Amphenol $APH

Company profile

Amphenol Corporation, incorporated under the laws of the State of Delaware in 1986 with principal executive offices at 358 Hall Avenue, Wallingford, Connecticut, describes itself in its Form 10-K for the fiscal year ended December 31, 2025 as one of the world's largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable. Certain predecessor businesses were founded in 1932, and its Class A Common Stock began trading on the New York Stock Exchange in 1991; it trades under the symbol APH, and 1,229,214,930 shares were outstanding on January 31, 2026 (10-K cover, as filed, before the two-for-one stock split). The 10-K reports approximately 170,000 employees worldwide as of December 31, 2025, of which approximately 15,000 were located in the United States, says the company designs, manufactures and assembles its products at facilities in approximately 40 countries, and aligns its businesses into three reportable business segments: (i) Communications Solutions, (ii) Harsh Environment Solutions and (iii) Interconnect and Sensor Systems.

Net sales were $23,094.7 million in 2025, against $15,222.7 million in 2024 and $12,554.7 million in 2023 (10-K, in millions as filed). The 10-K's MD&A gives the 2025 increase as 52% in U.S. dollars, 51% in constant currencies and 38% organically (constant currency and organic growth are non-GAAP measures), driven by robust organic growth in the Communications Solutions segment and strong organic growth in the Harsh Environment Solutions segment and Interconnect and Sensor Systems segment, along with contributions from the Company's acquisition program. It says net sales to the IT datacom market increased approximately $4,593.7 million, as it experienced robust growth across a broad array of applications, in particular the continued acceleration in and strong demand for products used in next-generation AI-related applications, along with growth in networking equipment, servers, cloud storage and peripherals. Operating income was $5,868.6 million, against $3,156.9 million, and net income attributable to Amphenol Corporation was $4,270.3 million, against $2,424.0 million. In the EPS note, net income attributable to Amphenol Corporation per common share, diluted, was $3.34 on net income of $4,270.3 million, against $1.92 on $2,424.0 million in 2024 (as filed, before the two-for-one stock split). Net cash provided by operating activities was $5,374.7 million and dividend payments were $802.2 million.

On January 9, 2026 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 (8-K filed January 12, 2026). The 10-K calls it the largest acquisition in the Company's history and says it adds significant fiber optic interconnect capabilities for the IT datacom and communications networks markets as well as a diverse range of industrial interconnect products for the building infrastructure connectivity market; the 10-Q for the quarter ended June 30, 2026 says CommScope has been included in the Communications Solutions segment. In that quarter net sales were $8,758.1 million, against $5,650.3 million a year earlier, and net income attributable to Amphenol Corporation was $1,769.2 million, or $1.37 per diluted share, against $1,091.3 million, or $0.86 (10-Q, unaudited; per-share figures as filed, before the two-for-one stock split). An 8-K filed September 4, 2026 says a two-for-one stock split of the Class A Common Stock, in the form of a stock dividend distributed on September 2, 2026 to holders of record at the close of business on August 17, 2026, has been effected; per-share figures and share counts from earlier filings on this page are as filed, before the split.

In its July 29, 2026 release Amphenol reported second quarter 2026 orders of $10.7 billion, resulting in a book-to-bill of 1.23:1, Adjusted Diluted EPS of $1.35 and Free Cash Flow of $1,205.5 million (the release lists book-to-bill, Adjusted Diluted EPS and Free Cash Flow among its non-GAAP financial measures), and said GAAP and Adjusted Operating Income include an $80 million ($0.04 per share) net benefit related to the recovery of IEEPA tariffs. Assuming the continuation of current market conditions as well as constant exchange rates, it expects third quarter 2026 sales in the range of $9.3 billion to $9.4 billion and Adjusted Diluted EPS in the range of $1.40 to $1.42, and says this guidance does not include any additional tariff recoveries (company projections; the EPS range is non-GAAP). The release's per-share figures were given before the two-for-one stock split. An 8-K filed October 6, 2026 says Luc Walter, President of the Harsh Environment Solutions Division, will transition, effective January 1, 2027, into a new role as Senior Vice President, Strategic Programs, and that Ryan Fisher will succeed him. R. Adam Norwitt, Chairman and Chief Executive Officer, and Craig A. Lampo, Executive Vice President and Chief Financial Officer, certified the 10-Q for the quarter ended June 30, 2026 (Exhibits 31.1 and 31.2).

