What changed in this filing

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Item 1. Financial Statements

2026-04-02 compared with 2025-10-01 · 246 added, 242 removed, 527 unchanged (48% of the section changed)

3 unchanged sentences

(currency and share amounts in thousands, except par value)

August 31, 2025 November 30, 2024

February 28, 2026 November 30, 2025

Current assets:

23 unchanged sentences

Preferred stock, $ 0.001 par value, 5,000 shares authorized, no shares issued or outstanding

Common stock, $ 0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both August 31, 2025 and November 30, 2024

Common stock, $ 0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both February 28, 2026 and November 30, 2025

Additional paid-in capital 7,446,803 7,431,231

Treasury stock, 18,146 and 15,289 shares as of August 31, 2025 and November 30, 2024, respectively

Treasury stock, 19,200 and 18,912 shares as of February 28, 2026 and November 30, 2025, respectively

( 2,095,613 ) ( 2,038,528 )

8 unchanged sentences

(currency and share amounts in thousands, except per share amounts)

Three Months Ended Nine Months Ended

August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024

Three Months Ended

February 28, 2026 February 28, 2025

Revenue $ 17,161,198 $ 14,531,707

2 unchanged sentences

Selling, general and administrative expenses ( 762,786 ) ( 693,547 )

Acquisition, integration and restructuring costs ( 2,304 ) ( 656 ) ( 4,030 ) ( 70,190 )

Operating income 489,360 304,459

15 unchanged sentences

(currency in thousands)

Three Months Ended Nine Months Ended

August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024

Three Months Ended

February 28, 2026 February 28, 2025

Net income $ 326,915 $ 167,537

Other comprehensive income:

Unrealized losses on cash flow hedges during the period, net of tax benefit of $ 311 and $ 0 for the three months ended August 31, 2025 and 2024, respectively, and $ 311 and $ 0 for the nine months ended August 31, 2025 and 2024, respectively.

( 788 ) — ( 2,414 ) —

Reclassification of net losses on cash flow hedges to net income, net of tax benefit of $ 300 and $ 0 for the three months ended August 31, 2025 and 2024, respectively, and $ 306 and $ 0 for the nine months ended August 31, 2025 and 2024, respectively.

Other comprehensive income (loss):

Unrealized losses on cash flow hedges during the period, net of tax benefit of $ 107 and $ 0 for the three months ended February 28, 2026 and 2025, respectively.

( 509 ) ( 7 )

Total change in unrealized gains (losses) on cash flow hedges, net of taxes

Reclassification of net losses (gains) on cash flow hedges to net income, net of tax benefit of ($ 146 ) and ($ 3 ) for the three months ended February 28, 2026 and 2025, respectively.

1,059 ( 356 )

Foreign currency translation adjustments and other, net of tax benefit of $ 2,896 and $ 3,487 for the three months ended August 31, 2025 and 2024, respectively, and $ 15,699 and $ 2,829 for the nine months ended August 31, 2025 and 2024, respectively.

Net change in unrealized gains (losses) on cash flow hedges, net of taxes

Foreign currency translation adjustments and other, net of tax benefit (expense) of $ 3,649 and ($ 3,602 ) for the three months ended February 28, 2026 and 2025, respectively.

85,097 ( 41,125 )

Other comprehensive income 69,491 100,043 312,054 55,007

Other comprehensive income (loss) 85,647 ( 41,488 )

Comprehensive income $ 412,562 $ 126,049

4 unchanged sentences

(currency in thousands, except per share amounts)

Three Months Ended Nine Months Ended

August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024

Three Months Ended

February 28, 2026 February 28, 2025

Total Stockholders' equity, beginning balance $ 8,450,429 $ 8,035,434

18 unchanged sentences

Beginning balance ( 379,433 ) ( 645,117 )

Other comprehensive income 69,491 100,043 312,054 55,007

Other comprehensive income (loss) 85,647 ( 41,488 )

Ending balance ( 293,786 ) ( 686,605 )

6 unchanged sentences

(currency in thousands)

Nine Months Ended

August 31, 2025 August 31, 2024

Three Months Ended

February 28, 2026 February 28, 2025

Cash flows from operating activities:

Net income $ 326,915 $ 167,537

Adjustments to reconcile net income to net cash provided by operating activities:

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization 104,675 99,710

Share-based compensation 23,645 21,861

Gain on investments ( 22,354 ) —

Provision for doubtful accounts 6,833 6,366

6 unchanged sentences

Other operating assets and liabilities ( 102,526 ) 187,549

Net cash provided by operating activities 71,326 655,783

Net cash used in operating activities ( 895,866 ) ( 747,997 )

Cash flows from investing activities:

1 unchanged sentence

Acquisition of businesses, net of cash acquired ( 7,786 ) ( 3,793 )

Settlement of net investment hedges ( 347 ) ( 14,840 )

Proceeds from sale of investments in equity securities 29,854 —

Other ( 520 ) 786

6 unchanged sentences

Net borrowings on revolving credit loans 113,430 421,422

345,099 105,289

Principal payments on long-term debt ( 661 ) ( 627 )

Borrowings on long-term debt

Cash paid for debt issuance costs — ( 13,869 )

Net cash used in financing activities ( 185,964 ) ( 655,436 )

Other ( 1,737 ) —

Net cash provided by financing activities 7,587 288,596

Effect of exchange rate changes on cash and cash equivalents 27,046 ( 13,582 )

6 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

NOTE 1— ORGANIZATION AND BASIS OF PRESENTATION:

TD SYNNEX Corporation (together with its subsidiaries, herein referred to as "TD SYNNEX", "SYNNEX" or the “Company”) is a leading global distributor and solutions aggregator for the information technology ("IT") ecosystem, headquartered in Fremont, California and Clearwater, Florida and has operations in North and South America, Europe and Asia-Pacific and Japan.

The Company operates in three reportable segments based on its geographic regions:

the Americas, Europe and Asia-Pacific and Japan ("APJ").

