What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-10-01 compared with 2026-07-02 · 151 added, 130 removed, 279 unchanged (50% of the section changed)

46 unchanged sentences

Economic and Industry Trends

We are experiencing a complex macroeconomic environment, due to the continued persistence of inflation, elevated interest rates, market volatility and adverse effects on product demand connected to geopolitical developments including tariff uncertainty and other factors.

This may lead to a decline in the IT industry or increased price-based competition.

Our business includes operations in the Americas, Europe and APJ, so we are affected by demand volatility for our products in those regions, as well as the impact of fluctuations in foreign currency exchange rates compared to the United States ("U.S.") dollar.

We are highly dependent on the end-market demand for IT products, and on our partners’ strategic initiatives and business models.

This end-market demand is influenced by many factors including the introduction of new IT products and software by OEM suppliers, replacement cycles for existing IT products, trends toward cloud computing and AI, overall economic growth and general business activity.

A difficult and challenging economic environment, due to the continued persistence of inflation, elevated interest rates, market volatility and adverse effects on product demand connected to geopolitical developments including tariff uncertainty, or other factors may also lead to decline in the IT industry or increased price-based competition.

Our Hyve Solutions business is highly dependent on the demand for cloud infrastructure, and the number of key customers and suppliers in the market.

Our business includes operations in the Americas, Europe and APJ so we are affected by demand for our products in those regions, as well as the impact of fluctuations in foreign currency exchange rates compared to the United States ("U.S.") dollar.

Fluctuations in component pricing, particularly for memory components, may affect product costs, availability, and average selling prices.

As AI applications and related data center investments continue to increase demand for memory-intensive configurations, the resulting changes in memory pricing may impact supply chains, product mix and pricing trends across certain technology products.

In addition, our Hyve Solutions business is highly dependent on the demand for cloud infrastructure, and the number of key customers and suppliers in the market.

We continually seek to augment organic growth in our business with strategic acquisitions of businesses and assets that complement and expand our existing capabilities.

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The following table sets forth, for the indicated periods, data as percentages of total revenue:

Three Months Ended Six Months Ended

Three Months Ended Nine Months Ended

Consolidated Statements of Operations Data:

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

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Revenue 100.00 % 100.00 % 100.00 % 100.00 %

11 unchanged sentences

• Revenue in constant currency, which is revenue adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance.

Revenue in constant currency is calculated by translating the revenue for the three and six months ended May 31, 2026 in the billing currency using the comparable prior period currency conversion rate.

Revenue in constant currency is calculated by translating the revenue for the three and nine months ended August 31, 2026 in the billing currency using the comparable prior period currency conversion rate.

Generally, when the dollar either strengthens or weakens against other currencies, the growth at constant currency rates will be higher or lower than growth reported at actual exchange rates.

3 unchanged sentences

• Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue.

• Non-GAAP net income, which is net income, adjusted to exclude acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, realized gains upon sale of certain equity securities ("gain on investments") and income taxes related to the aforementioned items.

• Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, gain on investments and income taxes related to the aforementioned items.

• Non-GAAP net income, which is net income, adjusted to exclude acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, dividends and realized gains upon sale related to certain equity securities ("dividends and gains on investments") and income taxes related to the aforementioned items.

• Non-GAAP diluted earnings per common share (“EPS”), which is diluted EPS excluding the per share impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation expense, dividends and gains on investments and income taxes related to the aforementioned items.

Acquisition, integration and restructuring costs, which are expensed as incurred, primarily represent professional services costs for legal, banking, consulting and advisory services, severance and other personnel related costs, share-based compensation expense and debt extinguishment fees that are incurred in connection with acquisition, integration, restructuring and divestiture activities.

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Given the variety and timing of awards and the subjective assumptions that are necessary when calculating share-based compensation expense, we believe this additional information allows investors to make additional comparisons between our operating results from period to period.

Gain on investments includes benefits recorded in other income (expense), net during the first and second quarters of fiscal 2026 resulting from realized gains upon sale of certain equity securities.

Dividends and gains on investments includes benefits recorded in other income (expense), net during the first three fiscal quarters of fiscal 2026 resulting from dividends and realized gains upon sale related to certain equity securities.

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results.

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These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with data presented in accordance with GAAP.

Three and Six Months Ended May 31, 2026 and 2025:

The following table summarizes our revenue and change in revenue by reportable segment for the three and six months ended May 31, 2026 and 2025:

Three Months Ended Six Months Ended

Revenue in constant currency May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

Three and Nine Months Ended August 31, 2026 and 2025:

The following table summarizes our revenue and change in revenue by reportable segment for the three and nine months ended August 31, 2026 and 2025:

Three Months Ended Nine Months Ended

Revenue in constant currency August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Revenue $ 21,558,406 $ 15,650,924 37.7 % $ 58,294,417 $ 45,128,946 29.2 %

17 unchanged sentences

Revenue in constant currency $ 3,801,958 $ 2,505,456 51.7 % $ 8,918,517 $ 6,227,558 43.2 %

• Three Months and Six Months Ended May 31, 2026 versus May 31, 2025 - Revenue and revenue in constant currency increased by $4.6 billion and $4.3 billion, respectively, during the three months ended May 31, 2026 and $7.3 billion and $6.3 billion, respectively, during the six months ended May 31, 2026.

