SNX earnings analysis — 8-K, transcript, statement tables新聚思 (SNX) 财报解读 — 8-K、transcript、statement tables
Earnings Follow-Up Analysis
This analysis is based on TD SYNNEX’s official Q2 FY26 earnings release, SEC Form 8-K filed June 29, 2026, and the June 25 earnings call transcript excerpt.
1. Beat vs Consensus: GAAP diluted EPS came in at $4.15, non-GAAP EPS at $4.85, 17.1% above the consensus estimate of $4.14. Total revenue hit $19.575B, 16.5% above the $16.8B consensus, marking a quarterly record.
2. Revenue and Profitability: GAAP total revenue rose 31% YoY per the official release, while the updated financial snapshot noted 14.1% YoY growth; official disclosures take precedence. Gross margin fell 16 bps YoY to 6.84%. Operating income reached $519M, with a 2.7% operating margin, up 6.1% YoY. EBITDA totaled $625M, with a 3.2% margin. GAAP net income was $334M, with a 1.7% net margin, and EPS up 88% YoY.
3. Cash Flow and Capital Position: Quarterly operating cash flow was -$266M, capex totaled -$67M, and free cash flow came in at -$332M. End-of-period cash reserves stood at $1.1B, total debt at $4.7B, and net debt at $3.6B.
4. Guidance: No quantitative formal guidance was disclosed in the provided materials, with no adjustments to prior guidance confirmed.
5. GAAP vs Non-GAAP: The release and call referenced non-GAAP metrics including non-GAAP EPS and operating income, with reconciliations available in the earnings release and Form 8-K.
6. Earnings Call Prepared Remarks: The provided excerpt only includes prepared opening remarks, with no Q&A content available. Executives highlighted broad-based strength across distribution and Hyve businesses, AI-driven demand growth, a new global distribution partnership with HP, and Hyve’s capacity expansion plans.
7. Unresolved Investor Questions: Segment-specific margin details, backlog/deferred revenue data, and specific capex allocation plans were not disclosed in the provided materials.
业绩跟进分析
本分析基于TD SYNNEX 2026年6月25日发布的2026财年第二季度官方财报、6月29日提交的SEC 8-K文件及当日电话会议摘录。
1. 业绩超预期：本季度GAAP摊薄每股收益为4.15美元，非GAAP每股收益4.85美元，较市场预期的4.14美元高出17.1%；总营收195.75亿美元，较市场预期的168亿美元高出16.5%，均创下季度营收纪录。
2. 营收与盈利质量：GAAP总营收同比增长31%（官方发布数据），而更新后的财务快照标注同比增长14.1%，需以官方披露信息为准；毛利率6.84%，同比下滑16个基点；营业利润5.19亿美元，营业利润率2.7%，同比增长6.1%；EBITDA为6.25亿美元，利润率3.2%。GAAP净利润3.34亿美元，净利润率1.7%，每股收益同比增长88%。
3. 现金流与资本状况：季度运营现金流为-2.66亿美元，资本支出6700万美元，自由现金流-3.32亿美元；期末现金储备11亿美元，总债务47亿美元，净债务36亿美元。
4. 指引情况：本次公开材料中未披露量化业绩指引，管理层未确认任何指引调整。
5. GAAP与非GAAP差异：财报及电话会议提及非GAAP核心指标（如非GAAP每股收益、营业利润），与GAAP数据存在差异，调节表已在财报和8-K文件中披露。
6. 电话会议管理层致辞：提供的摘录仅包含预先准备的发言，未覆盖问答环节，CEO和CFO均提及本季度分销和Hyve业务表现强劲，AI相关需求拉动增长，公司获得HP全球分销合作伙伴资格，Hyve业务产能扩张及现有客户订单增长情况。
7. 未解决事项：细分业务详细利润率、订单储备/递延收入数据、资本支出具体分配细节等尚未在公开材料中披露。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。