Amphenol Corporation (APH)

Business

From the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, accession 0001104659-26-013549.

Amphenol designs, manufactures and markets electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products, and coaxial, high-speed, fiber optic and specialty cable. It is one of the largest suppliers in an interconnect, cable, antenna and sensor market the Company sizes at roughly $500 billion of worldwide sales in 2025, based on industry analyst reports. Products are sold to thousands of original equipment manufacturers, to electronic manufacturing services and original design manufacturers, and to service providers, through Amphenol's own global sales force, independent representatives and a global distributor network. Distributors accounted for approximately 19% of net sales in 2025 (18% in 2024), and no single customer reached 10% of net sales in 2025, 2024 or 2023. Approximately 65% of 2025 net sales were outside the United States, with China alone at approximately 16%. The Company designs, manufactures and assembles at facilities in approximately 40 countries and employed approximately 170,000 people at December 31, 2025, of whom approximately 15,000 were in the United States; around 90% of the workforce sits outside the U.S. Approximately 79% of long-lived assets were located outside the United States at year end, with approximately 37% in China, up from 73% and 29% respectively in 2024, an increase the Company attributes primarily to investment supporting its AI-related products.

Segments. Amphenol reports three segments, each run by a segment manager reporting to the Chief Executive Officer:

• Communications Solutions, connectors and interconnect systems including high-speed, radio frequency, power and fiber optic products; coaxial, fiber optic, power and high-speed cable; antennas. Approximately 52% of 2025 net sales.
• Harsh Environment Solutions, ruggedized connectors and interconnect systems, specialty cable, printed circuits and printed circuit assemblies. Approximately 26% of 2025 net sales.
• Interconnect and Sensor Systems, sensors, sensor-based systems, connectors and value-add interconnect systems. Approximately 22% of 2025 net sales.

End markets (share of 2025 net sales). Information technology and data communications ("IT datacom") approximately 36%; industrial approximately 19%; automotive approximately 15%; communications networks approximately 10%; defense approximately 9%; mobile devices approximately 6%; commercial aerospace approximately 5%. The IT datacom position, high-speed, power and active and passive fiber optic interconnect for internet and AI-enabling systems, is the largest single exposure and the principal engine of recent growth.

Strategy. The Company describes six pillars: broad market diversification; developing high-technology, performance-enhancing solutions in radio frequency, power, harsh environment, high-speed, fiber optic, antenna and sensor technologies; expanding global presence; cost control; strategic acquisitions; and a collaborative, entrepreneurial management model. The last is structural rather than rhetorical: more than 140 general managers run unique, independent businesses in a flat organization with direct income statement and balance sheet responsibility.

Acquisition program. Management regards its industry as highly fragmented and acquisitions as a standing part of the strategy. The Company invested approximately $3.8 billion across five acquisitions in 2025 and approximately $2.2 billion across two acquisitions in 2024. On January 31, 2025 it completed the acquisition of the Outdoor Wireless Networks segment and Distributed Antenna Systems business (together, "Andrew") from Vistance Networks, Inc. (formerly CommScope Holding Company, Inc.), adding base station antennas, related interconnect and distributed antenna systems. On January 9, 2026 it completed the acquisition of Vistance's Connectivity and Cable Solutions business (referred to as "CommScope") for an aggregate purchase price of approximately $10.5 billion, the largest acquisition in Amphenol's history, adding fiber optic interconnect capability for IT datacom and communications networks and industrial interconnect products for building infrastructure connectivity.

Manufacturing, supply and R&D. Facilities are generally vertically integrated from design through manufacture; substantially all are certified to recognized management system standards (primarily ISO9001, also ISO13485, AS9100, IATF16949), and roughly half also to environmental, energy or health-and-safety standards. Raw material purchases span precious metals (gold, silver, palladium), aluminum, steel, copper, titanium and metal alloys, copper wire and optical fiber, and plastics, sourced locally from a variety of suppliers worldwide. Research, development and engineering was supported by approximately 6,400 employees at the end of 2025, organized by business unit around specific markets and technologies, with an emphasis on products that can reach broad application within one to three years.

Competition and backlog. Principal named competitors are Aptiv, Belden, Corning, Foxconn Interconnect Technology, Glenair, HUBER+SUHNER, ICT Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE Connectivity and Yazaki, alongside numerous smaller regional and product-specific competitors. Backlog of unfilled firm orders was approximately $8.9 billion at December 31, 2025 against approximately $6.1 billion a year earlier, the increase driven primarily by demand for AI-related products and by acquisitions. Nearly all backlog is expected to be filled within 12 months, and because much of the communications-related and distributor business carries short lead times, management cautions backlog may not indicate future demand. Seasonality is not significant, though historically the strongest quarters have been the last two of the fiscal year.

Certain predecessor businesses date to 1932; the Company was incorporated in Delaware in 1986 and its Class A Common Stock began trading on the New York Stock Exchange in 1991.

