Record Q4 2026 sales and strong outlook at Avnet, Inc. (NASDAQ: AVT)

Q: How did Avnet (AVT) perform in Q4 fiscal 2026?

Avnet delivered Q4 2026 sales of $8.3 billion , up 47.7% year over year. GAAP diluted EPS was $1.49 and adjusted diluted EPS was $2.28 , with adjusted operating income of $317.9 million and a 3.8% margin.

Q: What were Avnet (AVT)'s full-year fiscal 2026 results?

For fiscal 2026, Avnet generated sales of $27.6 billion and GAAP net income of $334.4 million . GAAP diluted EPS was $4.01 , while adjusted diluted EPS was $5.67 , compared with $3.44 in fiscal 2025.

Q: What guidance did Avnet (AVT) give for Q1 fiscal 2027?

For Q1 fiscal 2027, Avnet expects sales of $9.00–$9.30 billion with midpoint $9.15 billion. Adjusted diluted EPS is guided to $2.80–$2.90 , and GAAP diluted EPS to $2.57–$2.77, implying about 10% sequential sales growth.

Q: How did Avnet (AVT)'s segments perform in Q4 2026?

Electronic Components posted Q4 2026 sales of $7,795.3 million with a 4.1% operating margin. Farnell recorded sales of $500.1 million and a 9.0% operating margin, with both businesses achieving record quarterly sales levels.

Q: Which non-GAAP measures does Avnet (AVT) emphasize?

Avnet highlights adjusted operating income , adjusted net income, adjusted diluted EPS, adjusted tax measures, and results in constant currency . These exclude restructuring, integration and other expenses, amortization of acquired intangibles, foreign currency gains or losses and certain tax items.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Avnet, Inc. reported record fourth quarter 2026 sales of $8.3 billion, up 47.7% year over year and 16.5% sequentially. GAAP operating income rose to $231.0 million with a 2.8% margin, while adjusted operating income reached $317.9 million and a 3.8% margin. GAAP diluted EPS was $1.49 versus $0.07 a year earlier; adjusted diluted EPS was $2.28 versus $0.81. Electronic Components delivered $7.8 billion in sales and a 4.1% operating margin, and Farnell generated $500.1 million in sales with a 9.0% margin.

For fiscal 2026, sales were $27.6 billion and GAAP net income was $334.4 million, or $4.01 per diluted share; adjusted diluted EPS was $5.67. Cash from operations was a use of $280.9 million. For the first quarter of fiscal 2027, Avnet guides to sales of $9.00–$9.30 billion and adjusted diluted EPS of $2.80–$2.90, implying roughly 10% sequential sales growth at the midpoint, with expected GAAP diluted EPS of $2.57–$2.77.

Positive

Record Q4 sales $8.3 billion, up 47.7% year over year.
Q4 adjusted diluted EPS rose to $2.28, up 181.5% year over year.
Fiscal 2026 adjusted diluted EPS reached $5.67 versus $3.44.
Q1 FY27 guidance: sales $9.00–$9.30 billion, adjusted EPS $2.80–$2.90.

Negative

Fiscal 2026 operating cash flow was $(280.9) million, down from $724.5 million.

Filing Explained

At June 27, 2026, Avnet had $155,396 thousand cash, with $733,952 thousand short-term debt and $2,478,864 thousand long-term debt reported.

This Form 8-K furnishes Avnet’s August 5, 2026 press release under Item 2.02; the filing states that the information is furnished, not filed. It reports results for the fiscal year ended June 27, 2026, but does not disclose a common-share issuance or resulting ownership change for existing holders.

At June 27, 2026, Avnet reported $155,396 thousand of cash and cash equivalents, alongside $733,952 thousand of short-term debt and $2,478,864 thousand of long-term debt.

