Avnet Reports Fourth Quarter and Fiscal 2025 Financial Results

About this update from Avnet, Inc.

Fourth quarter sales of $5.6 billion and diluted EPS of $0.07 Adjusted diluted EPS of $0.81 for the fourth quarter Farnell returns to year-over-year sales and operating income margin growth PHOENIX--(BUSINESS WIRE)-- Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year 2025 ended June 28, 2025. “In fiscal year 2025, we executed well given the overall market environment, and I want to express my gratitude to our team for their dedication in supporting our supplier and customer partners. Thanks to their efforts, we managed costs effectively and made progress on working capital optimization to enhance operating cash flow,” said Avnet Chief Executive Officer Phil Gallagher. “We remain optimistic about the recovery led by steady growth in our Asia region and the return of Farnell to year-over-year growth, which enabled us to surpass the high end of our fourth-quarter sales and earnings guidance. We are encouraged by these positive signals as we start the new fiscal year.” Fiscal Fourth Quarter Key Financial Highlights: Sales of $5.6 billion, compared with $5.6 billion in the prior year quarter. Fourth consecutive quarter of year-over-year sales growth in Asia. Diluted earnings per share of $0.07, compared with $0.91 in the prior year quarter. Adjusted diluted earnings per share of $0.81, compared with $1.22 in the prior year quarter. Operating income margin of 1.3%, compared with 3.0% in the prior year quarter. Adjusted operating income margin of 2.5%, compared with 3.5% in the prior year quarter. Generated $139 million of cash flow from operations. Returned $50 million to shareholders from share repurchases, representing 1.3% of shares outstanding. Returned $28 million to shareholders in dividends. Fiscal 2025 Key Financial Highlights: Sales of $22.2 billion, compared with $23.8 billion in the prior year. Diluted earnings per share of $2.75, compared with $5.43 in the prior year. Adjusted diluted earnings per share of $3.44, compared with $5.34 in the prior year. Operating income margin of 2.3%, compared with 3.6% in the prior year. Adjusted operating income margin of 2.8%. Generated $725 million of cash flow from operations. Returned $301 million to shareholders from share repurchases, representing 6.7% of shares outstanding. Returned $113 million to shareholders in dividends. Reduced inventories by $414 million in constant currency. Key Financial Metrics ($ in millions, except per share data) Fourth Quarter Results (GAAP) Jun – 25 Jun – 24 Change Y/Y Mar – 25 Change Q/Q Sales $ 5,617.8 $ 5,563.0 1.0 % $ 5,315.4 5.7 % Operating Income $ 73.5 $ 164.2 (55.3 ) % $ 143.3 (48.7 ) % Operating Income Margin 1.3 % 3.0 % (164 ) bps 2.7 % (139 ) bps Diluted Earnings Per Share (EPS) $ 0.07 $ 0.91 (92.3 ) % $ 1.01 (93.1 ) % Fourth Quarter Results (Non-GAAP)(1) Jun – 25 Jun – 24 Change Y/Y Mar – 25 Change Q/Q Adjusted Operating Income $ 142.9 $ 193.4 (26.1 ) % $ 152.7 (6.5 ) % Adjusted Operating Income Margin 2.5 % 3.5 % (94 ) bps 2.9 % (33 ) bps Adjusted Diluted Earnings Per Share (EPS) $ 0.81 $ 1.22 (33.6 ) % $ 0.84 (3.6 ) % Segment and Geographical Mix Jun – 25 Jun – 24 Change Y/Y Mar – 25 Change Q/Q Electronic Components (EC) Sales $ 5,231.3 $ 5,187.8 0.8 % $ 4,948.7 5.7 % EC Operating Income Margin 3.0 % 4.1 % (105 ) bps 3.5 % (48 ) bps Farnell Sales $ 386.5 $ 375.2 3.0 % $ 366.7 5.4 % Farnell Operating Income Margin 4.3 % 4.0 % 25 bps 3.0 % 129 bps Americas Sales $ 1,327.0 $ 1,353.8 (2.0 ) % $ 1,274.2 4.2 % EMEA Sales $ 1,599.7 $ 1,920.3 (16.7 ) % $ 1,559.0 2.6 % Asia Sales $ 2,691.1 $ 2,288.9 17.6 % $ 2,482.2 8.4 % _________________________ (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 First Quarter of Fiscal 2026 Ending on September 27, 2025 Guidance Range Midpoint Sales $5.55B – $5.85B $5.70B Adjusted Diluted EPS (1) $0.75 – $0.85 $0.80 _________________________ (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 2% at the midpoint and assumes sales growth across all 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 fourth quarter of fiscal 2025 and an adjusted effective tax rate of between 22% and 26%. The above guidance assumes 85 million average diluted shares outstanding and average currency exchange rates as shown in the table below: Q1 Fiscal 2026 Q4 Fiscal Q1 Fiscal Guidance 2025 2025 Euro to U.S. Dollar $ 1.16 $ 1.13 $ 1.10 GBP to U.S. Dollar $ 1.33 $ 1.33 $ 1.30 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 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 29, 2024 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 value 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) AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Fourth Quarters Ended Years Ended June 28, June 29, June 28, June 29, 2025 2024 2025 2024 (Thousands, except per share data) Sales $ 5,617,795 $ 5,562,977 $ 22,200,754 $ 23,757,129 Cost of sales 5,024,111 4,920,097 19,815,798 20,990,687 Gross profit 593,684 642,880 2,384,956 2,766,442 Selling, general and administrative expenses 451,171 450,274 1,762,386 1,869,525 Restructuring, integration, and other expenses 69,061 28,417 108,316 52,550 Operating income 73,452 164,189 514,254 844,367 Other (expense) income, net (7,604 ) 1,409 (17,283 ) (15,736 ) Interest and other financing expenses, net (58,444 ) (64,274 ) (246,402 ) (282,867 ) Gain on legal settlements and other — — — 86,499 Income before taxes 7,404 101,324 250,569 632,263 Income tax expense 1,315 18,659 10,352 133,564 Net income $ 6,089 $ 82,665 $ 240,217 $ 498,699 Earnings per share: Basic $ 0.07 $ 0.92 $ 2.78 $ 5.51 Diluted $ 0.07 $ 0.91 $ 2.75 $ 5.43 Shares used to compute earnings per share: Basic 84,112 90,092 86,266 90,567 Diluted 85,058 91,122 87,413 91,837 Cash dividends paid per common share $ 0.33 $ 0.31 $ 1.32 $ 1.24 AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 28, June 29, 2025 2024 (Thousands) ASSETS Current assets: Cash and cash equivalents $ 192,428 $ 310,941 Receivables 4,327,450 4,391,187 Inventories 5,235,485 5,468,730 Prepaid and other current assets 263,374 199,694 Total current assets 10,018,737 10,370,552 Property, plant and equipment, net 667,247 568,169 Goodwill 837,031 780,984 Operating lease assets 201,896 208,971 Other assets 393,642 280,471 Total assets $ 12,118,553 $ 12,209,147 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term debt $ 87,284 $ 492,711 Accounts payable 3,487,419 3,345,510 Accrued expenses and other 497,154 573,055 Short-term operating lease liabilities 56,247 53,993 Total current liabilities 4,128,104 4,465,269 Long-term debt 2,574,729 2,406,629 Long-term operating lease liabilities 159,449 173,886 Other liabilities 244,776 237,859 Total liabilities 7,107,058 7,283,643 Shareholders’ equity 5,011,495 4,925,504 Total liabilities and shareholders’ equity $ 12,118,553 $ 12,209,147 AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Years Ended June 28, June 29, 2025 2024 (Thousands) Cash flows from operating activities: Net income $ 240,217 $ 498,699 Non-cash and other reconciling items: Depreciation and amortization 71,616 86,708 Amortization of operating lease assets 53,579 53,796 Deferred income taxes (105,412 ) (9,749 ) Stock-based compensation 36,399 33,496 Other, net 25,942 15,800 Changes in (net of effects from businesses acquired and divested): Receivables 183,533 316,218 Inventories 409,553 (51,203 ) Accounts payable 101,702 4,496 Accrued expenses and other, net (292,625 ) (258,277 ) Net cash flows provided by operating activities 724,504 689,984 Cash flows from financing activities: Borrowings (repayments) under accounts receivable securitization, net 84,900 (140,700 ) Repayments under senior unsecured credit facility, net (357,299 ) (43,277 ) (Repayments) borrowings under bank