Business
Avnet Reports Fourth Quarter and Fiscal 2026 Financial Results
Avnet Reports Fourth Quarter and Fiscal 2026 Financial
About this update from Avnet, Inc.
Avnet, Inc. (Nasdaq: AVT) today announced results for its fourth quarter and fiscal year 2026 ended June 27, 2026. “Our fourth quarter results underscore the strength of Avnet’s business model and the impact of our disciplined execution and long-term strategy. We delivered record sales while growing profitability at more than two and a half times the rate of sales growth, demonstrating the operating leverage in our business model. Momentum continues to build across all regions, end markets and customer segments, giving us increasing confidence in our competitive position,” said Avnet Chief Executive Officer Phil Gallagher. “As demand improves and mass market activity continues to accelerate, we are entering fiscal 2027 with great momentum. We are well positioned to capture growth opportunities, further expand earnings and generate attractive long-term returns for our shareholders.” Fiscal Fourth Quarter Key Financial Highlights: Record quarterly sales of $8.3 billion, an increase of 48% year over year and 17% sequentially. Sequential and year-over-year sales growth across all EC regions and Farnell. Diluted earnings per share of $1.49, compared with $0.07 in the prior year quarter. Adjusted diluted earnings per share of $2.28 increased 182% year over year. Adjusted diluted earnings per share grew 3.8 times greater than sales year over year. Operating income margin of 2.8% expanded 147 basis points year over year. Adjusted operating income margin of 3.8% expanded 129 basis points year over year. Adjusted operating income grew 2.6 times greater than sales. EC operating margin of 4.1%. Farnell operating margin of 9.0%. Inventory days declined by 6 days to 71 quarter over quarter. EC inventory days declined by 5 days to under 65 days. Farnell inventory days declined by 10 days to under 200 days. Returned $29 million to shareholders in dividends. Fiscal 2026 Key Financial Highlights: Sales of $27.6 billion, an increase of 25% year over year. Diluted earnings per share of $4.01, compared with $2.75 in the prior year. Adjusted diluted earnings per share of $5.67, an increase of 65% year over year. Adjusted diluted earnings per share grew more than 2.6 times sales. Operating income margin of 2.6%, compared with 2.3% in the prior year. Adjusted operating income margin of 3.1% expanded 31 basis points year over year. Inventory days of 81 decreased 18 days year over year. Returned $138 million to shareholders from share repurchases, representing 3.2% of shares outstanding. Returned $114 million to shareholders in dividends. Key Financial Metrics ($ in millions, except per share data) Fourth Quarter Results (GAAP) Jun – 26 Jun – 25 Change Y/Y March – 26 Change Q/Q Sales $ 8,295.4 $ 5,617.8 47.7 % $ 7,119.8 16.5 % Operating Income $ 231.0 $ 73.5 214.5 % $ 205.5 12.4 % Operating Income Margin 2.8 % 1.3 % 147 bps 2.9 % (11) bps Diluted Earnings Per Share $ 1.49 $ 0.07 2,028.6 % $ 1.14 30.7 % Fourth Quarter Results (Non-GAAP)(1) Jun – 26 Jun – 25 Change Y/Y March – 26 Change Q/Q Adjusted Operating Income $ 317.9 $ 142.9 122.5 % $ 220.6 44.1 % Adjusted Operating Income Margin 3.8 % 2.5 % 129 bps 3.1 % 73 bps Adjusted Diluted Earnings Per Share $ 2.28 $ 0.81 181.5 % $ 1.48 54.1 % Segment and Geographical Mix Jun – 26 Jun – 25 Change Y/Y