The cash-flow statement lists $633,750 thousand of convertible-note issuance and $270,161 thousand of term-loan borrowings among fiscal-year financing inflows, but provides no conversion terms or use-of-proceeds detail; the filing therefore does not establish the notes’ equity impact.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q4 2026 Sales: $8,295.4 million Q4 2026 GAAP diluted EPS: $1.49 Q4 2026 adjusted diluted EPS: $2.28 +5 more

8 metrics

Q4 2026 Sales $8,295.4 million Record quarter; 47.7% year-over-year growth and 16.5% sequential growth

Q4 2026 GAAP diluted EPS $1.49 Versus $0.07 in Q4 2025; 30.7% sequential increase from $1.14

Q4 2026 adjusted diluted EPS $2.28 Up 181.5% year over year and 54.1% sequentially

Fiscal 2026 Sales $27,632.7 million Full-year revenue versus $22,200.8 million in fiscal 2025

Fiscal 2026 Net income $334,389 thousand Full-year GAAP net income versus $240,217 thousand in 2025

Fiscal 2026 Operating cash flow $(280,925) thousand Net cash flows used for operating activities; prior year provided $724,504 thousand

Q1 FY27 Sales guidance midpoint $9.15 billion Guidance range $9.00–$9.30 billion; implies about 10% sequential growth

Q1 FY27 adjusted EPS guidance midpoint $2.85 Guidance range $2.80–$2.90 adjusted diluted EPS

Key Terms

constant currency, restructuring, integration, and other expenses, adjusted operating income, accounts receivable securitization, +1 more

5 terms

constant currency financial

"results excluding this impact are referred to as “constant currency.”"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

restructuring, integration, and other expenses financial

"operating income adjusted for restructuring, integration and other expenses"

adjusted operating income financial

"Additional non-GAAP metrics management uses are adjusted operating income margin"

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

accounts receivable securitization financial

"Borrowings under accounts receivable securitization, net"

A financing method where a company converts money owed by its customers (accounts receivable) into immediate cash by selling or pledging those customer payments to an outside lender or investor. Think of it like selling a bundle of IOUs to get money now instead of waiting, which can boost short-term cash flow and reduce visible borrowing; investors watch it because the terms and quality of the receivables affect a company’s liquidity, risk profile, and true leverage.

convertible notes financial

"Issuance of convertible notes, net of issuance costs"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

Earnings Snapshot

Q4 2026 Sales: $8,295.4 million · Guidance included

Fourth quarter and fiscal year ended June 27, 2026

Q4 2026 Sales $8,295.4 million Up 47.7% year over year and 16.5% sequentially

Q4 2026 GAAP diluted EPS $1.49 Up 2,028.6% year over year and 30.7% sequentially

Q4 2026 adjusted diluted EPS $2.28 Up 181.5% year over year and 54.1% sequentially

Fiscal 2026 Sales $27,632.7 million Up 24.5% year over year; 22.4% in constant currency

Guidance

For Q1 fiscal 2027, the company forecasts sales of $9.00–$9.30 billion, adjusted diluted EPS of $2.80–$2.90, and GAAP diluted EPS of $2.57–$2.77, assuming 85 million diluted shares and an adjusted effective tax rate of 21%–25%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 08/05/2026 - 08:04 AM Accepted by SEC EDGAR 08/05/2026 - 08:03 AM

FAQ

How did Avnet (AVT) perform in Q4 fiscal 2026?

Avnet delivered Q4 2026 sales of $8.3 billion, up 47.7% year over year. GAAP diluted EPS was $1.49 and adjusted diluted EPS was $2.28, with adjusted operating income of $317.9 million and a 3.8% margin.

What were Avnet (AVT)'s full-year fiscal 2026 results?

For fiscal 2026, Avnet generated sales of $27.6 billion and GAAP net income of $334.4 million. GAAP diluted EPS was $4.01, while adjusted diluted EPS was $5.67, compared with $3.44 in fiscal 2025.

What guidance did Avnet (AVT) give for Q1 fiscal 2027?

