Arrow Electronics (ARW) FY2024 results: revenue $27.9 billion, down 15.7% on the year

Arrow Electronics, Inc. (ARW) reported revenue of $27.9 billion for fiscal 2024, the year ended 31 December 2024, down 15.7% on the year before. Net income was $392 million, down 56.6%, and diluted earnings per share $7.29. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2025.

Revenue

$27.9 billion

-15.7% on the year

FY2017FY2024

Operating margin

2.8%

4.4% a year earlier

FY2017FY2024

Net income

$392 million

-56.6% on the year

FY2017FY2024

Diluted EPS

$7.29

-54.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	27,923	33,107	37,124	-15.7%
Cost of revenue	24,631	28,958	32,288	-14.9%
Gross profit	3,292	4,149	4,837	-20.6%
Gross margin	11.8%	12.5%	13.0%
Selling, general and administrative	2,218	2,413	2,567	-8.1%
Operating income	769	1,471	2,068	-47.8%
Operating margin	2.8%	4.4%	5.6%
Pre-tax income	489	1,164	1,884	-58.0%
Income tax	95.8	255	449	-62.4%
Effective tax rate	19.6%	21.9%	23.8%
Net income	392	904	1,427	-56.6%
Net margin	1.4%	2.7%	3.8%
Diluted EPS	$7.29	$15.84	$21.80	-54.0%

$ million except per share.

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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,130	705	-33.1	+60.2%
Capital expenditure	92.7	83.3	78.8	+11.3%
Free cash flow	1,038	622	-112	+66.8%
Free cash flow margin	3.7%	1.9%	-0.3%
Cash from investing	-94.4	-72.3	-57.7
Cash from financing	-957	-666	110
Depreciation and amortisation	163	181	187	-10.0%
Share-based compensation	34.6	41.6	42.9	-16.7%
Buybacks	265	770	1,049	-65.6%
Diluted shares, weighted	54m	57m	65m	-5.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	5,761	5,805	5,546	-0.8%
Non-controlling interest	70.4	71.8	65.0	-2.0%
Debt	3,124	3,808	3,773	-18.0%
Operating lease liabilities	198	210	227	-5.5%
Other liabilities	12,604	11,831	12,152	+6.5%
Total liabilities and equity	21,758	21,726	21,763	+0.1%
Fixed assets	469	531	596	-11.6%
Goodwill	2,055	2,050	2,028	+0.2%
Intangible assets	96.7	127	159	-24.1%
Cash and equivalents	189	218	177	-13.4%
Receivables	13,031	12,238	12,323	+6.5%
Inventory	4,710	5,187	5,319	-9.2%
Other assets	1,207	1,374	1,161	-12.2%
Total assets	21,758	21,726	21,763	+0.1%

10-K for the year ended 31 December 2024, filed 11 February 2025: the filing.