March – 26 Change Q/Q Electronic Components (EC) Sales $ 7,795.3 $ 5,231.3 49.0 % $ 6,665.1 17.0 % EC Operating Income Margin 4.1 % 3.0 % 107 bps 3.5 % 54 bps Farnell Sales $ 500.1 $ 386.5 29.4 % $ 454.7 10.0 % Farnell Operating Income Margin 9.0 % 4.3 % 468 bps 5.2 % 373 bps Americas Sales $ 2,060.7 $ 1,327.0 55.3 % $ 1,615.0 27.6 % EMEA Sales $ 2,298.9 $ 1,599.7 43.7 % $ 2,046.3 12.4 % Asia Sales $ 3,935.8 $ 2,691.1 46.3 % $ 3,458.5 13.8 % (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. Guidance for the First Quarter of Fiscal 2027 Ending on October 3, 2026 Guidance Range Midpoint Sales $9.00B – $9.30B $9.15B Adjusted Diluted EPS(1) $2.80 – $2.90 $2.85 (1) A reconciliation of non-GAAP guidance to GAAP guidance is presented in the “Non-GAAP Financial Information” section of this press release. The first quarter guidance implies sequential sales growth of approximately 10% at the midpoint and assumes sales growth across all Electronic Components regions and Farnell. The first quarter guidance also excludes restructuring, integration and other expenses, foreign currency gains and losses, and certain income tax adjustments. The first quarter guidance assumes similar interest expense to the fourth quarter of fiscal 2026 and an adjusted effective tax rate of between 21% and 25%. The first quarter guidance assumes 85 million average diluted shares outstanding. The average currency exchange rates assumed for first quarter guidance are shown in the table below: Q1 Fiscal 2027 Q4 Fiscal Q1 Fiscal Guidance 2026 2026 Euro to U.S. Dollar $1.15 $1.16 $1.17 GBP to U.S. Dollar $1.34 $1.34 $1.35 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-q4-2026.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) AVNET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Fourth Quarters Ended Years Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 (Thousands, except per share data) Sales $ 8,295,377 $ 5,617,795 $ 27,632,683 $ 22,200,754 Cost of sales 7,430,345 5,024,111 24,750,787 19,815,798 Gross profit 865,032 593,684 2,881,896 2,384,956 Selling, general and administrative expenses 547,506 451,171 2,022,408 1,762,386 Restructuring, integration, and other expenses 86,507 69,061 134,706 108,316 Operating income 231,019 73,452 724,782 514,254 Other expense, net (4,405) (7,604) (6,631) (17,283) Interest and other financing expenses, net (66,456) (58,444) (250,715) (246,402) Income before taxes 160,158 7,404 467,436 250,569 Income tax expense 33,579 1,315 133,047 10,352 Net income $ 126,579 $ 6,089 $ 334,389 $ 240,217 Earnings per share: Basic $ 1.54 $ 0.07 $ 4.07 $ 2.78 Diluted $ 1.49 $ 0.07 $ 4.01 $ 2.75 Shares used to compute earnings per share: Basic 82,177 84,112 82,158 86,266 Diluted 84,693 85,058 83,415 87,413 Cash dividends paid per common share $ 0.35 $ 0.33 $ 1.40 $ 1.32 AVNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 27, June 28, 2026 2025 (Thousands) ASSETS Current assets: Cash and cash equivalents $ 155,396 $ 192,428 Receivables 6,882,965 4,327,450 Inventories 6,069,419 5,235,485 Prepaid and other current assets 226,043 263,374 Total current assets 13,333,823 10,018,737 Property, plant and equipment, net 644,574 667,247 Goodwill 810,163 837,031 Operating lease assets 248,958 201,896 Other assets 387,875 393,642 Total assets $ 15,425,393 $ 12,118,553 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term debt $ 733,952 $ 87,284 Accounts payable 6,054,326 3,487,419 Accrued