ADI Global Distribution

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus, with record revenue of $1,286M beating the $1,251M expected by 2.8%. However, significant operational headwinds led to an EBIT of $25M, missing the $64M consensus by over 60%. While gross margins expanded to 22.7% (aided by a $20M tariff refund), adjusted EBITDA fell 9% YoY. FY26 full-year revenue guidance of $4.95B-$5.00B is slightly ahead of annualized consensus, though profitability remains pressured by spin-off costs and employee expenses.