TD SYNNEX Corporation (together with its subsidiaries, herein referred to as "TD SYNNEX" or the “Company”) is a leading global distributor, solutions aggregator, and original design and contract manufacturer that plays a central role in connecting the information technology ("IT") ecosystem.

The Company is headquartered in Fremont, California and Clearwater, Florida and has operations in North and South America, Europe and Asia-Pacific and Japan ("APJ").

The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and variable interest entities if the Company is the primary beneficiary.

1 unchanged sentence

The Company operates on a fiscal year that ends on November 30.

The accompanying interim unaudited Consolidated Financial Statements as of August 31, 2025 and for the three and nine months ended August 31, 2025 and 2024 have been prepared by the Company, without audit, in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC").

The accompanying interim unaudited Consolidated Financial Statements as of February 28, 2026 and for the three months ended February 28, 2026 and 2025 have been prepared by the Company, without audit, in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC").

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S.

10 unchanged sentences

Actual results could differ from the estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable, receivables from vendors and derivative instruments.

The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management.

Through August 31, 2025, the Company has not experienced any material credit losses on such deposits and derivative instruments.

Segment Reporting

During the first quarter of fiscal year 2026, the Company revised its reportable segments to align with how the Company’s Chief Operating Decision Maker (the "CODM") manages the business, assesses performance and allocates resources.

This change had no impact on the Company’s consolidated results of operations or financial position.

Prior period segment results have been recast to reflect the Company’s new reportable segments.

See Note 11 - Segment Information for further discussion of the Company's operating and reportable segments and the related accounting policies.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination, and when there is a change in the Company's reporting structure in a manner that changes the composition of one or more of its reporting units, goodwill is allocated to the reporting units using a relative fair value approach.

The Company tests for impairment annually as of September 1, or more frequently if events or changes in circumstances indicate that it may be impaired.

Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value.

The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows;

and other relevant entity-specific events and information.

The Company also has the option to bypass the qualitative assessment for any reporting unit in any period.

If the reporting unit does not pass or the Company chooses to bypass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value.

The fair values of the reporting units are estimated using market and discounted cash flow approaches.

The assumptions used in the market approach are based on the value of a business through an analysis of sales and other multiples of guideline companies and recent sales or offerings of a comparable entity.

The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors.

Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss.

During the first quarter of fiscal year 2026, the Company revised its operating segments and reportable segments as detailed in Note 11 - Segment Information.

The change in segment structure also resulted in a change to the Company’s reporting units, which align to the Company's operating segments.

The Company allocated goodwill to its new reporting units on a relative fair value basis, assessed goodwill before and after the change in reporting units, and concluded that no goodwill impairment existed.

See Note 6 - Balance Sheet Components for a summary of the impacts of this reallocation by reportable segment.

Concentration of Credit Risk

Through February 28, 2026, the Company has not experienced any material credit losses on such deposits and derivative instruments.

Accounts receivable include amounts due from customers.

4 unchanged sentences

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):

Three Months Ended Nine Months Ended

August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024

11 % 11 % 12 % 12 %

10 % N/A ( 1 )

_________________________

(1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented.

One customer accounted for 11 % of the Company's total revenue during both the three and nine months ended August 31, 2025.

One customer accounted for 13 % and 12 % of the Company's total revenue during the three and nine months ended August 31, 2024, respectively.

As of August 31, 2025 and November 30, 2024, no single customer comprised more than 10% of the consolidated accounts receivable balance.

Three Months Ended

February 28, 2026 February 28, 2025

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

No single customer accounted for more than 10% of the Company's total revenue during the three months ended February 28, 2026.

One customer accounted for 10 % of the Company's total revenue during the three months ended February 28, 2025.

As of February 28, 2026 and November 30, 2025, no single customer comprised more than 10% of the consolidated accounts receivable balance.

Accounts Receivable

7 unchanged sentences

In addition, certain of these programs also require that the Company continue to service, administer and collect the sold accounts receivable.

As of August 31, 2025 and November 30, 2024, accounts receivable sold to and held by the financial institutions under these programs were $ 1.5 billion and $ 1.2 billion, respectively.

As of February 28, 2026 and November 30, 2025, accounts receivable sold to and held by the financial institutions under these programs were $ 2.0 billion and $ 1.8 billion, respectively.

Discount fees related to the sale of trade accounts receivable under these facilities are included in “Interest expense and finance charges, net” in the Consolidated Statements of Operations.

Discount fees for these programs totaled $ 18.0 million and $ 43.5 million in the three and nine months ended August 31, 2025, respectively and $ 16.4 million and $ 49.0 million in the three and nine months ended August 31, 2024, respectively.

Discount fees for these programs totaled $ 20.8 million and $ 12.0 million in the three months ended February 28, 2026 and 2025, respectively.

The Company's operating results are affected by the seasonality of the IT products industry.

The Company has historically experienced slightly higher sales in the first and fourth fiscal quarters due to patterns in capital budgeting, federal government spending and purchasing cycles of its customers and end-users.

The Company has historically experienced slightly higher sales in the fourth fiscal quarter due to patterns in purchasing cycles of the Company's customers and end-users.

These historical patterns may not be repeated in subsequent periods.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Revenue Recognition

9 unchanged sentences

In relation to product support, supply chain management and other services performed by the Company, revenue is recognized over time as the services are performed.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue.

6 unchanged sentences

Shipping revenue is included in revenue when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of revenue.

The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue.

The Company disaggregates its revenue by reportable segment.

This disaggregation level appropriately depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Disaggregated revenue disclosure is presented in Note 11 – Segment Information.

Reclassifications

Certain reclassifications have been made to prior period amounts in the Consolidated Financial Statements to conform to the current period presentation.

These reclassifications did not have a material impact on previously reported amounts.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Certain reclassifications have been made to prior period amounts in the Consolidated Financial Statements to conform to the current period presentation, including revisions to our reportable segment disclosures (see Note 11 - Segment Information for further discussion).