The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios as well as growth in Hyve Solutions, partially offset by a greater percentage of our sales being presented on a net basis due to the mix of products sold, which negatively impacted our revenue growth compared to the prior period by approximately 2% and 4%, respectively.

The impact of changes in foreign currencies is primarily due to the strengthening of the euro against the U.S.

Americas distribution

• Three and Six Months Ended May 31, 2026 versus May 31, 2025 - Revenue and revenue in constant currency increased by $2.1 billion and $2.0 billion, respectively, during the three months ended May 31, 2026 and $2.8 billion and $2.7 billion, respectively during the six months ended May 31, 2026.

The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios in the region, along with a greater percentage of our sales being presented on a gross basis due to the mix of products sold, which positively impacted our revenue growth compared to the prior period by approximately 6% and 3%, respectively.

The impact of changes in foreign currencies is primarily due to the strengthening of the Canadian dollar against the U.S.

Europe distribution

• Three and Six Months Ended May 31, 2026 versus May 31, 2025 - Revenue and revenue in constant currency increased by $1.4 billion and $1.1 billion, respectively, during the three months ended May 31, 2026 and $2.6 billion and $1.7 billion, respectively during the six months ended May 31, 2026.

The impact of changes in foreign currencies is primarily due to the strengthening of the euro against the U.S.

APJ distribution

• Three and Six Months Ended May 31, 2026 versus May 31, 2025 - Revenue and revenue in constant currency increased by $226.5 million and $261.6 million, respectively, during the three months ended May 31, 2026 and $455.7 million and $498.7 million, respectively, during the six months ended May 31, 2026.

The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions portfolios in the region, partially offset by a greater percentage of our sales being presented on a net basis due to the mix of products sold, which negatively impacted our revenue growth compared to the prior period by approximately 2% and 1%, respectively.

Consolidated - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Revenue and revenue in constant currency increased by $5.9 billion and $6.0 billion, respectively, during the three months ended and $13.2 billion and $12.3 billion, respectively, during the nine months ended August 31, 2026.

The increases are driven by growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios as well as growth in Hyve Solutions.

This was partially offset by a greater percentage of our sales being presented on a net basis primarily in Hyve Solutions due to program mix.

The presentation of additional revenues on a net basis negatively impacted our revenue growth compared to the prior periods by approximately 2% and 4% for the three and nine months ended August 31, 2026, respectively.

The impact of changes in foreign currencies during the three months ended August 31, 2026 is primarily due to the weakening of the euro and the Indian rupee against the U.S.

dollar, while the impact during the nine months ended August 31, 2026 is primarily due to the strengthening of the euro against the U.S.

Americas distribution - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Revenue and revenue in constant currency increased by $2.9 billion and $3.0 billion, respectively, during the three months ended August 31, 2026 and $5.7 billion and $5.6 billion, respectively, during the nine months ended August 31, 2026.

The impact of changes in foreign currencies during the three months ended August 31, 2026 is primarily due to the weakening of the Canadian dollar against the U.S.

dollar, while the impact during the nine months ended August 31, 2026 is primarily due to the strengthening of the Canadian dollar against the U.S.

Europe distribution - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Revenue and revenue in constant currency both increased by $1.5 billion during the three months ended August 31, 2026 and $4.1 billion and $3.2 billion, respectively, during the nine months ended August 31, 2026.

The increases are driven by growth in both our Endpoint Solutions and Advanced Solutions portfolios in the region, along with a greater percentage of our sales being presented on a gross basis due to the mix of products sold, which positively impacted our revenue growth compared to the prior periods by approximately 4% for both the three and nine months ended August 31, 2026.

The impact of changes in foreign currencies during the three months ended August 31, 2026 is primarily due to the weakening of the euro against the U.S.

dollar, while the impact during the nine months ended August 31, 2026 is primarily due to the strengthening of the euro against the U.S.

APJ distribution - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Revenue and revenue in constant currency increased by $190.7 million and $244.3 million, respectively, during the three months ended August 31, 2026 and $646.4 million and $743.0 million, respectively, during the nine months ended August 31, 2026.

The impact of changes in foreign currencies is primarily due to the weakening of the Indian rupee and the Japanese yen against the U.S.

Hyve Solutions

• Three and Six Months Ended May 31, 2026 versus May 31, 2025 - Revenue and revenue in constant currency both increased by $976.0 million during the three months ended May 31, 2026 and $1.4 billion during the six months ended May 31, 2026, respectively.

The increases are driven by growth in Manufacturing sales as well as Supply Chain Services, partially offset by a greater percentage of our sales being presented on a net basis due to a higher mix of sales under arrangements which operate under a customer-owned procurement model, which negatively impacted our revenue growth compared to the prior period by approximately 68% and 70%, respectively.

