TD SYNNEX (SNX)
Connects technology vendors with resellers through distribution, services and cloud commerce.
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TD SYNNEX sits between the companies that make technology and the thousands of firms that install it, buying in bulk and reselling by the box. The margin on that has always been thin, and volume is the whole game. What is changing is a business it owns that builds custom machines for the giant cloud companies: still a small slice of sales, but most of the growth and a fat share of the profit.
Item facts: FY2026 · half year ended May 31, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 13 more below
Endpoint Solutions
Laptops, phones, printers and the accessories around them, moved in bulk to resellers for a few cents on the dollar. Products bought from Apple and HP Inc. were about a fifth of last fiscal year's sales — and memory-chip prices, not unit growth, are driving the line now.
Competes with Client and endpoint distribution (Ingram Micro) · Endpoint distribution (ALSO Holding) · Endpoint distribution (Esprinet)
In plain English
Picture every laptop, phone, printer and charging dock a business might buy. TD SYNNEX keeps warehouses full of them so the thousands of small computer shops and IT service firms that actually serve companies don't have to hold the stock themselves.
It buys by the truckload from makers like Apple and HP Inc. and ships by the box, keeping a few cents of each dollar that passes through. Those makers also run the incentive programs that decide how much of the thin slice it holds onto. Money comes from turning stock over quickly — and lately from prices climbing, because memory chips have become expensive.
Advanced Solutions
Servers, storage, networking, security and business software sold to the same resellers — the faster half of distribution, with invoiced sales up 31% in the spring quarter. Software and cloud deals count only the commission, so the line reads smaller than the business it moves.
Competes with Enterprise Computing Solutions (Arrow Electronics) · Security and networking distribution (Westcon-Comstor) · Advanced Solutions distribution (Ingram Micro)
In plain English
The other half of what TD SYNNEX carries is the gear that lives in a back room rather than on a desk: servers, storage, firewalls, networking boxes, and the business software that runs on them.
Hardware works like the laptop side — buy in bulk, ship it on, keep a sliver. Software and cloud subscriptions work differently: TD SYNNEX arranges the deal as a middleman, so the customer's whole payment never lands in its sales figure, only the slice it keeps. That makes this the quicker-growing engine and the one that looks smallest on paper.
HPE Global Distribution Agreement
HPE named TD SYNNEX and Ingram Micro its two worldwide distributors after the Juniper deal left it with too many. It opens countries TD SYNNEX wasn't selling HPE in; management puts the benefit in the first half of next fiscal year.
Competes with Global distribution agreement (Ingram Micro) · Security and networking distribution (Westcon-Comstor) · Enterprise Computing Solutions (Arrow Electronics)
In plain English
In May 2026 HPE, one of the big makers of business computing and networking equipment, picked two firms to carry its products worldwide: TD SYNNEX and its rival Ingram Micro.
Buying Juniper had left HPE with a different set of middlemen in every country, which costs money to manage. Narrowing the list hands TD SYNNEX resellers in places where it had no HPE business before. Nothing here is exclusive — regional and specialist distributors keep their slots too — so it is a share of a vendor's sales shifting, not a door closing on anyone.
StreamOne
The ordering-and-billing desk for cloud and subscription software, used by roughly thirty thousand reseller firms. It barely shows up in the sales line, and its job is to keep those resellers from buying straight from the cloud vendors' own stores.
Competes with Xvantage cloud marketplace (Ingram Micro) · ArrowSphere (Arrow Electronics) · AWS Marketplace (Amazon)
In plain English
Every cloud subscription a reseller sells has to be ordered, switched on, renewed and billed month after month. StreamOne is the counter where all of that happens — one screen where a reseller can buy software and computing capacity from many vendors and invoice its own customers.
The platform earns little on its own. The payoff is stickiness: a reseller wired into it tends to buy everything else through TD SYNNEX as well. The plain risk is that the cloud vendors run their own stores, and a reseller can walk over there instead.
