TD SYNNEX Reports Record Fiscal 2025 Fourth Quarter Results

Revenue of $17.4 billion, an increase of 9.7% year over year and above the high end of our outlook. On a constant currency(1) basis, revenue increased by 7.5% year over year. Non-GAAP gross billings(1) of $24.3 billion, an increase of 14.7% year over year and above the high end of our outlook. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 12.6% year over year. Diluted earnings per share (“EPS”) of $3.04, and non-GAAP diluted EPS(1) of $3.83, an increase of 24.0% year over year. Cash provided by operations of $1.5 billion and free cash flow(1) of $1.4 billion. Returned $209 million to stockholders in the form of $173 million of share repurchases and $36 million in dividends. Announced a quarterly cash dividend of $0.48 per common share, up 9% year over year. “In the fourth quarter, our non-GAAP gross billings grew 15% year-over-year and non-GAAP diluted earnings per share grew 24% year-over-year, which established new records for our company and demonstrated the value of our diversified business model and the successful execution of our long-term strategy,” said Patrick Zammit, CEO of TD SYNNEX. “These results complete an outstanding year for our organization in which we’ve substantially surpassed our initial medium-term targets provided at our Investor Day. We are well positioned for the year ahead, underpinned by our specialized business model, an unrivaled portfolio that is indexed toward higher-growing technologies and our continued focus on delivering best-in-class customer experiences. These strengths give us confidence in our ability to drive sustainable growth through time.” TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal fourth quarter ended November 30, 2025. Consolidated Financial Highlights for the Fiscal 2025 Fourth Quarter GAAP ($ in millions, except earnings per share) Q4 FY25 Q4 FY24 Net Change from Q4 FY24 Revenue $ 17,379 $ 15,845 9.7 % Gross profit $ 1,195 $ 1,041 14.8 % Gross margin 6.87 % 6.57 % 30 bps Operating income $ 399 $ 325 22.7 % Operating margin 2.29 % 2.05 % 24 bps Net income $ 248 $ 195 27.5 % Diluted EPS $ 3.04 $ 2.29 32.8 % Non-GAAP ($ in millions, except earnings per share) Q4 FY25 Q4 FY24 Net Change from Q4 FY24 Gross billings(1) $ 24,327 $ 21,211 14.7 % Gross to net %(1) (28.6 )% (25.3 )% (330) bps Revenue $ 17,379 $ 15,845 9.7 % Gross profit $ 1,195 $ 1,041 14.8 % Gross margin 6.87 % 6.57 % 30 bps Operating income(1) $ 497 $ 422 17.9 % Operating margin(1) 2.86 % 2.66 % 20 bps Net income(1) $ 313 $ 263 18.8 % Diluted EPS(1) $ 3.83 $ 3.09 24.0 % Consolidated Fiscal 2025 Fourth Quarter versus Fiscal 2024 Fourth Quarter Highlights Revenue was $17.4 billion, compared to $15.8 billion, representing an increase of 9.7% and above the high end of our outlook. On a constant currency (1) basis, revenue increased by 7.5%, driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 5%.Non-GAAP gross billings (1) were $24.3 billion, compared to $21.2 billion, representing an increase of 14.7% and above the high end of our outlook. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 12.6%.Gross profit was $1.2 billion, compared to $1.0 billion.Gross margin was 6.9%, compared to 6.6%. The presentation of additional revenues on a net basis due to the mix of products sold positively impacted our gross margin by approximately 30 basis points.Operating income was $399 million, compared to $325 million. Non-GAAP operating income (1) was $497 million, compared to $422 million.Operating margin was 2.3%, compared to 2.1%. Non-GAAP operating margin (1) was 2.9%, compared to 2.7%.Diluted EPS was $3.04, compared to $2.29. Non-GAAP diluted EPS (1) was $3.83, compared to $3.09.Cash provided by operations of $1.5 billion, compared to $562 million, and free cash flow (1) of $1.4 billion, compared to $513 million.We returned $209 million to stockholders in the form of share repurchases and dividends, compared to $136 million. Regional Fiscal 2025 Fourth Quarter versus Fiscal 2024 Fourth Quarter Highlights Americas:Revenue was $9.5 billion, compared to $9.2 billion, representing an increase of 2.9%. On a constant currency (1) basis, revenue increased by 3.0%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 6%.Non-GAAP gross billings (1) were $14.1 billion, compared to $12.9 billion, representing an increase of 9.3%. