TD SYNNEX (SNX) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year results, with non-GAAP gross billings up 15% to $24.3 billion and non-GAAP diluted EPS up 24% to $3.83, driven by diversified business model, strategic execution, and strong regional and segment contributions.

• Hyve segment delivered double-digit growth, outperforming expectations and expanding offerings and customer base.

• All regions contributed to growth, with Asia-Pacific and Japan leading, followed by strong performances in Europe, North America, and Latin America.

• Strategic focus areas include omnichannel engagement, specialized go-to-market, enablement, brand visibility, and digital investments, including AI-driven tools.

• Achieved robust free cash flow of $1.4 billion for FY2025, supporting strong shareholder returns.

Financial highlights

• Q4 non-GAAP gross billings reached $24.3 billion, up 15% year over year; non-GAAP diluted EPS was $3.83, up 24% year over year.

• Net revenue for Q4 was $17.4 billion, up 10% year over year; gross profit increased to $1.2 billion.

• Non-GAAP operating income rose 18% to $497 million; GAAP operating income was $399 million, up 23%.

• Free cash flow for the year was $1.4 billion; cash and cash equivalents at quarter-end were $2.4 billion.

• Returned $742 million to shareholders in FY25 through share repurchases and dividends.

Outlook and guidance

• Q1 FY26 guidance: non-GAAP gross billings of $22.7–$23.7 billion, net revenue of $15.1–$15.9 billion, non-GAAP net income of $243–$283 million, and EPS of $3–$3.50.

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

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

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