Amphenol (APH) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 sales of $5.7B, up 57% year-over-year, with robust organic and acquisition-driven growth, especially in Communications Solutions and IT datacom markets.

• Adjusted diluted EPS reached $0.81, up 84% year-over-year; GAAP diluted EPS was $0.86, up 110%.

• Operating income doubled to $1.42B (25.1% margin); adjusted operating margin hit a record 25.6%.

• Free cash flow for Q2 was $1.12B, with operating cash flow at $1.42B, reflecting strong earnings quality.

• Major acquisitions included Andrew Business ($2.0B) and Narda-MITEQ, strengthening Communications and Harsh Environment Solutions.

Financial highlights

• Gross profit for Q2 2025 was $2.05B (36.4% margin), up from $1.21B in Q2 2024.

• Adjusted operating income was $1.45B; adjusted EBITDA reached $1.7B.

• Net income attributable to shareholders was $1.09B, up from $525M in Q2 2024.

• Cash and equivalents at quarter-end were $3.21B; total assets reached $25.67B.

• Free cash flow for H1 2025 was $1.70B, up from $1.03B in H1 2024.

Outlook and guidance

• Q3 2025 sales expected at $5.4B–$5.5B, up 34%–36% year-over-year.

• Adjusted diluted EPS guidance for Q3 is $0.77–$0.79, up 54%–58% year-over-year.

• Management expects continued strong demand in IT datacom, AI, and communications markets, with elevated capital spending.

• Guidance assumes stable market conditions and constant exchange rates.

• No material impact anticipated from recent tax legislation or global minimum tax changes.