Hyve Solutions
Builds custom server racks for the biggest cloud companies. Around a seventh of sales but roughly a third of operating profit in the spring quarter — and the growth that turned free cash flow negative as stock and factory space scale up.
Competes with Hardware Platform Solutions (Celestica) · Quanta Cloud Technology (Quanta Computer) · Intelligent Infrastructure (Jabil)
In plain English
The giant cloud companies don't buy computers off a shelf; they have them designed and built to their own specification. Hyve, a business TD SYNNEX owns outright, is one of those builders — it assembles computing, storage and networking into full racks, plumbs in liquid cooling, and delivers them to the data center.
Here the customer usually secures the expensive parts itself, so what Hyve charges for is the design, the building and the shipping. Less money passes through per rack than in distribution, but far more of each dollar sticks: in the winter quarter it kept about three times the operating profit per dollar of sales that the Americas distribution arm did. It is adding over a million square feet of US factory space, including two Nevada campuses.
Top-Five Cloud Giant Programs
Hyve holds at least one build program with each of the top five US cloud giants; two of them produce no revenue yet and are left out of the current quarter's forecast. One customer, unnamed in the filings, was 11% of last fiscal year's sales.
Competes with Meta and Microsoft rack programs (Wiwynn) · Hyperscaler platform programs (Celestica) · Cloud server programs (Foxconn)
In plain English
Five American companies rent out computing at vast scale, and they buy equipment in enormous volumes. Hyve now has at least one building program with every one of them, and more than one at three.
Winning a program is slow — the design work runs long before a single rack ships. Two are at full flow, a third has only just begun, and the last two are expected to start late this fiscal year or early next, with nothing counted for them in the current forecast. Amazon, the only one named in the filings, holds warrants — the right to buy TD SYNNEX shares at a fixed price — that vest as its payments pass agreed levels.
Endpoint SolutionsLaptops, phones, printers and the accessories around them, moved in bulk to resellers for a few cents on the dollar. Products bought from Apple and HP Inc. were about a fifth of last fiscal year's sales — and memory-chip prices, not unit growth, are driving the line now.Laptops, phones, printers and the accessories around them, moved in bulk to resellers for a few cents on the dollar. Products bought from Apple and HP Inc. were about a fifth of last fiscal year's sales — and memory-chip prices, not unit growth, are driving the line now.
In plain English
Picture every laptop, phone, printer and charging dock a business might buy. TD SYNNEX keeps warehouses full of them so the thousands of small computer shops and IT service firms that actually serve companies don't have to hold the stock themselves.
It buys by the truckload from makers like Apple and HP Inc. and ships by the box, keeping a few cents of each dollar that passes through. Those makers also run the incentive programs that decide how much of the thin slice it holds onto. Money comes from turning stock over quickly — and lately from prices climbing, because memory chips have become expensive.
Competes with Client and endpoint distribution (Ingram Micro) · Endpoint distribution (ALSO Holding) · Endpoint distribution (Esprinet)
Advanced SolutionsServers, storage, networking, security and business software sold to the same resellers — the faster half of distribution, with invoiced sales up 31% in the spring quarter. Software and cloud deals count only the commission, so the line reads smaller than the business it moves.Servers, storage, networking, security and business software sold to the same resellers — the faster half of distribution, with invoiced sales up 31% in the spring quarter. Software and cloud deals count only the commission, so the line reads smaller than the business it moves.
In plain English
The other half of what TD SYNNEX carries is the gear that lives in a back room rather than on a desk: servers, storage, firewalls, networking boxes, and the business software that runs on them.
Hardware works like the laptop side — buy in bulk, ship it on, keep a sliver. Software and cloud subscriptions work differently: TD SYNNEX arranges the deal as a middleman, so the customer's whole payment never lands in its sales figure, only the slice it keeps. That makes this the quicker-growing engine and the one that looks smallest on paper.