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Revenue by fiscal year, as reported in 10-K

Products

Communications Solutions (10-K)

Harsh Environment Solutions (10-K)

Interconnect and Sensor Systems (10-K)

Segments and products

• Communications Solutions: Designs, manufactures and markets a broad range of connector and interconnect systems, including high speed, radio frequency, power, fiber optic and other interconnect products; coaxial, fiber optic and high-speed cable; antennas; and other products (10-K, segments note). External net sales as filed, in millions: $12,056.0 in 2025, $6,323.8 in 2024 and $4,912.8 in 2023; segment operating income $3,746.6, $1,569.6 and $1,063.5.⁶
• Harsh Environment Solutions: Designs, manufactures and markets a broad range of ruggedized interconnect products, including connectors and interconnect systems, specialty cable, printed circuits and printed circuit assemblies and other products (10-K, segments note). External net sales as filed, in millions: $5,881.7 in 2025, $4,417.4 in 2024 and $3,530.8 in 2023; segment operating income $1,541.4, $1,093.2 and $943.9.⁶
• Interconnect and Sensor Systems: Designs, manufactures and markets a broad range of sensors, sensor-based systems, connectors and value-add interconnect systems (10-K, segments note). External net sales as filed, in millions: $5,157.0 in 2025, $4,481.5 in 2024 and $4,111.1 in 2023; segment operating income $1,005.1, $825.9 and $753.7.⁶
• Corporate / Other and the segment profit measure: The chief operating decision maker is the Chief Executive Officer, who assesses each segment on a single measure, segment operating income: operating income as adjusted for certain corporate and other related items and before interest, stock-based compensation expense, income taxes, amortization related to certain intangible assets and other non-cash purchase accounting costs, and nonrecurring gains and losses. General corporate expenses not allocated to the segments are shown as Corporate / Other. Total segment operating income was $6,293.1 million in 2025; after Corporate / Other items, including stock-based compensation expense of $(135.4) million, amortization of acquisition-related inventory step-up costs of $(77.8) million, acquisition-related expenses of $(103.4) million and other operating expenses of $(107.9) million, operating income was $5,868.6 million (10-K, segments note).⁶
• Net sales by geography and sales channel, 2023 to 2025: Net sales as filed, in millions, for 2025, 2024 and 2023, by the customer location to which the product is shipped: United States $7,987.7, $5,272.3 and $4,405.4; China $3,673.1, $3,399.9 and $2,884.0; Other foreign locations $11,433.9, $6,550.5 and $5,265.3. By sales channel: End customers and contract manufacturers $18,797.5, $12,444.5 and $10,462.2; Distributors and resellers $4,297.2, $2,778.2 and $2,092.5. No single customer accounted for 10% or more of net sales in those years, and the note says that, as the company is not organized by product or group of products, it is impracticable to disclose net sales by product or group of products (10-K, segments note).⁶