For Q1 fiscal 2027, Avnet expects sales of $9.00–$9.30 billion with midpoint $9.15 billion. Adjusted diluted EPS is guided to $2.80–$2.90, and GAAP diluted EPS to $2.57–$2.77, implying about 10% sequential sales growth.

How did Avnet (AVT)'s segments perform in Q4 2026?

Electronic Components posted Q4 2026 sales of $7,795.3 million with a 4.1% operating margin. Farnell recorded sales of $500.1 million and a 9.0% operating margin, with both businesses achieving record quarterly sales levels.

What happened to Avnet (AVT)'s operating cash flow in fiscal 2026?

Fiscal 2026 net cash flows from operating activities were a use of $280,925 thousand. This compares with net cash provided by operating activities of $724,504 thousand in fiscal 2025, reflecting significant working capital movements in receivables, inventories and payables.

Which non-GAAP measures does Avnet (AVT) emphasize?

Avnet highlights adjusted operating income, adjusted net income, adjusted diluted EPS, adjusted tax measures, and results in constant currency. These exclude restructuring, integration and other expenses, amortization of acquired intangibles, foreign currency gains or losses and certain tax items.

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) August 5, 2026

AVNET, INC.

(Exact name of registrant as specified in its charter)


New York	1-4224	11-1890605
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)


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

(480) 643-2000

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

N/A

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

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 or to be 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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, Avnet, Inc. issued a press release announcing its fourth quarter and year end results of operations for fiscal 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K and the exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

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


Exhibit Number		Description

99.1		Press Release, dated August 5, 2026.

104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

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.


Date: August 5, 2026	AVNET, INC.


	By:	/s/ Kenneth A. Jacobson
		Name: Kenneth A. Jacobson
		Title: Chief Financial Officer

Exhibit 99.1

Avnet Reports Fourth Quarter and Fiscal 2026 Financial Results

Record quarterly sales of $8.3 billion with nearly 50% year-over-year sales growth and significant margin expansion

Electronic Components operating margin of 4.1% on record sales of $7.8 billion

Farnell operating margin of 9.0% on record sales of $500 million

PHOENIX – August 5, 2026 – Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year 2026 ended June 27, 2026.

“Our fourth quarter results underscore the strength of Avnet’s business model and the impact of our disciplined execution and long-term strategy. We delivered record sales while growing profitability at more than two and a half times the rate of sales growth, demonstrating the operating leverage in our business model. Momentum continues to build across all regions, end markets and customer segments, giving us increasing confidence in our competitive position,” said Avnet Chief Executive Officer Phil Gallagher. “As demand improves and mass market activity continues to accelerate, we are entering fiscal 2027 with great momentum. We are well positioned to capture growth opportunities, further expand earnings and generate attractive long-term returns for our shareholders.”

Fiscal Fourth Quarter Key Financial Highlights:

●

Record quarterly sales of $8.3 billion, an increase of 48% year over year and 17% sequentially.

Sequential and year-over-year sales growth across all EC regions and Farnell.

●

Diluted earnings per share of $1.49, compared with $0.07 in the prior year quarter.

Adjusted diluted earnings per share of $2.28 increased 182% year over year.

Adjusted diluted earnings per share grew 3.8 times greater than sales year over year.

●

Operating income margin of 2.8% expanded 147 basis points year over year.

Adjusted operating income margin of 3.8% expanded 129 basis points year over year.

Adjusted operating income grew 2.6 times greater than sales.

EC operating margin of 4.1%.

Farnell operating margin of 9.0%.

●

Inventory days declined by 6 days to 71 quarter over quarter.

EC inventory days declined by 5 days to under 65 days.

Farnell inventory days declined by 10 days to under 200 days.

●

Returned $29 million to shareholders in dividends.

Fiscal 2026 Key Financial Highlights:

●

Sales of $27.6 billion, an increase of 25% year over year.

●

Diluted earnings per share of $4.01, compared with $2.75 in the prior year.

Adjusted diluted earnings per share of $5.67, an increase of 65% year over year.

