Index to Financial Statements ​ ​ ​ ​ ​ ​ ​ Page ​ ​ ​ ​ 1. Consolidated Financial Statements: ​ ​ ​ ​ ​ ​ ​ Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) ​ 35 ​ ​ ​ ​ ​ Report of Independent Registered Public Accounting Firm (KPMG LLP, Phoenix, AZ, Auditor Firm ID:185) ​ 38 ​ ​ ​ ​ ​ Avnet, Inc. and Subsidiaries Consolidated Financial Statements: ​ ​ ​ ​ ​ ​ ​ Consolidated Balance Sheets at June 27, 2026, and June 28, 2025 ​ 39 ​ ​ ​ ​ ​ Consolidated Statements of Operations for the fiscal years ended June 27, 2026, June 28, 2025, and June 29, 2024 ​ 40 ​ ​ ​ ​ ​ Consolidated Statements of Comprehensive Income for the fiscal years ended June 27, 2026, June 28, 2025, and June 29, 2024 ​ 41 ​ ​ ​ ​ ​ Consolidated Statements of Shareholders’ Equity for the fiscal years ended June 27, 2026, June 28, 2025, and June 29, 2024 ​ 42 ​ ​ ​ ​ ​ Consolidated Statements of Cash Flows for the fiscal years ended June 27, 2026, June 28, 2025, and June 29, 2024 ​ 43 ​ ​ ​ ​ ​ Notes to Consolidated Financial Statements ​ 44 ​ ​ ​ ​ 2. Financial Statement Schedule: ​ ​ ​ ​ ​ ​ ​ Schedule II (Valuation and Qualifying Accounts) for the fiscal years ended June 27, 2026, June 28, 2025, and June 29, 2024 ​ 82 ​ ​ ​ ​ ​ Schedules other than that above have been omitted because they are not applicable, or the required information is shown in the financial statements or notes thereto ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 34 Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of Avnet, Inc. Opinion on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheet of Avnet, Inc. and its subsidiaries (the "Company") as of June 27, 2026, and the related consolidated statements of operations, of comprehensive income, of shareholders’ equity and of cash flows for the year then ended, including the related notes and financial statement schedule for the year ended June 27, 2026 listed in the accompanying index (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of June 27, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 27, 2026, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 27, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. Basis for Opinion The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinions. 35 Table of Contents Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Revenue Recognition As described in Note 1 to the consolidated financial statements, management recognizes revenue at the point at which control of the underlying products are transferred to the customer. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company’s sales for the year ended June 27, 2026 were $27.6 billion. The principal consideration for our determination that performing procedures relating to revenue recognition is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s revenue recognition. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process. These procedures also included, among others, (i) reading a sample of customer agreements for relevant contractual terms; (ii) evaluating revenue recognized by either (a) testing the issuance and settlement of invoices and credit memos, tracing transactions not settled to a detailed listing of accounts receivable, and testing the completeness and accuracy of data provided by management or (b) testing, on a sample basis, revenue transactions by obtaining and inspecting source documents, such as contracts, purchase orders, invoices, proof of shipment, and cash receipts, as applicable; (iii) confirming, on a sample basis, outstanding customer invoice balances as of year-end and, for confirmations not returned, obtaining and inspecting source documents, such as contracts, purchase 36 Table of Contents orders, invoices, proof of shipment or delivery, as applicable, and subsequent cash receipts, as applicable; (iv) testing credit memos, on a sample basis, by obtaining and inspecting source documents, which included support for the nature and amount of the selected credit memos. ​ /s/ PricewaterhouseCoopers LLP ​ Phoenix, Arizona August 14, 2026 ​ We have served as the Company’s auditor since 2025. ​ ​ 37 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Avnet, Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheet of Avnet, Inc. and subsidiaries (the Company) as of June 28, 2025, the related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows for each of the years in the two-year period ended June 28, 2025, and the related notes and financial statement schedule II (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 28, 2025, and the results of its operations and its cash flows for each of the years in the two-year period ended June 28, 2025, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provides a reasonable basis for our opinion. ​ /s/ KPMG LLP ​ We had served as the Company’s auditor from 2002 to 2025. ​ Phoenix, Arizona August 15, 2025 38 Table of Contents ​ AVNET, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ 2026 ​ 2025 ​ ​ (Thousands, except share ​ ​ amounts) 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 ​ Commitments and contingencies (Note 13) ​ ​ ​ ​ ​ ​ ​ Shareholders’ equity: ​ ​ ​ ​ ​ ​ ​ Common stock $1.00 par; authorized 300,000,000 shares; issued 82,082,259 shares and 83,853,935 shares, respectively ​ 82,082 ​ 83,854 ​ Additional paid-in capital ​ 1,802,639 ​ 1,755,141 ​ Retained earnings ​ 3,513,176 ​ 3,430,193 ​ Accumulated other comprehensive loss ​ (375,394) ​ (257,693) ​ Total shareholders’ equity ​ 5,022,503 ​ 5,011,495 ​ Total liabilities and shareholders’ equity ​ $ 15,425,393 ​ $ 12,118,553 ​ ​ See notes to consolidated financial statements. ​ 39 Table of Contents ​ AVNET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ (Thousands, except per share amounts) Sales ​ $ 27,632,683 ​ $ 22,200,754 ​ $ 23,757,129 Cost of sales ​ 24,750,787 ​ 19,815,798 ​ 20,990,687 Gross profit ​ 2,881,896 ​ 2,384,956 ​ 2,766,442 Selling, general and administrative expenses ​ 2,022,408 ​ 1,762,386 ​ 1,869,525 Restructuring, integration, and other expenses ​ 134,706 ​ 108,316 ​ 52,550 Operating income ​ 724,782 ​ 514,254 ​ 844,367 Other expense, net ​ (6,631) ​ (17,283) ​ (15,736) Interest and other financing expenses, net ​ (250,715) ​ (246,402) ​ (282,867) Gain on legal settlements and other ​ ​ — ​ ​ — ​ ​ 86,499 Income before taxes ​ 467,436 ​ 250,569 ​ 632,263 Income tax expense ​ 133,047 ​ 10,352 ​ 133,564 Net income ​ $ 334,389 ​ $ 240,217 ​ $ 498,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 4.07 ​ $ 2.78 ​ $ 5.51 Diluted ​ $ 4.01 ​ $ 2.75 ​ $ 5.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares used to compute earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 82,158 ​ 86,266 ​ 90,567 Diluted ​ 83,415 ​ 87,413 ​ 91,837 Cash dividends paid per common share ​ $ 1.40 ​ $ 1.32 ​ $ 1.24 ​ See notes to consolidated financial statements. ​ 40 Table of Contents AVNET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ ​ June 27, ​ June 28, ​ June 29, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (Thousands) Net income ​ $ 334,389 ​ $ 240,217 ​ $ 498,699 Other comprehensive income (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation and other ​ (149,316) ​ 304,255 ​ (60,434) Cross-currency swap ​ ​ 23,224 ​ ​ (52,902) ​ ​ 6,608 Pension adjustments ​ 8,391 ​ (22,323) ​ (23,516) Total other comprehensive (loss) income, net of tax ​ ​ (117,701) ​ ​ 229,030 ​ ​ (77,342) Total comprehensive income, net of tax ​ $ 216,688 ​ $ 469,247 ​ $ 421,357 ​ See notes to consolidated financial statements. ​ 41 Table of Contents AVNET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY Years Ended June 27, 2026, June 28, 2025, and June 29, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Common ​ Common ​ Additional ​ ​ ​ ​ Other ​ Total ​ ​ Stock- ​ Stock- ​ Paid-In ​ Retained ​ Comprehensive ​ Shareholders’ ​ ​ Shares ​ Amount ​ Capital ​ Earnings ​ (Loss) Income ​ Equity ​ ​ (Thousands) Balance, July 1, 2023 ​ ​ 91,504 ​ $ 91,504 ​ $ 1,691,334 ​ $ 3,378,212 ​ $ (409,381) ​ $ 4,751,669 ​ Net income ​ — ​ — ​ — ​ 498,699 ​ — ​ 498,699 ​ Translation adjustments and other ​ — ​ — ​ — ​ — ​ (60,434) ​ (60,434) ​ Pension liability adjustments, net of tax of $7,648 ​ — ​ — ​ — ​ — ​ (23,516) ​ (23,516) ​ Cross-currency swap ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,608 ​ ​ 6,608 ​ Cash dividends ($1.24 per share) ​ — ​ — ​ — ​ (111,963) ​ — ​ (111,963) ​ Repurchases of common stock, including $1,652 of excise tax ​ ​ (3,293) ​ ​ (3,293) ​ ​ — ​ ​ (163,136) ​ ​ — ​ (166,429) ​ Stock-based compensation ​ 835 ​ 835 ​ 30,035 ​ — ​ — ​ 30,870 ​ Balance, June 29, 2024 ​ 89,046 ​ 89,046 ​ 1,721,369 ​ 3,601,812 ​ (486,723) ​ 4,925,504 ​ Net income ​ — ​ — ​ — ​ 240,217 ​ — ​ 240,217 ​ Translation adjustments and other ​ — ​ — ​ — ​ — ​ 304,255 ​ 304,255 ​ Pension liability adjustments, net of tax of $6,392 ​ — ​ — ​ — ​ — ​ (22,323) ​ (22,323) ​ Cross-currency swap ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (52,902) ​ ​ (52,902) ​ Cash dividends ($1.32 per share) ​ — ​ — ​ — ​ (113,310) ​ — ​ (113,310) ​ Repurchases of common stock, including $3,013 of excise tax ​ (5,923) ​ ​ (5,923) ​ ​ — ​ ​ (298,526) ​ ​ — ​ (304,449) ​ Stock-based compensation ​ 731 ​ 731 ​ 33,772 ​ — ​ — ​ 34,503 ​ Balance, June 28, 2025 ​ 83,854 ​ 83,854 ​ 1,755,141 ​ 3,430,193 ​ (257,693) ​ 5,011,495 ​ Net income ​ — ​ — ​ — ​ 334,389 ​ — ​ 334,389 ​ Translation adjustments and other ​ — ​ — ​ — ​ — ​ (149,316) ​ (149,316) ​ Pension liability adjustments, net of tax of $2,103 ​ — ​ — ​ — ​ — ​ 8,391 ​ 8,391 ​ Cross-currency swap ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 23,224 ​ ​ 23,224 ​ Cash dividends ($1.40 per share) ​ — ​ — ​ — ​ (114,361) ​ — ​ (114,361) ​ Repurchases of common stock, including $1,383 of excise tax ​ ​ (2,646) ​ ​ (2,646) ​ ​ — ​ ​ (137,045) ​ ​ — ​ ​ (139,691) ​ Stock-based compensation ​ 874 ​ 