AVNET INC Segments Disclosure
16. Segment information
Avnet has two primary operating groups — Electronic Components (“EC”) and Farnell (“Farnell”). Both operating groups have operations in each of the three major economic regions of the world: (i) the Americas, (ii) EMEA, and (iii) Asia. Each operating group has its own management team, who manage various functions within each operating group. Each operating group also has distinct financial reporting to the executive level, which informs operating decisions, strategic planning, and resource allocation for the Company as a whole.
Avnet’s EC operating group primarily supports high and medium-volume customers. It markets, sells, and distributes electronic components from many of the world’s leading electronic component manufacturers, including semiconductors, IP&E components (interconnect, passive and electromechanical components), and other integrated and embedded components. EC serves a variety of markets ranging from industrial to automotive to defense and aerospace. It offers an array of customer support options throughout the entire product lifecycle, including both turnkey and customized design, supply chain, programming, logistics, and post-sales services. Within the EC operating group for 2025, net sales of approximately $17.00 billion consist of semiconductor products, approximately $3.30 billion consist of interconnect, passive, and electromechanical components, and approximately $371.8 million consist of computers, and approximately $85.6 million consists of other products and services.
Avnet’s Farnell operating group primarily supports lower-volume customers that need electronic components quickly to develop, prototype, and test their products. It distributes a comprehensive portfolio of kits, tools, electronic components, industrial automation components, and test and measurement products to both engineers and entrepreneurs, primarily through an e-commerce channel. Farnell also distributes new product introductions for its suppliers across their various product categories. Within the Farnell operating group for 2025, net sales of approximately $206.9 million consists of semiconductor products, approximately $680.3 million consists of interconnect, passive, and electromechanical components, approximately $157.0 million consists of single-board computers, and approximately $401.6 million consists of other products and services, including test and measurement and maintenance, repair, and operations products.
The Company has identified its Chief Executive Officer (“CEO”) as the chief operating decision maker (“CODM”). The CODM evaluates the performance of both reportable segments based on operating income. Sales, net gross profit, and operating expenses are also monitored closely. This information is used to monitor operating margins, measure segment profitability, allocate resources, and make budgeting and forecasting decisions about the reportable segments. The CODM also uses these measures to monitor trends in year over year performance comparisons, sequential quarter performance comparisons, and to compare actual results to forecasts.
Years Ended |
| |||||||||
| June 28, |
| June 29, |
| July 1, |
| ||||
2025 | 2024 | 2023 |
| |||||||
(Millions) |
| |||||||||
Sales: | ||||||||||
Electronic Components | $ | 20,755.0 | $ | 22,160.0 | $ | 24,802.6 | ||||
Farnell | 1,445.8 | 1,597.1 | 1,734.3 | |||||||
$ | 22,200.8 | $ | 23,757.1 | $ | 26,536.9 | |||||
Significant Segment Expenses and Operating Income: | ||||||||||
Electronic Components | ||||||||||
Gross profit | $ | 2,008.3 | $ | 2,312.4 | $ | 2,612.4 | ||||
