Amphenol designs and manufactures connectors, interconnect systems, antennas, sensors and specialty cables for electronics, communications infrastructure, vehicles, industrial equipment, defense and aerospace. Its decentralized businesses combine customer-specific engineering, global manufacturing and acquisitions.
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A snapshot of what AMPHENOL CORP /DE/ owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001558370-24-000866 | Feb 7, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001558370-25-000714 | Feb 7, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001104659-26-013549 | Feb 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Amphenol’s earnings base expanded sharply as AI-related connectivity demand and acquisitions increased sales and improved manufacturing leverage. Revenue reached $23.1 billion in 2025, compared with $12.6 billion in 2023, but the progression was not uniformly strong: communications weakness constrained 2023, and acquisition spending and capacity investment absorbed substantial cash thereafter. The completed January 2026 CommScope acquisition further enlarged the business while increasing debt, interest expense and integration demands. First-half 2026 results remained strong, although acquired revenue, an $80 million tariff benefit and substantial tax adjustments complicate headline comparisons. Operating cash generation increased, but working capital consumed considerably more cash. The central trade-off is greater connectivity capability and demonstrated demand against higher financing costs, customer-investment dependence and unresolved acquired-contract exposure—not an established guarantee of continuing growth or acquisition returns.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-01-09
Amphenol supplies components and systems that carry electrical power, signals and data or measure physical conditions. Customer collaboration during product design supports qualification for new programs. More than 140 general managers ran its decentralized businesses in 2025, supported by manufacturing across approximately 40 countries. Communications Solutions supplied 52% of sales, Harsh Environment Solutions 26%, and Interconnect and Sensor Systems 22%. These segments overlap across customer industries; IT datacom is an end market, not a separate segment.
Diversification remains meaningful, but IT datacom increased from approximately 19% of sales in 2023 to 36% in 2025. AI-related demand contributed materially, although AI-only revenue is not disclosed. No customer represented 10% of annual sales during 2023–2025. Most revenue is recognized at shipment or delivery, with payment generally due in 30–120 days. Orders and backlog are therefore neither collected cash nor guaranteed future revenue.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31
Sales were broadly stagnant in 2023 as weaker communications applications outweighed automotive, defense and aerospace strength. Growth resumed in 2024 and accelerated in 2025: reported sales increased 52% in 2025, including 38% organic growth and approximately 13 percentage points from acquisitions. Management primarily attributes organic growth to higher volumes, particularly AI-related IT datacom demand. Organic growth nevertheless includes pricing effects and is not a physical-unit measure.
GAAP operating margin expanded from 20.4% in 2023 to 25.4% in 2025. Management credits higher-volume operating leverage and cost discipline, partly offset by lower-margin acquisitions. Parent-attributable 2025 net income was $4,270.3 million. Its near-equality with adjusted income of $4,272.5 million conceals substantial offsets: acquisition-cost and China-tax addbacks were almost canceled by removing favorable option-exercise tax benefits. Adjusted earnings retain ordinary stock compensation and some acquisition-related amortization.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31 · EX-99.3 · 2026-01-09
Operating cash flow rose from $2,528.7 million in 2023 to $5,374.7 million in 2025. The sources differed: working-capital release supported 2023, whereas earnings growth and lower working-capital usage supported 2025. Accumulating payables and accrued liabilities provided substantial offsets to receivable and inventory investment. Cash capex reached $996.6 million in 2025, principally supporting IT datacom. Company-defined free cash flow was $4,392.9 million after capex and disposal proceeds, but before acquisitions and financing distributions.
Five 2025 acquisitions consumed $3,818.6 million net of acquired cash; dividends used $802.2 million and repurchases $665.2 million. Year-end cash of $11,130.6 million included acquisition prefunding and was not the post-CommScope balance. By June 30, 2026, cash was $4,729.4 million and debt carrying value $18,811.3 million. First-half acquisition spending of $10,684.0 million explains much of the cash decline; it was not an operating cash loss.
Sources: 10-K · 2023-12-31 · 10-K · 2025-12-31 · 10-Q · 2026-06-30
First-half 2026 sales reached $16,378.2 million, up a reported 57%, including 32% organic growth. GAAP operating income was $4,416.4 million and parent income $2,702.2 million. Both GAAP and adjusted operating results include the same $80 million tariff-recovery benefit; it is not established as recurring or fully collected. Working capital absorbed $1,176.4 million, limiting the cash benefit of higher earnings. Operating cash flow was $2,678.7 million and free cash flow $2,036.7 million.
China tax payment notices totaling $230 million were paid in the second quarter, following accruals across 2025 and 2026; payment was not another expense. Additional tax reassessments and foreign reserves remained relevant, and the adjusted tax rate increased to 27%. July guidance anticipated third-quarter sales of $9.3–$9.4 billion and adjusted EPS of $1.40–$1.42 on the then-current, pre-September-split basis, excluding additional tariff recoveries. These were conditional forecasts, not supplied third-quarter results.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · 8-K · 2026-09-02
AI-related demand depends on customer investment and technology choices. Global production adds tariff, export-control, currency and supply-chain exposure. CommScope increases financing and integration demands, and its purchase accounting remained provisional at June 2026. A challenged supply contract also leaves advance recovery uncertain. Reported covenant compliance does not quantify borrowing headroom; undrawn facilities are conditional capacity, not cash. These qualifications limit conclusions about sustainable margins, available acquisition funding and realized acquisition returns. Financing capacity is also subject to a separately operative Section 8.03 ceiling: aggregate Priority Indebtedness may not exceed 15% of Consolidated Net Tangible Assets at any time, independently of the contractual net-leverage test and its acquisition relief. The defined debt perimeter comprises, without duplication, outstanding unsecured indebtedness of subsidiaries that are neither Designated Borrowers nor Guarantors, excluding indebtedness owed to any Loan Party and indebtedness between subsidiaries that are not Loan Parties, plus Company and subsidiary indebtedness secured by liens not otherwise permitted under Section 8.02(a)–(d). The excluded liens are Permitted Encumbrances and liens securing finance-lease debt permitted under Section 8.01(b), purchase-money debt and accounts-receivable-facility debt permitted under Section 8.01(c), and foreign-subsidiary debt permitted under Section 8.01(d), subject to those provisions rather than unrestricted category-wide exemptions. The denominator is consolidated balance-sheet assets at the most recent fiscal quarter end for which a consolidated balance sheet is available, minus all current liabilities other than current maturities of long-term debt and finance-lease obligations, and minus total goodwill and other intangible assets, computed in accordance with GAAP. Thus reported total debt cannot be equated with Priority Indebtedness, and the denominator is not unadjusted total assets. Actual usage and cushion under this ceiling remain unverified; no numerical headroom or covenant breach is inferred.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-01-09 · EX-10.1 · 2025-08-22
USD 23.0947 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 23.0947 bn | — |
Consolidated external net sales after intercompany eliminations.
Sources: 10-K · 2024-12-31 · 10-K · 2025-12-31
USD 15.2227 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 15.2227 bn | 21.3% |
| 2023 | USD 12.5547 bn | — |
Consolidated external revenue after intercompany eliminations.
Sources: 10-K · 2024-12-31
USD 4.2703 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.2703 bn | 76.2% |
| 2024 | USD 2.424 bn | 25.7% |
| 2023 | USD 1.928 bn | — |
Consolidated net income after deducting income attributable to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 5.3747 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.3747 bn | 91.0% |
| 2024 | USD 2.8147 bn | 11.3% |
| 2023 | USD 2.5287 bn | — |
GAAP consolidated cash flow from operating activities.
Sources: 10-K · 2025-12-31
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