Risks

• Debt from the CommScope acquisition: The 10-K says financing a portion of the consideration of the CommScope acquisition resulted in a significant increase in the Company's debt, which requires a larger portion of its cash flow to be dedicated to the payment of principal and interest. The company borrowed $1,534.1 million under each of its Delayed Draw Term Loans in January 2026 to fund a portion of the consideration, and expects interest expense, net of interest income, to increase from $367.8 million in 2025 to approximately $800.0 million in 2026 (10-K, Items 1A and 7; company estimate).¹
• Acquisitions and goodwill: The 10-K says the company completed five acquisitions in 2025 and two in 2024, some of which are large and complex, and closed the CommScope acquisition on January 9, 2026; it says it cannot predict or guarantee whether, when and to what extent anticipated cost savings, benefits, margin improvements and growth prospects will be achieved. On December 31, 2025 total assets of $36.2 billion included $10.6 billion of goodwill and $2.2 billion of other intangible assets, net; evaluations to date have not resulted in the need to recognize an impairment (10-K, Item 1A).¹
• Trade policy, tariffs and operations outside the U.S.: During 2025 non-U.S. markets constituted approximately 65% of net sales, with China approximately 16%, and the company employs approximately 90% of its workforce outside the United States. The 10-K says the U.S. continued to impose new tariffs on imports throughout 2025, that these changes have, in certain cases, increased its costs of doing business, and that the imposition of additional tariffs or other trade barriers could increase its costs in certain markets, may cause customers to find alternative sourcing or could make it more difficult to sell its products, which may result in declines in its net sales and operating income (10-K, Item 1A).¹
• End-market demand, including AI: The 10-K says the company is dependent on end market dynamics and that some end markets are subject to cyclical and at times rapid periods of reduced demand. It says some customers are making significant investments in AI that are driving robust demand for certain of its products, and that the continued growth of this market will be dependent upon many factors, including its go-forward market share, the amount and mix of customers' capital spending and changes in government regulations and policies related to AI. Sales into the IT datacom market represented approximately 36% of net sales in 2025 (10-K, Items 1 and 1A).¹
• China tax matter: The 10-Q for the quarter ended June 30, 2026 says the company received unfavorable determinations from the relevant tax authorities in China regarding certain of its prior period tax positions and tax payment notices totaling $230.0 million, which it fully accrued (an accrual of $130.0 million in the three months ended March 31, 2026, in addition to $100.0 million in the three months ended December 31, 2025) and paid in full during the second quarter of 2026. A reassessment of certain tax rate assumptions applied to prior years' results not subject to the China tax inquiries resulted in $160.0 million of additional tax obligations in the three months ended March 31, 2026 (10-Q, Note 6 and Item 2).⁸
• Raw materials and components: The 10-K lists purchased raw materials including precious metals such as gold, silver and palladium; aluminum, steel, copper, titanium and metal alloy products; copper wire and optical fiber; and plastic materials. It says inflationary pressures, increased commodity prices and regulatory restrictions may impact their cost and availability, that the company may not be able to pass along increased prices to its customers, and that in limited instances it depends on a single source of supply (10-K, Items 1 and 1A).¹
• Cybersecurity: The 10-K says cybersecurity incidents affecting its information technology systems could disrupt business operations or cause the release of highly sensitive confidential or personal information, and that while the impact of previous attacks has not been material, future incidents could impair its systems (10-K, Items 1A and 1C).¹

Frequently asked questions

What does Amphenol do?

Amphenol describes itself in its 10-K for 2025 as one of the world's largest designers, manufacturers and marketers of 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 reports three segments: Communications Solutions, Harsh Environment Solutions and Interconnect and Sensor Systems.

How much revenue did Amphenol make in 2025?

Net sales were $23,094.7 million in 2025 (year ended December 31, 2025), against $15,222.7 million in 2024, according to its 10-K. Net sales were $12,554.7 million in 2023, $12,623.0 million in 2022 and $10,876.3 million in 2021, as filed in those years' 10-Ks.

Why did Amphenol's net sales rise in 2025?

The 10-K says the 52% increase in U.S. dollars (38% organically, a non-GAAP measure) was driven by robust organic growth in the Communications Solutions segment and strong organic growth in the Harsh Environment Solutions segment and Interconnect and Sensor Systems segment, along with contributions from its acquisition program. Net sales to the IT datacom market increased approximately $4,593.7 million, in particular on strong demand for products used in next-generation AI-related applications.

Which Amphenol segment is largest?

Communications Solutions, with external net sales of $12,056.0 million in 2025 and segment operating income of $3,746.6 million. Harsh Environment Solutions had external net sales of $5,881.7 million and Interconnect and Sensor Systems $5,157.0 million (10-K, segments note).

What did Amphenol buy from CommScope?

On January 9, 2026 it 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 (8-K filed January 12, 2026). The 10-K calls it the largest acquisition in the Company's history, and the 10-Q for the quarter ended June 30, 2026 says it has been included in the Communications Solutions segment.

What were Amphenol's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports net sales of $8,758.1 million, against $5,650.3 million a year earlier, and net income attributable to Amphenol Corporation of $1,769.2 million, or $1.37 per diluted share, against $1,091.3 million, or $0.86. The July 29, 2026 release reports orders of $10.7 billion and Adjusted Diluted EPS of $1.35, a non-GAAP measure. These per-share figures are as filed, before the two-for-one stock split distributed on September 2, 2026.

