Slides
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Investor Presentation September 2026
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Safe harbor statement Statements in this presentation regarding TD SYNNEX that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from TD SYNNEX expectations as a result of a variety of factors. These forward-looking statements may be identified by terms such as believe, foresee, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements about our strategy, demand, plans and positioning, market trends, cash flow, capital allocation, as well as guidance, including related to the fourth quarter of 2026 and future periods. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which TD SYNNEX is unable to predict or control, that may cause TD SYNNEX actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Please refer to the documents filed with the Securities and Exchange Commission, specifically our most recent Form 10-K and subsequent SEC filings, for information on risk factors that could cause actual results to differ materially from those discussed in these forward-looking statements. Statements included in this presentation are based upon information known to TD SYNNEX as of the date of presentation and TD SYNNEX assumes no obligation to update information contained in this presentation except as otherwise required by law. 2
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Patrick Zammit CEO
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Q3 FY26 Y/Y Non-GAAP gross billings(1) ($B) $31.8 40% / 41%(2) Gross to net %(1) (32.3)% (120) bps Revenue ($B) $21.6 38% / 38%(2) Non-GAAP operating income(1) ($M) $736 55% / 56%(2) Non-GAAP operating income % (1)(3) 2.31% 22 bps Non-GAAP diluted earnings per share(1) $5.68 59% 2 3 Key takeaways Non-GAAP gross billings(1) exceeded the high end of our guidance and increased 40% y/y primarily driven by continued momentum across both Distribution and Hyve Non-GAAP operating income %(1)(3) expanded by 22 bps y/y reflecting a greater mix of Hyve and improved operating margins within Distribution Non-GAAP diluted earnings per share(1) increased 59% y/y, supported by our focus on profitable growth and disciplined capital allocation framework Q3 2026 global business overview Our differentiated value proposition continues to support profitable growth, operating margin expansion, and earnings growth over time BUSINESS OVERVIEW COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE CAPITAL ALLOCATION APPENDIX (1) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP (2) Growth rate adjusted for constant currency which is a non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP (3) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings FINANCIAL OUTLOOK 1 4
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Q3 2026 | Distribution(1) highlights Q3 FY25 Q3 FY26 +27% $19.5B Q3 FY25 Q3 FY26 $24.8B +55% $313M $483M Non-GAAP gross billings(2) Non-GAAP operating income(2) Key Highlights Driven by strong demand across the portfolio, supported by our broad customer base and global footprint Driven by non-GAAP gross billings(1) growth and disciplined cost management Expanded IBM footprint into 20 new countries across EMEA, APJ, LATAM Palo Alto Networks’ 2026 North America & Central America and Caribbean Distributor of the Year Veeam’s 2026 EMEA Distributor of the Year (1) “Distribution” represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments (2) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP 5 BUSINESS OVERVIEW COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK Adobe’s 2026 EMEA Best Retention Partner of the Year Non-GAAP operating income(2) CRN Channel Awards Asia 2026 - Distributor of the Year
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Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 2026 | Hyve Solutions highlights +117% $3.2B $7.0B +56% $162M $253M Non-GAAP gross billings(1) Non-GAAP operating income(1) Key Highlights Driven by increased volumes in Manufacturing with our existing customer base, along with continued strength in Supply Chain Services Driven by non-GAAP gross billings(1) growth and mix of program offerings Manufacturing growth in excess of 130% year-over-year, primarily driven by increased volumes with our existing customer base Supply Chain Services growth in excess of 90% year-over-year supported by component demand associated with customers infrastructure deployments Secured customer programs expected to utilize the recently expanded manufacturing capacity announced last quarter (1) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP 6 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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CFO David Jordan
