What changed in this filing

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Item 1. Business

2026-01-27 compared with 2025-01-24 · 80 added, 76 removed, 233 unchanged (40% of the section changed)

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We aggregate and distribute IT hardware, software, and systems including personal computing devices and peripherals, mobile phones and accessories, printers, server and datacenter infrastructure, hybrid cloud, security, networking, communications and storage solutions, and system components.

We also design and deliver purpose-built server, storage and networking solutions for the hyperscale infrastructure market.

We also design and deliver purpose-built server, storage and networking solutions for the hyperscale computing infrastructure market.

We operate in three reportable segments based on our geographic regions:

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We later reincorporated in the State of Delaware under the name of SYNNEX Corporation in October 2003.

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").

The Merger was completed on September 1, 2021.

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").

On October 22, 2021, as a result of the Merger we filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company’s Restated Certificate of Incorporation to change our corporate name from SYNNEX Corporation to TD SYNNEX Corporation, effective November 3, 2021.

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Our vision for the future is to be the vital solutions aggregator and orchestrator that connects the IT ecosystem.

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.

• Expand our global footprint and enhance the operational excellence of our businesses around the world.

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.

• Diversify our offerings within our end-to-end portfolio of products, services and solutions, including providing design, manufacturing and supply chain services to hyperscale computing infrastructure customers.

• Expand and attach our services capabilities to meet our customers’ evolving needs, also enabling us to engage earlier in the customer lifecycle, support more complex deployments, drive renewals and deepen our relationships with our customers.

Our Products and Suppliers

We offer a comprehensive catalog of more than 200,000 technology products (as measured by active SKU's) from approximately 2,500 original equipment manufacturers (“OEM”), suppliers of traditional technologies such as personal computing devices, mobile phones and accessories, and strategic technologies such as cloud, security, data analytics, AI and hyperscale infrastructure.

We offer a comprehensive catalog of more than 200,000 technology products (as measured by active SKU's) from approximately 2,500 OEMs, including personal computing devices, mobile phones and accessories, and strategic technologies such as cloud, security, data analytics, AI and hyperscale computing infrastructure.

This enables us to offer comprehensive solutions to our reseller and retail customers.

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Advanced Solutions Portfolio:

• Our Advanced Solutions portfolio primarily includes data center technologies such as hybrid cloud, security, storage, networking, servers, software, converged and hyper-converged infrastructure and hyperscale infrastructure, via our Hyve business.

Our suppliers include leading IT systems, system components and peripherals, software, communications and security equipment, and networking equipment manufacturers.

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We provide our vendors with access to large and highly fragmented markets such as small- and medium-sized businesses (“SMB”) and serve as a variable, cost effective route to market for our vendors by providing them with access to resellers and end-users.

Our primary OEM suppliers include Apple, Inc., Cisco Systems, Inc., Dell, Inc., Hewlett-Packard Enterprise Company, HP Inc., International Business Machines Corporation, Lenovo Group Ltd., Microsoft Corporation, and Samsung Electronics Co., Ltd.

The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):

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Our products are marketed globally to an active reseller base of more than 150,000 customers.

Our reseller customers include value-added resellers (“VARs”), corporate resellers, government resellers, system integrators, direct marketers, retailers and managed service providers (“MSPs”).

Our reseller customers include value-added resellers (“VARs”), independent software vendors ("ISVs"), corporate resellers, government resellers, system integrators, direct marketers, retailers and managed service providers (“MSPs”).

Resellers are classified primarily by their end-user customers.

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Our Services and Solutions

We offer a variety of business process services to our customers.

These services can be purchased individually or in combination with others in the form of supply chain solutions and aftermarket product support.

We have sophisticated pick, pack and ship operations, which allows us to efficiently receive shipments from our OEM suppliers and quickly fill orders for our reseller and retail customers.

We generally stock or otherwise have access to the inventory of our OEM suppliers to satisfy the demands of our reseller and retail customers.

Our service offerings include the following:

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Our depot repair services cover the full spectrum of products so OEMs can provide their customers comprehensive repair services without needing to dedicate their own resources to the task.

Field Services.

We provide field services that are purposefully built to support today's increasingly complex technology environments.

Backed by deep technical expertise, powerful infrastructure and a robust partner network, our pre-deployment, deployment and post-deployment services are specialized to support a wide array of OEM brands.

Our multi-platform-trained technicians are dispatched to customer sites to install and service products, helping ensure the success of their technology investments.

Customer Management Services.

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These images and other warehouse and shipping data are available online to our customer service representatives, enabling us to quickly respond to order inquiries by our customers.

We operate our principal systems design and integration solutions facilities in the United States with additional locations in the United Kingdom and China.

We operate our principal systems design and integration solutions facilities in the United States with additional locations in Taiwan, the United Kingdom and China.