What is Amphenol's outlook?

In its July 29, 2026 release, assuming the continuation of current market conditions as well as constant exchange rates, Amphenol said it expects third quarter 2026 sales in the range of $9.3 billion to $9.4 billion and Adjusted Diluted EPS in the range of $1.40 to $1.42, not including any additional tariff recoveries. These are the company's own projections, not reported results, and the EPS range was given before the two-for-one stock split.

Did Amphenol split its stock?

Yes. An 8-K filed September 4, 2026 says a two-for-one stock split of its Class A Common Stock, in the form of a stock dividend distributed on September 2, 2026 to holders of record at the close of business on August 17, 2026, has been effected. Per-share figures and share counts from earlier filings on this page are as filed, before the split.

Does Amphenol pay a dividend?

Yes. Dividends declared were $0.745 per share in 2025, as filed, before the two-for-one stock split, and dividend payments totaled $802.2 million (10-K). In light of the two-for-one stock split distributed on September 2, 2026, the third quarter 2026 dividend payable on October 14, 2026 to shareholders of record as of September 22, 2026 is now $0.125 per share (8-K filed September 4, 2026). In 2025 the company also repurchased 7.4 million shares (as filed, before the split) for $665.2 million (10-K).

Who runs Amphenol?

R. Adam Norwitt is Chairman and Chief Executive Officer and Craig A. Lampo is Executive Vice President and Chief Financial Officer; both certified Amphenol's 10-Q for the quarter ended June 30, 2026.

Sources

1. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2025, Feb 11, 2026
2. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2025: Document and Entity Information (XBRL financial report R1), Feb 11, 2026
3. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Income (XBRL financial report R3), Feb 11, 2026
4. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2025: Earnings Per Share (Details) (XBRL financial report R83), Feb 11, 2026
5. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Cash Flow (XBRL financial report R9), Feb 11, 2026
6. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2025: Reportable Business Segments and International Operations note (XBRL financial report R22), Feb 11, 2026
7. Amphenol Corporation (SEC filing), Amphenol Corporation Form 8-K filed January 12, 2026, Item 2.01: Completion of Acquisition or Disposition of Assets, Jan 12, 2026
8. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-Q for the quarterly period ended June 30, 2026, Jul 31, 2026
9. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-Q for the quarterly period ended June 30, 2026: Condensed Consolidated Statements of Income (XBRL financial report R4), Jul 31, 2026
10. Amphenol Corporation (SEC filing), Amphenol Corporation Form 8-K filed September 4, 2026, Item 8.01: Other Events (two-for-one stock split and third quarter 2026 dividend), Sep 4, 2026
11. Amphenol Corporation (SEC filing), Amphenol Corporation Form 8-K filed July 29, 2026, Item 2.02, Exhibit 99.1: press release, Amphenol Reports Record Second Quarter 2026 Results, Jul 29, 2026
12. Amphenol Corporation (SEC filing), Amphenol Corporation Form 8-K filed October 6, 2026, Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers, Oct 6, 2026
13. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-Q for the quarterly period ended June 30, 2026, Exhibit 31.1: Certification pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002., Jul 31, 2026
14. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-Q for the quarterly period ended June 30, 2026, Exhibit 31.2: Certification pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002., Jul 31, 2026
15. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Balance Sheets (XBRL financial report R5), Feb 11, 2026
16. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-Q for the quarterly period ended June 30, 2026: Condensed Consolidated Statements of Cash Flow (XBRL financial report R7), Jul 31, 2026
17. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-Q for the quarterly period ended June 30, 2026: Condensed Consolidated Balance Sheets (XBRL financial report R2), Jul 31, 2026
18. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2021: Consolidated Statements of Income (XBRL financial report R2), Feb 9, 2022
19. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2022: Consolidated Statements of Income (XBRL financial report R2), Feb 8, 2023
20. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2023: Consolidated Statements of Income (XBRL financial report R3), Feb 7, 2024
21. Amphenol Corporation (SEC filing), Amphenol Corporation Form 10-K for the fiscal year ended December 31, 2024: Consolidated Statements of Income (XBRL financial report R3), Feb 7, 2025

Figures last checked against the sources above on Oct 15, 2026. General information, not investment advice.