Analyst Consensus ?
ConsensusBuy24 ratings
Bullish1979.2%
Neutral416.7%
Bearish14.1%
TD Synnex Corp · SNX · FY2024 Q4 · Calendar Q1 2025
TD SYNNEX: Growth broadens, but Hive still weighs on margins
The supplied analysis supports a cautiously constructive view of TD SYNNEX's growth trajectory: recovery in IT spending, PC and server refresh cycles, cloud, cybersecurity and AI-related demand could support expansion, but margin conversion—especially in Hive—and macro, tariff and leverage risks remain material.
Reported Before market openNYSETechnology
$19.73B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.07
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $15.22B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+9.8%
Event window
SPY move
-1.5%
Same window
Abnormal move
+11.3%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+7.0%
Up to 20 sessions
SNXSPY benchmark
Ask FN2 about SNX FY2024 Q4
Transcript, numbers and history already loaded
What drove SNX's +9.8% move after FY2024 Q4 earnings?What changed in SNX's guidance and outlook in FY2024 Q4?Give me the bull and bear case for SNX after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the supplied Q4 FY2024 analysis emphasizes double-digit revenue growth, stronger APAC momentum, a growing Hive footprint and new Azure/AWS marketplace syndication. At the same time, margin pressure and tariff, European and leverage risks remain part of the story.
Guidance delta
Management maintained guidance and outlined FY2025 targets for mid-single-digit gross-billings growth and $1.1 billion of free cash flow.
Key takeaways
- Management described double-digit revenue growth in Q4 FY2024, supported by PCs and Hive.
- Hive remains a key growth engine, but its mix and a one-off inventory comparison pressured margins.
- Management highlighted Asia-Pacific expansion, StreamOne cloud-platform scaling and marketplace syndication with Microsoft Azure and AWS.
- Capital allocation remains a focus, with annual free cash flow of $1 billion and 72% returned to shareholders.
Management priorities
- Invest in the Hive manufacturing footprint for liquid cooling, power and logistics
- Scale the StreamOne cloud platform and marketplace syndication
- Pursue organic growth and selective acquisitions in software and services
- Expand franchise relationships in India, Japan and other APAC regions
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$247.34Previous close
$130Low
$247.79Average
$379High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Sep 25, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 25, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 8, 2026 |
| Barrington Research | Outperform | Outperform | Maintain | Jun 26, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 12, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 10, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | May 27, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 26, 2025 |
| Loop Capital | Buy | Buy | Maintain | Jun 30, 2025 |
| CFRA | Buy | Buy | Maintain | Mar 28, 2025 |
| Stifel | Buy | Buy | Maintain | Sep 19, 2023 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jun 28, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jun 28, 2023 |
| Citigroup | Buy | Buy | Maintain | Jun 29, 2022 |
| Cross Research | Buy | Hold | Upgrade | Jan 12, 2022 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 4, 2018 |
| Pivotal Research | Buy | Hold | Upgrade | Jan 31, 2018 |
| CLSA | Underperform | Underperform | Maintain | Sep 27, 2016 |
| Brean Capital | Buy | Buy | Maintain | Jun 24, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Jan 11, 2016 |
| Needham | Hold | Buy | Downgrade | Jun 26, 2015 |
| Bank of America | Buy | Buy | Maintain | Aug 28, 2013 |
| Credit Agricole | Outperform | Buy | Maintain | Mar 28, 2013 |
| Sterne Agee | Neutral | Neutral | Maintain | Sep 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $247.34. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | David Vogt | $379 | $269.01 | +53.2% | Sep 25, 2026 |
| Morgan Stanley | Erik Woodring | $359 | $259.47 | +45.1% | Sep 25, 2026 |
| Morgan Stanley | Analyst unavailable | $334 | $261.12 | +35.0% | Sep 15, 2026 |
| Barclays | Guy Hardwick | $287 | $262.64 | +16.0% | Sep 8, 2026 |
| Barclays | Analyst unavailable | $278 | $261.35 | +12.4% | Jul 2, 2026 |
| Barrington | Vincent Colicchio | $325 | $265.6 | +31.4% | Jun 26, 2026 |
| RBC Capital | David Paige | $340 | $274.49 | +37.5% | Jun 26, 2026 |
| Goldman Sachs | Analyst unavailable | $330 | $277.63 | +33.4% | Jun 26, 2026 |
| UBS | Analyst unavailable | $352 | $277.63 | +42.3% | Jun 26, 2026 |
| Morgan Stanley | Erik Woodring | $374 | $277.63 | +51.2% | Jun 26, 2026 |
