EX-99.12avt-20250806xex99d1.htmEX-99.1
Exhibit 99.1
Avnet Reports Fourth Quarter and Fiscal 2025 Financial Results
Fourth quarter sales of $5.6 billion and diluted EPS of $0.07
Adjusted diluted EPS of $0.81 for the fourth quarter
T1Farnell returns to year-over-year sales and operating income margin growth
PHOENIX – August 6, 2025 – Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year 2025 ended June 28, 2025.
“In fiscal year 2025, we executed well given the overall market environment, and I want to express my gratitude to our team for their dedication in supporting our supplier and customer partners. Thanks to their efforts, we managed costs effectively and made progress on working capital optimization to enhance operating cash flow,” said Avnet Chief Executive Officer Phil Gallagher. “We remain optimistic about the recovery led by steady growth in our Asia region and the return of Farnell to year-over-year growth, which enabled us to surpass the high end of our fourth-quarter sales and earnings guidance. We are encouraged by these positive signals as we start the new fiscal year.”
Fiscal Fourth Quarter Key Financial Highlights:
●
Sales of $5.6 billion, compared with $5.6 billion in the prior year quarter.
o
T2Fourth consecutive quarter of year-over-year sales growth in Asia.
●
Diluted earnings per share of $0.07, compared with $0.91 in the prior year quarter.
o
Adjusted diluted earnings per share of $0.81, compared with $1.22 in the prior year quarter.
●
T3Operating income margin of 1.3%, compared with 3.0% in the prior year quarter.
o
Adjusted operating income margin of 2.5%, compared with 3.5% in the prior year quarter.
●
Generated $139 million of cash flow from operations.
●
Returned $50 million to shareholders from share repurchases, representing 1.3% of shares outstanding.
●
Returned $28 million to shareholders in dividends.
Fiscal 2025 Key Financial Highlights:
●
Sales of $22.2 billion, compared with $23.8 billion in the prior year.
●
Diluted earnings per share of $2.75, compared with $5.43 in the prior year.
o
Adjusted diluted earnings per share of $3.44, compared with $5.34 in the prior year.
●
Operating income margin of 2.3%, compared with 3.6% in the prior year.
o
Adjusted operating income margin of 2.8%.
●
Generated $725 million of cash flow from operations.
●
T4Returned $301 million to shareholders from share repurchases, representing 6.7% of shares outstanding.
●
Returned $113 million to shareholders in dividends.
●
T5Reduced inventories by $414 million in constant currency.
Key Financial Metrics
($ in millions, except per share data)
Fourth Quarter Results (GAAP)
Jun – 25
Jun – 24
Change Y/Y
Mar – 25
Change Q/Q
Sales
$
5,617.8
$
5,563.0
1.0
%
$
5,315.4
5.7
%
Operating Income
$
73.5
$
164.2
(55.3)
%
$
143.3
(48.7)
%
Operating Income Margin
1.3
%
3.0
%
(164)
bps
2.7
%
(139)
bps
Diluted Earnings Per Share (EPS)
$
0.07
$
0.91
(92.3)
%
$
1.01
(93.1)
%
Fourth Quarter Results (Non-GAAP)(1)
Jun – 25
Jun – 24
Change Y/Y
Mar – 25
Change Q/Q
Adjusted Operating Income
$
142.9
$
193.4
(26.1)
%
$
152.7
(6.5)
%
Adjusted Operating Income Margin
2.5
%
3.5
%
(94)
bps
2.9
%
(33)
bps
Adjusted Diluted Earnings Per Share (EPS)
$
0.81
$
1.22
(33.6)
%
$
0.84
(3.6)
%
Segment and Geographical Mix
Jun – 25
Jun – 24
Change Y/Y
Mar – 25
Change Q/Q
Electronic Components (EC) Sales
$
5,231.3
$
5,187.8
0.8
%
$
4,948.7
5.7
%
EC Operating Income Margin
3.0
%
4.1
%
(105)
bps
3.5
%
(48)
bps
Farnell Sales
$
386.5
$
375.2
3.0
%
$
366.7
5.4
%
Farnell Operating Income Margin
4.3
%
4.0
%
25
bps
3.0
%
129
bps
Americas Sales
$
1,327.0
$
1,353.8
(2.0)
%
$
1,274.2
4.2
%
EMEA Sales
$
1,599.7
$
1,920.3
(16.7)
%
$
1,559.0
2.6
%
Asia Sales
$
2,691.1
$
2,288.9
17.6
%
$
2,482.2
8.4
%
(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.
