AMPHENOL CORP /DE/ (APH) Earnings History

AMPHENOL CORP /DE/ - Q1 2026 EarningsBeat

Filed at: Apr 29, 2026, 9:05 AM EDT|Read from source

EXECUTIVE SUMMARY

Amphenol reported record first quarter results with strong sales growth driven by organic expansion and acquisitions, alongside robust order intake and improved profitability. The company is actively deploying capital through share repurchases and dividends, and is optimistic about future growth opportunities fueled by technological innovation and its expanded product portfolio.

POSITIVE HIGHLIGHTS

  • •

    Record first quarter sales of $7.6 billion, up 58% year-over-year and 33% organically.

    positive
  • •

    Record orders of $9.4 billion, resulting in a strong book-to-bill ratio of 1.24:1.

    positive
  • •

    Adjusted Diluted EPS of $1.06, up 68% compared to the prior year.

    positive
  • •

    Adjusted Operating Margin reached 27.3%, demonstrating strong profitability.

    positive
  • •

    Operating Cash Flow of $1.1 billion and Free Cash Flow of $831 million.

    positive

CONCERNS & RISKS

  • •

    Significant increase in inventories from $3.4B to $4.1B, a 19% increase QoQ, outpacing revenue growth.

    attention
  • •

    A substantial increase in long-term debt from $14.6B to $16.6B, a 13.7% increase QoQ, primarily due to acquisitions.

    attention
  • •

    Discrete tax items in China resulted in $290.0 million in additional tax obligations, impacting net income.

    attention
  • •

    Acquisition-related expenses of $116.9 million and amortization of acquisition-related inventory step-up costs of $132.0 million impacted GAAP results.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$7.62B
+58.0%
Prior year: $4.81B
Net Income
Quarterly
$933.00M
+26.5%
Prior year: $737.80M
EPS (Diluted)
Quarterly
N/A
N/A
Operating Income
Quarterly
$1.83B
+78.8%
Prior year: $1.02B
EPS (Basic)
Quarterly
$0.76
+24.6%
Prior year: $0.61

MARGIN ANALYSIS

Gross Margin
Current Quarter
36.8%
Prior Year
34.2%
YoY Change
+258 bps
Operating Margin
Current Quarter
24.0%
Prior Year
21.3%
YoY Change
+270 bps
Net Margin
Current Quarter
12.2%
Prior Year
15.3%
YoY Change
-310 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q1 2026 2026

VISUAL OVERVIEW

|
Communications Solutions
0.0%
N/A
CC: +47.0%
Harsh Environment Solutions
0.0%
N/A
CC: +23.0%
Interconnect and Sensor Systems
0.0%
N/A
CC: +17.0%

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% TotalCC
Communications Solutions
N/A———+47.0%
Harsh Environment Solutions
N/A———+23.0%
Interconnect and Sensor Systems
N/A———+17.0%
Total Revenue$0.00M——100.0%—

Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.

MANAGEMENT GUIDANCE

Q2 2026

revenue
$8100000.0B—$8200000.0B
Mid-point: $8150000.0B
"Sales to be in the range of $8.1 billion to $8.2 billion, representing a 43% to 45% increase over the prior year quarter."
eps_diluted_adjusted
$1.14—$1.16
Mid-point: $1.15
"Adjusted Diluted EPS is expected to be in the range of $1.14 to $1.16, representing a 41% to 43% increase from the second quarter of 2025."

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

EARNINGS CALL —

Call date
2026-04-29
Tone
cautious
Hedge density
N/A
Deflection rate
0.0%
View transcript Source Accession: 0001104659-26-050984

CALL GUIDANCE — Q1 2026 2026

MetricValuePeriodSpecificityvs Prior
sales8.1 billion to 8.2 billionQ2 2026tight_rangeNew
adjusted_diluted_eps$1.14 to $1.16Q2 2026tight_rangeNew
saleshigh single-digit range sequentiallyQ2 2026directionalNew
salesslight further sequential moderationQ2 2026directionalNew
saleshigh single digits from these already strong first quarter levelsQ2 2026directionalNew
salesincrease modestly from these first quarter levelsQ2 2026directionalNew
salesremain at these first quarter levelsQ2 2026directionalNew
salesmodest sales declineQ2 2026directionalNew
saleslow teens levelQ2 2026directionalNew

CAPITAL ALLOCATION — Q1 2026 2026

  • liquiditycontinue

    $7.6 billion · end of the quarter · funded by cash and short-term investments on hand plus ability under existing credit facilities

  • deleveragingcontinue

    net leverage ratio: 1.6 times

  • buybackcontinue

    $140 · first quarter of 2026

  • dividendcontinue
  • m_and_a_fundingnew

    funded by debt offering proceeds

  • deleveragingcontinue

    funded by free cash flow generation and proceeds from our ongoing portfolio management actions

  • capex_policyreaffirm

MACRO STANCE — Q1 2026 2026

  • chinaheadwindnew
  • ratesheadwindnew
  • demand_environmentheadwindnew
  • inflationheadwindnew
  • supply_chainheadwindnew

Q&A SIGNALS — Q1 2026 2026

Hedge rate
N/A
Concerns retained
1
Forward commits
0

SPECIAL ITEMS & ADJUSTMENTS

Q1 2026
Discrete tax items in China regarding prior period tax positions and reassessment of tax rate assumptions.
Includes $130.0M accrual for unfavorable determinations and $160.0M in additional tax obligations.
+$290M
$0.22 per share
Q1 2026
Acquisition-related expenses (primarily CommScope acquisition).
Includes external transaction costs and amortization of acquired backlog.
+$116.9M
$0.16 per share
Q1 2026
Amortization of acquisition-related inventory step-up costs (CommScope acquisition).
+$132M
$0.08 per share
Q1 2025
Acquisition-related expenses (primarily Andrew acquisition).
Includes external transaction costs and amortization of acquired backlog.
+$44M
$0.02 per share
Q1 2025
Amortization of acquisition-related inventory step-up costs (Andrew acquisition).
+$60.9M
$0.04 per share
Total Impact
+$643.8M$0.52 per share

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

Record sales and Adjusted Diluted EPS exceeding guidance.

— AMPHENOL CORP /DE/, Q1 2026 2026 Earnings Call

Strong organic growth driven by IT datacom and contributions from acquisitions.

— AMPHENOL CORP /DE/, Q1 2026 2026 Earnings Call

Record orders and a book-to-bill of 1.24:1 indicate strong demand.

— AMPHENOL CORP /DE/, Q1 2026 2026 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Book To Bill Ratio
1.2
ratio

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

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