credit facilities and other debt, net (2,451 ) 27,491 Repurchases of common stock (303,490 ) (162,723 ) Dividends paid on common stock (113,310 ) (111,963 ) Other, net (1,876 ) (2,627 ) Net cash flows used for financing activities (693,526 ) (433,799 ) Cash flows from investing activities: Purchases of property, plant and equipment (147,474 ) (226,478 ) Other, net 10,347 994 Net cash flows used for investing activities (137,127 ) (225,484 ) Effect of currency exchange rate changes on cash and cash equivalents (12,364 ) (7,990 ) Cash and cash equivalents: — (decrease) increase (118,513 ) 22,711 — at beginning of period 310,941 288,230 — at end of period $ 192,428 $ 310,941 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 and other. Management also believes income tax expense (benefit), net income and diluted earnings per share adjusted for the impact of the items described above, gain on legal settlements and other, 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 June 28, March 29, December 28, September 28, 2025* 2025 2025 2024 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 1,463 364 364 366 368 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 1,463 364 364 366 368 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 86 86 86 87 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) 1,117 278 278 280 281 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 0.00 0.00 0.00 Foreign currency loss (net of tax) 0.24 0.11 0.06 0.04 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. Quarters Ended Fiscal Year June 29, March 30, December 30, September 30, 2024* 2024* 2024* 2023 2023 ($ in thousands, except per share amounts) GAAP operating income $ 844,367 $ 164,189 $ 190,151 $ 236,257 $ 253,769 Restructuring, integration, and other expenses 52,550 28,417 11,847 5,235 7,051 Amortization of intangible assets 3,130 828 712 712 878 Adjusted operating income 900,047 193,434 202,710 242,204 261,698 GAAP other (expense) income, net $ (15,736 ) $ 1,409 $ (14,707 ) $ (8,397 ) $ 5,960 Foreign currency loss (gain) and other, net 27,730 680 17,850 9,200 — Adjusted other (expense) income, net 11,994 2,089 3,143 803 5,960 GAAP income before income taxes $ 632,263 $ 101,324 $ 101,948 $ 153,558 $ 275,432 Restructuring, integration, and other expenses 52,550 28,417 11,847 5,235 7,051 Amortization of intangible assets 3,130 828 712 712 878 Foreign currency loss (gain) and other, net 27,730 680 17,850 9,200 — Gain on legal settlements and other (86,499 ) — — — (86,499 ) Adjusted income before income taxes 629,174 131,249 132,357 168,705 196,862 GAAP income tax expense $ 133,564 $ 18,659 $ 13,114 $ 35,627 $ 66,164 Restructuring, integration, and other expenses 13,000 7,251 2,772 1,274 1,703 Amortization of intangible assets 700 185 156 156 203 Foreign currency loss (gain) and other, net 7,373 88 5,251 2,034 — Gain on legal settlements and other (20,434 ) — — — (20,434 ) Income tax expense items, net 4,992 (6,489 ) 10,472 1,399 (390 ) Adjusted income tax expense 139,195 19,694 31,765 40,490 47,246 GAAP net income $ 498,699 $ 82,665 $ 88,834 $ 117,931 $ 209,268 Restructuring, integration, and other expenses (net of tax) 39,550 21,166 9,075 3,961 5,348 Amortization of intangible assets (net of tax) 2,430 643 556 556 675 Foreign currency loss (gain) and other, net (net of tax) 20,357 592 12,599 7,166 — Gain on legal settlements and other (net of tax) (66,065 ) — — — (66,065 ) Income tax expense items, net (4,992 ) 6,489 (10,472 ) (1,399 ) 390 Adjusted net income 489,979 111,555 100,592 128,215 149,616 GAAP diluted earnings per share $ 5.43 $ 0.91 $ 0.97 $ 1.28 $ 2.25 Restructuring, integration, and other expenses (net of tax) 0.43 0.23 0.10 0.04 0.06 Amortization of intangible assets (net of tax) 0.03 0.01 0.01 0.01 0.01 Foreign currency loss (gain) and other, net (net of tax) 0.22 0.01 0.14 0.08 — Gain on legal settlements and other (net