Three Months Ended Six Months Ended

Gross profit & gross margin - Consolidated May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

Hyve Solutions - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Revenue and revenue in constant currency both increased by $1.3 billion during the three months ended August 31, 2026 and $2.7 billion during the nine months ended August 31, 2026, respectively.

The increases are driven by growth in Manufacturing sales as well as Supply Chain Services, partially offset by a greater percentage of our sales being presented on a net basis due to program mix, which negatively impacted our revenue growth compared to the prior periods by approximately 66% and 68% for the three and nine months ended August 31, 2026, respectively.

Three Months Ended Nine Months Ended

Gross profit & gross margin - Consolidated August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Revenue $ 21,558,406 $ 15,650,924 37.7 % $ 58,294,417 $ 45,128,946 29.2 %

2 unchanged sentences

Our gross margin is affected by a variety of factors, including competition, selling prices, mix of products, the percentage of revenue that is presented on a net basis, product costs along with rebate and discount programs from our suppliers, reserves or settlement adjustments, freight costs, inventory losses and fluctuations in revenue.

Three Months Ended May 31, 2026 versus May 31, 2025

• Gross profit increased primarily due to the increase in revenue due to growth in our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions where both Manufacturing and Supply Chain Services experienced growth.

The impact of changes in foreign currencies had a favorable impact on gross profit of approximately $19 million.

• Gross margin decreased primarily due to product mix in Hyve Solutions, partially offset by the impact of the presentation of additional revenue on a net basis primarily in our Hyve Solutions portfolio which positively impacted our gross margin by approximately 12 basis points.

Six Months Ended May 31, 2026 versus May 31, 2025

Three Months Ended August 31, 2026 versus August 31, 2025

• Gross profit increased primarily due to the increased revenue from growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios as well as in Hyve Solutions where both Manufacturing and Supply Chain Services experienced growth.

• Gross margin decreased primarily due to product mix in Hyve Solutions and in our Advanced Solutions portfolio, partially offset by improved margins in our Endpoint Solutions portfolio.

The impact of the presentation of additional revenue on a net basis positively impacted our gross margin by approximately 11 basis points, primarily in Hyve Solutions due to program mix.

Nine Months Ended August 31, 2026 versus August 31, 2025

• Gross profit increased primarily due to the increased revenue from growth in our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions where both Manufacturing and Supply Chain Services experienced growth.

The impact of changes in foreign currencies had a favorable impact on gross profit of approximately $61 million.

• Gross margin increased primarily due to the presentation of additional revenues on a net basis primarily in our Hyve Solutions portfolio, which positively impacted our gross margin by approximately 24 basis points, partially offset by a decline in Hyve Solutions margins due to product mix.

• Gross margin decreased primarily due to product mix in Hyve Solutions, partially offset by the presentation of additional revenues on a net basis, primarily in Hyve Solutions, which positively impacted our gross margin by approximately 19 basis points.

Selling, General and Administrative ("SG&A") Expenses

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

Three Months Ended Nine Months Ended

August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Gross profit $ 1,425,414 $ 1,129,853 26.2 % $ 4,017,021 $ 3,174,232 26.6 %

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SG&A expenses also include amortization of our intangible assets, cost of warehouses, delivery centers and other non-integration facilities, depreciation on certain of our capital equipment, IT expenses, credit costs including bad debt expense, legal and professional fees, travel and entertainment, and non-income taxes.

Three and Six Months Ended May 31, 2026 versus May 31, 2025

• SG&A expenses and adjusted SG&A expenses increased primarily due to higher personnel costs, higher credit costs, and the impact of changes in foreign currencies, which had an unfavorable impact of approximately $15 million and $48 million for the three and six months ended May 31, 2026, respectively.

• SG&A expenses as a percentage of gross profit and adjusted SG&A expenses as a percentage of gross profit decreased due to our increase in gross profit from growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions, partially offset by higher personnel and credit costs.

Three and Nine Months Ended August 31, 2026 versus August 31, 2025

• SG&A expenses and adjusted SG&A expenses increased primarily due to higher personnel costs and higher credit costs.

The impact of changes in foreign currencies on SG&A expenses was immaterial for the three months ended August 31, 2026, and was unfavorable by approximately $51 million for the nine months ended August 31, 2026.

• SG&A expenses as a percentage of gross profit and adjusted SG&A expenses as a percentage of gross profit decreased due to our increased gross profit from growth in both our Advanced Solutions and Endpoint Solutions distribution portfolios and in Hyve Solutions, partially offset by higher personnel and credit costs.

Operating Income

The following tables provide an analysis of operating income and non-GAAP operating income on a consolidated and reportable segment basis as well as a reconciliation of operating income to non-GAAP operating income on a consolidated and reportable segment basis for the three and six months ended May 31, 2026 and 2025:

Three Months Ended Six Months Ended

Operating income & operating margin - Consolidated May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

Three Months Ended Nine Months Ended

Operating income & operating margin - Consolidated August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Revenue $ 21,558,406 $ 15,650,924 37.7 % $ 58,294,417 $ 45,128,946 29.2 %

7 unchanged sentences

Non-GAAP operating margin 3.42 % 3.03 % 3.33 % 2.85 %

Consolidated - Three and Six Months Ended May 31, 2026 versus May 31, 2025

Consolidated - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

• Operating income and non-GAAP operating income increased primarily due to an increase in revenue, partially offset by higher personnel costs and higher credit costs.

