Free cash flow remains highly cyclical, evidenced by a negative 1.7% FCF margin in 2026Q2 following a massive $1.3 billion working capital outflow in 2026Q1.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 |
|---|
| Cash from Operations | 545.04M | 1.53B | 1.22B | 1.41B | -49.6M | 809.79M | 1.83B | 549.92M | 100.71M | 176.76M | 326.95M | 643.61M | -234.77M | 35.71M | 242.79M | 219.15M | -65.9M | 262.04M | 52.59M | -152.66M | -18.94M | 7.27M | 174K | -12.75M | 69.33M |
| Operating CF Margin % | - | 2.45% | 2.08% | 2.45% | -0.08% | 2.56% | 9.18% | 2.88% | 0.51% | 1.05% | 2.33% | 4.83% | -1.7% | 0.33% | 2.36% | 2.11% | -0.77% | 3.39% | 0.68% | -2.18% | -0.3% | 0.13% | 0% | -0.31% | 1.84% |
| Operating CF Growth % | -42.42% | 25.78% | -13.48% | 2937.22% | -106.13% | -55.85% | 233.57% | 446.06% | -43.03% | -45.94% | -49.2% | 374.14% | -757.5% | -85.29% | 10.79% | 432.55% | -125.15% | 398.24% | 134.45% | -706.08% | -360.37% | 4080.46% | 101.36% | -118.39% | - |
| Net Income | 1.14B | 827.66M | 689.09M | 626.91M | 651.31M | 395.07M | 529.16M | 500.71M | 300.6M | 301.17M | 235M | 208.61M | 180.15M | 152.32M | 152.5M | 150.55M | 128.1M | 92.09M | 83.8M | 63.13M | 51.38M | 52.83M | 46.56M | 30M | 28.03M |
| Depreciation & Amortization | 420.87M | 414.22M | 407.53M | 418.31M | 463.37M | 151.66M | 341.64M | 372.11M | 225.29M | 159.89M | 121.29M | 103.51M | 91.7M | 24.46M | 24.63M | 24.67M | 16.29M | 19.63M | 18.76M | 15.77M | 9.78M | 8.78M | 7.84M | 7.41M | 8.34M |
| Stock-Based Compensation | 74.14M | 66.43M | 69.2M | 84.98M | 91.17M | 53.19M | 33.2M | 27.96M | 22.68M | 17.37M | 13.97M | 13.64M | 14.08M | 9.17M | 8.45M | 7.99M | 8.72M | 8.19M | 6.64M | 5.28M | 3.71M | 28K | 202K | 5.83M | 0 |
| Deferred Taxes | -46.81M | -46.81M | -28.81M | -91.57M | -92.38M | -322K | -48.99M | -18.19M | -46.89M | -25.22M | -7.41M | -5.5M | -26.8M | 1.8M | 3.62M | 4.41M | -11.22M | -8.6M | -5.48M | -5.7M | -897K | -28K | -202K | 16.35M | 0 |
| Other Non-Cash Items | -564.11M | 41.76M | 3.5M | 41.98M | 43.84M | 23.73M | 67.84M | 28.68M | 3.81M | 4.04M | -8.43M | 16.23M | 6.59M | 2.31M | -3.74M | 9.4M | 11.67M | 34.22M | 23.72M | 13.59M | 13.04M | -11.98M | 9.4M | -21.13M | 253K |
| Working Capital Changes | -1.05B | 228.45M | 77.22M | 326.75M | -1.21B | 186.45M | 911.51M | -361.35M | -404.77M | -280.48M | -27.48M | 307.12M | -500.49M | -154.37M | 57.34M | 22.13M | -219.46M | 116.51M | -74.85M | -244.73M | -95.95M | -42.35M | -63.64M | -51.21M | 32.71M |
| Change in Receivables | -2.71B | -1.11B | -195.62M | -783.68M | -1.26B | -517.22M | 92.53M | -326.68M | -512.98M | -478.27M | 97.54M | 292.86M | -527.95M | -187.49M | -112.97M | 38.9M | -156.81M | -6.46M | -45.01M | -321.94M | -14.98M | -1.65M | -67.36M | 0 | 0 |
| Change in Inventory | -5.2B | -1.05B | -1.21B | 2.03B | -2.64B | -1.03B | -128.79M | -153.13M | -367.9M | -243.33M | -410.16M | 40.12M | -330.15M | -155.22M | 49.49M | 28.24M | -240.06M | -11.88M | -16.38M | 1.86M | -92.4M | -101.97M | -23.95M | -98.39M | -9.99M |
| Change in Payables | 6.53B | 2.18B | 1.93B | -971.75M | 2.38B | 1.85B | 685.01M | 98.39M | 381.97M | 341.96M | 265.61M | -26.02M | 205.09M | 186.19M | 106.94M | -49.99M | 220.18M | 103.01M | -36.62M | 71.38M | 35.28M | 51.9M | 20.18M | 0 | 0 |
| Cash from Investing | -215.55M | -221.17M | -193.84M | -156.41M | -115.51M | -952.35M | -209.5M | -146.84M | -1.18B | -654.26M | -451.94M | -116.15M | -441.65M | -43.78M | -9.56M | -126.39M | 1.07M | -69.59M | -65.69M | -136.62M | -24.31M | -7.75M | -49.62M | -2.29M | -62.98M |