Competes with Enterprise Computing Solutions (Arrow Electronics) · Security and networking distribution (Westcon-Comstor) · Advanced Solutions distribution (Ingram Micro)
HPE Global Distribution AgreementHPE named TD SYNNEX and Ingram Micro its two worldwide distributors after the Juniper deal left it with too many. It opens countries TD SYNNEX wasn't selling HPE in; management puts the benefit in the first half of next fiscal year.HPE named TD SYNNEX and Ingram Micro its two worldwide distributors after the Juniper deal left it with too many. It opens countries TD SYNNEX wasn't selling HPE in; management puts the benefit in the first half of next fiscal year.
In plain English
In May 2026 HPE, one of the big makers of business computing and networking equipment, picked two firms to carry its products worldwide: TD SYNNEX and its rival Ingram Micro.
Buying Juniper had left HPE with a different set of middlemen in every country, which costs money to manage. Narrowing the list hands TD SYNNEX resellers in places where it had no HPE business before. Nothing here is exclusive — regional and specialist distributors keep their slots too — so it is a share of a vendor's sales shifting, not a door closing on anyone.
Competes with Global distribution agreement (Ingram Micro) · Security and networking distribution (Westcon-Comstor) · Enterprise Computing Solutions (Arrow Electronics)
StreamOneThe ordering-and-billing desk for cloud and subscription software, used by roughly thirty thousand reseller firms. It barely shows up in the sales line, and its job is to keep those resellers from buying straight from the cloud vendors' own stores.The ordering-and-billing desk for cloud and subscription software, used by roughly thirty thousand reseller firms. It barely shows up in the sales line, and its job is to keep those resellers from buying straight from the cloud vendors' own stores.
In plain English
Every cloud subscription a reseller sells has to be ordered, switched on, renewed and billed month after month. StreamOne is the counter where all of that happens — one screen where a reseller can buy software and computing capacity from many vendors and invoice its own customers.
The platform earns little on its own. The payoff is stickiness: a reseller wired into it tends to buy everything else through TD SYNNEX as well. The plain risk is that the cloud vendors run their own stores, and a reseller can walk over there instead.
Competes with Xvantage cloud marketplace (Ingram Micro) · ArrowSphere (Arrow Electronics) · AWS Marketplace (Amazon)
Hyve SolutionsBuilds custom server racks for the biggest cloud companies. Around a seventh of sales but roughly a third of operating profit in the spring quarter — and the growth that turned free cash flow negative as stock and factory space scale up.Builds custom server racks for the biggest cloud companies. Around a seventh of sales but roughly a third of operating profit in the spring quarter — and the growth that turned free cash flow negative as stock and factory space scale up.
In plain English
The giant cloud companies don't buy computers off a shelf; they have them designed and built to their own specification. Hyve, a business TD SYNNEX owns outright, is one of those builders — it assembles computing, storage and networking into full racks, plumbs in liquid cooling, and delivers them to the data center.
Here the customer usually secures the expensive parts itself, so what Hyve charges for is the design, the building and the shipping. Less money passes through per rack than in distribution, but far more of each dollar sticks: in the winter quarter it kept about three times the operating profit per dollar of sales that the Americas distribution arm did. It is adding over a million square feet of US factory space, including two Nevada campuses.
Competes with Hardware Platform Solutions (Celestica) · Quanta Cloud Technology (Quanta Computer) · Intelligent Infrastructure (Jabil)
Top-Five Cloud Giant ProgramsHyve holds at least one build program with each of the top five US cloud giants; two of them produce no revenue yet and are left out of the current quarter's forecast. One customer, unnamed in the filings, was 11% of last fiscal year's sales.Hyve holds at least one build program with each of the top five US cloud giants; two of them produce no revenue yet and are left out of the current quarter's forecast. One customer, unnamed in the filings, was 11% of last fiscal year's sales.
In plain English
Five American companies rent out computing at vast scale, and they buy equipment in enormous volumes. Hyve now has at least one building program with every one of them, and more than one at three.
