19
BUSINESS OVERVIEW
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APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
Non-GAAP cost of revenue August 31, 2026
Cost of revenue $ 20,132,992
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements
and certain fulfillment contracts 10,269,281
Non-GAAP cost of revenue $ 30,402,273
20
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
Adjusted selling, general and administrative expenses | August 31, 2026 | August 31, 2025 |
Gross profit | $ 1,425,414 | $ 1,129,853 |
Selling, general and administrative expenses | $ 782,535 | $ 746,196 |
Acquisition, integration and restructuring costs | (2,101) | (2,304) |
Amortization of intangibles | (75,190) | (76,541) |
Share-based compensation | (16,251) | (12,427) |
Adjusted selling, general and administrative expenses | $ 688,993 | $ 654,924 |
Selling, general and administrative expenses as a
percentage of gross profit 54.9 % 66.0 %
Adjusted selling, general and administrative expenses as
a % of gross profit 48.3 % 58.0 %
21
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD 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 | August 31, 2026 | |
Income before income taxes | $ | 555,250 |
Acquisition, integration & restructuring costs | 2,101 | |
Amortization of intangibles | 75,190 | |
Share based compensation | 16,251 | |
Dividends and gains on investments | (37,354) |
Non-GAAP income before income taxes $ 611,438
Provision for income taxes $ 139,010
Income taxes related to the above | 16,564 |
Non-GAAP provision for income taxes | $ 155,574 |
Effective tax rate | 25.04 % |
Non-GAAP effective tax rate | 25.44 % |
22
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD 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) | August 31, 2026 | August 31, 2025 |
Net income | $ 416,240 | $ 226,795 |
Acquisition, integration & restructuring costs | 2,101 | 2,304 |
Amortization of intangibles | 75,190 | 76,541 |
Share-based compensation | 16,251 | 12,427 |
Dividends and gains on investments | (37,354) | - |
Income taxes related to the above | (16,564) | (21,823) |
Non-GAAP net income | $ 455,864 | $ 296,244 |
Diluted EPS(1) | $ 5.18 | $ 2.74 |
Acquisition, integration & restructuring costs | 0.03 | 0.03 |
Amortization of intangibles | 0.94 | 0.92 |
Share-based compensation | 0.20 | 0.15 |
Dividends and gains on investments | (0.46) | - |
Income taxes related to the above | (0.21) | (0.26) |
Non-GAAP diluted EPS(1) | $ 5.68 | $ 3.58 |
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 approximately 1.1% for the three months ended August 31, 2026 and 0.9% for the three months ended August 31, 2025.
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Trailing Twelve Months ended
Return on Equity | August 31, 2026 | May 31, 2026 | February 28, 2026 | November 30, 2025 | August 31, 2025 |
Net income | $ 1,325,650 | $ 1,136,205 | $ 987,038 | $ 827,660 | $ 774,055 |
Acquisition, integration & restructuring costs | 8,251 | 8,454 | 7,002 | 7,180 | 5,154 |
Amortization of intangibles | 301,584 | 302,935 | 300,554 | 296,258 | 294,725 |
Share-based compensation | 77,961 | 74,137 | 68,212 | 66,428 | 68,343 |
Dividends and gains on investments | (70,461) | (33,107) | (22,354) | - | - |
Income taxes related to the above | (101,125) | (106,384) | (98,119) | (100,389) | (94,731) |
Non-GAAP net income | $ 1,541,860 | $ 1,382,240 | $ 1,242,333 | $ 1,097,137 | $ 1,047,546 |
Trailing five quarters' avg. total stockholders' equity | $ 8,787,826 | $ 8,595,938 | $ 8,415,946 | $ 8,266,485 | $ 8,209,216 |
Return on equity | 17.55% | 16.08% | 14.76% | 13.27% | 12.76% |
24
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
August | May | February | November | August | May | February | November | |
Non-GAAP net income 31, 2026 | 31, 2026 | 28, 2026 | 30, 2025 | 31, 2025 | 31, 2025 | 28, 2025 | 30, 2024 | |
Net income | $ 416,240 | $ 334,088 | $ 326,915 | $ 248,407 | $ 226,795 | $ 184,921 | $ 167,537 | $ 194,802 |
Acquisition, integration & restructuring costs | 2,101 | 2,116 | 884 | 3,150 | 2,304 | 664 | 1,062 | 1,124 |
Amortization of intangibles | 75,190 | 75,663 | 75,703 | 75,028 | 76,541 | 73,282 | 71,407 | 73,495 |
Share-based compensation | 16,251 | 17,875 | 23,645 | 20,190 | 12,427 | 11,950 | 21,861 | 22,105 |
Dividends and gains on investments | (37,354) | (10,753) | (22,354) | - | - | - | - | - |
Income taxes related to the above | (16,564) | (28,565) | (22,226) | (33,770) | (21,823) | (20,300) | (24,496) | (28,112) |
Non-GAAP net income | $ 455,864 | $ 390,424 | $ 382,567 | $ 313,005 | $ 296,244 | $ 250,517 | $ 237,371 | $ 263,414 |
25
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to Non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
August | May | February | November | August | May | February | November | |
Free cash flow 31, 2026 | 31, 2026 | 28, 2026 | 30, 2025 | 31, 2025 | 31, 2025 | 28, 2025 | 30, 2024 | |
Net cash (used in) provided by | ||||||||
operating activities | $ (916,717) | $ (265,611) | $ (895,866) | $ 1,460,378 | $ 246,141 | $ 573,182 | $ (747,997) | $ 561,941 |