expenses and other 659,266 497,154 Short-term operating lease liabilities 55,888 56,247 Total current liabilities 7,503,432 4,128,104 Long-term debt 2,478,864 2,574,729 Long-term operating lease liabilities 207,111 159,449 Other liabilities 213,483 244,776 Total liabilities 10,402,890 7,107,058 Shareholders’ equity 5,022,503 5,011,495 Total liabilities and shareholders’ equity $ 15,425,393 $ 12,118,553 AVNET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Years Ended June 27, June 28, 2026 2025 (Thousands) Cash flows from operating activities: Net income $ 334,389 $ 240,217 Non-cash and other reconciling items: Depreciation and amortization 76,786 71,616 Amortization of operating lease assets 57,961 53,579 Deferred income taxes 6,010 (105,412) Stock-based compensation 48,692 36,399 Other, net (2,406) 25,942 Changes in (net of effects from businesses acquired and divested): Receivables (2,614,899) 183,533 Inventories (918,329) 409,553 Accounts payable 2,608,416 101,702 Accrued expenses and other, net 122,455 (292,625) Net cash flows (used for) provided by operating activities (280,925) 724,504 Cash flows from financing activities: Issuance of convertible notes, net of issuance costs 633,750 — Repayments of public notes (550,000) — Borrowings under accounts receivable securitization, net — 84,900 Borrowings (repayments) under senior unsecured credit facility, net 157,938 (357,299) Borrowings (repayments) under bank credit facilities and other debt, net 57,033 (2,451) Borrowings under term loan 270,161 — Repurchases of common stock (138,308) (303,490) Dividends paid on common stock (114,361) (113,310) Other, net (321) (1,876) Net cash flows provided by (used for) financing activities 315,892 (693,526) Cash flows from investing activities: Purchases of property, plant and equipment (73,572) (147,474) Other, net 2,099 10,347 Net cash flows used for investing activities (71,473) (137,127) Effect of currency exchange rate changes on cash and cash equivalents (526) (12,364) Cash and cash equivalents: — decrease (37,032) (118,513) — at beginning of period 192,428 310,941 — at end of period $ 155,396 $ 192,428 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 June 27, March 28, December 27, September 27, 2026* 2026 2026 2025 2025 ($ in thousands, except per share amounts) GAAP operating income $ 724,782 $ 231,019 $ 205,535 $ 146,196 $ 142,032 Restructuring, integration, and other expenses 134,706 86,507 14,737 25,171 8,291 Amortization of intangible assets 1,457 364 364 364 364 Adjusted operating income 860,945 317,890 220,636 171,731 150,687 GAAP other income (expense), net $ (6,631) $ (4,405) $ (1,827) $ 5,067 $ (5,466) Foreign currency loss (gain) 10,714 3,726 3,444 (2,939) 6,483 Adjusted other income, net 4,083 (679) 1,617 2,128 1,017 GAAP income before income taxes $ 467,436 $ 160,158 $ 140,570 $ 89,905 $ 76,804 Restructuring, integration, and other expenses 134,706 86,507 14,737 25,171 8,291 Amortization of intangible assets 1,457 364 364 364 364 Foreign currency loss (gain) 10,714 3,726 3,444 (2,939) 6,483 Adjusted income before income taxes 614,313 250,755 159,115 112,501 91,942 GAAP income tax expense $ 133,047 $ 33,579 $ 46,238 $ 28,172 $ 25,059 Restructuring, integration, and other expenses 38,561 23,343 5,901 6,865 2,452 Amortization of intangible assets 344 87 86 86 85 Foreign currency loss (gain) 1,827 625 758 (1,091) 1,535 Income tax expense items, net (32,487) 40 (16,386) (8,157) (7,984) Adjusted income tax expense 141,292 57,674 36,597 25,875 21,147 GAAP net income $ 334,389 $ 126,579 $ 94,332 $ 61,733 $ 51,745 Restructuring, integration, and other expenses (net of tax) 96,145 63,164 8,836 18,306 5,839 Amortization of intangible assets (net of tax) 1,112 277 278 278 279 Foreign currency loss (gain) (net of tax) 8,887 3,101 2,686 (1,848) 4,948 Income tax expense items, net 32,487 (40) 16,386 8,157 7,984 Adjusted net income 473,020 193,081 122,518 86,626 70,795 GAAP diluted earnings per share $ 4.01 $ 1.49 $ 1.14 $ 0.75 $ 0.61 Restructuring, integration, and other expenses (net of tax) 1.15 0.75 0.11 0.22 0.07 Amortization of intangible assets (net of tax) 0.01 0.00 0.00 0.00 0.00 Foreign currency loss (gain) (net of tax) 0.11 0.04 0.03 (0.02) 0.06 Income tax expense items, net 0.39 — 0.20 0.10 0.10 Adjusted diluted EPS 5.67 2.28 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 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. 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 2026 compared to the fourth quarter and fiscal year 2025. Quarter Ended Year Ended June 27, 2026 June 27, 2026 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 47.7 % 47.1 % 16.5 % 16.8 % 24.5 % 22.4 % Avnet by region Americas 55.3 % 55.3 % 27.6 % 27.6 % 22.3 % 22.3 % EMEA 43.7 % 40.3 % 12.4 % 13.1 % 20.5 % 13.1 % Asia 46.3 % 47.1 % 13.8 % 13.9 % 28.0 % 28.2 % Avnet by segment Electronic Components 49.0 % 48.5 % 17.0 % 17.2 % 24.6 % 22.6 % Farnell 29.4 % 27.9 % 10.0 % 10.4 % 23.2 % 19.8 % Segment Financial Information* Quarters Ended Years Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 ($ in millions, except margins and sales mix) Electronic Components Sales $ 7,795.3 $ 5,231.3 $ 25,851.9 $ 20,755.0 Cost of goods sold $ 7,078.2 $ 4,737.1 $ 23,463.8 $ 18,746.7 Gross profit $ 717.1 $ 494.2 $ 2,388.2 $ 2,008.3 Gross profit margin 9.2 % 9.5 % 9.2 % 9.7 % Operating income $ 317.2 $ 157.0 $ 898.5 $ 708.2 Operating income margin 4.1 % 3.0 % 3.5 % 3.4 % Farnell Sales $ 500.1 $ 386.5 $ 1,780.8 $ 1,445.8 Cost of goods sold $ 352.2 $ 287.0 $ 1,287.0 $ 1,069.1 Gross profit $ 147.9 $ 99.5 $ 493.7 $ 376.7 Gross profit margin 29.6 % 25.7 % 27.7 % 26.1 % Operating income $ 44.8 $ 16.5 $ 105.7 $ 32.8 Operating income margin 9.0 % 4.3 % 5.9 % 2.3 % Total reportable segment operating income $ 361.9 $ 173.5 $ 1,004.1 $ 741.0 Corporate selling, general and administrative expenses (44.1 ) (30.6 ) (143.2 ) (116.9 ) Restructuring, integration, and other expenses (86.5 ) (69.1 ) (134.7 ) (108.3 ) Amortization of acquired intangible assets (0.4 ) (0.3 ) (1.5 ) (1.5 ) Avnet operating income $ 231.0 $ 73.5 $ 724.8 $ 514.3 Sales by geographic area: Americas $ 2,060.7 $ 1,327.0 $ 6,480.8 $ 5,300.0 EMEA 2,298.9 1,599.7 7,725.1 6,409.6 Asia 3,935.8 2,691.1 13,426.8 10,491.2 Avnet sales $ 8,295.4 $ 5,617.8 $ 27,632.7 $ 22,200.8 Sales Mix by geographic area: Americas 24.8 % 23.6 % 23.4 % 23.9 % EMEA 27.7 % 28.5 % 28.0 % 28.9 % Asia 47.5 % 47.9 % 48.6 % 47.2 % * 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 first quarter of fiscal 2027. Low End of High End of Guidance Range Guidance Range Adjusted diluted earnings per share guidance $ 2.80 $ 2.90 Restructuring, integration, and other expenses (net of tax) (0.23 ) (0.13 ) GAAP diluted earnings per share guidance $ 2.57 $ 2.77 View source version on businesswire.com: https://www.businesswire.com/news/home/20260805417920/en/