Gross margin 10.6%, down 99 bps YoY (higher Asia mix) and 49 bps sequentially (product/customer mix, FX) (CFO).
SG&A $451M; excluding FX and prior quarter gain on sale-leaseback, SG&A decreased ~2% YoY and sequentially (CFO).
Cash from operations $139M in Q4, $725M for FY2025; CapEx $60M (included office building purchase); normal quarterly CapEx expected $25M–$35M in FY2026 (CFO).
Inventories decreased $185M (constant currency) sequentially, down >$400M (~8%) YoY; Book-to-bill improved across all regions and Farnell, with Europe and Asia above parity (CEO, CFO).
Share repurchases ~$50M in Q4; reduced shares outstanding ~7% in FY2025; dividend $0.33/share ($28M); gross leverage 3.4x; available borrowing capacity ~$1.1B (CFO).
Official guidance (Q1 FY2026): Sales $5.55B–$5.85B; diluted EPS $0.75–$0.85; assumes ~2% sequential sales growth at midpoint, growth in all regions, similar interest expense, tax rate 22%–26%, 85M diluted shares (CFO).
Mgmt Quotes
“We delivered $22.2 billion in revenues and $3.44 of adjusted diluted earnings per share” (CEO)
“Sales were better than expected, led by Asia which delivered 18% year-over-year growth in the quarter” (CEO)
“Our Book-to-bill ratio improved across all regions and Farnell last quarter… led by our Europe and Asia regions, which were both above parity” (CEO)
“Farnell’s results have stabilized but we still have work to do to achieve its full margin potential” (CEO)
“We expect lower cash flow from operations in Q1, primarily due to certain income tax payments that need to be made” (CFO)