TD SYNNEX CORPSNX
TD SYNNEX CORP Segments Disclosure
SEGMENT INFORMATION:
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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 Company’s chief operating decision maker ("CODM") to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Company’s 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 Company’s 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, integration and restructuring costs | (4,322) | (2,112) | (746) | (7,180) | |||||||||||||||||||
Share-based compensation expense | (43,445) | (19,056) | (3,927) | (66,428) | |||||||||||||||||||
Other segment items(4) | (340,840) | (247,779) | (61,857) | (650,476) | |||||||||||||||||||
| Operating income | $ | 1,005,394 | $ | 299,815 | $ | 109,710 | $ | 1,414,919 | |||||||||||||||
| Reconciliation to consolidated income before tax | |||||||||||||||||||||||
| Interest expense and finance charges, net | (356,608) | ||||||||||||||||||||||
| Other expense, net | (1,057) | ||||||||||||||||||||||
Income before income taxes | $ | 1,057,254 | |||||||||||||||||||||
| Other segment disclosures | |||||||||||||||||||||||
Purchases of property and equipment(5) | $ | (76,422) | $ | (24,647) | $ | (9,061) | $ | (110,130) | |||||||||||||||
| Total assets | $ | 18,426,557 | $ | 13,196,300 | $ | 2,628,041 | $ | 34,250,898 | |||||||||||||||
| Americas | Europe | APJ | Consolidated | ||||||||||||||||||||
Fiscal year ended November 30, 2024 | (currency in thousands) | ||||||||||||||||||||||
| Revenue | $ | 34,791,848 | $ | 19,634,156 | $ | 4,026,432 | $ | 58,452,436 | |||||||||||||||
Less(1): | |||||||||||||||||||||||
Cost of revenue(1) | (32,428,806) | (18,318,369) | (3,723,955) | (54,471,130) | |||||||||||||||||||
| Gross profit | $ | 2,363,042 | $ | 1,315,787 | $ | 302,477 | $ | 3,981,306 | |||||||||||||||
Less(1): | |||||||||||||||||||||||
Payroll and payroll related expenses(2) | $ | (921,300) | $ | (632,823) | $ | (121,700) | $ | (1,675,823) | |||||||||||||||
Depreciation(3) | (57,242) | (33,252) | (5,376) | (95,870) | |||||||||||||||||||
| Amortization of intangibles | (165,860) | (123,567) | (2,877) | (292,304) | |||||||||||||||||||
| Acquisition, integration and restructuring costs | (53,245) | (16,831) | (1,238) | (71,314) | |||||||||||||||||||
| Share-based compensation expense | (45,107) | (20,318) | (3,776) | (69,201) | |||||||||||||||||||
Other segment items(4) | (302,740) | (225,083) | (54,760) | (582,583) | |||||||||||||||||||
| Operating income | $ | 817,548 | $ | 263,913 | $ | 112,750 | $ | 1,194,211 | |||||||||||||||
| Reconciliation to consolidated income before tax | |||||||||||||||||||||||
| Interest expense and finance charges, net | (319,458) | ||||||||||||||||||||||
| Other expense, net | (8,718) | ||||||||||||||||||||||
| Income before income taxes | $ | 866,035 | |||||||||||||||||||||
| Other segment disclosures | |||||||||||||||||||||||
Purchases of property and equipment(5) | $ | (99,238) | $ | (20,832) | $ | (5,005) | $ | (125,075) | |||||||||||||||
| Total assets | $ | 16,842,254 | $ | 11,259,735 | $ | 2,172,490 | $ | 30,274,479 | |||||||||||||||
| Americas | Europe | APJ | Consolidated | ||||||||||||||||||||
Fiscal year ended November 30, 2023 | (currency in thousands) | ||||||||||||||||||||||
| Revenue | $ | 34,573,859 | $ | 19,422,297 | $ | 3,559,260 | $ | 57,555,416 | |||||||||||||||
Less(1): | |||||||||||||||||||||||
Cost of revenue(1) | (32,186,592) | (18,133,330) | (3,278,665) | (53,598,587) | |||||||||||||||||||
| Gross profit | 2,387,267 | 1,288,967 | 280,595 | 3,956,829 | |||||||||||||||||||
Less(1): | |||||||||||||||||||||||
Payroll and payroll related expenses(2) | $ | (909,285) | $ | (624,043) | $ | (111,939) | $ | (1,645,267) | |||||||||||||||
Depreciation(3) | (63,069) | (29,354) | (5,038) | (97,461) | |||||||||||||||||||
| Amortization of intangibles | (169,569) | (121,680) | (2,488) | (293,737) | |||||||||||||||||||
