Amphenol (APH) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 sales of $8.8 billion, up 55% year-over-year and 30% organically, with strong growth in IT datacom and significant contributions from acquisitions, especially CommScope.

• Operating income reached $2.58 billion (29.5% margin), up from $1.42 billion in Q2 2025, reflecting strong leverage and cost control.

• Net income attributable to shareholders was $1.77 billion, up from $1.09 billion in Q2 2025; GAAP diluted EPS was $1.37, up 59%, and Adjusted diluted EPS was $1.35, up 67%.

• Orders reached a record $10.7 billion, with a book-to-bill ratio of 1.23:1, reflecting robust demand across all end markets.

• Completed acquisitions of CommScope, El.Com Srl, and Wilder Technologies, expanding capabilities in industrial, defense, aerospace, and IT datacom markets.

Financial highlights

• Six-month net sales reached $16,378.2 million, up 57% year-over-year; organic growth was 32%.

• Operating and free cash flow for Q2 were $1.6 billion and $1.2 billion, respectively; gross profit for Q2 was $3.55 billion, up from $2.05 billion year-over-year.

• Adjusted net income for Q2 2026 was $1,745.7 million; adjusted diluted EPS was $1.35.

• Interest expense increased to $213.7 million in Q2 2026 due to higher borrowing levels for acquisitions.

• Total liquidity at quarter-end was $8.4 billion, with net debt of $13.4 billion.

Outlook and guidance

• Q3 2026 sales expected at $9.3–$9.4 billion, up 50–52% year-over-year; Adjusted diluted EPS guidance for Q3 is $1.40–$1.42, up 51–53%.

• CommScope full-year sales guidance raised to $4.6 billion with $0.30 EPS accretion, up from $4.1 billion and $0.15.

• Management expects continued strong demand in IT datacom, industrial, and defense markets, with ongoing benefits from recent acquisitions.

• Adjusted effective tax rate for 2026 is projected at 27.0%, reflecting higher accruals related to foreign tax matters.