What is the revenue and EPS growth rate for Avnet year over year?

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What were the key takeaways from Avnet’s earnings call?

Did Avnet beat or miss consensus estimates last quarter?

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What factors drove the changes in Avnet's revenue and profit?

What does Avnet do and what are its main business segments?

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- **Revenue Beats Expectations**: $6.3B Q2 sales (+12% YoY), driven by record Asia sales and sequential growth across regions.
- **Margin Expansion**: Operating margins improved to 3.2% (EC) and 4.7% (Farnell), with Farnell at highest since FY23.
- **Cash Flow Strength**: $208M cash flow from operations, inventory reduced by $126M QoQ.
- **AI and Supply Chain Leadership**: Investing in AI tools to address supply-demand mismatches, with customers increasingly placing orders within lead times.
- **Q3 Guidance Optimism**: $6.2-6.5B sales, EPS $1.20-1.30, implying 1% QoQ growth and continued margin expansion.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 sales of $6.3 billion, up 12% YoY, driven by record Asia sales ($3 billion) and sequential growth in Americas and EMEA. Operating margins improved to 3.2% (EC) and 4.7% (Farnell).
- **Regional Performance**: Asia (+17% YoY), EMEA (+8% YoY), Americas (+5% YoY). Farnell saw broad recovery across regions.
- **Demand Trends**: Strong compute, aerospace/defense, and industrial demand. Book-to-bills positive in all regions, with expedites increasing due to supply-demand mismatches.
- **AI and Supply Chain**: Investing in AI-driven tools and supply chain solutions. Customers placing orders within lead times, creating opportunities for Avnet to bridge gaps.
- **Cash Flow and Inventory**: $208M cash flow from operations, inventory reduced by $126M QoQ. EC inventory days at 86, targeting below 80.

**【CFO Financial Commentary】**
- **Top Line**: $6.3B sales (vs. $5.6B YoY), EC +11% YoY, Farnell +24% YoY. Gross margin stable at 10.5%, EC margins impacted by Asia mix.
- **Margins and Expenses**: Adjusted operating margin 2.7% (vs. 2.4% YoY). SG&A at $492M (+12% YoY), but improving as % of gross profit (74% vs. 76% QoQ). Farnell operating margin at 4.7%, highest since FY23.
- **Liquidity**: $1.7B available liquidity, leverage 3.9x. Q3 guidance: $6.2-6.5B sales, EPS $1.20-1.30, implying 1% QoQ growth and margin expansion.

**【Q&A Highlights】**
- **Order Linearity**: Dec Q2 bookings strong until mid-Dec, then tapered. Backlog visibility improving, but still limited.
- **Pricing Trends**: Spot price increases in memory/storage, capacitors, and IP&E. Suppliers announcing price hikes, but Q2 impact minimal.
- **Regional Growth**: Americas/EMEA expected to grow QoQ, Asia down <seasonal due to Lunar New Year. West recovery driving margin expansion.
- **Farnell Margins**: Europe recovery key to Farnell's 50bps+ QoQ margin improvement. Longer-term, targeting double-digit margins with on-board component growth.

Avnet, Inc. (AVT) Q2 2026 Earnings Call Transcript

- **Revenue & EPS Beat**: $5.9B revenue (+5% YoY), adjusted EPS $0.84 near high end of guidance.
- **Regional Recovery**: Asia sales +10% YoY, Americas +3% YoY, EMEA flat YoY but improving sequentially.
- **AI Growth Driver**: 7% of Asia sales in data center/AI, with expanding opportunities in storage and interconnect.
- **Inventory Management**: Days of inventory targeting 80s, with quality aging maintained.
- **Margin Outlook**: Core margins to improve with seasonal mix, Farnell margins to expand with on-board component growth.
- **Q2 Guidance**: Sales $5.85B-$6.15B, EPS $0.90-$1.00, reflecting 2% sequential growth.

