Core Viewpoint - Avnet reported strong second-quarter earnings for fiscal 2026, exceeding estimates and showing significant year-over-year growth in both earnings and revenues [2][3]. Financial Performance - Adjusted earnings per share for Q2 were $1.05, surpassing the Zacks Consensus Estimate by 10.53% and increasing 20.7% year-over-year [2]. - Net sales rose 11.6% year-over-year to $6.32 billion, exceeding the consensus mark by 5.28% [3]. - The Electronic Components segment's revenues increased 10.8% year-over-year to $5.89 billion, outperforming estimates of $5.6 billion [4]. - Farnell sales surged 23.6% year-over-year to $427.1 million, exceeding the estimate of $400.8 million [4]. Regional Performance - Year-over-year sales growth included a 16.9% increase in Asia to $3.17 billion, a 4.9% increase in the Americas to $1.44 billion, and an 8.3% increase in EMEA to $1.71 billion [5]. Operating Income and Margins - Adjusted operating income was $171.7 million, up 7.7% year-over-year [5]. - The operating margin for the Electronic Components segment contracted 20 basis points to 3.2%, while Farnell's margin improved 370 basis points to 4.7% [6]. Balance Sheet and Cash Flow - As of December 27, 2025, cash and cash equivalents were $286.5 million, up from $175.5 million as of September 27, 2025 [7]. - Long-term debt decreased to $2.47 billion from $2.79 billion [7]. - Operating cash flow for Q2 was $208 million, with $28 million paid in dividends [8]. Guidance and Estimates - For Q3 fiscal 2026, Avnet expects revenues between $6.2 billion and $6.5 billion, with non-GAAP earnings projected between $1.20 and $1.30 per share [9]. - Consensus estimates have trended upward, with an 8.72% shift in estimates over the past month [10]. VGM Scores and Outlook - Avnet holds a Growth Score of A and a Value Score of A, indicating strong performance in these areas [11]. - The stock has a Zacks Rank of 3 (Hold), suggesting an expectation of an in-line return in the coming months [12].