Form 8-K

8-K — AVNET INC

Accession: 0000008858-26-000040

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0000008858

SIC: 5065 (WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — avt-20260429x8k.htm (Primary)

EX-99.1 (avt-20260429xex99d1.htm)

GRAPHIC (avt-20260429xex99d1001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: avt-20260429x8k.htm · Sequence: 1

AVNET, INC._April 29, 2026

0000008858false00000088582026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

__________________

Date of Report (Date of earliest event reported) April 29, 2026

AVNET, INC.

(Exact name of registrant as specified in its charter)

New York

1-4224

11-1890605

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

2211 South 47th Street, Phoenix, Arizona

85034

(Address of principal executive offices)

(Zip Code)

(480) 643-2000

(Registrant’s telephone number, including area code.)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered:

Common stock, par value $1.00 per share

AVT

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, Avnet, Inc. issued a press release announcing its third quarter results of operations for fiscal 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K and the exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following materials are attached as exhibits to this Current Report on Form 8-K:

Exhibit

Number

Description

99.1

Press Release, dated April 29, 2026.

104

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 29, 2026

AVNET, INC.

By:

/s/ Kenneth A. Jacobson

Name: Kenneth A. Jacobson

Title: Chief Financial Officer

EX-99.1

Filename: avt-20260429xex99d1.htm · Sequence: 2

Exhibit 99.1

Avnet Reports Third Quarter 2026 Financial Results

Achieved record sales in Electronic Components

Sales growth of 34% year over year driven by strength in served markets across all regions

Sequential operating income grew more than two times sales

Sequential diluted EPS grew more than three times sales

PHOENIX – April 29, 2026 – Avnet, Inc. (Nasdaq: AVT) today announced results for its third quarter ended March 28, 2026.

“Sales and earnings exceeded our expectations, with double-digit sales growth both sequentially and year over year. Our team is executing well, driving improved operating margins and leverage, supported by continued disciplined cost management and inventory optimization. The investments we have made in our capabilities and digital infrastructure are paying off,” said Avnet Chief Executive Officer Phil Gallagher. “We see the momentum building in our business, indicative of broadening strength across all regions in our core markets. Avnet is well-positioned to drive profitable growth and expect to continue progressing toward our prior peak margin levels.”

Fiscal Third Quarter Key Financial Highlights:

● Sales of $7.1 billion, an increase of 34% year over year and 13% sequentially

o Sequential and year-over-year sales growth across all EC regions and Farnell

o Third consecutive quarter of double-digit year-over-year sales growth at Farnell

● Diluted earnings per share of $1.14 increased 13% year over year and 52% sequentially

o Adjusted diluted earnings per share of $1.48 increased 76% year over year and 41% sequentially

● Operating income margin of 2.9% expanded 58 basis points sequentially

o Adjusted operating income margin of 3.1% expanded 38 basis points sequentially

o EC operating margin of 3.5% and second consecutive quarter of expansion

o Farnell operating margin of 5.2% and sixth consecutive quarter of expansion

● Used $54 million of cash flow for operations to support $800 million in sales growth

● Return on working capital expanded more than 300 basis points sequentially

● Returned $29 million to shareholders in dividends

● Improved days of inventory to 77 days in the quarter, achieving near-term target of below 80 days

o Improved days of inventory in the EC business to below 70 days in the quarter

Key Financial Metrics

($ in millions, except per share data)

Third Quarter Results (GAAP)

March – 26

March – 25

Change Y/Y

Dec – 25

Change Q/Q

Sales

7,119.8

5,315.4

34.0

6,319.0

12.7

Operating Income

205.5

143.3

43.5

146.2

40.6

Operating Income Margin

2.9

2.7

bps

2.3

bps

Diluted Earnings Per Share

1.14

1.01

12.9

0.75

52.0

Third Quarter Results (Non-GAAP)(1)

March – 26

March – 25

Change Y/Y

Dec – 25

Change Q/Q

Adjusted Operating Income

220.6

152.7

44.5

171.7

28.5

Adjusted Operating Income Margin

3.1

2.9

bps

2.7

bps

Adjusted Diluted Earnings Per Share

1.48

0.84

76.2

1.05

41.0

Segment and Geographical Mix

March – 26

March – 25

Change Y/Y

Dec – 25

Change Q/Q

Electronic Components (EC) Sales

6,665.1

4,948.7

34.7

5,891.9

13.1

EC Operating Income Margin

3.5

bps

3.2

bps

Farnell Sales

454.7

366.7

24.0

427.1

6.5

Farnell Operating Income Margin

5.2

3.0

224

bps

4.7

bps

Americas Sales

1,615.0

1,274.2

26.7

1,435.3

12.5

EMEA Sales

2,046.3

1,559.0

31.3

1,714.0

19.4

Asia Sales

3,458.5

2,482.2

39.3

3,169.7

9.1

(1) A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the “Non-GAAP Financial Information” section of this press release.

