Avnet (AVT) FY2023 results: revenue $26.5 billion, up 9.2% on the year

Avnet Inc. (AVT) reported revenue of $26.5 billion for fiscal 2023, the year ended 1 July 2023, up 9.2% on the year before. Net income was $771 million, up 11.3%, and diluted earnings per share $8.26. The figures are the company's own, from the 10-K it filed with the SEC on 18 August 2023.

Revenue

$26.5 billion

+9.2% on the year

FY2016FY2023

Operating margin

4.5%

3.9% a year earlier

FY2016FY2023

Net income

$771 million

+11.3% on the year

FY2016FY2023

Diluted EPS

$8.26

+19.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	26,537	24,311	19,535	+9.2%
Cost of revenue	23,355	21,345	17,294	+9.4%
Gross profit	3,182	2,965	2,241	+7.3%
Gross margin	12.0%	12.2%	11.5%
Selling, general and administrative	1,967	1,995	1,875	-1.4%
Operating income	1,187	939	281	+26.4%
Operating margin	4.5%	3.9%	1.4%
Interest expense	251	100	89.5	+149.9%
Pre-tax income	983	833	173	+17.9%
Income tax	212	141	-20.2	+50.4%
Effective tax rate	21.6%	16.9%	-11.7%
Net income	771	692	193	+11.3%
Net margin	2.9%	2.8%	1.0%
Diluted EPS	$8.26	$6.94	$1.93	+19.0%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-714	-219	90.9
Capital expenditure	195	48.9	50.4	+298.1%
Free cash flow	-908	-268	40.6
Free cash flow margin	-3.4%	-1.1%	0.2%
Cash from investing	-212	51.3	-61.2
Cash from financing	1,055	156	-314	+575.9%
Depreciation and amortisation	88.6	102	132	-13.4%
Share-based compensation	38.8	36.7	29.3	+5.6%
Buybacks	222	184	n/a	+20.3%
Dividends paid	106	98.5	84.3	+8.0%
Dividend per share	$1.16	$1.00	$0.85	+16.0%
Diluted shares, weighted	93m	100m	100m	-6.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,752	4,193	4,084	+13.3%
Debt	3,059	1,612	1,210	+89.8%
Operating lease liabilities	191	199	240	-4.4%
Other liabilities	4,476	4,385	3,391	+2.1%
Total liabilities and equity	12,477	10,389	8,925	+20.1%
Fixed assets	442	315	368	+40.1%
Goodwill	781	759	838	+2.9%
Intangible assets	6.5	12.7	28.5	-48.6%
Cash and equivalents	288	154	200	+87.5%
Receivables	4,764	4,301	3,576	+10.8%
Inventory	5,465	4,244	3,237	+28.8%
Other assets	731	603	678	+21.3%
Total assets	12,477	10,389	8,925	+20.1%

10-K for the year ended 1 July 2023, filed 18 August 2023: the filing.