TD SYNNEX (SNX) Q4 2025 Financial Results Summary
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TD SYNNEX (SNX) Q4 2025 Financial Results Summary
On January 8, 2026, TD SYNNEX (NYSE: SNX) announced its financial results for the fiscal fourth quarter ended November 30, 2025.
Consolidated Financial Highlights
- Revenue: $17.4 billion, representing a 9.7% increase year over year (YoY), surpassing the high end of the company’s outlook. On a constant currency basis, revenue grew 7.5% YoY.
- Non-GAAP Gross Billings: $24.3 billion, an increase of 14.7% YoY, also above the high end of the outlook. On a constant currency basis, there was a 12.6% growth YoY.
- Gross Profit: $1.2 billion, up 14.8% YoY.
- Gross Margin: Improved to 6.87%, up 30 basis points from 6.57% YoY.
- Operating Income: $399 million, an increase of 22.7% YoY. Non-GAAP operating income was $497 million, up 17.9% YoY.
- Operating Margin: Increased to 2.29%, up 24 basis points YoY, while non-GAAP operating margin improved to 2.86%, up 20 basis points YoY.
- Net Income: $248 million, reflecting a 27.5% increase YoY.
- Diluted EPS: $3.04, up 32.8% YoY. Non-GAAP diluted EPS was $3.83, an increase of 24.0% YoY.
- Cash Provided by Operations: $1.5 billion and Free Cash Flow was $1.4 billion.
Shareholder Returns
- Total returned to stockholders: $209 million, comprised of $173 million from share repurchases and $36 million in dividends.
- Declared Quarterly Cash Dividend: $0.48 per common share, reflecting a 9% increase YoY.
Regional Financial Highlights
Americas
- Revenue: $9.5 billion, up 2.9% YoY.
- Non-GAAP Gross Billings: $14.1 billion, representing a 9.3% increase YoY.
- Operating Income: $275 million, increased by 20.9% YoY.
- Operating Margin: Improved to 2.9%, up 44 basis points YoY (non-GAAP operating margin rose to 3.49%, up 42 basis points YoY).
Europe
- Revenue: $6.5 billion, an 18.1% growth YoY.
- Non-GAAP Gross Billings: $8.4 billion, a 20.8% increase YoY.
- Operating Income: $93 million, up 46.0% YoY (non-GAAP operating income increased by 30.5% YoY).
Asia-Pacific and Japan (APJ)
- Revenue: $1.4 billion, an increase of 24.7% YoY.
- Non-GAAP Gross Billings: $1.8 billion, a 34.2% increase YoY.
- Operating Income: $30 million, a decrease of 9.7% YoY (non-GAAP operating income also decreased by 9.4%).
Summary
In Q4 2025, TD SYNNEX reported record revenue and earnings, achieving significant growth across key financial metrics compared to the same quarter last year. The company demonstrated resilience and effective expansion strategies through its diversified business model, resulting in higher profits, cash flow, and returns to shareholders, including a notable share repurchase and dividend declaration.
These strong financial results position TD SYNNEX favorably for future growth and innovation, as indicated by their focus on high-growth technologies and commitment to delivering top-tier customer experiences.
| 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 |
| 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 | — | — |
| Common stock, $0.001 par value | 99 | 99 |
| Additional paid-in capital | $7,431,231 | $7,437,688 |
| Treasury stock, 18,912 and 15,289 shares | -$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 |