Adjusted diluted earnings per share grew more than 2.6 times sales.

●

Operating income margin of 2.6%, compared with 2.3% in the prior year.

Adjusted operating income margin of 3.1% expanded 31 basis points year over year.

●

Inventory days of 81 decreased 18 days year over year.

●

Returned $138 million to shareholders from share repurchases, representing 3.2% of shares outstanding.

●

Returned $114 million to shareholders in dividends.

Key Financial Metrics

($ in millions, except per share data)


Fourth Quarter Results (GAAP)
	Jun – 26				Jun – 25				Change Y/Y			March – 26				Change Q/Q
Sales	$	8,295.4			$	5,617.8			47.7	%		$	7,119.8			16.5	%
Operating Income	$	231.0			$	73.5			214.5	%		$	205.5			12.4	%
Operating Income Margin		2.8	%			1.3	%		147	bps			2.9	%		(11)	bps
Diluted Earnings Per Share	$	1.49			$	0.07			2,028.6	%		$	1.14			30.7	%
Fourth Quarter Results (Non-GAAP)⁽¹⁾
	Jun – 26				Jun – 25				Change Y/Y			March – 26				Change Q/Q
Adjusted Operating Income	$	317.9			$	142.9			122.5	%		$	220.6			44.1	%
Adjusted Operating Income Margin		3.8	%			2.5	%		129	bps			3.1	%		73	bps
Adjusted Diluted Earnings Per Share	$	2.28			$	0.81			181.5	%		$	1.48			54.1	%
Segment and Geographical Mix
	Jun – 26				Jun – 25				Change Y/Y			March – 26				Change Q/Q
Electronic Components (EC) Sales	$	7,795.3			$	5,231.3			49.0	%		$	6,665.1			17.0	%
EC Operating Income Margin		4.1	%			3.0	%		107	bps			3.5	%		54	bps
Farnell Sales	$	500.1			$	386.5			29.4	%		$	454.7			10.0	%
Farnell Operating Income Margin		9.0	%			4.3	%		468	bps			5.2	%		373	bps
Americas Sales	$	2,060.7			$	1,327.0			55.3	%		$	1,615.0			27.6	%
EMEA Sales	$	2,298.9			$	1,599.7			43.7	%		$	2,046.3			12.4	%
Asia Sales	$	3,935.8			$	2,691.1			46.3	%		$	3,458.5			13.8	%

(1)	A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.

Guidance for the First Quarter of Fiscal 2027 Ending on October 3, 2026


	Guidance Range	Midpoint
Sales	$9.00B – $9.30B	$9.15B
Adjusted Diluted EPS ⁽¹⁾	$2.80 – $2.90	$2.85

(1)	A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.

The first quarter guidance implies sequential sales growth of approximately 10% at the midpoint and assumes sales growth across all Electronic Components regions and Farnell.

The first quarter guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The first quarter guidance assumes similar interest expense to the fourth quarter of fiscal 2026 and an adjusted effective tax rate of between 21% and 25%. The first quarter guidance assumes 85 million average diluted shares outstanding. The average currency exchange rates assumed for first quarter guidance are shown in the table below:


	Q1 Fiscal
	2027	Q4 Fiscal	Q1 Fiscal
	Guidance	2026	2026
Euro to U.S. Dollar	$1.15	$1.16	$1.17
GBP to U.S. Dollar	$1.34	$1.34	$1.35

Today’s Conference Call and Webcast Details

Avnet will host a conference call and webcast today at 9:00 a.m. PT / Noon ET to discuss its financial results, provide a business update and answer questions.

