Operating margins remain tightly constrained between 2.5% and 3.8%, reflecting limited pricing power despite a recent 33.9% revenue expansion in 2026Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jul'23 | Jul'22 | Jul'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 24.96B | 22.2B | 23.76B | 26.54B | 24.31B | 19.53B | 17.63B | 19.52B | 19.04B | 17.44B | 16.74B | 17.66B | 27.5B | 25.46B | 25.71B | 26.53B | 19.16B | 16.23B | 17.95B | 15.68B | 14.25B | 11.07B | 10.24B | 9.05B | 8.92B | 12.81B | 9.92B | 6.81B | 5.92B | 5.39B | 5.21B |
| Revenue Growth % | 12.68% | -6.55% | -10.48% | 9.16% | 24.45% | 10.78% | -9.65% | 2.53% | 9.16% | 4.18% | -5.18% | -35.8% | 8.02% | -0.97% | -3.12% | 38.49% | 18.05% | -9.6% | 14.49% | 10.01% | 28.8% | 8.02% | 13.22% | 1.44% | -30.39% | 29.24% | 45.69% | 15.03% | 9.75% | 3.51% | 21.11% |
| Cost of Goods Sold | 22.34B | 19.82B | 20.99B | 23.35B | 21.35B | 17.29B | 15.57B | 17.03B | 16.51B | 15.07B | 14.66B | 15.45B | 24.27B | 22.48B | 22.66B | 23.43B | 16.88B | 14.21B | 15.64B | 13.63B | 12.41B | 9.61B | 8.88B | 7.83B | 7.7B | 10.95B | 8.47B | 5.76B | 4.94B | 4.43B | 4.24B |
| COGS % of Revenue | - | 89.26% | 88.36% | 88.01% | 87.8% | 88.53% | 88.3% | 87.26% | 86.72% | 86.41% | 87.59% | 87.48% | 88.27% | 88.3% | 88.13% | 88.29% | 88.1% | 87.54% | 87.11% | 86.94% | 87.1% | 86.82% | 86.68% | 86.57% | 86.29% | 85.44% | 85.43% | 84.6% | 83.43% | 82.16% | 81.39% |
| Gross Profit | 2.61B | 2.38B | 2.77B | 3.18B | 2.97B | 2.24B | 2.06B | 2.49B | 2.53B | 2.37B | 2.08B | 2.21B | 3.23B | 2.98B | 3.05B | 3.11B | 2.28B | 2.02B | 2.31B | 2.05B | 1.84B | 1.46B | 1.36B | 1.21B | 1.22B | 1.87B | 1.44B | 1.05B | 980.42M | 961.85M | 969.05M |
| Gross Margin % | 10.46% | 10.74% | 11.64% | 11.99% | 12.2% | 11.47% | 11.7% | 12.74% | 13.28% | 13.59% | 12.41% | 12.52% | 11.73% | 11.7% | 11.87% | 11.71% | 11.9% | 12.46% | 12.89% | 13.06% | 12.9% | 13.18% | 13.32% | 13.43% | 13.71% | 14.56% | 14.57% | 15.4% | 16.57% | 17.84% | 18.61% |
| Gross Profit Growth % | - | -13.79% | -13.06% | 7.31% | 32.35% | 8.59% | -17% | -1.63% | 6.66% | 14.03% | -5.98% | -31.48% | 8.25% | -2.32% | -1.84% | 36.29% | 12.72% | -12.57% | 12.94% | 11.4% | 26.05% | 6.9% | 12.34% | -0.64% | -34.45% | 29.12% | 37.86% | 6.9% | 1.93% | -0.74% | 18.7% |
| Operating Expenses | 1.93B | 1.76B | 1.92B | 2B | 2.03B | 1.96B | 2.07B | 2.12B | 2.32B | 1.93B | 1.51B | 1.56B | 2.44B | 2.35B | 2.17B | 2.18B | 1.64B | 3.04B | 1.6B | 1.37B | 1.41B | 1.14B | 1.16B | 1.2B | 1.23B | 1.61B | 1.08B | 865.58M | 709.24M | 634.1M | 620.09M |
| OpEx % of Revenue | - | 7.94% | 8.09% | 7.52% | 8.34% | 10.03% | 11.73% | 10.86% | 12.18% | 11.04% | 8.99% | 8.82% | 8.86% | 9.25% | 8.43% | 8.21% | 8.58% | 18.74% | 8.93% | 8.74% | 9.88% | 10.28% | 11.35% | 13.29% | 13.74% | 12.58% | 10.86% | 12.72% | 11.99% | 11.76% | 11.91% |
| Selling, General & Admin | 1.93B | 1.76B | 1.87B | 1.97B | 1.99B | 1.87B | 1.84B | 1.87B | 1.99B | 1.79B | 1.46B | 1.52B | 2.34B | 2.2B | 2.09B | 2.1B | 1.62B | 1.53B | 1.56B | 1.36B | 1.34B | 1.14B | 1.11B | 1.2B | 1.23B | 1.61B | 1.08B | 865.58M | 709.24M | 634.1M | 620.09M |