Except for the revisions to our reportable segment information, no other reclassifications had a material impact on previously reported amounts.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued an accounting standards update, ASU 2023-07, which requires the following enhanced segment disclosures on an annual and interim basis:

(1) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, (2) other segment items by reportable segment and a description of its composition, and (3) the title of the chief operating decision maker, an explanation of how they use the reported measures of segment profit/loss in assessing segment performance and decide how to allocate resources, as well as clarifications if they use more than one measure of a segment’s profit or loss in assessing segment performance.

The amendments in ASU 2023-07 will first be applied in the Company's Annual Report on Form 10-K for the fiscal year ending November 30, 2025, and for subsequent interim periods.

The Company is currently evaluating the impact the new accounting standard will have on its segment reporting disclosures in the notes to the consolidated financial statements.

In December 2023, the FASB issued an accounting standards update, ASU 2023-09, which requires enhanced income tax disclosures.

1 unchanged sentence

ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations.

The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending November 30, 2026.

Early adoption is permitted and the amendments should be applied on a prospective basis.

The amendments in ASU 2023-09 will first be applied in the Company's Annual Report on Form 10-K for the fiscal year ending November 30, 2026.

The amendments should be applied on a prospective basis.

Retrospective application is permitted.

8 unchanged sentences

The Company is currently evaluating the impact the new accounting standard will have on its expense disclosures in the notes to the consolidated financial statements.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

In July 2025, the FASB issued an accounting standards update, ASU 2025-05, which creates a new optional practical expedient related to the estimation of future expected credit losses on accounts receivable.

4 unchanged sentences

The Company is currently evaluating the impact the new accounting standard could have on its estimates for future expected credit losses if the Company chooses to elect the optional practical expedient.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

In September 2025, the FASB issued an accounting standards update, ASU 2025-06, which amends guidance related to the accounting for internal-use software development costs.

7 unchanged sentences

The Company is currently evaluating the impact the new accounting standard will have on its policy for capitalization of development costs for software intended for internal use.

NOTE 3— ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS:

Acquisition, integration and restructuring costs during the nine months ended August 31, 2024 were primarily comprised of costs related to the Merger (as defined below).

There were no acquisition, integration and restructuring costs related to the Merger during the three and nine months ended August 31, 2025, and the three months ended August 31, 2024.

Acquisition, integration and restructuring costs related to the acquisition of Apptium (as defined below) were $ 1.3 million during the three and nine months ended August 31, 2025.

Other acquisition, integration and restructuring costs were $ 1.0 million and $ 2.8 million during the three and nine months ended August 31, 2025, respectively, and $ 0.7 million and $ 1.9 million during the three and nine months ended August 31, 2024, respectively.

Apptium Acquisition

On July 1, 2025, the Company completed the acquisition of Apptium Technologies, LLC and its subsidiaries ("Apptium"), a software development company and provider of a cloud commerce platform that represents a critical investment in the Company’s technology solutions orchestration strategy.

The Company acquired all of the outstanding shares of Apptium for a preliminary purchase price of approximately $ 111.8 million, subject to certain working capital and other adjustments.

The acquisition of Apptium was not material to the Company's results of operations or financial condition.

The financial results of Apptium have been included in the Company's Consolidated Financial Statements since the date of acquisition.

The purchase price allocation is preliminary and subject to customary closing adjustments and revision as additional information about the fair value of assets acquired and liabilities assumed becomes available.

Preliminarily, the Company recorded $ 74.9 million of goodwill and $ 36.3 million of intangible assets, primarily related to acquired technology.

On March 22, 2021, the Company 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").

On September 1, 2021, pursuant to the terms of the Merger Agreement, the Company acquired all the outstanding shares of common stock of Tiger Parent (AP) Corporation, the parent corporation of Tech Data, for consideration of $ 1.6 billion in cash ($ 1.1 billion in cash after giving effect to a $ 500.0 million equity contribution by Tiger Parent Holdings, L.P., Tiger Parent (AP) Corporation's sole stockholder and an affiliate of Apollo Global Management, Inc., to Tiger Parent (AP) Corporation prior to the effective time of the Merger) and 44 million shares of common stock of SYNNEX valued at approximately $ 5.6 billion.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

The Company completed the acquisition, integration and restructuring activities related to the Merger during the first half of fiscal year 2024.

The Company previously incurred acquisition, integration and restructuring costs related to the completion of the Merger, including professional services costs, personnel and other costs, and long-lived assets charges and termination fees.

Professional services costs are primarily comprised of IT and other consulting services, as well as legal expenses.

Personnel and other costs are primarily comprised of costs related to retention and other bonuses, severance and duplicative labor costs.

Long-lived assets charges and termination fees during the nine months ended August 31, 2024 include accelerated depreciation and amortization expense of $ 5.5 million due to changes in asset useful lives in conjunction with the consolidation of certain IT systems, along with $ 17.0 million for termination fees related to certain IT systems.

In July 2023, the Company offered a voluntary severance program ("VSP") to certain co-workers in the U.S.

as part of the Company's cost optimization efforts related to the Merger.

During the nine months ended August 31, 2024, the Company incurred $ 10.1 million of costs in connection with the VSP including $ 8.0 million of severance costs and $ 2.1 million of duplicative labor costs.

During the nine months ended August 31, 2024, acquisition and integration expenses related to the Merger were composed of the following:

Nine Months Ended

August 31, 2024

(currency in thousands)

Professional services costs $ 16,456

Personnel and other costs 15,279

Long-lived assets charges and termination fees 22,533

Voluntary severance program costs

Total $ 64,381

In November 2025, the FASB issued an accounting standards update, ASU 2025-09, which makes certain targeted improvements to simplify the application of the hedge accounting guidance and to address several incremental hedge accounting issues arising from the global reference rate reform initiative.

Among other amendments, these improvements include expanding the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge and clarifying the circumstance under which a group of individual forecasted transactions can be considered to have a similar risk exposure.

