Revenue growth accelerated to 58.4% in 2026Q1, supported by a gross margin expansion to 36.7% from 33.1% in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 25.9B | 23.09B | 15.22B | 12.55B | 12.62B | 10.88B | 8.6B | 8.23B | 8.2B | 7.01B | 6.29B | 5.57B | 5.35B | 4.61B | 4.29B | 3.94B | 3.55B | 2.82B | 3.24B | 2.85B | 2.47B | 1.81B | 1.53B | 1.24B | 1.06B | 1.1B | 1.36B | 1.01B | 918.9M | 884.3M | 776.2M |
| Revenue Growth % | 54.4% | 51.71% | 21.25% | -0.54% | 16.06% | 26.48% | 4.54% | 0.29% | 16.98% | 11.53% | 12.89% | 4.18% | 15.84% | 7.52% | 8.94% | 10.85% | 26.03% | -12.87% | 13.52% | 15.36% | 36.68% | 18.15% | 23.47% | 16.71% | -3.78% | -18.82% | 34.54% | 9.98% | 3.91% | 13.93% | -0.89% |
| Cost of Goods Sold | 16.23B | 14.58B | 10.08B | 8.47B | 8.59B | 7.47B | 5.93B | 5.61B | 5.55B | 4.7B | 4.25B | 3.79B | 3.65B | 3.16B | 2.95B | 2.7B | 2.4B | 1.93B | 2.19B | 1.92B | 1.68B | 1.21B | 1.04B | 820.72M | 700.3M | 704.28M | 884.15M | 661.3M | 599.2M | 569.5M | 494M |
| COGS % of Revenue | - | 63.12% | 66.24% | 67.47% | 68.09% | 68.72% | 69.02% | 68.2% | 67.63% | 67.05% | 67.57% | 68.04% | 68.31% | 68.56% | 68.7% | 68.43% | 67.41% | 68.56% | 67.58% | 67.38% | 68.11% | 67.07% | 67.88% | 66.21% | 65.94% | 63.81% | 65.03% | 65.44% | 65.21% | 64.4% | 63.64% |
| Gross Profit | 9.67B | 8.52B | 5.14B | 4.08B | 4.03B | 3.4B | 2.66B | 2.62B | 2.65B | 2.31B | 2.04B | 1.78B | 1.69B | 1.45B | 1.34B | 1.24B | 1.16B | 886.55M | 1.05B | 930.14M | 788.18M | 646.14M | 530.48M | 418.78M | 361.7M | 399.49M | 475.55M | 349.3M | 319.7M | 314.8M | 282.2M |
| Gross Margin % | 37.35% | 36.88% | 33.76% | 32.53% | 31.91% | 31.28% | 30.98% | 31.8% | 32.37% | 32.95% | 32.45% | 31.96% | 31.69% | 31.44% | 31.3% | 31.57% | 32.59% | 31.44% | 32.42% | 32.62% | 31.89% | 35.74% | 34.66% | 33.79% | 34.06% | 36.19% | 34.97% | 34.56% | 34.79% | 35.6% | 36.36% |
| Gross Profit Growth % | - | 65.72% | 25.85% | 1.39% | 18.41% | 27.69% | 1.84% | -1.47% | 14.94% | 13.23% | 14.64% | 5.06% | 16.75% | 8.01% | 8% | 7.38% | 30.64% | -15.5% | 12.8% | 18.01% | 21.98% | 21.8% | 26.67% | 15.78% | -9.46% | -15.99% | 36.14% | 9.26% | 1.56% | 11.55% | 1.84% |
| Operating Expenses | 2.94B | 2.55B | 1.86B | 1.49B | 1.42B | 1.23B | 1.01B | 971.4M | 959.5M | 878.3M | 798.2M | 669.1M | 643.9M | 548.04M | 512.87M | 486.32M | 457.87M | 397.64M | 416.91M | 377.28M | 342.84M | 243.35M | 215.01M | 214.36M | 187.75M | 202.47M | 231.13M | 188.7M | 170M | 159.4M | 144.2M |
| OpEx % of Revenue | - | 11.02% | 12.19% | 11.87% | 11.26% | 11.28% | 11.79% | 11.81% | 11.7% | 12.53% | 12.7% | 12.02% | 12.05% | 11.88% | 11.95% | 12.34% | 12.88% | 14.1% | 12.88% | 13.23% | 13.87% | 13.46% | 14.05% | 17.29% | 17.68% | 18.34% | 17% | 18.67% | 18.5% | 18.03% | 18.58% |
| Selling, General & Admin | 2.82B | 2.55B | 1.4B | 1.15B | 1.1B | 908.6M | 753.5M | 737.2M | 738.6M | 684.6M | 632.1M | 544.4M | 529.1M | 444.62M | 420.39M | 397.44M | 380.3M | 333.66M | 348.86M | 314.89M | 289.11M | 205.84M | 182.55M | 177.35M | 152.93M | 155.81M | 186.05M | 145.9M | 132M | 125.1M | 114.7M |
| SG&A % of Revenue | - | 11.02% | 9.21% | 9.14% | 8.69% | 8.35% | 8.76% | 8.96% | 9.01% | 9.76% | 10.05% | 9.78% | 9.9% | 9.63% | 9.79% | 10.09% | 10.7% | 11.83% | 10.78% | 11.04% | 11.7% | 11.38% | 11.93% | 14.31% | 14.4% | 14.12% | 13.68% | 14.44% | 14.37% | 14.15% | 14.78% |
