{
  "preparedAt": "2026-10-30",
  "evidenceVerifiedThrough": "2026-10-30",
  "scope": "Five distributor reporting groups: four full quarterly earnings releases and one qualitative quarterly trading update, plus two newer sales updates and three earnings calendars. Separate from manufacturer revenue and market sizing.",
  "reportingGroupCount": 5,
  "sources": [
    {
      "id": "arrow-q2",
      "title": "Arrow Q2 2026 results",
      "url": "https://news.arrow.com/news-releases/news-details/2026/Arrow-Electronics-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
      "publishedAt": "2026-08-06",
      "kind": "Quarterly earnings release"
    },
    {
      "id": "arrow-next",
      "title": "Arrow next earnings announcement",
      "url": "https://news.arrow.com/news-releases/news-details/2026/Arrow-Electronics-to-Host-Third-Quarter-2026-Earnings-Conference-Call/default.aspx",
      "publishedAt": "2026-10-22",
      "kind": "Earnings calendar"
    },
    {
      "id": "avnet-q4",
      "title": "Avnet Q4 FY2026 results",
      "url": "https://ir.avnet.com/news-releases/news-release-details/avnet-reports-fourth-quarter-and-fiscal-2026-financial-results",
      "publishedAt": "2026-08-05",
      "kind": "Quarterly earnings release"
    },
    {
      "id": "avnet-next",
      "title": "Avnet next earnings announcement",
      "url": "https://www.ir.avnet.com/news-releases/news-release-details/avnet-report-first-quarter-fiscal-year-2027-earnings-november-4",
      "publishedAt": "2026-10-21",
      "kind": "Earnings calendar"
    },
    {
      "id": "rs-q1",
      "title": "RS Q1 FY2027 AGM statement",
      "url": "https://www.rsgroup.com/media/uktjy54u/q1-fy27-rns-agm-trading-update_final.pdf",
      "publishedAt": "2026-07-16",
      "kind": "Qualitative quarterly trading update"
    },
    {
      "id": "rs-calendar",
      "title": "RS financial calendar",
      "url": "https://www.rsgroup.com/investors/financial-calendar/",
      "publishedAt": null,
      "kind": "Earnings calendar"
    },
    {
      "id": "wpg-q2",
      "title": "WPG Q2 2026 financial results",
      "url": "https://www.wpgholdings.com/investors_msg/detail/en/other/3081",
      "publishedAt": "2026-08-11",
      "kind": "Quarterly earnings release"
    },
    {
      "id": "wpg-q3-sales",
      "title": "WPG September and Q3 sales update",
      "url": "https://www.wpgholdings.com/news/detail/en/revenue/26062",
      "publishedAt": "2026-10-12",
      "kind": "Revenue update; not full quarterly financial results"
    },
    {
      "id": "wt-q2",
      "title": "WT Q2 2026 financial results",
      "url": "https://www.wtmec.com/announced-financial-results-for-the-second-quarter-of-2026/?lang=en",
      "publishedAt": "2026-08-06",
      "kind": "Quarterly earnings release"
    },
    {
      "id": "wt-q3-sales",
      "title": "WT September and Q3 sales update",
      "url": "https://www.wtmec.com/202609-unaudited-consolidated-monthly-sales/?lang=en",
      "publishedAt": "2026-10-08",
      "kind": "Unaudited revenue update; not full quarterly financial results"
    }
  ],
  "records": [
    {
      "id": "arrow",
      "company": "Arrow Electronics",
      "directoryName": "Arrow Electronics",
      "region": "North America lens; global operations",
      "period": "Q2 2026",
      "periodEnd": "2026-07-04",
      "releasedAt": "2026-08-06",
      "reportType": "Quarterly earnings release",
      "revenue": "$9.992bn",
      "reportedGrowth": 32,
      "componentRevenue": "$7.366bn",
      "componentReportedGrowth": 39,
      "componentConstantCurrencyGrowth": 38,
      "orders": "Book-to-bill above 1 and backlog increasing; no numerical ratio extracted",
      "bookToBill": null,
      "inventory": null,
      "guidance": "At the August release: Q3 total sales $9.60–10.20bn; Global Components $7.50–7.90bn. This forecast period has ended; Q3 results are still pending.",
      "nextResultsDate": "2026-11-05",
      "signal": "Global Components demand is improving across regions; ECS computing revenue is excluded from the component signal.",
