# AMPHENOL CORP /DE/ (APH) Informational only - not investment advice. CIK: 0000820313 SIC: 3678 Electronic Connectors SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3678 Electronic Connectors](/industry/3678/) Latest 10-K filed: 2026-02-11 SEC page: https://www.sec.gov/edgar/browse/?CIK=820313 Filing source: https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0001104659-26-013549 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000820313.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 23,094,700,000 USD | 2025 | verified | | Net income | 4,270,300,000 USD | 2025 | verified | | Assets | 36,236,900,000 USD | 2025 | verified | | Free cash flow | 4,378,100,000 USD | 2025 | computed | | Net margin | 18.49% | 2025 | computed | | Operating margin | 25.41% | 2025 | computed | | Revenue YoY | +51.71% | 2025 | computed | | ROE | 31.84% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | APH | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 18.5% | 4.4% | 83 | 135 | | Operating margin | 25.4% | 4.4% | 87 | 128 | | Revenue growth | 51.7% | 10.2% | 93 | 142 | | FCF margin | 19.0% | 8.0% | 80 | 138 | | ROE | 31.8% | 5.4% | 93 | 136 | | ROA | 11.8% | 2.7% | 82 | 143 | | Liabilities / equity | 1.69 | 0.81 | 83 | 138 | | Current ratio | 2.98 | 2.59 | 61 | 144 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 36 Electronic And Other Electrical Equipment And Components, Except Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 23094700000 | USD | 2025 | 2026-02-11 | | Net income | 4270300000 | USD | 2025 | 2026-02-11 | | Assets | 36236900000 | USD | 2025 | 2026-02-11 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000820313.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 6,286,400,000 | 7,011,300,000 | 8,202,000,000 | 8,225,400,000 | 8,598,900,000 | 10,876,300,000 | 12,623,000,000 | 12,554,700,000 | 15,222,700,000 | 23,094,700,000 | | Net income | 822,900,000 | 650,500,000 | 1,205,000,000 | 1,155,000,000 | 1,203,400,000 | 1,590,800,000 | 1,902,300,000 | 1,928,000,000 | 2,424,000,000 | 4,270,300,000 | | Operating income | 1,205,200,000 | 1,427,600,000 | 1,686,900,000 | 1,619,200,000 | 1,638,400,000 | 2,105,100,000 | 2,585,800,000 | 2,559,600,000 | 3,156,900,000 | 5,868,600,000 | | Gross profit | 2,040,000,000 | 2,309,900,000 | 2,654,900,000 | 2,616,000,000 | 2,664,100,000 | 3,401,800,000 | 4,028,200,000 | 4,084,100,000 | 5,139,700,000 | 8,517,700,000 | | Diluted EPS | 2.61 | 2.06 | 3.85 | 1.88 | 1.96 | 2.54 | 1.53 | 1.55 | 1.92 | 3.34 | | Operating cash flow | 1,077,600,000 | 1,144,200,000 | 1,112,700,000 | 1,502,300,000 | 1,592,000,000 | 1,540,100,000 | 2,174,600,000 | 2,528,700,000 | 2,814,700,000 | 5,374,700,000 | | Capital expenditures | 190,800,000 | 226,600,000 | 310,600,000 | 295,000,000 | 276,800,000 | 360,400,000 | 383,800,000 | 372,800,000 | 665,400,000 | 996,600,000 | | Dividends paid | 172,700,000 | 205,000,000 | 253,700,000 | 279,500,000 | 297,600,000 | 346,700,000 | 477,400,000 | 500,600,000 | 595,100,000 | 802,200,000 | | Share buybacks | 325,800,000 | 618,000,000 | 935,200,000 | 601,700,000 | 641,300,000 | 661,700,000 | 730,500,000 | 585,100,000 | 689,300,000 | 665,200,000 | | Assets | 8,498,700,000 | 10,003,900,000 | 10,044,900,000 | 10,815,500,000 | 12,327,300,000 | 14,678,400,000 | 15,326,200,000 | 16,526,400,000 | 21,440,200,000 | 36,236,900,000 | | Liabilities | | | | | 6,875,400,000 | 8,299,300,000 | 8,232,100,000 | 8,099,900,000 | 11,584,100,000 | 22,727,200,000 | | Stockholders' equity | 3,674,900,000 | 3,989,800,000 | 4,017,000,000 | 4,530,300,000 | 5,384,900,000 | 6,302,000,000 | 7,015,600,000 | 8,346,500,000 | 9,792,000,000 | 13,413,100,000 | | Cash and cash equivalents | 1,034,600,000 | 1,719,100,000 | 1,279,300,000 | 891,200,000 | 1,702,000,000 | 1,197,100,000 | 1,373,100,000 | 1,475,000,000 | 3,317,000,000 | 11,130,600,000 | | Free cash flow | 886,800,000 | 917,600,000 | 802,100,000 | 1,207,300,000 | 1,315,200,000 | 1,179,700,000 | 1,790,800,000 | 2,155,900,000 | 2,149,300,000 | 4,378,100,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 13.09% | 9.28% | 14.69% | 14.04% | 13.99% | 14.63% | 15.07% | 15.36% | 15.92% | 18.49% | | Operating margin | 19.17% | 20.36% | 20.57% | 19.69% | 19.05% | 19.35% | 20.48% | 20.39% | 20.74% | 25.41% | | Return on equity | 22.39% | 16.30% | 30.00% | 25.50% | 22.35% | 25.24% | 27.12% | 23.10% | 24.75% | 31.84% | | Return on assets | 9.68% | 6.50% | 12.00% | 10.68% | 9.76% | 10.84% | 12.41% | 11.67% | 11.31% | 11.78% | | Liabilities / equity | | | | | 1.28 | 1.32 | 1.17 | 0.97 | 1.18 | 1.69 | | Current ratio | 2.20 | 2.95 | 1.86 | 1.97 | 2.38 | 2.43 | 2.42 | 2.17 | 2.37 | 2.98 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000820313.