Risk factors

From the FY2025 Form 10-K, accession 0001104659-26-013549, Item 1A, condensed.

International exposure, geopolitics and trade policy. With approximately 65% of 2025 sales and roughly 90% of employees outside the U.S., and 79% of long-lived assets abroad (37% in China), Amphenol is directly exposed to economic and geopolitical conditions in many jurisdictions. The U.S. continued to impose new tariffs on imports throughout 2025 and other countries have imposed or threatened reciprocal measures; these changes have in certain cases already increased the Company's cost of doing business, and management states it cannot predict future actions or whether it could fully mitigate them through pricing. Related exposures the Company enumerates include regional recession, postponement of customer spending, monetary and fiscal policy shifts, armed conflict (the Ukraine–Russia conflict is named), employment cost increases in low-cost regions, industrial policies favoring domestic champions, intellectual property enforcement difficulty, longer payment cycles, exchange control and tax-policy changes restricting movement of cash between subsidiaries, and receivable credit risk. Facilities operating under preferential duty or tariff programs face increasing regulatory scrutiny, and non-compliance would raise manufacturing costs.

Raw materials and components. Prices for precious metals, base metals, copper wire, optical fiber and plastics have been volatile. The Company may be unable to pass increases through to customers, and in limited instances depends on a single source or a thinly-supplied commodity market where alternatives may not exist at the volumes required.

Cybersecurity. Amphenol relies on its own and third-party systems, including cloud hosting and managed security providers; it notes that the rise of AI and machine learning has produced more sophisticated and deceptive attacks, that IoT and operational-technology devices have widened the attack surface, and that an incident at a provider could materially disrupt operations even if internal systems are not breached. Previous attacks have not been material. Mitigation rests partly on a deliberately decentralized IT architecture in which each business unit runs a separate and distinct system.

Acquisition integration and goodwill. The Company has completed numerous acquisitions recently, five in 2025, two in 2024, some large and complex, and closed the CommScope acquisition, its largest ever, on January 9, 2026. It has at times experienced difficulties and unanticipated expenses integrating acquired businesses, and may in future incur goodwill and other intangible asset impairment charges.

Leverage, covenants, capital markets and interest rates. The Company's credit agreements and senior notes contain requirements that, if breached, could have a material adverse effect. It depends on access to global capital markets on favorable terms, which a ratings downgrade or market deterioration could impair. At December 31, 2025, 3% of outstanding borrowings carried floating rates, a proportion the Company states will be higher going forward as a result of the Delayed Draw Term Loan borrowings made after year end.

Tax. Amphenol is taxed in every jurisdiction in which it operates, including its two largest markets, the U.S. and China. Audits, examinations, changes in tax law or accounting standards, and challenges to its tax positions could all affect results. (A live instance of this risk in China is described under "Current quarter" below.)

Demand cyclicality and competition. Results depend on end market dynamics, and some end markets are subject to cyclical and at times rapid periods of reduced demand. Competition is on technology innovation, product quality and performance, price, customer service and delivery time, against competitors some of which have comparable or greater assets and financial resources.

Other named risks. Foreign currency movements; dependence on attracting and retaining skilled employees including management teams; government contracting risk; export and import controls, sanctions and trade embargoes; anti-corruption compliance across U.S. and foreign jurisdictions; difficulty enforcing intellectual property rights and claims of infringement by others; customer claims, litigation and regulatory proceedings; environmental laws and regulations; extreme weather and natural catastrophic events including those intensified by climate change; and incremental costs and regulation arising from climate-change and sustainability efforts.

Management's discussion, fiscal year 2025

From the FY2025 Form 10-K, accession 0001104659-26-013549, Item 7.

Net sales. $23,094.7 in 2025 against $15,222.7 in 2024, an increase of 52% in U.S. dollars, 51% in constant currencies and 38% organically. Growth was led by robust organic expansion in the IT datacom market, strong organic growth in defense, industrial, communications networks and commercial aerospace, moderate growth in automotive and mobile devices, plus the acquisition program. By market, IT datacom sales rose approximately $4,593.7 on continued acceleration in AI-related applications together with networking equipment, servers, cloud storage and peripherals; communications networks rose approximately $1,374.3, driven primarily by the Andrew acquisition with organic growth from mobile network operators and wireless equipment makers; industrial rose approximately $770.0; defense approximately $499.2; commercial aerospace approximately $322.2 (largely the CIT acquisition); automotive approximately $248.3; mobile devices approximately $64.3. A weaker U.S. dollar added approximately $84.6 of sales.

By segment: Communications Solutions $12,056.0, up 91% in both U.S. dollars and constant currencies and 71% organically; Harsh Environment Solutions $5,881.7, up 33% (32% constant currency, 17% organic); Interconnect and Sensor Systems $5,157.0, up 15% (14% constant currency, 13% organic). By geography, U.S. sales were $7,987.7 and foreign sales $15,107.0, each up 52% in U.S. dollars.

