Avnet (AVT) FY2025 results: revenue $22.2 billion, down 6.6% on the year

Avnet Inc. (AVT) reported revenue of $22.2 billion for fiscal 2025, the year ended 28 June 2025, down 6.6% on the year before. Net income was $240 million, down 51.8%, and diluted earnings per share $2.75. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2025.

Revenue

$22.2 billion

-6.6% on the year

FY2018FY2025

Operating margin

2.3%

3.6% a year earlier

FY2018FY2025

Net income

$240 million

-51.8% on the year

FY2018FY2025

Diluted EPS

$2.75

-49.4% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	22,201	23,757	26,537	-6.6%
Cost of revenue	19,816	20,991	23,355	-5.6%
Gross profit	2,385	2,766	3,182	-13.8%
Gross margin	10.7%	11.6%	12.0%
Selling, general and administrative	1,762	1,870	1,967	-5.7%
Operating income	514	844	1,187	-39.1%
Operating margin	2.3%	3.6%	4.5%
Interest expense	246	283	251	-12.9%
Pre-tax income	251	632	983	-60.4%
Income tax	10.4	134	212	-92.2%
Effective tax rate	4.1%	21.1%	21.6%
Net income	240	499	771	-51.8%
Net margin	1.1%	2.1%	2.9%
Diluted EPS	$2.75	$5.43	$8.26	-49.4%

$ 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	FY2025	FY2024	FY2023	On the year
Operating cash flow	725	690	-714	+5.0%
Capital expenditure	147	226	195	-34.9%
Free cash flow	577	464	-908	+24.5%
Free cash flow margin	2.6%	2.0%	-3.4%
Cash from investing	-137	-225	-212
Cash from financing	-694	-434	1,055
Depreciation and amortisation	71.6	86.7	88.6	-17.4%
Share-based compensation	36.4	33.5	38.8	+8.7%
Buybacks	303	163	222	+86.5%
Dividends paid	113	112	106	+1.2%
Dividend per share	$1.32	$1.24	$1.16	+6.5%
Diluted shares, weighted	87m	92m	93m	-4.8%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	5,011	4,926	4,752	+1.7%
Debt	2,662	2,899	3,059	-8.2%
Operating lease liabilities	159	174	191	-8.3%
Other liabilities	4,286	4,210	4,476	+1.8%
Total liabilities and equity	12,119	12,209	12,477	-0.7%
Fixed assets	667	568	442	+17.4%
Goodwill	837	781	781	+7.2%
Intangible assets	n/a	n/a	6.5
Cash and equivalents	192	311	288	-38.1%
Receivables	4,327	4,391	4,764	-1.5%
Inventory	5,235	5,469	5,465	-4.3%
Other assets	859	689	731	+24.6%
Total assets	12,119	12,209	12,477	-0.7%

10-K for the year ended 28 June 2025, filed 15 August 2025: the filing.