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Q3 2026 | Portfolio Overview 78% 22% 66% 34% ($B) Revenue Y/Y Non-GAAP gross billings(1) Y/Y Gross to net %(1) Distribution(2) $17.8 +35% $24.8 + 27% (28)% Advanced Solutions(3) $8.5 +57% $14.5 + 37% (41)% Endpoint Solutions(3) $9.3 +20% $10.3 + 16% (10)% Hyve Solutions $3.8 +52% $7.0 + 117% (46)% Consolidated $21.6 +38% $31.8 + 40% (32)% ($M) Non-GAAP operating income(1) Y/Y Non-GAAP operating income(1) Y/Y Distribution(2) $483 + 55% $483 + 55% Hyve Solutions $253 + 56% $253 + 56% Consolidated $736 + 55% $736 + 55% Non-GAAP operating margin(1) Y/Y Non-GAAP operating income % (1)(4) Y/Y Distribution(2) 2.72% + 34 bps 1.95% + 35 bps Hyve Solutions 6.65% + 17 bps 3.61% - 143 bps Consolidated 3.42% + 39 bps 2.31% + 22 bps Non-GAAP gross billings(1) Non-GAAP operating income(1) $31.8B $736M Hyve Solutions Distribution(2) Hyve Solutions Portfolio Performance (1) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP (2) “Distribution” represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments (3) Metric is an approximation, subject to certain allocations and other factors and may also change if the company aligns their products and services differently (4) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings Distribution(2) 8 Broad-based growth across our portfolio and geographies driven by disciplined execution BUSINESS OVERVIEW COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK Consolidated
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Q3 FY25 TTM Q4 FY25 TTM Q1 FY26 TTM Q2 FY26 TTM Q3 FY26 TTM Cash flow and shareholder returns 12.76% 13.27% 14.76% 16.08% 17.55% Q3 FY25 TTM Q4 FY25 TTM Q1 FY26 TTM Q2 FY26 TTM Q3 FY26 TTM 17.55% Free cash flow(1) TTM Dividends Share Repurchases Return on equity(1) TTM $(0.8)B Q3 FY25 TTM Q4 FY25 TTM Q1 FY26 TTM Q2 FY26 TTM Q3 FY26 TTM $617M Returned $139M to shareholders in Q3 FY26 through ~$100M of share repurchases and ~$38M of dividends Net working capital(2) and gross CCC(1) Shareholder returns Leverage ratio and cash position Net Working Capital(2) as of Q3 FY26 of $6.5B, and gross CCC(1) of 22 days We ended Q3 FY26 with $749M of cash and cash equivalents and a net leverage ratio(1) of 1.9x (1) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP (2) Net working capital is defined as current assets excluding cash and cash equivalents, minus current liabilities excluding borrowings Profitable growth and disciplined capital allocation support attractive long-term shareholder returns CAPITAL ALLOCATION 9 $(0.8)B BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK $0.5B $1.4B $1.2B $670M $742M $723M $617M Shareholder returns TTM COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE $688M $0.4B
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Q4 2026 | Financial Outlook Q4 2026E Midpoint Range Non-GAAP gross billings(2) ~$31.9B +/- $500 million 31% y/y(3) Gross to net %(2) ~(30)% (2)% y/y(3) Revenue ($B) ~$22.2B +/- $400 million28% y/y(3) Non-GAAP net income(2) ~$474M +/- $20 million51% y/y(3) Est. outstanding diluted weighted avg. shares ~79.2M Non-GAAP diluted earnings per share(2) ~$5.90 +/- 25 cents54% y/y(3) (1) “Distribution” represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments (2) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP (3) Y/Y growth rates compare the Q4 FY26 forecasted metrics to the Q4 FY25 actuals 10 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK Our guidance reflects continued momentum across both our Distribution(1) and Hyve businesses COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Broad-based growth across all Distribution(1) technologies Approximate % of total non-GAAP gross billings(2) by product category(3) for Q3 2026 23% Y/Y Growth 67% Y/Y Growth 21% Y/Y Growth 19% Y/Y Growth 21% Y/Y Growth 16% Y/Y Growth 21% Y/Y Growth (1) “Distribution” represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments (2) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP (3) Product metrics are approximations, subject to certain allocations and other factors and may also change if the company aligns their products and services differently (4) The Servers and Storage product category includes Cloud Infrastructure as a Service (“IaaS”) Q3 FY25 Q3 FY26 Software Servers & Storage(4) 11 PCs Networking Peripherals & Print Services Mobile Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK Q3 FY25 Q3 FY26 27% Y/Y Growth COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE $19.5B $24.8B