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 9.4%.Operating income was $275 million, compared to $228 million. Non-GAAP operating income (1) was $332 million, compared to $284 million.Operating margin was 2.9%, compared to 2.5%. Non-GAAP operating margin (1) was 3.5%, compared to 3.1%.Europe:Revenue was $6.5 billion, compared to $5.5 billion, representing an increase of 18.1%. On a constant currency (1) basis, revenue increased by 11.2%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 3%.Non-GAAP gross billings (1) were $8.4 billion, compared to $7.0 billion, representing an increase of 20.8%. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 14.0%.Operating income was $93 million, compared to $64 million. Non-GAAP operating income (1) was $133 million, compared to $102 million.Operating margin was 1.4%, compared to 1.2%. Non-GAAP operating margin (1) was 2.1% compared to 1.9%.Asia-Pacific and Japan (“APJ”):Revenue was $1.4 billion, compared to $1.1 billion, representing an increase of 24.7%. On a constant currency (1) basis, revenue increased by 26.1%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal fourth quarter by approximately 10%.Non-GAAP gross billings (1) were $1.8 billion, compared to $1.4 billion, representing an increase of 34.2%. On a constant currency (1) basis, non-GAAP gross billings (1) increased by 35.8%.Operating income was $30 million, compared to $33 million. Non-GAAP operating income (1) was $32 million, compared to $36 million.Operating margin was 2.2%, compared to 3.0%. Non-GAAP operating margin (1) was 2.3%, compared to 3.2%. Fiscal 2026 First Quarter Outlook The following statements are based on TD SYNNEX’s current expectations for the fiscal 2026 first quarter. These statements are forward-looking and actual results may differ materially. Non-GAAP gross billings(1) include the impact of costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts, and the remaining non-GAAP financial measures exclude the impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation, and the related tax effects thereon. Q1 2026 Outlook Revenue $15.1 - $15.9 billion Non-GAAP gross billings(1) $22.7 - $23.7 billion Net income $166 - $206 million Non-GAAP net income(1) $243 - $283 million Diluted earnings per share $2.05 - $2.55 Non-GAAP diluted earnings per share(1) $3.00 - $3.50 Estimated outstanding diluted weighted average shares 80.1 million Dividend TD SYNNEX announced today that its Board of Directors declared a quarterly cash dividend of $0.48 per common share. The dividend is payable on January 30, 2026 to stockholders of record as of the close of business on January 16, 2026. Conference Call and Webcast TD SYNNEX will host a conference call today to discuss the 2025 fiscal fourth quarter results at 6:00 AM (PT)/9:00 AM (ET). A live audio webcast of the earnings call will be accessible at ir.tdsynnex.com and a replay of the webcast will be available following the call. About TD SYNNEX TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We are an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, demonstrate business outcomes and unlock growth opportunities. Headquartered in Clearwater, Florida and Fremont, California, TD SYNNEX’s approximately 24,000 co-workers are dedicated to uniting