Revenue growth has accelerated to 37.7% in 2026Q3 ($21.6B) with operating income rising to $642.9M on 3.0% operating margin, yet gross margin compressed to 6.6% from 7.3% two quarters earlier, suggesting incremental AI-cycle volume is arriving with lower take rates and net margin of just 1.9% leaves little buffer against reversals.
TD Synnex Corp (SNX) annual income statement — 24-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 75.67B | 62.51B | 58.45B | 57.56B | 62.34B | 31.61B | 19.98B | 19.07B | 19.77B | 16.77B | 14.06B | 13.34B | 13.84B | 10.85B | 10.29B | 10.41B | 8.61B | 7.72B | 7.74B | 7B | 6.34B | 5.64B | 5.15B | 4.13B | 3.77B |
| Revenue Growth % | 24.11% | 6.94% | 1.56% | -7.68% | 97.2% | 58.25% | 4.76% | -3.53% | 17.87% | 19.27% | 5.42% | -3.62% | 27.61% | 5.44% | -1.19% | 20.85% | 11.59% | -0.23% | 10.46% | 10.41% | 12.46% | 9.52% | 24.82% | 9.51% | - |
| Cost of Goods Sold | 70.54B | 58.14B | 54.92B | 53.97B | 58.78B | 29.85B | 18.82B | 21.09B | 17.97B | 15.57B | 12.83B | 12.2B | 12.8B | 10.21B | 9.65B | 9.8B | 8.14B | 7.3B | 7.36B | 6.66B | 6.07B | 5.41B | 4.94B | 3.94B | 3.59B |
| COGS % of Revenue | - | 93.01% | 93.95% | 93.78% | 94.29% | 94.41% | 94.22% | 110.57% | 90.89% | 92.85% | 91.26% | 91.47% | 92.45% | 94.19% | 93.85% | 94.18% | 94.48% | 94.52% | 95.07% | 95.15% | 95.66% | 95.93% | 95.97% | 95.45% | 95.38% |
| Gross Profit | 5.14B | 4.37B | 3.54B | 3.58B | 3.56B | 1.77B | 1.15B | 2.67B | 1.8B | 1.47B | 1.23B | 1.14B | 1.04B | 630.51M | 632.11M | 605.83M | 475.33M | 423.03M | 413.15M | 339.62M | 275.58M | 229.81M | 207.73M | 187.72M | 173.9M |
| Gross Margin % | 6.79% | 6.99% | 6.05% | 6.22% | 5.71% | 5.59% | 5.78% | 14.01% | 9.11% | 8.79% | 8.74% | 8.53% | 7.55% | 5.81% | 6.15% | 5.82% | 5.52% | 5.48% | 5.34% | 4.85% | 4.34% | 4.07% | 4.03% | 4.55% | 4.62% |
| Gross Profit Growth % | - | 23.53% | -1.26% | 0.54% | 101.72% | 53.08% | -56.8% | 48.25% | 22.27% | 19.92% | 7.95% | 8.97% | 65.66% | -0.25% | 4.34% | 27.45% | 12.36% | 2.39% | 21.65% | 23.24% | 19.92% | 10.63% | 10.66% | 7.94% | - |
| Operating Expenses | 3.08B | 2.95B | 2.31B | 2.25B | 2.33B | 1.05B | 624.95M | 1.81B | 1.22B | 959.69M | 835.58M | 773.53M | 692.83M | 389.68M | 377.1M | 349.6M | 275.55M | 253.2M | 260.71M | 224.73M | 179.34M | 148.36M | 130.07M | 129.85M | 123.42M |
| OpEx % of Revenue | - | 4.71% | 3.95% | 3.92% | 3.73% | 3.32% | 3.13% | 9.49% | 6.15% | 5.72% | 5.94% | 5.8% | 5.01% | 3.59% | 3.67% | 3.36% | 3.2% | 3.28% | 3.37% | 3.21% | 2.83% | 2.63% | 2.53% | 3.15% | 3.28% |
| Selling, General & Admin | 3.08B | 2.95B | 2.31B | 2.25B | 2.33B | 1.05B | 624.95M | 1.81B | 1.22B | 959.69M | 835.58M | 773.53M | 692.83M | 389.68M | 377.1M | 349.6M | 275.55M | 253.2M | 260.71M | 224.73M | 179.34M | 148.36M | 130.07M | 129.85M | 123.42M |
