Amphenol (APH) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 sales of $6.4B, up 49% YoY, and full-year sales of $23.1B, up 52% YoY, with strong organic growth and robust order momentum.

• Adjusted diluted EPS reached $0.97 in Q4 (up 76% YoY) and $3.34 for the year (up 77% YoY), both exceeding guidance.

• Closed five acquisitions in 2025, including Trexon, and completed the acquisition of CommScope's CCS business in January 2026, expanding capabilities in fiber optics, defense, and building connectivity.

• Returned nearly $1.5B to shareholders in 2025 via buybacks and dividends.

Financial highlights

• Q4 GAAP operating income: $1.7B (margin 26.8%); adjusted operating income: $1.8B (margin 27.5%).

• Full-year GAAP operating income: $5.9B; adjusted: $6.1B. Full-year GAAP margin: 25.4%; adjusted: 26.2%.

• Q4 free cash flow: $1.7B (144% of net income); full-year free cash flow: $4.4B (103% of net income).

• Book-to-bill ratio for 2025: 1.1; Q4 orders: $8.4B, up 38% sequentially.

• Q4 GAAP diluted EPS was $0.93 (up 58%); full year GAAP diluted EPS was $3.34 (up 74%).

Outlook and guidance

• Q1 2026 sales expected at $6.9B–$7.0B, up 43%–45% YoY; adjusted EPS $0.91–$0.93, up 44%–48% YoY.

• Guidance includes ~$900M in sales and $0.02 EPS accretion from CommScope/CCS.

• CommScope/CCS expected to generate $4.1B in 2026 sales and add $0.15 to 2026 adjusted EPS.

• CapEx expected to remain in the 3%–4% of sales range, with potential to trend toward upper end due to growth.