compelling IT products, services and solutions from approximately 2,500 best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including cloud, cybersecurity, big data/analytics, AI, IoT, mobility and everything as a service. TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit TDSYNNEX.com, follow our newsroom or find us on LinkedIn, Facebook and Instagram. (1)Use of Non-GAAP Financial Information In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: 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. Non-GAAP gross billings are a useful non-GAAP metric in understanding the volume of our business activity and serve as an important performance metric in internally managing our operations.Revenue and non-GAAP gross billings 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.“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 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 as a percentage of non-GAAP gross billings, which is a useful metric in considering our selling, general and administrative expenses without the impact of gross to net revenue adjustments to gross billings. Furthermore, TD SYNNEX uses adjusted selling, general and administrative expenses as a percentage of gross profit, which is a useful metric in considering the portion of gross profit retained after selling, general and administrative expenses.Non-GAAP operating income and non-GAAP operating margin, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense.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. TD SYNNEX 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 net income and non-GAAP diluted earnings per share, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense, and the related tax effects thereon.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 flows from operating activities, TD SYNNEX believes free cash flow 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.Trailing fiscal four quarters return on invested capital (“ROIC”), which is defined as the last four quarters’ tax effected operating income divided by the average of the last five quarterly balances of borrowings and equity, net of cash. Adjusted ROIC is calculated by excluding the tax effected impact of non-GAAP adjustments from operating income and by excluding the cumulative tax effected impact of current and prior period non-GAAP adjustments on equity. In prior periods, TD SYNNEX has excluded other items relevant to those periods for purposes of its non-GAAP financial measures. 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. 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 press release. Safe Harbor Statement Statements in this news release 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 inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from TD SYNNEX expectations as a result of a variety of factors. These forward-looking statements may be identified by terms such as believe, foresee, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements about our strategy, demand, plans and positioning, capital allocation, as well as guidance related to the first quarter of 2026. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which TD SYNNEX is unable to predict or control, that may cause TD SYNNEX actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the unfavorable outcome of any legal proceedings that have been or may be instituted against us; the ability to retain key personnel; general economic and political conditions; weakness in information technology spending; seasonality; risks related to the buying patterns of our customers, concentration of sales to large customers; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; the timing and amount of returns to our stockholders via repurchases of our common stock and dividends; changes in foreign currency