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Americas distribution non-GAAP gross billings(1) were $15.0B, representing an increase of 28% y/y driven primarily by growth in Advanced Solutions Europe distribution non-GAAP gross billings(1) were $8.2B, representing an increase of 26% y/y driven primarily by growth in Endpoint Solutions APJ distribution non-GAAP gross billings(1) were $1.7B, representing an increase of 26% y/y driven primarily by broad-based growth Q3 2026 performance by Distribution(1) segment Disciplined execution against our strategy is driving above market growth and operating margin expansion across our reportable segments (1) “Distribution” represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments (2) Non-GAAP measure. See the appendix to this presentation for definitions of non-GAAP measures and reconciliation of such measures to GAAP (3) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings Region Revenue Non-GAAP gross billings(2) Non-GAAP operating income(2) Non-GAAP operating income %(2)(3) Americas distribution $10.3B +40% y/y $15.0B +28% y/y $306M +36% y/y 2.04% +12 bps y/y Europe distribution $6.4B +30% y/y $8.2B +26% y/y $155M +116% y/y 1.90% +79 bps y/y APJ distribution $1.1B +22% y/y $1.7B +26% y/y $23M +38% y/y 1.35% +11 bps y/y Total Distribution $17.8B +35%y/y $24.8B +27% y/y $483M +55% y/y 1.95% +35 bps y/y 2 3 1 12 2 3 Key takeaways Americas distribution non-GAAP gross billings(2) were $15.0B, representing an increase of 28% y/y driven primarily by growth within servers and storage, software, and PCs Europe distribution non-GAAP gross billings(2) were $8.2B, representing an increase of 26% y/y driven primarily by growth within servers and storage and peripherals APJ distribution non-GAAP gross billings(2) were $1.7B, representing an increase of 26% y/y driven by growth within servers and storage, networking and PCs 1 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Appendix
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In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: • Revenue in constant currency, which adjusts 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 performance. Financial results adjusted for constant currency are calculated by translating current period activity using the comparable prior year periods’ currency conversion rate. • Non-GAAP gross billings, which are the amounts billed to the customer prior to any presentation adjustment under ASC Topic 606 for those arrangements where the Company does not act as the principal; and non-GAAP cost of revenue, which represents cost of revenue prior to any presentation adjustment under ASC Topic 606 for those arrangements where the Company does not act as the principal. These are useful non-GAAP metrics in understanding the volume of our business activity and they serve as an important performance metric in internally managing our operations. TD SYNNEX also refers to gross billings on a constant currency basis, adjusted for foreign exchange fluctuations in a similar manner as revenue in constant currency mentioned above. • “Gross to net %” refers to the percentage of adjustments made to non-GAAP gross billings for costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts. • Adjusted selling, general and administrative expenses, which is a non-GAAP financial measure that excludes acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. TD SYNNEX also uses adjusted selling, general and administrative expenses and adjusted selling, general and administrative expenses as a percentage of gross profit. • Non-GAAP operating income and non-GAAP operating margin, which are non-GAAP financial measures that exclude acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. TD SYNNEX also refers to non-GAAP operating income on a constant currency basis, adjusted for foreign exchange fluctuations in a similar manner as revenue in constant currency mentioned above. Furthermore, TD SYNNEX refers to non-GAAP operating income as a percentage of non- GAAP gross billings. • Non-GAAP net income and non-GAAP diluted earnings per share, which are non-GAAP financial measures that exclude acquisition, integration and restructuring costs, the 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 the related tax effects thereon. • Earnings before