| SG&A % of Revenue | - | 4.71% | 3.95% | 3.92% | 3.73% | 3.32% | 3.13% | 9.49% | 6.15% | 5.72% | 5.94% | 5.8% | 5.01% | 3.59% | 3.67% | 3.36% | 3.2% | 3.28% | 3.37% | 3.21% | 2.83% | 2.63% | 2.53% | 3.15% | 3.28% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 2.05B | 1.42B | 1.23B | 1.33B | 1.23B | 717.29M | 528.76M | 860.89M | 586.26M | 513.75M | 393.08M | 364.66M | 351.68M | 240.83M | 255.01M | 256.23M | 199.78M | 150.21M | 152.45M | 114.89M | 96.24M | 81.45M | 77.66M | 57.87M | 50.48M |
| Operating Margin % | 2.71% | 2.28% | 2.1% | 2.31% | 1.98% | 2.27% | 2.65% | 4.51% | 2.97% | 3.06% | 2.8% | 2.73% | 2.54% | 2.22% | 2.48% | 2.46% | 2.32% | 1.95% | 1.97% | 1.64% | 1.52% | 1.44% | 1.51% | 1.4% | 1.34% |
| Operating Income Growth % | - | 15.75% | -7.46% | 7.51% | 72.15% | 35.66% | -38.58% | 46.84% | 14.12% | 30.7% | 7.79% | 3.69% | 46.03% | -5.56% | -0.47% | 28.26% | 33% | -1.47% | 32.69% | 19.38% | 18.16% | 4.88% | 34.21% | 14.63% | - |
| EBITDA | 2.47B | 1.84B | 1.64B | 1.75B | 1.7B | 866.86M | 593.83M | 1.23B | 811.55M | 673.63M | 514.38M | 468.17M | 443.38M | 265.29M | 279.64M | 280.9M | 216.06M | 169.83M | 171.21M | 130.66M | 106.02M | 90.2M | 85.3M | 65.28M | 58.82M |
| EBITDA Margin % | 3.27% | 2.94% | 2.8% | 3.03% | 2.72% | 2.74% | 2.97% | 6.47% | 4.11% | 4.02% | 3.66% | 3.51% | 3.2% | 2.45% | 2.72% | 2.7% | 2.51% | 2.2% | 2.21% | 1.87% | 1.67% | 1.6% | 1.66% | 1.58% | 1.56% |
| EBITDA Growth % | 39.89% | 12.24% | -6.29% | 2.81% | 95.9% | 45.98% | -51.84% | 51.93% | 20.47% | 30.96% | 9.87% | 5.59% | 67.13% | -5.13% | -0.45% | 30.01% | 27.22% | -0.81% | 31.04% | 23.23% | 17.54% | 5.74% | 30.68% | 10.98% | - |
| D&A (Non-Cash Add-back) | 421.27M | 414.22M | 407.53M | 418.31M | 463.37M | 149.56M | 65.07M | 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 | 8.75M | 7.64M | 7.41M | 8.34M |
| EBIT | 2.1B | 1.41B | 1.2B | 1.1B | 1.03B | 582.33M | 480.08M | 832.66M | 543.73M | 510.34M | 385.76M | 355.13M | 312.3M | 255.17M | 264.17M | 255.22M | 200.7M | 152.69M | 144.02M | 113.54M | 96.81M | 80.5M | 76.76M | 57.87M | 50.48M |
| Net Interest Income | -387.37M | -356.61M | -329.78M | -306.96M | -197.94M | -115.85M | -43.94M | -154.96M | -87.15M | -43.59M | -27.56M | -26.3M | -25.19M | -17.11M | -22.93M | -25.5M | -17.11M | -18.03M | -14.43M | -14.87M | -16.66M | -17.04M | -7.96M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 387.37M | 356.61M | 329.78M | 306.96M | 197.94M | 115.85M | 43.94M | 154.96M | 87.15M | 45.6M | 29.69M | 27.93M | 28.02M | 17.11M | 27.62M | 25.5M | 17.11M | 18.03M | 14.43M | 14.87M | 16.66M | 17.04M | 7.96M | 0 | 0 |