| Acquisition, integration and restructuring costs | (165,845) | (37,091) | (3,299) | (206,235) | |||||||||||||||||||
Share-based compensation expense(6) | (35,955) | (11,255) | (2,063) | (49,273) | |||||||||||||||||||
Other segment items(4) | (306,939) | (229,067) | (50,818) | (586,824) | |||||||||||||||||||
| Operating income | $ | 736,605 | $ | 236,477 | $ | 104,950 | $ | 1,078,032 | |||||||||||||||
| Reconciliation to consolidated income before tax | |||||||||||||||||||||||
| Interest expense and finance charges, net | (288,318) | ||||||||||||||||||||||
| Other expense, net | (206) | ||||||||||||||||||||||
| Income before income taxes | $ | 789,508 | |||||||||||||||||||||
| Other segment disclosures | |||||||||||||||||||||||
Purchases of property and equipment(5) | $ | (68,667) | $ | (21,027) | $ | (4,840) | $ | (94,534) | |||||||||||||||
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(2) Represents payroll costs for each reportable segment that are recorded within selling, general and administrative expenses.
(3) Represents depreciation recorded within selling, general and administrative expenses. Excludes $17.7 million, $13.9 million, and $9.8 million of depreciation recorded within cost of revenue in fiscal years 2025, 2024 and 2023, respectively. Also excludes $5.5 million and $17.4 million of accelerated depreciation recorded within acquisition, integration and restructuring costs in fiscal years 2024 and 2023, respectively. Those excluded amounts are included within total depreciation and amortization shown on the Consolidated Statements of Cash Flows.
(4) Other segment items for each reportable segment include various operating costs including cost of warehouses, delivery centers and other non-integration facilities, IT expenses, credit costs including bad debt expense, travel and entertainment, legal and professional fees, non-income taxes and other miscellaneous selling, general, and administrative expenses.
(5) Excludes purchases of capitalized software and application software.
(6) Represents share-based compensation recorded within selling, general and administrative expenses. Amounts shown for fiscal 2023 exclude certain share-based compensation expenses that were recorded within acquisition, integration and restructuring costs. Refer to Note 4 - Share-Based Compensation for further discussion of these costs.
The Company attributes revenues from external customers to the country from where products are delivered. Except for the U.S., no other country accounted for 10% or more of the Company’s revenue for the periods presented.
| Fiscal Years Ended November 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
(currency in thousands) | |||||||||||||||||
| Revenue: | |||||||||||||||||
| United States | $ | 32,282,195 | $ | 31,075,984 | $ | 30,418,425 | |||||||||||
| Others | 30,225,891 | 27,376,452 | 27,136,991 | ||||||||||||||
| Total | $ | 62,508,086 | $ | 58,452,436 | $ | 57,555,416 | |||||||||||
Except for the U.S. and France, no other country accounted for 10% or more of the Company’s property and equipment, net, less capitalized software and application software, for the periods presented:
| As of November 30, | |||||||||||
| 2025 | 2024 | ||||||||||
(currency in thousands) | |||||||||||
| Long-lived assets: | |||||||||||
| United States | $ | 251,562 | $ | 225,885 | |||||||
| France | 46,752 | 42,254 | |||||||||
| Others | 89,901 | 74,353 | |||||||||
| Total | $ | 388,215 | $ | 342,492 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 27, 2026 | Showing above |
| 2024 | Jan 24, 2025 | |
| 2023 | Jan 26, 2024 | |
| 2022 | Jan 24, 2023 | |
| 2021 | Jan 28, 2022 | |
| 2020 | Jan 28, 2021 | |
| 2019 | Jan 29, 2020 | |
| 2018 | Jan 28, 2019 | |
| 2017 | Jan 29, 2018 | |
| 2016 | Jan 26, 2017 | |
| 2015 | Jan 28, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.