Avnet (AVT) Q1 FY2027 earnings: revenue $10.7 billion, up 81.7% on the year

Avnet Inc. (AVT) reported revenue of $10.7 billion for Q1 FY2027, the quarter ended 3 October 2026, up 81.7% on the same quarter a year earlier. Net income was $282 million, up 445.3% on the year, and diluted earnings per share $3.28. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$10.7 billion

+81.7% on the year · +29.2% on the quarter

Q2 FY2025Q1 FY2027

Operating margin

4.4%

2.4% a year earlier

Q2 FY2025Q1 FY2027

Net income

$282 million

+445.3% on the year · +122.9% on the quarter

Q2 FY2025Q1 FY2027

Diluted EPS

$3.28

+437.7% on the year · +120.1% on the quarter

Q2 FY2025Q1 FY2027

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

What management said

Guidance figures: 5 new, 1 kept.

Record quarterly sales of $10.7 billion: Sales were $10.7 billion, up 82% year over year and 29% sequentially. Excluding the extra week, sales growth was 71% year over year and 21% sequentially.
Adjusted EPS growth exceeded sales growth: Diluted EPS was $3.28 against $0.61 a year earlier. Adjusted diluted EPS was $3.63, up 332% year over year, and the company said it grew 4 times greater than sales.
Farnell margin reached 10.1%: Farnell sales were $583.3 million, up 46.2% year over year, with an operating margin of 10.1%, up 576 basis points.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Revenue	10,718	8,295	5,899	+29.2%	+81.7%
Cost of revenue	9,644	7,430	5,284	+29.8%	+82.5%
Gross profit	1,074	865	615	+24.2%	+74.7%
Gross margin	10.0%	10.4%	10.4%
Selling, general and administrative	576	548	464	+5.3%	+24.1%
Operating income	475	231	142	+105.5%	+234.2%
Operating margin	4.4%	2.8%	2.4%
Interest expense	91.9	66.5	59.8	+38.2%	+53.7%
Pre-tax income	372	160	76.8	+132.0%	+383.9%
Income tax	89.5	33.6	25.1	+166.5%	+257.0%
Effective tax rate	24.1%	21.0%	32.6%
Net income	282	127	51.7	+122.9%	+445.3%
Net margin	2.6%	1.5%	0.9%
Diluted EPS	$3.28	$1.49	$0.61	+120.1%	+437.7%

$ 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	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Operating cash flow	-842	-291	-145
Capital expenditure	24.3	16.8	24.6	+44.8%	-1.3%
Free cash flow	-867	-308	-169
Free cash flow margin	-8.1%	-3.7%	-2.9%
Cash from investing	-23.4	-15.7	-24.5
Cash from financing	951	258	155	+269.0%	+512.9%
Depreciation and amortisation	19.2	22.6	16.8	-14.7%	+14.3%
Share-based compensation	18.9	13.0	9.7	+45.7%	+94.2%
Buybacks	n/a	0.0	138
Dividends paid	30.4	28.7	28.5	+5.9%	+6.9%
Dividend per share	$0.37	n/a	$0.35		+5.7%
Diluted shares, weighted	86m	85m	84m	+1.5%	+1.8%
Shares outstanding at period end	82m	82m	81m	+0.2%	+1.1%

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	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Shareholders' equity	5,284	5,023	4,848	+5.2%	+9.0%
Debt	4,170	3,213	2,990	+29.8%	+39.5%
Operating lease liabilities	201	207	159	-3.1%	+26.3%
Other liabilities	8,811	6,983	4,417	+26.2%	+99.5%
Total liabilities and equity	18,465	15,425	12,414	+19.7%	+48.7%
Fixed assets	637	645	666	-1.2%	-4.3%
Goodwill	809	810	818	-0.2%	-1.1%
Cash and equivalents	237	155	175	+52.4%	+34.9%
Receivables	7,758	6,883	4,503	+12.7%	+72.3%
Inventory	8,175	6,069	5,421	+34.7%	+50.8%
Other assets	850	863	830	-1.5%	+2.3%
Total assets	18,465	15,425	12,414	+19.7%	+48.7%

Questions

What was Avnet's revenue in Q1 FY2027?