●

Live conference call: 877-407-8112 (domestic) or 201-689-8840 (international)

●

Live webcast along with slides can be accessed via Avnet’s Investor Relations website at https://ir.avnet.com or by accessing the webcast directly at

https://avt-q4-2026.open-exchange.net

●

An audio replay of the webcast will be available after the completion of the call and archived on the website for one year

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the Company. You can find many of these statements by looking for words like “believes,” “projected,” “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates,” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. The following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended June 28, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: geopolitical events and military conflicts; pandemics and other health-related crises; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors; relationships with key suppliers and allocations of products by suppliers; accounts receivable defaults;

risks relating to the Company’s international sales and operations, including risks relating to repatriating cash, foreign currency fluctuations, inflation, duties and taxes, tariffs, sanctions and trade restrictions, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures, and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers, and suppliers, including as a result of issues caused by military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crises, warehouse modernization, and relocation efforts; risks related to cyber security attacks, other privacy and security incidents, and information systems failures, including related to current or future implementations, integrations, and upgrades; general economic and business conditions (domestic, foreign, and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity, and access to financing; constraints on employee retention and hiring; and legislative or regulatory changes.

Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for more than a century. Through regional and specialized businesses around the world, we support customers and suppliers at every stage of the product lifecycle. We help companies adapt to change and accelerate the design and supply stages of product development. With a unique viewpoint from the center of the technology supply chain, Avnet is a trusted partner that solves complex design and supply chain issues so customers can realize revenue faster. Learn more about Avnet at www.avnet.com. (AVT_IR)

Investor Relations Contact

InvestorRelations@Avnet.com

Media Relations Contact

Liam Creighton, 480-643-5027

Liam.Creighton@Avnet.com

AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Fourth Quarters Ended				Years Ended
	June 27,		June 28,		June 27,		June 28,
	2026		2025		2026		2025

	(Thousands, except per share data)
Sales	$	8,295,377	$	5,617,795	$	27,632,683	$	22,200,754
Cost of sales		7,430,345		5,024,111		24,750,787		19,815,798
Gross profit		865,032		593,684		2,881,896		2,384,956
Selling, general and administrative expenses		547,506		451,171		2,022,408		1,762,386
Restructuring, integration, and other expenses		86,507		69,061		134,706		108,316
Operating income		231,019		73,452		724,782		514,254
Other expense, net		(4,405)		(7,604)		(6,631)		(17,283)
Interest and other financing expenses, net		(66,456)		(58,444)		(250,715)		(246,402)
Income before taxes		160,158		7,404		467,436		250,569
Income tax expense		33,579		1,315		133,047		10,352
Net income	$	126,579	$	6,089	$	334,389	$	240,217

Earnings per share:
Basic	$	1.54	$	0.07	$	4.07	$	2.78
Diluted	$	1.49	$	0.07	$	4.01	$	2.75

Shares used to compute earnings per share:
Basic		82,177		84,112		82,158		86,266
Diluted		84,693		85,058		83,415		87,413
Cash dividends paid per common share	$	0.35	$	0.33	$	1.40	$	1.32

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	June 27,		June 28,
	2026		2025

	(Thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	155,396	$	192,428
Receivables		6,882,965		4,327,450
Inventories		6,069,419		5,235,485
Prepaid and other current assets		226,043		263,374
Total current assets		13,333,823		10,018,737
Property, plant and equipment, net		644,574		667,247
Goodwill		810,163		837,031
Operating lease assets		248,958		201,896
Other assets		387,875		393,642
Total assets	$	15,425,393	$	12,118,553

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	733,952	$	87,284
Accounts payable		6,054,326		3,487,419
Accrued expenses and other		659,266		497,154
Short-term operating lease liabilities		55,888		56,247
Total current liabilities		7,503,432		4,128,104
Long-term debt		2,478,864		2,574,729
Long-term operating lease liabilities		207,111		159,449
Other liabilities		213,483		244,776
Total liabilities		10,402,890		7,107,058
Shareholders’ equity		5,022,503		5,011,495
Total liabilities and shareholders’ equity	$	15,425,393	$	12,118,553

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Years Ended
	June 27,		June 28,
	2026		2025