| Other Income/Expense | -334.79M | -364.85M | -362.52M | -538.1M | -407.7M | -250.81M | -92.61M | -183.18M | -129.69M | -49.02M | -37.02M | -37.47M | -67.39M | -2.78M | -18.46M | -26.51M | -16.19M | -15.55M | -22.86M | -16.23M | -16.09M | -17.99M | -8.86M | -10.73M | -5.63M |
| Pretax Income | 1.72B | 1.06B | 866.03M | 789.51M | 827.13M | 466.49M | 436.15M | 473.29M | 456.58M | 463.1M | 356.06M | 327.19M | 284.28M | 238.05M | 236.55M | 229.72M | 183.59M | 134.65M | 123.55M | 98.67M | 80.15M | 63.46M | 69.81M | 47.13M | 44.85M |
| Pretax Margin % | 2.27% | 1.69% | 1.48% | 1.37% | 1.33% | 1.48% | 2.18% | 2.48% | 2.31% | 2.76% | 2.53% | 2.45% | 2.05% | 2.2% | 2.3% | 2.21% | 2.13% | 1.74% | 1.6% | 1.41% | 1.26% | 1.13% | 1.36% | 1.14% | 1.19% |
| Income Tax | 392.97M | 229.59M | 176.94M | 162.6M | 175.82M | 71.42M | 101.61M | 111.11M | 156.6M | 162.86M | 121.06M | 118.59M | 104.13M | 85.73M | 84.05M | 79.17M | 66.91M | 49.03M | 45.7M | 35.17M | 28.32M | 23.91M | 23.09M | 17.36M | 16.84M |
| Effective Tax Rate % | 22.87% | 21.72% | 20.43% | 20.59% | 21.26% | 15.31% | 23.3% | 23.48% | 34.3% | 35.17% | 34% | 36.24% | 36.63% | 36.01% | 35.53% | 34.46% | 36.45% | 36.41% | 36.99% | 35.64% | 35.33% | 37.68% | 33.07% | 36.83% | 37.54% |
| Net Income | 1.33B | 827.66M | 689.09M | 626.91M | 651.31M | 395.07M | 529.16M | 500.71M | 299.98M | 300.24M | 234.95M | 208.53M | 180.03M | 152.24M | 151.38M | 150.33M | 127.95M | 89.67M | 83.8M | 63.13M | 51.38M | 52.83M | 50.88M | 30M | 28.03M |
| Net Margin % | 1.75% | 1.32% | 1.18% | 1.09% | 1.04% | 1.25% | 2.65% | 2.63% | 1.52% | 1.79% | 1.67% | 1.56% | 1.3% | 1.4% | 1.47% | 1.44% | 1.49% | 1.16% | 1.08% | 0.9% | 0.81% | 0.94% | 0.99% | 0.73% | 0.74% |
| Net Income Growth % | 71.26% | 20.11% | 9.92% | -3.75% | 64.86% | -25.34% | 5.68% | 66.91% | -0.09% | 27.79% | 12.67% | 15.83% | 18.26% | 0.57% | 0.7% | 17.49% | 42.69% | 7% | 32.74% | 22.85% | -2.73% | 3.83% | 69.61% | 7.01% | - |
| Net Income (Continuing) | 1.33B | 827.66M | 689.09M | 626.91M | 651.31M | 395.07M | 334.54M | 362.17M | 299.98M | 300.24M | 235M | 208.61M | 180.15M | 152.32M | 152.5M | 150.55M | 116.68M | 85.63M | 78.07M | 63.13M | 51.38M | 39.61M | 46.09M | 30M | 28.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 194.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 516K | 427K | 419K | 332K | 10.08M | 157K | 10.41M | 4.67M | 958K | 0 | 0 | 2.08M | 2.59M | 2.61M |
| EPS (Diluted) | 16.69 | 9.95 | 7.95 | 6.70 | 6.77 | 6.24 | 10.21 | 9.74 | 7.25 | 7.58 | 5.94 | 5.30 | 4.63 | 3.06 | 3.99 | 4.08 | 3.58 | 2.71 | 2.52 | 1.93 | 1.61 | 1.70 | 1.55 | 1.22 | 1.16 |
