greeksoup/ stock research
Stock research / United States / AVT / FY2026

Avnet (AVT) FY2026 results: revenue $27.6 billion, up 24.5% on the year

Avnet Inc. (AVT) reported revenue of $27.6 billion for fiscal 2026, the year ended 27 June 2026, up 24.5% on the year before. Net income was $334 million, up 39.2%, and diluted earnings per share $4.01. The figures are the company's own, from the 10-K it filed with the SEC on 14 August 2026.

Revenue
$27.6 billion
+24.5% on the year
FY2019FY2026
Operating margin
2.6%
2.3% a year earlier
FY2019FY2026
Net income
$334 million
+39.2% on the year
FY2019FY2026
Diluted EPS
$4.01
+45.8% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 2 lowered, 4 new, 1 kept.

  • Record quarterly sales rose 48%: Fourth-quarter sales were $8.3 billion, up 48% year over year and 17% sequentially.
  • Electronic Components sales rose 49%: EC sales were $7.8 billion, up 49.0% year over year and 17.0% sequentially, with EC operating margin of 4.1% against 3.0%.
  • Farnell operating margin reached 9.0%: Farnell sales were $500.1 million, up 29.4% year over year, with operating margin of 9.0% against 4.3%.
  • Operating margin up 147 basis points: GAAP operating margin was 2.8% against 1.3%. Adjusted operating margin was 3.8%, up 129 basis points year over year.
  • Inventory days fell to 71: Inventory days declined 6 days from the prior quarter to 71. For fiscal 2026, inventory days were 81, down 18 days year over year.
Read the Q4 FY2026 earnings call summary

From this 10-K

Avnet distributes electronic components and provides the design, supply chain and integration services that go with them. It works with component manufacturers in every major segment and serves customers in more than 140 countries, from startups to large equipment makers. It was founded in 1921 and is based in Phoenix, Arizona.

Avnet Inc., the 10-K for 2026

Avnet distributes electronic components and provides the design, supply chain and integration services that go with them. It works with component manufacturers in every major segment and serves customers in more than 140 countries, from startups to large equipment makers. It was founded in 1921 and is based in Phoenix, Arizona.

Two operating groups

The business is run as two operating groups, Electronic Components and Farnell, and both work in the Americas, EMEA and Asia. Each has its own management team, and regional business units inside each group act mainly as sales and marketing units. The customers include original equipment manufacturers, electronic manufacturing services providers and original design manufacturers.

Electronic Components

This group mainly serves high and medium-volume customers. In fiscal 2026, approximately 83% of its net sales were semiconductor products, approximately 15% interconnect, passive and electromechanical components, and 2% computers and others. It serves markets from industrial to automotive to defense and aerospace. Avnet Design Solutions gives engineers design tools, evaluation kits, reference designs and help with bills of materials. Avnet Supply Chain Solutions provides procurement, warehousing and logistics so that customers can run global supply chains without investing in the assets themselves. Avnet Embedded designs, integrates and assembles embedded systems and displays for industrial, healthcare, medical and telecommunications customers, and the group also builds hardware such as custom servers for software companies.

Farnell

Farnell serves lower-volume customers, engineers and entrepreneurs who need components quickly to develop, prototype and test products, mainly through e-commerce. It sells kits, tools, electronic components, industrial automation components and test and measurement products, and launches suppliers' new products. In fiscal 2026 its net sales were approximately 19% semiconductors, approximately 36% IP&E components, approximately 13% single-board computers and approximately 32% other products, including test and measurement and maintenance, repair and operations products.

Suppliers and competitors

The products of one supplier were over 10% of consolidated sales in fiscal 2026. Most products are bought under franchised distribution agreements, which typically protect Avnet against product obsolescence and price erosion. The filing names Arrow Electronics, Future Electronics, World Peace Group and WT Microelectronics as competitors for Electronic Components, and Mouser Electronics, Digi-Key Electronics and RS Components for Farnell. It describes carrying enough inventory, and the right range, to meet customers' delivery needs as a key competitive factor.

People

At June 27, 2026 the company had approximately 15,040 employees across 48 countries: approximately 4,125 in the Americas, 6,108 in EMEA and 4,807 in Asia. The fiscal year ended on June 27, 2026.

From Avnet's annual report on Form 10-K for the year ended 27 June 2026. The filing

Written from the 10-K filed 14 August 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue27,63322,20123,757+24.5%
Cost of revenue24,75119,81620,991+24.9%
Gross profit2,8822,3852,766+20.8%
Gross margin10.4%10.7%11.6%
Selling, general and administrative2,0221,7621,870+14.8%
Operating income725514844+40.9%
Operating margin2.6%2.3%3.6%
Interest expense251246283+1.8%
Pre-tax income467251632+86.5%
Income tax13310.4134+1,185.2%
Effective tax rate28.5%4.1%21.1%
Net income334240499+39.2%
Net margin1.2%1.1%2.1%
Diluted EPS$4.01$2.75$5.43+45.8%
$ million except per share.
Read moreFree 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow-281725690
Capital expenditure73.6147226-50.1%
Free cash flow-354577464
Free cash flow margin-1.3%2.6%2.0%
Cash from investing-71.5-137-225
Cash from financing316-694-434
Depreciation and amortisation76.871.686.7+7.2%
Share-based compensation48.736.433.5+33.8%
Buybacks138303163-54.4%
Dividends paid114113112+0.9%
Dividend per share$1.40$1.32$1.24+6.1%
Diluted shares, weighted83m87m92m-4.6%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity5,0235,0114,926+0.2%
Debt3,2132,6622,899+20.7%
Operating lease liabilities207159174+29.9%
Other liabilities6,9834,2864,210+62.9%
Total liabilities and equity15,42512,11912,209+27.3%
Fixed assets645667568-3.4%
Goodwill810837781-3.2%
Cash and equivalents155192311-19.2%
Receivables6,8834,3274,391+59.1%
Inventory6,0695,2355,469+15.9%
Other assets863859689+0.5%
Total assets15,42512,11912,209+27.3%

10-K for the year ended 27 June 2026, filed 14 August 2026: the filing.