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Avnet cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$867M in Q1 FY27 · −$1.1B over twelve months

Operating cash flow−$842M
Capital spending−$24.3M
Free cash flow−$867M
Cash / net income-3.0×
Cash conversion cycle69 days

Analysis

In Q1 FY27, Avnet generated −$842M of operating cash flow and spent $24.3M on capital projects, leaving free cash flow of −$867M.

Over the twelve months to Oct 3, 2026, operating cash flow was −$979M; the largest uses were operating cash flow ($979M), dividends ($116M), capital spending ($73.2M); besides operations, cash came from other financing ($663M), net borrowing (+) / repaid (−) ($565M); the cash balance rose by $61.3M.

Operating cash flow was −$842M against net income of $282M — -3.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$2.1B, payables +$1.8B, receivables −$893M.

Its cash conversion cycle was 69 days (receivables 67 + inventory 72 − payables 71).

Free cash flow

Avnet: free cash flow by quarterAvnet: free cash flow by quarter$308MQ2 FY25$114MQ3 FY25$79.9MQ4 FY25−$169MQ1 FY26$193MQ2 FY26−$70.7MQ3 FY26−$308MQ4 FY26−$867MQ1 FY27
Operating cash flow less capital spending.
Avnet: operating cash flow against capital spendingAvnet: operating cash flow against capital spendingOperating cash flowCapital spending$338M$29.4MQ2 FY25$141M$26.7MQ3 FY25$139M$59.6MQ4 FY25−$145M$24.6MQ1 FY26$208M$15.4MQ2 FY26−$53.8M$16.9MQ3 FY26−$291M$16.8MQ4 FY26−$842M$24.3MQ1 FY27
Latest (Q1 FY27): Operating cash flow −$842M, Capital spending $24.3M.

Capital allocation, year by year

Avnet: where the cash came from (up) and went (down), by fiscal yearAvnet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow −$219MFY22: Net borrowing $181MFY22: Shares issued $5.7MFY22: Asset sales $90.4MFY22: Capital spending −$48.9MFY22: Buybacks −$184MFY22: Dividends −$98.5M$277MFY22FY23: Operating cash flow −$714MFY23: Net borrowing $402MFY23: Capital spending −$195MFY23: Buybacks −$222MFY23: Dividends −$106M$402MFY23FY24: Operating cash flow $690MFY24: Net borrowing $27.5MFY24: Capital spending −$226MFY24: Buybacks −$163MFY24: Dividends −$112M$717MFY24FY25: Operating cash flow $725MFY25: Net borrowing −$2.5MFY25: Capital spending −$147MFY25: Buybacks −$303MFY25: Dividends −$113M$725MFY25FY26: Operating cash flow −$281MFY26: Net borrowing $141MFY26: Capital spending −$73.6MFY26: Buybacks −$138MFY26: Dividends −$114M$141MFY26
Over these 5 years operating cash flow totalled $201M; the largest uses were operating cash flow ($1.2B) and buybacks ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$237M
Debt$4.2B
Net debt$3.9B
Due within a year$734M
Cash runway3 months

Avnet is burning cash: its operations consume cash, a free cash flow of −$1.1B a year at the current rate against $237M of cash and investments: a runway of about 3 months; $734M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Avnet: debt maturities by year (FY26)Avnet: debt maturities by year (FY26)$734MYear 1$593MYear 2$87.1MYear 3$560MYear 4$953MYear 5$307MAfter year 5
Principal due in each year as disclosed in the annual report, against $237M of cash and investments now.

Where the cash came from and went

Avnet: sources (+) and uses (−) of cash, Q1 FY27Avnet: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow−$842MNet borrowing (+) / repaid (−)$518MOther financing$463MCash drawn (+) / kept (−)−$81.4MDividends−$30.4MCapital spending−$24.3MExchange rates−$3.5MOther investing$822K
Avnet: sources (+) and uses (−) of cash, TTM to Q1 FY27Avnet: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow−$979MOther financing$663MNet borrowing (+) / repaid (−)$565MDividends−$116MCapital spending−$73.2MCash drawn (+) / kept (−)−$61.3MOther investing$2.8MExchange rates−$1.1M

From profit to cash

Avnet: net income to operating cash flow, Q1 FY27Avnet: net income to operating cash flow, Q1 FY27Net income$282MDepreciation & amortization$19.2MStock-based pay$18.9MOther non-cash$7.0MReceivables−$893MInventory−$2.1BPayables$1.8BAccrued liabilities$4.6MOperating cash flow−$842M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2767727169
Q4 FY2668716573
Q3 FY2669776481
Q2 FY2670866592
Q1 FY2668926298
Q4 FY25689562102
Q3 FY257310167107
Q2 FY25729865105

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27−$842M−$24.3M—−$30.4M$518M−$81.4M−$867M
Q4 FY26−$291M−$16.8M—−$28.7M$38.2M$47.0M−$308M
Q3 FY26−$53.8M−$16.9M—−$28.7M$7.2M$84.1M−$70.7M
Q2 FY26$208M−$15.4M—−$28.5M−$126M−$111M$193M
Q1 FY26−$145M−$24.6M−$138M−$28.5M$353M$17.0M−$169M
Q4 FY25$139M−$59.6M−$50.0M−$27.7M−$65.9M−$3.5M$79.9M
Q3 FY25$141M−$26.7M−$101M−$28.2M$37.4M−$16.8M$114M
Q2 FY25$338M−$29.4M−$52.2M−$28.6M−$450M$95.4M$308M

Avnet: income statement and cash flow

Avnet, Q1 FY27: revenue $10.7B (+82% year over year), operating margin 4.4%. The chart follows the revenue to costs, profit and cash.

Avnet: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.