The amendments in ASU 2025-09 are effective for annual periods beginning after December 15, 2026, and interim periods within those annual reporting periods, which for the Company would be the fiscal first quarter ending February 29, 2028.

Early adoption is permitted and the amendments should be applied on a prospective basis for all hedging relationships.

The Company is currently evaluating the impact the new accounting standard could have on its hedge accounting policies.

NOTE 3— SHARE-BASED COMPENSATION:

Overview of Stock Incentive Plans

The Company recognizes share-based compensation expense for all share-based awards made to employees and outside directors, including employee stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance-based RSUs ("PRSUs") and employee stock purchase rights, based on estimated fair values.

The following tables summarize the Company's share-based awards activity for stock incentive plans during the nine months ended August 31, 2025.

The Company recognizes share-based compensation expense for all share-based awards made to employees and outside directors, including employee stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance-based RSUs ("PSUs") and employee stock purchase rights, based on estimated fair values.

The following tables summarize the Company's share-based awards activity for stock incentive plans during the three months ended February 28, 2026.

A summary of the changes in the Company's stock options is set forth below:

(shares in thousands)

Stock options

(shares in thousands) Stock options

Balances as of November 30, 2025

Exercised ( 123 )

Balances as of August 31, 2025

Balances as of February 28, 2026

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

A summary of the changes in the Company's non-vested RSAs and RSUs is presented below:

(shares in thousands)

RSAs and RSUs

(shares in thousands) RSAs and RSUs

Non-vested as of November 30, 2025

1 unchanged sentence

Attainment adjustments (1)

Non-vested as of August 31, 2025

Non-vested as of February 28, 2026

__________________

(1) During the nine months ended August 31, 2025, the attainment on PRSUs vested was adjusted to reflect actual performance.

The Company recorded $ 12.4 million and $ 46.2 million of share-based compensation expense during the three and nine months ended August 31, 2025, respectively and $ 16.2 million and $ 47.1 million during the three and nine months ended August 31, 2024, respectively within "Selling, general and administrative expenses" in the Consolidated Statements of Operations for stock incentive plans.

(1) During the three months ended February 28, 2026, the attainment on PSUs vested was adjusted to reflect actual performance.

The Company recorded $ 23.6 million and $ 21.9 million of share-based compensation expense during the three months ended February 28, 2026 and 2025, respectively within "Selling, general and administrative expenses" in the Consolidated Statements of Operations for stock incentive plans.

NOTE 4— STOCKHOLDERS' EQUITY:

Share Repurchase Program

In January 2023, the Board of Directors authorized a three-year $ 1.0 billion share repurchase program.

In March 2024, the Board of Directors authorized a $ 2.0 billion share repurchase program (the "March 2024 share repurchase program"), supplementing the $ 196.7 million remaining authorization under the prior program, pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The March 2024 share repurchase program does not have an expiration date.

As of August 31, 2025, the Company had $ 1.4 billion available for future repurchases of its common stock under the March 2024 share repurchase program.

The Company's common share repurchase activity for the nine months ended August 31, 2025 is summarized as follows:

(shares in thousands, except per share amounts)

Shares Weighted-average price per share

In March 2024, the Board of Directors authorized a $ 2.0 billion share repurchase program (the "share repurchase program") pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The share repurchase program does not have an expiration date.

As of February 28, 2026, the Company had $ 1.1 billion available for future repurchases of its common stock under the share repurchase program.

The Company's treasury stock activity during the three months ended February 28, 2026, including common share repurchases, is summarized as follows:

(shares in thousands, except per share amounts) Shares Weighted-average price per share

Treasury stock balance as of November 30, 2025

3 unchanged sentences

Shares of treasury stock reissued for employee benefit plans ( 247 ) 108.09

Treasury stock balance as of August 31, 2025

Treasury stock balance as of February 28, 2026

19,200 $ 109.15

1 unchanged sentence

(1) Weighted-average price per share excludes broker's commissions and excise taxes.

"Repurchases of common stock" in the Consolidated Statements of Cash Flows for the nine months ended August 31, 2025 and 2024 excludes amounts related to excise tax that when accrued are included in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets.

"Repurchases of common stock" in the Consolidated Statements of Cash Flows for the three months ended February 28, 2026 and 2025 excludes amounts related to excise tax that when accrued are included in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets.

Excise taxes paid are classified as operating activities in the Consolidated Statements of Cash Flows.

On March 31, 2026 , the Company announced that its Board of Directors declared a quarterly cash dividend of $ 0.48 per common share payable on April 29, 2026 to stockholders of record as of the close of business on April 15, 2026 .

Dividends are subject to continued capital availability and the declaration by the Board of Directors in the best interest of the Company’s stockholders.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

On September 25, 2025 , the Company announced that its Board of Directors declared a quarterly cash dividend of $ 0.44 per common share payable on October 31, 2025 to stockholders of record as of the close of business on October 17, 2025 .

Dividends are subject to continued capital availability and the declaration by the Board of Directors in the best interest of the Company’s stockholders.

NOTE 5— EARNINGS PER COMMON SHARE:

The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:

Three Months Ended Nine Months Ended

August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024

Three Months Ended

February 28, 2026 February 28, 2025

(currency and share amounts in thousands, except per share amounts)

9 unchanged sentences

Effect of dilutive securities:

Stock options and RSUs 340 427 335 386

Stock options, RSUs and PSUs 223 355

Weighted-average number of common shares - diluted 80,178 83,970

5 unchanged sentences

For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9 % of net income for all periods presented.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

(2) There were no antidilutive securities in either period presented.

NOTE 6— BALANCE SHEET COMPONENTS:

1 unchanged sentence

The following table summarizes accounts receivable, net:

August 31, 2025 November 30, 2024

February 28, 2026 November 30, 2025

(currency in thousands)

2 unchanged sentences

Accounts receivable, net $ 11,936,790 $ 11,707,581

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Allowance for doubtful trade receivables:

3 unchanged sentences

Write-offs, recoveries, reclassifications and foreign exchange translation ( 11,436 )

Balance as of August 31, 2025

Balance as of February 28, 2026

The Company's goodwill balance as of November 30, 2025 has been recast to align with its new reportable segments.