Outlook for the Fourth Quarter of Fiscal 2026 Ending on June 27, 2026

Guidance Range

Midpoint

Sales

$7.30B – $7.60B

$7.45B

Adjusted Diluted EPS (1)

$1.70 – $1.80

$1.75

(1) A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release.

The above guidance implies sequential sales growth of approximately 5% at the midpoint and assumes sales growth across all Electronic Components regions.

The above guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The above guidance assumes similar interest expense to the third quarter of fiscal 2026 and an adjusted effective tax rate of between 21% and 25%. The above guidance assumes 83 million average diluted shares outstanding. The average currency exchange rates used for guidance are shown in the table below:

Q4 Fiscal

2026

Q3 Fiscal

Q4 Fiscal

Guidance

2026

2025

Euro to U.S. Dollar

$1.17

$1.13

GBP to U.S. Dollar

$1.35

$1.33

Today’s Conference Call and Webcast Details

Avnet will host a conference call and webcast today at 9:00 a.m. PT / Noon ET to discuss its financial results, provide a business update and answer questions.

● Live conference call: 877-407-8112 (domestic) or 201-689-8840 (international)

● Live webcast along with slides can be accessed via Avnet’s Investor Relations website at https://ir.avnet.com or by accessing the webcast directly at

https://avt-q3-2026.open-exchange.net

● An audio replay of the webcast will be available after the completion of the call and archived on the website for one year

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, results of operations, and business of the Company. You can find many of these statements by looking for words like “believes,” “projected,” “plans,” “expects,” “anticipates,” “should,” “will,” “may,” “estimates,” or similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. The following important factors, in addition to those discussed elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended June 28, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, could affect the Company’s future results of operations, and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: geopolitical events and military conflicts; pandemics and other health-related crises; competitive pressures among distributors of electronic components; an industry down-cycle in semiconductors; relationships with key suppliers and allocations of products by suppliers; accounts receivable defaults; risks relating to the Company’s international sales and operations, including risks relating to repatriating cash, foreign currency fluctuations, inflation, duties and taxes, tariffs, sanctions and trade restrictions, and compliance with international and U.S. laws; risks relating to acquisitions, divestitures, and investments; adverse effects on the Company’s supply chain, operations of its distribution centers, shipping costs, third-party service providers, customers, and suppliers, including as a result of issues caused by military conflicts, terrorist attacks, natural and weather-related disasters, pandemics and health related crises, warehouse modernization, and relocation efforts; risks related to cyber security attacks, other privacy and security incidents, and information systems failures, including related to current or future implementations, integrations, and upgrades; general economic and business conditions (domestic, foreign, and global) affecting the Company’s operations and financial performance and, indirectly, the Company’s credit ratings, debt covenant compliance, liquidity, and access to financing; constraints on employee retention and hiring; and legislative or regulatory changes.

Any forward-looking statement speaks only as of the date on which that statement is made. Except as required by law, the Company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for more than a century. Through regional and specialized businesses around the world, we support customers and suppliers at every stage of the product lifecycle. We help companies adapt to change and accelerate the design and supply stages of product development. With a unique viewpoint from the center of the technology supply chain, Avnet is a trusted partner that solves complex design and supply chain issues so customers can realize revenue faster. Learn more about Avnet at www.avnet.com. (AVT_IR)

Investor Relations Contact

InvestorRelations@Avnet.com

Media Relations Contact

Liam Creighton, 480-643-5027

Liam.Creighton@Avnet.com

AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Third Quarters Ended

Nine Months Ended

March 28,

March 29,

March 28,

March 29,

2026

2025

2026

2025

(Thousands, except per share data)

Sales

7,119,779

5,315,423

19,337,306

16,582,959

Cost of sales

6,380,718

4,727,570

17,320,442

14,791,688

Gross profit

739,061

587,853

2,016,864

1,791,271

Selling, general and administrative expenses

518,789

435,492

1,474,902

1,311,214

Restructuring, integration, and other expenses

14,737

9,110

48,199

39,255

Operating income

205,535

143,251

493,763

440,802

Other expense, net

(1,827)

(3,992)

(2,226)

(9,680)

Interest and other financing expenses, net

(63,138)

(61,115)