exchange rates and interest rates; increased inflation; uncertainty over global trade policies and the impacts of related tariffs; dependence upon and trends in capital spending budgets in the IT industry; investments in IT systems and adoption of new technologies, including artificial intelligence or other products and services; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our supplier finance programs; credit exposure to our reseller customers and negative trends in their businesses; any incidents of theft; the declaration, timing and payment of dividends, and the Board’s reassessment thereof; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2024 and subsequent SEC filings. Statements included in this press release are based upon information known to TD SYNNEX as of the date of this release, and TD SYNNEX assumes no obligation to update information contained in this press release unless otherwise required by law. Copyright 2026 TD SYNNEX CORPORATION. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks or registered trademarks of TD SYNNEX Corporation. Other names and marks are the property of their respective owners. TD SYNNEX Corporation Consolidated Balance Sheets (Currency and share amounts in thousands, except par value) (Amounts may not add or compute due to rounding) (Unaudited) November 30, 2025 November 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 2,435,389 $ 1,059,378 Accounts receivable, net 11,707,581 10,341,625 Receivables from vendors, net 972,658 958,105 Inventories 9,504,340 8,287,048 Other current assets 669,470 678,540 Total current assets 25,289,438 21,324,696 Property and equipment, net 496,291 457,024 Goodwill 4,099,297 3,895,077 Intangible assets, net 3,774,952 3,912,267 Other assets, net 590,920 685,415 Total assets $ 34,250,898 $ 30,274,479 LIABILITIES AND EQUITY Current liabilities: Borrowings, current $ 1,018,321 $ 171,092 Accounts payable 17,624,254 15,084,107 Other accrued liabilities 2,318,265 1,966,036 Total current liabilities 20,960,840 17,221,235 Long-term borrowings 3,592,130 3,736,399 Other long-term liabilities 447,981 468,648 Deferred tax liabilities 799,518 812,763 Total liabilities 25,800,469 22,239,045 Stockholders’ equity: Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding — — Common stock, $0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both November 30, 2025 and 2024 99 99 Additional paid-in capital 7,431,231 7,437,688 Treasury stock, 18,912 and 15,289 shares as of November 30, 2025 and 2024, respectively (2,038,528 ) (1,513,017 ) Accumulated other comprehensive loss (379,433 ) (645,117 ) Retained earnings 3,437,060 2,755,781 Total stockholders' equity 8,450,429 8,035,434 Total liabilities and equity $ 34,250,898 $ 30,274,479 TD SYNNEX Corporation Consolidated Statements of Operations (Currency and share amounts in thousands, except per share amounts) (Amounts may not add or compute due to rounding) (Unaudited) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Revenue $ 17,379,140 $ 15,844,563 $ 62,508,086 $ 58,452,436 Cost of revenue (16,184,390 ) (14,803,618 ) (58,139,104 ) (54,471,130 ) Gross profit 1,194,750 1,040,945 4,368,982 3,981,306 Selling, general and administrative expenses (792,936 ) (715,009 ) (2,946,883 ) (2,715,781 ) Acquisition, integration and restructuring costs (3,150 ) (1,124 ) (7,180 ) (71,314 ) Operating income 398,664 324,812 1,414,919 1,194,211 Interest expense and finance charges, net (87,558 ) (86,419 ) (356,608 ) (319,458 ) Other expense, net (74 ) (1,225 ) (1,057 ) (8,718 ) Income before income taxes 311,032 237,168 1,057,254 866,035 Provision for income taxes (62,625 ) (42,366 ) (229,594 ) (176,944 ) Net income $ 248,407 $ 194,802 $ 827,660 $ 689,091 Earnings per common share: Basic $ 3.05 $ 2.30 $ 9.99 $ 7.99 Diluted $ 3.04 $ 2.29 $ 9.95 $ 7.95 