Arrow Electronics (ARW) Q4 FY2021 earnings: revenue $9.0 billion, up 6.6% on the year

Arrow Electronics, Inc. (ARW) reported revenue of $9.0 billion for Q4 FY2021, the quarter ended 31 December 2021, up 6.6% on the same quarter a year earlier. Net income was $371 million, up 57.2% on the year, and diluted earnings per share $5.15. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$9.0 billion

+6.6% on the year · +5.9% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

5.7%

3.8% a year earlier

Q1 FY2020Q4 FY2021

Net income

$371 million

+57.2% on the year · +28.0% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$5.15

+67.2% on the year · +28.8% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	9,016	8,512	8,454	+5.9%	+6.6%
Cost of revenue	7,820	n/a	n/a
Gross profit	1,196	n/a	n/a
Gross margin	13.3%	n/a	n/a
Selling, general and administrative	632	n/a	n/a
Operating income	512	405	321	+26.4%	+59.3%
Operating margin	5.7%	4.8%	3.8%
Pre-tax income	479	n/a	n/a
Income tax	108	n/a	n/a
Effective tax rate	22.5%	n/a	n/a
Net income	371	290	236	+28.0%	+57.2%
Net margin	4.1%	n/a	n/a
Diluted EPS	$5.15	$4.00	$3.08	+28.8%	+67.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	27.9	n/a	n/a
Capital expenditure	20.8	n/a	n/a
Free cash flow	7.1	n/a	n/a
Free cash flow margin	0.1%	n/a	n/a
Cash from investing	-20.4	n/a	n/a
Cash from financing	11.1	n/a	n/a
Depreciation and amortisation	48.2	48.1	48.4	+0.3%	-0.4%
Share-based compensation	6.5	n/a	n/a
Buybacks	250	n/a	n/a
Diluted shares, weighted	73m	73m	n/a	+1.1%
Shares outstanding at period end	68m	70m	75m	-2.8%	-9.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	5,282	5,178	5,089	+2.0%	+3.8%
Non-controlling interest	58.6	n/a	n/a
Debt	2,627	2,394	2,257	+9.8%	+16.4%
Operating lease liabilities	222	n/a	n/a
Other liabilities	11,346	n/a	n/a
Total liabilities and equity	19,536	n/a	n/a
Fixed assets	683	n/a	n/a
Goodwill	2,080	n/a	n/a
Intangible assets	195	n/a	n/a
Cash and equivalents	222	216	374	+2.9%	-40.5%
Receivables	11,124	n/a	n/a
Inventory	4,202	n/a	n/a
Other assets	1,029	n/a	n/a
Total assets	19,536	n/a	n/a

Questions

What was Arrow Electronics' revenue in Q4 FY2021?

Arrow Electronics (ARW) reported revenue of $9.0 billion for Q4 FY2021, the quarter ended 31 December 2021, up 6.6% on the same quarter a year earlier.

How much did Arrow Electronics earn in Q4 FY2021?

Net income for Q4 FY2021 was $371 million, up 57.2% on the year, and diluted earnings per share $5.15.

When did Arrow Electronics report Q4 FY2021 results?

Arrow Electronics filed its 10-K for the year that ended with the quarter on 11 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	9,016	9,074	9,461	9,266	9,323	8,736	8,515	8,007	7,849	6,924	6,893	6,823	7,283	6,814	7,580	7,713	8,746	9,474	9,992	10,718
Cost of revenue	7,820	7,867	8,225	8,080	8,117	7,623	7,448	7,027	6,860	6,066	6,046	6,038	6,480	6,040	6,731	6,877	7,738	8,383	8,867	9,558
Gross profit	1,196	1,208	1,236	1,187	1,206	1,114	1,066	980	990	858	846	785	803	774	849	835	1,009	1,090	1,125	1,159
Gross margin	13%	13%	13%	13%	13%	13%	13%	12%	13%	12%	12%	12%	11%	11%	11%	11%	12%	12%	11%	11%
SG&A	632	644	654	634	635	642	617	563	590	583	553	535	548	562	601	588	639	656	688	688
Operating income	512	510	533	503	523	422	392	340	317	186	212	175	195	159	191	179	294	362	377	430
Operating margin	6%	6%	6%	5%	6%	5%	5%	4%	4%	3%	3%	3%	3%	2%	3%	2%	3%	4%	4%	4%
Pre-tax income	479	478	486	449	471	352	310	252	250	105	139	116	129	103	233	129	253	307	353	394
Tax rate	22%	23%	24%	23%	25%	22%	23%	21%	22%	21%	21%	13%	22%	23%	20%	15%	23%	23%	23%	19%
Net income	371	365	370	342	349	274	237	199	195	83.6	109	101	99.2	79.7	188	109	195	235	273	318
Net margin	4%	4%	4%	4%	4%	3%	3%	2%	2%	1%	2%	1%	1%	1%	2%	1%	2%	2%	3%	3%
Diluted EPS	$5.15	$5.31	$5.54	$5.27	$5.66	$4.60	$4.12	$3.53	$3.54	$1.53	$2.01	$1.88	$1.86	$1.51	$3.59	$2.09	$3.75	$4.55	$5.26	$6.17
Operating cash flow	27.9	-200	-82.6	141	109	224	-127	322	287	403	320	80.6	326	352	-206	-282	200	700	318	-441
Capital expenditure	20.8	19.3	17.0	18.5	24.1	20.1	17.0	20.7	25.5	29.5	22.1	18.5	22.5	25.0	18.6	30.3	27.4	32.1	21.1	26.9
Free cash flow	7.1	-220	-99.6	123	84.6	204	-144	301	261	374	298	62.0	304	327	-225	-312	173	668	297	-468
Buybacks	250	264	220	241	324	304	212	203	50.5	87.9	75.4	51.1	50.8	59.4	50.7	0.6	50.9	33.3	41.9	99.3
Shares outstanding	68m	66m	64m	62m	58m	56m	56m	54m	54m	53m	53m	53m	52m	52m	52m	52m	51m	51m	51m	51m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 11 February 2022: the filing.