	(Thousands)
Cash flows from operating activities:
Net income	$	334,389	$	240,217

Non-cash and other reconciling items:
Depreciation and amortization		76,786		71,616
Amortization of operating lease assets		57,961		53,579
Deferred income taxes		6,010		(105,412)
Stock-based compensation		48,692		36,399
Other, net		(2,406)		25,942
Changes in (net of effects from businesses acquired and divested):
Receivables		(2,614,899)		183,533
Inventories		(918,329)		409,553
Accounts payable		2,608,416		101,702
Accrued expenses and other, net		122,455		(292,625)
Net cash flows (used for) provided by operating activities		(280,925)		724,504

Cash flows from financing activities:
Issuance of convertible notes, net of issuance costs		633,750		—
Repayments of public notes		(550,000)		—
Borrowings under accounts receivable securitization, net		—		84,900
Borrowings (repayments) under senior unsecured credit facility, net		157,938		(357,299)
Borrowings (repayments) under bank credit facilities and other debt, net		57,033		(2,451)
Borrowings under term loan		270,161		—
Repurchases of common stock		(138,308)		(303,490)
Dividends paid on common stock		(114,361)		(113,310)
Other, net		(321)		(1,876)
Net cash flows provided by (used for) financing activities		315,892		(693,526)

Cash flows from investing activities:
Purchases of property, plant and equipment		(73,572)		(147,474)
Other, net		2,099		10,347
Net cash flows used for investing activities		(71,473)		(137,127)

Effect of currency exchange rate changes on cash and cash equivalents		(526)		(12,364)
Cash and cash equivalents:
— decrease		(37,032)		(118,513)
— at beginning of period		192,428		310,941
— at end of period	$	155,396	$	192,428

Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted other income (expense), (iii) adjusted income before income taxes, (iv) adjusted income tax expense (benefit), and (v) adjusted diluted earnings per share.

There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes sales in constant currency is a useful measure for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

Management believes that operating income adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets, is a useful measure to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, and amortization of acquired intangible assets.

Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, foreign currency gains and losses and certain items impacting income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to the effective tax rate based upon the expected long-term adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted earnings per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.

Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income divided by sales and the adjusted effective income tax rate, which is defined as adjusted income tax expense divided by adjusted income before income taxes.

Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.


	Fiscal		Quarters Ended
	Year		June 27,		March 28,		December 27,		September 27,
	2026*		2026		2026		2025		2025

	($ in thousands, except per share amounts)
GAAP operating income	$	724,782	$	231,019	$	205,535	$	146,196	$	142,032
Restructuring, integration, and other expenses		134,706		86,507		14,737		25,171		8,291
Amortization of intangible assets		1,457		364		364		364		364
Adjusted operating income		860,945		317,890		220,636		171,731		150,687

GAAP other income (expense), net	$	(6,631)	$	(4,405)	$	(1,827)	$	5,067	$	(5,466)
Foreign currency loss (gain)		10,714		3,726		3,444		(2,939)		6,483
Adjusted other income, net		4,083		(679)		1,617		2,128		1,017

GAAP income before income taxes	$	467,436	$	160,158	$	140,570	$	89,905	$	76,804
Restructuring, integration, and other expenses		134,706		86,507		14,737		25,171		8,291
Amortization of intangible assets		1,457		364		364		364		364
Foreign currency loss (gain)		10,714		3,726		3,444		(2,939)		6,483
Adjusted income before income taxes		614,313		250,755		159,115		112,501		91,942

GAAP income tax expense	$	133,047	$	33,579	$	46,238	$	28,172	$	25,059
Restructuring, integration, and other expenses		38,561		23,343		5,901		6,865		2,452
Amortization of intangible assets		344		87		86		86		85
Foreign currency loss (gain)		1,827		625		758		(1,091)		1,535
Income tax expense items, net		(32,487)		40		(16,386)		(8,157)		(7,984)
Adjusted income tax expense		141,292		57,674		36,597		25,875		21,147