interest, taxes, depreciation and amortization (“EBITDA”), which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, and amortization of intangibles. The Company also uses adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, amortization of intangibles, other income (expense), net, acquisition, integration and restructuring costs, and share- based compensation expense. • Non-GAAP income before income taxes, which is a non-GAAP financial measure that excludes acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense and dividends and gains on investments. TD SYNNEX also uses non-GAAP provision for income taxes which factors in the income tax impacts related to those adjustments which in turn determines the non-GAAP effective tax rate. • Free cash flow which is cash flow from operating activities, reduced by purchases of property and equipment. TD SYNNEX uses free cash flow to conduct and evaluate its business because, although it is similar to cash flow from operations, TD SYNNEX believes it is an additional useful measure of cash flows since purchases of property and equipment are a necessary component of ongoing operations. Free cash flow reflects an additional way of viewing TD SYNNEX’s liquidity that, when viewed with its GAAP results, provides a more complete understanding of factors and trends affecting its cash flows. Free cash flow has limitations as it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions. Therefore, TD SYNNEX believes it is important to view free cash flow as a complement to its entire Consolidated Statements of Cash Flows. • Return on equity (“ROE”) is a non-GAAP measure calculated based on trailing twelve months non-GAAP net income, divided by trailing five quarters average total stockholders’ equity. TD SYNNEX believes this is additional useful information for investors because it measures how effectively the Company uses stockholders’ equity to generate profits. In prior periods,TD SYNNEX has excluded other items relevant to those periods for purposes of its non-GAAP financial measures. TD SYNNEX management uses non-GAAP financial measures internally to understand, manage and evaluate the business, to establish operational goals, and in some cases for measuring performance for compensation purposes. These non-GAAP measures are intended to provide investors with an understanding of TD SYNNEX’s operational results and trends that more readily enable investors to analyze TD SYNNEX’s base financial and operating performance and to facilitate period-to-period comparisons and analysis of operational trends, as well as for planning and forecasting in future periods. Management believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and should be read only in conjunction with TD SYNNEX’s Consolidated Financial Statements prepared in accordance with GAAP. A reconciliation of TD SYNNEX’s GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this presentation. 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. From time to time, this category may also include transaction-related gains/losses on divestitures/spin-off of businesses, costs related to long-lived assets including impairment charges and accelerated depreciation and amortization expense due to changes in asset useful lives, as well as various other costs associated with the acquisition or divestiture. TD SYNNEX’s acquisition activities have resulted in the recognition of finite-lived intangible assets which consist primarily of customer relationships and vendor lists. Finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in the Company’s Consolidated Statements of Operations. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the Company’s products. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. Share-based compensation expense is a non-cash expense arising from the grant of equity awards to employees and non-employee members of the Company's Board of Directors based on the estimated fair value of those awards. Although share-based compensation is an important aspect of the compensation of our employees, the fair value of the share-based awards may bear little resemblance to the actual value realized upon the vesting or future exercise of the related share-based awards and the expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Given the variety and timing of awards and the subjective assumptions that are necessary when calculating share-based compensation expense, TD SYNNEX believes this additional information allows investors to make additional