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.80 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.71 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.74 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 3,199,200,000 | 513,900,000 | 0.83 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 3,327,500,000 | 514,400,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 3,256,300,000 | 548,700,000 | 0.87 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 3,609,700,000 | 524,800,000 | 0.41 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 4,038,800,000 | 604,400,000 | 0.48 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 4,317,800,000 | 746,200,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 4,811,000,000 | 737,800,000 | 0.58 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 5,650,300,000 | 1,091,300,000 | 0.86 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 6,194,400,000 | 1,245,700,000 | 0.97 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 6,439,000,000 | 1,195,500,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 7,620,100,000 | 933,000,000 | 0.72 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 8,758,100,000 | 1,769,200,000 | 1.37 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from APH's latest 10-K: [/company/APH/business/](/company/APH/business/). ## Risk Factors Verbatim Item 1A Risk Factors from APH's latest 10-K: [/company/APH/risk-factors/](/company/APH/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/820313/000110465926089194/aph-20260630x10q.htm Low-confidence quarantine: Item 2 boundaries were not detected after HTML sanitization. Confidence: low Filing date: 2026-07-31 Report date: 2026-06-30 _Quarantined: low-confidence Item 2 boundaries; no quarterly MD&A text emitted._ ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm Complete FY 2025 MD&A: /company/APH/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-11 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ (amounts in millions, except share and per share data, unless otherwise noted) ​ The following discussion and analysis of the financial condition and results of operations for the years ended December 31, 2025, 2024 and 2023 has been derived from and should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included in Part II, Item 8, herein for Amphenol Corporation (together with its subsidiaries, “Amphenol,” the “Company,” “we,” “our,” or “us”). The Consolidated Financial Statements have been prepared in U.S. dollars, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”). The following discussion and analysis also includes references to certain non-GAAP financial measures, which are defined in the “Non-GAAP Financial Measures” section below, including “Constant Currency Net Sales Growth” and “Organic Net Sales Growth”. For purposes of the following discussion, the terms “constant currencies” and “organically” have the same meaning, respectively, as these aforementioned non-GAAP financial measures. Refer to “Non-GAAP Financial Measures” within this Item 7 for more information, including our reasons for including non-GAAP financial measures and material limitations with respect to the usefulness of the measures. ​ In addition to historical information, the following discussion and analysis also contains certain forward-looking statements that are subject to risks and uncertainties, including but not limited to the risk factors described in Part I, Item 1A. Risk Factors herein, as well as the risks and uncertainties that exist with the use of forward-looking statements as described in the “Cautionary Note Regarding Forward-Looking Statements” section included herein at the beginning of this Annual Report on Form 10-K (“Annual Report”). ​ Overview ​ General ​ Amphenol is one of the world’s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable. In 2025, approximately 65% of the Company’s sales were outside the United States. The primary end markets for our products are: ​ [[GREPCENT_TABLE]] [["","\u25cf","information technology and communication devices and systems for the converging technologies of voice, video and data communications;"]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","a broad range of industrial applications and traditional, hybrid and electric automotive applications; and"]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","defense and commercial aerospace applications."]] [[/GREPCENT_TABLE]] ​ The Company’s products are used in a wide variety of applications by a broad array of customers around the world. The Company competes primarily on the basis of technology innovation, product quality and performance, price, customer service and delivery time. For many years, customers have generally been consolidating their lists of qualified suppliers to companies that have the ability to meet certain technical, quality, delivery and other standards while maintaining geographic