TD Synnex Corp

Latest Report Overview

TD Synnex Corp (SNX) reported For the quarterly period ended August 31, 2026 (Issuer fiscal Q3 FY2026) revenue of $21,558 million with diluted EPS of $5.18 and net income of $412 million. Operating margin was 3.0%, and free cash flow was -$976 million for the period.

Key Takeaways for TD Synnex Corp

• TD Synnex reported Q3 FY2026 revenue of $21.56 billion, representing a significant acceleration of 37.7% YoY driven by robust global IT demand.
• Diluted EPS rose to $5.18 for the quarter, compared to $2.74 in the same period last year, reflecting solid operating leverage on higher volumes.
• Operating cash flow and free cash flow turned negative in Q3 at -$916.7 million and -$975.6 million respectively, driven by working capital expansion and inventory build to support scaling volumes.
• The company actively returned capital to shareholders, repurchasing $89.1 million of common stock during the third quarter.
• Total debt stood at $5.52 billion against $749.3 million in cash, keeping net debt at manageable levels relative to operating scale.
• Gross margin moderated slightly to 6.6% in Q3 compared to 7.2% in the prior-year period, reflecting product mix dynamics within high-volume distribution.

What Does TD Synnex Corp Do?

TD Synnex Corporation is a leading global IT distributor and solutions aggregator that plays a critical intermediary role in the technology supply chain. The company provides a comprehensive portfolio of products, services, and solutions ranging from mobile phones and client devices to complex data center infrastructure, cloud solutions, and security software. Its offerings enable technology vendors to efficiently scale market reach without managing thousands of direct reseller relationships. The company serves a vast and diverse customer base comprising IT solution providers, value-added resellers, corporate resellers, system integrators, and service providers across the Americas, Europe, and the Asia-Pacific region. These clients rely on TD Synnex for product availability, logistics, technical support, configuration services, and flexible financial solutions. Operating on a massive global scale, TD Synnex generates tens of billions in annual revenue, supported by a vast workforce, global warehousing infrastructure, and logistics networks. What makes its business model unique is its deep vendor integration, proprietary digital platforms like StreamOne for cloud distribution, and ability to aggregate hardware, software, and services into complete, deployable solutions for the enterprise channel.

Growth Drivers for TD Synnex Corp

• Accelerating enterprise and SMB demand for advanced cloud solutions, hybrid infrastructure, and cybersecurity offerings.
• Expansion of the StreamOne digital platform, driving higher adoption and recurring revenue streams in cloud aggregation.
• Strategic partnerships and portfolio expansion with leading technology vendors in artificial intelligence and data center hardware.
• Cross-selling and upselling synergies across the combined customer base following the integration of Tech Data and Synnex.
• Volume growth in endpoint devices and commercial PC hardware refresh cycles.