What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-07-02 compared with 2026-04-02 · 220 added, 147 removed, 626 unchanged (37% of the section changed)

3 unchanged sentences

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

February 28, 2026 November 30, 2025

May 31, 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 February 28, 2026 and November 30, 2025

Common stock, $ 0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both May 31, 2026 and November 30, 2025

Additional paid-in capital 7,454,525 7,431,231

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

Treasury stock, 19,673 and 18,912 shares as of May 31, 2026 and November 30, 2025, respectively

( 2,198,129 ) ( 2,038,528 )

8 unchanged sentences

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

Three Months Ended

February 28, 2026 February 28, 2025

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Revenue $ 19,574,813 $ 14,946,315 $ 36,736,011 $ 29,478,022

19 unchanged sentences

(currency in thousands)

Three Months Ended

February 28, 2026 February 28, 2025

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Net income $ 334,088 $ 184,921 $ 661,003 $ 352,458

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.

Other comprehensive (loss) income:

Unrealized gains (losses) on cash flow hedges during the period, net of tax (expense) benefit of ($ 460 ) and $ 0 for the three months ended May 31, 2026 and 2025, respectively, and $( 353 ) and $ 0 for the six months ended May 31, 2026 and 2025, respectively.

2,914 ( 1,619 ) 2,405 ( 1,626 )

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.

Reclassification of net (gains) losses on cash flow hedges to net income, net of tax expense (benefit) of $ 402 and ($ 3 ) for the three months ended May 31, 2026 and 2025, respectively, and $ 256 and ($ 6 ) for the six months ended May 31, 2026 and 2025, respectively.

( 2,958 ) 735 ( 1,899 ) 379

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.

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

( 44 ) ( 884 ) 506 ( 1,247 )

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

Foreign currency translation adjustments and other, net of tax (expense) benefit of ($ 2,054 ) and $ 16,405 for the three months ended May 31, 2026 and 2025, respectively, and $ 1,595 and $ 12,803 for the six months ended May 31, 2026 and 2025, respectively.

( 33,099 ) 284,935 51,998 243,810

Other comprehensive (loss) income ( 33,143 ) 284,051 52,504 242,563

Comprehensive income $ 300,945 $ 468,972 $ 713,507 $ 595,021

4 unchanged sentences

(currency in thousands, except per share amounts)

Three Months Ended

February 28, 2026 February 28, 2025

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Total Stockholders' equity, beginning balance $ 8,782,736 $ 8,050,395 $ 8,450,429 $ 8,035,434

18 unchanged sentences

Beginning balance ( 293,786 ) ( 686,605 ) ( 379,433 ) ( 645,117 )

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

Other comprehensive (loss) income ( 33,143 ) 284,051 52,504 242,563

Ending balance ( 326,929 ) ( 402,554 ) ( 326,929 ) ( 402,554 )

6 unchanged sentences

(currency in thousands)

Three Months Ended

February 28, 2026 February 28, 2025

Six Months Ended

May 31, 2026 May 31, 2025

Cash flows from operating activities:

27 unchanged sentences

Other ( 2,103 ) —

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

Net cash used in financing activities ( 131,902 ) ( 126,598 )

Effect of exchange rate changes on cash and cash equivalents 17,633 80,212

6 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

5 unchanged sentences

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

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.

The accompanying interim unaudited Consolidated Financial Statements as of May 31, 2026 and for the three and six months ended May 31, 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 note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S.

have been condensed or omitted in accordance with such rules and regulations.

16 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

17 unchanged sentences

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

Through May 31, 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

February 28, 2026 February 28, 2025

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

11 % 11 % 11 % 12 %

_________________________

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

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 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.

No single customer accounted for more than 10% of the Company's total revenue during the three and six months ended May 31, 2026.

One customer accounted for 11 % and 10 % of the Company's total revenue during the three and six months ended May 31, 2025, respectively.

As of May 31, 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 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.

As of May 31, 2026 and November 30, 2025, accounts receivable sold to and held by the financial institutions under these programs were $ 2.3 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 $ 20.8 million and $ 12.0 million in the three months ended February 28, 2026 and 2025, respectively.

