Companies /Technology

TD Synnex Corp

NYSE: SNX Electronics & Computer Distribution
$253.97
▼ $6.16 (−2.37%) today
Markets closed · 12:51am ET

Q4 2025 Earnings

Reported Jan 8, 2026, 7:06am ET · SEC source
$3.83
Beat +2.71%
EPS · est. $3.73
$17.4B
Beat +2.53%
Revenue · est. $17.0B
+16.3%
Beating market
SNX vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%Jan 8Jan 9report 7:06am ETearnings+0.8%−2.7%
−6%−3%0+3%Jan 8Jan 9earnings+0.8%−2.7%
SNX −2.7%S&P 500 +0.8%
−6%−3%0+3%Jan 8Jan 9report 7:06am ETearnings+0.6%−2.7%
−6%−3%0+3%Jan 8Jan 9earnings+0.6%−2.7%
SNX −2.7%NASDAQ +0.6%
−6%−3%0Jan 7Jan 15report 7:06am ETearnings+0.5%−3.3%
−6%−3%0Jan 7Jan 15earnings+0.5%−3.3%
SNX −3.3%S&P 500 +0.5%
−6%−3%0Jan 7Jan 15report 7:06am ETearnings−0.2%−3.3%
−6%−3%0Jan 7Jan 15earnings−0.2%−3.3%
SNX −3.3%NASDAQ −0.2%
−2.25%
Day of report
+1.93%
Next session
+1.88%
One week
+16.67%
30 days

S&P 500 over the same 30 days: +0.38%.

Did SNX Beat Earnings? Q4 2025 Results

TD SYNNEX capped its fiscal year on a strong note, with fourth-quarter results beating Wall Street expectations on both the top and bottom lines as robust demand across its IT distribution business drove broad-based gains. Revenue climbed 9.7% year over year to $17.38 billion, ahead of the $16.95 billion consensus, while non-GAAP diluted EPS of $3.83 topped the $3.73 estimate by 2.71%, representing a 24.0% jump from the $3.09 posted in the year-ago quarter. A key driver of the outperformance was Europe, where revenue surged 18.1% to $6.49 billion and non-GAAP operating income jumped 30.5%, complementing steady Americas growth and accelerating momentum in Asia-Pacific and Japan. Cash generation was particularly notable, with free cash flow reaching $1.42 billion in the quarter. Goldman Sachs initiated coverage with a Buy rating following the print, projecting 10% billings growth in fiscal 2026. Looking ahead, TD SYNNEX guided fiscal Q1 2026 revenue of $15.10 billion to $15.90 billion and non-GAAP diluted EPS of $3.00 to $3.50.

Key Takeaways
  • Growth in both Advanced Solutions and Endpoint Solutions portfolios
  • Non-GAAP gross billings grew 14.7% YoY driven by strong demand across all regions
  • Greater percentage of sales presented on net basis due to product mix impacted revenue by approximately 5% but improved gross margin by approximately 30 basis points
  • Europe revenue grew 18.1% YoY (11.2% constant currency) as the fastest-growing region
  • APJ revenue grew 24.7% YoY (26.1% constant currency)
  • Cash conversion cycle improved to 16 days from 18 days year over year
  • ROIC improved to 9.7% from 8.5%; Adjusted ROIC improved to 10.5% from 10.0%

“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.”

TD SYNNEX CEO, on the earnings call

Forward Guidance & Outlook

For fiscal Q1 2026 (three months ending February 28, 2026), TD SYNNEX guided revenue of $15.1 billion to $15.9 billion, non-GAAP gross billings of $22.7 billion to $23.7 billion, GAAP net income of $166 million to $206 million, non-GAAP net income of $243 million to $283 million, GAAP diluted EPS of $2.05 to $2.55, and non-GAAP diluted EPS of $3.00 to $3.50. Estimated outstanding diluted weighted average shares are 80.1 million.

SNX YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$5.0B$10.0B$15.0B$15.8B$17.4BRevenue$902.3M$1.2BGross Profit$289.7M$398.7MOperating Income$194.8M$248.4MNet Income
$0$5.0B$10.0B$15.0BRevenueGross ProfitOperating IncomeNet Income

SNX Revenue by Geography

Americas$9.5B+2.9%
Europe$6.5B+18.1%
Asia Pacific$1.4B+24.7%

Figures from SEC filings and company reports. Not investment advice.