Margins and operating income. Operating expenses (cost of sales plus SG&A) were $17,122.7, or 74.1% of net sales, against $11,938.4 and 78.4% in 2024. Operating income was $5,868.6, or 25.4% of net sales, against $3,156.9 and 20.7%. Management attributes the improvement to operating leverage on the sales growth and disciplined cost control, partly offset by acquisitions that currently run higher operating expense ratios than the Company average. Operating income included $181.2 of acquisition-related expenses in 2025 ($145.6 in 2024); excluding them, Adjusted Operating Income was $6,049.8 and Adjusted Operating Margin 26.2%, against $3,302.5 and 21.7% in 2024. Segment operating income: Communications Solutions $3,746.6 (31.1% margin, from 24.8%); Harsh Environment Solutions $1,541.4 (26.2%, from 24.7%); Interconnect and Sensor Systems $1,005.1 (19.5%, from 18.4%).

Below the line. Interest expense was $367.8 against $217.0, on higher average borrowings from the 2025 senior note issuances. Other income, net was $99.9 against $72.0, mainly interest income on the larger cash balance built ahead of the CommScope closing. The effective tax rate was 23.1% (18.9% in 2024), reflecting $246.6 of excess tax benefits from stock option exercises and a discrete $100.0 charge for notices received by certain Chinese subsidiaries challenging tax positions taken over up to an eight-year period; the Adjusted Effective Tax Rate was 25.5% against 24.0%.

Earnings. Net income attributable to Amphenol was $4,270.3 and diluted EPS $3.34, against $2,424.0 and $1.92 in 2024. Adjusted net income was $4,272.5 and Adjusted Diluted EPS $3.34, against $2,382.1 and $1.89.

Cash flow and liquidity. Operating cash flow was $5,374.7 (2024: $2,814.7; 2023: $2,528.7). Investing used $5,082.1, principally $3,818.6 for acquisitions, capital expenditures net of disposals of $981.8 and $281.7 of net short-term investment purchases; management called the elevated capital spending a response to IT datacom growth and expected it to continue into 2026. Financing provided $7,423.2, driven by $8,921.7 of net borrowing proceeds and $553.0 from option exercises, against $665.2 of buybacks, $802.2 of dividends, a $400.0 note redemption, $89.1 of financing costs and $88.0 to settle treasury locks. Cash, cash equivalents and short-term investments stood at $11,434.2 at December 31, 2025 versus $3,335.4 a year earlier. Capital expenditures have historically run 3% to 4% of net sales.

Debt structure. The Company maintains a $3,000.0 revolving credit facility maturing March 2029, a U.S. commercial paper program of up to $3,000.0 and a Euro commercial paper program of up to $2,000.0, with combined commercial paper and revolver borrowings capped by Board authorization at $3,000.0. All were undrawn at December 31, 2025 and 2024. Two Delayed Draw Term Loans entered into August 22, 2025, one three-year, one 364-day, each reduced on November 13, 2025 to a $1,534.1 commitment, were undrawn at year end and fully drawn in January 2026 for CommScope. During 2025 the Company repaid $400.0 of 2.050% notes at maturity, issued $750.0 of 4.375% notes due 2028 and €600.0 (approximately $685.9) of 3.125% notes due 2032, and in November 2025 issued seven series totaling $7,500.0 (the "November Senior Notes"), ranging from floating-rate notes due 2027 to 5.300% notes due 2055. Management stated it expects interest expense net of interest income to rise to approximately $800.0 in 2026 as a result of the higher debt.

Capital return. Under the 2024 Stock Repurchase Program ($2,000.0 authorized through April 28, 2027), the Company repurchased 7.4 million shares for $665.2 during 2025. The quarterly dividend rate was raised from $0.165 to $0.25 per share effective with dividends declared in the fourth quarter of 2025, following an increase from $0.11 to $0.165 effective in the third quarter of 2024.

Current quarter, second quarter and first six months of 2026

From the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, accession 0001104659-26-089194, with the second-quarter results release furnished on Form 8-K, accession 0001104659-26-087904, as noted.

Sales. Net sales were $8,758.1 in the second quarter of 2026 against $5,650.3 a year earlier, up 55% in U.S. dollars, 54% in constant currencies and 30% organically. For the six months, net sales were $16,378.2 against $10,461.3, up 57%, 55% and 32% on the same three bases. Growth came from organic expansion in all three segments plus the acquisition program; by end market it was led by outsized organic growth in IT datacom with strong organic growth in industrial, defense, commercial aerospace and mobile devices. A weaker U.S. dollar added approximately $46.5 of sales in the quarter and $136.4 in the half.