| EPS Growth % | 78.18% | 25.16% | 18.66% | -1.03% | 8.49% | -38.88% | 4.83% | 34.34% | -4.35% | 27.61% | 12.08% | 14.47% | 51.31% | -23.31% | -2.21% | 13.97% | 32.1% | 7.54% | 30.57% | 19.88% | -5.29% | 9.68% | 27.05% | 5.17% | - |
| EPS (Basic) | - | 10.08 | 7.99 | 6.72 | 6.79 | 6.28 | 10.28 | 9.79 | 7.29 | 7.61 | 5.98 | 5.34 | 4.68 | 4.13 | 4.14 | 4.20 | 3.68 | 2.82 | 2.65 | 2.04 | 1.73 | 1.85 | 1.74 | 1.36 | 1.27 |
| Diluted Shares Outstanding | 79.41M | 82.43M | 85.87M | 92.85M | 95.51M | 62.7M | 51.24M | 50.94M | 41.45M | 39.76M | 39.53M | 39.35M | 38.84M | 37.8M | 37.91M | 36.83M | 35.76M | 34.01M | 33.26M | 32.67M | 32.01M | 31.07M | 30.11M | 24.55M | 24.17M |
| Basic Shares Outstanding | 79.21M | 82.1M | 85.49M | 92.57M | 95.22M | 62.24M | 50.9M | 50.67M | 41.22M | 39.56M | 39.32M | 39.06M | 38.49M | 36.89M | 36.58M | 35.83M | 34.74M | 32.71M | 31.62M | 30.94M | 29.7M | 28.55M | 26.69M | 22.09M | 22.07M |
| Dividend Payout Ratio | - | 17.69% | 20.04% | 20.8% | 17.65% | 12.72% | 3.93% | 15.3% | 19.91% | 13.93% | 14.35% | 10.83% | 2.74% | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SNX stock.
For fiscal year 2025, TD Synnex Corp (SNX) reported total revenue of $62.51B. This represents a 1559.0% increase compared to $3.77B in 2002.
TD Synnex Corp (SNX) is profitable, generating $827.7M in net income for the fiscal year ending 2025 with a net profit margin of 1.3%.
TD Synnex Corp (SNX) reported an operating income of $1.42B, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
TD Synnex Corp (SNX) generated $4.37B in gross profit for the year, representing a gross profit margin of 7.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Growth built on razor-thin margins
Metrics are mathematically derived from official filings.
AI Cycle Accelerates Revenue Growth
Revenue growth has inflected sharply from a negative 0.8% in 2024Q2 to 37.7% in 2026Q3, with sequential quarterly revenue climbing from $13.9 billion to $21.6 billion, according to TD SYNNEX's reported income statements, suggesting the enterprise AI buildout is now a tangible volume driver.
The acceleration is striking in both magnitude and consistency: growth has stepped up in each of the last seven quarters, from 4.0% to 37.7%, which points to a genuine demand cycle rather than a single-quarter comparison effect. Given the low-margin distribution model, however, investors should judge whether this volume reflects mix shift toward Advanced Solutions or simply hardware pull-through; the maintained guidance range of $21.8-22.6 billion next quarter implies management expects deceleration toward a more normalized pace, which may indicate the peak growth rate is behind rather than ahead.
