Avnet (NASDAQ: AVT) names PwC as new independent accounting firm

Rhea-AI Filing Summary

Avnet, Inc. reported that its Audit Committee approved PricewaterhouseCoopers LLP as the company’s new independent registered public accounting firm as of September 30, 2025, subject to completion of PwC’s standard client acceptance procedures. This decision effectively ends the engagement of KPMG LLP as Avnet’s independent auditor.

Avnet states that KPMG’s audit reports on its consolidated financial statements and internal control over financial reporting for the fiscal years ended June 28, 2025 and June 29, 2024 contained no adverse opinions, disclaimers, or qualifications. The company also reports there were no disagreements or reportable events with KPMG during those periods or through September 30, 2025. Avnet says it did not consult PwC on specific accounting matters before this appointment and has filed KPMG’s letter to the SEC as an exhibit confirming the disclosures.

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Avnet changes auditors from KPMG to PwC with no reported disputes.

Avnet is transitioning its independent auditor from KPMG LLP to PricewaterhouseCoopers LLP, with the Audit Committee approving PwC subject to its standard client acceptance procedures as of September 30, 2025. A change in auditing firm is a notable governance event because the external auditor reviews financial statements and internal controls.

The company emphasizes that KPMG’s opinions on the fiscal years ended June 28, 2025 and June 29, 2024 were not adverse or qualified and that there were no “disagreements” or “reportable events” with KPMG through September 30, 2025. This language aims to indicate the change is not being driven by disclosed accounting disputes or control failures.

Avnet also states it did not consult PwC on specific accounting applications or audit opinions before the appointment. A letter from KPMG dated October 3, 2025, filed as an exhibit, is intended to confirm KPMG’s agreement with these disclosures, which helps provide additional transparency into the auditor transition.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

__________________

Date of Report (Date of earliest event reported)    September 30, 2025

AVNET, INC.

(Exact name of registrant as specified in its Charter)

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New York		1-4224		11-1890605
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification Number)

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2211 South 47th Street, Phoenix, Arizona		85034
(Address of principal executive offices)		(Zip Code)

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(480) 643-2000

(Registrant’s telephone number, including area code.)

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N/A

(Former name and former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered:
Common stock, par value $1.00 per share		AVT		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 4.01   Changes in Registrant’s Certifying Accountant.

On September 30, 2025, the Audit Committee of the Board of Directors of Avnet, Inc. (the “Company”), following careful deliberation, approved PricewaterhouseCoopers LLP as the Company’s new independent registered public accounting firm, subject to completion of its standard client acceptance procedures. This decision resulted in the effective dismissal of KPMG LLP as the Company’s independent registered public accounting firm. KPMG LLP was informed of this decision on September 30, 2025.

KPMG LLP’s audit reports on the Company’s consolidated financial statements and financial statement schedule II of the Company and subsidiaries, and on the effectiveness of internal control over financial reporting, for the fiscal years ended June 28, 2025 and June 29, 2024, did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

During the fiscal years ended June 28, 2025 and June 29, 2024, and the subsequent interim period through September 30, 2025, there were no: (i) “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) between the Company and KPMG LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG LLP, would have caused KPMG LLP to make reference to the subject matter of the disagreement in connection with their opinion; or (ii) “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto).

In accordance with Item 304(a)(3) of Regulation S-K, the Company provided KPMG LLP with a copy of the disclosures it is making in this Current Report on Form 8-K and requested that KPMG LLP furnish a letter addressed to the Securities and Exchange Commission stating whether KPMG LLP agrees with the statements made herein and, if not, stating the respects in which it does not agree. A copy of KPMG LLP’s letter dated October 3, 2025, is filed as Exhibit 16.1 hereto.

During the fiscal years ended June 28, 2025 and June 29, 2024, and the subsequent interim period through September 30, 2025, neither the Company nor anyone acting on its behalf consulted with PricewaterhouseCoopers LLP regarding either (i) the application of accounting principles to any specific completed or proposed transaction, or the type of audit opinion that might be rendered on the Company’s financial statements, in connection with which a written report was provided to the Company or oral advice was provided that PricewaterhouseCoopers LLP concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a “disagreement” (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) or a “reportable event” (as defined in Item 304(a)(1) (v) of Regulation S-K and the related instructions thereto).

Item 9.01   Financial Statements and Exhibits.

(d) Exhibits.

The following materials are attached as exhibits to this Current Report on Form 8-K:

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Exhibit Number		Description
16.1		Letter dated October 3, 2025 from KPMG LLP.
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104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Date: October 3, 2025	​	AVNET, INC.
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​	​	By:	​	/s/ Kenneth A. Jacobson
​	​	Name:	​	Kenneth A. Jacobson
​	​	Title:	​	Chief Financial Officer
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FAQ

What auditor change did Avnet (AVT) disclose in this 8-K?

Avnet disclosed that its Audit Committee approved PricewaterhouseCoopers LLP as the company’s new independent registered public accounting firm, subject to completion of PwC’s standard client acceptance procedures. This replaces KPMG LLP as Avnet’s independent auditor.

Why was KPMG LLP dismissed as Avnet (AVT)’s independent auditor?

The Audit Committee decided to appoint PricewaterhouseCoopers LLP as the new independent auditor, which resulted in the effective dismissal of KPMG LLP. Avnet’s disclosure does not cite any adverse opinions, disagreements, or reportable events with KPMG for the fiscal years ended June 28, 2025 and June 29, 2024 or the interim period through September 30, 2025.

Did KPMG issue any adverse or qualified opinions on Avnet (AVT)’s financial statements?

No. Avnet reports that KPMG LLP’s audit reports on its consolidated financial statements, financial statement schedule II, and internal control over financial reporting for the fiscal years ended June 28, 2025 and June 29, 2024 did not contain an adverse opinion, a disclaimer of opinion, or qualifications related to uncertainty, audit scope, or accounting principles.

Were there any disagreements or reportable events between Avnet (AVT) and KPMG?

Avnet states that during the fiscal years ended June 28, 2025 and June 29, 2024, and the interim period through September 30, 2025, there were no “disagreements” or “reportable events” (as defined in Regulation S-K) with KPMG on accounting principles, financial statement disclosure, or auditing scope or procedures.

Did Avnet (AVT) consult PwC on accounting matters before appointing it as auditor?

Avnet reports that during the fiscal years ended June 28, 2025 and June 29, 2024, and the interim period through September 30, 2025, neither the company nor anyone acting on its behalf consulted PricewaterhouseCoopers LLP on the application of accounting principles to specific transactions, on the type of audit opinion that might be issued, or on any matter that was the subject of a disagreement or reportable event.

What document from KPMG did Avnet (AVT) file with this auditor change?

Avnet filed as an exhibit a letter from KPMG LLP dated October 3, 2025, identified as Exhibit 16.1. The company requested that KPMG address this letter to the Securities and Exchange Commission stating whether KPMG agrees with Avnet’s disclosures about the change in auditors.