TD Synnex
SNX · NYSEWholesale-Computers & Peripheral Equipment & Software · Fiscal year ends Nov 30
TD Synnex reported revenue of $62.5B in the fiscal year ended Nov 2025, up 6.9% from the year before. Operating income was $1.4B, an operating margin of 2.3%, and net income was $828M. Operating cash flow of $1.5B less capital expenditure of $142M left free cash flow of $1.4B. Net debt was $2.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $31.6B | $62.3B | $57.6B | $58.5B | $62.5B |
| Cost of revenue | $29.7B | $58.4B | $53.6B | $54.5B | $58.1B |
| Gross profit | $1.9B | $3.9B | $4B | $4B | $4.4B |
| Selling, general & admin | $1.2B | $2.6B | $2.7B | $2.7B | $2.9B |
| Operating income | $623M | $1.1B | $1.1B | $1.2B | $1.4B |
| Interest expense | – | – | $288M | $319M | $357M |
| Pre-tax income | $466M | $827M | $790M | $866M | $1.1B |
| Income tax | $71M | $176M | $163M | $177M | $230M |
| Net income | $395M | $651M | $627M | $689M | $828M |
| Diluted EPS | 6.24 | 6.77 | 6.70 | 7.95 | 9.95 |
| Diluted shares | 63M | 96M | 93M | 86M | 82M |
Balance sheet
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $994M | $523M | $1B | $1.1B | $2.4B |
| Receivables | $8.3B | $9.4B | $10.3B | $10.3B | $11.7B |
| Inventory | $6.6B | $9.1B | $7.1B | $8.3B | $9.5B |
| Current assets | $17.7B | $20.5B | $20.1B | $21.3B | $25.3B |
| Net PP&E | $483M | $421M | $450M | $457M | $496M |
| Goodwill | $3.9B | $3.8B | $3.9B | $3.9B | $4.1B |
| Total assets | $27.7B | $29.7B | $29.4B | $30.3B | $34.3B |
| Payables | $12B | $14B | $13.3B | $15.1B | $17.6B |
| Current liabilities | $14.2B | $16.4B | $16.7B | $17.2B | $21B |
| Short-term debt | $181M | $268M | $984M | $171M | $1B |
| Long-term debt | $4B | $3.8B | $3.1B | $3.7B | $3.6B |
| Total liabilities | $19.8B | $21.7B | $21.2B | $22.2B | $25.8B |
| Shareholders' equity | $7.9B | $8B | $8.2B | $8B | $8.5B |
Cash flow
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $810M | −$50M | $1.4B | $1.2B | $1.5B |
| Capital expenditure | $40M | $65M | $150M | $175M | $142M |
| Free cash flow | $770M | −$115M | $1.3B | $1B | $1.4B |
| Depreciation & amortisation | $152M | $463M | $418M | $408M | $414M |
| Stock-based compensation | $53M | $91M | $85M | $69M | $66M |
| Acquisitions | $907M | $0 | $0 | $44M | $84M |
| Share buybacks | $0 | $125M | $621M | $612M | $596M |
| Dividends paid | $50M | $115M | $130M | $138M | $146M |
| Dividend per share | 0.80 | 1.20 | 1.40 | 1.60 | 1.76 |
Key ratios
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 97.2% | −7.7% | 1.6% | 6.9% |
| Operating income growth (YoY) | – | 68.6% | 2.6% | 10.8% | 18.5% |
| EPS growth (YoY) | – | 8.5% | −1.0% | 18.7% | 25.2% |
| Gross margin | 6.0% | 6.3% | 6.9% | 6.8% | 7.0% |
| Operating margin | 2.0% | 1.7% | 1.9% | 2.0% | 2.3% |
| Net margin | 1.2% | 1.0% | 1.1% | 1.2% | 1.3% |
| Return on equityBlank when equity is negative | 5.0% | 8.1% | 7.7% | 8.6% | 9.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 7.9% | 8.5% | 9.1% | 10.6% |
| Free cash flow margin | 2.4% | −0.2% | 2.2% | 1.8% | 2.2% |
| Cash conversion (CFO ÷ net income) | 2.05x | −0.08x | 2.24x | 1.77x | 1.85x |
| Receivable days | 96 | 55 | 65 | 65 | 68 |
| Inventory days | 82 | 57 | 49 | 56 | 60 |
| Payable days | 148 | 87 | 91 | 101 | 111 |
| Interest cover | – | – | 3.74x | 3.74x | 3.97x |
| Debt ÷ equity | 0.52x | 0.51x | 0.50x | 0.49x | 0.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.1B | $3.6B | $3B | $2.8B | $2.2B |
| Current ratio | 1.25x | 1.25x | 1.20x | 1.24x | 1.21x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.