| SG&A % of Revenue | - | 7.94% | 7.87% | 7.41% | 8.21% | 9.6% | 10.45% | 9.6% | 10.46% | 10.25% | 8.72% | 8.58% | 8.51% | 8.66% | 8.14% | 7.92% | 8.45% | 9.44% | 8.71% | 8.69% | 9.44% | 10.28% | 10.81% | 13.29% | 13.74% | 12.58% | 10.86% | 12.72% | 11.99% | 11.76% | 11.91% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 364K | 0 | 52.55M | 28.04M | 31.53M | 84.39M | 225.96M | 245.54M | 326.56M | 137.41M | 44.76M | 41.85M | 94.62M | 149.5M | 73.58M | 77.18M | 25.42M | 1.51B | 38.94M | 7.35M | 63.58M | 0 | 55.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 684.48M | 622.57M | 844.37M | 1.19B | 939.01M | 281.41M | -4.63M | 365.91M | 209.22M | 443.7M | 572.91M | 653.15M | 789.94M | 625.98M | 884.16M | 929.98M | 635.6M | -1.02B | 710.38M | 678.27M | 430.48M | 321.32M | 202.25M | 12.73M | -2.98M | 253.65M | 367.99M | 182.45M | 271.18M | 327.75M | 348.97M |
| Operating Margin % | 2.74% | 2.8% | 3.55% | 4.47% | 3.86% | 1.44% | -0.03% | 1.87% | 1.1% | 2.54% | 3.42% | 3.7% | 2.87% | 2.46% | 3.44% | 3.5% | 3.32% | -6.28% | 3.96% | 4.33% | 3.02% | 2.9% | 1.97% | 0.14% | -0.03% | 1.98% | 3.71% | 2.68% | 4.58% | 6.08% | 6.7% |
| Operating Income Growth % | - | -26.27% | -28.85% | 26.39% | 233.68% | 6180.55% | -101.26% | 74.89% | -52.85% | -22.55% | -12.28% | -17.32% | 26.19% | -29.2% | -4.93% | 46.32% | 162.38% | -243.44% | 4.73% | 57.56% | 33.97% | 58.87% | 1488.87% | 526.43% | -101.18% | -31.07% | 101.69% | -32.72% | -17.26% | -6.08% | 33.46% |
| EBITDA | 780.57M | 747.76M | 984.87M | 1.33B | 1.09B | 470.11M | 238.27M | 546.75M | 444.09M | 599.06M | 652.5M | 735.34M | 927.13M | 746.66M | 985.5M | 1.01B | 696.24M | -953.22M | 769.62M | 732.05M | 497M | 383.06M | 266.79M | 101.57M | 100.89M | 373.05M | 451.51M | 239.9M | 321.72M | 377.14M | 392.51M |
| EBITDA Margin % | 3.13% | 3.37% | 4.15% | 5.01% | 4.5% | 2.41% | 1.35% | 2.8% | 2.33% | 3.44% | 3.9% | 4.17% | 3.37% | 2.93% | 3.83% | 3.81% | 3.63% | -5.87% | 4.29% | 4.67% | 3.49% | 3.46% | 2.6% | 1.12% | 1.13% | 2.91% | 4.55% | 3.52% | 5.44% | 7% | 7.54% |
| EBITDA Growth % | 0.75% | -24.07% | -25.94% | 21.53% | 132.76% | 97.3% | -56.42% | 23.12% | -25.87% | -8.19% | -11.26% | -20.69% | 24.17% | -24.24% | -2.56% | 45.26% | 173.04% | -223.86% | 5.13% | 47.29% | 29.74% | 43.58% | 162.67% | 0.67% | -72.95% | -17.38% | 88.21% | -25.43% | -14.7% | -3.92% | 31.56% |
| D&A (Non-Cash Add-back) | 96.09M | 125.19M | 140.5M | 143M | 155.21M | 188.7M | 242.9M | 180.84M | 234.87M | 155.36M | 79.59M | 82.19M | 137.19M | 120.68M | 101.34M | 81.39M | 60.64M | 65.78M | 59.23M | 53.77M | 66.53M | 61.75M | 64.54M | 88.84M | 103.88M | 119.4M | 83.52M | 57.45M | 50.54M | 49.4M | 43.55M |
| EBIT | 684.48M | 622.57M | 915.13M | 1.23B | 933.71M | 262.4M | -6.84M | 371.47M | 237.82M | 409.98M | 569.95M | 658.59M | 805.95M | 656.92M | 881.64M | 963.42M | 646.83M | -1.02B | 781.24M | 682.63M | 494.06M | 321.32M | 257.87M | 12.73M | 1.1B | 253.65M | 367.99M | 364.9M | 271.18M | 327.75M | 348.97M |