We generally design and integrate IT systems, data center servers and networking solutions and IT appliances, by incorporating system components either purchased directly from vendors, obtained from our distribution inventory or through a customer-owned procurement model.

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Our operating results are affected by the seasonality of the IT products industry.

We have historically experienced slightly higher sales in our first and fourth fiscal quarters due to patterns in capital budgeting, federal government spending and purchasing cycles of our customers and end-users.

We have historically experienced slightly higher sales in our fourth fiscal quarter due to patterns in capital budgeting, federal government spending and purchasing cycles of our customers and end-users.

These historical patterns may not be repeated in subsequent periods.

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We compete with a variety of regional, national and international IT product distributors and manufacturers.

We compete against several distributors in the Americas market, including Arrow Electronics, Inc.

(“Arrow”), Ingram Micro, Inc.

and ScanSource, Inc.

and regional distributors.

The competitive environment in Europe is more fragmented with market share spread among several regional and local competitors such as ALSO Holding and Esprinet, as well as international distributors such as Ingram Micro, Inc., Westcon-Comstor and Arrow.

The competitive environment in APJ is fragmented with market share spread among international distributors such as Ingram Micro, Inc.

and Westcon-Comstor as well as several regional distributors such as VSTECS Holdings Ltd.

We compete against several international distributors, including Ingram Micro Holding Corporation, Arrow Electronics, Inc.

and Westcon-Comstor, as well as regional distributors including ScanSource, Inc., ALSO Holding, Esprinet, VSTECS Holdings Ltd.

and Synnex Technology International Corp.

(a separate entity from the Company).

We also face competition from our OEM suppliers that sell directly to resellers, retailers and end-users.

(a separate and unrelated entity from the Company).

The distribution industry has historically undergone, and continues to undergo, consolidation.

We have participated in this consolidation and expect to continue to assess opportunities.

We also compete against companies who participate within the hyperscale computing infrastructure market including Jabil Inc., Celestica, Flex Ltd., Quanta Computer Inc.

and Wiwynn Corporation.

As we enter new business areas, we may encounter increased competition from our current competitors and/or new competitors.

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Human Capital Resources

As of November 30, 2024, we had over 23,000 full-time co-workers.

As of November 30, 2025, we had approximately 24,000 full-time co-workers.

Given the variability in our business and the quick response time required by customers, it is critical that we are able to rapidly ramp-up and ramp-down our operational capabilities to maximize efficiency.

As a result, we use temporary or contract workers, who totaled approximately 6,000 as of November 30, 2025, on a full-time equivalent basis.

Certain of our co-workers in various countries outside of the United States are subject to laws providing representation rights to co-workers through workers' councils.

Certain of our co-workers in various countries outside of the Unit ed States are subject to laws providing representation rights to co-workers through workers' councils.

We are committed to fostering a diverse and inclusive workplace that attracts and retains exceptional talent.

Through ongoing co-worker development, comprehensive compensation and benefits, and a focus on health, safety and co-worker well-being, we strive to help our co-workers in all aspects of their lives so they can do their best work.

Diversity, Equity and Inclusion

We are committed to being unconditionally inclusive to capture the ideas and perspectives that fuel innovation and enable our workforce, customers, and communities to succeed in the digital age.

We accomplish this through a focus on our core values of inclusion, integrity, collaboration, and excellence, and we strive to create an inclusive and welcoming environment where people can bring their authentic selves to work.

Our commitment to diversity and inclusion starts at the top with a highly skilled and diverse Board of Directors.

Women represent 40% of our Board of Directors including our chair of the board, 28% of our leadership at the employee director level and above, and 43% of our total co-worker base.

Additionally, 60% of our Board of Directors is ethnically diverse or gender diverse.

We are committed to increasing diversity in our workforce.

We aim to increase representation of people who identify as women to 50% of our co-worker base and 40% of our leadership roles by 2030, in addition to increasing representation of underrepresented groups in 2025.

Fostering Connection

We are committed to capturing the ideas and perspectives that fuel innovation and enable our workforce, customers, and communities to succeed in the digital age.

We accomplish this through a focus on our global values:

Together We… Dare to Go, Grow and Win, Own It and Do the Right Thing.

Our commitment to diversity and inclusion starts at the top with a highly skilled and diverse Board of Directors, complemented by our diverse management team.

The company invests in co-workers and communities, creating an equal opportunity to succeed.

Our refreshed values reflect a commitment to taking responsibility, supporting continuous learning and leading with integrity.

Pay Equity or Total Rewards

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We also review our compensation practices, both in terms of our overall workforce and individual co-workers, to ensure our pay is fair and equitable.

Our practice includes reviewing the compensation of co-workers to ensure consistent pay practices by conducting a pay equity analysis annually comparing co-workers in the same role within a country or location.

As we move forward, we aim to improve our pay equity position across the globe through our compensation and benefits programs, as well as promotion practices, to ensure fairness for all co-workers.

