The strong beat and raised guidance confirm accelerating momentum in IT distribution and Hyve's custom compute business. The stock is likely to gap up on the open. Monitor the earnings call for commentary on tariff exposure and sustainability of gross margins, but the fundamental trajectory is clearly positive. Consider adding to positions on any intraday pullback.
Price Chart
Executive Summary
TD SYNNEX reported a record fiscal Q2 2026 with revenue of $19.575B (+31% YoY) and non-GAAP diluted EPS of $4.85 (+62.2% YoY), both significantly above consensus estimates ($16.83B and $4.03). Q3 guidance was raised to revenue of $18.2-$19.0B and non-GAAP EPS of $4.25-$4.75, well above the prior Street consensus of $3.92. The company also returned $151M to shareholders via buybacks and dividends.
Key Financial Metrics
Key Facts
- Revenue of $19.575B, +31.0% YoY, significantly above the high end of guidance
- Non-GAAP diluted EPS of $4.85, +62.2% YoY, a 20.3% beat vs consensus of $4.03
- Q3 FY26 guidance: revenue $18.2-$19.0B, non-GAAP EPS $4.25-$4.75 (above consensus $3.92)
- GAAP diluted EPS of $4.15, +87.8% YoY
- Returned $151M to shareholders: $112M in share repurchases and $39M in dividends
- Quarterly dividend raised 9% YoY to $0.48 per share
- Non-GAAP operating margin expanded 37 bps to 3.14%
- Broad-based strength across Distribution and Hyve segments
Financial Impact
Revenue beat consensus by ~$2.7B (16.3%), non-GAAP EPS beat by $0.82 (20.3%). Q3 guidance midpoint of $4.50 is 15% above prior Street consensus of $3.92.
Risk Factors
- Potential impact of tariffs on IT hardware costs and supply chain
- Gross margin contracted 16 bps YoY to 6.84%, indicating mix shift toward lower-margin revenue
- Operating cash flow negative due to working capital build to support growth
- Geopolitical instability and IT spending cyclicality
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-045349 |
| Document: snx-20260625.htm | 0001628280-26-045349 |
| Document: 0001628280-26-045349-index-headers.html | 0001628280-26-045349 |
| Document: 0001628280-26-045349-index.html | 0001628280-26-045349 |
| Document: 0001628280-26-045349.txt | 0001628280-26-045349 |
| 8-K Data (Synthetic) | 0001628280-26-045349 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | Insider Cluster | $259.21 $262.53 | ▲ +1.28% | ▲ +0.68% | $279.23 (+7.73%) |
Jul 7, 2026 12w ago | Court Ruling | $235.67 $253.82 | ▲ +7.70% | ▲ +6.37% | $279.23 (+18.49%) |
Jul 7, 2026 12w ago | Insider Cluster | $235.67 $253.82 | ▲ +7.70% | ▲ +6.37% | $279.23 (+18.49%) |
Jun 29, 2026 13w ago | 8-K | $270.05 $242.92 | ▼ −10.05% | ▼ −9.77% | $279.23 (+3.40%) |
Jun 25, 2026 14w ago | 8-K | $277.63 $247.96 | ▼ −10.69% | ▼ −11.22% | $279.23 (+0.58%) |
Jun 22, 2026 14w ago | 8-K | $290.14 $238.54 | ▼ −17.78% | ▼ −18.94% | $279.23 (−3.76%) |
Jun 3, 2026 17w ago | 8-K | $277.57 $244.64 | ▼ −11.86% | ▼ −10.49% | $279.23 (+0.60%) |
May 19, 2026 19w ago | Insider Cluster | $226.26 $283.81 | ▲ +25.44% | ▲ +24.45% | $279.23 (+23.41%) |
Apr 29, 2026 22w ago | Insider Cluster | $224.04 $246.76 | ▲ +10.14% | ▲ +4.68% | $279.23 (+24.64%) |
Apr 17, 2026 23w ago | 144 | $217.88 $227.88 | ▲ +4.59% | ▲ +0.39% | $279.23 (+28.16%) |
US Market Status
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