Avnet delivered a solid QQ3 2026 performance, underscored by accelerating demand from data center and AI ecosystems and a broadened geographic recovery. Revenue reached $7.12B, up 34% year over year and 13% quarter over quarter, with gross margin of 10.38% and adjusted operating margin of 3.10% (GAAP operating margin at 3.09%). Management highlighted record Electronics Components (EC) sales, led by Asia (responsible for roughly 49% of total sales and a record $3.5B in a quarter typically affected by Lunar New Year). Farnell also posted double-digit YoY growth with margin expansion, guiding toward high-single-digit to double-digit operating margins as the segment recovers. Management attributed a portion of near-term growth to memory price increases, with approximately half of the sequential growth and about a quarter of the YoY increase tied to pricing shifts. The company also emphasized a strengthening IP&E and supply-chain services platform, a growing backlog, and book-to-bill well above parity across regions. Looking ahead, Avnet guided for Q4 2026 revenue of $7.3–$7.6B and diluted EPS of $1.70–$1.80, signaling continued growth into the seasonally tighter summer period. Notably, leverage remained elevated at 3.6x gross debt/EBITDA, with a path to roughly 3x by year-end, and the firm continued to prioritize capital allocation, including a dividend and buyback program, alongside inventory investments to capture demand. The Q3 results and June-quarter guidance position Avnet to benefit from the AI/data-center cycle, while exposing the company to memory-driven pricing dynamics and higher near-term working capital needs.