Selling, general and administrative expenses | 1,300.1 | 1,364.9 | 1,432.8 | |||||||
Electronic Components operating income | $ | 708.2 | $ | 947.5 | $ | 1,179.6 | ||||
Farnell | ||||||||||
Gross profit | $ | 376.7 | $ | 454.0 | $ | 569.8 | ||||
Selling, general and administrative expenses | 343.8 | 389.2 | 404.3 | |||||||
Premier Farnell operating income | $ | 32.8 | $ | 64.8 | $ | 165.5 | ||||
Total reportable segment operating income | $ | 741.0 | $ | 1,012.4 | $ | 1,345.1 | ||||
Corporate | ||||||||||
Corporate expenses | $ | (116.9) | $ | (112.3) | $ | (124.2) | ||||
Restructuring, integration, and other expenses |
| (108.3) |
| (52.6) |
| (28.0) | ||||
Amortization of acquired intangible assets and other |
| (1.5) |
| (3.1) |
| (6.1) | ||||
Total Avnet operating income | $ | 514.3 | $ | 844.4 | $ | 1,186.8 | ||||
Assets: | ||||||||||
Electronic Components | $ | 9,984.9 | $ | 10,162.8 | $ | 10,375.4 | ||||
Farnell |
| 1,742.4 |
| 1,707.9 |
| 1,659.0 | ||||
Corporate |
| 391.2 | 338.4 | 442.8 | ||||||
$ | 12,118.6 | $ | 12,209.1 | $ | 12,477.2 | |||||
Capital expenditures: | ||||||||||
Electronic Components | $ | 90.6 | $ | 176.5 | $ | 153.4 | ||||
Farnell |
| 21.4 |
| 49.9 |
| 41.2 | ||||
Corporate |
| 35.5 |
| 0.1 |
| 0.1 | ||||
$ | 147.5 | $ | 226.5 | $ | 194.7 | |||||
Depreciation & amortization expense: | ||||||||||
Electronic Components | $ | 51.7 | $ | 60.6 | $ | 63.6 | ||||
Farnell |
| 19.8 |
| 26.0 |
| 24.8 | ||||
Corporate |
| 0.1 |
| 0.1 |
| 0.2 | ||||
$ | 71.6 | $ | 86.7 | $ | 88.6 | |||||
Sales, by geographic area: | ||||||||||
Americas | $ | 5,300.0 | $ | 5,919.2 | $ | 6,807.7 | ||||
EMEA |
| 6,409.6 |
| 8,395.0 |
| 9,229.4 | ||||
Asia |
| 10,491.2 |
| 9,442.9 |
| 10,499.8 | ||||
$ | 22,200.8 | $ | 23,757.1 | $ | 26,536.9 | |||||
Property, plant and equipment, net, by geographic area: | ||||||||||
Americas | $ | 154.9 | $ | 109.7 | $ | 105.3 | ||||
EMEA |
| 489.7 |
| 435.3 |
| 310.9 | ||||
Asia |
| 22.6 |
| 23.2 |
| 25.4 | ||||
$ | 667.2 | $ | 568.2 | $ | 441.6 | |||||
Sales by country are as follows:
Years Ended | ||||||||||
June 28, |
| June 29, |
| July 1, | ||||||
2025 | 2024 | 2023 | ||||||||
(Millions) | ||||||||||
Sales: | ||||||||||
Taiwan | $ | 4,676.1 | $ | 4,032.4 | $ | 4,233.3 | ||||
China (including Hong Kong) | 3,520.5 | 3,206.7 | 3,395.8 | |||||||
Germany | 2,242.2 | 3,240.3 | 3,892.2 | |||||||
Singapore | 1,360.0 | 1,298.4 | 1,497.0 | |||||||
Belgium | 1,233.8 | 1,422.6 | 1,549.6 | |||||||
Other | 4,151.8 | 5,030.8 | 5,623.8 | |||||||
Total foreign | $ | 17,184.4 | $ | 18,231.2 | $ | 20,191.7 | ||||
United States | $ | 5,016.4 | $ | 5,525.9 | $ | 6,345.2 | ||||
Total | $ | 22,200.8 | $ | 23,757.1 | $ | 26,536.9 | ||||
Property, plant and equipment, net, by country are as follows:
Years Ended | ||||||||||
June 28, |
| June 29, |
| July 1, | ||||||
2025 | 2024 | 2023 | ||||||||
(Millions) | ||||||||||
Property, plant and equipment, net: | ||||||||||
Germany | $ | 366.5 | $ | 307.7 | $ | 196.0 | ||||
United Kingdom | 104.4 | 105.7 | 92.6 | |||||||
Belgium | 13.5 | 14.0 | 15.5 | |||||||
Other | 35.8 | 33.7 | 35.6 | |||||||
Total foreign | $ | 520.2 | $ | 461.1 | $ | 339.7 | ||||
United States | $ | 147.0 | $ | 107.1 | $ | 101.9 | ||||
Total | $ | 667.2 | $ | 568.2 | $ | 441.6 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 15, 2025 | Showing above |
| 2024 | Aug 14, 2024 | |
| 2023 | Aug 18, 2023 | |
| 2022 | Aug 12, 2022 | |
| 2021 | Aug 13, 2021 | |
| 2020 | Aug 14, 2020 | |
| 2019 | Aug 15, 2019 | |
| 2018 | Aug 17, 2018 | |
| 2017 | Aug 17, 2017 | |
| 2016 | Aug 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.