Weighted-average common shares outstanding: Basic 80,632 84,154 82,104 85,494 Diluted 80,932 84,519 82,430 85,874 TD SYNNEX Corporation Consolidated Statements of Cash Flows (Currency amounts in thousands) (Amounts may not add or compute due to rounding) (Unaudited) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Cash flows from operating activities: Net income $ 248,407 $ 194,802 $ 827,660 $ 689,091 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 105,078 102,438 414,219 407,532 Share-based compensation 20,190 22,105 66,428 69,201 Provision for doubtful accounts 13,364 (1,178 ) 35,071 862 Deferred income taxes (46,809 ) (28,813 ) (46,809 ) (28,813 ) Other 2,972 (6,292 ) 6,687 2,635 Changes in operating assets and liabilities, net of acquisition of businesses: Accounts receivable, net (851,835 ) (503,305 ) (1,118,020 ) (195,615 ) Receivables from vendors, net (134,416 ) (110,758 ) 8,893 (6,606 ) Inventories (397,379 ) (726,000 ) (1,051,878 ) (1,214,505 ) Accounts payable 2,039,800 1,466,053 2,175,637 1,930,252 Other operating assets and liabilities 461,006 152,889 213,816 (436,310 ) Net cash provided by operating activities 1,460,378 561,941 1,531,704 1,217,724 Cash flows from investing activities: Purchases of property and equipment (38,293 ) (49,060 ) (142,282 ) (175,112 ) Acquisition of businesses, net of cash acquired (6,213 ) (11,255 ) (83,666 ) (43,677 ) Proceeds from sale of fixed assets — 42,890 — 42,890 Settlement of net investment hedges — — (347 ) (14,840 ) Other 97 5,160 5,129 (3,099 ) Net cash used in investing activities (44,409 ) (12,265 ) (221,166 ) (193,838 ) Cash flows from financing activities: Dividends paid (35,963 ) (34,026 ) (146,381 ) (138,081 ) Proceeds from reissuance of treasury stock 6,256 956 33,621 11,996 Repurchases of common stock (172,980 ) (102,011 ) (596,109 ) (611,892 ) Repurchases of common stock for tax withholdings on equity awards (21,757 ) (16,975 ) (31,097 ) (24,703 ) Net (repayments) borrowings on revolving credit loans (182,839 ) (144,819 ) 162,260 (39,530 ) Principal payments on long-term debt (583,031 ) (789 ) (598,572 ) (1,486,397 ) Borrowings on long-term debt 1,152,159 — 1,152,159 1,349,376 Cash paid for debt issuance costs (8,750 ) — (8,750 ) (13,869 ) Net cash provided by (used in) financing activities 153,095 (297,664 ) (32,869 ) (953,100 ) Effect of exchange rate changes on cash and cash equivalents (8,025 ) (46,557 ) 98,342 (45,184 ) Net increase in cash and cash equivalents 1,561,039 205,455 1,376,011 25,602 Cash and cash equivalents at beginning of period 874,350 853,923 1,059,378 1,033,776 Cash and cash equivalents at end of period $ 2,435,389 $ 1,059,378 $ 2,435,389 $ 1,059,378 TD SYNNEX Corporation Regional Financial Highlights - Fiscal 2025 Fourth Quarter (Currency in millions) (Amounts may not add or compute due to rounding) Q4 FY25 Q4 FY24 Net Change from Q4 FY24 Americas Revenue $ 9,510.0 $ 9,241.2 2.9 % Non-GAAP gross billings(1) $ 14,086.5 $ 12,883.0 9.3 % Operating income $ 275.4 $ 227.7 20.9 % Non-GAAP operating income(1) $ 331.8 $ 284.0 16.8 % Operating margin 2.90 % 2.46 % 44 bps Non-GAAP operating margin(1) 3.49 % 3.07 % 42 bps Europe Revenue $ 6,492.2 $ 5,499.0 18.1 % Non-GAAP gross billings(1) $ 8,417.0 $ 6,969.1 20.8 % Operating income $ 93.2 $ 63.8 46.0 % Non-GAAP operating income(1) $ 133.0 $ 102.0 30.5 % Operating margin 1.44 % 1.16 % 28 bps Non-GAAP operating margin(1) 2.05 % 1.85 % 20 bps APJ Revenue $ 1,376.9 $ 1,104.4 24.7 % Non-GAAP gross billings(1) $ 1,823.6 $ 1,359.1 34.2 % Operating income $ 30.1 $ 33.3 (9.7 )% Non-GAAP operating income(1) $ 32.2 $ 35.6 (9.4 )% Operating margin 2.19 % 3.02 % (83) bps Non-GAAP operating margin(1) 2.34 % 3.22 % (88) bps (1) A reconciliation of TD SYNNEX’s GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Revenue in constant currency