Discount fees for these programs totaled $ 23.4 million and $ 44.2 million in the three and six months ended May 31, 2026, respectively and $ 13.5 million and $ 25.5 million in the three and six months ended May 31, 2025, respectively.

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

14 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

10 unchanged sentences

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

During the second quarter of fiscal year 2026, the Company issued a warrant (“the Warrant”) to a customer for the purchase of up to an aggregate of approximately 3.2 million shares of the Company's common stock ("Warrant Shares").

The unvested Warrant Shares vest based on qualifying payments (as defined in the Warrant) for the purchase of products and services over the term of the Warrant and are recognized as a reduction of revenue as qualifying revenues are recognized.

Refer to N ote 3 – Share-Based Compensation for additional information.

Reclassifications

1 unchanged sentence

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

Recently Adopted Accounting Pronouncements

In May 2025, the FASB issued an accounting standards update, ASU 2025-04, to address diversity in accounting practice regarding share-based consideration issued to customers within the scope of Topic 606.

ASU 2025-04 requires entities that issue such share-based consideration to apply the share-based payment guidance in Topic 718 to measure and classify the awards, and clarifies how vesting conditions and expected forfeitures affect the timing and amount of the related reduction of revenue.

The amendments in ASU 2025-04 are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods.

Early adoption is permitted and the amendments should be applied on either a modified retrospective or a retrospective basis.

The Company elected to early adopt ASU 2025-04 retrospectively during the three months ended May 31, 2026, in connection with a specific transaction that is discussed further in Note 3 - Share-Based Compensation.

The adoption of ASU 2025-04 did not impact prior periods.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended May 31, 2026 and 2025

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

Recently Issued Accounting Pronouncements

2 unchanged sentences

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 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.

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

The amendments in ASU 2023-09 will be applied on a prospective basis in the Company's Annual Report on Form 10-K for the fiscal year ending November 30, 2026, and will not have a material impact on the Company's income tax disclosures in the notes to the consolidated financial statements.

In November 2024, the FASB issued an accounting standards update, ASU 2024-03, which requires new tabular disclosures in the notes to consolidated financial statements, disaggregating certain cost and expense categories within relevant captions on the Consolidated Statements of Operations.

6 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.

13 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.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended May 31, 2026 and 2025

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

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.

6 unchanged sentences

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.

The following tables summarize the Company's share-based awards activity for stock incentive plans during the six months ended May 31, 2026.

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

(shares in thousands) Stock options

Stock options

Balances as of November 30, 2025

Exercised ( 202 )

Balances as of February 28, 2026

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 )

Balances as of May 31, 2026

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

(shares in thousands) RSAs and RSUs

RSAs and RSUs

Non-vested as of November 30, 2025

1 unchanged sentence

Attainment adjustments (1)

Non-vested as of February 28, 2026

Non-vested as of May 31, 2026

(1) During the six months ended May 31, 2026, the PSUs that vested were adjusted to reflect final attainment.

The Company recorded $ 17.9 million and $ 41.5 million of share-based compensation expense during the three and six months ended May 31, 2026, respectively, and $ 12.0 million and $ 33.8 million during the three and six months ended May 31, 2025, respectively, within "Selling, general and administrative expenses" in the Consolidated Statements of Operations for stock incentive plans.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended May 31, 2026 and 2025

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

In May 2026, the Company issued the Warrant to Amazon.com NV Investment Holdings LLC (“Warrantholder”) to acquire up to 3,238,066 Warrant Shares.

The Warrant provides for the immediate vesting of 215,871 Warrant Shares at an exercise price of $ 0.01 per share.

The remaining 3,022,195 Warrant Shares vest in tranches, at an exercise price of $ 191.10 per Warrant Share, upon the attainment of specified payment thresholds based on aggregate qualifying payments to the Company in consideration for qualifying sales transactions.

The Warrant expires on May 30, 2033.

The Warrant does not entitle the Warrantholder to any voting rights or any other common stockholder rights prior to exercise, except for the entitlement to participate in certain distributions to stockholders as if the Warrant had been exercised, subject to specified limitations.

The exercise price and the number of Warrant Shares are subject to customary antidilution adjustments.

The Black-Scholes option pricing model was used to determine the fair value of the Warrant.