| Capital Expenditures | -170.48M | -142.28M | -175.11M | -150.01M | -117.05M | -54.89M | -197.97M | -137.42M | -125.31M | -97.55M | -123.23M | -100.11M | -57.38M | -28.96M | -14.48M | -40.15M | -12.65M | -25.01M | -34.95M | -22.78M | -7.92M | -4.77M | -6.38M | -2.86M | -8.91M |
| CapEx % of Revenue | 0.24% | 0.23% | 0.3% | 0.26% | 0.19% | 0.17% | 0.99% | 0.72% | 0.63% | 0.58% | 0.88% | 0.75% | 0.41% | 0.27% | 0.14% | 0.39% | 0.15% | 0.32% | 0.45% | 0.33% | 0.12% | 0.08% | 0.12% | 0.07% | 0.24% |
| Acquisitions | -86.99M | -83.67M | -43.68M | 0 | 0 | -907.09M | -5.56M | -9.43M | -1.07B | -526.66M | -414.8M | 37.3M | -384.87M | -24.68M | -1.59M | -59.32M | -9.57M | -16.12M | -28.02M | -106.78M | -21.32M | -4.77M | -44.53M | -1.52M | -47.17M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -808K | 4.78M | 24.95M | -6.4M | 1.54M | 9.64M | -5.97M | 13K | -2.85M | 2.26M | 85.9M | -54.97M | -8.34M | 7.01M | 4.27M | -20.82M | 31.44M | -15.71M | -3.41M | -9.86M | -8.14M | -2.08M | -2M | 1.31M | -4.5M |
| Cash from Financing | -38.17M | -32.87M | -953.1M | -785.88M | -275.59M | -392.62M | -291.7M | -631.7M | 1B | 638.65M | 180.15M | -355.07M | 701.92M | -8.37M | -137.49M | -114.44M | 93.85M | -183.32M | 20.42M | 309.26M | 58.63M | -13.6M | 56.82M | 19.93M | -7.35M |
| Debt Issued (Net) | 637.85M | 707.1M | -176.55M | -25.14M | -32.14M | -149.45M | -254.09M | -521.38M | 1.13B | 680.56M | 215.33M | -245.25M | 678.76M | -5.16M | -132.98M | -139.84M | 68.06M | -201.87M | 14.71M | 300.79M | 41.4M | -21.51M | -7.05M | 14.61M | -3.13M |
| Equity Issued (Net) | -524.39M | -593.59M | -624.6M | -630.74M | -127.84M | 2.87M | -5.68M | -17.73M | -67.48M | -5.63M | -8.43M | -12.61M | 2.33M | 2.75M | -548K | 988K | 15.88M | 12.42M | 3.89M | 6.33M | 11.21M | 9.05M | 60.96M | 5.31M | 1.08M |
| Dividends Paid | -149.53M | -146.38M | -138.08M | -130.37M | -114.95M | -50.27M | -20.78M | -76.61M | -59.72M | -41.81M | -33.72M | -22.59M | -4.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.13M | 0 | 0 | 0 |
| Share Repurchases | -567.32M | -627.21M | -636.6M | -639.59M | -136.08M | -9.92M | -18.59M | -23.09M | -72.4M | -9.87M | -15.97M | -18.56M | -5.27M | -1.88M | -7.78M | -1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.1M | 0 | -13.87M | 375K | -665K | -195.76M | -11.15M | -15.98M | -914K | 5.55M | 6.97M | -74.63M | 25.77M | -5.96M | -3.96M | 24.41M | 9.9M | 6.13M | 1.81M | 2.15M | 6.02M | 0 | 2.91M | 0 | -5.3M |
| Net Change in Cash | 327.08M | 1.38B | 25.6M | 510.92M | -472.06M | -573.96M | 1.34B | -230.88M | -94.71M | 169.57M | 44.65M | 155.93M | 28.52M | -12.08M | 96.13M | -20.47M | 28.63M | 3.38M | 18.21M | 14.99M | 14.24M | -15.09M | 6.65M | 6.58M | -227K |
| Free Cash Flow | 374.56M | 1.39B | 1.04B | 1.26B | -166.65M | 754.89M | 1.64B | 412.5M | -24.6M | 79.22M | 203.72M | 543.5M | -292.15M | 6.74M | 228.31M | 179M | -78.55M | 237.03M | 17.64M | -175.44M | -26.86M | 2.5M | -6.2M | -15.61M | 60.42M |
| FCF Margin % | 0.54% | 2.22% | 1.78% | 2.18% | -0.27% | 2.39% | 8.19% | 2.16% | -0.12% | 0.47% | 1.45% | 4.07% | -2.11% | 0.06% | 2.22% | 1.72% | -0.91% | 3.07% | 0.23% | -2.5% | -0.42% | 0.04% | -0.12% | -0.38% | 1.6% |
| FCF Growth % | -38.08% | 33.26% | -17.08% | 854.48% | -122.08% | -53.87% | 296.71% | 1776.88% | -131.05% | -61.11% | -62.52% | 286.04% | -4433.27% | -97.05% | 27.55% | 327.87% | -133.14% | 1243.7% | 110.05% | -553.3% | -1172.06% | 140.38% | 60.26% | -125.84% | - |
| FCF per Share | 4.68 | 16.86 | 12.14 | 13.54 | -1.74 | 12.04 | 31.94 | 8.10 | -0.59 | 1.99 | 5.15 | 13.81 | -7.52 | 0.18 | 6.02 | 4.86 | -2.20 | 6.97 | 0.53 | -5.37 | -0.84 | 0.08 | -0.21 | -0.64 | 2.50 |