(184,259)

(187,957)

Income before taxes

140,570

78,144

307,278

243,165

Income tax expense (benefit)

46,238

(9,775)

99,468

9,037

Net income

94,332

87,919

207,810

234,128

Earnings per share:

Basic

1.15

1.02

2.53

2.69

Diluted

1.14

1.01

2.49

2.65

Shares used to compute earnings per share:

Basic

82,014

86,014

82,152

86,984

Diluted

82,930

86,876

83,393

88,198

Cash dividends paid per common share

0.35

0.33

1.05

0.99

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

March 28,

June 28,

2026

2025

(Thousands)

ASSETS

Current assets:

Cash and cash equivalents

202,436

192,428

Receivables

5,502,259

4,327,450

Inventories

5,462,394

5,235,485

Prepaid and other current assets

217,677

263,374

Total current assets

11,384,766

10,018,737

Property, plant and equipment, net

651,041

667,247

Goodwill

817,042

837,031

Operating lease assets

216,815

201,896

Other assets

419,630

393,642

Total assets

13,489,294

12,118,553

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt

470,090

87,284

Accounts payable

4,625,893

3,487,419

Accrued expenses and other

516,679

497,154

Short-term operating lease liabilities

50,779

56,247

Total current liabilities

5,663,441

4,128,104

Long-term debt

2,472,813

2,574,729

Long-term operating lease liabilities

178,810

159,449

Other liabilities

220,893

244,776

Total liabilities

8,535,957

7,107,058

Shareholders’ equity

4,953,337

5,011,495

Total liabilities and shareholders’ equity

13,489,294

12,118,553

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended

March 28,

March 29,

2026

2025

(Thousands)

Cash flows from operating activities:

Net income

207,810

234,128

Non-cash and other reconciling items:

Depreciation and amortization

54,229

53,307

Amortization of operating lease assets

43,295

39,963

Deferred income taxes

(21,382)

(81,950)

Stock-based compensation

35,726

30,449

Other, net

(13,380)

26,710

Changes in (net of effects from businesses acquired and divested):

Receivables

(1,210,690)

310,440

Inventories

(282,229)

217,568

Accounts payable

1,174,814

(8,785)

Accrued expenses and other, net

21,625

(236,802)

Net cash flows provided by operating activities

9,818

585,028

Cash flows from financing activities:

Issuance of convertible notes, net of issuance costs

633,750

—

(Repayments) borrowings under accounts receivable securitization, net

(226,500)

84,900

Repayments under senior unsecured credit facility, net

(409,505)

(418,591)

Borrowings (repayments) under bank credit facilities and other debt, net

18,787

63,432

Borrowings under term loan

268,053

—

Repurchases of common stock

(138,308)

(253,490)

Dividends paid on common stock

(85,639)

(85,645)

Other, net

(2,411)

(4,297)

Net cash flows provided by (used for) financing activities

58,227

(613,691)

Cash flows from investing activities:

Purchases of property, plant and equipment

(56,814)

(87,874)

Other, net

1,003

10,353

Net cash flows used for investing activities

(55,811)

(77,521)

Effect of currency exchange rate changes on cash and cash equivalents

(2,226)

(15,845)

Cash and cash equivalents:

— increase (decrease)

10,008

(122,029)

— at beginning of period

192,428

310,941

— at end of period

202,436

188,912

Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also discloses certain non-GAAP financial information including (i) adjusted operating income, (ii) adjusted other income (expense), (iii) adjusted income before income taxes, (iv) adjusted income tax expense (benefit), and (v) adjusted diluted earnings per share.

There are also references to the impact of foreign currency in the discussion of the Company’s results of operations. When the U.S. Dollar strengthens and the stronger exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens and the weaker exchange rates of the current year are used to translate the results of operations of Avnet’s subsidiaries denominated in foreign currencies, the resulting impact is an increase in U.S. Dollars of reported results. In the discussion of the Company’s results of operations, results excluding this impact are referred to as “constant currency.” Management believes sales in constant currency is a useful measure for evaluating current period performance as compared with prior periods and for understanding underlying trends. In order to determine the translation impact of changes in foreign currency exchange rates on sales, income or expense items for subsidiaries reporting in currencies other than the U.S. Dollar, the Company adjusts the average exchange rates used in current periods to be consistent with the average exchange rates in effect during the comparative period.