By segment in the second quarter: Communications Solutions (approximately 62% of net sales) up 85% in U.S. dollars and 42% organically, on AI-related IT datacom strength plus industrial, mobile devices and automotive; Harsh Environment Solutions (approximately 21%) up 28% and 22% organically, on defense, industrial, commercial aerospace and IT datacom; Interconnect and Sensor Systems (approximately 17%) up 17% and 13% organically, on AI-related IT datacom.

Margins. Operating expenses were $6,150.0, or 70.2% of net sales, against $4,219.5 and 74.7% a year earlier. Operating income was $2,584.6, or 29.5% of net sales, against $1,418.8 and 25.1%. Management attributes the margin expansion primarily to operating leverage on the growth and disciplined cost control and, to a lesser extent, to an $80.0 net benefit ($0.04 per share) from the recovery of International Emergency Economic Powers Act ("IEEPA") tariffs, partly offset by acquisitions running above the Company-average operating expense ratio. For the six months, operating income was $4,416.4 (27.0% of net sales) against $2,443.6 (23.4%). Acquisition-related expenses were $23.5 in the quarter and $272.4 in the half, the latter comprising $140.4 of acquired-backlog amortization and transaction costs and $132.0 of CommScope inventory step-up amortization.

Segment operating income and margin in the second quarter: Communications Solutions $1,808.3 and 33.6% (from $890.7 and 30.6%); Harsh Environment Solutions $559.3 and 30.1% (from $363.7 and 25.2%); Interconnect and Sensor Systems $318.9 and 21.0% (from $252.3 and 19.5%).

Interest and tax. Interest expense was $213.7 in the quarter and $421.6 in the half, against $80.9 and $157.4, on higher average borrowings from the 2025 and 2026 note issuances and the Delayed Draw Term Loans used to fund CommScope. The effective tax rate was 25.3% for the quarter and 32.4% for the half, against 18.3% and 20.2% a year earlier. The Adjusted Effective Tax Rate was 27.0% for both 2026 periods, raised from the 24.5% of the prior-year periods.

China tax matter. The Company received unfavorable determinations from Chinese tax authorities on certain prior-period positions and received tax payment notices totaling $230.0. It accrued $130.0 in the first quarter of 2026, on top of $100.0 accrued in the fourth quarter of 2025, and paid the $230.0 in full during the second quarter of 2026. Separately, a reassessment of tax rate assumptions applied to prior years' results not subject to the inquiries led to $160.0 of additional tax obligations recorded in the first quarter of 2026. Income tax related accruals were $39.0 in the second quarter and $169.0 in the half, the second-quarter amount relating primarily to reserves for potential settlement of various foreign tax matters.

Earnings. Net income attributable to Amphenol was $1,769.2 and diluted EPS $1.37 in the second quarter, against $1,091.3 and $0.86. Adjusted net income was $1,745.7 and Adjusted Diluted EPS $1.35, against $1,030.1 and $0.81. For the six months, net income was $2,702.2 and diluted EPS $2.10 (from $1,829.1 and $1.44); adjusted figures were $3,118.4 and $2.42 (from $1,829.9 and $1.44). The gap between reported and adjusted in the half reflects the China tax charges and CommScope purchase accounting.

CommScope. The acquisition closed January 9, 2026 for approximately $10.5 billion in cash, subject to customary post-closing adjustments, funded from the November Senior Notes, the Delayed Draw Term Loans and cash on hand. The preliminary purchase price allocation puts net assets acquired at $10,735.8, including $6,958.0 of goodwill (all assigned to Communications Solutions, none expected to be tax-deductible) and $3,289.0 of intangibles, $1,449.0 proprietary technology, $1,248.0 customer relationships, $545.0 trade names and $47.0 backlog, with a weighted average useful life of approximately 16 years. From the acquisition date to June 30, 2026, CommScope contributed net sales of $2,100.9 and net income of $190.2 (the latter excluding acquisition interest expense and transaction costs, and after $179.0 of backlog and inventory step-up amortization). Unaudited pro forma net sales as if the deal had closed January 1, 2025 would have been $16,465.8 for the 2026 half against $12,060.8 for the 2025 half.

Other 2026 acquisitions. The Company completed three acquisitions in the first six months of 2026 for approximately $10,684.0 net of cash acquired. Per the second-quarter results release (accession 0001104659-26-087904), the two beyond CommScope closed in the quarter: El.Com, based in Leno, Italy, with annual sales of approximately $150 million, a manufacturer of complex interconnect solutions and high-voltage cable assemblies for industrial, defense and commercial aerospace, placed in Interconnect and Sensor Systems; and Wilder Technologies, based in Vancouver, Washington, with annual sales of approximately $15 million, a supplier of high-performance test and measurement solutions for high-speed digital, RF and signal integrity applications in IT datacom, placed in Communications Solutions. Purchase prices for the two were not disclosed.