See Note 11 - Segment Information for further discussion of the change in reportable segments.

The following table summarizes changes in the carrying amount of goodwill:

Americas distribution Europe distribution APJ distribution Hyve Solutions Total

(currency in thousands)

Balance, as of November 30, 2025 $ 1,809,320 $ 1,104,085 $ 39,754 $ 1,146,138 $ 4,099,297

Additions from acquisitions — 2,838 — — 2,838

Foreign exchange translation 4,066 21,571 602 — 26,239

Balance, as of February 28, 2026 $ 1,813,386 $ 1,128,494 $ 40,356 $ 1,146,138 $ 4,128,374

Accumulated other comprehensive loss:

2 unchanged sentences

hedges, net of

Foreign currency

taxes Foreign currency

adjustment and other,

net of taxes Total

(currency in thousands)

Balance as of November 30, 2025

4 unchanged sentences

1,059 — 1,059

Balance as of August 31, 2025

Balance as of February 28, 2026

$ 177 $ ( 293,963 ) $ ( 293,786 )

Refer to Note 7 - Derivative Instruments for the location of gains and losses reclassified from AOCI to the Consolidated Statements of Operations.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

NOTE 7— DERIVATIVE INSTRUMENTS:

6 unchanged sentences

The Company’s hedging program is not used for trading or speculative purposes.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

All derivatives are recognized on the balance sheet at their fair value.

23 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

1 unchanged sentence

The fair values of the Company’s derivative instruments are disclosed in Note 8 – Fair Value Measurements and summarized in the table below:

Balance Sheet Line Item (currency in thousands)

August 31, 2025 November 30, 2024

Balance Sheet Line Item (currency in thousands) February 28, 2026 November 30, 2025

Derivative instruments not designated as hedging instruments:

5 unchanged sentences

Forward foreign currency exchange contracts (notional value) $ 194,155 $ 120,073

$ 202,604 $ —

Other current assets 984 96

2 unchanged sentences

Forward foreign currency exchange contracts (notional value) $ 666,728 $ 673,644

Other current assets — 220

Other long-term assets — 2,320

Other accrued liabilities 31,252 27,462

1 unchanged sentence

Foreign currency exchange collar contracts (notional value) $ 300,000 $ 300,000

Other long-term assets — 1,792

Other long-term liabilities 6,280 3,500

____________________________

(1) The Company had no material cash flow hedges outstanding as of November 30, 2024.

Volume of Activity

The notional amounts of forward foreign currency exchange contracts represent the gross amounts of foreign currency, including, principally, the Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese yuan, Costa Rican colón, Czech koruna, Danish krone, Euro, Indian rupee, Indonesian rupiah, Japanese yen, Mexican peso, Norwegian krone, Polish zloty, Romanian leu, Singapore dollar, Swedish krona, Swiss franc and Turkish lira that will be bought or sold at maturity.

The notional amounts of forward foreign currency exchange contracts represent the gross amounts of foreign currency, including, principally, the Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese yuan, Colombian peso, Costa Rican colón, Czech koruna, Danish krone, Euro, Hong Kong dollar, Indian rupee, Indonesian rupiah, Japanese yen, Mexican peso, Norwegian krone, Polish zloty, Romanian leu, Singapore dollar, South Korean won, Swedish krona, Swiss franc, Turkish lira and Vietnamese dong that will be bought or sold at maturity.

The notional amounts of foreign currency exchange collar contracts represent the amounts of put and call options to sell or purchase Euros at a predetermined strike price.

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

1 unchanged sentence

The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”) and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:

Three Months Ended Nine Months Ended

Location of Gains (Losses) in Income August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024

Three Months Ended

Location of Gains (Losses) in Income February 28, 2026 February 28, 2025

(currency in thousands)

1 unchanged sentence

(Losses) gains recognized from forward foreign currency exchange contracts⁽¹⁾ Cost of revenue $ ( 20,258 ) $ 14,997

Gains (losses) recognized from forward foreign currency exchange contracts, net⁽¹⁾ Other income (expense), net

Losses recognized from forward foreign currency exchange contracts, net⁽¹⁾ Other income (expense), net

( 3,165 ) ( 2,487 )

3 unchanged sentences

Losses on forward foreign currency exchange contracts reclassified from AOCI into income Revenue $ ( 1,113 ) $ —

Losses on forward foreign currency exchange contracts reclassified from AOCI into income Cost of revenue $ ( 148 ) $ — $ ( 386 ) $ —

Losses on forward foreign currency exchange contracts reclassified from AOCI into income Selling, general and administrative expenses $ ( 115 ) $ — $ ( 262 ) $ —

(Losses) gains on forward foreign currency exchange contracts reclassified from AOCI into income Cost of revenue $ ( 142 ) $ 408

Gains (losses) on forward foreign currency exchange contracts reclassified from AOCI into income Selling, general and administrative expenses $ 49 $ ( 55 )

Derivative instruments designated as net investment hedges:

Losses recognized in OCI on forward foreign currency exchange contracts $ ( 11,387 ) $ ( 12,660 ) $ ( 53,839 ) $ ( 8,088 )

(Losses) gains recognized in OCI on forward foreign currency exchange contracts $ ( 11,582 ) $ 12,224

Gains recognized in income (amount excluded from effectiveness testing) Interest expense and finance charges, net $ 2,464 $ 2,523

Losses recognized in OCI on foreign currency exchange collar contracts $ ( 60 ) $ ( 668 ) $ ( 7,965 ) $ ( 668 )

(Losses) gains recognized in OCI on foreign currency exchange collar contracts $ ( 2,780 ) $ 1,901

____________________________

(1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.

(2) The Company had no material cash flow hedges outstanding during the three and nine months ended August 31, 2024.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Except for the net investment hedge amounts shown above, there were no gain or loss amounts excluded from the assessment of effectiveness.