Our practice includes reviewing the compensation of co-workers to ensure consistent pay practices by conducting a pay equity analysis annually comparing co-workers performing substantially similar work within a country or location.

As we move forward, we aim to improve our pay equity position across the globe to ensure fairness for all co-workers.

Each year we will assess our progress and make adjustments to improve our pay equity position.

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Training and Development

Human capital development underpins our efforts to execute our strategy and continue to distribute, design, integrate and market innovative products and services.

We continually invest in our co-workers' career growth and provide co-workers with a wide range of development opportunities, including face-to-face, virtual, social and self-directed learning, mentoring, coaching, and external development.

Human capital development drives our strategy at TD SYNNEX.

We invest in co-workers’ growth by offering diverse learning opportunities, including in-person, virtual, social, self-directed, mentoring, coaching and external programs.

In fiscal year 2025, we established the role of Chief Learning and Belonging Officer.

Our mission is to systematically build capability at TD SYNNEX, equipping co-workers to adapt their skills, tools and mindsets for the evolving workplace.

In fiscal year 2025, we launched TD SYNNEX Learning Labs, prioritized high-growth skills and began our AI enablement transformation.

Most notably, every people leader was invited to leverage a professional human coach as part of a new experiential learning journey aligned with our evolved servant leadership values.

Health, Safety and Wellness

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Throughout the year, we encourage healthy behaviors through regular communications, educational sessions, voluntary progress tracking, wellness challenges, and other incentives.

Environmental

We remain focused on protecting our planet and reducing our global carbon footprint.

In support of this, TD SYNNEX had previously committed to the Science Based Targets Initiative ("SBTi") Business Ambition Pledge with the goal to achieve net-zero greenhouse gas ("GHG") emissions by 2045.

In support of that commitment, in fiscal year 2023, we submitted near-term and long-term emissions-reduction targets to SBTi for validation.

SBTi approved these targets during fiscal year 2024.

We are committed to embedding a culture of sustainability across our organization, increasing our sustainability initiatives and supporting our customers and vendors.

We engage in and continue to explore a range of sustainability projects that support our decarbonization journey such as renewables, energy conservation measures, environmental management systems and waste minimization projects.

We have a Corporate Citizenship Steering Committee in place to help drive our strategy around these efforts in addition to multiple working groups that focus on areas such as the Circular Economy and Sustainable Transportation & Logistics.

Additional human capital and environmental information was included in our fiscal year 2023 Corporate Citizenship Report which is available on our website.

Driving Sustainable Transformation

As a leading IT distributor, we recognize that our unique position at the center of the global technology ecosystem connects us to more than 150,000 reseller customers with more than 2,500 best-in-class technology vendors.

This enables us to identify opportunities for innovation, sustainable practices and positive outcomes up and down the value chain.

We utilize a robust Corporate Citizenship framework designed to deliver long-term value for our stakeholders.

In fiscal year 2025 we continued to advance our goals of expanding the circular economy, embedding a culture of sustainability, sharing our sustainability insights and achieving net-zero greenhouse gas emissions (“GHGs”) in our global operations by 2045.

Additional human capital and sustainability information was included in our fiscal year 2024 Corporate Citizenship Report which is available on our website.

Information contained in our Corporate Citizenship Report and website is not deemed part of this Annual Report on Form 10-K.

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Patrick Zammit 59 Chief Executive Officer

Marshall Witt 59 Chief Financial Officer

Dennis Polk 58 Hyve Solutions Executive

David Vetter 65 Chief Legal Officer

Simon Leung 59 Chief Business Officer

David Jordan 38 Chief Financial Officer

Alim Dhanji 48 Chief Human Resources Officer

John Henry 51 Chief Accounting Officer

Miriam Murphy 56 President, Europe

Dennis Polk 59 Chair, Hyve Solutions

Reyna Thompson 56 President, North America

David Vetter 66 Chief Legal Officer

Patrick Zammit is our Chief Executive Officer .

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Zammit was employed by Arthur Andersen from 1989 to 1993.

Zammit holds a Masters in Business Administration equivalent from Paris Business School ESLSCA.

Marshall Witt is our Chief Financial Officer and has served in this capacity since April 2013.

Zammit holds a Master's in Business Administration equivalent from Paris Business School ESLSCA.

David Jordan is our Chief Financial Officer .

Jordan previously served as our Senior Vice President, Chief Financial Officer, Americas from September 2021, as well as our head of Investor Relations from June 2024, until his appointment as our Chief Financial Officer effective October 2, 2025.

Prior to those roles he served in a variety of leadership roles across Finance and Corporate Strategy since joining Tech Data in 2014.

Prior to joining Tech Data, he was employed by Ernst & Young as an auditor from 2012 to 2014.