flexibility and competitive prices. The Company has focused its global resources to position itself to compete effectively in this environment. The Company believes that its global presence is an important competitive advantage, as it allows the Company to provide quality products on a timely and worldwide basis to its multinational customers, while at the same time offering a level of resiliency and diversification against local risks and challenges that may emerge in any single geography. ​ 28 Table of Contents Reportable Business Segments ​ The Company aligns its businesses into the following three reportable business segments: ​ ●Communications Solutions – the Communications Solutions segment designs, manufactures and markets a broad range of connector and interconnect systems, including high speed, radio frequency, power, fiber optic and other interconnect products; coaxial, fiber optic, power and high-speed cable; antennas; and other products for use in the information technology and data communications, mobile devices, industrial, communications networks, automotive, commercial aerospace and defense end markets. ​ ●Harsh Environment Solutions – the Harsh Environment Solutions segment designs, manufactures and markets a broad range of ruggedized interconnect products, including connectors and interconnect systems, specialty cable, printed circuits and printed circuit assemblies and other products for use in the industrial, defense, commercial aerospace, automotive, communications networks and information technology and data communications end markets. ​ ●Interconnect and Sensor Systems – the Interconnect and Sensor Systems segment designs, manufactures and markets a broad range of sensors, sensor-based systems, connectors and value-add interconnect systems used in the automotive, industrial, information technology and data communications, communications networks, defense and commercial aerospace end markets. ​ This alignment reinforces the Company’s entrepreneurial culture and enables clear accountability of each of our business unit general managers, while enhancing the scalability of Amphenol’s business for the future. For further details related to the Company’s reportable business segments, refer to Note 13 of the Notes to Consolidated Financial Statements herein. ​ Strategy ​ The Company’s strategy is to provide our customers with comprehensive design capabilities, a broad selection of products and a high level of quality and service on a worldwide basis, while maintaining continuing programs of productivity improvement and cost control. The Company focuses its research and development efforts through close collaboration with its customers to develop highly engineered products that meet customer needs and have the potential for broad market applications and significant sales within a one- to three-year period. The Company is also focused on controlling costs. The Company does this by investing in modern manufacturing technologies, controlling purchasing processes and expanding into lower cost areas. ​ The Company’s strategic objective is to further enhance its position in its served markets by pursuing the following success factors: ​ [[GREPCENT_TABLE]] [["","\u25cf","Pursue broad market diversification;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Develop high-technology performance-enhancing solutions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Expand global presence;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Control costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Pursue strategic acquisitions and investments; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Foster collaborative, entrepreneurial management."]] [[/GREPCENT_TABLE]] ​ Pillar Two Framework ​ The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework, known as Pillar Two, provides guidance for a global minimum tax. This guidance lays out a common approach for adopting the global minimum tax and enacting local legislation codifying the provisions that all 142 countries in the Inclusive Framework agreed to by consensus. The European Union (“EU”) member states have agreed to adopt these rules in two stages. The first component became effective on January 1, 2024, and the second component became effective on January 1, 2025. Non-EU countries have enacted or are expected to enact legislation on a similar timeline. Certain countries in which we operate have already enacted legislation to adopt the Pillar Two framework, while other countries are expected to also implement similar legislation with varying effective dates in the future. When and how this framework is adopted or enacted by the various countries in which we do business will increase tax complexity and may increase uncertainty and adversely affect our provision for