TD SYNNEX revenue surges 31% as Hyve Solutions scales; $1.2B cash burn on inventory build

Filed July 1, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jul 1, 2025 · ~2 min read

Key Changes

• high

  Revenue jumped 31% YoY to $19.6B in Q2 FY26, driven by 49% growth in Hyve Solutions (hyperscale infrastructure manufacturing) and strong Advanced Solutions demand. Operating margin expanded 45bp to 2.65%.

  MD&A: Revenue & Operating Margin verify on EDGAR →
• high

  Operating cash flow negative $1.2B in H1 FY26 vs negative $175M prior year, driven by inventory build to $13.9B (70 days outstanding, up from 57) to support growth. Cash fell from $2.4B to $1.1B.

  MD&A: Cash Flow & Working Capital verify on EDGAR →
• high

  Company issued $1.15B in new Senior Notes (4.30% due 2029, 5.30% due 2035) and established €650M European AR facility; total debt rose to $4.7B. $700M Senior Notes mature August 2026.

  Notes: Debt & Liquidity verify on EDGAR →