TD SYNNEX (SNX) Company Report

TD SYNNEX (NYSE: SNX) launched its AI Infrastructure-as-a-Service (AI IaaS) offering in North America on October 8, 2025.
This new service is made possible through a partnership with Nebius (NASDAQ: NBIS), an AI cloud service provider.
The AI IaaS offering provides partners with direct access to NVIDIA GPUs on Nebius infrastructure, enabling them to deliver advanced AI solutions without upfront hardware investment.
Key advantages for partners include rapid access to new-generation GPU hardware, lower capital expenditures, and the potential for double-digit margin.

Oct 8, 2025, 1:00 PM

Press Release

TD SYNNEX Reports Record Q3 2025 Results, Updates FY25 Free Cash Flow Outlook

SNX

Earnings

Guidance Update

Revenue Acceleration/Inflection

TD SYNNEX reported record third quarter fiscal 2025 non-GAAP gross billings of $22.7 billion, representing a 12% increase year-over-year (10% in constant currency), and record non-GAAP diluted earnings per share of $3.58, a 25% increase year-over-year, both exceeding the high end of their guidance.
The company's HIVE segment demonstrated strong performance, with gross billings increasing in the mid-30s year-over-year and ODM/CM gross billings growing 57% year-over-year, primarily driven by hyperscaler investments in cloud infrastructure. This momentum is expected to continue into Q4.
Other key growth areas included Endpoint Solutions, which saw gross billings increase 10% year-over-year due to continued demand for PCs (including AI PCs and the Windows 11 refresh cycle), and Software, which experienced a 26% increase in gross billings, fueled by cybersecurity and infrastructure software.
For the fourth quarter of 2025, TD SYNNEX anticipates gross billings in the range of $23 billion to $24 billion and non-GAAP diluted earnings per share between $3.45 and $3.95.
The full-year 2025 free cash flow expectation has been revised to approximately $800 million, down from the previous $1.1 billion, primarily due to higher working capital requirements stemming from stronger-than-anticipated growth in the second half of the year, particularly within the HIVE segment.

Sep 25, 2025, 1:00 PM

Transcript

TD SYNNEX Reports Fiscal 2025 Third Quarter Results

SNX

Earnings

Dividends

Share Buyback

TD SYNNEX reported record fiscal 2025 third quarter results, with non-GAAP gross billings of $22.7 billion, an increase of 12.1% year over year, and non-GAAP diluted EPS of $3.58.
Revenue for the quarter was $15.7 billion, an increase of 6.6% year over year.
The company generated $246 million in cash provided by operations and $214 million in free cash flow.
TD SYNNEX returned $210 million to stockholders, consisting of $174 million in share repurchases and $36 million in dividends.
A quarterly cash dividend of $0.44 per common share was announced, marking a 10% increase year over year.

Sep 25, 2025, 10:03 AM

8-K

TD SYNNEX Reports Fiscal Q2 2025 Results and Provides Q3 2025 Outlook

SNX

Earnings

Guidance Update

Dividends

TD SYNNEX reported fiscal Q2 2025 revenue of $14.9 billion, an increase of 7.2% year over year, and non-GAAP gross billings of $21.6 billion, up 12.1% year over year.
The company's diluted EPS was $2.21 and non-GAAP diluted EPS was $2.99, both exceeding the high end of their outlook.
Cash provided by operations significantly improved to $573 million and free cash flow was $543 million in Q2 2025.
TD SYNNEX returned $186 million to stockholders through share repurchases and dividends, and announced a 10% increase in its quarterly cash dividend to $0.44 per common share.
For fiscal Q3 2025, the company anticipates revenue between $14.7 billion and $15.5 billion, and non-GAAP diluted EPS between $2.75 and $3.25.

Jun 24, 2025, 12:00 AM

8-K

TD SYNNEX 2025 Investor Day: Strategic, Financial & Operational Highlights

SNX

Guidance Update

New Projects/Investments

Share Buyback

Dividends

Non-GAAP Diluted EPS forecast of $11.50-$12.00 and $1.1B in free cash flow underpin medium-term growth aspirations
Robust free cash flow generation with a capital allocation framework targeting 50-75% of FCF for dividends and share repurchases, underscoring its commitment to returning capital to shareholders
TD SYNNEX hosted its 2025 Investor Day where top executives presented key strategic growth initiatives and digital transformation plans to strengthen its global IT distribution and market position
Management emphasized profitable growth by investing in services expansion, digital capabilities, and operational efficiencies to drive medium-term non‐GAAP EPS growth
Strategic emphasis on geographic expansion, diversified product offerings, and deepened vendor/customer relationships to bolster its market presence
The event showcased progress in Hyve Solutions, detailing its ODM/CM business profile and strategic investments in AI and liquid cooling technologies to capitalize on rising hyperscale CapEx

Apr 10, 2025, 12:31 PM

Transcript Presentation 8-K

TD SYNNEX Corp Amends Corporate Charter Provisions

SNX

Proxy Vote Outcomes

Board Change

Amendments Approved: At the April 2, 2025 annual stockholders’ meeting, TD SYNNEX Corp approved changes to its Restated Certificate of Incorporation, including the removal of supermajority voting requirements, elimination of obsolete provisions, and limitation on certain officers’ liability.
Effective Implementation: The amendments, effective upon filing on April 7, 2025, reflect updated governance practices and improved indemnification and insurance provisions.

Apr 8, 2025, 12:00 AM

8-K

TD Synnex Corp Reports Strong Q1 2025 Growth

SNX

Earnings

Dividends

Share Buyback

TD Synnex reported gross billings of $20.7B growing 7.5% YoY and net revenue of $14.5B, reflecting strong performance across all regions and key technology segments.
The call noted temporary margin headwinds from Hyve, including a 10 basis point drag and elevated inventory, with expectations for normalization in upcoming quarters.
Management emphasized digital transformation initiatives, such as the launch of the Digital Bridge app and expansion of the PACE platform, aimed at boosting transaction efficiency and market reach.
The quarter also featured disciplined cash management, including share repurchases of $101M and a declared dividend of $0.44 per share, supporting shareholder returns.

Mar 27, 2025, 1:01 PM

Transcript

TD Synnex Corp Q1 2025 Earnings Call Results

SNX

Earnings

Revenue Acceleration/Inflection

Non-GAAP gross billings reached $20.7B, growing 8% y/y as strong performance was driven by advancements in technology solutions.
GAAP revenue hit $14.5B with operating income of $305M, while the non-GAAP operating margin stood at 2.74% (down 30 bps y/y).
Diluted EPS results were mixed, with GAAP EPS at $1.98 (up 3% y/y) and non-GAAP EPS at $2.80 (down 6% y/y).

Mar 27, 2025, 1:00 PM

Presentation

TD SYNNEX announces Q1 2025 results

SNX

Earnings

Dividends

Revenue Acceleration/Inflection

Revenue reached $14.5 billion in Q1 2025, marking a 4.0% increase over the prior fiscal quarter.
Non‐GAAP gross billings climbed to $20.7 billion, up 7.5% compared to the previous quarter.
The company delivered diluted EPS of $1.98 (GAAP) and $2.80 (non‑GAAP), in line with outlook expectations.
TD SYNNEX also returned $138 million to stockholders through share repurchases and dividends, including a declared quarterly dividend of $0.44 per share.

Mar 27, 2025, 12:00 AM

8-K

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