comparisons between our operating results from period to period. Dividends and gains on investments includes benefits recorded in other income (expense), net during the first three quarters of fiscal 2026 resulting from dividends and realized gains upon sale related to certain equity securities. Non-GAAP financial measures 14 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Revenue in constant currency August 31, 2026 August 31, 2025 Revenue $ 21,558,406 $ 15,650,924 Impact of changes in foreign currencies 99,963 — Revenue in constant currency $ 21,658,369 $ 15,650,924 Y/Y revenue growth 37.7 % Y/Y revenue growth in constant currency 38.4 % 15 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP gross billings in constant currency August 31, 2026 August 31, 2025 Revenue $ 21,558,406 $ 15,650,924 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 10,269,281 7,080,243 Non-GAAP gross billings $ 31,827,687 $ 22,731,167 Impact of changes in foreign currencies 117,791 — Non-GAAP gross billings in constant currency $ 31,945,478 $ 22,731,167 Y/Y non-GAAP gross billings growth 40.0 % Y/Y non-GAAP gross billings in constant currency growth 40.5 % 16 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP operating income and non-GAAP operating income in constant currency August 31, 2026 August 31, 2025 Revenue $ 21,558,406 $ 15,650,924 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 10,269,281 7,080,243 Non-GAAP gross billings $ 31,827,687 $ 22,731,167 Operating income $ 642,879 $ 383,657 Acquisition, integration and restructuring costs 2,101 2,304 Amortization of intangibles 75,190 76,541 Share-based compensation 16,251 12,427 Non-GAAP operating income $ 736,421 $ 474,929 Impact of changes in foreign currencies 3,719 — Non-GAAP operating income in constant currency $ 740,140 $ 474,929 Operating margin 2.98 % 2.45 % Non-GAAP operating margin 3.42 % 3.03 % Non-GAAP operating income %(1) 2.31 % 2.09 % Y/Y non-GAAP operating income growth 55.1 % Y/Y non-GAAP operating income in constant currency growth 55.8 % 17 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE (1) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas distribution Europe distribution APJ distribution Hyve Solutions Non-GAAP gross billings and non-GAAP operating income August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025 Revenue $ 21,558,406 $ 15,650,924 $ 10,319,406 $ 7,376,484 $ 6,366,004 $ 4,888,624 $ 1,071,038 $ 880,360 $ 3,801,958 $ 2,505,456 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 10,269,281 7,080,243 4,664,998 4,327,576 1,797,559 1,590,872 600,529 445,004 3,206,195 716,791 Non-GAAP gross billings $ 31,827,687 $ 22,731,167 $ 14,984,404 $ 11,704,060 $ 8,163,563 $ 6,479,496 $ 1,671,567 $ 1,325,364 $ 7,008,153 $ 3,222,247 Operating income $ 642,879 $ 383,657 $ 255,416 $ 172,733 $ 117,450 $ 34,878 $ 20,582 $ 14,570 $ 249,431 $ 161,476 Acquisition, integration and restructuring costs 2,101 2,304 1,476 1,526 508 375 117 403 — — Amortization of intangibles 75,190 76,541 41,145 42,429 33,073 33,299 972 813 — — Share-based compensation 16,251 12,427 7,522 7,718 4,296 3,239 911 638 3,522 832 Non-GAAP operating income $ 736,421 $ 474,929 $ 305,559 $ 224,406 $ 155,327 $ 71,791 $ 22,582 $ 16,424 $ 252,953 $ 162,308 Operating margin 2.98 % 2.45 % 2.48 % 2.34 % 1.84 % 0.71 % 1.92 % 1.66 % 6.56 % 6.44 % Non-GAAP operating margin 3.42 % 3.03 % 2.96 % 3.04 % 2.44 % 1.47 % 2.11 % 1.87 % 6.65 % 6.48 % Non-GAAP operating income % (1) 2.31 % 2.09 % 2.04 % 1.92 % 1.90 % 1.11 % 1.35 % 1.24 % 3.61 % 5.04 % 51.7 % Y/Y non-GAAP gross billings growth 40.0 % 28.0 % 26.0 % 26.1 % 117.5 % Y/Y non-GAAP operating income growth 55.1 % 36.2 % 116.4 % 37.5 % 55.8 % 18 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE (1) Non-GAAP operating income % represents non-GAAP operating income as a percentage of non-GAAP gross billings
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in billions) (Amounts may not add or compute due to rounding) Three Months Ended Distribution(2) Advanced Solutions(1) Endpoint Solutions(1) Non-GAAP gross billings - Advanced Solutions(1) and Endpoint Solutions(1) August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025 Revenue $ 17.8 $ 13.1 $ 8.5 $ 5.4 $ 9.3 $ 7.7 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 7.0 6.4 6.0 5.2 1.0 1.2 Non-GAAP gross billings $ 24.8 $ 19.5 $ 14.5 $ 10.6 $ 10.3 $ 8.9 19 (1) Product metrics are approximations, subject to certain allocations and other factors and may also change if the company aligns their products and services