| Net Interest Income | -244.44M | -250.47M | -282.87M | -250.87M | -100.38M | -89.47M | -122.74M | -134.87M | -92.75M | -99.58M | -91.94M | -87.08M | -104.82M | -107.65M | -90.86M | -92.45M | -61.75M | -78.67M | -72.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 244.44M | 250.47M | 282.87M | 250.87M | 100.38M | 89.47M | 122.74M | 134.87M | 92.75M | 99.58M | 91.94M | 87.08M | 104.82M | 107.65M | 90.86M | 92.45M | 61.75M | 66.48M | 72.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -369.79M | -372M | -212.1M | -203.92M | -105.68M | -108.48M | -124.96M | -129.31M | -64.14M | -133.29M | -94.9M | -81.64M | -88.81M | -76.72M | -93.38M | -59.01M | -50.52M | -75.97M | -1.43M | -91.65M | -114.33M | -81.56M | -103.85M | -92.13M | -117.83M | -166.4M | -84.35M | 202.69M | -3.83M | -14.33M | -23.93M |
| Pretax Income | 314.68M | 250.57M | 632.26M | 982.88M | 833.33M | 172.93M | -129.59M | 236.6M | 145.08M | 310.4M | 478.01M | 571.51M | 701.13M | 549.26M | 790.78M | 870.97M | 585.08M | -1.09B | 708.96M | 586.62M | 316.15M | 239.76M | 98.4M | -79.41M | -120.81M | 87.25M | 283.65M | 385.14M | 267.35M | 313.42M | 325.04M |
| Pretax Margin % | 1.26% | 1.13% | 2.66% | 3.7% | 3.43% | 0.89% | -0.73% | 1.21% | 0.76% | 1.78% | 2.86% | 3.24% | 2.55% | 2.16% | 3.08% | 3.28% | 3.05% | -6.75% | 3.95% | 3.74% | 2.22% | 2.17% | 0.96% | -0.88% | -1.35% | 0.68% | 2.86% | 5.66% | 4.52% | 5.81% | 6.24% |
| Income Tax | 100.78M | 10.35M | 133.56M | 212.05M | 140.96M | -20.18M | -98.5M | 60.26M | 287.97M | 47.05M | 87.1M | 86.14M | 155.52M | 99.19M | 223.76M | 201.9M | 174.71M | 34.74M | 209.87M | 193.55M | 111.6M | 71.52M | 25.5M | -33.29M | -36.38M | 87.16M | 121.08M | 204.82M | 115.92M | 130.66M | 136.78M |
| Effective Tax Rate % | 32.03% | 4.13% | 21.12% | 21.57% | 16.91% | -11.67% | 76.01% | 25.47% | 198.49% | 15.16% | 18.22% | 15.07% | 22.18% | 18.06% | 28.3% | 23.18% | 29.86% | -3.17% | 29.6% | 32.99% | 35.3% | 29.83% | 25.92% | 41.92% | 30.11% | 99.89% | 42.69% | 53.18% | 43.36% | 41.69% | 42.08% |
| Net Income | 213.9M | 240.22M | 498.7M | 770.83M | 692.38M | 193.11M | -31.08M | 176.34M | -156.42M | 525.28M | 506.53M | 571.91M | 545.6M | 450.07M | 567.02M | 669.07M | 410.37M | -1.13B | 499.08M | 393.07M | 204.55M | 168.24M | 72.9M | -46.12M | -664.93M | 15.4M | 163.39M | 174.64M | 151.42M | 182.76M | 188.26M |
| Net Margin % | 0.86% | 1.08% | 2.1% | 2.9% | 2.85% | 0.99% | -0.18% | 0.9% | -0.82% | 3.01% | 3.03% | 3.24% | 1.98% | 1.77% | 2.21% | 2.52% | 2.14% | -6.96% | 2.78% | 2.51% | 1.44% | 1.52% | 0.71% | -0.51% | -7.45% | 0.12% | 1.65% | 2.57% | 2.56% | 3.39% | 3.61% |
| Net Income Growth % | -32.48% | -51.83% | -35.3% | 11.33% | 258.53% | 721.32% | -117.63% | 212.73% | -129.78% | 3.7% | -11.43% | 4.82% | 21.23% | -20.62% | -15.25% | 63.04% | 136.33% | -326.36% | 26.97% | 92.16% | 21.58% | 130.79% | 258.07% | 93.06% | -4417.17% | -90.57% | -6.44% | 15.33% | -17.15% | -2.92% | 34.21% |