| FCF Conversion (FCF/Net Income) | 0.33x | 1.85x | 1.77x | 2.24x | -0.08x | 2.05x | 3.47x | 1.10x | 0.34x | 0.59x | 1.39x | 3.09x | -1.30x | 0.23x | 1.60x | 1.46x | -0.52x | 2.92x | 0.63x | -2.42x | -0.37x | 0.14x | 0.00x | -0.42x | 2.47x |
| Interest Paid | 0 | 0 | 358.83M | 318.24M | 220.76M | 116.98M | 120.9M | 156.26M | 88.64M | 36.78M | 21.94M | 19.37M | 15.44M | 8.39M | 14.66M | 15.76M | 13.53M | 18.01M | 9.64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 240.93M | 282.51M | 178.03M | 173.55M | 179.71M | 236.49M | 144.71M | 136.81M | 101.95M | 140.96M | 87.16M | 88.31M | 70.94M | 66.36M | 56.22M | 44.41M | 44.49M | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, TD Synnex's OCF/NI ratio has fluctuated wildly, reaching a negative 0.37 in 2026Q2 compared to a 5.88 peak in 2025Q4, which suggests that reported net income is a poor proxy for the company's actual cash-generating capacity in any given quarter.
The significant divergence between net income and operating cash flow highlights the heavy reliance on accrual-based accounting and timing differences in inventory procurement. Investors should monitor whether this volatility is a structural feature of the distribution model or a temporary byproduct of aggressive inventory management strategies.
Based on the provided cash flow data, free cash flow margins have swung from a positive 8.2% in 2025Q4 to a negative 1.7% in 2026Q2, indicating that the company's ability to retain cash is highly sensitive to the timing of large-scale hardware procurement cycles.
The erratic FCF trajectory suggests that TD Synnex struggles to maintain consistent cash conversion during periods of rapid revenue growth. This pattern implies that the company's cash flow profile is inherently tied to the hardware refresh cycles of its primary vendors rather than steady-state operational efficiency.
According to the quarterly cash flow tables, working capital changes have been the primary driver of cash flow variance, with a massive $1.3 billion outflow in 2026Q1 followed by a $1.1 billion inflow in 2025Q4, highlighting the extreme sensitivity of the balance sheet to inventory timing.
These massive swings in working capital suggest that the company acts as a shock absorber for the IT supply chain, absorbing inventory risk to maintain vendor relationships. Such dynamics warrant further investigation into whether these fluctuations are sustainable or if they risk straining liquidity during periods of market contraction.
Based on reported figures, TD Synnex consistently returned cash to shareholders through dividends and buybacks, totaling over $150 million in 2026Q2 alone, even during quarters where free cash flow was negative, which suggests a management commitment to capital return that may outpace internal cash generation.
The decision to maintain buybacks and dividends despite negative FCF in recent periods implies a high degree of confidence in the company's access to credit facilities. However, this strategy may limit the company's flexibility to reinvest in higher-margin service capabilities if the core distribution business faces a prolonged downturn.
Quick answers to the most common questions about buying SNX stock.
TD Synnex Corp (SNX) generated $1.53B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TD Synnex Corp (SNX) generated $1.39B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TD Synnex Corp (SNX) spent $142.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TD Synnex Corp (SNX) returned $146.4M to shareholders via cash dividends and spent $627.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.