Outlook for the First Quarter of Fiscal 2026 Ending on September 27, 2025
Guidance Range
Midpoint
Sales
$5.55B – $5.85B
$5.70B
Adjusted Diluted EPS (1)
$0.75 – $0.85
$0.80
(1)
A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.
The above guidance implies sequential sales growth of approximately 2% at the midpoint and assumes sales growth across all regions.
The above guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The above guidance assumes similar interest expense to the fourth quarter of fiscal 2025 and an adjusted effective tax rate of between 22% and 26%. The above guidance assumes 85 million average diluted shares outstanding and average currency exchange rates as shown in the table below:
Q1 Fiscal
2026
Q4 Fiscal
Q1 Fiscal
Guidance
2025
2025
Euro to U.S. Dollar
$1.16
$1.13
$1.10
GBP to U.S. Dollar
$1.33
$1.33
$1.30
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
●
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 29, 2024 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 value 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
Jeanne Forbis, 480-643-7499
Jeanne.Forbis@Avnet.com
AVNET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Fourth Quarters Ended
Years Ended
June 28,
June 29,
June 28,
June 29,
2025
2024
2025
2024
(Thousands, except per share data)
Sales
$
5,617,795
$
5,562,977
$
22,200,754
$
23,757,129
Cost of sales
5,024,111
4,920,097
19,815,798
20,990,687
Gross profit
593,684
642,880
2,384,956
2,766,442
Selling, general and administrative expenses
451,171
450,274
1,762,386
1,869,525
Restructuring, integration, and other expenses
69,061
28,417
108,316
52,550
Operating income
73,452
164,189
514,254
844,367
Other (expense) income, net
(7,604)
1,409
(17,283)
(15,736)
Interest and other financing expenses, net
(58,444)
(64,274)
(246,402)
(282,867)
Gain on legal settlements and other
—
—
—
86,499
Income before taxes
7,404
101,324
250,569
632,263
Income tax expense
1,315
18,659
10,352
133,564
Net income
$
6,089
$
82,665
$
240,217
$
498,699
Earnings per share:
Basic
$
0.07
$
0.92
$
2.78
$
5.51
Diluted
$
0.07
$
0.91
$
2.75
$
5.43
Shares used to compute earnings per share:
Basic
84,112
90,092
86,266
90,567
Diluted
85,058
91,122
87,413
91,837
Cash dividends paid per common share
$
0.33
$
0.31
$
1.32
$
1.24
AVNET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 28,
June 29,
2025
2024
(Thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
192,428
$
310,941
Receivables
4,327,450
4,391,187
Inventories
5,235,485
5,468,730
Prepaid and other current assets
263,374
199,694
Total current assets
10,018,737
10,370,552
Property, plant and equipment, net
667,247
568,169
Goodwill
837,031
780,984
Operating lease assets
201,896
208,971
Other assets
393,642
280,471
Total assets
$
12,118,553
$
12,209,147
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$
87,284
$
492,711
Accounts payable
3,487,419
3,345,510
Accrued expenses and other
497,154
573,055
Short-term operating lease liabilities
56,247
53,993
Total current liabilities
4,128,104
4,465,269
Long-term debt
2,574,729
2,406,629
Long-term operating lease liabilities
159,449
173,886
Other liabilities
244,776
237,859
Total liabilities
7,107,058
7,283,643
Shareholders’ equity
5,011,495
4,925,504
Total liabilities and shareholders’ equity
$
12,118,553
$
12,209,147
AVNET, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Years Ended
June 28,
June 29,
2025
2024
(Thousands)
Cash flows from operating activities:
Net income
$
240,217
$
498,699
Non-cash and other reconciling items:
Depreciation and amortization
71,616
86,708
Amortization of operating lease assets
53,579
53,796
Deferred income taxes
(105,412)
(9,749)
Stock-based compensation
36,399
33,496
Other, net
25,942
15,800
Changes in (net of effects from businesses acquired and divested):
Receivables
183,533
316,218
Inventories
409,553
(51,203)
Accounts payable
101,702
4,496
Accrued expenses and other, net
(292,625)
(258,277)
Net cash flows provided by operating activities
724,504
689,984
Cash flows from financing activities:
Borrowings (repayments) under accounts receivable securitization, net
84,900
(140,700)
Repayments under senior unsecured credit facility, net
(357,299)
(43,277)
(Repayments) borrowings under bank credit facilities and other debt, net
(2,451)
27,491
Repurchases of common stock
(303,490)
(162,723)
Dividends paid on common stock
(113,310)
(111,963)
Other, net
(1,876)
(2,627)
Net cash flows used for financing activities
(693,526)
(433,799)
Cash flows from investing activities:
Purchases of property, plant and equipment
(147,474)
(226,478)
Other, net
10,347
994
Net cash flows used for investing activities
(137,127)
(225,484)
Effect of currency exchange rate changes on cash and cash equivalents
(12,364)
(7,990)
Cash and cash equivalents:
— (decrease) increase
(118,513)
22,711
— at beginning of period
310,941
288,230
— at end of period
$
192,428
$
310,941
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 and other.
Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, gain on legal settlements and other, 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 to Date
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.
Quarters Ended
Fiscal Year
June 29,
March 30,
December 30,
September 30,
2024*
2024*
2024*
2023
2023
($ in thousands, except per share amounts)
GAAP operating income
$
844,367
$
164,189
$
190,151
$
236,257
$
253,769
Restructuring, integration, and other expenses
52,550
28,417
11,847
5,235
7,051
Amortization of intangible assets
3,130
828
712
712
878
Adjusted operating income
900,047
193,434
202,710
242,204
261,698
GAAP other (expense) income, net
$
(15,736)
$
1,409
$
(14,707)
$
(8,397)
$
5,960
Foreign currency loss (gain) and other, net
27,730
680
17,850
9,200
—
Adjusted other (expense) income, net
11,994
2,089
3,143
803
5,960
GAAP income before income taxes
$
632,263
$
101,324
$
101,948
$
153,558
$
275,432
Restructuring, integration, and other expenses
52,550
28,417
11,847
5,235
7,051
Amortization of intangible assets
3,130
828
712
712
878
Foreign currency loss (gain) and other, net
27,730
680
17,850
9,200
—
Gain on legal settlements and other
(86,499)
—
—
—
(86,499)
Adjusted income before income taxes
629,174
131,249
132,357
168,705
196,862
GAAP income tax expense
$
133,564
$
18,659
$
13,114
$
35,627
$
66,164
Restructuring, integration, and other expenses
13,000
7,251
2,772
1,274
1,703
Amortization of intangible assets
700
185
156
156
203
Foreign currency loss (gain) and other, net
7,373
88
5,251
2,034
—
Gain on legal settlements and other
(20,434)
—
—
—
(20,434)
Income tax expense items, net
4,992
(6,489)
10,472
1,399
(390)
Adjusted income tax expense
139,195
19,694
31,765
40,490
47,246
GAAP net income
$
498,699
$
82,665
$
88,834
$
117,931
$
209,268
Restructuring, integration, and other expenses (net of tax)
39,550
21,166
9,075
3,961
5,348
Amortization of intangible assets (net of tax)
2,430
643
556
556
675
Foreign currency loss (gain) and other, net (net of tax)
20,357
592
12,599
7,166
—
Gain on legal settlements and other (net of tax)
(66,065)
—
—
—
(66,065)
Income tax expense items, net
(4,992)
6,489
(10,472)
(1,399)
390
Adjusted net income
489,979
111,555
100,592
128,215
149,616
GAAP diluted earnings per share
$
5.43
$
0.91
$
0.97
$
1.28
$
2.25
Restructuring, integration, and other expenses (net of tax)
0.43
0.23
0.10
0.04
0.06
Amortization of intangible assets (net of tax)
0.03
0.01
0.01
0.01
0.01
Foreign currency loss (gain) and other, net (net of tax)
0.22
0.01
0.14
0.08
—
Gain on legal settlements and other (net of tax)
(0.72)
—
—
—
(0.71)
Income tax expense items, net
(0.05)
0.07
(0.11)
(0.01)
0.00
Adjusted diluted EPS
5.34
1.22
1.10
1.40
1.61
* 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 2025 compared to the fourth quarter and fiscal year 2024.