874 ​ 47,498 ​ — ​ — ​ 48,372 ​ Balance, June 27, 2026 ​ ​ 82,082 ​ $ 82,082 ​ $ 1,802,639 ​ $ 3,513,176 ​ $ (375,394) ​ $ 5,022,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ 42 Table of Contents AVNET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ (Thousands) Cash flows from operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 334,389 ​ $ 240,217 ​ $ 498,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash and other reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 76,786 ​ 71,616 ​ 86,708 Amortization of operating lease assets ​ ​ 57,961 ​ ​ 53,579 ​ 53,796 Deferred income taxes ​ 6,010 ​ (105,412) ​ (9,749) Stock-based compensation ​ 48,692 ​ 36,399 ​ 33,496 Other, net ​ (2,406) ​ 25,942 ​ 15,800 Changes in (net of effects from businesses acquired and divested): ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables ​ (2,614,899) ​ 183,533 ​ 316,218 Inventories ​ (918,329) ​ 409,553 ​ (51,203) Accounts payable ​ 2,608,416 ​ 101,702 ​ 4,496 Accrued expenses and other, net ​ 122,455 ​ (292,625) ​ (258,277) Net cash flows (used for) provided by operating activities ​ (280,925) ​ 724,504 ​ 689,984 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of convertible notes, net of issuance costs ​ 633,750 ​ — ​ — Repayments of public notes ​ (550,000) ​ — ​ — Borrowings (repayments) under accounts receivable securitization, net ​ — ​ 84,900 ​ (140,700) Borrowings (repayments) under senior unsecured credit facility, net ​ ​ 157,938 ​ ​ (357,299) ​ (43,277) Borrowings (repayments) under bank credit facilities and other debt, net ​ 57,033 ​ (2,451) ​ 27,491 Borrowings under term loan ​ ​ 270,161 ​ ​ — ​ — Repurchases of common stock ​ (138,308) ​ (303,490) ​ (162,723) Dividends paid on common stock ​ (114,361) ​ (113,310) ​ (111,963) Other, net ​ (321) ​ (1,876) ​ (2,627) Net cash flows provided by (used for) financing activities ​ 315,892 ​ (693,526) ​ ​ (433,799) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of property, plant and equipment ​ (73,572) ​ (147,474) ​ (226,478) Other, net ​ 2,099 ​ 10,347 ​ 994 Net cash flows used for investing activities ​ (71,473) ​ (137,127) ​ (225,484) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of currency exchange rate changes on cash and cash equivalents ​ (526) ​ (12,364) ​ (7,990) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ — increase (decrease) ​ (37,032) ​ (118,513) ​ ​ 22,711 — at beginning of period ​ 192,428 ​ 310,941 ​ 288,230 — at end of period ​ $ 155,396 ​ $ 192,428 ​ $ 310,941 ​ Additional cash flow information (Note 15) ​ See notes to consolidated financial statements. ​ ​ 43 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ​ 1. Summary of significant accounting policies Basis of presentation — The accompanying consolidated financial statements include the accounts of Avnet, Inc. and all of its majority-owned and controlled subsidiaries (the “Company” or “Avnet”). All intercompany and intracompany accounts and transactions have been eliminated. Reclassifications — Certain prior period amounts have been reclassified or combined to conform to the current period presentation. Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2026, 2025 and 2024 contain 52 weeks, and fiscal 2027 will contain 53 weeks. Unless otherwise noted, all references to “fiscal” or “year” shall mean the Company’s fiscal year. Management estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates. Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less including money market funds to be cash equivalents. Receivables – Receivables, predominately comprised of customer trade accounts, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable specific risk characteristics, such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis when similar risk characteristics exist. Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out or moving average cost basis, which approximates the first-in, first-out method. Inventory cost includes the purchase price of finished goods, and any freight cost incurred to receive the inventory into the Company’s distribution centers. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, vendor rebates, excess, and obsolescence allowances, or price protections provided by the Company’s suppliers. It records the lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value. Depreciation, amortization and useful lives — The Company reports property, plant, and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value or substantially extends the useful life of an existing asset. Additionally, the Company capitalizes qualified costs related to 44 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ software obtained or developed for internal use as a component of property, plant, and equipment. Software obtained for internal use has generally been enterprise-level business operations, logistics, and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant, and equipment when an asset is both in the location and condition for its intended use. Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings (30 years); machinery, fixtures and equipment (2-10 years); information technology hardware and software (2-10 years); and leasehold improvements (over the applicable lease term or economic useful life, if shorter). The Company amortizes intangible assets acquired in business combinations or asset combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years. Long-lived asset impairment — Long-lived assets, including property, plant, equipment, intangible assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (“asset group”). An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset group’s carrying value exceeds its estimated fair value. The Company considers a long-lived asset to be abandoned when it has ceased use of such abandoned asset and if the Company has no intent to use or repurpose the asset in the future. The Company continually evaluates the carrying value and the remaining economic useful life of long-lived assets and adjusts the carrying value and remaining useful life when appropriate. Leases — Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space, and integration facilities, with a lease term of up to 75 years. The Company’s equipment leases are primarily for automobiles, distribution center equipment and office equipment, which are not material to the consolidated financial statements. The Company determines if an arrangement contains a lease at inception. Lease right-of-use assets (“Operating lease assets”) and associated liabilities (“Operating lease liabilities”) are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options. The Company’s leases generally do not provide an implicit borrowing rate, as such, the discount rate used to calculate present value is based upon an estimate of the Company’s secured borrowing rate, which varies based on the lease term and the currency of the lease payments. Lease cost is recognized on a straight-line basis over the lease term and is included as a component of “Selling, general, and administrative expenses” in the consolidated statements of operations. Lease payments are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the measurement of operating lease assets and liabilities. 45 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Goodwill — Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. The Company does not amortize goodwill but instead tests goodwill for impairment at least annually in the fourth quarter. If necessary, the Company records any impairment resulting from such goodwill impairment testing as a component of operating expenses. Impairment testing is performed at the reporting unit level, which is defined as the same, or one level below, an operating segment. The Company will perform an interim impairment test between required annual tests if facts and circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit that has goodwill is less than its carrying value. In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units. Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective (including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation) and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the reverse is true, then the Company measures a goodwill impairment loss based on such difference. The Company evaluates each quarter if facts and circumstances indicate that it is more-likely-than-not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in macroeconomic or industry environments, (iii) the results of, and the amount of time passed since, the last goodwill impairment test, and (iv) the long-term expected financial performance of its reporting units. Convertible Debt – The Company records its convertible debt as a liability, measured at amortized cost. Unamortized debt issuance costs associated with the Company’s convertible debt are presented in the consolidated balance sheets as a reduction of long-term debt. These issuance costs are amortized on a straight-line basis, which closely approximates the effective interest rate method, to interest expense over the term of the convertible debt. See Note 7, “Debt”, for further details. Foreign currency translation — The assets and liabilities of foreign operations are translated into U.S. Dollars at the exchange rates in effect at each balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income (loss). Results of operations are translated using the average exchange rates prevailing throughout the reporting period. Transactions denominated in currencies other than the functional currency of the Avnet subsidiaries that are party to the transactions are remeasured at exchange rates in effect at each balance sheet date or upon settlement of the transaction. Gains and losses from such remeasurements are recorded in the consolidated statements of operations as a component of “Other expense, net.” 46 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized within income tax expense in the period in which the new tax rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to adjust such assets to their estimated net realizable value. The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more-likely-than-not to be sustained upon examination by the relevant tax authorities. Differences between the estimated and actual outcomes of these matters may result in future changes in estimates to such unrecognized tax benefits. Any such changes in estimates may impact the Company’s effective tax rate. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense. Revenue recognition — Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment, but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the supplier and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations, because the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers. For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process, which is typically over a few weeks. The contract assets associated with such specialized manufacturing products are not material. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions, and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions. The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract where revenue would be recorded on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services; (ii) the Company has control of inventory and the related inventory risk before the specified products have been transferred to a customer or after transfer of control to the 47 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ customer; and (iii) the Company has discretion in establishing the price for the specified products. If a transaction does not meet the Company’s indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis. The Company has contracts with certain customers where the Company's performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to the sale of electronic component supply chain services or to a lesser extent supplier software services. Sales tax and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company accounts for shipping and handling of product as a fulfillment activity. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company's revenue producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales. Vendor allowances and consideration — Consideration received from suppliers for price protection, product rebates, sell through incentives, marketing/promotional activities, or any other programs are recorded when earned (under the terms and conditions of such supplier programs) as adjustments to product costs or selling, general and administrative expenses, depending upon the nature and contractual requirements related to the consideration received. Some of these supplier programs require management to make estimates and may extend over multiple periods. Comprehensive income (loss) — Comprehensive income (loss) represents net income for the year adjusted for certain changes in shareholders’ equity. Accumulated comprehensive income (loss) items impacting comprehensive income (loss) includes foreign currency translation, unrealized gains and losses on derivative instruments designated and qualifying as net investment hedges, and the impact of the Company’s pension liability adjustments, net of tax. Stock-based compensation — The Company measures stock-based payments at fair value and generally recognizes the associated operating expense in the consolidated statements of operations over the requisite service period. A stock-based payment is considered vested for accounting expense attribution purposes when the employee’s retention of the award is no longer contingent on providing continued service. Accordingly, the Company recognizes all stock-based compensation expense for awards granted to retirement eligible employees over the period from the grant date to the date retirement eligibility is achieved, if less than the stated requisite service period. The expense attribution approach for retirement eligible employees does not affect the overall amount of compensation expense recognized but instead accelerates the recognition of such expense. Restructuring and exit activities — The determination of when the Company accrues for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements in accordance with Accounting Standards Codification 712 (“ASC 712”) Nonretirement Postemployment Benefits and accounts for one-time benefit arrangements in accordance with ASC 420 Exit or Disposal Cost Obligations. If applicable, the Company records such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Other costs associated with restructuring or exit activities may include contract 48 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ termination costs and impairments of long-lived assets, which are expensed in accordance with ASC 420 Exit or Disposal Cost Obligations and ASC 360 Property, Plant and Equipment, respectively. Gain on legal settlements — The Company recognizes gains on legal settlements only when such gains are realized or realizable. Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities, and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area. Fair value — The Company measures financial assets and liabilities at fair value based upon an exit price, representing the amount that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants. ASC 820, Fair Value Measurements, requires inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets; Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data; and, Level 3 are unobservable inputs that are not corroborated by market data. During fiscal 2026, 2025, and 2024, there were no transfers of assets measured at fair value between the three levels of the fair value hierarchy. The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables, and accounts payable approximate their fair values at June 27, 2026, due to the short-term nature of these assets and liabilities. At June 27, 2026, and June 28, 2025, the Company had $0.3 million and $3.5 million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria. Investments — Equity investments in businesses or start-up companies (“ventures”) are accounted for using the equity method if the investment provides the Company the ability to exercise significant influence, but not control, over the ventures. All other equity investments, which consist of investments for which the Company does not possess the ability to exercise significant influence over the ventures, are measured at fair value, using quoted market prices, or at cost minus impairment, if any, plus or minus changes resulting from observable price changes when fair value is not readily determinable. Investments in ventures are included in “Other assets” in the Company’s consolidated balance sheets. Changes in fair value, including impairments for investments in ventures, if any, are recorded in “Other expense, net” in the Company’s consolidated statements of operations. As of June 27, 2026, the Company’s investment in a venture was $25.9 million. Environmental liabilities — The Company accrues for environmental liabilities when it is probable that obligations have been incurred, and the associated amounts can be reasonably estimated. The Company uses a third-party specialist to assist in appropriately measuring its obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. The Company does not discount its environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. The Company’s estimate of its potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements and the Company’s environmental liabilities have not been reduced for potential insurance recoveries. 49 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Recently adopted accounting pronouncements — In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU No. 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt should be accounted for as an induced conversion. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted and should be applied on a prospective basis, although retrospective application is permitted. The Company early adopted this accounting standard at the beginning of fiscal 2026, which had no impact on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures (“ASU No. 2023-09”), which updates income tax disclosures related to the effective income tax rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The Company adopted this standard in the fourth quarter of fiscal 2026 on a prospective basis, which expanded its disclosures on the Company's consolidated financial statements. Refer to Note 9 “Income taxes.” ​ ​ 2. Derivative financial instruments Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies, which subjects the Company to the risks associated with fluctuations in currency exchange rates. This foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase from suppliers. The Company’s transactions are denominated primarily in the following currencies: U.S. Dollar, Euro, British Pound, Japanese Yen, Chinese Yuan, Taiwan Dollar, Canadian Dollar, and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other EMEA and Asian foreign currencies. The Company uses economic hedges to reduce this risk utilizing natural hedging (i.e., offsetting receivables and payables in the same foreign currency) and creating offsetting positions using derivative financial instruments (primarily forward foreign currency exchange contracts typically with maturities of less than 60 days, but no longer than one year). The Company continues to have exposure to foreign currency risks to the extent they are not economically hedged. The fair value of forward foreign currency exchange contracts is based on Level 2 criteria under the ASC 820 fair value hierarchy. