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Saturday 17 October 2026 Export APH’s income statement to Excel — free account

Amphenol Corporation

APH Technology Electronic Components

Amphenol Corporation’s revenue for fiscal 2025 (year ended December 2025) was $23.1 billion, up 51.7% from fiscal 2024. In the quarter to June 2026, revenue grew 55.0%, EPS grew 60.0%, free cash flow grew 7.51% and total debt rose 133.3%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.

79.35 2.14 −2.63%
Market cap
$201.0B
P/E
37.8×
Fwd P/E
29.9×
Dividend yield
1.26%
F-score
6/9
Altman Z
6.34
Beneish M
−2.39
Dividend safety
92/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Amphenol Corporation (APH) Financial Analysis

Updated · Covers results through Q2 FY2026 · Sources · How this is made

Snapshot

Amphenol generated $23.1 billion of revenue, $5.9 billion of operating income and $4.3 billion of net income in FY2025. The market capitalisation was $208.2 billion as of September 28, 2026.

Revenue reached $8.8 billion, gross profit was $3.5 billion and operating income was $2.6 billion in Q2 FY2026. Net income was $1.8 billion, diluted EPS was $0.69 and free cash flow was $1.2 billion in Q2 FY2026. Revenue was $29.0 billion and net income was $5.2 billion on a trailing-twelve-month basis to Q2 FY2026.

Growth

Revenue increased 51.7% in FY2025 against FY2024, reaching $23.1 billion in FY2025. Revenue compound annual growth was 22.3% in FY2022–FY2025 and 21.8% in FY2020–FY2025. Diluted EPS increased 74.0% in FY2025 against FY2024 to $1.67 in FY2025, while its compound annual growth was 29.7% in FY2022–FY2025.

Free cash flow increased 103.6% in FY2025 against FY2024 to $4.4 billion in FY2025, with compound annual growth of 34.7% in FY2022–FY2025. Revenue rose 55.0%, diluted EPS rose 59.3% and free cash flow rose 7.51% in Q2 FY2026 against Q2 FY2025. Revenue growth was 54.2%, diluted EPS growth was 59.0% and free-cash-flow growth was 67.3% in TTM to Q2 FY2026 against TTM to Q2 FY2025.

Profitability

Gross margin was 36.9%, operating margin was 25.4%, pre-tax margin was 24.3% and net margin was 18.6% in FY2025. Gross margin increased 5.9 percentage points, operating margin increased 6.4 percentage points, pre-tax margin increased 6.5 percentage points and net margin increased 4.5 percentage points in FY2020–FY2025.

Return on equity was 36.6%, return on assets was 14.8% and return on invested capital was 20.9% in FY2025. Gross margin was 40.5% and operating margin was 29.5% in Q2 FY2026. Gross margin increased 4.2 percentage points and operating margin increased 4.4 percentage points in Q2 FY2026 against Q2 FY2025. Industry median comparisons for margins and returns are not reported.

Balance sheet

Total debt was $15.5 billion, cash and short-term investments were $11.4 billion and net debt was $4.1 billion in FY2025. Shareholders’ equity was $13.5 billion and working capital was $13.5 billion in FY2025. Total debt increased from $6.9 billion in FY2024, while cash and short-term investments increased from $3.3 billion in FY2024.

Net debt was $13.4 billion in Q2 FY2026, compared with $14.2 billion in Q1 FY2026. The current ratio was 1.9× and debt to equity was 1.2× in Q2 FY2026. Net debt was $8.6 billion higher in Q2 FY2026 against Q2 FY2025.

Cash flow & capital return

Operating cash flow was $5.4 billion, capital expenditure was $981.8 million and free cash flow was $4.4 billion in FY2025. Operating cash flow increased 91.0% and free cash flow increased 103.6% in FY2025 against FY2024. Free cash flow represented 102.0% of net income in FY2025.

Dividends paid were $802.2 million and net share repurchases were $112.2 million in FY2025, with capital returned to shareholders of $914.4 million in FY2025. Weighted average shares were 2.4 billion shares in FY2025, while the share count changed 2.18% in FY2020–FY2025. Free cash flow was $1.2 billion in Q2 FY2026, compared with $831.2 million in Q1 FY2026.

Valuation

The market capitalisation was $208.2 billion as of September 28, 2026. P/E was 40.3× as of September 28, 2026, above the 32.9× five-year median and 31.2× ten-year median measured as of September 28, 2026. P/E was above the 38.6× industry median as of September 28, 2026.

P/S was 7.2×, P/B was 13.3× and EV/Sales was 7.6× as of September 28, 2026. Each was above its five-year and ten-year median measured as of September 28, 2026. P/S, P/B and EV/Sales were above their respective industry medians as of September 28, 2026. EV/Cash flow was 46.9× as of September 28, 2026, above its 38.4× five-year median and 31.0× ten-year median measured as of September 28, 2026.

What changed since last quarter

Revenue increased 14.9% to $8.8 billion in Q2 FY2026 against Q1 FY2026, while diluted EPS increased 90.3% to $0.69 in Q2 FY2026 against Q1 FY2026. Gross margin increased 3.8 percentage points to 40.5% and operating margin increased 5.5 percentage points to 29.5% in Q2 FY2026 against Q1 FY2026. Free cash flow increased 45.0% to $1.2 billion and net debt decreased −$773.6 million to $13.4 billion in Q2 FY2026 against Q1 FY2026.

Revenue increased 55.0% in Q2 FY2026 against Q2 FY2025. Management attributes the year-over-year revenue increase in Q2 FY2026 to organic growth across all operating segments and acquisition-program contributions, led by IT datacom, industrial, defense, commercial aerospace and mobile-device markets. Management attributes the higher operating margin in Q2 FY2026 against Q2 FY2025 principally to operating leverage from higher sales volumes and cost control, with a lesser contribution from IEEPA tariff recovery.

Open questions

  • How much of the recent revenue growth is expected to come from acquired businesses versus organic sales volumes?
  • How will the higher borrowing levels and interest expense affect future results?
  • What is the duration and potential financial effect of the tax matters described by management?
  • How will integration of acquired businesses affect operating expenses and margins?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.