On this page of StockholderLetter.com we present the latest annual shareholder letter from TD SYNNEX CORP — ticker symbol SNX. Reading current and past SNX letters to shareholders can bring important insights into the investment thesis.
Letter From Our CEO Dear Shareholders, Customers, Vendors, and Co-workers, Patrick Zammit CEO Fiscal 2025 marked my first full year as Chief Executive Officer, and it was a year of meaningful progress and momentum. We saw our operating model tested in real time and watched our strategy translate into tangible results. Across our business, excluding Hyve Solutions, we delivered high single digit gross billings growth and expanded margins: clear evidence that our portfolio, investments, and customer reach are aligned with where the market is heading. Hyve Solutions also delivered strong results throughout fiscal 2025, benefiting from the surge in hyperscale computing investment and demonstrating the strength of our capabilities in complex, high performance data center deployments. Together, these achievements set new operational and financial benchmarks for our organization. But more importantly, they reflected disciplined execution, deep partnership with vendors and customers, and a steadfast focus on the fundamentals that have defined this company for decades. This performance reinforces my conviction that our model is resilient across varied economic environments and well positioned for long term value creation. We approach our work with an owner s mindset. Every share represents a long-term partnership built on trust, shared Our performance this year reinforces my conviction that our model is resilient across varied economic environments and well positioned for long term value creation. We remain focused on compounding sustainable free cash flow and building value that endures.
ambition, and enduring relationships. Our responsibility is to build and engage the best leaders and coworkers in the industry, allocate capital with discipline, operate with excellence, and strengthen the ecosystem we serve. When we do this well, we create sustainable value for shareholders while making vendors more successful, customers more competitive, and our own organization stronger. Our Long-Term Mindset We manage the company with a long-term orientation that prioritizes durable, trusted relationships, consistent service quality and customer experience, alongside sustainable growth. We aim to operate a business that performs reliably across economic cycles, while improving profitability, return on equity, and free cash flow over time. We measure progress through simple, guiding questions: Are we broadening our portfolio of technologies, vendors, and customers and strengthening our presence across mature and developing markets through a targeted, insight-led, go-to-market approach? Are we using our specialist expertise and enablement model to act as a trusted advisor, creating differentiated value propositions that accelerate technology adoption in underpenetrated and emerging markets? Are we capturing above market growth by using our end-to-end capabilities and leveraging our unique vendor value proposition to support business that has historically been managed directly by vendors? Are we expanding and diversifying our capabilities in design, manufacturing, and supply chain services to meet the increasing demands of hyperscale computing infrastructure customers? Are we expanding and attaching our service offerings in ways that allow us to engage earlier in the customer lifecycle, support more complex deployments, deepen relationships, and drive recurring revenue?
And above all, is this progress underpinned by durable free cash flow and disciplined capital deployment that generates attractive, repeatable returns and increases return on equity over time? If the answers are yes, we believe we are well positioned to drive long-term value creation. Our Operating Plan First, we will continue to invest in the core capabilities that define our role in the technology ecosystem. Our reach, logistics excellence, and go-to-market specialization remain foundational strengths, and we will strengthen them further. We are investing in systems, inventory management, and partner facing tools to enhance speed, accuracy, efficiency, and predictability across every transaction. These investments accelerate technology adoption for customers, expand reach and efficiency for vendors, and improve the economics of our own business. Second, we will continue to adopt technology pragmatically and digitalize our operating model and go-to-market strategy. We will invest where technology tangibly improves economics, service quality, and partner experience. Our PartnerFirst digital portal reflects this philosophy meeting customers where they are, 24/7, and simplifying complex interactions at scale. Third, we will deepen our capabilities in AI, becoming fluent, and put it to work where we can meaningfully improve our business and create better experiences for our partners. As AI reshapes the way technology is built, sold, and consumed, becoming fluent in its applications will enhance the responsiveness of our operating model while providing customers more intuitive, personalized, and frictionless experiences. We are focused on practical use cases that enhance productivity and create measurable value across the ecosystem. Fourth, we will remain disciplined capital allocators, using long-term shareholder value as the standard for every decision we make. Organic investment comes first when we see a clear line of sight to attractive, repeatable returns. Acquisitions must strengthen our competitive position through reach, capabilities, or ecosystem relevance, and must meet strict strategic and financial criteria that demonstrate they create more
long-term value than alternative uses of capital. When organic or acquisitive investment opportunities do not meet our thresholds, we will target returning excess capital to shareholders. Through it all, we maintain balance sheet flexibility so that we can support partners and invest through downturns rather than retreat from them, and continue to provide meaningful returns to our shareholders. Finally, all of this is underpinned by fostering innovation across our teams and processes. We encourage our teams to streamline processes and challenge legacy ways of working while creating new ways for customers to access and adopt technology. When we scale ideas that reduce friction, anticipate customer needs, or unlock new efficiencies in the ecosystem, we strengthen our value proposition and reinforce our leadership position. Culture The achievements of this year reflect the judgment and professionalism of our teams around the world. Culture is expressed through how decisions are made, how tradeoffs are evaluated, and how accountability is upheld. We hire people we trust, empower them to act like owners, and expect them to serve customers responsibly and quickly. Trust, once earned, becomes a durable advantage. It also cultivates the conditions in which innovation becomes natural, where people are encouraged to think differently, improve how we operate, and shape better experiences for our partners. Closing The technology industry continues to grow in scale, complexity, and strategic importance. In this environment, distributors with global reach, a diversified portfolio, technology enabled operational and commercial excellence, skilled and engaged co-workers that cultivate trusted relationships, and the financial strength to invest through cycles become more essential not less. With a long-term mindset and disciplined execution, we are well positioned to continue serving partners and compounding value for shareholders.
To our employees, thank you for your commitment. To our customers and vendors, thank you for your trust. And to our shareholders, thank you for your continued partnership. We remain focused on earning it every year. Sincerely, Patrick Zammit, CEO Forward-Looking Statements Statements in this letter to shareholders that are forward-looking, such as those statements regarding our strategy, positioning, operations, use of capital, market trends and growth, profitability, and investments, involve known and unknown risks and uncertainties which may cause our actual results in future periods to be materially different from any future performance that may be suggested in this letter. Additional information concerning potential factors that could cause actual results to differ materially from those in the forward-looking statements can be found in the risks and uncertainties detailed in our Form 10-K filed with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements contained in this letter. Copyright 2026 TD SYNNEX Corporation. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks of TD SYNNEX Corporation. Other names and marks are the property of their respective owners.
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SNX Shareholder/Stockholder Letter Transcript:

