Amphenol Corporation Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Amphenol Corporation (APH) Q2 2026 Earnings Summary

Key Financial Highlights (Q2 2026 vs. Q2 2025)

  • Record sales of $8.8 billion, +55% YoY in USD (+54% local currency, +30% organic); +15% sequentially in USD/local currencies (+13% organic).
  • GAAP diluted EPS $1.37 (+59% YoY); adjusted diluted EPS record $1.35 (+67% from $0.81 in Q2 2025).
  • Record orders $10.7 billion (+94% YoY, +14% sequentially); book-to-bill ratio 1.23x, positive across all end markets.
  • GAAP operating income $2.6B (margin 29.5%); adjusted operating income $2.6B (margin 29.8%, +24 bps YoY, +250 bps sequentially). Includes $80M tariff recovery benefit and $24M acquired backlog amortization from CommScope.
  • Operating cash flow $1.6B (88% of net income); free cash flow $1.2B (68% of net income).
  • Share repurchases: 1.5M shares at avg. $141; total capital return ~$515M (incl. dividend).
  • Net debt $13.4B; liquidity $8.4B; net leverage 1.3x; Q2 EBITDA $3B.

Segment Performance (Q2 2026 vs. Q2 2025)

  • Communication Solutions: Sales $5.4B (+85% USD, +42% organic); op. margin 33.6%.
  • Harsh Environment Solutions: Sales $1.9B (+28% USD, +22% organic); op. margin 30.1%.
  • Interconnect and Sensor Systems: Sales $1.5B (+17% USD, +13% organic); op. margin 21%.

End Market Trends (Q2 2026 vs. Q2 2025, with Sequential & Q3 Outlook)

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Operator: Hello and welcome to the Second Quarter 2026 Earnings Conference Call for Amphenol Corporation. Until then, all lines will remain in a listen-only mode. At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig A. Lampo. Sir, you may begin. Craig A. Lampo: Great. Thank you so much. Good afternoon, everyone. This is Craig A. Lampo, Amphenol's CFO, and I am here together with Adam Norwitt, our CEO. We would like to welcome you to our second quarter 2026 conference call. Our second quarter 2026 results were released this morning I will provide some financial commentary, and then Adam will give an overview of the business and current market trends, and then we will take your questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. The company closed the second quarter of 2026 with record sales of $8.8 billion and GAAP and adjusted diluted EPS of $1.37 and $1.35, respectively. Second quarter sales were up 55% in U.S. dollars, 54% in local currencies, and 30% organically compared to the second quarter of 2025. Sequentially, sales were up 15% in U.S. dollars and in local currencies, and up 13% organically. Adam will comment further on trends by market in a few minute

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