Financial Analysis

COMMITMENTS AND CONTINGENCIES: As is customary in the technology industry, to encourage certain customers to purchase products from us, the Company also has other financing agreements with financial institutions to provide inventory financing facilities to the Companys customers and allow certain customers of the Company to finance their purchases directly with the financial institutions. The Company is contingently liable to repurchase inventory sold under these agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the financial institutions. As the Company does not have access to information regarding the amount of inventory purchased from the Company still on hand with the customer at any point in time, the Companys repurchase obligations relating to inventory cannot be reasonably estimated. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. Repurchases under these arrangements have been insignificant to date and the Company is not aware of any pending customer defaults or repossession obligations. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote. In 2013, the French Autorite de la Concurrence (Competition Authority) began an investigation into the French market for certain products of Apple, Inc., (Apple) for which the Company is a distributor. In Mar …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"BORROWINGS: Borrowings consist of the following: As of November 30, 2025 2024 (currency in thousands) TD SYNNEX 1.750% Senior Notes due August 9, 2026 (1) (2) $ 700,000 $ Other short-term borrowings 319,260 171,092 Short-term borrowings before debt discount and issuance costs $ 1,019,260 $ 171,092 Less: current portion of unamortized debt discount and issuance costs (939) Borrowings, current $ 1,018,321 $ 171,092 TD SYNNEX 1.750% Senior Notes due August 9, 2026 (1) (2) $ $ 700,000 TD SYNNEX 2.375% Senior Notes due August 9, 2028 (1) (2) 600,000 600,000 TD SYNNEX 4.300% Senior Notes due January 17, 2029 (2) 550,000 TD SYNNEX 2.650% Senior Notes due August 9, 2031 (1) (2) 500,000 500,000 TD SYNNEX 6.100% Senior Notes due April 12, 2034 (2) 600,000 600,000 TD SYNNEX 5.300% Senior Notes due October 10, 2035 (2) 600,000 Total TD SYNNEX Senior Notes in long-term debt $ 2,850,000 $ 2,400,000 TD SYNNEX Term Loan 581,250 2024 Term Loan 750,000 750,000 Total term loans $ 750,000 $ 1,331,250 Other credit agreements and long-term debt 14,562 24,956 Long-term borrowings, before unamortized debt discount and issuance costs $ 3,614,562 $ 3,756,206 Less: unamortized debt discount and issuance costs (22,432) (19,807) Long-term borrowings $ 3,592,130 $ 3,736,399 __________________ (1) The interest rate payable on each of these series of Senior Notes is subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subseque …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"SHARE-BASED COMPENSATION: Overview of TD SYNNEX Stock Incentive Plans The Companys stock incentive plans include plans adopted in 2020 and 2013 (the TD SYNNEX Plan(s)). The TD SYNNEX Plans, as amended, provide for the direct award or sale of shares of common stock, restricted stock awards (""RSAs""), restricted stock units (""RSUs""), the grant of options to purchase shares of common stock and the award of stock appreciation rights to employees and non-employee directors and consultants. No further grants may be made under the 2013 TD SYNNEX Plan and all outstanding awards under the 2013 TD SYNNEX Plan continue to be governed by their existing terms. As of November 30, 2025, there were 1.8 million shares of common stock authorized under the 2020 TD SYNNEX Plan available for future grants. Under the TD SYNNEX Plans, qualified employees are eligible for the grant of incentive stock options to purchase shares of common stock. Qualified employees and outside directors and consultants are eligible for the grant of non-qualified stock options, stock appreciation rights, RSAs and RSUs. The outstanding RSAs and RSUs generally vest ratably on an annual basis over a period of three to five years, with certain awards subject to other vesting periods as defined per the grant agreement. RSAs granted to qualified non-employee directors vest one fourth on a quarterly basis over a one-year period. The holders of RSAs are entitled to the same voting, dividend and other rights as the Companys …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS: The Companys fair value measurements are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of the Companys financial instruments that are measured at fair value on a recurring basis: As of November 30, 2025 As of November 30, 2024 Fair value measurement category Fair value measurement category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (currency in thousands) Assets: Forward foreign currency exchange contracts not designated as hedges $ 7,386 $ 7,386 $ 11,863 $ 11,863 Forward foreign currency exchange contracts designated as net investment hedges 2,540 2,540 Foreign exchange collar contracts designated as net investment hedges 1,792 1,792 Forward foreign currency exchange contracts designated as cash flow hedges (1) 96 96 Liabilities: Forward foreign currency exchange contracts not designated as hedges $ 7,026 $ 7,026 $ 8,096 $ $ 8,096 $ Forward foreign