differently (2) “Distribution” represents the combined totals of the Americas distribution, Europe distribution, and APJ distribution reportable segments. BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP cost of revenue August 31, 2026 Cost of revenue $ 20,132,992 Costs incurred and netted against revenue related to sales of third- party supplier service contracts, software as a service arrangements and certain fulfillment contracts 10,269,281 Non-GAAP cost of revenue $ 30,402,273 20 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Adjusted selling, general and administrative expenses August 31, 2026 August 31, 2025 Gross profit $ 1,425,414 $ 1,129,853 Selling, general and administrative expenses $ 782,535 $ 746,196 Acquisition, integration and restructuring costs (2,101) (2,304) Amortization of intangibles (75,190) (76,541) Share-based compensation (16,251) (12,427) Adjusted selling, general and administrative expenses $ 688,993 $ 654,924 Selling, general and administrative expenses as a percentage of gross profit 54.9 % 66.0 % Adjusted selling, general and administrative expenses as a % of gross profit 48.3 % 58.0 % 21 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP income before income taxes, non-GAAP provision for income taxes and non-GAAP effective tax rate August 31, 2026 Income before income taxes $ 555,250 Acquisition, integration & restructuring costs 2,101 Amortization of intangibles 75,190 Share based compensation 16,251 Dividends and gains on investments (37,354) Non-GAAP income before income taxes $ 611,438 Provision for income taxes $ 139,010 Income taxes related to the above 16,564 Non-GAAP provision for income taxes $ 155,574 Effective tax rate 25.04 % Non-GAAP effective tax rate 25.44 % 22 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP net income and non-GAAP diluted EPS(1) August 31, 2026 August 31, 2025 Net income $ 416,240 $ 226,795 Acquisition, integration & restructuring costs 2,101 2,304 Amortization of intangibles 75,190 76,541 Share-based compensation 16,251 12,427 Dividends and gains on investments (37,354) — Income taxes related to the above (16,564) (21,823) Non-GAAP net income $ 455,864 $ 296,244 Diluted EPS(1) $ 5.18 $ 2.74 Acquisition, integration & restructuring costs 0.03 0.03 Amortization of intangibles 0.94 0.92 Share-based compensation 0.20 0.15 Dividends and gains on investments (0.46) — Income taxes related to the above (0.21) (0.26) Non-GAAP diluted EPS(1) $ 5.68 $ 3.58 23 (1) Diluted EPS is calculated using the two-class method. 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 1.1% for the three months ended August 31, 2026 and 0.9% for the three months ended August 31, 2025. BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Trailing Twelve Months ended Return on Equity August 31, 2026 May 31, 2026 February 28, 2026 November 30, 2025 August 31, 2025 Net income $ 1,325,650 $ 1,136,205 $ 987,038 $ 827,660 $ 774,055 Acquisition, integration & restructuring costs 8,251 8,454 7,002 7,180 5,154 Amortization of intangibles 301,584 302,935 300,554 296,258 294,725 Share-based compensation 77,961 74,137 68,212 66,428 68,343 Dividends and gains on investments (70,461) (33,107) (22,354) — — Income taxes related to the above (101,125) (106,384) (98,119) (100,389) (94,731) Non-GAAP net income $ 1,541,860 $ 1,382,240 $ 1,242,333 $ 1,097,137 $ 1,047,546 Trailing five quarters’ avg. total stockholders’ equity $ 8,787,826 $ 8,595,938 $ 8,415,946 $ 8,266,485 $ 8,209,216 Return on equity 17.55 % 16.08 % 14.76 % 13.27 % 12.76 % 24 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP net income August 31, 2026 May 31, 2026 February 28, 2026 November 30, 2025 August 31, 2025 May 31, 2025 February 28, 2025 November 30, 2024 Net income $ 416,240 $ 334,088 $ 326,915 $ 248,407 $ 226,795 $ 184,921 $ 167,537 $ 194,802 Acquisition, integration & restructuring costs 2,101 2,116 884 3,150 2,304 664 1,062 1,124 Amortization of intangibles 75,190 75,663 75,703 75,028 76,541 73,282 71,407 73,495 Share-based compensation 16,251 17,875 23,645 20,190 12,427 11,950 21,861 22,105 Dividends and gains on investments (37,354) (10,753) (22,354) — — — — — Income taxes related to the above (16,564) (28,565) (22,226) (33,770) (21,823) (20,300) (24,496) (28,112) Non-GAAP net income $ 455,864 $ 390,424 $ 382,567 $ 313,005 $ 296,244 $ 250,517 $ 237,371 $ 263,414 25 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Free cash flow August 31, 2026 May 31, 2026 February 28, 2026 November 30, 2025 August 31, 2025 May 31, 2025 February 28, 