Amphenol Corporation (APH) Earnings

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Sep 2026upcoming

Next quarter

Reports Oct 28, 2026.

Consensus is $0.72 EPS for Sep 2026 across 4 estimates, ranging $0.71 to $0.72.

APH Jun 2026

Reported Jul 29, 2026

: 13.33%
: +6.33%

: $0.60
: $0.68
: —
: $8.76B

Reported results

: $8.76B; from $5.65B
: 40.51%; from 36.34%
: $2.58B; from $1.42B
: 29.51%; from 25.11%
: $1.77B; from $1.09B
: $1.37; from $0.86

Highlights

Record growth: Second-quarter sales were $8.76 billion, up 55% year over year and 30% organically, with growth across all three segments.
Demand strength: Orders reached a record $10.7 billion, producing a 1.23:1 book-to-bill ratio, led by exceptional IT datacom and AI-related demand.
Earnings beat: Adjusted diluted EPS was $1.35 versus the $1.19 consensus estimate, a 13.45% surprise; GAAP diluted EPS was $1.37 versus $0.86 a year ago.
Operating leverage: Adjusted operating margin expanded to 29.8% from 25.6% a year ago, while GAAP operating income rose to $2.58 billion from $1.42 billion.
Communications leadership: Communications Solutions sales increased 85% to $5.38 billion, including 42% organic growth, and segment operating margin rose to 33.6% from 30.6%.
Acquisition contribution: CommScope contributed $2.10 billion of sales from its January 9 closing through quarter-end; Amphenol also acquired El.Com and Wilder Technologies.
Higher outlook: Third-quarter sales guidance is $9.3 billion-$9.4 billion, up 50%-52% year over year, with adjusted EPS of $1.40-$1.42, up 51%-53%.
Cash returns: Operating cash flow was $1.56 billion and free cash flow was $1.21 billion; the company returned $515 million through $208 million of repurchases and $307 million of dividends.

Analysis

Amphenol's second quarter was a record growth and margin print, with results well ahead of expectations. Adjusted diluted EPS of $1.35 exceeded the $1.19 consensus by 13.45%, while sales of $8.76 billion rose 55% from $5.65 billion a year ago. GAAP diluted EPS increased to $1.37 from $0.86, and operating income climbed to $2.58 billion from $1.42 billion. Sequentially, sales rose about 15% from $7.62 billion in the first quarter, operating income increased about 41% from $1.83 billion, and reported EPS rose from $0.72; the sequential net-income comparison was amplified by the first quarter's tax charges.

The defining feature was unusually strong underlying demand rather than acquisitions alone: organic sales growth was 30%, with IT datacom and AI applications particularly strong. Communications Solutions drove the result, while Harsh Environment Solutions and Interconnect and Sensor Systems delivered organic growth of 22% and 13%, respectively. Margin expansion reflected operating leverage and cost control, although the 29.8% adjusted margin included an $80 million, or $0.04 per share, net tariff recovery. CommScope added scale but also increased leverage and interest expense. Management's third-quarter outlook implies continued momentum, with sales of $9.3 billion-$9.4 billion and adjusted EPS of $1.40-$1.42, excluding additional tariff recoveries.

Organic growth and orders

Demand accelerated across Amphenol's diversified markets, with the strongest contribution from IT datacom and AI-related applications. Organic growth excludes currency and acquisitions, making it the clearest measure of the quarter's underlying performance.

Consolidated demand: Sales grew 30% organically and 54% in constant currencies; the weaker dollar added approximately $46.5 million to reported sales.
Communications Solutions: Sales rose 85% to $5.38 billion, including 42% organic growth, driven by IT datacom, AI-related applications, industrial, mobile devices and automotive.
Other segments: Harsh Environment Solutions sales increased 28% to $1.86 billion, including 22% organic growth; Interconnect and Sensor Systems sales rose 17% to $1.52 billion, including 13% organic growth.
Forward demand: Orders were $10.7 billion, creating a 1.23:1 book-to-bill ratio and providing evidence that demand exceeded current-quarter shipments.

Margin expansion

Amphenol converted the sales surge into substantial earnings growth. Management attributed the improvement to operating leverage from higher organic volumes and disciplined cost control, partly offset by lower-margin acquired businesses.

Consolidated profitability: GAAP operating margin increased to 29.5% from 25.1% a year ago; adjusted margin reached 29.8% versus 25.6%.
Segment performance: Communications Solutions margin rose to 33.6% from 30.6%, Harsh Environment Solutions to 30.1% from 25.2%, and Interconnect and Sensor Systems to 21.0% from 19.5%.
Tariff benefit: GAAP and adjusted operating income included an $80 million net benefit from recovery of IEEPA tariffs, equal to $0.04 per share.
Earnings conversion: Adjusted net income increased to $1.75 billion from $1.03 billion, while adjusted EPS rose to $1.35 from $0.81.

CommScope integration

The quarter reflected the first full period of meaningful CommScope ownership, making acquisition scale a major part of the reported growth profile. The transaction expanded Amphenol's fiber-optic and cable capabilities in datacom and communications networks, but also increased debt, amortization and interest expense.

Contribution: CommScope generated $2.10 billion of sales and $190.2 million of net income from the January 9 acquisition date through June 30; its reported net income excludes interest expense and external transaction costs.
Portfolio expansion: Amphenol completed the acquisitions of El.Com, with approximately $150 million of annual sales, and Wilder Technologies, with approximately $15 million of annual sales.
Updated expectations: Based on CommScope's performance, Amphenol now expects $4.6 billion of 2026 CommScope sales and $0.30 of adjusted EPS accretion, versus prior expectations of $4.1 billion and $0.15.
Costs and leverage: First-half acquisition-related expenses were $272.4 million, including $132.0 million of inventory step-up amortization; total debt was $18.81 billion at June 30 versus $15.50 billion at year-end 2025.

Third-quarter outlook

Management expects the current demand environment to persist into the third quarter and raised the earnings trajectory through guidance rather than through a separate full-year forecast. The outlook assumes constant exchange rates and does not include additional tariff recoveries.

Sales guidance: Third-quarter sales are expected at $9.3 billion-$9.4 billion, representing 50%-52% growth from the third quarter of 2025.
EPS guidance: Adjusted diluted EPS is expected at $1.40-$1.42, up 51%-53% year over year.
Guidance context: The midpoint implies approximately 7% sequential sales growth from the second quarter's $8.76 billion and roughly 5% sequential adjusted EPS growth from $1.35.

Cash flow and capital

Cash generation remained strong despite acquisition spending and working-capital investment. Amphenol continued to balance acquisitions, debt repayment and shareholder returns while maintaining substantial liquidity.

Cash generation: Second-quarter operating cash flow was $1.56 billion and free cash flow was $1.21 billion; first-half free cash flow was $2.04 billion versus $1.70 billion a year ago.
Working capital: First-half operating cash flow was $2.68 billion, but working capital used $1.18 billion of cash, primarily through higher receivables and inventories associated with growth and acquisitions.
Shareholder returns: The company repurchased 1.5 million shares for $208 million and paid $307 million of dividends during the quarter, returning $515 million in total.
Liquidity: Cash, cash equivalents and short-term investments totaled $5.42 billion at June 30, down from $11.43 billion at December 31 after the CommScope transaction and related funding activity.

Amphenol Corporation

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