currency exchange …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"INCOME TAXES: The components of pretax income are as follows: Fiscal Years Ended November 30, 2025 2024 2023 (currency in thousands) United States $ 557,284 $ 263,321 $ 283,233 Foreign 499,970 602,714 506,275 $ 1,057,254 $ 866,035 $ 789,508 Significant components of the provision for income taxes are as follows: Fiscal Years Ended November 30, 2025 2024 2023 (currency in thousands) Current tax provision: Federal $ 91,572 $ 12,163 $ 78,239 State 38,365 24,501 40,436 Foreign 146,466 169,093 135,494 $ 276,403 $ 205,757 $ 254,169 Deferred tax provision (benefit): Federal $ (36,748) $ 18,006 $ (30,499) State (2,052) (12,836) (24,771) Foreign (8,009) (33,983) (36,302) $ (46,809) $ (28,813) $ (91,572) Total tax provision $ 229,594 $ 176,944 $ 162,597 The breakdown of net deferred tax assets and liabilities are as follows: As of November 30, 2025 2024 (currency in thousands) Deferred tax assets $ 33,193 $ 36,059 Deferred tax liabilities (799,518) (812,763) Total net deferred tax assets (liabilities) $ (766,325) $ (776,704) The significant components of the Companys deferred tax assets and liabilities are as follows: As of November 30, 2025 2024 (currency in thousands) Assets: Loss carryforwards $ 80,110 $ 87,043 Lease liabilities 108,092 110,166 Accrued liabilities 76,633 118,272 Foreign tax credit carryforwards 5,484 36,290 Disallowed interest expense 26,267 21,976 Allowance for doubtful accounts and sales return reserves 17,397 19,713 Capitalized inventory costs 15,337 11,974 Unre …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES: The Company leases certain of its facilities and equipment under noncancellable operating lease agreements, which expire in various periods through 2039. The Companys finance leases are not material. The following table presents the various components of lease costs: Fiscal Years Ended November 30, 2025 2024 2023 (currency in thousands) Operating lease cost $ 116,025 $ 108,898 $ 109,789 Short-term and variable lease cost 23,760 28,672 26,022 Sublease income (1,354) (606) (950) Total operating lease cost $ 138,431 $ 136,964 $ 134,861 The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of November 30, 2025: Fiscal Years Ending November 30, (currency in thousands) 2026 $ 111,443 2027 93,598 2028 77,732 2029 63,196 2030 49,133 Thereafter 173,112 Total payments $ 568,214 Less: imputed interest (1) (96,683) Total present value of lease payments $ 471,531 __________________ (1) Imputed interest represents the difference between undiscounted cash flows and discounted cash flows. The following amounts were recorded in the Company's Consolidated Balance Sheet as of November 30, 2025 and 2024: Operating leases Balance sheet location November 30, 2025 November 30, 2024 (currency in thousands) Operating lease ROU assets Other assets, net $ 441,344 $ 471,889 Current operating lease liabilities Other accrued liabilities 109,251 103,789 Non-current operating lease liabil …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncements In November 2023, the FASB issued an accounting standards update, ASU 2023-07, which requires the following enhanced segment disclosures on an annual and interim basis: (1) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, (2) other segment items by reportable segment and a description of its composition, and (3) the title of the chief operating decision maker, an explanation of how they use the reported measures of segment profit/loss in assessing segment performance and decide how to allocate resources, as well as clarifications if they use more than one measure of a segments profit or loss in assessing segment performance. The amendments in ASU 2023-07 are effective for annual periods beginning after December 15, 2023 and for subsequent interim periods. The Company adopted this standard retrospectively during the fiscal year ending November 30, 2025 which resulted in incremental disclosures presented within Note 12 - Segment Information. Recently Issued Accounting Pronouncements In December 2023, the FASB issued an accounting standards update, ASU 2023-09, which requires enhanced income tax disclosures. The enhanced disclosures required include disclosure of specific categories and disaggregation of information in the rate reconciliation table. ASU 2023-09 also requires disclosure of disaggregated information related …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFITS PLANS: The Company has 401(k) plans in the U.S. under which eligible co-workers may contribute up to the maximum amount as provided by law. Co-workers generally become eligible to participate in these plans on the first day of the month after their employment date. The Company may make discretionary contributions under the plans. During fiscal years 2025, 2024 and 2023, the Company contributed $17.6 million, $17.0 million and $17.3 million, respectively, to these 401(k) plans. Co-workers in certain of the Company's international subsidiaries are covered by government mandated defined contribution plans, which are not material to operations. Additionally, the Company has defined benefit plans sponsored by certain international subsidiaries which are not material to its operations.