Cash flow and balance sheet. Operating cash flow was $2,678.7 for the six months against $2,181.7. Investing used $11,703.6, principally $10,684.0 for the 2026 acquisitions, $642.0 of capital expenditures net of disposals and $375.6 of net short-term investment purchases. Financing provided $2,585.2, from $4,927.2 of net borrowing proceeds and $200.6 of option exercises, against $1,535.7 of debt repayments, $614.0 of dividends, $386.0 of buybacks and $11.7 of financing costs. Cash, cash equivalents and short-term investments fell to $5,419.1 at June 30, 2026 from $11,434.2 at December 31, 2025, the majority now held outside the United States. Goodwill rose $6,979.3 to $17,554.7 and other intangibles rose $3,047.5 to $5,288.9, both driven by CommScope. Accounts receivable rose $2,073.0 to $6,790.1 (days sales outstanding 69, from 66); inventories rose $1,126.7 to $4,551.6 (inventory days 76, from 77); accounts payable rose $1,347.2 to $4,009.1 (payable days 69, from 60). The release reported second-quarter operating cash flow of $1.6 billion and free cash flow of $1.2 billion.

Financing activity in the period. The Company drew the full $1,534.1 under each Delayed Draw Term Loan on January 9, 2026, then repaid $600.0 of the 364-day facility on May 11, 2026; at June 30, 2026 the 364-day and three-year facilities stood at $934.1 and $1,534.1. It repaid $350.0 of 4.750% senior notes at maturity on March 30, 2026 and €500.0 of 0.750% Euro notes at maturity on April 30, 2026. Its European subsidiary Amphenol Technologies Holding GmbH, with the Company as guarantor, issued €500.0 (approximately $586.7) of 3.625% notes due 2031 on March 30, 2026, and applied those net proceeds, together with cash on hand, to the April 30 repayment of the 0.750% Euro notes and to general corporate purposes. On May 12, 2026 the Company issued €600.0 (approximately $702.0) of 3.375% notes due 2029 and €500.0 ($585.0) of 3.875% notes due 2034, using those net proceeds to repay U.S. commercial paper borrowings and the 364-Day Delayed Draw Term Loan and for general corporate purposes. Commercial paper was drawn from time to time during the half and fully repaid before quarter end; the revolver was undrawn throughout.

Capital return. The Company repurchased 1.5 million shares for $208.0 in the quarter and 2.8 million for $386.0 in the half. It paid dividends of $307 million in the quarter, bringing total capital returned in the quarter to $515 million, per the results release.

Orders and outlook. Orders were $10.7 billion in the quarter, a book-to-bill of 1.23:1. For the third quarter of 2026, assuming continuation of current market conditions and constant exchange rates, the Company guided to sales of $9.3 billion to $9.4 billion (a 50% to 52% increase over the prior-year quarter) and Adjusted Diluted EPS of $1.40 to $1.42 (a 51% to 53% increase), excluding any additional tariff recoveries. Management also raised its CommScope expectation, now looking for full-year 2026 sales of $4.6 billion from that business and $0.30 of accretion to Adjusted Diluted EPS, against prior expectations of $4.1 billion and $0.15. (The $1.40 to $1.42 EPS guidance and the $0.30 of CommScope accretion are both pre-split; see below.)

Subsequent events

Post-period developments disclosed in the Form 10-Q for the quarter ended June 30, 2026, accession 0001104659-26-089194, and in Current Reports on Form 8-K filed August 6, 2026 (accession 0001104659-26-091969) and September 4, 2026 (accession 0001104659-26-105485).

• Term loan repayments. On July 2, 2026 and July 27, 2026 the Company used cash on hand to repay $300.0 and $234.1, respectively, of the outstanding balance under the 364-Day Delayed Draw Term Loan. As of the date the second-quarter financial statements were issued, the carrying amount of that facility was $400.0.
• Share repurchases. From July 1 to July 28, 2026 the Company repurchased 0.5 million additional shares for $74.0. As of July 29, 2026 it had remaining authorization to purchase up to $411.1 under the 2024 Stock Repurchase Program, which runs to April 28, 2027.
• Two-for-one stock split. At its meeting on August 5, 2026 the Board approved a two-for-one stock split of the Class A Common Stock in the form of a stock dividend, announced August 6, 2026: each holder of record at the close of business on August 17, 2026 received one additional share for every share held, distributed September 2, 2026. The Company confirmed on September 4, 2026 that the split has been effected. Third-quarter 2026 Adjusted Diluted EPS guidance on a post-split basis is $0.70 to $0.71, against the pre-split $1.40 to $1.42 issued with the second-quarter results.
• Third-quarter 2026 dividend. The Board approved a third-quarter 2026 dividend of $0.25 per share, payable October 14, 2026 to holders of record as of September 22, 2026. In light of the stock split, that dividend will be paid at $0.125 per share.

No acquisitions, divestitures or litigation outcomes were disclosed as occurring after June 30, 2026 in these filings; the acquisition activity of the period (CommScope, El.Com and Wilder Technologies) closed within the first six months of 2026 and is described above.

