TD SYNNEX (US:SNX)2026-01-08 12:06Financial Performance - Revenue for Q4 FY25 was $17.4 billion, an increase of 9.7% year-over-year, exceeding the high end of the outlook[5] - Non-GAAP gross billings reached $24.3 billion, up 14.7% year-over-year, also above the high end of the outlook[5] - Diluted EPS was $3.04, a 32.8% increase from $2.29 in Q4 FY24, while non-GAAP diluted EPS was $3.83, up 24.0% year-over-year[3][5] - Operating income for Q4 FY25 was $399 million, a 22.7% increase from $325 million in Q4 FY24, with a non-GAAP operating income of $497 million, up 17.9%[3][5] - Cash provided by operations was $1.5 billion, compared to $562 million in the previous year, and free cash flow was $1.4 billion, up from $513 million[5][8] - The company's net income for the twelve months ended November 30, 2025, was $827,660, up 20.1% from $689,091 in 2024[28] - Net income for the three months ended November 30, 2025, was $248.4 million, an increase of 27.5% from $194.8 million in the same period last year[30] - Total revenue for the fiscal year 2025 reached $62.5 billion, up from $58.5 billion in fiscal year 2024, representing a growth of 3.5%[34] - Operating income for the Americas region in Q4 FY25 was $275.4 million, a 20.9% increase from $227.7 million in Q4 FY24[32] - Operating income for the three months ended November 30, 2025, was $398,664, a 22.7% increase compared to $324,812 in the same period of 2024[40] Cash Flow and Dividends - The company returned $209 million to stockholders through share repurchases and dividends, compared to $136 million in the prior year[5][8] - A quarterly cash dividend of $0.48 per common share was announced, representing a 9% increase year-over-year[10] - Net cash provided by operating activities for the twelve months ended November 30, 2025, was $1.5 billion, compared to $1.2 billion for the previous year, marking a 25.7% increase[30] - Cash and cash equivalents at the end of the period were $2.4 billion, significantly up from $1.1 billion at the end of the previous year[30] - Free cash flow for the three months ended November 30, 2025, was $1,422,085, significantly higher than $512,881 in the same period of 2024[46] Revenue by Region - The Americas region reported revenue of $9.5 billion, a 2.9% increase, while Europe saw revenue growth of 18.1% to $6.5 billion[8] - Revenue from the Americas for the three months ended November 30, 2025, was $9,510,048, a 2.9% increase from $9,241,168 in the same period of 2024[40] - Revenue for the Europe region in Q4 FY25 was $6.5 billion, an 18.1% increase from $5.5 billion in Q4 FY24[32] - The APJ region reported revenue of $1.4 billion in Q4 FY25, a 24.7% increase from $1.1 billion in Q4 FY24[32] - Revenue in constant currency for the consolidated entity was $17.0 billion for the three months ended November 30, 2025, compared to $15.8 billion in the same period last year, indicating a growth of 7.4%[34] Assets and Liabilities - Total current assets increased to $25,289,438 as of November 30, 2025, from $21,324,696 in 2024, marking a growth of 18.6%[26] - The company's total assets reached $34,250,898 as of November 30, 2025, compared to $30,274,479 in 2024, indicating a year-over-year increase of 13.2%[26] - Current liabilities rose to $20,960,840 as of November 30, 2025, from $17,221,235 in 2024, an increase of 21.3%[26] Non-GAAP Measures - The company's share-based compensation expense is a non-cash expense that can vary significantly between periods due to the timing of grants[19] - TD SYNNEX management uses non-GAAP financial measures to provide investors with a clearer understanding of operational results and trends[20] - Non-GAAP gross billings for the twelve months ended November 30, 2025, reached $89,423,923, up 11.7% from $80,065,019 in 2024[36] - Non-GAAP operating income for the twelve months ended November 30, 2025, was $1,784,785, compared to $1,627,030 in 2024, reflecting a growth of 9.7%[40] - Non-GAAP operating margin for the three months ended November 30, 2025, was 2.86%, compared to 2.66% in the same period of 2024[40] Future Outlook - For Q1 FY26, the company expects revenue between $15.1 billion and $15.9 billion, with non-GAAP gross billings projected at $22.7 billion to $23.7 billion[9] - Forward-looking statements include guidance related to the first quarter of 2026, highlighting the uncertainty of actual results due to various risks[21] - The forecast for non-GAAP net income for the three months ending February 28, 2026, is between $243 million and $283 million[46] - The company expects non-GAAP gross billings for the three months ending February 28, 2026, to be between $22.7 billion and $23.7 billion[46] Efficiency Metrics - Return on Invested Capital (ROIC) for the twelve months ended November 30, 2025, was 9.7%, up from 8.5% in 2024[48] - The cash conversion cycle improved to 16 days for the three months ended November 30, 2025, down from 18 days in the same period of 2024[50]