Quarter Ended
Year Ended
June 28, 2025
June 28, 2025
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
1.0
%
(0.7)
%
5.7
%
3.3
%
(6.6)
%
(6.7)
%
Avnet by region
Americas
(2.0)
%
(2.0)
%
4.2
%
4.2
%
(10.5)
%
(10.5)
%
EMEA
(16.7)
%
(20.6)
%
2.6
%
(4.2)
%
(23.7)
%
(24.1)
%
Asia
17.6
%
16.8
%
8.4
%
7.8
%
11.1
%
11.1
%
Avnet by segment
EC
0.8
%
(0.8)
%
5.7
%
3.4
%
(6.3)
%
(6.4)
%
Farnell
3.0
%
0.8
%
5.4
%
1.9
%
(9.5)
%
(9.9)
%
Historical Segment Financial Information
Quarters Ended
Fiscal
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Year to Date
June 28,
March 29,
December 28,
September 28,
2025*
2025
2025
2024
2024
($ in millions)
Sales:
Electronic Components
$
20,755.0
$
5,231.3
$
4,948.7
$
5,317.8
$
5,257.1
Farnell
1,445.8
386.5
366.7
345.6
347.1
Avnet sales
$
22,200.8
$
5,617.8
$
5,315.4
$
5,663.4
$
5,604.2
Operating income:
Electronic Components
$
708.2
$
157.0
$
172.2
$
181.6
$
197.4
Farnell
32.8
16.5
11.0
3.5
1.9
741.0
173.5
183.2
185.1
199.3
Corporate expenses
(116.9)
(30.6)
(30.4)
(25.6)
(30.3)
Restructuring, integration, and other expenses
(108.3)
(69.1)
(9.1)
(3.8)
(26.4)
Amortization of acquired intangible assets
(1.5)
(0.4)
(0.4)
(0.4)
(0.4)
Avnet operating income
$
514.3
$
73.4
$
143.3
$
155.3
$
142.2
Sales by geographic area:
Americas
$
5,300.0
$
1,327.0
$
1,274.2
$
1,368.8
$
1,329.9
EMEA
6,409.6
1,599.7
1,559.0
1,582.8
1,668.2
Asia
10,491.2
2,691.1
2,482.2
2,711.8
2,606.1
Avnet sales
$
22,200.8
$
5,617.8
$
5,315.4
$
5,663.4
$
5,604.2
Sales Mix by geographic area:
Americas
23.9%
23.6%
24.0%
24.2%
23.7%
EMEA
28.9%
28.5%
29.3%
27.9%
29.8%
Asia
47.2%
47.9%
46.7%
47.9%
46.5%
* May not foot/cross foot due to rounding.
Quarters Ended
Fiscal
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Year
June 29,
March 30,
December 30,
September 30,
2024*
2024
2024
2023
2023
($ in millions)
Sales:
Electronic Components
$
22,160.0
$
5,187.8
$
5,245.8
$
5,812.1
$
5,914.4
Farnell
1,597.1
375.2
407.8
392.8
421.2
Avnet sales
$
23,757.1
$
5,563.0
$
5,653.6
$
6,204.9
$
6,335.6
Operating income:
Electronic Components
$
947.6
$
210.1
$
216.9
$
247.9
$
272.8
Farnell
64.8
15.1
16.3
15.7
17.7
1,012.4
225.2
233.2
263.6
290.5
Corporate expenses
(112.3)
(31.8)
(30.5)
(21.4)
(28.7)
Restructuring, integration, and other expenses
(52.6)
(28.4)
(11.8)
(5.2)
(7.1)
Amortization of acquired intangible assets
(3.1)
(0.8)
(0.7)
(0.7)
(0.9)
Avnet operating income
$
844.4
$
164.2
$
190.2
$
236.3
$
253.8
Sales by geographic area:
Americas
$
5,919.2
$
1,353.8
$
1,403.4
$
1,588.5
$
1,573.5
EMEA
8,395.0
1,920.3
2,053.1
2,113.6
2,308.0
Asia
9,442.9
2,288.9
2,197.1
2,502.8
2,454.1
Avnet sales
$
23,757.1
$
5,563.0
$
5,653.6
$
6,204.9
$
6,335.6
Sales Mix by geographic area:
Americas
24.9%
24.3%
24.8%
25.6%
24.8%
EMEA
35.3%
34.5%
36.3%
34.1%
36.4%
Asia
39.8%
41.2%
38.9%
40.3%
38.8%
* May not foot/cross 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 2026.
Low End of
High End of
Guidance Range
Guidance Range
Adjusted diluted earnings per share guidance
$
0.75
$
0.85
Restructuring, integration, and other expenses (net of tax)
(0.10)
(0.20)
GAAP diluted earnings per share guidance
$
0.65
$
0.65
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 17 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | — | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 2 | — | 1 |
| Buybacks share repurchase, buyback program | 2 | — | 1 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Geopolitical risk
“geopolitical events and military conflicts; pandemics and other health-related crises; tariffs, sanctions and trade restrictions”
Source: SEC EDGAR · public domain · Highlights by Palanor