Amphenol (APH) Q3 2025 Financial Results Summary
Amphenol Corporation released its Q3 2025 financial results on October 22, 2025. The company reported record sales and earnings, along with a significant increase in its quarterly dividend.
Summary of Financial Highlights
- Sales: $6.2 billion, reflecting a 53% increase in U.S. dollars and 41% organic growth compared to Q3 2024.
- GAAP Diluted EPS: $0.97, a 102% increase from the prior year.
- Adjusted Diluted EPS: $0.93, an 86% increase compared to Q3 2024.
- GAAP Operating Margin: 27.5%.
- Adjusted Operating Margin: 27.5%.
- Operating Cash Flow: $1.5 billion.
- Free Cash Flow: $1.2 billion.
- Acquisition: Rochester Sensors was acquired in August.
- Quarterly Dividend: Increased by 52% to $0.25 per share from $0.165 per share.
Operational Performance
- Sales Growth Drivers:
- Strong organic growth across nearly all end markets.
- Particularly exceptional growth noted in the IT datacom market.
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Contributions from recent acquisitions.
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Profitability:
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The company experienced excellent profitability with operating margins reaching 27.5%, setting a new record.
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Shareholder Returns:
- During Q3, Amphenol repurchased 1.4 million shares of its common stock for approximately $153 million.
- Total capital returned to shareholders was about $354 million, which included $201 million in dividend payments.
Segment Highlights
- Harsh Environment Solutions:
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Q3 Sales: $1.52 billion; 27% increase compared to prior year.
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Communications Solutions:
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Q3 Sales: $3.31 billion; 96% increase compared to prior year.
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Interconnect and Sensor Systems:
- Q3 Sales: $1.37 billion; 18% increase compared to prior year.
Financial Outlook
- Q4 2025 Guidance:
- Expected sales for Q4 in the range of $6.0 billion to $6.1 billion, indicating a 39% to 41% increase over Q4 2024.
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Expected Adjusted Diluted EPS in the range of $0.89 to $0.91, projecting a 62% to 65% increase from Q4 2024.
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Full Year 2025 Guidance:
- Anticipated sales between $22.66 billion to $22.76 billion, representing a 49% to 50% increase over the prior year.
- Expected Adjusted Diluted EPS projected to be between $3.26 and $3.28, indicating a 72% to 74% increase over 2024.
Strategic Initiatives
- Amphenol remains committed to market and geographic diversification and the active pursuit of acquisitions to bolster its growth opportunities.
- Recent acquisition of Rochester Sensors, a manufacturer of application-specific liquid level sensors, for approximately $100 million.
Conclusion
Amphenol Corporation’s results for Q3 2025 indicate significant growth across its business segments and a strong commitment to returning value to shareholders through dividends and share repurchases. Their ongoing investments in technology and acquisitions reflect their strategy to maintain strong market positioning in high-growth areas.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) (dollars and shares in millions, except per share data)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Net sales | 6,194.4 | 4,038.8 | 16,655.7 | 10,904.9 |
| Cost of sales (1) | 3,835.1 | 2,681.9 | 10,599.1 | 7,245.9 |
| Gross profit | 2,359.3 | 1,356.9 | 6,056.6 | 3,659.0 |
| Acquisition-related expenses | — | 45.4 | 56.0 | 115.4 |
| Selling, general and administrative expenses | 657.0 | 492.0 | 1,854.7 | 1,340.4 |
| Operating income | 1,702.3 | 819.5 | 4,145.9 | 2,203.2 |
| Interest expense | (80.7) | (55.7) | (238.1) | (150.1) |
| Other income (expense), net | 19.3 | 11.2 | 44.1 | 48.5 |
| Income before income taxes | 1,640.9 | 775.0 | 3,951.9 | 2,101.6 |
| Provision for income taxes (2) | (385.8) | (166.1) | (851.8) | (412.0) |
| Net income | 1,255.1 | 608.9 | 3,100.1 | 1,689.6 |
| Less: Net income attributable to noncontrolling interests | (9.4) | (4.5) | (25.3) | (11.8) |
| Net income attributable to Amphenol Corporation | 1,245.7 | 604.4 | 3,074.8 | 1,677.8 |
| Net income attributable to Amphenol Corporation per common share — Basic | 1.02 | 0.50 | 2.53 | 1.40 |
| Weighted average common shares outstanding — Basic | 1,221.8 | 1,204.9 | 1,215.7 | 1,202.4 |
| Net income attributable to Amphenol Corporation per common share — Diluted | 0.97 | 0.48 | 2.41 | 1.33 |
| Weighted average common shares outstanding — Diluted | 1,282.8 | 1,265.5 | 1,273.8 | 1,262.1 |
AMPHENOL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (dollars in millions)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 3,799.3 | 3,317.0 |
| Short-term investments | 88.8 | 18.4 |
| Total cash, cash equivalents and short-term investments | 3,888.1 | 3,335.4 |
| Accounts receivable, less allowance for doubtful accounts of $101.6 and $66.5, respectively | 4,543.8 | 3,287.9 |
| Inventories | 3,300.1 | 2,545.7 |
| Prepaid expenses and other current assets | 651.9 | 517.0 |
| Total current assets | 12,383.9 | 9,686.0 |
| Property, plant and equipment, less accumulated depreciation of $2,947.3 and $2,464.3, respectively | 2,141.5 | 1,711.8 |
| Goodwill | 9,868.6 | 8,236.2 |
| Other intangible assets, net | 1,982.3 | 1,225.1 |
| Other long-term assets | 766.7 | 581.1 |
| Total Assets | 27,143.0 | 21,440.2 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | 2,462.4 | 1,819.4 |
| Accrued salaries, wages and employee benefits | 688.6 | 529.8 |
| Accrued income taxes | 252.9 | 199.0 |
| Accrued dividends | 201.9 | 199.5 |
| Other accrued expenses | 1,440.5 | 934.4 |
| Current portion of long-term debt | 937.6 | 401.7 |
| Total current liabilities | 5,983.9 | 4,083.8 |
| Long-term debt, less current portion | 7,129.5 | 6,484.4 |
| Accrued pension and postretirement benefit obligations | 150.2 | 129.8 |
| Deferred income taxes | 377.6 | 376.7 |
| Other long-term liabilities | 894.9 | 509.4 |
| Total Liabilities | 14,536.1 | 11,584.1 |
| Redeemable noncontrolling interests | 10.2 | 8.7 |
| Equity: | ||
| Common stock | 1.2 | 1.2 |
| Additional paid-in capital | 4,092.7 | 3,601.8 |
| Retained earnings | 9,155.0 | 7,105.0 |
| Treasury stock, at cost | -220.9 | -199.7 |
| Accumulated other comprehensive loss | -507.7 | -716.3 |
| Total stockholders’ equity attributable to Amphenol Corporation | 12,520.3 | 9,792.0 |
| Noncontrolling interests | 76.4 | 55.4 |
| Total Equity | 12,596.7 | 9,847.4 |
| Total Liabilities, Redeemable Noncontrolling Interests and Equity | 27,143.0 | 21,440.2 |
