TD SYNNEX, Ingram Micro and Westcon-Comstor have each reported double-digit sales growth in their latest earnings results, signaling continued strength in IT distribution as demand for AI infrastructure, cybersecurity, cloud and networking drives technology spending.
The results highlight more than rising revenue. While AI infrastructure investments are helping fuel growth, margin pressures and shifting purchasing models are also changing the economics of distribution, pushing companies to expand their roles in technical enablement, digital commerce and recurring services.
Although the three distributors report across different fiscal periods and use different revenue measures, their results point to a common trend: distributors are becoming increasingly important to how channel partners navigate complex customer demands and build profitable, services-led businesses.
TD SYNNEX, Ingram Micro and Westcon-Comstor report growth
TD SYNNEX reported fiscal third-quarter revenue of $21.6 billion, up 37.7% year over year, while non-GAAP gross billings increased 40% to $31.8 billion. Operating income climbed 67.6% to $643 million.
CEO Patrick Zammit attributed the performance partly to enterprise AI adoption moving toward production deployments, alongside continued data center modernization and growing security and compliance requirements.
Ingram Micro similarly reported record third-quarter net sales of $15.2 billion, a 20.8% year-over-year increase. Net income rose 31.8% to $131.1 million, while the company generated $251 million in operating cash flow.
Growth was particularly pronounced in Advanced Solutions, where sales increased by 40%, and in cloud-based solutions, which grew by 31%.
“Our record third-quarter performance reflects the breadth and resilience of our business and continued execution against the strategy we outlined at our Capital Markets Day in September,” said Ingram Micro CEO Paul Bay.
Westcon-Comstor, meanwhile, reported record first-half gross sales of $3.37 billion, up 21.3%, with adjusted EBITDA increasing 13.5% to $86.7 million.
Cybersecurity sales rose 21.6%, while data center and cloud infrastructure sales jumped 75%, reflecting investment in technologies supporting AI workloads and hybrid environments.
AI infrastructure spending drives sales but pressures margins
The three reports suggest that AI’s impact on distribution extends beyond demand for GPUs and servers.
Ingram Micro’s results illustrate the financial trade-offs. Despite strong growth in AI infrastructure, its gross margin declined from 6.90% to 6.55%, reflecting a greater contribution from lower-margin, high-volume infrastructure transactions.
TD SYNNEX also experienced gross margin compression, although operating margins improved as the business expanded.
The figures suggest that distributors can benefit substantially from AI infrastructure spending without necessarily generating higher margins on individual transactions. Scale, operating efficiency and services attachment are therefore becoming increasingly important.
That evolution is already visible in the companies’ partner strategies.
Channel Insider previously reported on Ingram Micro’s investment in AI enablement and Xvantage, as well as TD SYNNEX’s expansion of PartnerFirst with AI agents, automation and lifecycle capabilities.
Westcon-Comstor’s results provide another perspective: recurring gross sales increased 20% to $2.25 billion, representing 67% of its total business. Hardware accounted for just 28% of gross sales.
What distributor earnings mean for channel partners
For MSPs, VARs, and solution providers, the broader implication is that the value of distribution increasingly extends beyond procurement.
Channel Insider’s reporting from the 2026 GTDC Summit highlighted how hyperscaler marketplaces are reshaping purchasing relationships, requiring distributors to help partners remain involved in transactions and customer lifecycles.
The latest earnings reinforce that shift. Distributors are investing in platforms, technical enablement and recurring-revenue models while navigating changing product economics.
However, strong distributor results do not necessarily translate into stronger margins for every channel partner. Pricing volatility, infrastructure costs and the investment required to develop AI and cybersecurity expertise remain significant considerations.
Taken together, the earnings suggest a healthy distribution market, but one in which growth is increasingly tied to infrastructure scale and the ability to support complex, services-led customer relationships.
For channel partners, the opportunity is not simply to sell more technology. It is to use the expanding capabilities of distribution to deliver more value throughout the customer lifecycle.