Consolidated Revenue $ 17,379,140 $ 15,844,563 $ 62,508,086 $ 58,452,436 Impact of changes in foreign currencies (353,494 ) — (500,045 ) — Revenue in constant currency $ 17,025,646 $ 15,844,563 $ 62,008,041 $ 58,452,436 Americas Revenue $ 9,510,048 $ 9,241,168 $ 36,176,520 $ 34,791,848 Impact of changes in foreign currencies 6,787 — 113,303 — Revenue in constant currency $ 9,516,835 $ 9,241,168 $ 36,289,823 $ 34,791,848 Europe Revenue $ 6,492,153 $ 5,498,968 $ 21,694,750 $ 19,634,156 Impact of changes in foreign currencies (376,437 ) — (626,335 ) — Revenue in constant currency $ 6,115,716 $ 5,498,968 $ 21,068,415 $ 19,634,156 APJ Revenue $ 1,376,939 $ 1,104,427 $ 4,636,816 $ 4,026,432 Impact of changes in foreign currencies 16,156 — 12,987 — Revenue in constant currency $ 1,393,095 $ 1,104,427 $ 4,649,803 $ 4,026,432 TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Non-GAAP gross billings Consolidated Revenue $ 17,379,140 $ 15,844,563 $ 62,508,086 $ 58,452,436 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 6,947,890 5,366,634 26,915,837 21,612,583 Non-GAAP gross billings $ 24,327,030 $ 21,211,197 $ 89,423,923 $ 80,065,019 Impact of changes in foreign currencies (446,345 ) — (620,102 ) — Non-GAAP gross billings in constant currency $ 23,880,685 $ 21,211,197 $ 88,803,821 $ 80,065,019 Americas Revenue $ 9,510,048 $ 9,241,168 $ 36,176,520 $ 34,791,848 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 4,576,435 3,641,867 17,902,076 14,870,628 Non-GAAP gross billings $ 14,086,483 $ 12,883,035 $ 54,078,596 $ 49,662,476 Impact of changes in foreign currencies 1,879 — 169,760 — Non-GAAP gross billings in constant currency $ 14,088,362 $ 12,883,035 $ 54,248,356 $ 49,662,476 Europe Revenue $ 6,492,153 $ 5,498,968 $ 21,694,750 $ 19,634,156 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 1,924,816 1,470,110 7,315,876 5,769,432 Non-GAAP gross billings $ 8,416,969 $ 6,969,078 $ 29,010,626 $ 25,403,588 Impact of changes in foreign currencies (470,563 ) — (812,948 ) — Non-GAAP gross billings in constant currency $ 7,946,406 $ 6,969,078 $ 28,197,678 $ 25,403,588 APJ Revenue $ 1,376,939 $ 1,104,427 $ 4,636,816 $ 4,026,432 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 446,639 254,657 1,697,885 972,523 Non-GAAP gross billings $ 1,823,578 $ 1,359,084 $ 6,334,701 $ 4,998,955 Impact of changes in foreign currencies 22,339 — 23,086 — Non-GAAP gross billings in constant currency $ 1,845,917 $ 1,359,084 $ 6,357,787 $ 4,998,955 TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Adjusted selling, general and administrative expenses Revenue $ 17,379,140 $ 15,844,563 $ 62,508,086 $ 58,452,436 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 6,947,890 5,366,634 26,915,837 21,612,583 Non-GAAP gross billings $ 24,327,030 $ 21,211,197 $ 89,423,923 $ 80,065,019 Gross profit $ 1,194,750 $ 1,040,945 $ 4,368,982 $ 3,981,306 Selling, general and administrative expenses(1) $ 792,936 $ 715,009 $ 2,946,883 $ 2,715,781 Amortization of intangibles (75,028 ) (73,495 ) (296,258 ) (292,304 ) Share-based compensation (20,190 ) (22,105 ) (66,428 ) (69,201 ) Adjusted selling, general and administrative expenses $ 697,718 $ 619,409 $ 2,584,197 $ 2,354,276 Selling, general and administrative expenses(1) as a percentage of revenue 4.56 % 4.51 % 4.71 % 4.65 % Adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings 2.87 % 2.92 % 2.89 % 2.94 % Selling, general and administrative expenses(1) as a percentage of gross profit 66.4 % 68.7 % 67.5 % 68.2 % Adjusted selling, general and administrative expenses as a percentage of gross profit 58.4 % 59.5 % 59.1 % 59.1 % (1) Excludes acquisition, integration and restructuring costs, which are presented separately on the Consolidated Statements of Operations. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Non-GAAP operating income & non-GAAP operating margin - Consolidated Revenue $ 17,379,140 $ 15,844,563 $ 62,508,086 $ 58,452,436 Operating income $ 398,664 $ 324,812 $ 1,414,919 $ 1,194,211 Acquisition, integration and restructuring costs 3,150 1,124 7,180 71,314 Amortization of intangibles 75,028 73,495 296,258 292,304 Share-based compensation 20,190 22,105 66,428 69,201 Non-GAAP operating income $ 497,032 $ 421,536 $ 1,784,785 $ 1,627,030 Operating margin 2.29 % 2.05 % 2.26 % 2.04 % Non-GAAP operating margin 2.86 % 2.66 % 2.86 % 2.78 % Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Non-GAAP operating income & non-GAAP operating margin - Americas Revenue $ 9,510,048 $ 9,241,168 $ 36,176,520 $ 34,791,848 Operating income $ 275,379 $ 227,682 $ 1,005,394 $ 817,548 Acquisition, integration and restructuring costs 2,414 219 4,322 53,245 Amortization of intangibles 40,833 41,430 164,167 165,860 Share-based compensation 13,149 14,681 43,445 45,107 Non-GAAP operating income $ 331,775 $ 284,012 $ 1,217,328 $ 1,081,760 Operating margin 2.90 % 2.46 % 2.78 % 2.35 % Non-GAAP operating margin 3.49 % 3.07 % 3.36 % 3.11 % Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Non-GAAP operating income & non-GAAP operating margin - Europe Revenue $ 6,492,153 $ 5,498,968 $ 21,694,750 $ 19,634,156 Operating income $ 93,192 $ 63,813 $ 299,815 $ 263,913 Acquisition, integration and restructuring costs 612 606 2,112 16,831 Amortization of intangibles 33,278 31,248 128,754 123,567 Share-based compensation 5,946 6,285 19,056 20,318 Non-GAAP operating income $ 133,028 $ 101,952 $ 449,737 $ 424,629 Operating margin 1.44 % 1.16 % 1.38 % 1.34 % Non-GAAP operating margin 2.05 % 1.85 % 2.07 % 2.16 % TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Non-GAAP operating income & non-GAAP operating margin - APJ Revenue $ 1,376,939 $ 1,104,427 $ 4,636,816 $ 4,026,432 Operating income $ 30,093 $ 33,317 $ 109,710 $ 112,750 Acquisition, integration and restructuring costs 124 299 746 1,238 Amortization of intangibles 917 817 3,337 2,877 Share-based compensation 1,095 1,139 3,927 3,776 Non-GAAP operating income $ 32,229 $ 35,572 $ 117,720 $ 120,641 Operating margin 2.19 % 3.02 % 2.37 % 2.80 % Non-GAAP operating margin 2.34 % 3.22 % 2.54 % 3.00 % Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 EBITDA & adjusted EBITDA Net income $ 248,407 $ 194,802 $ 827,660 $ 689,091 Interest expense and finance charges, net 87,558 86,419 356,608 319,458 Provision for income taxes 62,625 42,366 229,594 176,944 Depreciation(1) 30,050 28,943 117,961 115,228 Amortization of intangibles 75,028 73,495 296,258 292,304 EBITDA $ 503,668 $ 426,025 $ 1,828,081 $ 1,593,025 Other expense, net 74 1,225 1,057 8,718 Acquisition, integration and restructuring costs 3,150 1,124 7,180 65,828 Share-based compensation 20,190 22,105 66,428 69,201 Adjusted EBITDA $ 527,082 $ 450,479 $ 1,902,746 $ 1,736,772 (1) Includes depreciation recorded in acquisition, integration, and restructuring costs. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Non-GAAP net income & non-GAAP diluted EPS(1) Net income $ 248,407 $ 194,802 $ 827,660 $ 689,091 Acquisition, integration and restructuring costs 3,150 1,124 7,180 71,314 Amortization of intangibles 75,028 73,495 296,258 292,304 Share-based compensation 20,190 22,105 66,428 69,201 Income taxes related to the above (33,770 ) (28,112 ) (100,389 ) (109,973 ) Non-GAAP net income $ 313,005 $ 263,414 $ 1,097,137 $ 1,011,937 Diluted EPS(1) $ 3.04 $ 2.29 $ 9.95 $ 7.95 Acquisition, integration and restructuring costs 0.04 0.01 0.09 0.83 Amortization of intangibles 0.91 0.86 3.56 3.37 Share-based compensation 0.25 0.26 0.80 0.80 Income taxes related to the above (0.41 ) (0.33 ) (1.21 ) (1.27 ) Non-GAAP Diluted EPS(1) $ 3.83 $ 3.09 $ 13.19 $ 11.68 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for both the three and twelve months ended November 30, 2025, and was approximately 0.8% and 0.9% of net income for the three and twelve months ended November 30, 2024, respectively. