Amphenol Corporation (APH) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Jan 27, 2027 — estimated from last year’s reporting date.

Consensus is $0.82 EPS for Dec 2026 across 2 estimates, ranging $0.82 to $0.82.

APH Sep 2026

Reported Oct 28, 2026 · before the open

: 9.59%

: $0.73
: $0.80
: —
: $10.23B

Reported results

: $10.23B; from $6.19B
: 39.26%; from 38.09%
: $3.02B; from $1.70B
: 29.53%; from 27.48%
: $2.03B; from $1.25B
: $0.79; from $0.49

Highlights

Record quarter: Sales reached $10.23 billion, up 65% year over year and 37% organically; revenue increased about 17% sequentially from $8.76 billion.
Earnings beat: Adjusted diluted EPS was $0.80 versus $0.73 consensus, a 9.6% beat, and rose 74% from $0.46 a year ago; GAAP diluted EPS was $0.79 versus $0.49.
AI-led datacom: IT Datacom sales doubled year over year in U.S. dollars and grew 77% organically; the market was 48% of sales, with AI applications about three-quarters of that business.
Orders and profitability: Record orders of $12.2 billion produced a 1.19 book-to-bill; adjusted operating margin was 29.7%, versus 27.5% a year ago.
Uneven end markets: Organic growth exceeded 20% in five of seven markets, while Communications Networks organic sales fell 28% amid weaker broadband and operator spending.
Cash generation: Operating cash flow was $2.08 billion and free cash flow was $1.62 billion; the company returned $553 million through dividends and repurchases.
Acquisition expansion: Amphenol closed its $320 million-sales Empire Electronics acquisition and agreed to buy AdvancedPCB, Dexgreen and Humanetics Sensors; combined purchase price is about $1.6 billion.
Higher outlook and returns: Full-year guidance is $36.9–$37.1 billion in sales and $2.82–$2.84 adjusted EPS; the quarterly dividend rises 20% to $0.15 and a new $4 billion repurchase plan starts in 2027.

Analysis

Amphenol delivered a record third quarter that exceeded the high end of management’s guidance, with $10.23 billion of sales and $0.80 of adjusted diluted EPS. Adjusted EPS topped the supplied $0.73 consensus by 9.6%; GAAP diluted EPS was $0.79. Year over year, sales rose 65% and adjusted EPS 74%, while sales increased about 17% sequentially from Q2’s $8.76 billion. The company’s growth was both acquisition-assisted and organic: acquisitions contributed 28 percentage points to sales growth, while organic growth was 37%.

The defining driver was IT Datacom, now 48% of sales, where organic growth reached 77% and AI applications accounted for about three-quarters of the business. Orders reached a record $12.2 billion, a 1.19 book-to-bill, and adjusted operating margin expanded to 29.7% from 27.5% a year ago. Growth was broad across many markets, but not uniform: Communications Networks organic sales declined 28%, and management expects further softness there. The outlook remains strong: fourth-quarter sales of $10.3–$10.5 billion and adjusted EPS of $0.81–$0.83; full-year sales of $36.9–$37.1 billion and adjusted EPS of $2.82–$2.84. The company also raised its dividend and authorized a new $4 billion buyback program.

IT Datacom and AI

Scale and growth: IT Datacom represented 48% of third-quarter sales. Revenue doubled year over year in U.S. dollars and grew 77% organically.
AI contribution: Management said AI applications made up approximately three-quarters of IT Datacom sales. The market grew 30% sequentially, substantially above the expected mid-teens increase, and the company expects a further mid-single-digit increase in Q4.
Product breadth: Amphenol highlighted high-speed copper, optical and power interconnect as key technologies for next-generation data centers. Management described power as a meaningful part of its AI business, while high-speed and optical products remain larger.

Orders and margins

Demand visibility: Record orders of $12.2 billion were up 13% sequentially and approximately doubled year over year, generating a 1.19 book-to-bill. Management said the ratio was positive in nearly all end markets and reported no unusual project-driven pull-ins in IT Datacom.
Profitability: Adjusted operating income was $3.04 billion and adjusted operating margin 29.7%, up from 27.5% a year ago. GAAP operating income was $3.02 billion, with a 29.5% margin.
Execution: Management attributed the margin performance to product value and technology, volume leverage and cost discipline. It expects organic growth to support further margin improvement, while acquired businesses can initially weigh on margins.

Market divergence

Broad-based strength: Organic growth exceeded 20% in five of seven end markets. Defense sales grew 30% organically, Industrial 25%, Commercial Air 22%, and Mobile Devices 29%.
Communications Networks: Sales grew 25% in U.S. dollars with the CommScope acquisition, but organic sales declined 28%; revenue also fell 13% sequentially. Management cited softer broadband and communications-operator spending and expects another sequential decline in Q4.
Moderation elsewhere: Management expects Industrial and Automotive sales to ease slightly in Q4 from record Q3 levels. It expects Defense to increase mid-single digits sequentially, Commercial Air to remain around Q3 levels, and Mobile Devices to rise about 35% sequentially.

Acquisitions and CommScope

CommScope outlook: Amphenol raised its estimate for the acquired business to $5.1 billion of full-year 2026 sales and $0.18 of adjusted EPS contribution, from prior expectations of $4.6 billion and $0.15. Management cited particularly strong data-center demand and improved execution, including securing materials and expanding supply capacity.
New acquisitions: Empire Electronics, a maker of automotive interconnect assemblies, closed in early September and is expected to generate about $320 million in 2026 sales. Amphenol also agreed to acquire AdvancedPCB ($270 million expected sales), Dexgreen ($90 million) and Humanetics Sensors ($70 million).
Timing and price: The four businesses have a combined purchase price of about $1.6 billion, to be funded with cash and debt. AdvancedPCB and Humanetics Sensors are expected to close in Q4 2026; Dexgreen is expected to close in Q1 2027. These pending deals are excluded from guidance.

Outlook and capital

Fourth-quarter and full-year outlook: Q4 sales are expected at $10.3–$10.5 billion and adjusted diluted EPS at $0.81–$0.83. For 2026, the company expects sales of $36.9–$37.1 billion and adjusted EPS of $2.82–$2.84.
Cash generation: Operating cash flow was $2.08 billion, or 102% of net income; free cash flow was $1.62 billion, or 80% of net income. Capital expenditure was $457 million.
Shareholder returns: Amphenol repurchased 3.0 million shares for $245 million and paid $308 million in dividends during the quarter. The quarterly dividend increases 20% to $0.15, and a new three-year, $4 billion repurchase authorization becomes effective January 1, 2027.

Amphenol Corporation

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