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, along with impacts from the presentation of additional revenues on a net basis due to the mix of products sold.

The presentation of additional revenues on a net basis positively impacted our operating margin and non-GAAP operating margin by approximately 5 and 6 basis points, respectively, during the three months ended May 31, 2026, and 10 and 11 basis points, respectively, during the six months ended May 31, 2026.

Three Months Ended Six Months Ended

Operating income & operating margin - Americas distribution May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

The presentation of additional revenues on a net basis positively impacted our operating margin and non-GAAP operating margin by approximately 5 and 6 basis points, respectively, during the three months ended August 31, 2026, and 8 and 9 basis points, respectively, during the nine months ended August 31, 2026.

Three Months Ended Nine Months Ended

Operating income & operating margin - Americas distribution August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Revenue $ 10,319,406 $ 7,376,484 39.9 % $ 27,638,175 $ 21,933,582 26.0 %

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Non-GAAP operating margin 2.96 % 3.04 % 3.09 % 2.92 %

Americas distribution - Three and Six Months Ended May 31, 2026 versus May 31, 2025

Americas distribution - Three Months ended August 31, 2026 versus August 31, 2025

• Operating income and non-GAAP operating income increased primarily due to revenue growth, partially offset by higher personnel costs and higher credit costs.

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by impacts from the presentation of additional revenues on a gross basis due to the mix of products sold.

The presentation of additional revenues on a gross basis negatively impacted our operating margin and non-GAAP operating margin by approximately 12 and 15 basis points, respectively, during the three months ended May 31, 2026, and 6 and 7 basis points, respectively, during the six months ended May 31, 2026.

Three Months Ended Six Months Ended

Operating income & operating margin - Europe distribution May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

• Operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by a decline in gross margin along with impacts from the presentation of additional revenues on a gross basis due to the mix of products sold.

The presentation of additional revenues on a gross basis negatively impacted our operating margin by approximately 22 basis points.

Non-GAAP operating margin slightly decreased, primarily due to impacts from the presentation of additional revenues on a gross basis due to the mix of products sold, partially offset by increased operating leverage resulting from the increase in revenue.

The presentation of additional revenues on a gross basis negatively impacted our non-GAAP operating margin by approximately 28 basis points.

Americas distribution - Nine Months Ended August 31, 2026 versus August 31, 2025

• Operating income and non-GAAP operating income increased primarily due to revenue growth, partially offset by higher personnel costs and higher credit costs.

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by a decline in gross margin along with impacts from the presentation of additional revenues on a gross basis due to the mix of products sold.

The presentation of additional revenues on a gross basis negatively impacted our operating margin and non-GAAP operating margin by approximately 12 and 14 basis points, respectively.

Three Months Ended Nine Months Ended

Operating income & operating margin - Europe distribution August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Revenue $ 6,366,004 $ 4,888,624 30.2 % $ 18,646,947 $ 14,523,419 28.4 %

7 unchanged sentences

Non-GAAP operating margin 2.44 % 1.47 % 2.21 % 1.69 %

Europe distribution - Three and Six Months Ended May 31, 2026 versus May 31, 2025

Europe distribution - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

• Operating income and non-GAAP operating income increased primarily due to an increase in revenue, along with an increase in gross margin in our Endpoint Solutions portfolio in the region, partially offset by higher personnel costs and by a decrease in gross margin in our Advanced Solutions portfolio in the region.

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by the effects of a greater percentage of our revenue being presented on a gross basis due to the mix of products sold, which negatively impacted our operating margin and non-GAAP operating margin by approximately 7 and 10 basis points during the three months ended May 31, 2026, and by 4 and 6 basis points during the six months ended May 31, 2026, respectively.

Three Months Ended Six Months Ended

Operating income & operating margin - APJ distribution May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, partially offset by the effects of a greater percentage of our revenue being presented on a gross basis due to the mix of products sold, which negatively impacted our operating margin and non-GAAP operating margin by approximately 7 and 8 basis points during the three months ended August 31, 2026, and by 5 and 7 basis points during the nine months ended August 31, 2026, respectively.

Three Months Ended Nine Months Ended

Operating income & operating margin - APJ distribution August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Revenue $ 1,071,038 $ 880,360 21.7 % $ 3,090,778 $ 2,444,387 26.4 %

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Non-GAAP operating margin 2.11 % 1.87 % 2.66 % 1.99 %

APJ distribution - Three Months Ended May 31, 2026 versus May 31, 2025

• Operating income and non-GAAP operating income increased primarily due to revenue growth, partially offset by higher personnel costs.

APJ distribution - Three Months Ended August 31, 2026 versus August 31, 2025

• Operating income and non-GAAP operating income increased primarily due to revenue growth, partially offset by a decrease in gross margin.

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue.