Winning a program is slow — the design work runs long before a single rack ships. Two are at full flow, a third has only just begun, and the last two are expected to start late this fiscal year or early next, with nothing counted for them in the current forecast. Amazon, the only one named in the filings, holds warrants — the right to buy TD SYNNEX shares at a fixed price — that vest as its payments pass agreed levels.
Competes with Meta and Microsoft rack programs (Wiwynn) · Hyperscaler platform programs (Celestica) · Cloud server programs (Foxconn)
Named in filings, launches and programs
- Americas DistributionSegmentThe largest of the three selling regions, keeping about two and a half cents of operating profit per dollar of sales in the winter quarter.
- Europe DistributionSegmentSecond-largest region and the thinnest-margin one, growing about 26% year over year early in fiscal 2026.
- APJ DistributionSegmentAsia-Pacific and Japan: smallest of the three regions, best margin of them, and the one management names as the expansion target.
- Destination AIEcosystemThe program for signing up AI vendors and helping resellers sell their products; rarely mentioned on calls, and Ingram Micro runs a rival version.
- Fortinet global distributionCustomer program · AnnouncedApproved in July 2026 as a global distributor for the security vendor Fortinet — more security and networking lines for the data-center half.
- Hammerhead AI ORCACustomer program · AnnouncedSigned in September 2026 to distribute software that turns stranded data-center electrical capacity into power usable for AI machines.
- Maverick AV SolutionsBrandThe specialist arm for audio-visual, meeting-room and digital-signage equipment — screens and meeting-room gear rather than servers.
- DatechBrandA specialist distribution business for design software.
- TD SYNNEX RenewServiceA European service that takes back used business equipment for trade-in or disposal.
- Financial SolutionsServiceCredit and financing extended to resellers; trade credit is the heart of how this whole business works.
- Device-as-a-ServiceServiceComputers supplied on subscription rather than sold outright, named in the annual report as one of the ways customers can buy.
- Systems design, logistics and repair servicesServiceThe unglamorous list behind the sale: building and testing systems, warehousing, shipping, depot repair, on-site work and marketing help for vendors.
- Digital Bridge and PACEPlatformTwo tools alongside StreamOne: ready-made connections into vendor systems, and a lifecycle tool used by more than fifty thousand European partner firms.
Americas DistributionSegment
The largest of the three selling regions, keeping about two and a half cents of operating profit per dollar of sales in the winter quarter.
Europe DistributionSegment
Second-largest region and the thinnest-margin one, growing about 26% year over year early in fiscal 2026.
APJ DistributionSegment
Asia-Pacific and Japan: smallest of the three regions, best margin of them, and the one management names as the expansion target.
Destination AIEcosystem
The program for signing up AI vendors and helping resellers sell their products; rarely mentioned on calls, and Ingram Micro runs a rival version.
Fortinet global distributionCustomer program · Announced
Approved in July 2026 as a global distributor for the security vendor Fortinet — more security and networking lines for the data-center half.
Hammerhead AI ORCACustomer program · Announced
Signed in September 2026 to distribute software that turns stranded data-center electrical capacity into power usable for AI machines.
Maverick AV SolutionsBrand
The specialist arm for audio-visual, meeting-room and digital-signage equipment — screens and meeting-room gear rather than servers.
DatechBrand
A specialist distribution business for design software.
TD SYNNEX RenewService
A European service that takes back used business equipment for trade-in or disposal.
Financial SolutionsService
Credit and financing extended to resellers; trade credit is the heart of how this whole business works.
Device-as-a-ServiceService
Computers supplied on subscription rather than sold outright, named in the annual report as one of the ways customers can buy.
Systems design, logistics and repair servicesService
The unglamorous list behind the sale: building and testing systems, warehousing, shipping, depot repair, on-site work and marketing help for vendors.
Digital Bridge and PACEPlatform
Two tools alongside StreamOne: ready-made connections into vendor systems, and a lifecycle tool used by more than fifty thousand European partner firms.