income taxes in the U.S. and non-U.S. jurisdictions. The Company reviewed the currently enacted legislation. The implementation did not have a material impact on the 29 Table of Contents Company’s consolidated financial statements during the year ended December 31, 2025, and it is not currently expected to have a material impact on the Company’s operations, financial condition or cash flows in the future. However, the Company will continue to evaluate the potential impact of Pillar Two on the Company and its results as additional countries adopt legislation and issue individual guidance on their enacted legislation. ​ Results of Operations ​ ​ 2025 Compared to 2024 ​ Net sales were $23,094.7 for the year ended December 31, 2025 compared to $15,222.7 for the year ended December 31, 2024, representing an increase of 52% in U.S. dollars, 51% in constant currencies and 38% organically (excluding both currency and acquisition impacts; unless otherwise indicated, organic net sales growth is primarily driven by higher sales volumes), compared to the prior year. The increase in net sales in 2025 was driven by robust organic growth in the Communications Solutions segment and strong organic growth in the Harsh Environment Solutions segment and Interconnect and Sensor Systems segment, along with contributions from the Company’s acquisition program, all as described below. From an end market standpoint, the increase in net sales was driven by robust organic growth in the information technology and data communications (“IT datacom”) market, strong organic growth in the defense, industrial, communications networks and commercial aerospace markets and moderate organic growth in the automotive and mobile devices markets, along with contributions from the Company’s acquisition program. Net sales to the IT datacom market increased approximately $4,593.7, as we experienced robust growth across a broad array of applications, in particular the continued acceleration in and strong demand for products used in next-generation AI-related applications, along with growth in networking equipment, servers, cloud storage and peripherals. Net sales to the communications networks market increased approximately $1,374.3, driven primarily by contributions from acquisitions, in particular the acquisition of Andrew (as defined and discussed below within this Item 7 and in Note 11 of the accompanying Notes to Consolidated Financial Statements herein), along with organic growth in demand from mobile network operators and wireless equipment manufacturers. Net sales to the industrial market increased approximately $770.0, primarily driven by contributions from acquisitions, along with growth in medical applications, instrumentation, alternative energy and other industrial equipment. Net sales to the defense market increased approximately $499.2, driven by broad-based strength across virtually all defense applications, particularly related to communications, ground vehicles, space, missiles and naval, as well as contributions from acquisitions. Net sales to the commercial aerospace market increased approximately $322.2, primarily due to contributions from acquisitions, in particular the CIT acquisition, along with broad-based strength in demand from nearly all commercial aircraft manufacturers across a broad range of platforms. Net sales to the automotive market increased approximately $248.3, reflecting strength in demand from both electric and hybrid drive train platforms, antenna and related assemblies, and infotainment communications. Net sales to the mobile devices market increased approximately $64.3, driven by growth in sales in handsets, wearable devices, [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/APH/mda/fy2025/ All MD&A years: /company/APH/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/APH/mda/fy2024/): filed 2025-02-07; accession 0001558370-25-000714 (https://www.sec.gov/Archives/edgar/data/820313/000155837025000714/aph-20241231x10k.htm) - [FY 2023 MD&A](/company/APH/mda/fy2023/): filed 2024-02-07; accession 0001558370-24-000866 (https://www.sec.gov/Archives/edgar/data/820313/000155837024000866/aph-20231231x10k.htm) - [FY 2022 MD&A](/company/APH/mda/fy2022/): filed 2023-02-08; accession 0001558370-23-001036 (https://www.sec.gov/Archives/edgar/data/820313/000155837023001036/aph-20221231x10k.htm) - [FY 2021 MD&A](/company/APH/mda/fy2021/): filed 2022-02-09; accession 0001558370-22-000961 (https://www.sec.gov/Archives/edgar/data/820313/000155837022000961/aph-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3678 Electronic Connectors) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/APH.md · JSON record: /company/APH.json · verified financials: /company/APH/financials.json / /company/APH/financials.csv · machine TOC for the whole site: /llms.txt