APJ distribution - Six Months Ended May 31, 2026 versus May 31, 2025

The presentation of additional revenues on a net basis positively impacted our operating margin and non-GAAP operating margin by approximately 7 and 8 basis points, respectively, for the three months ended August 31, 2026.

APJ distribution - Nine Months Ended August 31, 2026 versus August 31, 2025

• Operating income and non-GAAP operating income increased primarily due to revenue growth, partially offset by higher personnel costs.

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue, along with an increase in gross margin.

Three Months Ended Six Months Ended

Operating income & operating margin - Hyve Solutions May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

• Operating margin and non-GAAP operating margin increased primarily due to increased operating leverage resulting from the increase in revenue.

The presentation of additional revenues on a net basis positively impacted both our operating margin and non-GAAP operating margin by approximately 5 basis points for the nine months ended August 31, 2026.

Three Months Ended Nine Months Ended

Operating income & operating margin - Hyve Solutions August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Revenue $ 3,801,958 $ 2,505,456 51.7 % $ 8,918,517 $ 6,227,558 43.2 %

5 unchanged sentences

Non-GAAP operating margin 6.65 % 6.48 % 6.65 % 5.68 %

Hyve Solutions - Three and Six Months Ended May 31, 2026 versus May 31, 2025

• Operating income and non-GAAP operating income increased primarily due to strong growth in Manufacturing as well as Supply Chain Services.

• Operating margin and non-GAAP operating margin increased primarily due to a greater percentage of our sales being presented on a net basis due to a higher mix of sales under arrangements which operate under a customer-owned procurement model.

This positively impacted our operating margin and non-GAAP operating margin by approximately 189 and 190 basis points, respectively, for the three months ended May 31, 2026, and 220 and 223 basis points, respectively, for the six months ended May 31, 2026.

Hyve Solutions - Three and Nine Months Ended August 31, 2026 versus August 31, 2025

• Operating income and non-GAAP operating income increased primarily due to strong revenue growth in Manufacturing as well as Supply Chain Services.

• Operating margin and non-GAAP operating margin increased primarily due to a greater percentage of our sales being presented on a net basis due to program mix, partially offset by a decline in gross margin.

The presentation of additional revenues on a net basis positively impacted our operating margin and non-GAAP operating margin by approximately 2% for all periods presented.

Interest Expense and Finance Charges, Net

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

Three Months Ended Nine Months Ended

August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Interest expense and finance charges, net $ 120,518 $ 91,188 32.2 % $ 304,893 $ 269,050 13.3 %

Percentage of revenue 0.55 % 0.59 % 0.52 % 0.60 %

Amounts recorded in interest expense and finance charges, net, consist primarily of interest expense on our Senior Notes, our lines of credit, our accounts receivable securitization facility and our term loans, and fees associated with the sale of accounts receivable, partially offset by income earned on our cash investments.

Three and Six Months Ended May 31, 2026 versus May 31, 2025

Interest expense and finance charges, net increased, primarily driven by increased costs associated with the sale of accounts receivable due to higher volumes of sold receivables.

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

This impact was partially offset by lower average interest rates.

Amounts recorded in interest expense and finance charges, net, consist primarily of interest expense on our Senior Notes, our lines of credit, our accounts receivable securitization facilities and our term loans, and fees associated with the sale of accounts receivable, partially offset by income earned on our cash investments.

Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Interest expense and finance charges, net increased, primarily driven by an increase in short-term borrowings to fund working capital requirements, along with increased costs associated with the sale of accounts receivable due to higher volumes of sold receivables.

Accounts receivable discount fees for these programs totaled $28.6 million and $18.0 million in the three months ended August 31, 2026 and 2025, respectively, and $72.8 million and $43.5 million in the nine months ended August 31, 2026 and 2025, respectively.

Other Income (Expense), Net

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 Change in Dollars May 31, 2026 May 31, 2025 Change in Dollars

Three Months Ended Nine Months Ended

August 31, 2026 August 31, 2025 Change in Dollars August 31, 2026 August 31, 2025 Change in Dollars

Other income (expense), net $ 32,889 $ 792 $ 32,097 $ 60,883 $ (983) $ 61,866

1 unchanged sentence

Amounts recorded as other income (expense), net include foreign currency transaction gains and losses on certain financing transactions and the related derivative instruments used to hedge such financing transactions, the cost of hedging, investment gains and losses, and other non-operating gains and losses, such as settlements received from class action lawsuits.

Three and Six Months Ended May 31, 2026 versus May 31, 2025

Other income (expense), net improved primarily due to gains recognized on sales of investments in equity securities of $10.8 million and $33.1 million during the three and six months ended May 31, 2026, respectively.

Three and Nine Months Ended August 31, 2026 versus August 31, 2025

Other income (expense), net improved primarily due to gains realized upon on the sale of investments in equity securities of $ 33.1 million during the first two fiscal quarters of fiscal 2026 and dividends received from investments in equity securities of $37.4 million during the third fiscal quarter of fiscal 2026.