**【CEO Summary Section】**
- Q1 FY2026 revenue of $5.9 billion exceeded guidance, with adjusted EPS of $0.84 near the high end of expectations.
- **Regional Growth**: Asia sales grew 10% YoY, Americas sales increased 3% YoY, and EMEA sales were flat YoY but better than seasonal trends.
- **Key Verticals**: Transportation, compute, and communication segments drove year-over-year growth, with Farnell and IP&E businesses outperforming.
- **Market Trends**: Stable semiconductor lead times, with extended lead times in memory, storage, and interconnect products supporting data center and AI build-outs.
- **Inventory Management**: Days of inventory on hand decreased sequentially, and quality of inventory remains strong.

**【CFO Financial Commentary】**
- Gross margin of 10.4% declined 42bps YoY due to regional mix shifts and higher SG&A expenses (+$26M YoY).
- Operating income of $151 million reflected a 2.6% operating margin, with Farnell contributing 4.3% margin growth.
- **Balance Sheet**: $1.7 billion available borrowing capacity, with plans to reduce leverage to 3.0x over the next year.
- **Dividend & Share Repurchase**: 6% dividend increase to $0.35/share and $138 million in share repurchases.
- **Q2 Guidance**: Sales $5.85B-$6.15B (2% sequential growth at midpoint), EPS $0.90-$1.00.

**【Q&A Key Highlights】**
- **AI & Data Center Exposure**: 7% of Asia sales tied to hyperscalers, with opportunities in storage, connectivity, and power management.
- **Inventory Days Outlook**: Targeting 80s days by next quarter, with focus on reducing excess inventory while supporting growth.
- **Margins**: Core business margins expected to improve with seasonal mix shifts, Farnell margins to benefit from on-the-board component mix.
- **EMEA Recovery**: Modest growth expected in Q2, driven by improving bookings and backlog in Europe.
- **Supply Chain Trends**: Input costs remain high, but ASPs are holding steady despite supplier discussions on potential price increases.

Avnet, Inc. (AVT) Q1 2026 Earnings Call Transcript

- **Revenue momentum**: FY2025 revenue up 18% in Asia; Q4 2025 sales beat high end of guidance at $5.6B. Farnell operating margin improved 129bps QoQ to 4.3%.
- **Strategic investments**: $415M returned to shareholders; $300M+ buyback authorization remains. Digital transformation driving Farnell e-commerce growth >50% of sales.
- **FY2026 outlook**: Q1 guidance for $5.55B-$5.85B sales; EPS $0.75-$0.85. Optimistic on Asia-led recovery and Farnell margin expansion.
- **Risk management**: Inventory down 8% YoY; targeting mid-80s days of inventory. Tariffs impact <3% of Americas sales.


**【CEO Summary Section】**
- Fiscal 2025 revenue: $22.2 billion; adjusted EPS: $3.44. FY2025 highlights include 4 consecutive quarters of YoY growth in Asia, Farnell margin stabilization, and $139M Q4 cash flow from operations.
- Q4 2025 sales: $5.6B (6% sequential growth), driven by 18% YoY growth in Asia. Book-to-bill ratios improved across regions, with Europe and Asia above parity.
- Strategic moves: Appointment of Chief Digital Officer Dave Youngblood; promotion of Gilles Beltran as EMEA President. Succession planning emphasized for long-term stability.
- Forward outlook: Optimistic on FY2026 with Asia leading recovery, Farnell margin improvement, and stabilization of book-to-bill ratios. Gross margins held steady across regions despite mix shifts.

**【CFO Financial Commentary】**
- Q4 2025 financials: 
  - Sales: $5.6B (18% YoY growth in Asia, 17% decline in EMEA)
  - Gross margin: 10.6% (down 99bps YoY due to Asia mix)
  - Operating expenses: $451M (flat YoY, +2% sequentially excluding FX)
  - Adjusted EPS: $0.81 (vs. guidance of $0.75-$0.85)
  - Cash flow: $139M; FY2025 total: $725M
- Balance sheet: Inventory down 8% YoY; working capital return on investment: 9.4%
- FY2026 guidance: Q1 sales $5.55B-$5.85B; EPS $0.75-$0.85. Expect sequential sales growth in all regions.
- Capital allocation: $415M returned to shareholders in FY2025 (dividends + buybacks). $300M+ remaining on buyback authorization.