The expected stock price volatility assumption was determined using historical volatility of the Company’s common stock.

The grant-date fair value of each Warrant Share subject to immediate vesting was $ 246.19 , which approximated the stock price on the grant date.

For the Warrant Shares subject to vesting based on qualifying payments, the following assumptions were used in the Black-Scholes option pricing model to determine the fair value as of the grant date:

Stock price $ 246.22

Exercise price $ 191.10

Expected life (years) 7

Risk free interest rate 4.29 %

Expected volatility 33.13 %

Dividend yield 0.93 %

The calculated grant-date fair value of each Warrant Share subject to vesting based on qualifying payments was $ 116.15 .

The following table summarizes the Warrant activity for the six months ended May 31, 2026:

Non-vested as of November 30, 2025

Shares granted 3,238,066

Shares vested ( 215,871 )

Non-vested as of May 31, 2026

Exercisable as of May 31, 2026 (1)

_________________________

(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.

(1) There were no exercises for the six months ended May 31, 2026.

The Company did not record any reductions of revenue related to the Warrant during the three or six months ended May 31, 2026.

NOTE 4— STOCKHOLDERS' EQUITY:

2 unchanged sentences

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

As of May 31, 2026, the Company had $ 1.0 billion available for future repurchases of its common stock under the share repurchase program.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended May 31, 2026 and 2025

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

The Company's treasury stock activity during the six months ended May 31, 2026, including common share repurchases, is summarized as follows:

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 ( 373 ) 108.59

Treasury stock balance as of February 28, 2026

Treasury stock balance as of May 31, 2026

19,673 $ 111.73

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 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.

"Repurchases of common stock" in the Consolidated Statements of Cash Flows for the six months ended May 31, 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 .

On June 25, 2026 , the Company announced that its Board of Directors declared a quarterly cash dividend of $ 0.48 per common share payable on July 31, 2026 to stockholders of record as of the close of business on July 17, 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.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

1 unchanged sentence

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

Three Months Ended

February 28, 2026 February 28, 2025

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

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Basic earnings per common share:

11 unchanged sentences

Diluted earnings per common share $ 4.15 $ 2.21 $ 8.19 $ 4.19

Anti-dilutive shares excluded from diluted earnings per share calculation (2)

Antidilutive and contingently issuable shares excluded from diluted earnings per share calculation (2)

3,143 67 3,143 33

(1) Diluted EPS is calculated using the two-class method.

Unvested RSAs granted to employees are considered participating securities.

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

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

_________________________

(1) EPS is calculated using the two-class method.

Unvested RSAs granted to employees, as well as vested but unexercised Warrant Shares granted to the Warrantholder, are considered participating securities.

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

(2) Antidilutive shares and contingently issuable shares of common stock, including 3,022 unvested Warrant Shares for the three and six months ended May 31, 2026, are excluded from the computation of diluted earnings per share because their effect would have been antidilutive or because the performance criterion was not met.

NOTE 6— BALANCE SHEET COMPONENTS:

1 unchanged sentence

The following table summarizes accounts receivable, net:

February 28, 2026 November 30, 2025

(currency in thousands)

May 31, 2026 November 30, 2025

Accounts receivable $ 13,099,853 $ 11,813,741

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

Allowance for doubtful trade receivables:

The following table summarizes the changes to the allowance for doubtful trade receivables (currency in thousands):

The following table summarizes the changes to the allowance for doubtful trade receivables:

Balance as of November 30, 2025

1 unchanged sentence

Write-offs, recoveries, reclassifications and foreign exchange translation ( 24,629 )

Balance as of February 28, 2026

Balance as of May 31, 2026

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

1 unchanged sentence

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

Americas distribution Europe distribution APJ distribution Hyve Solutions Total

(currency in thousands)

distribution Europe

distribution APJ

distribution Hyve

Solutions Total

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

1 unchanged sentence

Foreign exchange translation 6,075 8,758 ( 721 ) — 14,112

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

Balance, as of May 31, 2026 $ 1,815,395 $ 1,115,681 $ 39,033 $ 1,146,138 $ 4,116,247

Accumulated other comprehensive loss:

5 unchanged sentences

net of taxes Total

(currency in thousands)