Letter From
Our CEO
Dear Shareholders, Customers, Vendors,
and Co-workers,
Patrick
Zammit
CEO
Fiscal 2025 marked my first full year as
Chief Executive Officer, and it was a year of
meaningful progress and momentum. We saw
our operating model tested in real time and
watched our strategy translate into tangible results.
Across our business, excluding Hyve Solutions, we
delivered high single digit gross billings growth and
expanded margins: clear evidence that our portfolio,
investments, and customer reach are aligned with where
the market is heading. Hyve Solutions also delivered
strong results throughout fiscal 2025, benefiting from
the surge in hyperscale computing investment and
demonstrating the strength of our capabilities in
complex, high performance data center deployments.
Together, these achievements set new operational and
financial benchmarks for our organization. But more
importantly, they reflected disciplined execution, deep
partnership with vendors and customers, and a steadfast
focus on the fundamentals that have defined this company for
decades. This performance reinforces my conviction that our
model is resilient across varied economic environments and
well   positioned for long   term value creation.
We approach our work with an owner   s mindset. Every share
represents a long-term partnership built on trust, shared
Our performance this
year reinforces my
conviction that our model
is resilient across varied
economic environments
and well   positioned for
long   term value creation.
We remain focused on
compounding sustainable
free cash flow and
building value that
endures.

ambition, and enduring relationships. Our responsibility is to build and engage the best
leaders and coworkers in the industry, allocate capital with discipline, operate with
excellence, and strengthen the ecosystem we serve. When we do this well, we create
sustainable value for shareholders while making vendors more successful, customers
more competitive, and our own organization stronger.
Our Long-Term Mindset
We manage the company with a long-term orientation that prioritizes durable, trusted
relationships, consistent service quality and customer experience, alongside sustainable
growth. We aim to operate a business that performs reliably across economic cycles,
while improving profitability, return on equity, and free cash flow over time.
We measure progress through simple, guiding questions:
    Are we broadening our portfolio of technologies, vendors, and customers and
strengthening our presence across mature and developing markets through a
targeted, insight-led, go-to-market approach?
    Are we using our specialist expertise and enablement model to act as a trusted
advisor, creating differentiated value propositions that accelerate technology
adoption in underpenetrated and emerging markets?
    Are we capturing above market growth by using our end-to-end capabilities
and leveraging our unique vendor value proposition to support business that has
historically been managed directly by vendors?
    Are we expanding and diversifying our capabilities in design, manufacturing, and
supply chain services to meet the increasing demands of hyperscale computing
infrastructure customers?
    Are we expanding and attaching our service offerings in ways that allow us to
engage earlier in the customer lifecycle, support more complex deployments,
deepen relationships, and drive recurring revenue?