PensionAndOtherPostretirementBenefitsDisclosureTextBlock

"SEGMENT INFORMATION: Operating segments are based on components of the Company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the Companys chief operating decision maker (""CODM"") to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Companys Chief Executive Officer, who is also the CODM, primarily uses operating income to review segment performance by analyzing and comparing year-over-year and forecast-to-actual segment-level operational performance and to make strategic decisions concerning resource allocation across the operating segments. The Company operates in three reportable segments, which are the same as its operating segments, based on its geographic regions: the Americas, Europe and APJ. Financial information related to the Companys reportable segments for the periods presented is shown below: Americas Europe APJ Consolidated Fiscal year ended November 30, 2025 (currency in thousands) Revenue $ 36,176,520 $ 21,694,750 $ 4,636,816 $ 62,508,086 Less (1) : Cost of revenue (33,569,644) (20,257,031) (4,312,429) (58,139,104) Gross profit $ 2,606,876 $ 1,437,719 $ 324,387 $ 4,368,982 Less (1) : Payroll and payroll related expenses (2) $ (988,291) $ (705,725) $ (139,398) $ (1,833,414) Depreciation (3) (60,417) (34,478) (5,412) (100,307) Amortization of intangibles (164,167) (128,754) (3,337) (296,258) Acquisition, inte …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated. Investments in 20% through 50% owned affiliated companies are accounted under the equity method where the Company exercises significant influence over operating and financial affairs of the investee and is not the primary beneficiary. Investments in less than 20% owned companies, where the Company does not have significant influence, are recorded at cost or fair value based on whether the equity securities have readily determinable fair values. Segment Reporting See No te 12 - Segment Information for further discussion of the Company' …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"COMMITMENTS AND CONTINGENCIES: As is customary in the technology industry, to encourage certain customers to purchase products from us, the Company also has other financing agreements with financial institutions to provide inventory financing facilities to the Companys customers and allow certain customers of the Company to finance their purchases directly with the financial institutions. The Company is contingently liable to repurchase inventory sold under these agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the financial institutions. As the Company does not have access to information regarding the amount of inventory purchased from the Company still on hand with the customer at any point in time, the Companys repurchase obligations relating to inventory cannot be reasonably estimated. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. Repurchases under these arrangements have been insignificant to date and the Company is not aware of any pending customer defaults or repossession obligations. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote. In 2013, the French Autorite de la Concurrence (Competition Authority) began an investigation into the French market for certain products of Apple, Inc. (""Apple"") for which the Company is a distributor. In …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"BORROWINGS: Borrowings consist of the following: As of May 31, 2026 November 30, 2025 TD SYNNEX 1.750% Senior Notes due August 9, 2026 (1) (2) $ 700,000 $ 700,000 Other short-term borrowings 426,032 319,260 Short-term borrowings before debt discount and issuance costs $ 1,126,032 $ 1,019,260 Less: current portion of unamortized debt discount and issuance costs (234) (939) Borrowings, current $ 1,125,798 $ 1,018,321 TD SYNNEX 2.375% Senior Notes due August 9, 2028 (1) (2) $ 600,000 $ 600,000 TD SYNNEX 4.300% Senior Notes due January 17, 2029 (2) 550,000 550,000 TD SYNNEX 2.650% Senior Notes due August 9, 2031 (1) (2) 500,000 500,000 TD SYNNEX 6.100% Senior Notes due April 12, 2034 (2) 600,000 600,000 TD SYNNEX 5.300% Senior Notes due October 10, 2035 (2) 600,000 600,000 Total TD SYNNEX Senior Notes in long-term debt $ 2,850,000 $ 2,850,000 2024 Term Loan 750,000 750,000 Other credit agreements and long-term debt 14,562 14,562 Long-term borrowings, before unamortized debt discount and issuance costs $ 3,614,562 $ 3,614,562 Less: unamortized debt discount and issuance costs (20,391) (22,432) Long-term borrowings $ 3,594,171 $ 3,592,130 ____________________________ (1) The interest rate payable on each of these series of Senior Notes is subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subsequently upgraded). (2) The Company pays interest semi-annually on each of these series of Senior Notes. TD …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"SHARE-BASED COMPENSATION: Overview of Stock Incentive Plans The Company recognizes share-based compensation expense for all share-based awards made to employees and outside directors, including employee stock options, restricted stock awards (""RSAs""), restricted stock units (""RSUs""), performance-based RSUs (""PSUs"") and employee stock purchase rights, based on estimated fair values. The following tables summarize the Company's share-based awards activity for stock incentive plans during the six months ended May 31, 2026. A summary of the changes in the Company's stock options is set forth below: Stock options Balances as of November 30, 2025 231 Exercised (202) Balances as of May 31, 2026 29 A summary of the changes in the Company's non-vested RSAs and RSUs is presented below: RSAs and RSUs Non-vested as of November 30, 2025 1,109 Granted 89 Vested (103) Attainment adjustments (1) (4) Cancelled (29) Non-vested as of May 31, 2026 1,062 (1) During the six months ended May 31, 2026, the PSUs that vested were adjusted to reflect final attainment. The Company recorded $17.9 million and $41.5 million of share-based compensation expense during the three and six months ended May 31, 2026, respectively, and $12.0 million and $33.8 million during the three and six months ended May 31, 2025, respectively, within ""Selling, general and administrative expenses"" in the Consolidated Statements of Operations for stock incentive plans. Warrants In May 2026, the Company issued the Warra …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS: The Companys fair value measurements are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of the Companys financial instruments that are measured at fair value on a recurring basis, all of which are based on Level 2 fair value measurement inputs as defined above: As of May 31, 2026 As of November 30, 2025 Assets: Forward foreign currency exchange contracts not designated as hedges $ 9,041 $ 7,386 Forward foreign currency exchange contracts designated as cash flow hedges 629 96 Liabilities: Forward foreign currency exchange contracts not designated as hedges $ 8,888 $ 7,026 Forward foreign currency exchange contracts designated as net investment hedges 43,082 42,285 Forward foreign currency exchange contracts designated as cash flow hedges 235 107 Foreign currency exchange collar contracts designated as net investment hedges 3,445 3,500 The fair values of forward exchange contracts are me …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncements In May 2025, the FASB issued an accounting standards update, ASU 2025-04, to address diversity in accounting practice regarding share-based consideration issued to customers within the scope of Topic 606. ASU 2025-04 requires entities that issue such share-based consideration to apply the share-based payment guidance in Topic 718 to measure and classify the awards, and clarifies how vesting conditions and expected forfeitures affect the timing and amount of the related reduction of revenue. The amendments in ASU 2025-04 are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted and the amendments should be applied on either a modified retrospective or a retrospective basis. The Company elected to early adopt ASU 2025-04 retrospectively during the three months ended May 31, 2026, in connection with a specific transaction that is discussed further in Note 3 - Share-Based Compensation. The adoption of ASU 2025-04 did not impact prior periods. Recently Issued Accounting Pronouncements In December 2023, the FASB issued an accounting standards update, ASU 2023-09, which requires enhanced income tax disclosures. The enhanced disclosures required include disclosure of specific categories and disaggregation of information in the rate reconciliation table. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION: Operating segments are components of the Company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the CODM to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Companys Chief Executive Officer, who is also the CODM, primarily uses operating income to review segment performance by analyzing and comparing year-over-year and forecast-to-actual segment-level operational performance and to make strategic decisions concerning resource allocation across the operating segments. During the first quarter of fiscal year 2026, the Company revised its reportable segments to align with how the CODM manages the business, assesses performance and allocates resources. The Company now operates in five operating segments and four reportable segments, comprised of three reportable segments related to its global distribution business organized within three geographic regions known as the Americas, Europe and APJ. The Companys fourth reportable segment is Hyve Solutions, which operates globally. The Americas distribution reportable segment represents an aggregation of the North America distribution and Latin America distribution operating segments based on similarities in economic and operating characteristics as well as the consideration of quantitative threshold requirements. This change had no impact on the Companys consoli …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: For a discussion of the Companys significant accounting policies, refer to the discussion in the Companys Annual Report on Form 10-K for the fiscal year ended November 30, 2025. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates. Segment Reporting During the first quarter of fiscal year 2026, the Company revised its reportable segments to align with how the Companys Chief Operating Decision Maker (the ""CODM"") manages the business, assesses performance and allocates resources. This change had no impact on the Companys consolidated results of operations or financial position. Prior period segment results have been recast to reflect the Companys new reportable segments. See Note 11 - Segment Information for further discussion of the Company's operating and reportable segments and the related accounting policies. Goodwill The Company allocates goodwill to reporting units based on the reporting unit expected to benefi …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"STOCKHOLDERS' EQUITY: Share Repurchase Program In March 2024, the Board of Directors authorized a $2.0 billion share repurchase program (the ""share repurchase program"") pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The share repurchase program does not have an expiration date. As of May 31, 2026, the Company had $1.0 billion available for future repurchases of its common stock under the share repurchase program. The Company's treasury stock activity during the six months ended May 31, 2026, including common share repurchases, is summarized as follows: Shares Weighted-average price per share Treasury stock balance as of November 30, 2025 18,912 $ 107.79 Shares of treasury stock repurchased under share repurchase program (1) 1,095 175.39 Shares of treasury stock repurchased for tax withholdings on equity awards 39 171.92 Shares of treasury stock reissued for employee benefit plans (373) 108.59 Treasury stock balance as of May 31, 2026 19,673 $ 111.73 _________________________ (1) Weighted-average price per share excludes broker's commissions and excise taxes. ""Repurchases of common stock"" in the Consolidated Statements of Cash Flows for the six months ended May 31, 2026 and 2025 excludes amounts related to excise tax that when …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing