SNXMEDIUM SIGNALFINANCIAL10-K

TD SYNNEX delivered solid revenue growth of 17.6% to $20.1B while meaningfully expanding profitability and strengthening operational cash generation.

The company demonstrates healthy business momentum with both top-line expansion and improved operational efficiency, as evidenced by operating income growing faster than revenue. The strategic pivot from general technology investments toward targeted go-to-market approaches and end-to-end solutions suggests management is refining its post-merger integration strategy.

Comparing 2026-01-27 vs 2025-01-24View on EDGAR →
FINANCIAL ANALYSIS

TD SYNNEX posted strong financial performance with revenue growing 17.6% to $20.1B, while operating income expanded 18.5% to $1.4B and net income increased 20.1% to $827.7M, indicating improving operational leverage. Operating cash flow grew robustly by 25.8% to $1.5B, though total debt increased 32.3% to $967.0M with correspondingly higher interest expense. The balance sheet expanded proportionally with current assets up 18.6% and inventory growing 14.7%, reflecting the company's larger scale of operations.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+52.2%
$31.1M→$47.4M

Interest expense surged 52.2% — significant debt increase or rising rates materially impacting earnings.

Total Debt
Balance Sheet
+32.3%
$730.9M→$967.0M

Debt increased 32.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Cash Flow
Cash Flow
+25.8%
$1.2B→$1.5B

Operating cash flow grew 25.8% — strong conversion of earnings to cash, healthy business fundamentals.

Current Liabilities
Balance Sheet
+21.7%
$17.2B→$21.0B

Current liabilities rose 21.7% — increased short-term obligations, watch current ratio.

Net Income
P&L
+20.1%
$689.1M→$827.7M

Net income grew 20.1% — bottom-line growth signals improving overall business health.

Current Assets
Balance Sheet
+18.6%
$21.3B→$25.3B

Current assets grew 18.6% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
+18.5%
$1.2B→$1.4B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Revenue
P&L
+17.6%
$17.0B→$20.1B

Revenue growing 17.6% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+16%
$22.2B→$25.8B

Liabilities increased 16% — monitor debt-to-equity ratio and interest coverage.

Inventory
Balance Sheet
+14.7%
$8.3B→$9.5B

Inventory built 14.7% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-01-27
PRIOR — 2025-01-24
ADDED
As of January 14, 2026, there were 80,729,152 shares of Common Stock, $0.001 per share par value, outstanding.
On September 1, 2021, SYNNEX Corporation acquired Tech Data Corporation, a Florida corporation ( Tech Data ) through a series of mergers, which resulted in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the "Merger").
We are focusing on the following strategic imperatives in pursuit of our vision: Unify our reach by expanding our portfolio in both mature and developing markets through our targeted go-to-market strategy.
Target new customers by leveraging our specialist go-to-market and trusted advisor approach to deliver tailored value propositions and personalized solutions that align closely with the unique business needs and priorities of each customer.
Expand our addressable market through our unique vendor value proposition, capitalizing on end-to-end capabilities to support business currently operated by vendors.
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REMOVED
As of January 15, 2025, there were 84,651,827 shares of Common Stock, $0.001 per share par value, outstanding.
On March 22, 2021, we entered into an agreement and plan of merger (the Merger Agreement ) which provided that legacy SYNNEX Corporation would acquire legacy Tech Data Corporation, a Florida corporation ( Tech Data ) through a series of mergers, which would result in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the "Merger").
Our global strategy is to deliver higher value by focusing on the following strategic priorities: Invest in strategic technologies such as hybrid cloud, security, data analytics, artificial intelligence ("AI"), hyperscale infrastructure and services.
Strengthen our end-to-end portfolio of products, services and solutions, including technology-as-a-service and recurring revenue models.
Transform our company digitally through greater automation and advanced analytics, which we believe will enhance the customer experience, broaden our customer base, increase sales and augment our presence in high-growth technologies.
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