Amphenol (APH) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record sales of $7.6 billion, up 58% year-over-year and 33% organically, with adjusted diluted EPS reaching $1.06, up 68% year-over-year, exceeding guidance.

• Orders hit a record $9.4 billion, with a book-to-bill ratio of 1.24, reflecting strong demand across all end markets.

• GAAP diluted EPS was $0.72, up 24% year-over-year; adjusted diluted EPS was $1.06, up from $0.63 in Q1 2025.

• The CommScope acquisition contributed significantly to growth and expanded the product portfolio, especially in IT data comm and building connectivity.

• Returned $485 million to shareholders via buybacks and dividends.

Financial highlights

• Net income attributable to shareholders was $933 million, up from $738 million year-over-year.

• Operating income increased to $1.83 billion (24% margin GAAP), with adjusted operating income at $2.1 billion (27.3% margin), up 380 bps year-over-year.

• Free cash flow reached $831 million, up from $580 million year-over-year, representing 89% of net income.

• EBITDA reached $2.3 billion; net leverage ratio was 1.6x at quarter-end.

• Significant increase in goodwill and intangible assets due to acquisitions.

Outlook and guidance

• Q2 2026 sales expected at $8.1–$8.2 billion, with adjusted diluted EPS of $1.14–$1.16, representing 43–45% and 41–43% growth year-over-year, respectively.

• Adjusted effective tax rate expected to remain at 27% for the remainder of 2026.

• Guidance excludes $0.01 per share in acquisition-related costs.