Arrow Electronics
ARW · NYSEWholesale-Electronic Parts & Equipment, NEC · Fiscal year ends Dec 31
Arrow Electronics reported revenue of $30.9B in the fiscal year ended Dec 2025, up 10.5% from the year before. Operating income was $822M, an operating margin of 2.7%, and net income was $571M. Operating cash flow of $64M less capital expenditure of $101M left free cash flow of −$37M. Net debt was $2.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $34.5B | $37.1B | $33.1B | $27.9B | $30.9B |
| Cost of revenue | $30.3B | $32.3B | $29B | $24.6B | $27.4B |
| Gross profit | $4.2B | $4.8B | $4.1B | $3.3B | $3.5B |
| Selling, general & admin | $2.4B | $2.6B | $2.4B | $2.2B | $2.4B |
| Operating income | $1.6B | $2.1B | $1.5B | $769M | $822M |
| Net interest incomeBanks | −$132M | −$186M | −$329M | −$270M | −$215M |
| Pre-tax income | $1.4B | $1.9B | $1.2B | $489M | $718M |
| Income tax | $326M | $449M | $255M | $96M | $148M |
| Net income | $1.1B | $1.4B | $904M | $392M | $571M |
| Diluted EPS | 15.10 | 21.80 | 15.84 | 7.29 | 10.93 |
| Diluted shares | 73M | 65M | 57M | 54M | 52M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $222M | $177M | $218M | $189M | $306M |
| Receivables | $11.1B | $12.3B | $12.2B | $13B | $19.7B |
| Inventory | $4.2B | $5.3B | $5.2B | $4.7B | $5.1B |
| Current assets | $15.9B | $18.3B | $18.3B | $18.4B | $25.7B |
| Net PP&E | $683M | $596M | $531M | $469M | $475M |
| Goodwill | $2.1B | $2B | $2.1B | $2.1B | $2.1B |
| Total assets | $19.5B | $21.8B | $21.7B | $21.8B | $29.1B |
| Payables | $9.6B | $10.5B | $10.1B | $11B | $17.4B |
| Current liabilities | $11.3B | $12.4B | $13.2B | $12.6B | $18.8B |
| Short-term debt | $383M | $590M | $1.7B | $350M | $341,000 |
| Long-term debt | $2.2B | $3.2B | $2.2B | $2.8B | $3.1B |
| Shareholders' equity | $5.3B | $5.5B | $5.8B | $5.8B | $6.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $419M | −$33M | $705M | $1.1B | $64M |
| Capital expenditure | $83M | $79M | $83M | $93M | $101M |
| Free cash flow | $336M | −$112M | $622M | $1B | −$37M |
| Depreciation & amortisation | $195M | $187M | $181M | $163M | $138M |
| Stock-based compensation | $36M | $43M | $42M | $35M | $28M |
| Share buybacks | $912M | $1B | $770M | $265M | $162M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.7% | −10.8% | −15.7% | 10.5% |
| Operating income growth (YoY) | – | 32.9% | −28.9% | −47.8% | 7.0% |
| EPS growth (YoY) | – | 44.4% | −27.3% | −54.0% | 49.9% |
| Gross margin | 12.2% | 13.0% | 12.5% | 11.8% | 11.2% |
| Operating margin | 4.5% | 5.6% | 4.4% | 2.8% | 2.7% |
| Net margin | 3.2% | 3.8% | 2.7% | 1.4% | 1.9% |
| Return on equityBlank when equity is negative | 21.0% | 25.7% | 15.6% | 6.8% | 8.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.0% | 22.1% | 17.2% | 8.4% | 8.0% |
| Free cash flow margin | 1.0% | −0.3% | 1.9% | 3.7% | −0.1% |
| Cash conversion (CFO ÷ net income) | 0.38x | −0.02x | 0.78x | 2.88x | 0.11x |
| Receivable days | 118 | 121 | 135 | 170 | 234 |
| Inventory days | 51 | 60 | 65 | 70 | 68 |
| Payable days | 116 | 118 | 127 | 164 | 232 |
| Debt ÷ equity | 0.50x | 0.68x | 0.66x | 0.54x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.4B | $3.6B | $3.6B | $2.9B | $2.8B |
| Current ratio | 1.40x | 1.48x | 1.39x | 1.46x | 1.36x |
Recent filings
More in Wholesale-Electronic Parts & Equipment, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.