GAAP net income	$	334,389	$	126,579	$	94,332	$	61,733	$	51,745
Restructuring, integration, and other expenses (net of tax)		96,145		63,164		8,836		18,306		5,839
Amortization of intangible assets (net of tax)		1,112		277		278		278		279
Foreign currency loss (gain) (net of tax)		8,887		3,101		2,686		(1,848)		4,948
Income tax expense items, net		32,487		(40)		16,386		8,157		7,984
Adjusted net income		473,020		193,081		122,518		86,626		70,795

GAAP diluted earnings per share	$	4.01	$	1.49	$	1.14	$	0.75	$	0.61
Restructuring, integration, and other expenses (net of tax)		1.15		0.75		0.11		0.22		0.07
Amortization of intangible assets (net of tax)		0.01		0.00		0.00		0.00		0.00
Foreign currency loss (gain) (net of tax)		0.11		0.04		0.03		(0.02)		0.06
Income tax expense items, net		0.39		—		0.20		0.10		0.10
Adjusted diluted EPS		5.67		2.28		1.48		1.05		0.84

^* May not foot/cross foot due to rounding.


	Fiscal		Quarters Ended
	Year		June 28,		March 29,		December 28,		September 28,
	2025*		2025		2025		2024		2024

	($ in thousands, except per share amounts)
GAAP operating income	$	514,254	$	73,452	$	143,251	$	155,327	$	142,225
Restructuring, integration, and other expenses		108,316		69,061		9,110		3,794		26,351
Amortization of intangible assets		1,463		364		364		366		368
Adjusted operating income		624,033		142,877		152,725		159,487		168,944

GAAP other expense, net	$	(17,283)	$	(7,604)	$	(3,992)	$	(2,645)	$	(3,043)
Foreign currency loss		29,631		12,811		6,933		5,104		4,783
Adjusted other income, net		12,348		5,207		2,941		2,459		1,740

GAAP income before income taxes	$	250,569	$	7,404	$	78,144	$	90,283	$	74,738
Restructuring, integration, and other expenses		108,316		69,061		9,110		3,794		26,351
Amortization of intangible assets		1,463		364		364		366		368
Foreign currency loss		29,631		12,811		6,933		5,104		4,783
Adjusted income before income taxes		389,979		89,640		94,551		99,547		106,240

GAAP income tax expense (benefit)	$	10,352	$	1,315	$	(9,775)	$	3,030	$	15,782
Restructuring, integration, and other expenses		20,671		10,397		2,475		1,142		6,657
Amortization of intangible assets		345		86		86		86		87
Foreign currency loss		8,800		3,796		1,762		1,630		1,612
Income tax expense items, net		49,527		5,023		27,199		17,007		298
Adjusted income tax expense		89,695		20,617		21,747		22,895		24,436

GAAP net income	$	240,217	$	6,089	$	87,919	$	87,253	$	58,956
Restructuring, integration, and other expenses (net of tax)		87,645		58,664		6,635		2,652		19,694
Amortization of intangible assets (net of tax)		1,117		278		278		280		281
Foreign currency loss (net of tax)		20,831		9,015		5,171		3,474		3,171
Income tax expense items, net		(49,527)		(5,023)		(27,199)		(17,007)		(298)
Adjusted net income		300,283		69,023		72,804		76,652		81,804

GAAP diluted earnings per share	$	2.75	$	0.07	$	1.01	$	0.99	$	0.66
Restructuring, integration, and other expenses (net of tax)		1.01		0.69		0.08		0.03		0.22
Amortization of intangible assets (net of tax)		0.01		0.00		0.00		0.00		0.00
Foreign currency loss (net of tax)		0.24		0.11		0.06		0.04		0.04
Income tax expense items, net		(0.57)		(0.06)		(0.31)		(0.19)		(0.00)
Adjusted diluted EPS		3.44		0.81		0.84		0.87		0.92

^* May not foot/cross foot due to rounding.