of tax) (0.72 ) — — — (0.71 ) Income tax expense items, net (0.05 ) 0.07 (0.11 ) (0.01 ) 0.00 Adjusted diluted EPS 5.34 1.22 1.10 1.40 1.61 ________________________________ * 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 fourth quarter and fiscal year 2025 compared to the fourth quarter and fiscal year 2024. Quarter Ended Year Ended June 28, 2025 June 28, 2025 Sales Sales 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 1.0 % (0.7) % 5.7 % 3.3 % (6.6) % (6.7) % Avnet by region Americas (2.0) % (2.0) % 4.2 % 4.2 % (10.5) % (10.5) % EMEA (16.7) % (20.6) % 2.6 % (4.2) % (23.7) % (24.1) % Asia 17.6 % 16.8 % 8.4 % 7.8 % 11.1 % 11.1 % Avnet by segment EC 0.8 % (0.8) % 5.7 % 3.4 % (6.3) % (6.4) % Farnell 3.0 % 0.8 % 5.4 % 1.9 % (9.5) % (9.9) % Historical Segment Financial Information Quarters Ended Fiscal Fourth Quarter Third Quarter Second Quarter First Quarter Year to Date June 28, March 29, December 28, September 28, 2025* 2025 2025 2024 2024 ($ in millions) Sales: Electronic Components $ 20,755.0 $ 5,231.3 $ 4,948.7 $ 5,317.8 $ 5,257.1 Farnell 1,445.8 386.5 366.7 345.6 347.1 Avnet sales $ 22,200.8 $ 5,617.8 $ 5,315.4 $ 5,663.4 $ 5,604.2 Operating income: Electronic Components $ 708.2 $ 157.0 $ 172.2 $ 181.6 $ 197.4 Farnell 32.8 16.5 11.0 3.5 1.9 741.0 173.5 183.2 185.1 199.3 Corporate expenses (116.9 ) (30.6 ) (30.4 ) (25.6 ) (30.3 ) Restructuring, integration, and other expenses (108.3 ) (69.1 ) (9.1 ) (3.8 ) (26.4 ) Amortization of acquired intangible assets (1.5 ) (0.4 ) (0.4 ) (0.4 ) (0.4 ) Avnet operating income $ 514.3 $ 73.4 $ 143.3 $ 155.3 $ 142.2 Sales by geographic area: Americas $ 5,300.0 $ 1,327.0 $ 1,274.2 $ 1,368.8 $ 1,329.9 EMEA 6,409.6 1,599.7 1,559.0 1,582.8 1,668.2 Asia 10,491.2 2,691.1 2,482.2 2,711.8 2,606.1 Avnet sales $ 22,200.8 $ 5,617.8 $ 5,315.4 $ 5,663.4 $ 5,604.2 Sales Mix by geographic area: Americas 23.9 % 23.6 % 24.0 % 24.2 % 23.7 % EMEA 28.9 % 28.5 % 29.3 % 27.9 % 29.8 % Asia 47.2 % 47.9 % 46.7 % 47.9 % 46.5 % ________________________________ * May not foot/cross foot due to rounding. Quarters Ended Fiscal Fourth Quarter Third Quarter Second Quarter First Quarter Year June 29, March 30, December 30, September 30, 2024* 2024 2024 2023 2023 ($ in millions) Sales: Electronic Components $ 22,160.0 $ 5,187.8 $ 5,245.8 $ 5,812.1 $ 5,914.4 Farnell 1,597.1 375.2 407.8 392.8 421.2 Avnet sales $ 23,757.1 $ 5,563.0 $ 5,653.6 $ 6,204.9 $ 6,335.6 Operating income: Electronic Components $ 947.6 $ 210.1 $ 216.9 $ 247.9 $ 272.8 Farnell 64.8 15.1 16.3 15.7 17.7 1,012.4 225.2 233.2 263.6 290.5 Corporate expenses (112.3 ) (31.8 ) (30.5 ) (21.4 ) (28.7 ) Restructuring, integration, and other expenses (52.6 ) (28.4 ) (11.8 ) (5.2 ) (7.1 ) Amortization of acquired intangible assets (3.1 ) (0.8 ) (0.7 ) (0.7 ) (0.9 ) Avnet operating income $ 844.4 $ 164.2 $ 190.2 $ 236.3 $ 253.8 Sales by geographic area: Americas $ 5,919.2 $ 1,353.8 $ 1,403.4 $ 1,588.5 $ 1,573.5 EMEA 8,395.0 1,920.3 2,053.1 2,113.6 2,308.0 Asia 9,442.9 2,288.9 2,197.1 2,502.8 2,454.1 Avnet sales $ 23,757.1 $ 5,563.0 $ 5,653.6 $ 6,204.9 $ 6,335.6 Sales Mix by geographic area: Americas 24.9 % 24.3 % 24.8 % 25.6 % 24.8 % EMEA 35.3 % 34.5 % 36.3 % 34.1 % 36.4 % Asia 39.8 % 41.2 % 38.9 % 40.3 % 38.8 % ________________________________ * May not foot/cross 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 first quarter of fiscal 2026. Low End of High End of Guidance Range Guidance Range Adjusted diluted earnings per share guidance $ 0.75 $ 0.85 Restructuring, integration, and other expenses (net of tax) (0.10 ) (0.20 ) GAAP diluted earnings per share guidance $ 0.65 $ 0.65 View source version on businesswire.com: https://www.businesswire.com/news/home/20250806158656/en/ Investor Relations Contact [email protected] Media Relations Contact Liam Creighton, 480-643-5027 [email protected] Source: Avnet

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