Existing net losses in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are not material.

Existing net gains in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are not material.

Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties.

The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

NOTE 8— FAIR VALUE MEASUREMENTS:

4 unchanged sentences

The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis:

As of August 31, 2025

As of February 28, 2026

As of November 30, 2025

3 unchanged sentences

Forward foreign currency exchange contracts not designated as hedges $ 9,377 $ — $ 9,377 $ — $ 7,386 $ — $ 7,386 $ —

Forward foreign currency exchange contracts designated as net investment hedges — — — — 2,540 — 2,540 —

Foreign currency exchange collar contracts designated as net investment hedges — — — — 1,792 — 1,792 —

Forward foreign currency exchange contracts designated as cash flow hedges 984 — 984 — 96 — 96 —

183 — 183 — — — — —

Forward foreign currency exchange contracts not designated as hedges $ 9,729 $ — $ 9,729 $ — $ 7,026 $ — $ 7,026 $ —

1 unchanged sentence

Forward foreign currency exchange contracts designated as cash flow hedges 418 — 418 — 107 — 107 —

241 — 241 — — — — —

Foreign currency exchange collar contracts designated as net investment hedges 6,280 — 6,280 — 3,500 — 3,500 —

____________________________

(1) The Company had no material cash flow hedges outstanding as of November 30, 2024 .

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers.

The fair values of foreign currency exchange collar contracts are measured using the cash flows of the contracts, discount rates to account for the passage of time, implied volatility and current foreign exchange market data, which are all based on inputs readily available in public markets.

The effect of nonperformance risk on the fair value of derivative instruments was not material as of August 31, 2025 and November 30, 2024.

The effect of nonperformance risk on the fair value of derivative instruments was not material as of February 28, 2026 and November 30, 2025.

The carrying values of accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature.

The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates.

The estimated fair value of the Senior Notes was approximately $ 2.3 billion as of both August 31, 2025 and November 30, 2024.

During the nine months ended August 31, 2025, there were no transfers between the fair value measurement category levels.

The estimated fair value of the Senior Notes (as defined in N ote 9 - Borrowings ) was approximately $ 3.5 billion as of both February 28, 2026 and November 30, 2025, based on Level 1 fair value measurement inputs as defined above.

During the three months ended February 28, 2026, there were no transfers between the fair value measurement category levels.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

NOTE 9— BORROWINGS:

Borrowings consist of the following:

August 31, 2025 November 30, 2024

February 28, 2026 November 30, 2025

(currency in thousands)

1 unchanged sentence

$ 700,000 $ 700,000

TD SYNNEX Revolving Credit Facility

Other short-term borrowings 429,221 319,260

1 unchanged sentence

current portion of unamortized debt discount and issuance costs

( 587 ) ( 939 )

Borrowings, current $ 1,128,634 $ 1,018,321

1 unchanged sentence

$ 600,000 $ 600,000

TD SYNNEX 2.375 % Senior Notes due August 9, 2028 (1) (2)

TD SYNNEX 4.300 % Senior Notes due January 17, 2029 (2)

550,000 550,000

3 unchanged sentences

600,000 600,000

TD SYNNEX 5.300 % Senior Notes due October 10, 2035 (2)

600,000 600,000

Total TD SYNNEX Senior Notes in long-term debt

$ 2,850,000 $ 2,850,000

TD SYNNEX Term Loan 581,250 581,250

2024 Term Loan

750,000 750,000

Total term loans

$ 1,331,250 $ 1,331,250

Other credit agreements and long-term debt 14,562 14,562

4 unchanged sentences

(1) The interest rate payable on each of these series of Senior Notes is subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subsequently upgraded).

(2) The Company pays interest semi-annually on the Senior Notes on each of February 9 and August 9, except for the 2034 Senior Notes in which the Company pays interest semi-annually on each of April 12 and October 12.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

(2) The Company pays interest semi-annually on each of these series of Senior Notes.

TD SYNNEX U.S.

9 unchanged sentences

Facility Fee Payable (4)

$ 1,500,000 November 30, 2026 Blended rate

$ 1,500,000 January 20, 2028 Blended rate

0.85 % 0.30 % - 0.40 %

5 unchanged sentences

(4) Payable on the adjusted commitment of the lenders, accrues at different tiers per annum depending on the amount of outstanding advances from time to time.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Under the terms of the U.S.

1 unchanged sentence

subsidiaries sell, on a revolving basis, their receivables to a wholly-owned, bankruptcy-remote subsidiary.

Such receivables, which are recorded in the Consolidated Balance Sheet, totaled approximately $ 3.5 billion and $ 3.4 billion as of August 31, 2025 and November 30, 2024, respectively.

Such receivables, which are recorded in the Consolidated Balance Sheet, totaled approximately $ 3.4 billion and $ 3.2 billion as of February 28, 2026 and November 30, 2025, respectively.

The borrowings are funded by pledging all of the rights, title and interest in the receivables acquired by the Company's bankruptcy-remote subsidiary as security.

2 unchanged sentences

There were no amounts outstanding under the U.S.

AR Arrangement at August 31, 2025 or November 30, 2024.

AR Arrangement at February 28, 2026 or November 30, 2025.

TD SYNNEX Credit Agreement

1 unchanged sentence

The borrowers un der the TD SYNNEX Credit Agreement are TD SYNNEX Corporation and certain subsidiaries of the Company.

There was $ 245.0 million outstanding under the TD SYNNEX Revolving Credit Facility at August 31, 2025 at an interest rate of 5.71 %.

There were no amounts outstanding under the TD SYNNEX Revolving Credit Facility at November 30, 2024.

There were no amounts outstanding under the TD SYNNEX Revolving Credit Facility at February 28, 2026 or November 30, 2025.