Management believes that operating income adjusted for restructuring, integration and other expenses, and amortization of acquired intangible assets, is a useful measure to help investors better assess and understand the Company’s operating performance. This is especially the case when comparing results with previous periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Avnet’s normal operating results or non-cash in nature. Management analyzes operating income without the impact of these items as an indicator of ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to establish operational goals and, in most cases, for measuring performance for compensation purposes. Management measures operating income for its reportable segments excluding restructuring, integration and other expenses, and amortization of acquired intangible assets.

Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, foreign currency gains and losses and certain items impacting income tax expense (benefit) are useful to investors because they provide a measure of the Company’s net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance. Adjustments to income tax expense (benefit) and the effective income tax rate include the effect of changes in tax laws, certain changes in valuation allowances and unrecognized tax benefits, income tax audit settlements and adjustments to the effective tax rate based upon the expected long-term adjusted effective tax rate. Additionally, because of management’s focus on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted earnings per share excluding the impact of these items provides an important measure of the Company’s net profitability for the investing public.

Additional non-GAAP metrics management uses are adjusted operating income margin, which is defined as adjusted operating income divided by sales and the adjusted effective income tax rate, which is defined as adjusted income tax expense divided by adjusted income before income taxes.

Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.

Fiscal

Quarters Ended

Year to Date

March 28,

December 27,

September 27,

2026*

2026

2025

($ in thousands, except per share amounts)

GAAP operating income

493,763

205,535

146,196

142,032

Restructuring, integration, and other expenses

48,199

14,737

25,171

8,291

Amortization of intangible assets

1,092

364

Adjusted operating income

543,054

220,636

171,731

150,687

GAAP other income (expense), net

(2,226)

(1,827)

5,067

(5,466)

Foreign currency loss (gain)

6,988

3,444

(2,939)

6,483

Adjusted other income, net

4,762

1,617

2,128

1,017

GAAP income before income taxes

307,278

140,570

89,905

76,804

Restructuring, integration, and other expenses

48,199

14,737

25,171

8,291

Amortization of intangible assets

1,092

364

Foreign currency loss (gain)

6,988

3,444

(2,939)

6,483

Adjusted income before income taxes

363,557

159,115

112,501

91,942

GAAP income tax expense

99,468

46,238

28,172

25,059

Restructuring, integration, and other expenses

15,218

5,901

6,865

2,452

Amortization of intangible assets

257

Foreign currency loss (gain)

1,202

758

(1,091)

1,535

Income tax expense items, net

(32,527)

(16,386)

(8,157)

(7,984)

Adjusted income tax expense

83,618

36,597

25,875

21,147

GAAP net income

207,810

94,332

61,733

51,745

Restructuring, integration, and other expenses (net of tax)

32,981

8,836

18,306

5,839

Amortization of intangible assets (net of tax)

835

278

279

Foreign currency loss (gain) (net of tax)

5,786

2,686

(1,848)

4,948

Income tax expense items, net

32,527

16,386

8,157

7,984

Adjusted net income

279,939

122,518

86,626

70,795

GAAP diluted earnings per share

2.49

1.14

0.75

0.61

Restructuring, integration, and other expenses (net of tax)

0.40

0.11

0.22

0.07

Amortization of intangible assets (net of tax)

0.01

0.00

Foreign currency loss (gain) (net of tax)

0.07

0.03

(0.02)

0.06

Income tax expense items, net

0.39

0.20

0.10

Adjusted diluted EPS

3.36

1.48

1.05

0.84

* May not foot/cross foot due to rounding.

Fiscal

Quarters Ended

Year

June 28,

March 29,

December 28,

September 28,

2025*

2025

2024

($ in thousands, except per share amounts)

GAAP operating income

514,254

73,452

143,251

155,327

142,225

Restructuring, integration, and other expenses

108,316

69,061

9,110

3,794

26,351

Amortization of intangible assets

1,463

364

366

368

Adjusted operating income

624,033

142,877

152,725

159,487

168,944

GAAP other expense, net

(17,283)

(7,604)

(3,992)

(2,645)

(3,043)

Foreign currency loss

29,631

12,811

6,933

5,104

4,783

Adjusted other income, net

12,348

5,207

2,941

2,459

1,740

GAAP income before income taxes

250,569

7,404

78,144

90,283

74,738

Restructuring, integration, and other expenses

108,316

69,061

9,110

3,794

26,351

Amortization of intangible assets

1,463

364

366

368

Foreign currency loss

29,631

12,811

6,933

5,104

4,783

Adjusted income before income taxes

389,979

89,640

94,551

99,547

106,240

GAAP income tax expense (benefit)

10,352

1,315

(9,775)

