Avnet Posts Higher Revenue and Profit Across All Income Lines in Twelve-Month Filing, Even as Operating Cash Flow Swings Negative

Bottom line

- Top-line results for the twelve-month period covered by this filing moved higher compared with the prior-year twelve-month period; Revenue from Contract with Customer, Excluding Assessed Tax is the higher current reading and the prior-year comparative is the lower reading. Both windows are reported in positive territory, consistent with a profit-to-profit transition on the income statement rather than a swing into or out of a loss on the top line. - Operating Income (Loss) followed the same shape: the current twelve-month period shows a profit figure that is higher than the prior-year twelve-month comparative profit figure, again profit to profit. - Net Income (Loss) Attributable to Parent likewise shows a current-period profit figure that is higher than the prior-year twelve-month profit figure, profit to profit on the bottom line as well. - Earnings Per Share, Diluted for the twelve-month period is higher than the Earnings Per Share, Diluted recorded for the prior-year twelve-month period, with both windows reported as positive per-share values. - The filing is a 10-K for AVNET INC covering the twelve-month period of period-ended-2026-06-27, filed under accession 0001104659-26-096346 and identified by CIK 0000008858 and ticker AVT. The source scope of this section is the consolidated income-statement and per-share figures summarised above, together with the source narrative describing the Company as a global electronic component technology distributor organised through two primary operating groups — Electronic Components and Farnell — serving customers across the Americas, EMEA and Asia/Pacific.

- The source narrative from the filing frames the Company as a leading global electronic component technology distributor and solutions provider with more than a century of operating history and describes its customer base, regional footprint and two-group structure. Those passages describe the business rather than attribute any specific year-over-year movement to a stated driver. The filing evidence does not attribute this change to any single cause.

- The available figures and the machine-authorised comparisons together describe a reporting period in which all four measured dimensions — revenue, operating income, net income attributable to parent, and diluted earnings per share — are higher than the prior-year twelve-month comparatives, and none of them flipped from profit to loss or from loss to profit on the year-over-year window. That is the only directional reading the filing evidence supports here; any inference about which product family, geography or operating group contributed to those movements sits outside this section's source scope.

- None of the quoted passages in scope for this section identify a headwind, restatement, prior-period reclassification or other item that would cut against the year-over-year direction described above.

UNKNOWN: - No peer or industry comparison is embedded in the quoted source narrative for this section, so any read-across to other distributors or to broader electronic-components demand indices is outside this filing. The filing evidence contains no peer or industry comparison.

Financial performance

- The filing presents the twelve-month reporting period covered by 10-K period-ended-2026-06-27 for AVNET INC (AVT) under accession 0001104659-26-096346, with full-year comparatives drawn from the twelve months ended June 28, 2025. 75 per diluted share USD/SHARES. Each line remains profitable on both windows of the comparison.

- Management explanations: The narrative characterizes the company as a global distributor of electronic components organized around Electronic Components (EC) — including Avnet Embedded, Avnet Integrated Solutions, and the Farnell operating group — and stresses competitive positioning built on supplier breadth, franchised inventory protections, and value-added services rather than disclosing any forward guidance, period targets, or numerical outlook. The filing text therefore contains no quantified guidance figure, no seasonal growth estimate, and no quarter-by-quarter expectations that this section can cite.

- Analyst inference (direction only, per the authorized comparison ledger): Revenue from Contract with Customer, Excluding Assessed Tax increased year-over-year; Operating Income (Loss) increased year-over-year, with both periods in profit and a profit-to-profit transition; Net Income (Loss) Attributable to Parent increased year-over-year, both periods in profit and a profit-to-profit transition; Earnings Per Share, Diluted increased year-over-year, both periods in profit and a profit-to-profit transition. No calculation, percentage, or rate of change is asserted because the catalog supplies only base values.

- Counter-evidence: The filing repeatedly omits supplier concentration, regional mix percentages, and product-category split values, using '(omitted)' in place of those numbers, so the reader cannot independently cross-check supplier dependence, geographic seasonality, or the IP&E versus semiconductor weighting referenced in the operating-group narrative. The filing evidence does not disclose segment-level detail for this dimension. - Unknowns: The period-over-period movement cannot be tied to any single driver from the quoted text.

The filing evidence does not attribute this change to any single cause. No peer or industry benchmark is provided against which to gauge the magnitude of the top-line or bottom-line change. The filing evidence contains no peer or industry comparison.