Borrowings under the TD SYNNEX Revolving Credit Facility bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus the applicable margin, as well as a commitment fee as referenced in the table below:

9 unchanged sentences

(3) The commitment fee range is applied to any unused commitment under the TD SYNNEX Revolving Credit Facility based on the Company’s Public Debt Rating.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

The TD SYNNEX Credit Agreement also includes a senior unsecured term loan (the “TD SYNNEX Term Loan”) in an original aggregate principal amount of $ 1.5 billion.

There was $ 581.3 million outstanding on the TD SYNNEX Term Loan as of both August 31, 2025 and November 30, 2024.

Loans borrowed under the TD SYNNEX Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus the applicable margin as referenced in the table below:

Maturity Date Credit Spread Adjustment Margin (1)

Effective Interest Rate as of August 31, 2025

Effective Interest Rate as of November 30, 2024

September 1, 2026

0.10 % 1.125 %- 1.750 %

5.79 % 6.05 %

____________________________

(1) The margin is based on the Company’s Public Debt Rating.

The applicable margin on base rate loans is 1.00 % less than the corresponding margin on SOFR rate based loans.

TD SYNNEX Term Loan Credit Agreement

5 unchanged sentences

Key terms for the 2024 Term Loan Credit Agreement are as follows:

Maturity Date Credit Spread Adjustment Margin Effective Interest Rate as of August 31, 2025

Maturity Date Credit Spread Adjustment Margin Effective Interest Rate as of February 28, 2026

Effective Interest Rate as of November 30, 2025

2 unchanged sentences

TD SYNNEX Senior Notes

On August 9, 2021, the Company completed its offering of $ 2.5 billion aggregate principal amount of senior unsecured notes due in 2024, 2026, 2028 and 2031 (collectively, the “Senior Notes,” and such offering, the “Senior Notes Offering”).

In July 2022, the Company completed an offer to exchange (the "Exchange Offer") its outstanding unregistered Senior Notes for new registered notes (the "Exchange Notes").

The aggregate principal amount of Exchange Notes that were issued was equal to the aggregate principal amount of Senior Notes that were surrendered pursuant to the Exchange Offer.

The terms of the Exchange Notes are substantially identical to the terms of the respective series of the Senior Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the Senior Notes do not apply to the Exchange Notes.

On April 12, 2024 , the Company issued and sold $ 600.0 million of senior notes due in 2034 (the "2034 Senior Notes" and such offering, the "2034 Senior Notes Offering").

The Company used the net proceeds from the 2034 Senior Notes Offering, together with other available funds, to repay the $ 700.0 million aggregate principal amount of the 1.250 % Senior Notes that were due August 9, 2024 and for general corporate purposes.

The Company incurred $ 6.1 million towards issuance costs on the 2034 Senior Notes.

References to the collective Senior Notes hereafter also include the 2034 Senior Notes.

The Company has previously issued multiple series of senior unsecured notes (collectively, the "Senior Notes"), of which $ 700.0 million in aggregate principal is due in 2026 and the remaining $ 2.9 billion of aggregate principal matures at various dates from 2028 through 2035, as shown in the table above.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

5 unchanged sentences

Senior Notes due 2028 June 9, 2028 25

Senior Notes due 2029 December 17, 2028 15

Senior Notes due 2031 May 9, 2031 25

Senior Notes due 2034 January 12, 2034 30

Senior Notes due 2035 July 10, 2035 20

Other Short-Term Borrowings

The Company has various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities, and book overdraft facilities, totaling approximately $ 658.4 million in borrowing capacity as of August 31, 2025.

The Company has various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities, and book overdraft facilities, totaling approximately $ 831.3 million in borrowing capacity as of February 28, 2026.

Most of these facilities are provided on a short-term basis and are reviewed periodically for renewal.

Interest rates and other terms of borrowing under these lines of credit vary by country, depending on local market conditions.

There was $ 251.1 million outstanding on these facilities at August 31, 2025, at a weighted average interest rate of 6.02 %, and there was $ 171.1 million outstanding at November 30, 2024, at a weighted average interest rate of 7.91 %.

There was $ 429.2 million outstanding on these facilities at February 28, 2026, at a weighted average interest rate of 5.98 %, and there was $ 319.3 million outstanding at November 30, 2025, at a weighted average interest rate of 5.72 %.

Borrowings under these lines of credit facilities are guaranteed by the Company or secured by eligible accounts receivable.

At August 31, 2025, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $ 62.5 million.

At February 28, 2026, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $ 58.5 million.

These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions.

The maximum commitment amounts for local currency credit facilities have been translated into U.S.

dollars at August 31, 2025 exchange rates.

dollars at February 28, 2026 exchange rates.

Covenant Compliance

1 unchanged sentence

The covenants also limit the Company’s ability to incur additional debt, create liens, enter into agreements with affiliates, modify the nature of the Company’s business, and merge or consolidate.

As of August 31, 2025, the Company was in compliance with all material financial covenants for the above arrangements.

As of February 28, 2026, the Company was in compliance with all material financial covenants for the above arrangements.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

6 unchanged sentences

The Company generally does not incur any fees under Supplier Finance Programs;

however, the Company did recognize an immaterial amount of fees during the three and nine months ended August 31, 2025 and 2024 within "Cost of revenue" in the Company's Consolidated Statements of Operations related to an arrangement with a certain vendor.

As of August 31, 2025 and November 30, 2024, the Company had $ 2.9 billion and $ 3.2 billion, respectively, in obligations outstanding under these programs included in “ Accounts payable ” in the Company’s Consolidated Balance Sheets and all activity related to the obligations is presented within operating activities in the Consolidated Statements of Cash Flows.

however, the Company did recognize an immaterial amount of fees during the three months ended February 28, 2026 and 2025 within "Cost of revenue" in the Company's Consolidated Statements of Operations related to an arrangement with a certain vendor.

As of February 28, 2026 and November 30, 2025, the Company had $ 3.4 billion and $ 3.7 billion, respectively, in obligations outstanding under these programs included in “ Accounts payable ” in the Company’s Consolidated Balance Sheets and all activity related to the obligations is presented within operating activities in the Consolidated Statements of Cash Flows.