3,030

15,782

Restructuring, integration, and other expenses

20,671

10,397

2,475

1,142

6,657

Amortization of intangible assets

345

Foreign currency loss

8,800

3,796

1,762

1,630

1,612

Income tax expense items, net

49,527

5,023

27,199

17,007

298

Adjusted income tax expense

89,695

20,617

21,747

22,895

24,436

GAAP net income

240,217

6,089

87,919

87,253

58,956

Restructuring, integration, and other expenses (net of tax)

87,645

58,664

6,635

2,652

19,694

Amortization of intangible assets (net of tax)

1,117

278

280

281

Foreign currency loss (net of tax)

20,831

9,015

5,171

3,474

3,171

Income tax expense items, net

(49,527)

(5,023)

(27,199)

(17,007)

(298)

Adjusted net income

300,283

69,023

72,804

76,652

81,804

GAAP diluted earnings per share

2.75

0.07

1.01

0.99

0.66

Restructuring, integration, and other expenses (net of tax)

1.01

0.69

0.08

0.03

0.22

Amortization of intangible assets (net of tax)

0.01

0.00

Foreign currency loss (net of tax)

0.24

0.11

0.06

0.04

Income tax expense items, net

(0.57)

(0.06)

(0.31)

(0.19)

(0.00)

Adjusted diluted EPS

3.44

0.81

0.84

0.87

0.92

* May not foot/cross foot due to rounding.

Sales in Constant Currency

The following table presents the percentage change in sales and the percentage change in sales in constant currency for the third quarter and first nine months of fiscal year 2026 compared to the third quarter and first nine months of fiscal year 2025.

Quarter Ended

Nine Months Ended

March 28, 2026

Sales

Year-Year %

Sequential %

Year-Year %

Sales

Change in

Sales

Change in

Sales

Change in

Year-Year

Constant

Sequential

Constant

Year-Year

Constant

% Change

Currency

% Change

Currency

% Change

Currency

Avnet

34.0

30.2

12.7

12.4

16.6

14.2

Avnet by region

Americas

26.7

12.5

11.3

EMEA

31.3

18.9

19.4

18.5

12.8

4.5

Asia

39.3

9.1

9.2

21.7

Avnet by segment

Electronic Components

34.7

31.2

13.1

12.9

16.3

14.0

Farnell

24.0

17.9

6.5

5.5

20.9

17.0

Segment Financial Information*

Quarters Ended

Nine Months Ended

March 28,

March 29,

March 28,

March 29,

2026

2025

2026

2025

($ in millions, except margins and sales mix)

Electronic Components

Sales

6,665.1

4,948.7

18,056.6

15,523.6

Cost of goods sold

6,049.9

4,459.5

16,385.6

14,009.6

Gross profit

615.2

489.2

1,671.1

1,514.1

Gross profit margin

9.2

9.9

9.3

9.8

Operating income

235.2

172.2

581.3

551.2

Operating income margin

3.5

3.2

3.6

Farnell

Sales

454.7

366.7

1,280.7

1,059.4

Cost of goods sold

330.8

268.0

934.8

782.1

Gross profit

123.8

98.6

345.8

277.2

Gross profit margin

27.2

26.9

27.0

26.2

Operating income

23.8

11.0

60.9

16.3

Operating income margin

5.2

3.0

4.8

1.5

Total reportable segment operating income

259.0

183.2

642.2

567.5

Corporate selling, general and administrative expenses

(38.4)

(30.4)

(99.1)

(86.3)

Restructuring, integration, and other expenses

(14.7)

(9.1)

(48.2)

(39.3)

Amortization of acquired intangible assets

(0.4)

(1.1)

Avnet operating income

205.5

143.3

493.8

440.8

Sales by geographic area:

Americas

1,615.0

1,274.2

4,420.1

3,972.9

EMEA

2,046.3

1,559.0

5,426.2

4,810.0

Asia

3,458.5

2,482.2

9,491.0

7,800.1

Avnet sales

7,119.8

5,315.4

19,337.3

16,583.0

Sales Mix by geographic area:

Americas

22.7

24.0

22.9

24.0

EMEA

28.7

29.3

28.0

29.0

Asia

48.6

46.7

49.1

47.0

* May not foot due to rounding.

Guidance Reconciliation

The following table presents the reconciliation of non-GAAP adjusted diluted earnings per share guidance to the expected GAAP diluted earnings per share guidance for the fourth quarter of fiscal 2026.

Low End of

High End of

Guidance Range

Adjusted diluted earnings per share guidance

1.70

1.80

Restructuring, integration, and other expenses (net of tax)

(0.50)

(0.35)

GAAP diluted earnings per share guidance

1.20

1.45

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