Amphenol Corporation

Latest Results (27.04.2026):

Amphenol Corporation reported record results for the fourth quarter of 2025 and full year 2025. For the fourth quarter of 2025, net sales were $6.439 billion (up 49% in U.S. dollars; 37% organic) and GAAP diluted EPS was $0.93 (Adjusted diluted EPS $0.97). For full year 2025, net sales were $23.095 billion (up 52% in U.S. dollars; 38% organic) and GAAP and Adjusted diluted EPS were $3.34. The company delivered strong margins (Q4 GAAP/Adjusted operating margin 26.8%/27.5%; FY 25.4%/26.2%), robust cash generation, active M&A, and returned nearly $1.5 billion to shareholders.

Revenue and growth

Q4 2025 net sales: $6.439B (+49% YoY U.S. dollars; +37% organic). Full-year 2025 net sales: $23.095B (+52% U.S. dollars; +38% organic). Communications Solutions led the increase (Q4 communications sales $3.423B, +77% excluding FX/acquisitions).

Profitability & earnings per share

Q4 2025 GAAP diluted EPS $0.93 (+58% YoY); Adjusted diluted EPS $0.97 (+76% YoY). Full-year 2025 GAAP and Adjusted diluted EPS each $3.34 (GAAP +74% YoY; Adjusted +77% YoY). Consolidated operating margin: Q4 GAAP 26.8% / Adjusted 27.5%; FY GAAP 25.4% / Adjusted 26.2%.

Cash generation

Q4 operating cash flow $1.722B and free cash flow $1.476B. Full-year operating cash flow $5.375B and free cash flow $4.393B. Capex for FY2025 was $996.6M.

Acquisitions & strategic actions

Amphenol completed five acquisitions during 2025, including closing the Trexon acquisition in November. The company also signed and subsequently closed (January 2026) the CommScope CCS business acquisition, which Amphenol expects to generate ~ $4.1B of sales and add ~$0.15 to 2026 Adjusted diluted EPS.

Capital returned to shareholders

Amphenol repurchased 1.3 million shares in Q4 for $171M and paid $202M in dividends in the quarter; total capital returned in 2025 was nearly $1.5B. FY dividends declared per share were $0.745.

Balance sheet & liquidity

Year-end cash and short-term investments totaled $11.434B (cash and cash equivalents $11.131B). Total assets $36.237B; long-term debt increased to $14.565B (less current portion) after debt financing activity to support growth and M&A.

Segment performance

By segment (Q4 2025): Communications Solutions sales $3.423B (operating margin 32.5%), Harsh Environment Solutions $1.653B (margin 27.6%), Interconnect & Sensor Systems $1.364B (margin 20.1%). All major end markets showed strong organic growth, with exceptional IT/datacom strength noted.

First quarter 2026 outlook

Assuming current conditions and constant FX, Amphenol expects Q1 2026 sales of $6.90B–$7.00B (+43% to +45% YoY) and Adjusted diluted EPS $0.91–$0.93 (+44% to +48% YoY). Guidance includes approximately $900M of Q1 sales and ~$0.02 of EPS accretion from the CCS business.

Tax accrual and risk note

In Q4 2025 Amphenol recorded a $100M discrete tax accrual related to notices from Chinese tax authorities challenging prior tax positions (company estimates a potential range of $100M to ~$300M). Management states it believes its positions are appropriate and is engaging with authorities; timing and final outcome are uncertain.