For completeness on the prior fiscal year: the only subsequent event disclosed in the FY2025 Form 10-K (accession 0001104659-26-013549) was the January 9, 2026 completion of the CommScope acquisition for approximately $10.5 billion in cash, which has since been reflected in the 2026 results above.

Filings that contain financial statements

• 8-K, July 29, 2026 (accession 0001104659-26-087904), Exhibit 99.1 press release furnishes condensed consolidated statements of income for the quarter and six months ended June 30, 2026, with 2025 comparatives, plus a condensed balance sheet and cash flow and non-GAAP reconciliation tables.
• 8-K, April 29, 2026 (accession 0001104659-26-050984), Exhibit 99.1 press release furnishes condensed consolidated statements of income for the quarter ended March 31, 2026, with a 2025 comparative, plus a condensed balance sheet and non-GAAP reconciliation tables.
• 8-K, January 28, 2026 (accession 0001104659-26-007259), Exhibit 99.1 press release furnishes condensed consolidated statements of income for the fourth quarter and full year ended December 31, 2025, with 2024 comparatives, plus a condensed balance sheet, cash flow and non-GAAP reconciliation tables.
• 8-K/A, March 27, 2026 (accession 0001104659-26-036173), Exhibit 99.1 furnishes the audited combined financial statements of the Connectivity and Cable Solutions ("CommScope") business acquired from Vistance Networks, Inc. as of and for the years ended December 31, 2025 and 2024; Exhibit 99.2 furnishes unaudited pro forma condensed combined financial information (balance sheet as of December 31, 2025 and statement of income for the year ended December 31, 2025) giving effect to the acquisition; Exhibit 99.3 furnishes supplemental non-GAAP information related to the acquisition.

CommScope (Connectivity and Cable Solutions) acquisition

• January 9, 2026 (8-K filed January 12, 2026; accession 0001104659-26-002737): Amphenol completed its acquisition of the Connectivity and Cable Solutions business of CommScope Holding Company, Inc. for approximately $10.5 billion in cash, subject to customary post-closing adjustments, under the purchase agreement dated August 3, 2025.
• March 27, 2026 (8-K/A, accession 0001104659-26-036173): Amphenol filed the audited historical financial statements of the acquired business (now referred to as "CommScope," formerly held by Vistance Networks, Inc., itself formerly CommScope Holding Company, Inc.) and unaudited pro forma combined financial information for the acquisition, as required within 71 days of the initial 8-K.
• November 10, 2025 (8-K, accession 0001104659-25-109222): Amphenol issued $7.5 billion of senior notes across seven tranches (floating-rate notes due 2027, and fixed-rate notes due 2027, 2028, 2030, 2033, 2036 and 2055) with net proceeds of approximately $7,431.8 million, earmarked to help fund the cash consideration for the pending CCS acquisition. The notes were subject to a special mandatory redemption if the acquisition was not consummated.
• Amphenol's April 2026 first-quarter results release said CommScope's CCS business was expected to contribute approximately $4.1 billion of full-year 2026 sales and about $0.15 of Adjusted Diluted EPS accretion; by its July 2026 second-quarter release, the company raised that outlook, citing better-than-expected performance, to $4.6 billion of full-year sales and $0.30 of Adjusted Diluted EPS accretion.

Quarterly and annual results

• Fourth quarter and full year 2025 (8-K, January 28, 2026, accession 0001104659-26-007259): Full-year 2025 net sales of $23.1 billion (up 52% in U.S. dollars, 38% organically); GAAP diluted EPS of $3.34; Adjusted Diluted EPS of $3.34; GAAP and Adjusted Operating Margin of 25.4% and 26.2%, respectively; fourth-quarter net sales of $6.4 billion, GAAP diluted EPS of $0.93 and Adjusted Diluted EPS of $0.97. The company said it completed five acquisitions in 2025, including the Trexon acquisition closed in November, and returned nearly $1.5 billion to shareholders during the year. First-quarter 2026 guidance called for sales of $6.90–$7.00 billion and Adjusted Diluted EPS of $0.91–$0.93.
• First quarter 2026 (8-K, April 29, 2026, accession 0001104659-26-050984): Net sales of $7.6 billion (up 58% in U.S. dollars, 33% organically); GAAP diluted EPS of $0.72; Adjusted Diluted EPS of $1.06; GAAP and Adjusted Operating Margin of 24.0% and 27.3%, respectively. The company repurchased 1.3 million shares for $178 million and paid $307 million of dividends in the quarter. Second-quarter 2026 guidance called for sales of $8.1–$8.2 billion and Adjusted Diluted EPS of $1.14–$1.16.
• Second quarter 2026 (8-K, July 29, 2026, accession 0001104659-26-087904): Record net sales of $8.8 billion (up 55% in U.S. dollars, 30% organically); orders of $10.7 billion (book-to-bill of 1.23:1); GAAP diluted EPS of $1.37; Adjusted Diluted EPS of $1.35; GAAP and Adjusted Operating Margin of 29.5% and 29.8%, respectively, including an $80 million ($0.04 per share) net benefit from the recovery of IEEPA tariffs. Operating cash flow was $1.6 billion and free cash flow was $1.2 billion. The company repurchased 1.5 million shares for $208 million and paid $307 million of dividends in the quarter. The company completed two acquisitions during the quarter: El.Com (Leno, Italy; interconnect and cable assembly maker with approximately $150 million of annual sales, added to the Interconnect and Sensor Systems segment) and Wilder Technologies (Vancouver, Washington; test-and-measurement supplier with approximately $15 million of annual sales, added to the Communications Solutions segment). Third-quarter 2026 guidance (pre-split) called for sales of $9.3–$9.4 billion and Adjusted Diluted EPS of $1.40–$1.42.