Balance as of November 30, 2025

$ ( 373 ) $ ( 379,060 ) $ ( 379,433 )

Other comprehensive (loss) income before reclassification

( 509 ) 85,097 84,588

Reclassification of losses from accumulated other comprehensive loss

1,059 — 1,059

Balance as of February 28, 2026

Other comprehensive income before reclassification 2,405 51,998 54,403

Reclassification of gains from accumulated other comprehensive loss ( 1,899 ) — ( 1,899 )

Balance as of May 31, 2026

$ 133 $ ( 327,062 ) $ ( 326,929 )

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

32 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 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) February 28, 2026 November 30, 2025

Balance Sheet Line Item May 31, 2026 November 30, 2025

Derivative instruments not designated as hedging instruments:

20 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 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

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

(currency in thousands)

Three Months Ended Six Months Ended

Location of Gains (Losses) in Income May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025

Derivative instruments not designated as hedging instruments:

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

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

( 3,165 ) ( 2,487 )

Gains (losses) recognized from forward foreign currency exchange contracts, net⁽¹⁾ Cost of revenue $ 19,672 $ ( 62,401 ) $ ( 586 ) $ ( 47,404 )

Losses recognized from forward foreign currency exchange contracts, net⁽¹⁾ Other expense, net ( 4,290 ) ( 125 ) ( 7,456 ) ( 2,612 )

Total $ 15,382 $ ( 62,526 ) $ ( 8,042 ) $ ( 50,016 )

Derivative instruments designated as cash flow hedges:

Losses recognized in OCI on forward foreign currency exchange contracts $ ( 616 ) $ ( 7 )

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

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

Gains (losses) recognized in OCI on forward foreign currency exchange contracts $ 3,374 $ ( 1,619 ) $ 2,758 $ ( 1,626 )

Gains on forward foreign currency exchange contracts reclassified from AOCI into income Revenue $ 1,511 $ — $ 398 $ —

Gains (losses) on forward foreign currency exchange contracts reclassified from AOCI into income Cost of revenue $ 1,316 $ ( 646 ) $ 1,174 $ ( 238 )

Gains (losses) on forward foreign currency exchange contracts reclassified from AOCI into income Selling, general and administrative expenses $ 535 $ ( 92 ) $ 584 $ ( 147 )

Derivative instruments designated as net investment hedges:

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

Gains (losses) recognized in OCI on forward foreign currency exchange contracts $ 5,228 $ ( 54,676 ) $ ( 6,354 ) $ ( 42,452 )

Gains recognized in income (amount excluded from effectiveness testing) Interest expense and finance charges, net $ 2,496 $ 2,554 $ 4,960 $ 5,077

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

Gains (losses) recognized in OCI on foreign currency exchange collar contracts $ 2,834 $ ( 9,806 ) $ 56 $ ( 7,905 )

____________________________

2 unchanged sentences

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

For the three and six months ended May 31, 2026 and 2025

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

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.

NOTE 8— FAIR VALUE MEASUREMENTS:

3 unchanged sentences

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

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

As of February 28, 2026

As of November 30, 2025

Fair value measurement category Fair value measurement category

Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3

(currency in thousands)

The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis, all of which are based on Level 2 fair value measurement inputs as defined above:

November 30, 2025

Forward foreign currency exchange contracts not designated as hedges $ 9,041 $ 7,386

6 unchanged sentences

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 February 28, 2026 and November 30, 2025.

The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 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 (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.

The estimated fair value of the Senior Notes (as defined in Note 9 - Borrowings ) was approximately $ 3.5 billion as of both May 31, 2026 and November 30, 2025, based on Level 1 fair value measurement inputs as defined above.

During the six months ended May 31, 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

For the three and six months ended May 31, 2026 and 2025

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

1 unchanged sentence

Borrowings consist of the following:

February 28, 2026 November 30, 2025

(currency in thousands)

May 31, 2026 November 30, 2025

TD SYNNEX 1.750 % Senior Notes due August 9, 2026 (1) (2)

26 unchanged sentences

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

TD SYNNEX U.S.

Accounts Receivable Securitization Arrangement

TD SYNNEX Accounts Receivable Securitization Arrangements

In the U.S., the Company has an accounts receivable securitization program to provide additional capital for its operations (the “U.S.