| Net Income (Continuing) | 213.9M | 240.22M | 498.7M | 770.83M | 692.38M | 193.11M | -31.08M | 176.34M | -142.89M | 263.35M | 390.91M | 485.38M | 545.6M | 450.07M | 567.02M | 669.07M | 410.37M | -1.13B | 499.08M | 393.07M | 204.55M | 168.24M | 72.9M | -46.12M | -84.44M | 97K | 162.56M | 180.32M | 151.42M | 182.76M | 188.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -1.55M | -3.77M | -13.54M | 261.93M | 115.62M | 86.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.3M | 828K | -5.68M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.58 | 2.75 | 5.43 | 8.26 | 6.94 | 1.93 | -0.29 | 1.59 | -1.30 | 4.08 | 3.80 | 4.12 | 3.89 | 3.21 | 3.79 | 4.34 | 2.68 | -7.44 | 3.27 | 2.63 | 1.39 | 1.39 | 0.60 | -0.39 | -5.61 | 0.13 | 1.51 | 2.43 | 1.90 | 2.13 | 2.16 |
| EPS Growth % | -27.97% | -49.36% | -34.26% | 19.02% | 259.59% | 765.52% | -118.24% | 222.31% | -131.86% | 7.37% | -7.77% | 5.91% | 21.18% | -15.3% | -12.67% | 61.94% | 136.02% | -327.52% | 24.33% | 89.21% | 0% | 131.67% | 253.85% | 93.05% | -4415.38% | -91.39% | -37.86% | 27.89% | -10.8% | -1.39% | 30.12% |
| EPS (Basic) | - | 2.78 | 5.51 | 8.37 | 7.02 | 1.95 | -0.29 | 1.61 | -1.30 | 4.13 | 3.87 | 4.18 | 3.95 | 3.26 | 3.85 | 4.39 | 2.71 | -7.44 | 3.32 | 2.65 | 1.40 | 1.39 | 0.61 | -0.39 | -5.61 | 0.13 | 1.53 | 2.45 | 1.93 | 2.13 | 2.16 |
| Diluted Shares Outstanding | 82.93M | 87.41M | 91.84M | 93.37M | 99.82M | 100.17M | 100.47M | 110.8M | 119.91M | 128.65M | 133.17M | 138.79M | 140.12M | 140M | 149.55M | 154.34M | 153.09M | 150.9M | 152.42M | 149.61M | 147.15M | 121.47M | 121.25M | 119.46M | 118.56M | 118.81M | 108.26M | 71.83M | 79.65M | 86.1M | 87.42M |
| Basic Shares Outstanding | 82.01M | 86.27M | 90.57M | 92.04M | 98.66M | 99.26M | 100.47M | 109.82M | 119.91M | 127.03M | 130.86M | 136.69M | 137.99M | 137.95M | 147.28M | 152.48M | 151.63M | 150.9M | 150.25M | 148.03M | 145.94M | 120.63M | 120.09M | 119.46M | 118.56M | 117.26M | 106.63M | 71.19M | 78.75M | 85.2M | 86.67M |
| Dividend Payout Ratio | - | 47.17% | 22.45% | 13.79% | 14.22% | 43.66% | - | 49.43% | - | 16.88% | 17.49% | 15.27% | 15.17% | - | - | - | - | - | - | - | - | - | - | - | - | 177.81% | 11.13% | 15.31% | 16.21% | 14.15% | 13.6% |
Cyclical demand and leverage
According to the provided quarterly data, Avnet's revenue trajectory has exhibited significant volatility, swinging from a 15.1% contraction in 2024Q4 to a 33.9% expansion by 2026Q3, suggesting that the company remains highly susceptible to the broader semiconductor industry's inventory cycles and fluctuating global demand patterns.
The recent surge in revenue growth appears to be a sharp reversal from the sustained contraction observed throughout 2024 and early 2025. Investors should monitor whether this acceleration represents a structural recovery in demand or merely a temporary restocking phase that may prove unsustainable in a high-interest-rate environment.
As reported in financial statements, Avnet's gross margin has remained tightly constrained within the 10.4% to 11.8% range, reflecting the company's limited pricing power as a high-volume distributor operating in a competitive landscape where upstream semiconductor suppliers dictate the majority of the value chain.
