Avnet's fiscal fourth quarter ended June 27, 2026 delivered a print that read more like a semiconductor up-cycle confirmation than a distributor's quarter: record sales of $8.30 billion (+47.7% reported, +47.1% constant currency versus the prior-year quarter), GAAP operating margin of 2.8% expanding 147 basis points year over year, and adjusted diluted EPS of $2.28 tripling from $0.81. Every region grew at least 43% in the quarter, both reportable segments posted higher margins, and the company exited fiscal 2026 with $1.73 billion of available borrowing capacity under its credit facility and securitization program. The market has noticed - the shares closed at $95.71 on August 14, 2026, more than double the 52-week low of $44.25 touched in November 2025, with the post-earnings session on August 6 printing a fresh 52-week high of $100.00. The open question for fiscal 2027 is whether the first-quarter guidance of $9.00–$9.30 billion in sales (+8% at the midpoint) and $2.80–$2.90 in adjusted EPS, against an industry backdrop management described as "mass market activity continuing to accelerate," is the floor or the ceiling of a still-early up-cycle.