Operating drivers and segments

- The Company describes its organizational structure around the Electronic Components ("EC") and Farnell operating groups, with regional business units spanning the Americas, EMEA, and Asia/Pacific, each feeding into distinct financial reporting at the executive level that informs operating decisions, strategic planning, and resource allocation. - EC is characterized as the higher-volume-oriented group serving OEMs, EMS providers, and ODMs across semiconductors, interconnect, passive and electromechanical components, and other integrated products, complemented by design, supply-chain, embedded, and integrated solution service lines. - Farnell is positioned as the lower-volume-oriented group distributing kits, tools, electronic components, industrial automation components, and test and measurement products primarily through an e-commerce channel to engineers and entrepreneurs, including supplier new product introductions. - The cited note on segment information frames EC and Farnell together with the regional business units as the reportable lens; for the twelve-month period, Revenue from Contract with Customer, Excluding Assessed Tax registered $27,632,683,000 and the prior-year comparative registered $22,200,754,000, while Operating Income (Loss) registered $724,782,000 and the prior-year comparative registered $514,254,000, with year-over-year movement in revenue higher than the prior period and operating income also higher than the prior period, remaining in profit on both windows.

- Management presents Avnet as a leading global electronic component technology distributor and solutions provider whose two operating groups cover complementary customer tiers and product lifecycles, with EC focused on higher-volume engagements and Farnell focused on rapid-turn engineering and prototyping demand via e-commerce. - Within EC, management describes a portfolio spanning semiconductor products, interconnect, passive, and electromechanical components, and other categories, supported by design chain resources, global supply-chain, warehousing and logistics capabilities, and embedded/integrated solutions aimed at industrial, healthcare, medical, telecommunications, and digital editing end markets. - Farnell is framed as a multi-channel e-commerce distributor offering kits, tools, industrial automation components, and test and measurement products, distributing supplier new product introductions across product categories. - Management does not provide a quantified bridge between segment mix and the year-over-year movement in either revenue or operating income, leaving the operating-driver attribution to the reader and to the segment note itself. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. - Cross-checking against an unrelated comp such as REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing underscores that any directional read here is specific to Avnet's distributor model and segment mix, not transferable across industries.

Cash flow and capital

- Reported facts - The consolidated statement of cash flows for the twelve months ended June 27, 2026 shows that Net Cash Provided by (Used in) Operating Activities was -$280,925,000 USD, with the prior-year comparative of Net Cash Provided by (Used in) Operating Activities of $724,504,000 USD for the twelve months ended June 28, 2025. - Net Cash Provided by (Used in) Investing Activities was -$71,473,000 USD for the twelve months ended June 27, 2026, while the prior-year comparative was Net Cash Provided by (Used in) Investing Activities of -$137,127,000 USD for the twelve months ended June 28, 2025.

- Net Cash Provided by (Used in) Financing Activities was $315,892,000 USD for the twelve months ended June 27, 2026, with the prior-year comparative of Net Cash Provided by (Used in) Financing Activities of -$693,526,000 USD for the twelve months ended June 28, 2025. - Within financing, Payments for Repurchase of Common Stock were $138,308,000 USD for the twelve months ended June 27, 2026, against prior-year Payments for Repurchase of Common Stock of $303,490,000 USD for the twelve months ended June 28, 2025; Payments of Ordinary Dividends, Common Stock were $114,361,000 USD for the twelve months ended June 27, 2026, against prior-year Payments of Ordinary Dividends, Common Stock of $113,310,000 USD for the twelve months ended June 28, 2025.

- Payments to Acquire Property, Plant, and Equipment were $73,572,000 USD for the twelve months ended June 27, 2026, against prior-year Payments to Acquire Property, Plant, and Equipment of $147,474,000 USD for the twelve months ended June 28, 2025. - On the balance sheet at the balance sheet date of June 27, 2026, Cash and Cash Equivalents, at Carrying Value stood at $155,396,000 USD and Long-term Debt, Excluding Current Maturities stood at $2,478,864,000 USD. - Management explanation - The Human Capital and Available Information narrative reproduced for AVNET INC in the filing does not address cash flow, the period-end cash balance, or capital allocation directly; the cited text covers learning and development programs, inclusion initiatives, employee engagement, and the channels through which the filing itself is made available (Item Item 1A context and the surrounding Item Item 1 content in the source).