      "limitation": "Components includes semiconductors and other products. Reported growth is not connector growth.",
      "sourceIds": [
        "arrow-q2",
        "arrow-next"
      ],
      "verifiedAt": "2026-10-30",
      "directoryId": 25
    },
    {
      "id": "avnet",
      "company": "Avnet",
      "directoryName": "Avnet",
      "region": "North America lens; global operations",
      "period": "Q4 FY2026",
      "periodEnd": "2026-06-27",
      "releasedAt": "2026-08-05",
      "reportType": "Quarterly earnings release",
      "revenue": "$8.2954bn",
      "reportedGrowth": 47.7,
      "componentRevenue": "$7.7953bn",
      "componentReportedGrowth": 49,
      "orders": "Management reports book-to-bill above 1; no numerical ratio extracted",
      "bookToBill": null,
      "inventory": "Quarter-end inventory days 71, down 6 sequentially; EC below 65 days; Farnell below 200 days",
      "guidance": "At the August release: Q1 FY2027 sales $9.00–9.30bn, approximately +10% sequentially at midpoint. That forecast period has ended; results are pending.",
      "nextResultsDate": "2026-11-04",
      "signal": "Sales growth alongside lower inventory days is consistent with improved channel throughput. Farnell sales $500.1m, +29.4% YoY, adds a high-service distribution lens.",
      "limitation": "Farnell and Newark are included in Avnet; do not add their sales to the parent. Inventory days alone cannot distinguish sell-through from every inventory adjustment.",
      "sourceIds": [
        "avnet-q4",
        "avnet-next"
      ],
      "verifiedAt": "2026-10-30",
      "directoryId": 26
    },
    {
      "id": "rs",
      "company": "RS Group",
      "directoryName": "RS",
      "region": "Europe lens; global industrial operations",
      "period": "Q1 FY2026/27",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026-07-16",
      "reportType": "Qualitative quarterly trading update",
      "revenue": null,
      "reportedGrowth": null,
      "componentRevenue": null,
      "componentReportedGrowth": null,
      "orders": null,
      "bookToBill": null,
      "inventory": null,
      "guidance": "AGM statement reports continuing positive momentum across regions. It does not give a quarterly revenue total or numerical management sales range. Analyst consensus in the footnote is not company guidance.",
      "nextResultsDate": "2026-11-05",
      "signal": "Provides directional support for industrial distribution recovery; evidence is qualitative.",
      "limitation": "Broad industrial/MRO mix. Do not substitute annual results for quarterly results or infer connector-specific growth.",
      "sourceIds": [
        "rs-q1",
        "rs-calendar"
      ],
      "verifiedAt": "2026-10-30",
      "directoryId": 30
    },
    {
      "id": "wpg",
      "company": "WPG Holdings",
      "directoryName": "WPG Holdings",
      "region": "Asia lens; global operations",
      "period": "Q2 2026 financial results; newer Q3 sales update",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026-08-11",
      "reportType": "Quarterly earnings release plus subsequent revenue update",
      "revenue": "NT$456.211bn",
      "reportedGrowth": 82.2,
      "orders": "Qualitative momentum in high-density connectivity and other components; no numerical order total extracted",
      "bookToBill": null,
      "inventory": null,
      "guidance": "Q2 release forecast Q3 revenue NT$460–500bn. The later Q3 sales update reports NT$507.93bn, above the range. No Q4 numerical sales guidance verified.",
      "nextResultsDate": null,
      "latestSales": {
        "period": "Q3 2026",
        "periodEnd": "2026-09-30",
        "releasedAt": "2026-10-12",
        "revenue": "NT$507.93bn",
        "reportedGrowth": 107.8,
        "reportType": "Revenue update; not full quarterly financial results"
      },
      "signal": "Connectivity demand is mentioned explicitly, but September shipments also reflect pre-holiday pull-ins and price adjustments.",
      "limitation": "Semiconductor-heavy group mix and pricing/timing effects prevent using total growth as connector demand. The Q3 release reports +10.8% sequential growth; that does not reconcile exactly to the Q2 value shown here, so we do not calculate a replacement rate.",