Provision for Income Taxes

Three Months Ended Six Months Ended

May 31, 2026 May 31, 2025 Percent Change May 31, 2026 May 31, 2025 Percent Change

Three Months Ended Nine Months Ended

August 31, 2026 August 31, 2025 Percent Change August 31, 2026 August 31, 2025 Percent Change

Provision for income taxes $ 139,010 $ 66,466 109.1 % $ 330,348 $ 166,969 97.8 %

2 unchanged sentences

Income taxes for the interim periods presented have been included in the accompanying Consolidated Financial Statements on the basis of an estimated annual effective tax rate.

Three Months Ended May 31, 2026 versus May 31, 2025

Income tax expense increased primarily due to higher income during the period.

The effective tax rate was relatively flat due to an increase related to the relative mix of earnings within the taxing jurisdictions in which we operate, offset by a valuation allowance release resulting from the sale of investments in equity securities.

Six Months Ended May 31, 2026 versus May 31, 2025

Income tax expense increased primarily due to higher income during the period and a slightly higher effective tax rate.

The effective tax rate was higher primarily due to the relative mix of earnings within the taxing jurisdictions in which we operate.

Three and Nine Months Ended Months Ended August 31, 2026 versus August 31, 2025

Income tax expense increased primarily due to higher income during the period, along with a higher effective tax rate.

The effective tax rate was higher primarily due the relative mix of earnings within the taxing jurisdictions in which we operate, along with the impact of discrete items.

Net Income and Diluted EPS

The following tables present net income and diluted EPS as well as a reconciliation of our most comparable GAAP measures to the related non-GAAP measures presented:

Three Months Ended Six Months Ended

Three Months Ended Nine Months Ended

Net income - Consolidated

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

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

$ 416,240 $ 226,795 $ 1,077,243 $ 579,253

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Share-based compensation 16,251 12,427 57,771 46,238

Gain on investments (10,753) — (33,107) —

Dividends and gains on investments (37,354) — (70,461) —

Income taxes related to the above (16,564) (21,823) (67,355) (66,619)

Non-GAAP net income $ 455,864 $ 296,244 $ 1,228,855 $ 784,132

Three Months Ended Six Months Ended

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

Three Months Ended Nine Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Diluted EPS (1)

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Share-based compensation 0.20 0.15 0.72 0.55

Gain on investments (0.13) — (0.41) —

Dividends and gains on investments (0.46) — (0.87) —

Income taxes related to the above (0.21) (0.26) (0.84) (0.80)

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Unvested restricted stock awards granted to employees, as well as vested but unexercised common stock warrants, 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.

For purposes of calculating diluted EPS, net income allocated to participating securities was approximately 1.1% and 1.0% of net income for the three and nine months ended August 31, 2026, respectively, and 0.9% for both the three and nine months ended August 31, 2025.

Liquidity and Capital Resources

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Three Months Ended

May 31, 2026 November 30, 2025 May 31, 2025

August 31, 2026 November 30, 2025 August 31, 2025

Days sales outstanding ("DSO")

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We calculate CCC as days of the last fiscal quarter’s revenue outstanding in accounts receivable plus days of supply on hand in inventory, less days of the last fiscal quarter’s cost of revenue outstanding in accounts payable.

• CCC was 24 days as of May 31, 2026, and 16 and 23 days as of November 30, 2025 and May 31, 2025, respectively.

• CCC increased as compared to both November 30, 2025 and May 31, 2025 primarily due to an increase in our DIO as inventory balances increased primarily to support growth in our business, partially offset by an increase in our DPO due to a corresponding increase in our accounts payable.

• CCC was 31 days as of August 31, 2026, and 16 and 23 days as of November 30, 2025 and August 31, 2025, respectively.

• CCC increased as compared to both November 30, 2025 and August 31, 2025 primarily due to an increase in our DIO as inventory balances increased primarily to support growth in our Hyve Solutions business, partially offset by an increase in our DPO due to a related increase in our accounts payable.

To increase our market share and better serve our customers, we may further expand our operations through investments or acquisitions.

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These investments or acquisitions would likely be funded primarily by our existing cash and cash equivalents, additional borrowings, or the issuance of securities.

Operating Activities - Six Months Ended May 31, 2026 versus May 31, 2025

Net cash used in operating activities was $1.2 billion and $174.8 million, respectively.

The increase in net cash used in operating activities was primarily due to a larger increase in inventory to support growth in our business, along with a year-over-year increase in accounts receivable due to the current year sales growth.

These impacts were partially offset by a year-over-year increase in accounts payable correlated with the increase in inventory, along with the increase in net income.

Investing Activities - Six Months Ended May 31, 2026 versus May 31, 2025

Operating Activities - Nine Months ended August 31, 2026 versus August 31, 2025

Net cash used in operating activities was $2.1 billion, compared to net cash provided by operating activities of $71.3 million.

The increase in net cash used in operating activities was primarily due to a larger increase in inventory, primarily to support growth in our Hyve Solutions business, along with a year-over-year increase in accounts receivable due to the current year revenue growth.

These impacts were partially offset by a year-over-year increase in accounts payable related to the increase in inventory, the year-over-year change in other accrued liabilities reflecting the timing and volume of cash receipts and related settlements, and the increase in net income.

