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APH · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Amphenol posted a record, exceptionally strong quarter with sales up 55% and net income up 62%, driven overwhelmingly by the CommScope acquisition and torrid organic growth in Communications Solutions/IT datacom, though the gain is partly offset by a heavier tax provision including one-off China-related discrete tax charges and rising interest expense from acquisition debt.
Net Income
$1,784M
up 62.1% y/y
Revenue
$8,758M
up 55.0% y/y
Operating Income
$2,585M
up 82.2% y/y
Gross Profit
$3,548M
up 72.8% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Communications Solutions | $5,384 · +85% |
| Harsh Environment Solutions | $1,857 · +28% |
| Interconnect & Sensor Systems | $1,518 · +17% |
| Revenue | $8,758 · +55.0% |
| Cost of Sales | $5,210 |
| Gross Profit | $3,548 · +72.8% · 40.5% margin |
| SG&A | $940 |
| Acquisition-Related Exp. | $24 |
| Operating Income | $2,585 · +82.2% · 29.5% margin; incl. $80M tariff recovery benefit |
| Interest Exp. & Other, net | $196 |
| Pre-Tax Income | $2,388 · +77.2% |
| Income Tax | $604 · +144.4% |
| Net Income | $1,784 · +62.1% · $1,769M attrib. to APH; Diluted EPS $1.37 · +59% |
Verdict: Amphenol posted a record, exceptionally strong quarter with sales up 55% and net income up 62%, driven overwhelmingly by the CommScope acquisition and torrid organic growth in Communications Solutions/IT datacom, though the gain is partly offset by a heavier tax provision including one-off China-related discrete tax charges and rising interest expense from acquisition debt.
OCF $1,557M; FCF $1,206M; buybacks $208M; dividends $307M; Q3 2026 guidance: sales $9.3-9.4B (+50-52% y/y), Adjusted Diluted EPS $1.40-1.42.
Source and notation
* marks non-cash / ≈ estimated. Source: Amphenol Corporation press release / 10-Q (SEC EDGAR).
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- Sales +55% y/y ($8,758M) driven by CommScope acquisition plus 30% organic growth, especially exceptional IT datacom demand within Communications Solutions.
- Operating income includes an $80M net benefit from IEEPA tariff recoveries, boosting both GAAP and Adjusted operating margin to ~29.5-29.8%.
- Tax provision jumped to $604M (25.3% effective rate) including a $39M discrete China-related tax reserve item and $80.5M excess tax benefit from stock comp, muddying y/y tax comparability.
- Adjusted Diluted EPS $1.35 vs GAAP $1.37; GAAP includes acquisition-related expense amortization ($23.5M) but adjusted EPS strips out discrete tax items and excess SBC tax benefits, narrowing the usual GAAP/non-GAAP gap this quarter.
- Communications Solutions segment is the standout: sales +85% y/y, operating margin 33.6% (up from 30.6%), overwhelmingly due to CommScope contribution and datacom strength.
- Interest expense surged to $213.7M (from $80.9M) reflecting new debt issued for the CommScope deal, a meaningful drag partially offset by other income and tariff recovery benefit.
What distorts the picture in this report and what to watch beyond the headlines.
APH — Amphenol Corporation manufactures electronic connectors and interconnect systems used in communications, industrial, and defense applications.
Based in Wallingford, Connecticut, it serves a broad range of technology-driven industries globally.
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