SNX · TD SYNNEX Corporation

TD SYNNEX delivered a record fiscal first quarter in 2026, with performance significantly exceeding management's outlook across all key metrics. Revenue of $17.2 billion represented an 18.1% year-over-year increase, or 13.2% on a constant currency basis, while non-GAAP gross billings surged 24.4% to $25.8 billion. The company attributed the strong performance to robust execution across both its global distribution business and Hyve Solutions, its original design manufacturing segment. Profitability expanded notably, with non-GAAP operating margin improving 70 basis points to 3.44% and non-GAAP diluted EPS climbing 68.9% to $4.73. CEO Patrick Zammit highlighted the continued alignment between the company's strategy and partner needs, reinforcing the strength of the operating model. During the quarter, the company revised its reportable segments to provide clearer visibility into its four main operational areas: Americas, Europe, Asia-Pacific and Japan (APJ), and Hyve Solutions. Capital allocation remained shareholder-friendly, with $118 million returned through a combination of share repurchases and dividends. The Board declared a quarterly dividend of $0.48 per share, a 9% increase year-over-year. Looking ahead, management provided second-quarter guidance projecting revenue between $16.1 billion and $16.9 billion and non-GAAP diluted EPS in the range of $3.75 to $4.25, reflecting continued operational discipline.