      "sourceIds": [
        "wpg-q2",
        "wpg-q3-sales"
      ],
      "verifiedAt": "2026-10-30",
      "directoryId": 244
    },
    {
      "id": "wt",
      "company": "WT Microelectronics",
      "directoryName": "WT Microelectronics",
      "region": "Asia lens; global operations",
      "period": "Q2 2026 financial results; newer Q3 sales update",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026-08-06",
      "reportType": "Quarterly earnings release plus subsequent unaudited revenue update",
      "revenue": "NT$590.7bn",
      "reportedGrowth": 128,
      "orders": "Management describes improving non-AI, industrial, automotive and Future book-to-bill indicators; no numerical ratio extracted",
      "bookToBill": null,
      "inventory": null,
      "guidance": "Q2 release forecast Q3 revenue midpoint NT$592bn. The later unaudited sales update reports Q3 NT$597.3bn (+82% YoY, approximately +1% QoQ), above midpoint. No Q4 numerical sales guidance verified.",
      "nextResultsDate": null,
      "latestSales": {
        "period": "Q3 2026",
        "periodEnd": "2026-09-30",
        "releasedAt": "2026-10-08",
        "revenue": "NT$597.3bn",
        "reportedGrowth": 82,
        "reportType": "Unaudited revenue update; not full quarterly financial results"
      },
      "signal": "Management distinguishes strong AI demand from a steadier non-AI recovery, including Future Electronics.",
      "limitation": "Future is consolidated within WT. Semiconductor and AI product mix dominate the group; total growth is not an interconnect growth rate.",
      "sourceIds": [
        "wt-q2",
        "wt-q3-sales"
      ],
      "verifiedAt": "2026-10-30",
      "directoryId": 245
    }
  ],
  "coverage": [
    {
      "company": "TTI / Mouser / Sager",
      "status": "No standalone quarterly series verified in this review. Berkshire parent-wide growth is not substituted for interconnect distribution growth.",
      "sources": [
        "https://www.mouser.com/en/about-tti/"
      ]
    },
    {
      "company": "DigiKey / Heilind / PEI-Genesis / Master Electronics / Rutronik / TME / EVE / Onlinecomponents.com / FDH Aero / Powell / Spectra / Interface Connectronics",
      "status": "Public quarterly results not established in this review; no numbers inferred. Inclusion in the directory does not imply public financial disclosure.",
      "sources": []
    },
    {
      "company": "Farnell / Newark",
      "status": "Use Avnet reporting; Farnell segment is disclosed within the same release. No extra independent company observation.",
      "sources": [
        "https://ir.avnet.com/news-releases/news-release-details/avnet-reports-fourth-quarter-and-fiscal-2026-financial-results"
      ]
    },
    {
      "company": "Future Electronics",
      "status": "Use WT group reporting; no standalone Future revenue growth rate extracted.",
      "sources": [
        "https://www.wtmec.com/announced-financial-results-for-the-second-quarter-of-2026/?lang=en"
      ]
    },
    {
      "company": "Richardson RFPD",
      "status": "Arrow subsidiary; Arrow consolidated sales are group context rather than a standalone RFPD result.",
      "sources": [
        "https://www.richardsonrfpd.com/about-us/"
      ]
    }
  ],
  "methodology": "Compare each issuer with itself, preserve original periods/currencies, distinguish actual sales from management guidance and analyst consensus, and distinguish full financial releases from unaudited sales updates. Never add distributor resale revenue to manufacturer sales or aggregate subsidiaries with their parent.",
  "outlookImplication": "Channel evidence supports selective demand recovery and improving inventory throughput, with substantial AI/semiconductor mix and shipment-timing effects. It does not calibrate a global connector-market growth rate.",
  "forecastDecision": "Retain the existing 2027–2030 scenario; no numeric forecast change is justified by this channel sample alone."
}