$SNX · TD SYNNEX CORP

TD SYNNEX filed an 8-K reporting Q3 FY26 results (ended August 31, 2026). Revenue hit a record $21.6B (+37.7% YoY), non-GAAP diluted EPS reached $5.68 (+58.7% YoY), and non-GAAP gross billings were $31.8B (+40.0% YoY) — all above the high end of outlook. The company also declared a $0.48/share quarterly dividend (+9% YoY) and provided Q4 FY26 guidance: revenue of $21.8B–$22.6B and non-GAAP diluted EPS of $5.65–$6.15.

Extended-hours trading shows SNX at $275.30, down 4.37% from the regular close of $287.89, despite record revenue and an EPS beat. The selloff suggests the Q4 guidance midpoint (non-GAAP EPS ~$5.90) disappointed relative to the Q3 beat magnitude, or gross margin compression (6.61% vs 7.22% YoY) is weighing on sentiment.

Record revenue and a 58.7% EPS surge would normally be bullish, but the 4.4% after-hours drop signals the market is focused on gross margin erosion and a Q4 guide that implies slowing momentum.

TD SYNNEX's 37.7% revenue surge, driven by Distribution and Hyve (data center/accelerated compute), mirrors the AI infrastructure buildout tailwind seen across IT distributors and contract manufacturers. The after-hours selloff on margin concerns echoes recent reactions from peers where top-line AI‑

Gross margin contracted 61 bps YoY to 6.61%, and gross-to-net percentage widened 120 bps to 32.3%, indicating a mix shift toward lower-margin fulfillment arrangements. Q4 guidance implies sequential revenue deceleration and potential margin pressure.