Filing Flows › TD Synnex (SNX) › Q2 FY26 › vs Q1 FY26
TD Synnex (SNX) Q2 FY26 vs Q1 FY26 (quarter over quarter)
TD Synnex's revenue rose $2.4B (+14%) from $17.2B in Q1 FY26 to $19.6B in Q2 FY26. The biggest changes: Americas distribution +$1.8B (+23%); Hyve Solutions +$815M (+38%); Europe distribution −$193M (-3%). Gross margin 6.8% against 7.3% (-0.5 pts).
TD Synnex, Q2 FY26: revenue $19.6B (+31% year over year), operating margin 2.7%, net earnings $334M, operating cash flow −$266M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 6.8% | 7.3% | -0.5 pts |
| Operating margin | 2.7% | 2.9% | -0.2 pts |
| Net margin | 1.7% | 1.9% | -0.2 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Americas distribution | $9.5B | $7.8B | $1.8B | +23% |
| Europe distribution | $6.0B | $6.2B | −$193M | -3% |
| Hyve Solutions | $3.0B | $2.2B | $815M | +38% |
| APJ distribution | $1.0B | $1.0B | $20.6M | +2% |
| Revenue | $19.6B | $17.2B | $2.4B | +14% |
| Gross profit | $1.3B | $1.3B | $87.3M | +7% |
| Cost of revenue | $18.2B | $15.9B | $2.3B | +15% |
| Operating profit | $519M | $489M | $30.0M | +6% |
| Operating expenses | $820M | $763M | $57.3M | +8% |
| Pre-tax earnings | $430M | $422M | $7.5M | +2% |
| Other expense, net | $89.4M | $67.0M | $22.5M | +34% |
| Net earnings | $334M | $327M | $7.2M | +2% |
| Income tax | $95.8M | $95.5M | $352K | +0.4% |
| Operating cash sources | $723M | $1.4B | −$628M | -46% |
| Depreciation & amortization | $105M | $105M | $604K | +0.6% |
| Share-based compensation | $17.9M | $23.6M | −$5.8M | -24% |
| Cash used in operations | $266M | $896M | −$630M | -70% |
| Working capital & other | $723M | $1.4B | −$628M | -46% |
Questions
How much did TD Synnex's revenue grow quarter over quarter in Q2 FY26?
TD Synnex's revenue rose $2.4B (+14%) from $17.2B in Q1 FY26 to $19.6B in Q2 FY26.
What drove TD Synnex's revenue change in Q2 FY26?
Americas distribution +$1.8B (+23%); Hyve Solutions +$815M (+38%); Europe distribution −$193M (-3%).