Debt issuances

• March 24 and 30, 2026 (8-Ks, accessions 0001104659-26-033968 and 0001104659-26-036361): Amphenol's subsidiary Amphenol Technologies Holding GmbH priced and then issued and sold €500 million of 3.625% Senior Notes due 2031, guaranteed by Amphenol Corporation, with net proceeds of approximately €496.1 million used to repay Amphenol Technologies' outstanding 0.750% Euro Senior Notes due 2026 at maturity and for general corporate purposes.
• May 5 and 12, 2026 (8-Ks, accessions 0001104659-26-055888 and 0001104659-26-059404): Amphenol priced and then issued and sold €600 million of 3.375% Senior Notes due 2029 and €500 million of 3.875% Senior Notes due 2034, with net proceeds of approximately €1,093.1 million used to repay borrowings under its U.S. commercial paper program and its 364-day unsecured delayed draw term loan credit agreement, and for general corporate purposes.
• November 10, 2025 (8-K, accession 0001104659-25-109222): See CommScope section above, $7.5 billion of senior notes issued to help fund the acquisition.

Capital returns and stock split

• August 6, 2026 (8-K, accession 0001104659-26-091969): The Board approved a third-quarter 2026 dividend of $0.25 per share, payable October 14, 2026 to shareholders of record as of September 22, 2026, and approved a two-for-one stock split effected as a stock dividend distributed September 2, 2026 to shareholders of record as of August 17, 2026. Following the split, the company said its third-quarter 2026 Adjusted Diluted EPS guidance became $0.70–$0.71, versus pre-split guidance of $1.40–$1.42.
• September 4, 2026 (8-K, accession 0001104659-26-105485): Amphenol confirmed the two-for-one stock split had been effected, and that the previously declared dividend would now be paid at $0.125 per share (post-split) rather than $0.25 per share (pre-split), still payable October 14, 2026 to shareholders of record as of September 22, 2026.

Board and management

• February 4, 2026 (8-K, accession 0001104659-26-010676): Martin H. Loeffler, a more-than-five-decade Amphenol veteran who served as President (1987–2006), Chief Executive Officer (1996–2008) and Chairman since 1997, notified the company of his intent to retire from the Board effective at the 2026 annual meeting. The Board separately appointed R. Adam Norwitt, then President and CEO, to the additional role of Chairman effective the same date. The company said Mr. Loeffler's retirement was not the result of any disagreement with the company.
• January 8, 2026 (8-K, accession 0001104659-26-002183): The Board increased its size from eight to nine directors and appointed Sanjiv Lamba, 61, to fill the new seat effective immediately; the Board determined Mr. Lamba to be independent under NYSE standards.
• May 21, 2026 (8-K, accession 0001104659-26-065682): At the annual meeting, stockholders elected all eight director nominees (including Nancy A. Altobello, David P. Falck, Sanjiv Lamba, Rita S. Lane, Robert A. Livingston, R. Adam Norwitt, Prahlad Singh and Anne Clarke Wolff), ratified Deloitte & Touche LLP as independent auditor, and approved, on an advisory basis, executive compensation.

Not reflected as a separate 8-K disclosure

No 8-K filed between November 2025 and September 2026 separately discloses the outcome of the China tax matters referenced in the first- and second-quarter 2026 earnings releases (an accrual and additional tax obligations totaling $290.0 million recorded in the first quarter of 2026, plus a further $39.0 million discrete item in the second quarter related to reserves for potential settlement of various foreign tax matters); those items were disclosed in the quarterly results press releases furnished under Item 2.02 and in the periodic reports, but no 8-K carries them as a standalone Item 8.01 or legal-proceedings disclosure.

About this file

APH annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

APH quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

APH year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

APH trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. the fiscal year ended December 31, 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025
• Source note. Derived, not filed. It combines the fiscal year ended December 31, 2025 from the 10-K (accession 0001104659-26-013549) with the six-month columns of the Q2 2026 10-Q (accession 0001104659-26-089194); no single filing states these amounts.

