TD SYNNEX (SNX) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and FY results with non-GAAP gross billings up 15% YoY to $24.3B, non-GAAP diluted EPS up 24% YoY to $3.83, and robust free cash flow of $1.4B, surpassing guidance and prior records.

• Growth was broad-based across all regions and segments, with Asia-Pacific and Japan leading, and strong performance in Europe and Latin America.

• Hyve delivered double-digit gross billings growth, exceeding expectations and diversifying its customer base.

• Disciplined capital allocation supported strong shareholder returns, with $742M returned in FY25 via dividends and share repurchases.

• Quarterly dividend raised 9% to $0.48 per share, payable January 30, 2026.

Financial highlights

• Q4 gross billings up 15% YoY to $24.3B; net revenue $17.4B, up 10% YoY and above guidance.

• Gross profit increased 15% YoY to $1.2B; gross margin as a percentage of gross billings was 5% (flat YoY), while reported gross margin improved to 6.9%.

• Non-GAAP operating income up 18% YoY to $497M; GAAP operating income $399M, up 23%.

• Non-GAAP net income $313M; non-GAAP diluted EPS $3.83, up 24% YoY; GAAP diluted EPS $3.04, up 33%.

• Free cash flow for the year was $1.4B, exceeding expectations.

Outlook and guidance

• Q1 FY26 non-GAAP gross billings expected at $22.7–$23.7B; net revenue guidance: $15.1–$15.9B.

• Non-GAAP net income forecasted at $243M–$283M; non-GAAP diluted EPS: $3.00–$3.50.

• Quarterly dividend of $0.48 per share declared, payable January 30, 2026.

• Anticipates Q1 cash outflow due to seasonality and timing; expects cumulative free cash flow for FY25–26 to align with 95% net income conversion.

• Long-term outlook remains consistent with multi-year growth targets.