**【Q&A Highlights】**
- **EMEA recovery**: Bookings improving, backlog up YoY. Management cautious but optimistic about sequential growth post-summer slowdown.
- **Inventory trends**: EC business expects modest Q1 inventory decline. Targeting mid-80s days of inventory. Farnell inventory reduction offset by strategic investments.
- **Farnell margins**: 4.3% Q4 operating margin (vs. 1% in FY2023). Long-term target: 10-13% operating margin. Digital transformation driving e-commerce growth (>50% of sales).
- **Industry inventory correction**: Lead times stable; supplier, EMS, and OEM inventories down 11-20 days YoY. Company inventory down 8% YoY.
- **Tariffs**: <3% of Americas sales impacted; no material pull-ins from regulatory uncertainty.


Avnet, Inc. (AVT) Q4 2025 Earnings Call Transcript

- **Q3 Strong Performance**: $5.3B revenue, $0.84 EPS (above guidance), $141M cash flow. Asia sales up 13% YoY, Farnell margin improves to 3%.
- **Inventory Strategy**: Core inventory down $57M (constant currency), balancing destocking with strategic stock levels.
- **Tariff Mitigation**: 7-10% of Americas sales subject to tariffs; 30% of China-origin products routed to Mexico/Canada to avoid duties.
- **Q4 Outlook**: Flat sales guidance ($5.15-5.45B) reflects weak Europe, but Farnell recovery and AI-related growth in Asia provide hope.
- **Cash Return Focus**: $251M in buybacks YTD, $400M remaining under authorization, with debt reduced by $260M.

**【CEO Summary Section】**
- **Q3 Financial Highlights**: Revenue of $5.3 billion (near high end of guidance), adjusted EPS of $0.84 (above expectations), and $141 million in cash flow from operations.
- **Regional Performance**: Asia sales grew 13% YoY (third consecutive quarter of growth), while EMEA and Americas faced challenges. Farnell sales increased 6% sequentially with operating margin improving to 3%.
- **Inventory Management**: Core inventory reduced by $57 million (constant currency), with focus on optimizing mix and reducing elevated levels. Inventory is viewed as a strategic asset for customers in destocking phase.
- **Tariff Mitigation**: 7-10% of Americas sales subject to tariffs; leveraging global logistics, alternative country-of-origin solutions, and foreign trade zones to minimize impact.

**【CFO Financial Commentary】**
- **Revenue and Margin**: GAAP net income of $420 million, Non-GAAP EPS of $0.84 (exceeding guidance). Gross margin of 11.1% (down 78bps YoY due to sales mix shift to lower-margin regions).
- **Cost Control**: SG&A expenses down 7% YoY ($435 million), benefiting from $9 million gain on sale-leaseback. Operating margin of 2.9%.
- **Cash Flow and Capital Allocation**: $141 million Q3 cash flow, $251 million in share buybacks YTD, and $400 million remaining under repurchase authorization. Debt reduced by $260 million YTD.
- **Q4 Guidance**: Sales $5.15-5.45 billion, EPS $0.65-0.75, driven by flat-to-down sales in EMEA and flattish growth in Asia and Americas.

**【Q&A Key Takeaways】**
- **Sales Guidance Context**: Flat Q4 sales guidance reflects weak European demand and cautious outlook. Inventory reduction progress slower than expected, targeting $100+ million reduction Q4.
- **Tariff Impact**: Minimal pull-in activity ahead of tariffs; 30% of China-origin products destined for Mexico/Canada (tariff-free). No significant working capital impact yet.
- **Farnell Recovery**: Encouraging signs with improved order activity and margin expansion. Focus on SKU expansion and operational efficiency.
- **AI Exposure**: 3-5% of Asia sales tied to AI-related components, primarily in Taiwan. Longer-term AI-driven supply chain opportunities emerging.

Avnet (AVT)-30 Apr 25-2025 Q3 Earnings call transcript

- **Topline Resilience**: Q2 sales ($5.7B) beat high end of guidance, driven by +8% YoY growth in Asia. 
- **Margin Pressure**: Gross margin 10.5% (down 86bps YoY), primarily due to Asia mix shift. 
- **Cash Machine**: Generated $338M cash flow, reducing debt by $385M. 
- **Share Buybacks**: $51M in Q2, with $515M remaining under authorization. 
- **Guidance Caution**: Q3 sales expected to decline 6%-11% QoQ due to seasonal factors. 
- **Farnell Turnaround**: Operating margin improved to 1%, with cost reductions on track. 
- **Dividend Growth**: Committed to reliable dividend increases despite macro challenges. 