The inability to expand gross margins despite significant revenue fluctuations suggests that Avnet lacks the necessary differentiation to pass through cost increases effectively. This structural limitation forces the company to rely on volume growth to drive profitability, leaving the bottom line highly exposed to minor shifts in component pricing.
Based on the income statement data, operating income has failed to scale proportionally with revenue growth, as evidenced by operating margins hovering between 2.5% and 3.8%, indicating that the company's fixed cost base for logistics and warehousing creates a significant drag on profitability during periods of revenue decline.
The lack of meaningful operating leverage implies that Avnet's cost structure is relatively rigid, making it difficult to protect earnings when top-line growth decelerates. This operational profile warrants further investigation into whether management can optimize SG&A expenses to improve efficiency without compromising the company's global distribution capabilities.
Data from recent filings indicates that net income has experienced extreme fluctuations, such as the sharp drop to $6.1 million in 2025Q4, which suggests that non-operating items or tax anomalies may be significantly distorting the quality of reported earnings relative to the company's underlying operational output.
The wide variance in net income, often decoupled from operating income trends, suggests that investors should exercise caution when relying on headline EPS figures. The impact of stock-based compensation and potential restructuring charges appears to create noise that masks the true cash-generating capacity of the core distribution business.
With cash and equivalents reported at only $192 million against a $22 billion revenue base, the company's liquidity profile appears strained, suggesting that any prolonged downturn could force an over-reliance on revolving credit facilities to fund working capital requirements and maintain essential inventory levels.
Short-sellers may focus on this thin liquidity buffer as a primary risk factor, particularly if semiconductor lead times extend and tie up more capital in inventory. The company's reliance on external financing to bridge the gap between procurement and customer payment may become a significant liability if credit market conditions tighten.
Quick answers to the most common questions about buying AVT stock.
For fiscal year 2025, Avnet, Inc. (AVT) reported total revenue of $22.20B. This represents a 326.3% increase compared to $5.21B in 1996.
Avnet, Inc. (AVT) is profitable, generating $240.2M in net income for the fiscal year ending 2025 with a net profit margin of 1.1%.
Avnet, Inc. (AVT) reported an operating income of $622.6M, resulting in an operating profit margin of 2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Avnet, Inc. (AVT) generated $2.38B in gross profit for the year, representing a gross profit margin of 10.7%. This demonstrates the company's core pricing power and production efficiency.