Gross Margin Compresses Despite Record Revenue
Gross margin peaked at 7.3% in 2026Q1 but has compressed to 6.6% in 2026Q3 even as quarterly revenue grew over 25%, based on reported financial statements, suggesting that incremental AI-cycle volume is arriving with lower take rates than the base business.
This pattern is consistent with hardware-heavy mix, where servers and endpoints carry structurally thinner gross margins than the software and services work the company has been trying to expand; the 70 basis point sequential decline more than offsets the benefit of scale. Compared with Arrow Electronics at 11.2% and Avnet at 10.4%, SNX's sub-7% gross margin confirms it operates closer to the pure-distribution end of the channel, meaning any structural margin expansion appears contingent on a durable cloud and software mix shift that current figures do not yet confirm.
Overhead Discipline Drives Operating Leverage
Operating income rose from $289.7 million in 2024Q4 to $642.9 million in 2026Q3 while SG&A grew only 27.7% over a comparable period, and operating margin has expanded from 1.8% to 3.0%, as reported in TD SYNNEX's quarterly filings, indicating meaningful positive operating leverage.
The key judgment is that this leverage appears execution-driven rather than structural: SG&A of $782.5 million in 2026Q3 actually declined sequentially from $820.1 million despite a $2.0 billion revenue increase, which suggests the company is harvesting integration synergies from the Tech Data combination and tighter cost control. If the recent cost discipline persists, each incremental dollar of the AI-driven volume should convert at a better rate than history implies, though the 3.0% operating margin remains thin enough that modest efficiency slippage could erase a meaningful share of the earnings growth.
COGS Dominates Cost Structure at 93% of Sales
Cost of goods sold consumed 92.9% of revenue in 2026Q3 ($20.1 billion versus $21.6 billion), leaving SG&A at just 3.6% of sales, according to TD SYNNEX's reported income statements, underscoring that vendor pricing and procurement costs, not operating overhead, set the earnings ceiling.
The absence of reported R&D spending is consistent with a distribution model, but it also implies that SNX has limited levers to defend margin against vendor renegotiation other than logistics efficiency and rebate programs. Management's expense discipline is visible in the declining SG&A trajectory from 4.4% of revenue in 2024Q3 to 3.6% in 2026Q3, yet with COGS at this scale, even a 50 basis point shift in vendor terms could materially outdo a full year of overhead savings, making vendor concentration and rebate structures the dominant variable in any earnings forecast.
Net Income Outpaces Revenue but Needs Verification
Net margin doubled from 1.0% in 2024Q2 to 1.9% in 2026Q3, with EPS growing 89.7% year-over-year to $5.18, per reported figures, though an apparent inconsistency between the recorded EPS actual of $5.68 and a $5.99 consensus estimate flagged alongside it warrants verification.
Stock-based compensation of $16.3 million is modest relative to $416.2 million of net income, suggesting reported earnings are not materially diluted by equity expense, and the doubling of net margin alongside revenue acceleration appears consistent with operating leverage rather than one-off items. Still, the flagged EPS discrepancy in the underlying record cannot be resolved from available data, and in a business where vendor rebates and price protections recorded against COGS can smooth results, investors should treat the earnings trajectory as directionally sound but require confirmation against filed statements before assuming the run-rate is sustainable.
Thin Margins Undermine the Growth Narrative
Despite 37.7% revenue growth and a record quarter, net margin of just 1.9% means an earnings miss or a modest gross-margin reversal could offset the entire annual EPS expansion, a risk highlighted by SNX's gross margin decline from 7.3% to 6.6% over just two quarters.
The strongest bear case is that this growth cycle may be the least profitable yet: if the AI-driven volume is hardware-led, gross margin could fall further toward the 2024 lows of 5.7-6.2%, and at operating margins near 2-3%, there is limited cushion to absorb any inventory obsolescence, freight inflation, or vendor term changes. Additionally, the dependence on a handful of large vendors and the possibility that the record quarter reflects non-comparable base effects rather than durable mix improvement mean the current multiple deserves skepticism until a full-year of cash flow confirms the earnings quality, particularly given the guidance midpoint implies growth deceleration in coming quarters.