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. The Company’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists. Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are classified within the same line item in the consolidated statements of operations as the remeasurement of the underlying assets or liabilities being economically hedged. The Company has a fixed-to-fixed rate cross currency swap (the “cross-currency swap”) with a notional amount of $500.0 million, or €472.6 million, that is set to mature in March 2028. The Company designated this derivative contract as a net investment hedge of its European operations and elected the spot method for measuring hedge effectiveness. Changes in fair value of the cross-currency swap is presented in “Accumulated other comprehensive loss” in the consolidated balance sheets. Amounts related to the cross-currency swap recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in “Interest and other financing expenses, net,” on the consolidated statements of operations. The fair value of the cross-currency swaps is based on Level 2 criteria under the ASC 820 fair value hierarchy. 50 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ The Company uses these derivative financial instruments to manage risks associated with foreign currency exchange rates and interest rates. The Company does not enter derivative financial instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties. The locations and fair values of the Company’s derivative financial instruments in the Company’s consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ 2026 ​ 2025 ​ ​ (Thousands) Economic hedges ​ ​ ​ ​ ​ ​ Prepaid and other current assets ​ $ 20,446 ​ $ 43,750 Accrued expenses and other ​ $ 22,763 ​ $ 27,640 Cross-currency swap ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 45,920 ​ $ 69,143 ​ The locations of derivative financial instruments on the Company’s consolidated statements of operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ ​ (Thousands) Economic hedges Other expense, net ​ $ (29,125) ​ $ 15,543 ​ $ (31,666) Cross currency swap Interest and other financing expense, net ​ $ 2,425 ​ $ 4,071 ​ $ 4,536 ​ ​ ​ 3. Shareholders’ equity Accumulated comprehensive loss The following table includes the balances within “Accumulated other comprehensive loss”: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ (Thousands) Accumulated translation adjustments and other ​ $ (257,540) ​ $ (131,448) ​ $ (382,801) ​ Accumulated pension liability adjustments, net of income taxes ​ (117,854) ​ (126,245) ​ (103,922) ​ Total accumulated other comprehensive loss ​ $ (375,394) ​ $ (257,693) ​ $ (486,723) ​ ​ Substantially all amounts reclassified out of “Accumulated comprehensive loss, net of tax”, to operating expenses during fiscal 2026, 2025, and 2024 related to net periodic pension costs as discussed further in Note 10. Share repurchase program During fiscal 2026, the Company repurchased 2.6 million shares under existing programs for a total cost of $138.3 million, excluding excise tax. As of June 27, 2026, the Company had $225.8 million remaining under its share repurchase authorization. 51 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Common stock dividend During fiscal 2026, the Company paid dividends of $1.40 per common share and $114.4 million in total. ​ 4. Working capital Receivables The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ June 28, ​ ​ 2026 ​ 2025 ​ ​ (Thousands) Gross receivables ​ $ 6,980,935 ​ $ 4,435,645 Allowance for credit losses ​ ​ (97,970) ​ ​ (108,195) Receivables ​ $ 6,882,965 ​ $ 4,327,450 The Company had the following activity in the allowance for credit losses during fiscal 2026 and fiscal 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ June 28, ​ ​ 2026 ​ 2025 ​ ​ (Thousands) Balance at beginning of the period ​ $ 108,195 ​ $ 108,504 Credit Loss Provisions ​ ​ 472 ​ ​ 3,503 Credit Loss Recoveries ​ ​ 432 ​ ​ 702 Receivables Write Offs ​ ​ (9,607) ​ ​ (10,498) Foreign Currency Effect and Other ​ ​ (1,522) ​ ​ 5,984 Balance at end of the period ​ $ 97,970 ​ $ 108,195 ​ The Company has legally transferred and de-recognized certain of its receivables on a non-recourse basis to financial institutions for cash. At June 27, 2026 and June 28, 2025, the Company had $1.98 billion and $1.56 billion, respectively, of transferred and de-recognized receivables that were not yet settled. Expenses related to such transfers are classified within “Interest and other financing expenses, net” in the consolidated financial statements. Inventories The Company’s inventories are primarily comprised of electronic components purchased from the Company’s suppliers, which are available for sale to customers in the normal course of the Company’s electronic component distribution business. Classified within inventories are electronic components held for supply chain service engagements (components) where the Company is acting as an agent on behalf of a customer or in some cases the component supplier. Given that these supply chain services involve purchasing, warehousing and providing logistics services for components as part of the services, the Company classifies the underlying components within inventories on the consolidated balance sheets. Components held for supply chain services where the Company is acting as an agent represented approximately 7% and 6% of inventories as of June 27, 2026, and June 28, 2025, respectively. ​ ​ ​ 52 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ 5. Property, plant and equipment, net Property, plant and equipment are recorded at cost, less accumulated depreciation, and consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, 2026 ​ ​ ​ June 28, 2025 ​ ​ (Thousands) Buildings ​ $ 252,333 ​ $ 258,653 ​ Machinery, fixtures and equipment ​ 322,558 ​ 305,864 ​ Information technology hardware and software ​ 817,084 ​ 893,572 ​ Leasehold improvements ​ 169,880 ​ 151,745 ​ Depreciable property, plant and equipment, gross ​ 1,561,855 ​ 1,609,834 ​ Accumulated depreciation ​ (1,138,626) ​ (1,191,652) ​ Depreciable property, plant and equipment, net ​ 423,229 ​ 418,182 ​ Land ​ 30,926 ​ 31,898 ​ Construction in progress ​ 190,419 ​ 217,167 ​ Property, plant and equipment, net ​ $ 644,574 ​ $ 667,247 ​ ​ Depreciation expense related to property, plant, and equipment, was $75.3 million, $70.2 million and $83.6 million in fiscal 2026, 2025, and 2024, respectively. Interest expense capitalized during fiscal 2026, 2025, and 2024 was not material. ​ ​ 6. Goodwill Goodwill The following table presents the change in goodwill balances by reportable segment for fiscal year 2026. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at June 28, 2025 (1) ​ $ 309,738 ​ $ 527,293 ​ $ 837,031 Foreign currency translation ​ (5,811) ​ (21,057) ​ (26,868) Carrying value at June 27, 2026 (1) ​ $ 303,927 ​ $ 506,236 ​ $ 810,163 (1) Includes accumulated impairment of $1,482,677 from prior fiscal years. ​ ​ ​ ​ ​ 53 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ 7. Debt Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ ​ 2026 ​ ​ 2025 ​ ​ 2026 ​ ​ 2025 ​ ​ ​ Interest Rate ​ Carrying Balance Accounts receivable securitization program ​ 4.49 % ​ — ​ ​ $ 500,000 ​ ​ — ​ Term loan - current portion ​ 4.07 % ​ — ​ ​ ​ 89,806 ​ ​ — ​ Other short-term debt ​ 4.49 % ​ 5.17 % ​ 144,146 ​ 87,284 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 733,952 ​ $ 87,284 ​ ​ The Company has a trade accounts receivable securitization program (the “Securitization Program”) in the United States with a group of financial institutions, which is due in December 2026. The Securitization Program allows the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of trade accounts receivable, to provide security or collateral for borrowings of up to $500.0 million. The Securitization Program does not qualify for off balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $1.23 billion and $813.9 million at June 27, 2026, and June 28, 2025, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. There were $500.0 million borrowings outstanding under the Securitization Program as of June 27, 2026, and as of June 28, 2025. In July 2026, subsequent to the end of fiscal 2026, the Company amended and extended its Securitization Program for two years. The Amendment increased the maximum purchase limit under the Receivables Purchase Agreement from $500.0 million to $700.0 million, extended the facility termination date to July 1, 2028, and excluded certain receivables from the agreement. Other terms of the agreement remained substantially unchanged. Other short-term debt consists of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the ongoing working capital requirements of the Company, including its foreign operations. The available unused capacity under the uncommitted lines of credit available to the Company and its subsidiaries was approximately $325.0 million as of June 27, 2026, and June 28, 2025. 54 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ June 28, ​ June 27, ​ June 28, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ 2025 ​ ​ ​ Interest Rate ​ Carrying Balance Accounts receivable securitization program ​ — ​ ​ 5.18 % ​ $ — ​ $ 500,000 ​ Credit Facility (due January 2030) ​ 4.82 % ​ 5.46 % ​ ​ 557,000 ​ ​ 411,586 ​ Term loan - noncurrent portion ​ 4.17 % ​ — ​ ​ ​ 173,925 ​ ​ — ​ Other long-term debt ​ 4.74 % ​ 4.74 % ​ ​ 18,481 ​ ​ 21,975 ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 2026 (1) ​ — ​ ​ 4.63 % ​ ​ — ​ ​ 550,000 ​ March 2028 ​ 6.25 % ​ 6.25 % ​ 500,000 ​ 500,000 ​ September 2030 (Convertible Notes) ​ 1.75 % ​ — ​ ​ ​ 650,000 ​ ​ — ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ June 2032 ​ 5.50 % ​ 5.50 % ​ ​ 300,000 ​ ​ 300,000 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 2,499,406 ​ 2,583,561 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (20,542) ​ (8,832) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 2,478,864 ​ $ 2,574,729 ​ ​ (1) As of June 28, 2025, the Company classified its $550 million of 4.63% Notes due April 2026 as long-term debt based on its ability and intent to refinance these notes on a long-term basis. In April 2026, the Company amended its five-year syndicated revolving credit facility (the “Credit Facility”) and exercised the accordion feature under which the revolving line of credit limit increased by $250 million to a limit of $1.75 billion. Under the Credit Facility, the Company may select from various interest rate options, currencies, and maturities, may issue up to $200.0 million of letters of credit and borrow up to $300.0 million of loans in certain approved currencies. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments, and capital expenditures. The Credit Facility also includes a financial covenant requiring the Company to maintain a leverage ratio below a certain threshold, which the Company was in compliance with as of June 27, 2026. At June 27, 2026, and June 28, 2025, there were $0.8 million in letters of credit issued under the Credit Facility. The Credit Facility matures in January 2030. On August 28, 2025, the Company amended its Credit Facility through September 2026 to temporarily raise the maximum permitted leverage ratio. The amendment also restricts the Company's ability to make certain payments including the repurchase of shares in excess of $100 million worth of its common stock, which was reached in the first quarter of fiscal 2026 in connection with the issuance of the Convertible Notes. In April 2026, the Company repaid the $550 million 4.63% Notes due April 2026 with available borrowing capacity under the Credit Facility. In July 2025, the Company entered into a credit agreement (“2025 Term Loan”) for approximately $266.5 million that matures in approximately equal annual installments over three years. The Term Loan bears a blended variable interest rate between tranches denominated in USD and EUR. In August 2026, subsequent to the end of fiscal 2026, the Company entered into a credit agreement (“2026 Term Loan”) for $375 million. The loan is priced at a variable interest rate and matures in July 2028. 55 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ In September 2025, the Company issued $650 million aggregate principal amount of convertible senior notes due 2030 (the “Convertible Notes”). The net proceeds from the sale of the Convertible Notes were approximately $633.8 million. The Convertible Notes accrue interest at a rate of 1.75% per annum. Before June 1, 2030, noteholders will have the right to convert their Convertible Notes only upon the occurrence of certain events, including but not limited to, the Company’s common stock trading above approximately $91 per share for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter, the market value of the Convertible Notes trading below 98% of the product of the trading price of the Company’s common stock and the conversion rate for a specific period, and certain fundamental changes to the Company’s corporate structure. The initial conversion price is approximately $70.27 per share of common stock. The Company may redeem all or any portion of the Convertible Notes, at the Company’s option, on or after September 8, 2028, if the sale price of the Company’s common stock has been at least approximately $91 per common share for at least 20 trading days during any 30 consecutive trading-day period. Upon conversion of the Convertible Notes, the Company must satisfy the aggregate principal amount of the notes being converted in cash. For any conversion obligation exceeding the aggregate principal amount, the Company may, at its discretion, settle the remainder through cash, shares of the Company’s common stock, or a combination thereof. Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2027 ​ ​ ​ $ 733,952 ​ 2028 ​ 592,763 ​ 2029 ​ 87,076 ​ 2030 ​ 559,957 ​ 2031 ​ 952,957 ​ Thereafter ​ 306,653 ​ Subtotal ​ 3,233,358 ​ Discount and debt issuance costs – unamortized ​ (20,542) ​ Total debt ​ $ 3,212,816 ​ ​ ​ ​ At June 27, 2026, the carrying value and fair value of the Company’s total debt was $3.21 billion and $3.46 billion, respectively. At June 28, 2025, the carrying value and fair value of the Company’s total debt was $2.66 billion and $2.65 billion, respectively. Fair value for public notes including convertible notes was estimated based on quoted market prices (Level 1) and, for other forms of debt, fair value approximates carrying value due to the market based variable nature of the interest rates on those debt facilities (Level 2). ​ 56 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ 8. Accrued expenses and other Accrued expenses and other consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, 2026 ​ ​ ​ June 28, 2025 ​ ​ (Thousands) Accrued salaries and benefits ​ $ 248,095 ​ $ 208,723 ​ Accrued operating costs ​ 208,848 ​ 131,951 ​ Accrued interest and banking costs ​ 50,196 ​ 49,324 ​ Accrued restructuring costs ​ 70,261 ​ 21,612 ​ Accrued income taxes ​ 31,541 ​ 12,409 ​ Accrued property, plant and equipment ​ ​ 13,083 ​ ​ 16,538 ​ Accrued other ​ 37,242 ​ 56,597 ​ Total accrued expenses and other ​ $ 659,266 ​ $ 497,154 ​ ​ ​ ​ 9. Income taxes The components of income tax expense (“tax provision”) are included in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ ​ June 27, 2026 ​ ​ ​ June 28, 2025 ​ ​ ​ June 29, 2024 ​ ​ (Thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 19,211 ​ $ 14,165 ​ $ 50,428 ​ State and local ​ 2,154 ​ 5,104 ​ 4,519 ​ Foreign ​ 110,406 ​ 90,637 ​ 94,663 ​ Total current taxes ​ 131,771 ​ 109,906 ​ 149,610 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 13,434 ​ 3,509 ​ (16,452) ​ State and local ​ 2,240 ​ 2,714 ​ 86 ​ Foreign ​ (14,398) ​ (105,777) ​ 320 ​ Total deferred taxes ​ 1,276 ​ (99,554) ​ (16,046) ​ Income tax expense ​ $ 133,047 ​ $ 10,352 ​ $ 133,564 ​ ​ The tax provision is computed based upon income before income taxes from both U.S. and foreign operations. U.S. income before income taxes was $108.6 million, $34.0 million, and $186.6 million in fiscal 2026, 2025, and 2024, respectively, and foreign income before income taxes was $358.8 million, $216.6 million, and $445.6 million, in fiscal 2026, 2025, and 2024, respectively. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (the “OBBB”). The bill includes extensions of current tax provisions and makes many significant tax changes. Most of the provisions enacted by the OBBB take effect in fiscal year 2025 to 2027. The Company expects no material adverse impact related to the OBBB in fiscal 2026. The Company will continue to monitor OBBB developments and update the potential impacts on its consolidated financial statements as new information becomes available. The Organization for Economic Co-operation and Development (OECD) has enacted a new global minimum tax framework known as Pillar Two. These rules have been agreed to by most OECD members. The OECD has since issued administrative guidance providing transition and safe harbor rules including the Side-by-Side package which exempts 57 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ US-parented MNE Groups from the Income Inclusion Rule (IIR) and the Undertaxed Profits Rule (UTPR) in other jurisdictions. The Company was subject to Pillar Two rules starting in fiscal 2025. As of June 27, 2026, Pillar Two taxes do not have a significant impact on the Company’s income tax expense. The Company is continuing to monitor the relevant developments and evaluate the potential impacts. The Company asserts that all its unremitted foreign earnings are permanently reinvested, and any unrecorded liabilities related to this assertion are not material. 58 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ June 27, 2026 ​ June 27, 2026 ​ ​ ($ in thousands, unless otherwise stated) Tax expense at U.S. federal statutory income tax rate ​ $ 98,162 ​ 21.0 % State and local income tax, net of federal effect (1) ​ ​ 4,394 ​ 0.9 ​ Foreign tax effects ​ ​ ​ ​ ​ ​ Belgium: ​ ​ ​ ​ ​ ​ Audit settlement ​ ​ 7,664 ​ 1.6 ​ Other ​ ​ (1,106) ​ (0.2) ​ Germany: ​ ​ ​ ​ ​ Effect of changes in tax laws or rates enacted in the current period ​ ​ 9,330 ​ 2.0 ​ Changes in valuation allowances ​ ​ 6,837 ​ 1.5 ​ Other ​ ​ (1,959) ​ (0.4) ​ Japan: ​ ​ ​ ​ ​ ​ Other ​ ​ 5,007 ​ 1.1 ​ Malta: ​ ​ ​ ​ ​ ​ Notional interest deduction ​ ​ (9,917) ​ (2.1) ​ Statutory tax rate difference between Malta and United States ​ ​ 8,827 ​ 1.9 ​ Other ​ ​ (1,748) ​ (0.4) ​ Mexico: ​ ​ ​ ​ ​ ​ Transfer pricing ​ ​ 10,763 ​ 2.3 ​ Other ​ ​ (1,978) ​ (0.5) ​ Other foreign jurisdictions ​ ​ 239 ​ 0.1 ​ Effect of cross-border tax laws ​ ​ ​ ​ ​ ​ Foreign-derived intangible income ​ ​ (7,531) ​ (1.6) ​ Other ​ ​ (182) ​ (0.0) ​ Changes in valuation allowances ​ ​ 990 ​ 0.2 ​ Nontaxable or nondeductible items ​ ​ ​ ​ ​ ​ Foreign translation gain ​ ​ 6,328 ​ 1.4 ​ Transfer pricing ​ ​ (9,112) ​ (2.0) ​ Other ​ ​ 2,118 ​ 0.5 ​ Changes in unrecognized tax benefits ​ ​ 3,935 ​ 0.8 ​ Other ​ ​ 1,986 ​ 0.4 ​ Income tax expense ​ ​ 133,047 ​ 28.5 ​ (1) State taxes in Illinois, California, Texas, Pennsylvania, and Arizona made up the majority (greater than 50 percent) of the tax effect in this category. ​ ​ 59 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Reconciliations of the U.S. federal statutory income tax rate to the effective income tax rates, prior to the adoption of ASU 2023-09, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 28, 2025 ​ ​ ​ June 29, 2024 U.S. federal statutory rate ​ ​ ​ 21.0 % ​ 21.0 % State and local income taxes 1.3 ​ ​ 0.9 ​ Tax on foreign income (1) (1.8) ​ ​ (2.1) ​ Change in valuation allowances 8.1 ​ ​ 0.8 ​ Change in unrecognized tax benefit