Sales in Constant Currency

The following table presents the percentage change in sales and the percentage change in sales in constant currency for the fourth quarter and fiscal year 2026 compared to the fourth quarter and fiscal year 2025.


	Quarter Ended								Year Ended
	June 27, 2026								June 27, 2026
			Sales				Sales				Sales
			Year-Year %				Sequential %				Year-Year %
	Sales		Change in		Sales		Change in		Sales		Change in
	Year-Year		Constant		Sequential		Constant		Year-Year		Constant
	% Change		Currency		% Change		Currency		% Change		Currency
Avnet	47.7	%	47.1	%	16.5	%	16.8	%	24.5	%	22.4	%
Avnet by region
Americas	55.3	%	55.3	%	27.6	%	27.6	%	22.3	%	22.3	%
EMEA	43.7	%	40.3	%	12.4	%	13.1	%	20.5	%	13.1	%
Asia	46.3	%	47.1	%	13.8	%	13.9	%	28.0	%	28.2	%
Avnet by segment
Electronic Components	49.0	%	48.5	%	17.0	%	17.2	%	24.6	%	22.6	%
Farnell	29.4	%	27.9	%	10.0	%	10.4	%	23.2	%	19.8	%

Segment Financial Information*


	Quarters Ended							Years Ended
	June 27,				June 28,			June 27,				June 28,
	2026				2025			2026				2025

	($ in millions, except margins and sales mix)
Electronic Components
Sales	$	7,795.3			$	5,231.3		$	25,851.9			$	20,755.0
Cost of goods sold	$	7,078.2			$	4,737.1		$	23,463.8			$	18,746.7
Gross profit	$	717.1			$	494.2		$	2,388.2			$	2,008.3
Gross profit margin		9.2	%			9.5	%		9.2	%			9.7	%
Operating income	$	317.2			$	157.0		$	898.5			$	708.2
Operating income margin		4.1	%			3.0	%		3.5	%			3.4	%

Farnell
Sales	$	500.1			$	386.5		$	1,780.8			$	1,445.8
Cost of goods sold	$	352.2			$	287.0		$	1,287.0			$	1,069.1
Gross profit	$	147.9			$	99.5		$	493.7			$	376.7
Gross profit margin		29.6	%			25.7	%		27.7	%			26.1	%
Operating income	$	44.8			$	16.5		$	105.7			$	32.8
Operating income margin		9.0	%			4.3	%		5.9	%			2.3	%

Total reportable segment operating income	$	361.9			$	173.5		$	1,004.1			$	741.0
Corporate selling, general and administrative expenses		(44.1)				(30.6)			(143.2)				(116.9)
Restructuring, integration, and other expenses		(86.5)				(69.1)			(134.7)				(108.3)
Amortization of acquired intangible assets		(0.4)				(0.3)			(1.5)				(1.5)
Avnet operating income	$	231.0			$	73.5		$	724.8			$	514.3

Sales by geographic area:
Americas	$	2,060.7			$	1,327.0		$	6,480.8			$	5,300.0
EMEA		2,298.9				1,599.7			7,725.1				6,409.6
Asia		3,935.8				2,691.1			13,426.8				10,491.2
Avnet sales	$	8,295.4			$	5,617.8		$	27,632.7			$	22,200.8

Sales Mix by geographic area:
Americas		24.8	%			23.6	%		23.4	%			23.9	%
EMEA		27.7	%			28.5	%		28.0	%			28.9	%
Asia		47.5	%			47.9	%		48.6	%			47.2	%

^* May not foot due to rounding.

Guidance Reconciliation

The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the first quarter of fiscal 2027.


	Low End of		High End of
	Guidance Range		Guidance Range
Adjusted diluted earnings per share guidance	$	2.80	$	2.90
Restructuring, integration, and other expenses (net of tax)		(0.23)		(0.13)
GAAP diluted earnings per share guidance	$	2.57	$	2.77

Source: View Original Filing on SEC EDGAR

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