2025 November 30, 2024 Net cash (used in) provided by operating activities $ (916,717) $ (265,611) $ (895,866) $ 1,460,378 $ 246,141 $ 573,182 $ (747,997) $ 561,941 Purchases of property and equipment (58,884) (66,822) (33,147) (38,293) (32,221) (30,243) (41,525) (49,060) Free cash flow $ (975,601) $ (332,433) $ (929,013) $ 1,422,085 $ 213,920 $ 542,939 $ (789,522) $ 512,881 26 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Cash conversion cycle August 31, 2026 Days sales outstanding Revenue (a) $ 21,558,406 Accounts receivable, net (b) 14,953,804 Days sales outstanding (c) = ((b)/(a))*the number of days during the period 64 Days inventory outstanding Cost of revenue (d) $ 20,132,992 Inventories (e) 15,291,597 Days inventory outstanding (f) = ((e)/(d))*the number of days during the period 70 Days payable outstanding Cost of revenue (g) $ 20,132,992 Accounts payable (h) 22,442,942 Days payable outstanding (i) = ((h)/(g))*the number of days during the period 103 Cash conversion cycle (j) = (c)+(f)-(i) 31 27 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Calculation of financial metrics 28 TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Cash conversion cycle (gross cash days) August 31, 2026 Days sales outstanding (gross) Non-GAAP gross billings (a) $ 31,827,687 Accounts receivable, net (b) 14,953,804 Days sales outstanding (gross) (c) = ((b)/(a))*the number of days during the period 43 Days inventory outstanding (gross) Non-GAAP cost of revenue (d) $ 30,402,273 Inventories (e) 15,291,597 Days inventory outstanding (gross) (f) = ((e)/(d))*the number of days during the period 47 Days payable outstanding (gross) Non-GAAP cost of revenue (g) $ 30,402,273 Accounts payable (h) 22,442,942 Days payable outstanding (gross) (i) = ((h)/(g))*the number of days during the period 68 Cash conversion cycle (gross cash days) (j) = (c)+(f)-(i) 22 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Leverage ratio August 31, 2026 Total borrowings (a) $ 5,521,737 Less: cash and cash equivalents (b) 749,302 Net debt (c)=(a)-(b) $ 4,772,435 Trailing four quarters Adjusted EBITDA (d) 2,557,751 Debt to Adjusted EBITDA leverage ratio (e)=(a)/(d) 2.2 Net debt to Adjusted EBITDA leverage ratio (f)=(c)/(d) 1.9 29 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended August 31, 2026 May 31, 2026 February 28, 2026 November 30, 2025 Net income $ 416,240 $ 334,088 $ 326,915 $ 248,407 Interest expense and finance charges, net 120,518 97,841 86,534 87,558 Provision for income taxes 139,010 95,845 95,493 62,625 Depreciation 31,052 29,616 28,972 30,050 Amortization of intangibles 75,190 75,663 75,703 75,028 EBITDA $ 782,010 $ 633,053 $ 613,617 $ 503,668 Other (income) expense, net (32,889) (8,412) (19,582) 74 Acquisition, integration and restructuring costs 2,101 2,116 884 3,150 Share-based compensation 16,251 17,875 23,645 20,190 Adjusted EBITDA $ 767,473 $ 644,632 $ 618,564 $ 527,082 30 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to non-GAAP financial measures 31 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees, as well as vested but unexercised common stock warrants, are considered participating securities. Net income allocable to participating securities is estimated to be approximately 1.5% of the forecast net income for the three months ending November 30, 2026. TD SYNNEX (Currency in millions, except per share amounts) (Amounts may not add or compute due to rounding) Forecast Three Months Ending November 30, 2026 Non-GAAP net income and non-GAAP diluted EPS Low Midpoint High Net income $ 368 $ 388 $ 408 Amortization of intangibles 75 75 75 Share-based compensation 40 40 40 Income taxes related to the above (29) (29) (29) Non-GAAP net income $ 454 $ 474 $ 494 Diluted EPS(1) $ 4.58 $ 4.83 $ 5.08 Amortization of intangibles 0.93 0.93 0.93 Share-based compensation 0.50 0.50 0.50 Income taxes related to the above (0.36) (0.36) (0.36) Non-GAAP diluted EPS(1) $ 5.65 $ 5.90 $ 6.15 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in billions) (Amounts may not add or compute due to rounding) Forecast Three Months Ending November 30, 2026 Non-GAAP gross billings Low Midpoint High Revenue $ 21.8 $ 22.2 $ 22.6 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 9.6 9.7 9.8 Non-GAAP gross billings $ 31.4 $ 31.9 $ 32.4 32 BUSINESS OVERVIEW CAPITAL ALLOCATION APPENDIXFINANCIAL OUTLOOK COMMERCIAL HIGHLIGHTS PORTFOLIO PERFORMANCE
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Thank You Nate Friedel TD SYNNEX Corporation IR@tdsynnex.com IR website: ir.tdsynnex.com