Investing Activities - Nine Months ended August 31, 2026 versus August 31, 2025

Net cash used in investing activities was $146.4 million and $176.8 million, respectively.

The decrease in net cash used in investing activities is primarily due to cash received on the sale of investments in equity securities of $42.7 million, partially offset by an increase in capital expenditures of $28.2 million.

Financing Activities - Six Months Ended May 31, 2026 versus May 31, 2025

Net cash used in financing activities was $131.9 million and $126.6 million, respectively.

The increase in net cash used in financing activities is primarily due to a decrease in net short-term borrowings to fund working capital requirements of $70.2 million, partially offset by a net decrease in payments for share repurchases of $57.2 million.

The decrease in net cash used in investing activities is primarily due to a decrease in cash paid for acquisitions of businesses of $69.7 million and cash received on the sale of investments in equity securities of $42.7 million.

These items were partially offset by an increase in capital expenditures of $54.9 million, primarily reflecting investments in facilities to support the Company’s growth, and an increase in net investment hedge settlements of $22.4 million.

Financing Activities - Nine Months ended August 31, 2026 versus August 31, 2025

Net cash provided by financing activities was $528.2 million, compared to net cash used in financing activities of $186.0 million.

The increase in net cash provided by financing activities is primarily due to an increase in net short-term borrowings to fund working capital requirements of $1.3 billion, along with a net decrease in payments for share repurchases of $130.8 million, partially offset by the repayment of $700.0 million of senior notes at maturity in August 2026.

We believe our current cash balances, cash flows from operations and credit availability are sufficient to support our operating activities for at least the next twelve months.

Capital Resources

Our cash and cash equivalents totaled $1.1 billion and $2.4 billion as of May 31, 2026 and November 30, 2025, respectively.

Our cash and cash equivalents totaled $749.3 million and $2.4 billion as of August 31, 2026 and November 30, 2025, respectively.

Our cash and cash equivalents held by international subsidiaries are generally no longer subject to U.S.

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to fund current and expected future working capital, investment and other general corporate funding requirements.

We believe that our available cash and cash equivalents balances, cash flows from operations and our existing sources of liquidity, including available capacity under our borrowing facilities, will be sufficient to enable the repayment of our current borrowings, including $700.0 million of Senior Notes due in August 2026, and satisfy our current and planned working capital and investment needs for the next twelve months in all geographies.

We believe that our available cash and cash equivalents balances, cash flows from operations and our existing sources of liquidity, including available capacity under our borrowing facilities, will be sufficient to enable the repayment of our current borrowings, along with the $750.0 million outstanding on our 2024 Term Loan that matures on September 1, 2027, and to satisfy our current and planned working capital and investment needs for the next twelve months in all geographies.

We also believe that our longer-term working capital, planned capital expenditures, anticipated stock repurchases, dividend payments and other general corporate funding requirements will be satisfied through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities.

Credit Facilities and Borrowings

In the U.S., we have an accounts receivable securitization program to provide additional capital for our operations (the "U.S.

AR Arrangement").

We had total outstanding borrowings of approximately $5.5 billion and $4.6 billion as of August 31, 2026 and November 30, 2025, respectively.

In both the U.S.

and Europe, we have accounts receivable securitization programs to provide additional capital for our operations (the "U.S.

AR Arrangement" and the "Europe AR Arrangement", respectively).

Under the terms of the U.S.

AR Arrangement, we and our subsidiaries that are party to the U.S.

AR Arrangement, as amended on September 25, 2026, we and our subsidiaries that are party to the U.S.

AR Arrangement can borrow up to a maximum of $3.0 billion based upon eligible trade accounts receivable.

AR Arrangement, as amended, has a maturity date of January 20, 2028.

AR Arrangement, as amended, has a maturity date of September 25, 2028.

Under the terms of the Europe AR Arrangement, which commenced on June 26, 2026, we and our subsidiaries that are party to the Europe AR Arrangement can borrow up to a maximum of €650.0 million based upon eligible trade accounts receivable.

The Europe AR Arrangement has a maturity date of June 25, 2028.

Under the U.S.

AR Arrangement, there was $1.5 billion outstanding as of August 31, 2026 at an interest rate of 4.69%, and there were no amounts outstanding as of November 30, 2025.

Under the Europe AR Arrangement, there were no amounts outstanding as of August 31, 2026 or as of November 30, 2025.

We also have an amended and restated credit agreement, dated as of April 16, 2024 (as amended, the "TD SYNNEX Credit Agreement"), pursuant to which we received commitments for the extension of a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $3.5 billion, which revolving credit facility (the "TD SYNNEX Revolving Credit Facility") may, at our request but subject to the lenders' discretion, potentially be increased by up to an aggregate amount of $500.0 million.

Our borrowings on these facilities vary within the period primarily based on changes in our working capital.

There were no amounts outstanding under the U.S.

AR Arrangement or the TD SYNNEX Revolving Credit Facility at May 31, 2026 or November 30, 2025.

As amended, the TD SYNNEX Revolving Credit Facility will mature on April 16, 2029, subject, in the lender's discretion, to two one-year extensions upon our prior notice to the lenders.