| Morgan Stanley | Erik Woodring | $341 | $283.26 | +37.9% | Jun 23, 2026 |
| Goldman Sachs | Katherine Murphy | $300 | $277.09 | +21.3% | Jun 11, 2026 |
| RBC Capital | David Paige | $315 | $278.1 | +27.4% | Jun 10, 2026 |
| UBS | Analyst unavailable | $265 | $233.31 | +7.1% | May 5, 2026 |
| Goldman Sachs | Katherine Murphy | $180 | $150.3 | -27.2% | Jan 13, 2026 |
| UBS | Analyst unavailable | $193 | $146.03 | -22.0% | Jan 9, 2026 |
| Morgan Stanley | Analyst unavailable | $172 | $146.63 | -30.5% | Jan 9, 2026 |
| Barclays | Tim Long | $163 | $146.94 | -34.1% | Jan 9, 2026 |
| Morgan Stanley | Analyst unavailable | $177 | $150.65 | -28.4% | Dec 17, 2025 |
| Barrington | Analyst unavailable | $182 | $164.64 | -26.4% | Sep 29, 2025 |
| UBS | Analyst unavailable | $187 | $164.58 | -24.4% | Sep 29, 2025 |
| RBC Capital | Analyst unavailable | $180 | $161.22 | -27.2% | Sep 26, 2025 |
| Morgan Stanley | Analyst unavailable | $181 | $159.69 | -26.8% | Sep 26, 2025 |
| Barclays | Analyst unavailable | $164 | $164.5 | -33.7% | Sep 26, 2025 |
| Goldman Sachs | Michael Ng | $164 | $159.69 | -33.7% | Sep 25, 2025 |
| Raymond James | Analyst unavailable | $175 | $159.69 | -29.2% | Sep 25, 2025 |
| Morgan Stanley | Erik Woodring | $173 | $150.26 | -30.1% | Sep 18, 2025 |
| RBC Capital | David Paige | $165 | $149.82 | -33.3% | Aug 22, 2025 |
| RBC Capital | David Paige | $145 | $137.79 | -41.4% | Jun 25, 2025 |
| Morgan Stanley | Analyst unavailable | $155 | $137.79 | -37.3% | Jun 25, 2025 |
| Barclays | George Wang | $140 | $136.88 | -43.4% | Jun 24, 2025 |
| Barrington | Analyst unavailable | $156 | $129.58 | -36.9% | Mar 20, 2025 |
| Goldman Sachs | Michael Ng | $144 | $119.67 | -41.8% | Sep 27, 2024 |
| Barclays | Tim Long | $118 | $117.29 | -52.3% | Sep 26, 2024 |
| RBC Capital | Ashish Sabadra | $140 | $115.09 | -43.4% | Jul 15, 2024 |
| UBS | David Vogt | $150 | $116.12 | -39.4% | Jun 26, 2024 |
| RBC Capital | Ashish Sabadra | $135 | $130.61 | -45.4% | Jun 11, 2024 |
| UBS | David Vogt | $145 | $111.7 | -41.4% | Apr 16, 2024 |
| Loop Capital Markets | Ananda Baruah | $150 | $118.23 | -39.4% | Apr 4, 2024 |
| RBC Capital | Analyst unavailable | $118 | $113.69 | -52.3% | Mar 27, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $130 | $112.27 | -47.4% | Mar 26, 2024 |
| RBC Capital | Ashish Sabadra | $110 | $105.01 | -55.5% | Mar 22, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $120 | $102.04 | -51.5% | Sep 19, 2023 |
Track every rating change on SNX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationTD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem in the United States, Europe, and internationally. It offers endpoint solutions, including personal computing devices and peripherals, mobile phones and accessories, printers, and supplies; and advanced solutions comprising data center technologies, such as hybrid cloud, security, storage, networking, servers, software, converged and hyper-converged infrastructure, and hyperscale infrastructure. The company also provides design, integration, test and other production value-added solutions, such as thermal testing, power-draw efficiency testing, burn-in, quality, and logistics support; logistics and field services; depot repair and customer management services; and cloud services, including public cloud solutions in productivity and collaboration, infrastructure as a service, platform as a service, software as a service…
Historical context
All SNX earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| INFY Infosys Limited | FY2027 Q2 · Calendar Q4 2026 | -4.8% | -6.6% | Infosys trims growth outlook as AI revenue and deal wins accelerate |
| SSNC SS&C Technologies Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | +2.8% | SS&C raises 2026 outlook as AI and tokenization support growth |
| ROP Roper Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1.7% | +9.7% | Roper raises DEPS outlook as AI adoption expands across portfolio |
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.0% | -0.9% | VeriSign reports record registrations as renewal mix becomes a key watchpoint |
| TTMI TTM Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +16.8% | -27.7% | TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk |
| NOK Nokia Oyj | FY2026 Q3 · Calendar Q4 2026 | +25.0% | -14.8% | Nokia Q3: AI and cloud growth lifts margins as cash flow stays negative |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the SNX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-01T08:32:31.407056+00:00
- Polygon adjusted daily market bars · 2026-10-26T08:00:44.184647+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T08:00:44.181793+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.