TD SYNNEX Q3 10-Q: Record Revenue, Amazon Warrant, and $2.1B Operating Cash Burn
SNX sits 91% above its 52-week low of $142.22.
Summary
TD SYNNEX's Q3 10-Q confirms record results but reveals $2.1B in operating cash burn, a new Amazon warrant for 3.24M shares, and expanded securitization borrowing.
Key Events · Earnings and Guidance · SNX
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Record Q3 Revenue and EPS
Revenue of $21.56B, up 37.7% year-over-year, with diluted EPS of $5.18 (up 89.1%). Non-GAAP diluted EPS was $5.68, beating the $4.70 consensus.
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Operating Cash Burn of $2.1B
Net cash used in operating activities was $2.08B for the nine months ended Aug 31, 2026, versus $71.3M provided in the prior year, driven by a $5.78B inventory build and $3.28B increase in accounts receivable.
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Amazon Warrant for 3.24M Shares
Warrant issued May 2026 to Amazon.com NV Investment Holdings for up to 3,238,066 shares. 215,871 shares vested immediately at $0.01 strike; 3,022,195 shares vest in tranches at $191.10 per share based on qualifying purchases, expiring May 30, 2033.
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Securitization Facility Expanded to $3.0B
U.S. AR Arrangement amended Sept 25, 2026: capacity increased from $1.5B to $3.0B, maturity extended to Sept 25, 2028, with $1.5B outstanding at 4.69% as of Aug 31, 2026.
Analysis · SNX · Trade & Services
TD SYNNEX's Q3 10-Q confirms the blowout quarter already reported — revenue up 37.7% to $21.56B and diluted EPS of $5.18 — but adds critical new detail. The company burned $2.08B in operating cash over nine months, driven by a $5.8B inventory build to support Hyve Solutions growth, and drew $1.5B on its U.S. receivables securitization facility. The filing also reveals a previously undisclosed warrant issued to Amazon for up to 3.24M shares, with 3.02M shares vesting at a $191.10 strike price tied to qualifying purchases — a customer-concentration and potential dilution signal. Two new executive employment agreements (CHRO and President, North America) were also filed as exhibits.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1605 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SNX was trading at $271.76 on NYSE in the Trade & Services sector, with a market capitalization of approximately $21.7B. The 52-week trading range was $142.22 to $298.77. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.