- Analyst inference - The authorized year-over-year direction on Net Cash Provided by (Used in) Operating Activities is a decrease, with the current window negative and the prior window positive. - The authorized direction on Net Cash Provided by (Used in) Investing Activities is an increase, with both windows negative. - The authorized direction on Net Cash Provided by (Used in) Financing Activities is an increase, with the current window positive and the prior window negative.

- The authorized direction on Payments for Repurchase of Common Stock is a decrease, and the authorized direction on Payments of Ordinary Dividends, Common Stock is an increase, indicating that ordinary dividend cash outflow was higher than in the prior window while buyback cash outflow was lower. - The authorized direction on Payments to Acquire Property, Plant, and Equipment is a decrease, so capital expenditure cash outflow was lower than the prior window. - Net Cash Provided by (Used in) Operating Activities and Net Cash Provided by (Used in) Investing Activities together produced a wider negative subtotal in the current window than in the prior window, with the gap absorbed by a swing in financing toward a positive value.

- Counter-evidence - The narrative excerpt does not reconcile the period-end Cash and Cash Equivalents, at Carrying Value to the three subtotals, so any implied free-cash-flow bridge between the cash-flow statement and the balance sheet line is not available. - Unknowns - Segment-level cash flow detail is not disclosed in the cited narrative; only the consolidated totals appear in the catalog. - The cause of the operating cash flow swing to negative is not stated in the reproduced excerpts.

The filing evidence does not attribute this change to any single cause. - Peer or industry comparison for these cash flow and capital allocation metrics is not contained in the filing evidence. The filing evidence contains no peer or industry comparison.

Peer and historical context

The company’s full-year revenue increased from $22,200,754,000 to $27,632,683,000, establishing higher top-line scale. Operating income also increased, from $514,254,000 to $724,782,000, while net income attributable to the parent rose from $240,217,000 to $334,389,000. Together, these comparisons indicate broad historical improvement across revenue and both reported profit measures, although the filing evidence does not establish whether peers experienced similar movement.

The operating cash-flow comparison is less favorable: net cash provided by operating activities fell from the prior-year level of $724,504,000 to a use of cash of -$280,925,000. This contrasts with higher earnings and means the company’s historical record is mixed rather than uniformly stronger.

The filing evidence does not attribute this change to any single cause.

Higher operating and net income partly offset the deterioration in operating cash flow, but they do not negate it. Profitability and cash generation are distinct measures, and the reported results therefore show a divergence between improved earnings and weaker operating cash conversion. The filing also does not provide a comparable company set, industry benchmark, segment-level explanation, or common-size measure, limiting conclusions about relative performance.

The filing evidence contains no peer or industry comparison.

The filing evidence does not disclose segment-level detail for this dimension.

The available historical evidence supports a qualified comparison: Avnet’s top-line results, operating income, and attributable net income were higher than in the prior-year period, but operating cash flow was lower. That combination makes sustained cash conversion an important issue for readers evaluating whether the earnings improvement translated into stronger internally generated liquidity. The filing’s forward-looking statements caution that past results do not necessarily indicate future performance, while changes in customer demand, technology, industry cycles, supply conditions, inflation, and geopolitical uncertainty may affect future outcomes.

- Revenue increased from $22,200,754,000 to $27,632,683,000. - Operating income increased from $514,254,000 to $724,782,000. - Net income attributable to the parent increased from $240,217,000 to $334,389,000. - Net cash used in operating activities was -$280,925,000, compared with net cash provided of $724,504,000 in the prior-year period.

Scenario analysis

- In the base case, the twelve-month picture described by the 10-K for period-ended-2026-06-27 shows AVNET INC (AVT, CIK 0000008858, accession 0001104659-26-096346) holding roughly the prior-year run-rate on both top and bottom lines, with no operational shock large enough to reset either trajectory. The catalog supports only the two reported values for the twelve months ended June 27, 2026 — Revenue from Contract with Customer, Excluding Assessed Tax of $27,632,683,000 and Net Income (Loss) Attributable to Parent of $334,389,000 — and the matching prior-year comparatives of $22,200,754,000 and $240,217,000 for the twelve months ended June 28, 2025.

The authorized direction for revenue is higher than the prior period and the authorized direction for net income is higher than the prior period, while the authorized transition for net income remains profit to profit. Nothing in the quoted risk narrative ties a specific driver to the change. - The upside case layers in a constructive read on the same two authorized year-over-year movements: revenue higher than the prior period alongside net income higher than the prior period, with both windows reporting profit.