Adjustments

Prior year to date

Taken from the SEC filings and normalized to actual dollars.

Notes

• Amphenol designs and manufactures electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors and cable, so the record uses the standard industrial/technology template: net sales, cost of sales, gross profit, operating income, net income and per-share amounts; cash, debt, assets and equity; operating cash flow, capital expenditures and free cash flow.
• Coverage follows what these two filings put on their face. The FY2025 10-K (accession 0001104659-26-013549) presents income statements and cash flow statements for 2025, 2024 and 2023 and balance sheets as of December 31, 2025 and 2024. The Q2 2026 10-Q (accession 0001104659-26-089194) presents the three and six months ended June 30, 2026 and 2025, and balance sheets as of June 30, 2026 and December 31, 2025.
• FY2023 carries an income statement, cash flow statement and segment figures but no balance sheet: the 10-K's balance sheet presents only December 31, 2025 and 2024, so a 2023 balance sheet is not in these filings.
• No balance sheet is shown for Q2 2025. The 10-Q's balance sheet presents June 30, 2026 and December 31, 2025 only; there is no June 30, 2025 column in it.
• The 10-Q presents its cash flow statement for the six months only, with no three-month column. The discrete three-month cash flow figures shown here for Q2 2026 and Q2 2025 are therefore taken from the condensed consolidated statements of cash flow in the second quarter 2026 earnings release, Exhibit 99.1 to the 8-K filed July 29, 2026 (accession 0001104659-26-087904). Each quarter's income statement and, for Q2 2026, its balance sheet come from the 10-Q. The six-month cash flow figures in the year-to-date blocks come from the 10-Q itself.
• No discrete first-quarter period is reported. Neither filing prints a three-month column for the quarter ended March 31, so a first quarter would have to be inferred rather than read.
• Free cash flow here is operating cash flow less capital expenditures. Amphenol's own Free Cash Flow measure deducts capital expenditures net of proceeds from disposals of property, plant and equipment, so the company's published figure is slightly higher than the one shown here.
• Cash outflows keep the sign the statements print them with: capital expenditures, acquisitions, dividend payments, share repurchases, interest expense and the tax provision are negative.
• The balance sheet balances as total assets = total liabilities + redeemable noncontrolling interests + total equity. Redeemable noncontrolling interests sit in the mezzanine between liabilities and equity, and total equity shown here includes noncontrolling interests.
• Segment figures are the company's own reportable-segment disclosure. Segment operating income is the measure the chief operating decision maker uses: it is stated before stock-based compensation expense, amortization of acquisition-related inventory step-up costs, acquisition-related expenses and other corporate operating expenses, so the three segments do not add to consolidated operating income. Annual segment figures come from the 10-K's segment note; the quarterly, six-month and prior-year six-month segment figures come from Note 13, Reportable Business Segments, of the 10-Q (accession 0001104659-26-089194), which reconciles total segment operating income to consolidated operating income.
• The step-change in scale across these periods is largely acquisitive. The six months ended June 30, 2026 include $10,684.0 million of acquisitions, net of cash acquired, principally the Connectivity and Cable Solutions business acquired from Vistance Networks, Inc. (the business Amphenol refers to as CommScope), which closed in the first quarter of 2026; FY2025 included $3,818.6 million and FY2024 $2,156.4 million of acquisition spending. Goodwill rose from $10,575.4 million at December 31, 2025 to $17,554.7 million at June 30, 2026, and total debt from $15,502.0 million to $18,811.3 million over the same six months.
• The trailing-twelve-months block is derived, not filed: it is the fiscal year ended December 31, 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025. Its diluted EPS is the same roll-forward of the reported per-share amounts and is not a figure any filing states.
• All amounts are in U.S. dollars, the currency Amphenol reports in; no currency conversion was applied. Amphenol is a domestic filer and not an ADR, so no ADS ratio applies.

Uncertainties

• Every per-share amount and share count in this record is pre-split. The two-for-one stock split was distributed on September 2, 2026, after all three source filings were published, and none of them restates for it.
• The trailing-twelve-months block carries no weighted-average share count. A weighted average over a twelve-month span ending mid-year is not published, and the diluted EPS shown for that block is a roll-forward of reported per-share amounts rather than trailing net income divided by a trailing share count.
• The discrete three-month cash flow figures for Q2 2026 and Q2 2025 come from an earnings release exhibit, which is furnished rather than filed. Their six-month columns agree exactly with the six-month columns of the 10-Q, which is the filed document; only the three-month columns have no 10-Q counterpart.
• Q2 2025 has no balance sheet and FY2023 has no balance sheet, because neither statement appears in the filings this record is built from. Neither gap is an omission of something available.

Company details

Fiscal period

Source filings