2 unchanged sentences

AR Arrangement, as amended, the Company and its subsidiaries that are party to the U.S.

AR Arrangement can borrow based on the key terms in the table below (currency in thousands):

AR Arrangement can borrow based on the key terms in the table below:

Maximum Borrowing Capacity (1)

12 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

2 unchanged sentences

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 $ 3.4 billion and $ 3.2 billion as of February 28, 2026 and November 30, 2025, respectively.

Such receivables, which are recorded in the Consolidated Balance Sheet, totaled approximately $ 4.0 billion and $ 3.2 billion as of May 31, 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 February 28, 2026 or November 30, 2025.

AR Arrangement at May 31, 2026 or November 30, 2025.

On June 26, 2026, the Company and certain of its subsidiaries entered into a European receivables securitization program (the "Europe AR Arrangement") with a maximum borrowing capacity of € 650 million arranged by BNP Paribas S.A.

(“BNPP”) pursuant to which certain receivables originated by the Company’s subsidiaries in Belgium, France, Germany and Spain will be sold to an affiliate of BNPP and subsequently to a special purpose entity in Ireland.

Any amounts borrowed under the Europe AR Arrangement will be recorded as debt on the Company's Consolidated Balance Sheets.

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

There were no amounts outstanding under the TD SYNNEX Revolving Credit Facility at May 31, 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:

14 unchanged sentences

The borrower under the 2024 Term Loan is the Company.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended May 31, 2026 and 2025

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

Loans borrowed under the 2024 Term Loan Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus credit spread adjustment, plus the applicable margin within a range based on the Company’s Public Debt Rating (as defined in the 2024 Term Loan Credit Agreement).

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

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

Maturity Date Credit Spread Adjustment Margin Effective Interest Rate as of May 31, 2026

Effective Interest Rate as of November 30, 2025

2 unchanged sentences

TD SYNNEX 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 months ended February 28, 2026 and 2025

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

The Company may redeem the outstanding Senior Notes, in whole or in part, at any time and from time to time, prior to respective Par Call Dates (as reflected in the table below) at a redemption price equal to the greater of (x) 100 % of the aggregate principal amount of the applicable Senior Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of the principal and interest on the Senior Notes, in each case discounted to the date of redemption (assuming the applicable Senior Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable treasury rate (as defined in the supplemental indenture establishing the terms of the applicable Senior Notes) plus the applicable spread, as shown in the table below, plus in each case, accrued and unpaid interest thereon to, but excluding, the redemption date.

9 unchanged sentences

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 $ 831.3 million in borrowing capacity as of February 28, 2026.

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 $ 856.5 million in borrowing capacity as of May 31, 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 $ 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 %.

There was $ 426.0 million outstanding on these facilities at May 31, 2026, at a weighted average interest rate of 6.92 %, 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 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.

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended May 31, 2026 and 2025

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

At May 31, 2026, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $ 64.1 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 February 28, 2026 exchange rates.

dollars at May 31, 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 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 months ended February 28, 2026 and 2025

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

As of May 31, 2026, the Company was in compliance with all material financial covenants for the above arrangements.

NOTE 10 – SUPPLIER FINANCE PROGRAMS:

5 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 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.

however, the Company did recognize an immaterial amount of fees during the three and six months ended May 31, 2026 and 2025, respectively, within "Cost of revenue" in the Company's Consolidated Statements of Operations related to an arrangement with a certain vendor.

As of May 31, 2026 and November 30, 2025, the Company had $ 3.8 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:

11 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 2026 and 2025

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

1 unchanged sentence

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 February 28, 2026

distribution Europe

distribution APJ

distribution Hyve

Solutions Consolidated

Three Months ended May 31, 2026

Revenue $ 9,545,327 $ 6,043,771 $ 1,020,152 $ 2,965,563 $ 19,574,813

Cost of revenue ( 8,884,079 ) ( 5,648,184 ) ( 938,258 ) ( 2,764,831 ) ( 18,235,352 )

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

Gross profit $ 661,248 $ 395,587 $ 81,894 $ 200,732 $ 1,339,461

15 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 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