NOTE 11— SEGMENT INFORMATION:

Operating segments are components of the Company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the CODM to make decisions about resource allocation and performance and (b) for which discrete financial information is available.

The Company’s Chief Executive Officer, who is also the CODM, primarily uses operating income to review segment performance by analyzing and comparing year-over-year and forecast-to-actual segment-level operational performance and to make strategic decisions concerning resource allocation across the operating segments.

During the first quarter of fiscal year 2026, the Company revised its reportable segments to align with how the CODM manages the business, assesses performance and allocates resources.

The Company now operates in five operating segments and four reportable segments, comprised of three reportable segments related to its global distribution business organized within three geographic regions known as the Americas, Europe and APJ.

The Company’s fourth reportable segment is Hyve Solutions, which operates globally.

The Americas distribution reportable segment represents an aggregation of the North America distribution and Latin America distribution operating segments based on similarities in economic and operating characteristics as well as the consideration of quantitative threshold requirements.

This change had no impact on the Company’s consolidated results of operations or financial position.

Prior period segment results have been recast to reflect the Company’s new reportable segments.

Across each geographic region, the Company's distribution businesses bring together a broad portfolio of IT hardware, software and systems, providing access to products across the global IT ecosystem.

The Company's Hyve Solutions business partners with technology companies to design, manufacture, and deliver traditional and accelerated compute, cloud, and connected infrastructure worldwide.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below.

Americas Europe APJ Consolidated

Segment information for total assets and capital expenditures is not presented given that such information is not used in measuring segment performance or allocating resources between segments.

Americas distribution Europe distribution APJ distribution Hyve Solutions

(currency in thousands)

Three Months Ended August 31, 2025

Revenue $ 9,267,939 $ 5,174,835 $ 1,208,150 $ 15,650,924

Operating income 283,647 70,419 29,591 383,657

Three Months Ended August 31, 2024

Revenue $ 9,090,011 $ 4,591,161 $ 1,003,540 $ 14,684,712

Operating income 220,900 57,415 24,564 302,879

Nine Months Ended August 31, 2025

Three Months ended February 28, 2026

Revenue $ 7,773,442 $ 6,237,172 $ 999,588 $ 2,150,996 $ 17,161,198

Cost of revenue (1)

( 7,185,432 ) ( 5,827,365 ) ( 917,751 ) ( 1,978,504 ) ( 15,909,052 )

Gross profit $ 588,010 $ 409,807 $ 81,837 $ 172,492 $ 1,252,146

Payroll and payroll related expenses (2)

$ ( 241,365 ) $ ( 200,014 ) $ ( 34,005 ) $ ( 7,946 ) $ ( 483,330 )

Depreciation (3)

( 14,344 ) ( 8,232 ) ( 1,271 ) ( 701 ) ( 24,548 )

Amortization of intangibles ( 41,192 ) ( 33,535 ) ( 976 ) — ( 75,703 )

Acquisition, integration and restructuring costs ( 2,071 ) 1,298 ( 111 ) — ( 884 )

Share-based compensation expense ( 11,716 ) ( 7,116 ) ( 1,361 ) ( 3,452 ) ( 23,645 )

Other segment items (4)

( 81,181 ) ( 54,303 ) ( 14,273 ) ( 4,919 ) ( 154,676 )

Operating income $ 196,141 $ 107,905 $ 29,840 $ 155,474 $ 489,360

Nine Months Ended August 31, 2024

Reconciliation to consolidated income before tax

Interest expense and finance charges, net ( 86,534 )

Other income, net 19,582

Income before income taxes $ 422,408

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

Americas distribution Europe distribution APJ distribution Hyve Solutions

(currency in thousands)

Three Months ended February 28, 2025

Revenue $ 7,070,532 $ 4,958,256 $ 770,362 $ 1,732,557 $ 14,531,707

Cost of revenue (1)

( 6,568,794 ) ( 4,631,741 ) ( 713,427 ) ( 1,619,739 ) ( 13,533,701 )

Gross profit $ 501,738 $ 326,515 $ 56,935 $ 112,818 $ 998,006

Payroll and payroll related expenses (2)

$ ( 228,155 ) $ ( 161,156 ) $ ( 30,841 ) $ ( 12,012 ) $ ( 432,164 )

Depreciation (3)

( 14,250 ) ( 7,958 ) ( 1,258 ) ( 584 ) ( 24,050 )

Amortization of intangibles

( 40,417 ) ( 30,189 ) ( 801 ) — ( 71,407 )

Acquisition, integration and restructuring costs

( 324 ) ( 626 ) ( 112 ) — ( 1,062 )

Share-based compensation expense

( 11,820 ) ( 6,812 ) ( 1,330 ) ( 1,899 ) ( 21,861 )

Other segment items (4)

( 74,661 ) ( 51,854 ) ( 12,022 ) ( 4,466 ) ( 143,003 )

Operating income $ 132,111 $ 67,920 $ 10,571 $ 93,857 $ 304,459

Reconciliation to consolidated income before tax

Interest expense and finance charges, net

Other expense, net ( 1,696 )

Income before income taxes $ 214,883

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Intersegment expenses are included within the amounts shown.

(2) Represents payroll costs for each reportable segment that are recorded within selling, general and administrative expenses.

(3) Represents depreciation recorded within selling, general and administrative expenses.

Excludes $ 4.4 million and $ 4.3 million of depreciation recorded within cost of revenue in the three months ended February 28, 2026 and 2025, respectively.

(4) Other segment items for each reportable segment include various operating costs including cost of warehouses, delivery centers and other non-integration facilities, IT expenses, credit costs including bad debt expense, travel and entertainment, legal and professional fees, non-income taxes and other miscellaneous selling, general, and administrative expenses.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and nine months ended August 31, 2025 and 2024

For the three months ended February 28, 2026 and 2025

( Except per share amounts or as otherwise indicated, currency and share amounts in thousands )

24 unchanged sentences

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-Q

Item 1. Financial Statements