Research Reports

Q2 FY2026 sales of $6.3B, above the high end of guidance, up 12% YoY and 7% sequentially (CFO)
Electronic Components sales up 11% YoY (constant currency +9%); operating margin 3.2% (CEO, CFO)
Farnell sales up 24% YoY (constant currency +20%); operating margin 4.7% (CEO, CFO)
Asia sales reached a record $3B+, sixth consecutive quarter of YoY growth; Asia now >50% of total sales (CEO, CFO)
Regional YoY growth: Asia +17%, Europe +8%, Americas +5% (CFO)
Gross margin 10.5%, flattish YoY, up slightly sequentially (CFO)
SG&A $492M, 74% of gross profit dollars vs. 76% last quarter (CFO)
Operating cash flow >$200M in Q2 (CEO)
Inventory reduced $126M (-2.3% sequentially) to 86 days; EC inventory <80 days, Farnell <230 days (CFO)
Demand creation revenues up 7% sequentially (CEO)
Book-to-bill “robust in every region”, led by Asia and EMEA (CEO)

Q3 FY2026 sales $6.2B–$6.5B; diluted EPS $1.20–$1.30 (CFO)
Implies ~1% sequential sales increase at midpoint; growth in Americas/EMEA, less-seasonal decline in Asia due to Lunar New Year (CFO)

“We delivered another quarter of financial results that exceeded the high end of our sales and EPS guidance.” (CEO)
“Our double-digit year-on-year sales growth was led by record revenues in Asia along with better than typical seasonal growth in the Americas, Europe and Farnell.” (CEO)
“The pricing environment remained stable during the quarter, but we have seen spot price increases… suggesting there may be upward pricing pressure across many technologies going forward.” (CEO)
“Working capital days decreased seven days quarter over quarter to 88 days.” (CFO)
“We anticipate that our operating expense to gross profit ratio will continue to improve as we grow our gross profit dollars.” (CFO)

Metric	Value	Speaker/Context
Sales	$6.3B	CFO – Q2 FY2026 actual
Sales YoY growth	12%	CFO – overall
EC sales growth	11% YoY / 7% seq	CFO – Electronic Components
Farnell sales growth	24% YoY / 7% seq	CFO
Gross margin	10.5%	CFO – flattish YoY, up slightly seq
EC operating margin	3.2%	CEO – Q2
Farnell operating margin	4.7%	CEO – Q2
SG&A	$492M	CFO – Q2
Interest expense	$61M	CFO – Q2
Adjusted EPS	$1.05	CFO – above high end of guidance
Working capital days	88 days	CFO – down 7 days QoQ
Inventory (total)	86 days	CFO – target <80 days
Dividend per share	$0.35	CFO – Q2
Q3 FY2026 sales guidance	$6.2B–$6.5B	CFO
Q3 FY2026 EPS guidance	$1.20–$1.30	CFO
Q3 FY2026 effective tax rate	21%–25%	CFO – assumption
Diluted shares outstanding	83M	CFO – Q3 assumption

Topic: 订单线性度与积压可见性
Key points:
- 12月季度订单在10月、11月表现强劲，12月中旬后逐渐减少；但账单出货持续至季度末。
- 季度内订单出货比为正。
- 供应商要求更长的积压订单以规划生产，客户开始提供更多远期可见性；可见性正在改善，但未达到理想水平。
Mgmt stance: 谨慎乐观（可见性改善，但尚未完全恢复至所需水平）。

Topic: 区域营收展望与价格通胀趋势
Key points:
- 3月季度（FQ3）美洲和EMEA预计环比上升，其中美洲增长预期为高个位数（high single digit），符合季节性与混合影响。
- 亚洲受农历新年影响，但影响程度弱于往年；区域混合将对利润率有利。
- 存储控制器、特定电容器等组件开始出现价格通胀，主要由数据中心和超大规模客户需求驱动；但实际价格影响尚未在当季业绩中显现。
Mgmt stance: 正面（区域组合改善、价格通胀为潜在利好，但尚未反映在当季数据）。

Topic: 价格传导机制与Farnell利润率展望
Key points:
- 现货采购（spot buys）可提升利润率；合同客户价格上涨将传导至收入与毛利，但不影响利润率百分比。
- 价格上涨集中在存储、内存、高端网络、特定电容及天线等领域。
- Farnell运营利润率目标为每季度改善50个基点；若欧洲营收恢复，改善幅度可能加速至100个基点；长期目标为双位数运营利润率。
Mgmt stance: 谨慎乐观（承诺逐步改善，但依赖欧洲营收恢复与支出管控；投资于数字化与AI）。