In that reading, the gross-margin line protects itself from the supplier-pricing and semiconductor-cycle exposure that Item 1A flags, and the single supplier that accounted for a large share of consolidated billings in the cited fiscal year continues to ship on terms the Company can pass through. The base-line upside is therefore described as a continuation of the reported direction rather than a step-change, and it remains bound by the two full-year figures only. - The downside case acknowledges that the authorized directions can soften without breaking.

If supplier concentration tightens, if non-cancellable customer orders unwind, or if the geopolitical and supply-chain pressures listed in the same risk section re-intensify, the revenue gain can flatten back toward the prior-year level while the net income gain still holds the profit-to-profit transition. The downside therefore stays inside the catalog: revenue still higher than the prior period at the reported amount, net income still higher than the prior period at the reported amount, but the implied cushion against a margin squeeze is thinner.

Where a specific cause cannot be supported from the filing evidence, The filing evidence does not attribute this change to any single cause. applies. - For readers who want to compare how a different electronics-distribution name handled a similar two-line print, the prior-period treatment in United Community Banks Posts Higher Top-Line and Bottom-Line Results on Both Windows of the Filing Period shows the same authorized direction pattern, though the operating model is not directly comparable.

Segment-level color for the AVT scenarios is not in scope here; The filing evidence does not disclose segment-level detail for this dimension. applies, and The filing evidence contains no peer or industry comparison. likewise applies because the filing evidence contains no peer or industry benchmark.

Any further move beyond these three scenarios would require evidence the catalog does not provide, so the section stops at base, upside, and downside as defined.

Risks and what to watch

- **Reported facts**: For the twelve-month period, Revenue from Contract with Customer, Excluding Assessed Tax was $27,632,683,000 USD, compared with $22,200,754,000 USD for the prior-year comparative — the authorized direction is higher than the prior period. Net Income (Loss) Attributable to Parent was $334,389,000 USD versus $240,217,000 USD — also a higher-than-prior result, with the authorized transition profit to profit. Both figures are extracted from the consolidated statements presented under Item 8.

- **Management explanations**: Management's own discussion of risk, found under Item 1A, points to several self-identified headwinds. Supplier consolidation and capacity constraints are flagged as a threat to profitability and customer base. Modification of supplier contract terms — covering price protection, rights of return, order cancellation rights, delivery commitments, rebates, and similar margin-protective language — is described as a potential negative to results of operations, financial condition, or liquidity.

International operations are enumerated as carrying their own catalog of risks: repatriation restrictions, foreign currency and interest rate fluctuations, non-compliance with data-privacy and anti-corruption regimes, import/export controls including sanctions and technology-transfer restrictions, complex tax laws, political instability, freight and shipping disruptions, natural disasters, pandemics, and differing labor practices. Tariffs and trade-policy shifts, including retaliatory measures by other countries, are presented as a separate risk cluster that could dampen demand, increase volatility, raise costs, and complicate management's bandwidth on existing initiatives.

- **Analyst inference**: Combining the two reported top-line and bottom-line wins with the risk register above suggests the business is currently absorbing its cited exposures — supplier, trade-policy, and international-operating risks — without these derailing the authorized profit-to-profit and revenue-higher trajectories. The framing under Item 1A notes that mitigation systems and contingency plans are in place but acknowledges they "may not be able to fully mitigate" trade or downturn shocks, leaving residual exposure.

- **Counter-evidence**: None of the quoted risk language quantifies an offset to the higher revenue and higher net income results; the filing presents the risk factors as forward-looking caveats rather than as a current-period drag. The cited note on segments, Note 16, is referenced through Item 8 but the filing evidence does not disclose segment-level detail for this dimension. The filing evidence also contains no peer or industry comparison.

- **Unknowns**: The drivers behind the higher revenue and higher net income are not isolated by the filing evidence. The filing evidence does not attribute this change to any single cause.. It is not clear from the quoted material how much of the improvement came from pricing, mix, currency, or volume.

- **Metrics to watch next period**: Investors should track whether Revenue from Contract with Customer, Excluding Assessed Tax continues to come in higher than the prior period, whether Net Income (Loss) Attributable to Parent remains on a profit-to-profit footing, the trajectory of supplier-term modifications cited under Item 1A, and any escalation in tariffs or trade measures that management acknowledges it cannot fully offset. Segment-level disclosures under Note 16 are also worth monitoring for richer attribution.

Readers comparing this with REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing will see a similar top-line-and-bottom-line pattern but a very different risk register.