    And above all, is this progress underpinned by durable free cash flow and disciplined
capital deployment that generates attractive, repeatable returns and increases return
on equity over time?
If the answers are yes, we believe we are well positioned to drive long-term value creation.
Our Operating Plan
First, we will continue to invest in the core capabilities that define our role in the technology
ecosystem. Our reach, logistics excellence, and go-to-market specialization remain
foundational strengths, and we will strengthen them further. We are investing in systems,
inventory management, and partner facing tools to enhance speed, accuracy, efficiency,
and predictability across every transaction. These investments accelerate technology
adoption for customers, expand reach and efficiency for vendors, and improve the
economics of our own business.
Second, we will continue to adopt technology pragmatically and digitalize our operating
model and go-to-market strategy. We will invest where technology tangibly improves
economics, service quality, and partner experience. Our PartnerFirst digital portal reflects
this philosophy   meeting customers where they are, 24/7, and simplifying complex
interactions at scale.
Third, we will deepen our capabilities in AI, becoming fluent, and put it to work where we
can meaningfully improve our business and create better experiences for our partners. As AI
reshapes the way technology is built, sold, and consumed, becoming fluent in its applications
will enhance the responsiveness of our operating model while providing customers more
intuitive, personalized, and frictionless experiences. We are focused on practical use cases
that enhance productivity and create measurable value across the ecosystem.
Fourth, we will remain disciplined capital allocators, using long-term shareholder value as
the standard for every decision we make. Organic investment comes first when we see a
clear line of sight to attractive, repeatable returns. Acquisitions must strengthen our
competitive position through reach, capabilities, or ecosystem relevance, and must
meet strict strategic and financial criteria that demonstrate they create more

long-term value than alternative uses of capital. When organic or acquisitive investment
opportunities do not meet our thresholds, we will target returning excess capital to
shareholders. Through it all, we maintain balance sheet flexibility so that we can support
partners and invest through downturns rather than retreat from them, and continue to
provide meaningful returns to our shareholders.
Finally, all of this is underpinned by fostering innovation across our teams and processes.
We encourage our teams to streamline processes and challenge legacy ways of working
while creating new ways for customers to access and adopt technology. When we scale
ideas that reduce friction, anticipate customer needs, or unlock new efficiencies in the
ecosystem, we strengthen our value proposition and reinforce our leadership position.
Culture
The achievements of this year reflect the judgment and professionalism of our teams
around the world. Culture is expressed through how decisions are made, how tradeoffs
are evaluated, and how accountability is upheld. We hire people we trust, empower them
to act like owners, and expect them to serve customers responsibly and quickly. Trust, once
earned, becomes a durable advantage. It also cultivates the conditions in which innovation
becomes natural, where people are encouraged to think differently, improve how we operate,
and shape better experiences for our partners.
Closing
The technology industry continues to grow in scale, complexity, and strategic importance.
In this environment, distributors with global reach, a diversified portfolio, technology enabled
operational and commercial excellence, skilled and engaged co-workers that cultivate
trusted relationships, and the financial strength to invest through cycles become more
essential   not less. With a long-term mindset and disciplined execution, we are well
positioned to continue serving partners and compounding value for shareholders.

To our employees, thank you for your commitment. To our customers and vendors, thank you
for your trust. And to our shareholders, thank you for your continued partnership. We remain
focused on earning it every year.
Sincerely,
Patrick Zammit, CEO
Forward-Looking Statements
Statements in this letter to shareholders that are forward-looking, such as those statements
regarding our strategy, positioning, operations, use of capital, market trends and growth,
profitability, and investments, involve known and unknown risks and uncertainties which
may cause our actual results in future periods to be materially different from any future
performance that may be suggested in this letter. Additional information concerning
potential factors that could cause actual results to differ materially from those in the
forward-looking statements can be found in the risks and uncertainties detailed in our
Form 10-K filed with the Securities and Exchange Commission. We assume no obligation
to update any forward-looking statements contained in this letter.
Copyright 2026 TD SYNNEX Corporation. All rights reserved. TD SYNNEX, the TD SYNNEX
Logo, and all other TD SYNNEX company, product and services names and slogans are
trademarks of TD SYNNEX Corporation. Other names and marks are the property of
their respective owners.


shareholder letter icon 2/13/2026 Letter Continued (Full PDF)
 

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