TD SYNNEX reported fiscal Q3 2026 non-GAAP gross billings of $31.8 billion, up 40% year over year, and non-GAAP EPS of $5.68, up 59%; both topped guidance. Hyve billings rose 117%, while working-capital investment drove about $1 billion in free-cash-flow use.
Distribution non-GAAP gross billings grew 27% to $24.8 billion. For fiscal Q4, the company forecast non-GAAP gross billings of about $31.9 billion, plus or minus $500 million, and non-GAAP diluted EPS of $5.90, plus or minus $0.25.
TD SYNNEX attributed the cash outflow to higher Hyve supply-chain inventory and investment to support new customers and programs with existing customers. It expects to generate cash in Q4 as recently deployed working capital normalizes, with further improvement in Hyve cash conversion as programs mature in fiscal 2027.
