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TD Synnex cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$976M in Q3 FY26 · −$815M over twelve months

Operating cash flow−$917M
Capital spending−$58.9M
Free cash flow−$976M
Cash / net income-2.2×
Cash conversion cycle27 days

Analysis

In Q3 FY26, TD Synnex generated −$917M of operating cash flow and spent $58.9M on capital projects, leaving free cash flow of −$976M. That is $1.2B less than in Q3 FY25 ($214M).

Over the twelve months to Aug 31, 2026, operating cash flow was −$618M; the largest uses were operating cash flow ($618M), buybacks ($465M), capital spending ($197M); besides operations, cash came from other financing ($1.2B), net borrowing (+) / repaid (−) ($158M); the cash balance fell by $125M.

Operating cash flow was −$917M against net income of $416M — -2.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$2.0B, inventory −$1.4B, payables +$1.3B.

Its cash conversion cycle was 27 days (receivables 60 + inventory 67 − payables 100).

Free cash flow

TD Synnex: free cash flow by quarterTD Synnex: free cash flow by quarter$513MQ4 FY24−$790MQ1 FY25$543MQ2 FY25$214MQ3 FY25$1.4BQ4 FY25−$929MQ1 FY26−$332MQ2 FY26−$976MQ3 FY26
Operating cash flow less capital spending.
TD Synnex: operating cash flow against capital spendingTD Synnex: operating cash flow against capital spendingOperating cash flowCapital spending$562M$49.1MQ4 FY24−$748M$41.5MQ1 FY25$573M$30.2MQ2 FY25$246M$32.2MQ3 FY25$1.5B$38.3MQ4 FY25−$896M$33.1MQ1 FY26−$266M$66.8MQ2 FY26−$917M$58.9MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$917M, Capital spending $58.9M.

Capital allocation, year by year

TD Synnex: where the cash came from (up) and went (down), by fiscal yearTD Synnex: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $810MFY21: Net borrowing −$2.7BFY21: Shares issued $10.5MFY21: Capital spending −$54.9MFY21: Acquisitions −$907MFY21: Dividends −$50.3M$820MFY21FY22: Operating cash flow −$49.6MFY22: Net borrowing −$32.1MFY22: Shares issued $3.2MFY22: Capital spending −$117MFY22: Buybacks −$125MFY22: Dividends −$115M$3.2MFY22FY23: Operating cash flow $1.4BFY23: Net borrowing −$77.0MFY23: Shares issued $4.4MFY23: Capital spending −$150MFY23: Buybacks −$621MFY23: Dividends −$130M$1.4BFY23FY24: Operating cash flow $1.2BFY24: Net borrowing −$1.5BFY24: Shares issued $6.7MFY24: Asset sales $42.9MFY24: Capital spending −$175MFY24: Acquisitions −$43.7MFY24: Buybacks −$612MFY24: Dividends −$138M$1.3BFY24FY25: Operating cash flow $1.5BFY25: Net borrowing −$436MFY25: Shares issued $19.6MFY25: Capital spending −$142MFY25: Acquisitions −$83.7MFY25: Buybacks −$596MFY25: Dividends −$146M$1.6BFY25
Over these 5 years operating cash flow totalled $4.9B; the largest uses were net borrowing ($4.8B) and buybacks ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$749M
Debt$5.5B
Net debt$4.8B
Due within a year$1.0B
Cash runway11 months

TD Synnex is burning cash: its operations consume cash, a free cash flow of −$815M a year at the current rate against $749M of cash and investments: a runway of about 11 months; $1.0B of debt also comes due within a year, which would need refinancing or new money before any new financing.

TD Synnex: debt maturities by year (FY25)TD Synnex: debt maturities by year (FY25)$1.0BYear 1$765MYear 2$600MYear 3$550MYear 4$1.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $749M of cash and investments now.

Where the cash came from and went

TD Synnex: sources (+) and uses (−) of cash, Q3 FY26TD Synnex: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow−$917MNet borrowing (+) / repaid (−)$800MCash drawn (+) / kept (−)$345MBuybacks−$100MCapital spending−$58.9MDividends−$38.4MOther investing−$22.0MExchange rates−$7.3MTaxes on employees’ shares−$789KOther financing−$314K
TD Synnex: sources (+) and uses (−) of cash, TTM to Q3 FY26TD Synnex: sources (+) and uses (−) of cash, TTM to Q3 FY26Other financing$1.2BOperating cash flow−$618MBuybacks−$465MCapital spending−$197MNet borrowing (+) / repaid (−)$158MDividends−$152MCash drawn (+) / kept (−)$125MTaxes on employees’ shares−$29.2MOther investing$20.4MAcquisitions−$14.0MExchange rates$2.3M

From profit to cash

TD Synnex: net income to operating cash flow, Q3 FY26TD Synnex: net income to operating cash flow, Q3 FY26Net income$416MDepreciation & amortization$106MStock-based pay$16.3MOther non-cash$156KReceivables−$2.0BInventory−$1.4BPayables$1.3BOther operating capital$705MOperating cash flow−$917M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26606710027
Q2 FY2659639922
Q1 FY26625810119
Q4 FY2559529418
Q3 FY2562569623
Q2 FY2560569125
Q1 FY2561559423
Q4 FY2459498919

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26−$917M−$58.9M—−$100M−$38.4M$800M$345M−$976M
Q2 FY26−$266M−$66.8M—−$112M−$38.5M$11.2M$468M−$332M
Q1 FY26−$896M−$33.1M−$7.8M−$79.7M−$38.7M$113M$873M−$929M
Q4 FY25$1.5B−$38.3M−$6.2M−$173M−$36.0M−$766M−$1.6B$1.4B
Q3 FY25$246M−$32.2M−$73.0M−$174M−$36.3M$136M−$107M$214M
Q2 FY25$573M−$30.2M−$666K−$149M−$36.9M−$228M−$225M$543M
Q1 FY25−$748M−$41.5M−$3.8M−$101M−$37.2M$421M$518M−$790M
Q4 FY24$562M−$49.1M−$11.3M−$102M−$34.0M−$146M−$205M$513M

TD Synnex: income statement and cash flow

TD Synnex, Q3 FY26: revenue $21.6B (+38% year over year), operating margin 3.0%. The chart follows the revenue to costs, profit and cash.

TD Synnex: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.