Jordan holds a Master's degree in Accounting from the University of Florida.

Alim Dhanji is our Chief Human Resources Officer, a role he has served since joining TD SYNNEX in June 2024, and our Executive Vice President, Corporate Affairs, a role he has served since August 2025.

Prior to joining TD SYNNEX, Mr.

Witt was Senior Vice President of Finance and Controller with FedEx Freight, Inc., a freight services company.

During his fifteen year tenure with FedEx Corporation (NYSE:

FDX), a multinational transportation, e-commerce and business services company, Mr.

Witt held progressive financial and operational roles.

Prior to FedEx Corporation, he held accounting and finance leadership positions including five years with KPMG LLP, a professional services firm, as an audit manager for banking and transportation clients.

Witt holds a Bachelor of Business Administration in Finance from Pacific Lutheran University and a Masters in Accounting from Seattle University and is a Certified Public Accountant.

Dennis Polk has served as a member of our Board of Directors since February 2012 and as our Hyve Solutions Executive since September 2021.

Dhanji most recently served as Chief People Officer and Executive Vice President at Equinox Group from January 2023 to June 2024.

Before joining Equinox Group he was employed at adidas, where he served as President of adidas Canada from January 2021 through January 2023, and prior to that role he served as Senior Vice President, Global Talent and Head of HR for Global Brands for adidas since November 2019.

Prior to joining adidas he held a variety of roles, including at Citi and KPMG.

Dhanji holds a Master's in Business Administration from Royal Roads University and completed the Advanced Management Program at Harvard Business School.

John Henry is our Chief Accounting Officer.

Henry joined Tech Data in 2015 as the Vice President of Corporate Accounting.

In November 2020, he was promoted to Senior Vice President, Chief Accounting Officer and, in conjunction with the Merger in September 2021, he assumed this role for TD SYNNEX.

Prior to joining Tech Data, Mr.

Henry served as a public accountant with both Arthur Andersen LLP and PricewaterhouseCoopers LLP, and as an accountant for DirecTV and AECOM (NYSE:

Henry is a Certified Public Accountant in the State of California and a graduate of California State University in Fresno with a degree in Accounting.

Miriam Murphy has served as our President, Europe since April 2024.

Murphy returned to TD SYNNEX in April 2024, following a two-year tenure as Chief Executive Officer, Europe at NTT Ltd, a systems integrator and managed services provider.

Prior to her role at NTT Ltd., Ms.

Murphy served for more than 20 years in senior Europe leadership roles since joining Avnet, Inc.'s Technology Solutions business in 1999, which was acquired by Tech Data in 2017.

Murphy holds a Master's equivalent in Supply Chain Management and Competitive Strategy from INSEAD.

Dennis Polk has served as a member of our Board of Directors since February 2012 and as our Chair, Hyve Solutions since September 2021.

Polk joined TD SYNNEX in 2002 and served as President and Chief Executive Officer of TD SYNNEX from March 2018 to September 2021.

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Polk was appointed as Executive Chair of the Board of Directors, and he served as Executive Chair until September 1, 2023.

Reyna Thompson has served as our President, North America since December 2024.

Prior to her current role, Ms.

Thompson held various positions in sales, vendor management and marketing since joining TD SYNNEX in 2002.

Prior to joining TD SYNNEX, Ms.

Thompson was employed as a Business Manager at Gates Arrow Electronics, Inc.

Thompson holds a Master's degree in Public Policy from Regent University, and is a graduate of Clemson University.

David Vetter is our Chief Legal Officer.

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Vetter is a member of the Florida Bar Association and holds Bachelor of Arts degrees in English and Economics from Bucknell University and a Juris Doctorate Degree from the University of Florida.

Simon Leung is our Chief Business Officer.

Prior to this role, Mr.

Leung served as Senior Vice President, General Counsel and Corporate Secretary for TD SYNNEX from May 2001 until the Merger in September 2021.

Leung joined TD SYNNEX in November 2000 as Corporate Counsel.

Prior to TD SYNNEX, Mr.

Leung was an attorney at the law firm of Paul, Hastings, Janofsky & Walker LLP.

Leung received a Bachelor of Arts degree from the University of California, Davis in International Relations and his Juris Doctor degree from the University of Minnesota Law School.

John Henry is our Chief Accounting Officer.

Henry joined Tech Data in 2015 as the Vice President of Corporate Accounting.

In November 2020, he was promoted to Senior Vice President, Chief Accounting Officer and, in conjunction with the Merger in September 2021, he assumed this role for TD SYNNEX.

Prior to joining Tech Data, Mr.

Henry served as a public accountant with both Arthur Andersen LLP and PricewaterhouseCoopers LLP, and as an accountant for DirecTV and AECOM (NYSE:

Henry is a Certified Public Accountant in the State of California and a graduate of California State University in Fresno with a degree in Accounting.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business