TD Synnex: 2Q26 Review: AI & Hardware Pricing & Balance Sheet Strength Drive Share Gains & EPS, but also -ve Free Cash Flow

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TD Synnex: 2Q26 Review: AI & Hardware Pricing & Balance Sheet Strength Drive Share Gains & EPS, but also -ve Free Cash Flow

Equity Research

U.S. Industrial Technology & Distributors

2 July 2026

TD Synnex

2Q26 Review: AI & Hardware

Pricing & Balance Sheet Strength Earnings Review

SNX EQUAL WEIGHTDrive Share Gains & EPS, but also

Unchanged

U.S. Industrial Technology POSITIVE-ve Free Cash Flow & Distribution

Strong execution across Distribution + Hyve leads to 21% EPS Price Target USD 278.00

beat; but working capital cash investment drives -ve raised 17% from USD 237.00

FCF. Remain EW but we raise PT to $278 (prior $237) on Hyve Price (01-Jul-26) USD 261.35 Potential Upside/Downside +6.4%

Source: Bloomberg, Barclays Researchearnings growth.

Market Cap (USD mn) 21010We are pleased to be hosting a webinar with SNX's CFO David Jordan on Wednesday, July 8th

Shares Outstanding (mn) 80.39at 11am ET. Please contact your Barclays sales representative if you wish to attend.

Free Float (%) 92.45

SNX shares declined 2% on FQ2 '26 (May) results in a flat tape (SPX -1bp on 6/25/26). We attribute 52 Wk Avg Daily Volume (mn) 0.7

this to investors concern of hardware revenue pull fwd. (due to rising ASP pricing), negative margin Dividend Yield (%) 0.73

mix and negative FCF. As a well capitalized distributor (1.6x leverage ratio) it makes sense in our Return on Equity TTM (%) 13.14

view for SNX to leverage its strong balance sheet to drive share gains and top line growth. However Current BVPS (USD) 112.81

we believe investors may not reward SNX with a higher implied multiple for Distribution. Yet, with Source: Bloomberg

Hyve FQ2 adj. OPP +89% (vs. Distribution OPP +36%) the implied valuation of the Hyve segment

increases and we raise our PT to $278 (prior $237).