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Amounts may not add or compute due to rounding) Three Months Ended Twelve Months Ended (Currency in thousands) November 30, 2025 November 30, 2024 November 30, 2025 November 30, 2024 Free cash flow Net cash provided by operating activities $ 1,460,378 $ 561,941 $ 1,531,704 $ 1,217,724 Purchases of property and equipment (38,293 ) (49,060 ) (142,282 ) (175,112 ) Free cash flow $ 1,422,085 $ 512,881 $ 1,389,422 $ 1,042,612 Forecast Three Months Ending (Currency in millions, except per share amounts) February 28, 2026 Non-GAAP net income and non-GAAP Diluted EPS Low High Net income $ 166 $ 206 Amortization of intangibles 75 75 Share-based compensation 25 25 Income taxes related to the above (23 ) (23 ) Non-GAAP net income $ 243 $ 283 Diluted EPS(1) $ 2.05 $ 2.55 Amortization of intangibles 0.93 0.93 Share-based compensation 0.31 0.31 Income taxes related to the above (0.29 ) (0.29 ) Non-GAAP Diluted EPS(1) $ 3.00 $ 3.50 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. Net income allocable to participating securities is estimated to be approximately 0.9% of the forecast net income for the three months ending February 28, 2026. Forecast Three Months Ending (Currency in billions) February 28, 2026 Non-GAAP gross billings Low High Revenue $ 15.1 $ 15.9 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 7.6 7.8 Non-GAAP gross billings $ 22.7 $ 23.7 TD SYNNEX Corporation Calculation of Financial Metrics Return on Invested Capital (“ROIC”) (Currency in thousands) (Amounts may not add or compute due to rounding) November 30, 2025 November 30, 2024 ROIC Operating income (trailing fiscal four quarters) $ 1,414,919 $ 1,194,211 Income taxes on operating income(1) (307,265 ) (243,995 ) Operating income after taxes $ 1,107,654 $ 950,216 Total invested capital comprising equity and borrowings, less cash (last five quarters average) $ 11,368,960 $ 11,186,988 ROIC 9.7 % 8.5 % Adjusted ROIC Non-GAAP operating income (trailing fiscal four quarters) $ 1,784,785 $ 1,627,030 Income taxes on non-GAAP operating income(1) (412,683 ) (359,411 ) Non-GAAP operating income after taxes $ 1,372,102 $ 1,267,619 Total invested capital comprising equity and borrowings, less cash (last five quarters average) $ 11,368,960 $ 11,186,988 Tax effected impact of cumulative non-GAAP adjustments (last five quarters average) 1,738,666 1,451,601 Total non-GAAP invested capital (last five quarters average) $ 13,107,626 $ 12,638,589 Adjusted ROIC 10.5 % 10.0 % (1) Income taxes on GAAP operating income was calculated using the effective year-to-date tax rates during the respective periods. Income taxes on non-GAAP operating income was calculated by excluding the tax effect of taxable and deductible non-GAAP adjustments using the effective year-to-date tax rate during the respective periods. TD SYNNEX Corporation Calculation of Financial Metrics Cash Conversion Cycle (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended November 30, 2025 November 30, 2024 Days sales outstanding Revenue (a) $ 17,379,140 $ 15,844,563 Accounts receivable, net (b) 11,707,581 10,341,625 Days sales outstanding (c) = ((b)/(a))*the number of days during the period 61 60 Days inventory outstanding Cost of revenue (d) $ 16,184,390 $ 14,803,618 Inventories (e) 9,504,340 8,287,048 Days inventory outstanding (f) = ((e)/(d))*the number of days during the period 53 51 Days payable outstanding Cost of revenue (g) $ 16,184,390 $ 14,803,618 Accounts payable (h) 17,624,254 15,084,107 Days payable outstanding (i) = ((h)/(g))*the number of days during the period 98 93 Cash conversion cycle (j) = (c)+(f)-(i) 16 18 Source: TD SYNNEX