Three Months ended May 31, 2025

Revenue $ 7,486,566 $ 4,676,539 $ 793,665 $ 1,989,545 $ 14,946,315

Cost of revenue ( 6,935,981 ) ( 4,365,435 ) ( 728,478 ) ( 1,870,048 ) ( 13,899,942 )

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

Gross profit $ 550,585 $ 311,104 $ 65,187 $ 119,497 $ 1,046,373

4 unchanged sentences

Amortization of intangibles ( 40,488 ) ( 31,988 ) ( 806 ) — ( 73,282 )

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

Acquisition, integration and restructuring costs ( 58 ) ( 499 ) ( 107 ) — ( 664 )

Share-based compensation expense ( 6,843 ) ( 2,988 ) ( 795 ) ( 1,324 ) ( 11,950 )

Other segment items (4)

( 79,047 ) ( 58,055 ) ( 11,729 ) ( 10,558 ) ( 159,389 )

Operating income $ 182,931 $ 32,889 $ 17,724 $ 94,595 $ 328,139

Reconciliation to consolidated income before tax

Interest expense and finance charges, net ( 89,982 )

Other expense, net ( 79 )

Income before income taxes $ 238,078

Six Months ended May 31, 2026

Revenue $ 17,318,769 $ 12,280,943 $ 2,019,740 $ 5,116,559 $ 36,736,011

Cost of revenue ( 16,069,511 ) ( 11,475,549 ) ( 1,856,009 ) ( 4,743,335 ) ( 34,144,404 )

Gross profit $ 1,249,258 $ 805,394 $ 163,731 $ 373,224 $ 2,591,607

Payroll and payroll related expenses (2)

$ ( 492,127 ) $ ( 408,196 ) $ ( 71,796 ) $ ( 19,624 ) $ ( 991,743 )

Depreciation (3)

( 28,729 ) ( 16,720 ) ( 2,548 ) ( 1,462 ) ( 49,459 )

Amortization of intangibles ( 82,405 ) ( 67,007 ) ( 1,954 ) — ( 151,366 )

Acquisition, integration and restructuring costs ( 4,201 ) 1,335 ( 134 ) — ( 3,000 )

Share-based compensation expense ( 21,685 ) ( 11,729 ) ( 2,457 ) ( 5,649 ) ( 41,520 )

Other segment items (4)

( 180,721 ) ( 123,062 ) ( 29,810 ) ( 12,204 ) ( 345,797 )

Operating income $ 439,390 $ 180,015 $ 55,032 $ 334,285 $ 1,008,722

Reconciliation to consolidated income before tax

Interest expense and finance charges, net ( 184,375 )

Other income, net 27,994

Income before income taxes $ 852,341

TD SYNNEX CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended May 31, 2026 and 2025

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

Six Months ended May 31, 2025

Revenue $ 14,557,098 $ 9,634,795 $ 1,564,027 $ 3,722,102 $ 29,478,022

Cost of revenue ( 13,504,775 ) ( 8,997,176 ) ( 1,441,905 ) ( 3,489,787 ) ( 27,433,643 )

Gross profit $ 1,052,323 $ 637,619 $ 122,122 $ 232,315 $ 2,044,379

Payroll and payroll related expenses (2)

$ ( 454,907 ) $ ( 336,950 ) $ ( 63,610 ) $ ( 24,163 ) $ ( 879,630 )

Depreciation (3)

( 28,716 ) ( 16,849 ) ( 2,515 ) ( 1,453 ) ( 49,533 )

Amortization of intangibles ( 80,905 ) ( 62,177 ) ( 1,607 ) — ( 144,689 )

Acquisition, integration and restructuring costs ( 382 ) ( 1,125 ) ( 219 ) — ( 1,726 )

Share-based compensation expense ( 18,663 ) ( 9,800 ) ( 2,125 ) ( 3,223 ) ( 33,811 )

Other segment items (4)

6 unchanged sentences

(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.

Excludes depreciation recorded within cost of revenue, which totaled $ 4.7 million and $ 4.8 million in the three months ended May 31, 2026 and 2025, respectively, and $ 9.1 million in both the six months ended May 31, 2026 and 2025.

(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.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended February 28, 2026 and 2025

For the three and six months ended May 31, 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