Purchases of property and equipment | (58,884) | (66,822) | (33,147) | (38,293) | (32,221) | (30,243) | (41,525) | (49,060) |
Free cash flow $ (975,601) $ (332,433) $ (929,013) $ 1,422,085 $ 213,920 $ 542,939 $ (789,522) $ 512,881
26
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Calculation of financial metricsTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months
Ended
Cash conversion cycle August 31, 2026
Days sales outstanding
Revenue (a) $ 21,558,406
Accounts receivable, net (b) 14,953,804
(c) = ((b)/(a))*the number of
Days sales outstanding
days during the period 64
Days inventory outstanding
Cost of revenue (d) $ 20,132,992
Inventories (e) 15,291,597
(f) = ((e)/(d))*the number of
Days inventory outstanding
days during the period 70
Days payable outstanding
Cost of revenue (g) $ 20,132,992
Accounts payable (h) 22,442,942
(i) = ((h)/(g))*the number of
Days payable outstanding
days during the period 103
Cash conversion cycle (j) = (c)+(f)-(i) 31
27
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Calculation of financial metricsTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
Cash conversion cycle (gross cash days) August 31, 2026
Days sales outstanding (gross) Non-GAAP gross billings | (a) | $ 31,827,687 |
Accounts receivable, net | (b) | 14,953,804 |
( Days sales outstanding (gross) | c) = ((b)/(a))*the number of days during the period | 43 |
Days inventory outstanding (gross) Non-GAAP cost of revenue | (d) | $ 30,402,273 |
Inventories | (e) | 15,291,597 |
Days inventory outstanding (gross) | (f) = ((e)/(d))*the number of days during the period | 47 |
Days payable outstanding (gross) Non-GAAP cost of revenue | (g) | $ 30,402,273 |
Accounts payable | (h) | 22,442,942 |
Days payable outstanding (gross)
(i) = ((h)/(g))*the number of days
during the period 68
Cash conversion cycle (gross cash days) (j) = (c)+(f)-(i) 22
28
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Calculation of financial metricsTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Leverage ratio | August 31, 2026 | |
Total borrowings | (a) | $ 5,521,737 |
Less: cash and cash equivalents | (b) | 749,302 |
Net debt | (c)=(a)-(b) | $ 4,772,435 |
Trailing four quarters Adjusted EBITDA | (d) | 2,557,751 |
Debt to Adjusted EBITDA leverage ratio | (e)=(a)/(d) | 2.2 |
Net debt to Adjusted EBITDA leverage ratio | (f)=(c)/(d) | 1.9 |
29
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to non-GAAP financial measuresTD SYNNEX
(Currency in thousands)
(Amounts may not add or compute due to rounding)
Three Months Ended
August 31, 2026 | May 31, 2026 | February 28, 2026 | November 30, 2025 | |
Net income | $ 416,240 | $ 334,088 | $ 326,915 | $ 248,407 |
Interest expense and finance charges, net | 120,518 | 97,841 | 86,534 | 87,558 |
Provision for income taxes | 139,010 | 95,845 | 95,493 | 62,625 |
Depreciation | 31,052 | 29,616 | 28,972 | 30,050 |
Amortization of intangibles | 75,190 | 75,663 | 75,703 | 75,028 |
EBITDA | $ 782,010 | $ 633,053 | $ 613,617 | $ 503,668 |
Other (income) expense, net | (32,889) | (8,412) | (19,582) | 74 |
Acquisition, integration and restructuring costs | 2,101 | 2,116 | 884 | 3,150 |
Share-based compensation | 16,251 | 17,875 | 23,645 | 20,190 |
Adjusted EBITDA | $ 767,473 | $ 644,632 | $ 618,564 | $ 527,082 |
30
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to non-GAAP financial measuresTD SYNNEX
(Currency in millions, except per share amounts) (Amounts may not add or compute due to rounding)
Forecast Three Months Ending | |||
November 30, 2026 | |||
Non-GAAP net income and non-GAAP diluted EPS | Low | Midpoint High | |
Net income | $ 368 | $ 388 | $ 408 |
Amortization of intangibles | 75 | 75 | 75 |
Share-based compensation | 40 | 40 | 40 |
Income taxes related to the above | (29) | (29) | (29) |
Non-GAAP net income | $ 454 | $ 474 | $ 494 |
Diluted EPS(1) | $ 4.58 | $ 4.83 | $ 5.08 |
Amortization of intangibles | 0.93 | 0.93 | 0.93 |
Share-based compensation | 0.50 | 0.50 | 0.50 |
Income taxes related to the above | (0.36) | (0.36) | (0.36) |
Non-GAAP diluted EPS(1) | $ 5.65 | $ 5.90 | $ 6.15 |
(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 1.5% of the forecast net income for 31
the three months ending November 30, 2026.
BUSINESS OVERVIEW
COMMERCIAL HIGHLIGHTS
PORTFOLIO PERFORMANCE
CAPITAL ALLOCATION
FINANCIAL OUTLOOK
APPENDIX
Reconciliation of GAAP to non-GAAP financial measuresTD SYNNEX
(Currency in billions)
(Amounts may not add or | com | pute due to ro | unding) | ||||
Forecast | |||||||
Three Months Ending | |||||||
November 30, 2026 | |||||||
Non-GAAP gross billings | Low | Midpoint | High | ||||
Revenue | $ | 21.8 | $ 22.2 | $ | 22.6 | ||
Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a | |||||||
service arrangements and certain fulfillment contracts | 9.6 | 9.7 | 9.8 | ||||
Non-GAAP gross billings | $ | 31.4 | $ | 31.9 | $ | 32.4 | |
32
Nate Friedel
TD SYNNEX Corporation IR@tdsynnex.com
IR website: ir.tdsynnex.com
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