Under the TD SYNNEX Revolving Credit Facility, there were no amounts outstanding as of August 31, 2026 or as of November 30, 2025.

On April 19, 2024, we entered into a Term Loan Credit Agreement (the "2024 Term Loan Credit Agreement") which provides for a senior unsecured term loan in the amount of $750.0 million (the "2024 Term Loan").

The 2024 Term Loan will mature on September 1, 2027.

We have 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.

There was $750.0 million outstanding under the 2024 Term Loan as of both August 31, 2026 and November 30, 2025.

We have previously issued multiple series of senior unsecured notes (collectively, the "Senior Notes"), including a $700.0 million note that was repaid at maturity in August 2026, along with $2.9 billion of aggregate principal that matures at various dates from 2028 through 2035.

Under the Senior Notes, there was an aggregate of $2.9 billion and $3.6 billion outstanding as of August 31, 2026 and November 30, 2025, respectively.

We have various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities and book overdraft facilities, totaling approximately $905.6 million in borrowing capacity as of August 31, 2026.

There was $426.4 million outstanding on these facilities at August 31, 2026, at a weighted average interest rate of 6.50%, and there was $319.3 million outstanding on these facilities at November 30, 2025, at a weighted average interest rate of 5.72%.

Our borrowings on these facilities vary within the period primarily based on changes in our working capital.

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 on these facilities at November 30, 2025, at a weighted average interest rate of 5.72%.

Historically, we have renewed our accounts receivable securitization program and our parent company credit facilities on, or prior to, their respective expiration dates.

Historically, we have renewed our accounts receivable securitization programs and our parent company credit facilities on, or prior to, their respective expiration dates.

We have no reason to believe that these and other arrangements will not be renewed or replaced as we continue to be in good credit standing with the participating financial institutions.

We have had similar borrowing arrangements with various financial institutions throughout our years as a public company.

We had total outstanding borrowings of approximately $4.7 billion and $4.6 billion as of May 31, 2026 and November 30, 2025, respectively.

Our outstanding borrowings include Senior Notes of $3.6 billion as of both May 31, 2026 and November 30, 2025, and the 2024 Term Loan of $750.0 million as of both May 31, 2026 and November 30, 2025.

For additional information on our borrowings, see Note 9 – Borrowings to the Consolidated Financial Statements included in Part I, Item 1 of this Report.

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

At May 31, 2026 and November 30, 2025, we had a total of $2.3 billion and $1.8 billion, respectively, of trade accounts receivable sold to and held by financial institutions under these programs.

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.

At August 31, 2026 and November 30, 2025, we had a total of $2.1 billion and $1.8 billion, respectively, of trade accounts receivable sold to and held by financial institutions under these programs.

Discount fees for these programs totaled $28.6 million and $72.8 million in the three and nine months ended August 31, 2026, respectively, and $18.0 million and $43.5 million in the three and nine months ended August 31, 2025, respectively.

Supplier Finance Programs

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However, we agree to make all payments to the third-party financial institutions, and our right to offset balances due from vendors against payment obligations is restricted by the agreements for those payment obligations that have been sold by the respective vendors.

As of May 31, 2026 and November 30, 2025, we had $3.8 billion and $3.7 billion, respectively, in obligations outstanding under these programs included in "Accounts payable" in our Consolidated Balance Sheets.

As of August 31, 2026 and November 30, 2025, we had $3.5 billion and $3.7 billion, respectively, in obligations outstanding under these programs included in "Accounts payable" in our Consolidated Balance Sheets.

Share Repurchase Program

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This share repurchase authorization does not have an expiration date.

We repurchased 583 thousand shares of common stock for $112.4 million and 1.1 million shares for $192.1 million in the three and six months ended May 31, 2026, respectively, and 1.4 million shares for $148.8 million and 2.1 million shares for $249.3 million during the three and six months ended May 31, 2025, respectively.

As of May 31, 2026, we had $1.0 billion available for future repurchases of our common stock.

We repurchased 972 thousand shares of common stock for $100.3 million and 1.5 million shares for $292.4 million in the three and nine months ended August 31, 2026, respectively, and 1.2 million shares for $173.8 million and 3.3 million shares for $423.1 million during the three and nine months ended August 31, 2025, respectively.

As of August 31, 2026, we had $0.9 billion available for future repurchases of our common stock.

For additional information on our share repurchase program, see Note 4 – Stockholders' Equity to the Consolidated Financial Statements included in Part I, Item 1 of this Report.

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They also limit our (or our subsidiaries', as applicable) ability to incur additional debt or liens, enter into agreements with affiliates, modify the nature of our business, and merge or co nsolidate.

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

As of August 31, 2026, we were in compliance with all material financial covenants for the above arrangements.

Critical Accounting Policies and Estimates

During the six months ended May 31, 2026, there were no material changes to our critical accounting policies and estimates previously disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025.

During the nine months ended August 31, 2026, there were no material changes to our critical accounting policies and estimates previously disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025.

Recently Issued Accounting Pronouncements

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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 2. Management’s Discussion and Analysis