Amphenol (APH) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 sales of $4.81B, up 48% year-over-year, with record adjusted diluted EPS of $0.63, up 58% year-over-year, driven by strong organic growth and major acquisitions including Andrew and LifeSync.

• Net income attributable to shareholders rose to $737.8M, up from $548.7M in Q1 2024.

• Orders reached a record $5.29B, up 58% year-over-year, with a book-to-bill ratio of 1.1.

• Performance exceeded the high end of guidance in both sales and adjusted EPS.

• Returned $380M to shareholders via buybacks and dividends in Q1 2025.

Financial highlights

• GAAP operating income was $1.03B; adjusted operating income (excluding $105M in acquisition costs) was $1.13B, with a record adjusted operating margin of 23.5%.

• Gross profit increased to $1.64B; GAAP operating margin was 21.3%.

• Free cash flow was $580.4M, up from $505.7M year-over-year.

• Cash and equivalents at quarter-end were $1.66B, reflecting acquisition funding.

• EBITDA (excluding acquisition costs) was $1.32B; net leverage ratio was 1.2x.

Outlook and guidance

• Q2 2025 sales expected at $4.9B–$5.0B, with adjusted diluted EPS of $0.64–$0.66, representing 36%–39% sales growth and 45%–50% EPS growth year-over-year.

• Adjusted effective tax rate expected to be ~24.5% for full-year 2025.

• Andrew acquisition now expected to be $0.09 accretive to 2025 adjusted diluted EPS, up from $0.06.

• Management expects elevated capital spending to continue in 2025 to support AI-related IT datacom growth.

• Margins expected to remain strong despite tariff and macro impacts.