Avnet (AVT) reported revenue of $10.7 billion for Q1 FY2027, the quarter ended 3 October 2026, up 81.7% on the same quarter a year earlier.

How much did Avnet earn in Q1 FY2027?

Net income for Q1 FY2027 was $282 million, up 445.3% on the year, and diluted earnings per share $3.28.

When did Avnet report Q1 FY2027 results?

Avnet filed its 10-Q for the quarter ended 3 October 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	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	Q4 FY2026 *	Q1 FY2027
Revenue	5,865	6,488	6,373	6,750	6,718	6,515	6,555	6,336	6,205	5,654	5,563	5,604	5,663	5,315	5,618	5,899	6,319	7,120	8,295	10,718
Cost of revenue	5,152	5,675	5,593	5,982	5,933	5,703	5,737	5,588	5,499	4,984	4,920	4,997	5,067	4,728	5,024	5,284	5,656	6,381	7,430	9,644
Gross profit	713	813	780	768	784	812	818	748	706	669	643	607	596	588	594	615	663	739	865	1,074
Gross margin	12%	13%	12%	11%	12%	12%	12%	12%	11%	12%	12%	11%	11%	11%	11%	10%	10%	10%	10%	10%
SG&A	501	512	495	478	485	498	506	487	465	467	450	439	437	435	451	464	492	519	548	576
Operating income	212	274	285	291	299	314	284	254	236	190	164	142	155	143	73.5	142	146	206	231	475
Operating margin	4%	4%	4%	4%	4%	5%	4%	4%	4%	3%	3%	3%	3%	3%	1%	2%	2%	3%	3%	4%
Interest expense	21.6	25.9	30.0	45.1	59.0	71.7	75.1	70.8	74.3	73.5	64.3	64.4	62.4	61.1	58.4	59.8	61.4	63.1	66.5	91.9
Pre-tax income	192	248	249	246	303	244	190	275	154	102	101	74.7	90.3	78.1	7.4	76.8	89.9	141	160	372
Tax rate	21%	26%	1%	25%	20%	23%	18%	24%	23%	13%	18%	21%	3%	-13%	18%	33%	31%	33%	21%	24%
Net income	151	183	247	184	244	187	155	209	118	88.8	82.7	59.0	87.3	87.9	6.1	51.7	61.7	94.3	127	282
Net margin	3%	3%	4%	3%	4%	3%	2%	3%	2%	2%	1%	1%	2%	2%	0%	1%	1%	1%	2%	3%
Diluted EPS	$1.50	$1.84	$2.50	$1.93	$2.63	$2.03	$1.68	$2.25	$1.28	$0.97	$0.91	$0.66	$0.99	$1.01	$0.07	$0.61	$0.75	$1.14	$1.49	$3.28
Operating cash flow	-232	244	-200	-645	-321	18.3	235	-41.3	-42.3	499	274	106	338	141	139	-145	208	-53.8	-291	-842
Capital expenditure	10.1	11.6	15.2	28.2	83.2	26.4	56.9	76.1	82.0	42.1	26.3	31.8	29.4	26.7	59.6	24.6	15.4	16.9	16.8	24.3
Free cash flow	-242	232	-215	-673	-405	-8.1	178	-117	-124	457	248	74.5	308	114	79.9	-169	193	-70.7	-308	-867
Buybacks	36.0	43.4	95.4	152	68.9	0.0	0.4	24.3	61.7	0.0	76.7	100.0	52.2	101	50.0	138	0.0	0.0	0.0	n/a
Dividends paid	23.7	25.6	25.3	27.0	26.3	26.5	26.5	28.3	27.8	28.0	27.8	28.9	28.6	28.2	27.7	28.5	28.5	28.7	28.7	30.4
Shares outstanding	99m	98m	95m	92m	91m	91m	91m	90m	90m	90m	88m	87m	87m	84m	83m	81m	82m	82m	82m	82m
Filing	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	10-K	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-Q for the period ended 3 October 2026, filed 6 November 2026: the filing.