reserves (4.8) ​ ​ 0.1 ​ Tax audit settlements 3.6 ​ ​ 0.3 ​ Impact of tax attribute carryforwards ​ (26.2) ​ ​ — ​ Other, net 2.9 ​ ​ 0.1 ​ Effective tax rate 4.1 % ​ 21.1 % (1) Tax on foreign income represents the tax rate impact of the difference between foreign rates and the U.S. federal statutory rate applied to foreign income or loss and foreign income taxed in the U.S. at rates other than its statutory rate. The Company applies the guidance in ASC 740 Income Taxes, which requires management to use its judgment to the appropriate weighting of all available evidence when assessing the need for the establishment or the release of valuation allowances. As part of this analysis, the Company examines all available evidence on a jurisdiction-by-jurisdiction basis and weighs the positive and negative evidence when determining the need for full or partial valuation allowances. The evidence considered for each jurisdiction includes, among other items: (i) the historic levels and types of income or losses over a range of time periods, which may extend beyond the most recent three fiscal years depending upon the historical volatility of income in an individual jurisdiction; (ii) expectations and risks associated with underlying estimates of future taxable income, including considering the historical trend of down-cycles in the Company’s served industries; (iii) jurisdictional specific limitations on the utilization of deferred tax assets, including when such assets expire; and (iv) prudent and feasible tax planning strategies. The significant components of deferred tax assets and liabilities, included in “Other assets” on the consolidated balance sheets, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ 2026 ​ 2025 ​ ​ (Thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Federal, state and foreign net operating loss carry-forwards ​ $ 268,934 ​ $ 264,043 ​ Depreciation and amortization ​ ​ 7,553 ​ ​ 8,801 ​ Inventories valuation ​ ​ 26,379 ​ ​ 19,070 ​ Operating lease liabilities ​ 57,163 ​ 48,842 ​ Receivables valuation ​ ​ 16,160 ​ ​ 17,510 ​ Interest deductions ​ ​ 154,214 ​ ​ 77,004 ​ Various accrued liabilities and other ​ 86,763 ​ 189,583 ​ ​ ​ 617,166 ​ 624,853 ​ Less — valuation allowances ​ (248,219) ​ (253,618) ​ ​ ​ 368,947 ​ 371,235 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ (57,163) ​ (47,222) ​ Net deferred tax assets ​ $ 311,784 ​ $ 324,013 ​ ​ ​ 60 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ The change in valuation allowances in fiscal 2026 from fiscal 2025 was related to a $1.0 million decrease resulting from current year activities and true ups related to prior years, and a $4.4 million decrease resulting from changing foreign exchange rates. As of June 27, 2026, the Company had net operating and capital loss carry-forwards of approximately $1.23 billion, of which $18.9 million will expire during fiscal 2027 and fiscal 2028, $208.2 million have expiration dates ranging from fiscal 2029 to fiscal 2045, and the remaining $1.00 billion have no expiration date. A significant portion of these losses are not expected to be realized in the foreseeable future and have valuation allowances against them. The carrying value of the Company’s net operating and capital loss carry-forwards depends on the Company’s ability to generate sufficient future taxable income in certain tax jurisdictions. Estimated liabilities for unrecognized tax benefits are included in “Accrued expenses and other” and “Other liabilities” on the consolidated balance sheets. These contingent liabilities relate to various tax matters that result from uncertainties in the application of complex income tax regulations in the numerous jurisdictions in which the Company operates. As of June 27, 2026, unrecognized tax benefits were $123.9 million. Accrued interest expense and penalties related to unrecognized tax benefits are $32.0 million and $28.0 million as of the end of fiscal 2026 and 2025, respectively. Reconciliations of the beginning and ending liability balances for unrecognized tax benefits, excluding interest and penalties, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, 2026 ​ ​ ​ June 28, 2025 ​ ​ (Thousands) Balance at beginning of year ​ $ 92,578 ​ $ 100,661 ​ Additions for tax positions taken in prior periods ​ 3,321 ​ 1,078 ​ Reductions for tax positions taken in prior periods ​ (326) ​ (7,159) ​ Additions for tax positions taken in current period ​ 4,728 ​ 3,974 ​ Reductions related to settlements with taxing authorities ​ (3,752) ​ (7,533) ​ Reductions related to the lapse of applicable statutes of limitations ​ (4,032) ​ (352) ​ Adjustments related to foreign currency translation ​ (645) ​ 1,909 ​ Balance at end of year ​ $ 91,872 ​ $ 92,578 ​ ​ The Company conducts business globally and consequently files income tax returns in numerous jurisdictions, including those listed in the following table. It is also routinely subject to audit in these and other countries. The Company is no longer subject to audit in its major jurisdictions for periods prior to fiscal 2016. The years remaining subject to audit, by major jurisdiction, are as follows: ​ ​ ​ ​ ​ Jurisdiction ​ ​ ​ Fiscal Year United States (Federal and state) 2016, 2017, 2019 - 2026 ​ Taiwan 2021 - 2026 ​ Hong Kong 2020 - 2026 ​ Germany ​ 2023 - 2026 ​ Singapore 2021 - 2026 ​ Belgium 2022 - 2026 ​ United Kingdom ​ 2023 - 2026 ​ Canada ​ 2021 - 2026 ​ ​ ​ ​ ​ ​ 61 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ 10. Pension and retirement plans Pension Plan The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. Employees (the “Plan”). The Plan meets the definition of a defined benefit plan and, as a result, the Company applies ASC 715 pension accounting to the Plan. The following table outlines changes in benefit obligations, plan assets, and the funded status of the Plan as of the end of fiscal 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ 2026 ​ 2025 ​ (Thousands) ​ Changes in benefit obligations: ​ ​ ​ ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 473,980 ​ $ 470,843 ​ Service cost ​ 10,873 ​ 11,480 ​ Interest cost ​ 22,966 ​ 24,732 ​ Actuarial loss ​ 3,898 ​ 11,292 ​ Benefits paid ​ (43,034) ​ (44,367) ​ Benefit obligations at end of year ​ $ 468,683 ​ $ 473,980 ​ Changes in plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 477,558 ​ $ 480,705 ​ Actual return on plan assets ​ 41,544 ​ 33,220 ​ Benefits paid ​ (43,034) ​ (44,367) ​ Contributions ​ 8,000 ​ 8,000 ​ Fair value of plan assets at end of year ​ $ 484,068 ​ $ 477,558 ​ Funded status of the plan recognized as a non-current asset ​ $ 15,385 ​ $ 3,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial losses ​ $ 193,061 ​ $ 199,856 ​ Unamortized prior service cost ​ 12 ​ 16 ​ ​ ​ $ 193,073 ​ $ 199,872 ​ Other changes in plan assets and benefit obligations recognized in other comprehensive income: ​ ​ ​ ​ ​ ​ ​ Net actuarial loss ​ $ 4,565 ​ $ 17,584 ​ Amortization of net actuarial losses ​ (11,360) ​ (5,222) ​ Amortization of prior service costs ​ (4) ​ (4) ​ ​ ​ $ (6,799) ​ $ 12,358 ​ ​ Included in “Accumulated other comprehensive loss” at June 27, 2026, is $193.1 million of net actuarial losses that have not yet been recognized in net periodic pension cost, of which $17.5 million is expected to be recognized as a component of net periodic pension cost during fiscal 2027. 62 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Assumptions used to calculate actuarial present values of benefit obligations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Discount rate ​ 5.5 % ​ 5.5 % ​ The discount rate selected by the Company for the Plan reflects the current rate at which the underlying liability could be settled at the measurement date as of June 27, 2026. The estimated discount rate in fiscal 2026 and fiscal 2025 was based on the spot yield curve approach, which applies the individual spot rates from a highly rated bond yield curve to each future year’s estimated cash flows. The weighted-average assumptions used to determine net benefit costs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Discount rate ​ 5.3 % ​ 5.5 % Expected return on plan assets ​ 8.0 % ​ 7.5 % Rate of compensation increase ​ 3.5 % ​ 3.5 % Interest crediting rate ​ 4.3 % ​ 4.3 % ​ Components of net periodic pension cost for the Plan during the last three fiscal years are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ (Thousands) Service cost within selling, general and administrative expenses ​ $ 10,873 ​ $ 11,480 ​ $ 10,252 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 22,966 ​ 24,732 ​ 24,579 Expected return on plan assets ​ (42,212) ​ (41,721) ​ (39,941) Recognized net actuarial loss and other ​ 11,365 ​ 5,226 ​ 227 Total net periodic pension benefit within other expense, net ​ ​ (7,881) ​ ​ (11,763) ​ ​ (15,135) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost (benefit) ​ $ 2,992 ​ $ (283) ​ $ (4,883) ​ The Company made $8.0 million of contributions in fiscal 2026 and fiscal 2025 and expects to make approximately $8.0 million of contributions in fiscal 2027. Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands): ​ ​ ​ ​ 2027 $ 50,468 ​ 2028 38,450 ​ 2029 39,815 ​ 2030 40,516 ​ 2031 42,576 ​ 2032 through 2036 203,386 ​ ​ 63 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ The Plan’s assets are held in trust and were invested as follows as of the measurement date at the end of fiscal 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Equity securities 65 % ​ 64 % Fixed income debt securities 31 % ​ 32 % Cash and cash equivalents 4 % ​ 4 % ​ The general investment objectives of the Plan are to maximize returns through a diversified investment portfolio to earn annualized returns that exceed the long-term cost of funding the Plan’s pension obligations while maintaining reasonable and prudent levels of risk. The expected return on the Plan’s assets in fiscal 2027 is currently 8.0%, which is the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation based upon the targeted investment allocations. In making this assumption, the Company evaluated expectations regarding future rates of return for the investment portfolio, along with the historical and expected distribution of investments by asset class and the historical rates of return for each of those asset classes. The mix of return seeking and fixed income investments is typically diversified. The Plan’s assets do not include any investments in Avnet common stock. As of June 27, 2026, the Company’s target allocation for the Plan’s investment portfolio is for return seeking investments to represent approximately 65% of the investment portfolio. The majority of the remaining investment portfolio is invested in fixed income investments, which typically have lower risks, but also lower returns. The following table sets forth the fair value of the Plan’s investments as of June 27, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ Net Asset Value ​ ​ ​ Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 22,661 ​ $ — ​ $ — ​ $ — ​ $ 22,661 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 151,184 ​ 151,184 ​ Real estate ​ — ​ — ​ — ​ 78,515 ​ 78,515 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 83,745 ​ 83,745 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 113,482 ​ 113,482 ​ Corporate ​ — ​ — ​ — ​ 34,481 ​ 34,481 ​ Total ​ $ 22,661 ​ $ — ​ $ — ​ $ 461,407 ​ $ 484,068 ​ ​ Certain investments included in the table above are measured at fair value using the net asset value per share (or its equivalent) practical expedient and are not included in the three levels of the fair value hierarchy. 64 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ The following table sets forth the fair value of the Plan’s investments as of June 28, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ Net Asset Value ​ ​ ​ Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 17,880 ​ $ — ​ $ — ​ $ — ​ $ 17,880 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 147,890 ​ 147,890 ​ Real estate ​ — ​ — ​ — ​ 74,747 ​ 74,747 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 84,857 ​ ​ 84,857 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 113,401 ​ 113,401 ​ Corporate ​ ​ — ​ — ​ — ​ 38,783 ​ 38,783 ​ Total ​ $ 17,880 ​ $ — ​ $ — ​ $ 459,678 ​ $ 477,558 ​ ​ Each of these investments may be redeemed without restrictions in the normal course of business and there were no material unfunded commitments as of June 27, 2026. ​ 11. Leases The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ June 27, ​ June 28, ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 Operating lease cost ​ $ 68,337 ​ $ 64,349 ​ $ 63,514 Variable lease cost ​ ​ 38,672 ​ ​ 33,036 ​ ​ 29,560 Total lease cost ​ $ 107,009 ​ $ 97,385 ​ $ 93,074 ​ Future minimum operating lease payments as of June 27, 2026, are as follows (in thousands): ​ ​ ​ ​ Fiscal Year ​ ​ 2027 $ 61,511 2028 ​ 50,793 2029 40,610 2030 30,906 2031 21,737 Thereafter 228,589 Total future operating lease payments ​ 434,146 Total imputed interest on operating lease liabilities ​ (171,147) Total operating lease liabilities $ 262,999 ​ 65 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ ​ ​ June 27, ​ June 28, ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 13.0 ​ ​ 14.0 ​ ​ 7.5 ​ Weighted-average discount rate ​ 4.1 % ​ 4.1 % ​ 3.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental Cash Flow Information (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for operating lease liabilities $ 60,579 ​ $ 58,474 ​ $ 57,572 ​ Operating lease assets obtained from new operating lease liabilities $ 112,278 ​ $ 92,647 ​ $ 47,668 ​ ​ ​ ​ ​ ​ ​ ​ 12. Stock-based compensation The Company measures all stock-based payments at fair value and recognizes related expense within selling, general and administrative expenses in the consolidated statements of operations over the requisite service period (generally the vesting period). During fiscal 2026, 2025, and 2024, the Company recorded stock-based compensation expense of $48.7 million, $36.4 million, and $33.5 million, respectively, for all forms of stock-based compensation awards. Stock plan At June 27, 2026, the Company had 6.6 million shares of common stock reserved for stock-based payments, which consisted of 0.6 million shares for unvested or unexercised stock options, 4.6 million shares available for stock-based awards under plans approved by shareholders, and 1.4 million shares for restricted stock units and performance share units granted but not yet vested. Stock options There were no stock options granted in fiscal 2026 and 2025, and the stock-based compensation expense and unamortized stock-based compensation associated with stock options were not material. Restricted stock units Delivery of restricted stock units, and the associated compensation expense, is recognized over the vesting period and is generally subject to the employee’s continued service to the Company, except for employees who are retirement eligible under the terms of the restricted stock units. As of June 27, 2026, 1.1 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $36.3 million, $34.3 million, and $32.6 million for fiscal years 2026, 2025, and 2024, respectively. 66 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ The following is a summary of the changes in non-vested restricted stock units during fiscal 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Shares ​ ​ ​ Fair Value Non-vested restricted stock units at June 28, 2025 1,043,756 ​ $ 48.78 ​ Granted 760,504 ​ 50.16 ​ Vested (705,952) ​ 47.87 ​ Forfeited (23,065) ​ ​ 49.74 ​ Non-vested restricted stock units at June 27, 2026 1,075,243 ​ $ 50.34 ​ ​ As of June 27, 2026, there was $22.2 million of total unrecognized compensation expense related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of restricted stock units vested during fiscal 2026, 2025, and 2024, was $33.8 million, $31.4 million, and $31.0 million, respectively. Performance share units The Company granted 0.2 million performance share units during fiscal 2026, 2025, and 2024. During fiscal 2026, 2025, and 2024, the stock-based compensation expense associated with the performance share units was not material. ​ 13. Commitments and contingencies From time to time, the Company may become a party to, or be otherwise involved in, various lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity, or results of operations. The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations. For certain of these matters, it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss, particularly regarding matters in early stages. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity but could possibly be material to its results of operations in any single reporting period. As of June 27, 2026, and June 28, 2025, the Company had aggregate estimated liabilities of $6.2 million and $9.6 million, respectively, classified within accrued expenses and other for such compliance-related matters that were both probable and estimable as of such dates. In the ordinary course of business, the Company provides bank guarantees and standby letters of credit issued by financial institutions to support certain obligations. As of June 27, 2026, and June 28, 2025, the aggregate amount of these guarantees was approximately $139.8 million and $118.3 million, respectively. The Company does not expect any material losses to arise from these arrangements, and no material liability has been recorded related to these guarantees. 67 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Contingent Liability for Mexico Consumption Tax Audit The Company’s facilities in Mexico operate under the IMMEX program, which provides for reduced tariffs and eased import regulations. The Mexican customs and tax authority (Servicio de Administracion Tributaria (SAT)) has been auditing the Company’s participation in the program for the period January 11, 2019, to January 11, 2020. The Company recorded a net loss of $43.4 million within “restructuring, integration and other expenses” in the Company’s consolidated statement of operations in the fourth quarter of fiscal 2025, which was the Company’s best estimate of the losses from this matter incorporating SAT negotiations at that time and the Company’s best estimate of its ability to recover VAT, foreign currency exchange rates at the time of payment or recovery, and any administrative processes or legal appeals. During fiscal 2026, the Company reached a negotiated settlement with SAT for the periods under audit and paid $61.4 million, resulting in a loss of $35.1 million, net of estimated VAT recovery. Gain on Legal Settlements and Other During fiscal 2024, the Company recorded gains on legal settlements and other of $86.5 million in connection with the settlements of claims filed against certain manufacturers of capacitors. The Company received $90.7 million in cash, of which $86.5 million related to the gain recognized in fiscal 2024. Gains from legal settlements were classified as operating cash flows in the Company’s Consolidated Statements of Cash Flows. ​ 14. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 334,389 ​ $ 240,217 ​ $ 498,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 82,158 ​ 86,266 ​ 90,567 Net effect of dilutive stock-based compensation awards ​ 1,257 ​ 1,147 ​ 1,270 Net effect of dilutive convertible notes ​ ​ — ​ ​ — ​ ​ — Weighted average common shares for diluted earnings per share ​ 83,415 ​ 87,413 ​ 91,837 Basic earnings per share ​ $ 4.07 ​ $ 2.78 ​ $ 5.51 Diluted earnings per share ​ $ 4.01 ​ $ 2.75 ​ $ 5.43 Stock options excluded from earnings per share calculation due to an anti-dilutive effect ​ ​ — ​ ​ — ​ ​ 79 ​ ​ The Company calculates basic earnings per share, or EPS, by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method for outstanding stock options, restricted stock units, and performance share units and the if-converted method for convertible debt. ​ ​ ​ ​ ​ 68 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ 15. Additional cash flow information The “Other, net” component of non-cash and other reconciling items within operating activities in the consolidated statements of cash flows consisted of the following during the last three fiscal years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ (Thousands) Provision for credit losses ​ $ 472 ​ $ 3,503 ​ $ 12,570 ​ Periodic pension cost (benefit) ​ 10,181 ​ 2,093 ​ (663) ​ Other, net ​ (13,059) ​ 20,346 ​ 3,893 ​ Total ​ $ (2,406) ​ $ 25,942 ​ $ 15,800 ​ ​ Non-cash investing and financing activities and supplemental cash flow information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 13,083 ​ $ 16,538 ​ $ 20,451 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ ​ — ​ ​ — ​ $ 2,054 ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 269,850 ​ $ 287,592 ​ $ 351,374 ​ Income tax payments, net (1) ​ $ 106,612 ​ $ 245,995 ​ $ 208,585 ​ Federal ​ $ 55,090 ​ ​ — ​ ​ — ​ U.S. State ​ $ 2,649 ​ ​ — ​ ​ — ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Taiwan ​ $ 11,774 ​ ​ — ​ ​ — ​ Hong Kong ​ $ 8,231 ​ ​ — ​ ​ — ​ Israel ​ $ 8,128 ​ ​ — ​ ​ — ​ Other ​ $ 20,740 ​ ​ — ​ ​ — ​ ​ (1) The Company adopted ASU 2023-09 on a prospective basis. As such, cash paid for income taxes for fiscal years 2025 and 2024 were not adjusted to reflect current year presentation. The Company includes book overdrafts as part of accounts payable on its consolidated balance sheets and reflects changes in such balances as part of cash flows from operating activities in its consolidated statements of cash flows. ​ ​ 69 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ 16. Segment information Avnet has two primary reportable segments — Electronic Components (“EC”) and Farnell (“Farnell”). Both reportable segments aggregate the operating segments in each of the three major economic regions of the world: (i) the Americas, (ii) EMEA, and (iii) Asia. Each operating segment has its own management team, who manage various functions within each operating segment. Each reportable and operating segment also has distinct financial reporting to the executive level, which informs operating decisions, strategic planning, and resource allocation for the Company as a whole. The company concluded that identifying operating segments by major geographic region within each of the company’s major businesses was consistent with ASC 280 and it has aggregated geographic operating segments within EC and Farnell reportable segments based on similar characteristics including long-term financial performance, the nature of products and services provided, process for delivering those products and services, and types of customers. Avnet’s EC reportable segment 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, and logistics services. Within the EC reportable segment for 2026, net sales of approximately $21.38 billion consist of semiconductor products, approximately $3.96 billion consist of interconnect, passive, and electromechanical components, and approximately $378.3 million consist of computers, and approximately $138.1 million consists of other products and services. Within the EC reportable segment 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. Within the EC reportable segment for 2024, net sales of approximately $18.77 billion consist of semiconductor products, approximately $3.03 billion consist of interconnect, passive, and electromechanical components, and approximately $304.9 million consist of computers, and approximately $54.9 million consists of other products and services. 70 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Avnet’s Farnell reportable segment 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 reportable segment for 2026, net sales of approximately $335.4 million consists of semiconductor products, approximately $645.3 million consists of interconnect, passive, and electromechanical components, approximately $223.3 million consists of single-board computers, and approximately $576.8 million consists of other products and services, including test and measurement and maintenance, repair, and operations products. Within the Farnell reportable segment 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. Within the Farnell reportable segment for 2024, net sales of approximately $257.6 million consists of semiconductor products, approximately $718.3 million consists of interconnect, passive, and electromechanical components, approximately $77.9 million consists of single-board computers, and approximately $543.3 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 operating and reportable segments based on operating income. Sales, cost of goods sold, 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. 71 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 25,851.9 ​ $ 20,755.0 ​ $ 22,160.0 ​ Farnell ​ ​ 1,780.8 ​ ​ 1,445.8 ​ ​ 1,597.1 ​ Avnet Sales ​ $ 27,632.7 ​ $ 22,200.8 ​ $ 23,757.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant Segment Expenses and Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold ​ $ 23,463.8 ​ $ 18,746.7 ​ $ 19,847.6 ​ Selling, general and administrative expenses ​ ​ 1,489.7 ​ ​ 1,300.1 ​ ​ 1,364.9 ​ Operating income ​ $ 898.5 ​ $ 708.2 ​ $ 947.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Farnell ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold ​ $ 1,287.0 ​ $ 1,069.1 ​ $ 1,143.1 ​ Selling, general and administrative expenses ​ ​ 388.1 ​ ​ 343.8 ​ ​ 389.2 ​ Operating income ​ $ 105.7 ​ $ 32.8 ​ $ 64.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable segment operating income ​ $ 1,004.2 ​ $ 741.0 ​ $ 1,012.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate expenses ​ $ (143.2) ​ $ (116.9) ​ $ (112.3) ​ Restructuring, integration, and other expenses ​ (134.7) ​ (108.3) ​ (52.6) ​ Amortization of acquired intangible assets ​ (1.5) ​ (1.5) ​ (3.1) ​ Avnet operating income ​ $ 724.8 ​ $ 514.3 ​ $ 844.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 13,361.0 ​ $ 9,984.9 ​ $ 10,162.8 ​ Farnell ​ 1,764.1 ​ 1,742.4 ​ 1,707.9 ​ Corporate ​ 300.3 ​ ​ 391.2 ​ ​ 338.4 ​ ​ ​ $ 15,425.4 ​ $ 12,118.6 ​ $ 12,209.1 ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 57.2 ​ $ 90.6 ​ $ 176.5 ​ Farnell ​ 16.3 ​ 21.4 ​ 49.9 ​ Corporate ​ 0.1 ​ 35.5 ​ 0.1 ​ ​ ​ $ 73.6 ​ $ 147.5 ​ $ 226.5 ​ Depreciation & amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 57.0 ​ $ 51.7 ​ $ 60.6 ​ Farnell ​ 19.7 ​ 19.8 ​ 26.0 ​ Corporate ​ 0.1 ​ 0.1 ​ 0.1 ​ ​ ​ $ 76.8 ​ $ 71.6 ​ $ 86.7 ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 6,480.8 ​ $ 5,300.0 ​ $ 5,919.2 ​ EMEA ​ 7,725.1 ​ 6,409.6 ​ 8,395.0 ​ Asia ​ 13,426.8 ​ 10,491.2 ​ 9,442.9 ​ ​ ​ $ 27,632.7 ​ $ 22,200.8 ​ $ 23,757.1 ​ Property, plant and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 162.5 ​ $ 154.9 ​ $ 109.7 ​ EMEA ​ 460.5 ​ 489.7 ​ 435.3 ​ Asia ​ 21.6 ​ 22.6 ​ 23.2 ​ ​ ​ $ 644.6 ​ $ 667.2 ​ $ 568.2 ​ ​ ​ *May not foot due to rounding. ​ 72 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ Sales by country are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Taiwan ​ $ 6,713.4 ​ $ 4,676.1 ​ $ 4,032.4 ​ China (including Hong Kong) ​ ​ 3,796.1 ​ ​ 3,520.5 ​ ​ 3,206.7 ​ Germany ​ ​ 2,716.1 ​ ​ 2,242.2 ​ ​ 3,240.3 ​ Singapore ​ ​ 1,635.6 ​ ​ 1,360.0 ​ ​ 1,298.4 ​ Belgium ​ ​ 1,586.7 ​ ​ 1,233.8 ​ ​ 1,422.6 ​ Other ​ ​ 5,055.3 ​ ​ 4,151.8 ​ ​ 5,030.8 ​ Total foreign ​ $ 21,503.2 ​ $ 17,184.4 ​ $ 18,231.2 ​ United States ​ $ 6,129.5 ​ $ 5,016.4 ​ $ 5,525.9 ​ Total ​ $ 27,632.7 ​ $ 22,200.8 ​ $ 23,757.1 ​ ​ ​ Property, plant and equipment, net, by country are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ June 27, ​ ​ ​ June 28, ​ ​ ​ June 29, ​ ​ ​ 2026 ​ 2025 ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Millions) Property, plant and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany ​ $ 347.8 ​ $ 366.5 ​ $ 307.7 ​ United Kingdom ​ ​ 97.4 ​ ​ 104.4 ​ ​ 105.7 ​ Belgium ​ ​ 11.0 ​ ​ 13.5 ​ ​ 14.0 ​ Other ​ ​ 33.3 ​ ​ 35.8 ​ ​ 33.7 ​ Total foreign ​ $ 489.5 ​ $ 520.2 ​ $ 461.1 ​ United States ​ $ 155.1 ​ $ 147.0 ​ $ 107.1 ​ Total ​ $ 644.6 ​ $ 667.2 ​ $ 568.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 73 Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ​ ​ 17. Restructuring expenses Fiscal 2026 During fiscal 2026, the Company incurred restructuring expenses primarily related to headcount reductions including restructuring actions taken to reduce costs in Farnell and Europe including the announced closure of a distribution center in Germany. The following table presents the activity incurred during fiscal 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ Exit Costs ​ Other ​ Total ​ ​ (Thousands) Fiscal 2026 restructuring expenses ​ $ 83,975 ​ $ 601 ​ $ 3,133 ​ $ 87,709 Cash payments ​ (14,453) ​ ​ — ​ ​ (3,067) ​ ​ (17,520) Other, principally foreign currency translation ​ ​ 74 ​ ​ — ​ ​ (2) ​ ​ 72 Balance at June 27, 2026 ​ $ 69,596 ​ $ 601 ​ $ 64 ​ $ 70,261 ​ Severance expense recorded in fiscal 2026 related to the reduction, or planned reduction, of approximately 350 employees, primarily in business operations and support functions. Of the $87.7 million in restructuring expenses recorded in fiscal 2026, $83.1 million related to EC and $4.6 million related to Farnell. The Company expects most of the remaining severance amounts to be paid by the end of December 2026. Fiscal 2025 During fiscal 2025, the Company incurred restructuring expenses primarily for severance. Of these expenses, $19.4 million remained unpaid at the end of fiscal 2025, substantially all of which was paid during fiscal 2026. ​ ​ ​ ​ ​ ​ ​ ​ 74 Table of Contents ​