**【CEO Opening Remarks】**
- Q2 FY2025 sales: $5.7B (down 9% YoY, +1% QoQ). Adjusted EPS: $0.87 (vs. midpoint guidance). 
- **Regional Performance**: 
  - **Asia**: +8% YoY, driven by industrial, comms & transportation. 
  - **EMEA**: -25% YoY due to macroeconomic challenges. 
  - **Americas**: -14% YoY, though aerospace/defense end markets showed sequential growth. 
- **Inventory Progress**: Reduced core inventory by $362M QoQ, days on hand improved to 98 days. 
- **Backlog Challenges**: Under pressure due to destocking, but cancellations remain normal. 
- **Demand Creation**: Sequential +5% in demand creation revenues, +20% in design wins. 

**【CFO Financial Details】**
- **Gross Margin**: 10.5% (down 86bps YoY, 32bps QoQ) due to Asia mix shift. 
- **Operating Expenses**: SG&A $437M (-6% YoY, -2% QoQ). Operating margin 2.8%. 
- **Cash Flow**: $338M from operations, debt reduced by $385M. 
- **Share Buybacks**: $51M in Q2, $515M remaining under authorization. 
- **Q3 Guidance**: Sales $5.05B-$5.35B (down 6%-11% QoQ). EPS $0.65-$0.75. 

**【Key Q&A Themes】**
1. **Market Cycle Timing**: Phil expects potential recovery in H2 FY2025, but caution due to prolonged destocking. 
2. **Gross Margin Outlook**: Ken notes 75% of Q2 margin decline due to Asia mix, but sees stabilization as mix normalizes. 
3. **Inventory Management**: Targeting gradual reduction while maintaining strategic investments. 
4. **Farnell Turnaround**: Operating margin improved to 1% (vs. -47bps QoQ), with cost reductions on track. 
5. **Capital Allocation**: Prioritizing dividend ($0.33/share) and buybacks, with M&A potential for high-margin adjacents. 

**【Financial Highlights】**
- **Cash Generation**: $1.2B free cash flow over 4Qs. 
- **Leverage**: 2.9x gross debt, $1.1B undrawn revolver. 
- **Dividend Policy**: Committed to reliable dividend growth. 
- **Share Buybacks**: Aiming to reduce outstanding shares by 5% FY2025. 


Actual												0.38	0.64	0.36	0.48	0.74	1.12	1.22	1.51	2.15	2.07	2	2	2	2.06	1.61	1.4	1.1	1.22	0.92	0.87	0.84	0.81	0.84	1.05
Forecast												0.3174	0.0353	0.1248	0.3919	0.5621	0.8475	1.077	1.2721	1.5352	1.9934	1.9112	1.8554	1.7917	1.6509	1.5225	1.3986	1.11	0.9471	0.8581	0.8904	0.73	0.7478	0.8167	0.9513
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+19.72%	+1713.03%	+188.46%	+22.48%	+31.65%	+32.15%	+13.28%	+18.70%	+40.05%	+3.84%	+4.65%	+7.79%	+11.63%	+24.78%	+5.75%	+0.10%	-0.90%	+28.81%	+7.21%	-2.29%	+15.07%	+8.32%	+2.85%	+10.38%

AVT

AVT fundamentals

AVT Q2 2026 Earnings

Earnings Call

You can ask Aime

AVT

AVT fundamentals

AVT Q2 2026 Earnings

Earnings Call

AVT Earnings Call Summary for Q2/202611:00 AM on Jan 28, 2026

AVT Earnings Call Summary for Q1/202612:00 PM on Oct 29, 2025

AVT Earnings Call Summary for Q4/202512:00 PM on Aug 6, 2025

AVT Earnings Call Summary for Q3/202512:00 PM on Apr 30, 2025

AVT Earnings Call Summary for Q2/202511:00 AM on Jan 29, 2025

You can ask Aime