| Research & Development | 0 | 0 | 453M | 342.2M | 323.6M | 317.7M | 260.7M | 234.2M | 220.9M | 193.7M | 166.1M | 124.7M | 114.8M | 103.42M | 92.48M | 88.88M | 77.57M | 63.98M | 68.06M | 62.4M | 53.73M | 37.51M | 32.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 2.98% | 2.73% | 2.56% | 2.92% | 3.03% | 2.85% | 2.69% | 2.76% | 2.64% | 2.24% | 2.15% | 2.24% | 2.15% | 2.26% | 2.18% | 2.27% | 2.1% | 2.19% | 2.17% | 2.07% | 2.12% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.01M | 34.83M | 46.66M | 45.08M | 42.8M | 38M | 34.3M | 29.5M |
| Operating Income | 6.74B | 5.97B | 3.28B | 2.59B | 2.61B | 2.18B | 1.65B | 1.64B | 1.7B | 1.43B | 1.24B | 1.11B | 1.05B | 902.8M | 830.35M | 757.34M | 700.36M | 488.91M | 632.24M | 552.86M | 445.34M | 352.13M | 276.64M | 204.42M | 173.95M | 197.03M | 244.42M | 160.6M | 149.7M | 155.4M | 138M |
| Operating Margin % | 26% | 25.86% | 21.57% | 20.66% | 20.66% | 20% | 19.19% | 19.99% | 20.67% | 20.42% | 19.73% | 19.95% | 19.64% | 19.56% | 19.35% | 19.22% | 19.71% | 17.34% | 19.53% | 19.39% | 18.02% | 19.47% | 18.08% | 16.49% | 16.38% | 17.85% | 17.98% | 15.89% | 16.29% | 17.57% | 17.78% |
| Operating Income Growth % | - | 81.83% | 26.6% | -0.5% | 19.85% | 31.86% | 0.32% | -3% | 18.42% | 15.44% | 11.65% | 5.8% | 16.29% | 8.73% | 9.64% | 8.14% | 43.25% | -22.67% | 14.36% | 24.14% | 26.47% | 27.29% | 35.33% | 17.52% | -11.71% | -19.39% | 52.19% | 7.28% | -3.67% | 12.61% | 2.45% |
| EBITDA | 7.91B | 6.89B | 3.86B | 3B | 3B | 2.57B | 1.96B | 1.96B | 2B | 1.66B | 1.46B | 1.28B | 1.22B | 1.04B | 952.12M | 876.78M | 803.2M | 587.44M | 723.54M | 635.21M | 517.93M | 402.79M | 315.47M | 242.9M | 210.19M | 245.92M | 289.5M | 203.4M | 187.7M | 189.7M | 167.5M |
| EBITDA Margin % | 30.52% | 29.85% | 25.34% | 23.9% | 23.77% | 23.64% | 22.77% | 23.79% | 24.32% | 23.65% | 23.18% | 23.03% | 22.79% | 22.52% | 22.18% | 22.25% | 22.6% | 20.83% | 22.36% | 22.28% | 20.96% | 22.28% | 20.61% | 19.6% | 19.79% | 22.28% | 21.29% | 20.13% | 20.43% | 21.45% | 21.58% |
| EBITDA Growth % | 80.81% | 78.76% | 28.53% | 0.01% | 16.69% | 31.31% | 0.07% | -1.92% | 20.3% | 13.81% | 13.63% | 5.29% | 17.2% | 9.15% | 8.59% | 9.16% | 36.73% | -18.81% | 13.91% | 22.64% | 28.58% | 27.68% | 29.88% | 15.56% | -14.53% | -15.05% | 42.33% | 8.36% | -1.05% | 13.25% | 2.7% |
| D&A (Non-Cash Add-back) | 1.17B | 922.4M | 572.5M | 406.4M | 392.9M | 395.6M | 308.1M | 312.1M | 299.7M | 226.8M | 217M | 171.6M | 168.1M | 136.48M | 121.78M | 119.44M | 102.85M | 98.52M | 91.3M | 82.35M | 72.59M | 50.67M | 38.83M | 38.48M | 36.24M | 48.89M | 45.08M | 42.8M | 38M | 34.3M | 29.5M |
| EBIT | 6.76B | 5.97B | 3.23B | 2.59B | 2.6B | 2.1B | 1.64B | 1.61B | 1.69B | 1.44B | 1.21B | 1.12B | 1.05B | 910.2M | 838.45M | 759.78M | 708.13M | 483.11M | 632.21M | 548.38M | 418.07M | 336.14M | 273.01M | 204.42M | 173.95M | 197.03M | 244.42M | 160.73M | 149.7M | 155.4M | 138M |
| Net Interest Income | -499.2M | -367.8M | -217M | -139.5M | -128.4M | -115.5M | -115.4M | -117.6M | -101.7M | -72.1M | -61.1M | -49.9M | -60.2M | -48.58M | -48.1M | -32.78M | -39.4M | -34.43M | -34.97M | -34.13M | -38.1M | -24.09M | -22.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.2M | 11.5M | 18.4M | 20.2M | 15M | 11.5M | 10.24M | 5.05M | 2.15M | 4.66M | 2.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 499.2M | 367.8M | 217M | 139.5M | 128.4M | 115.5M | 115.4M | 117.6M | 101.7M | 92.3M | 72.6M | 68.3M | 80.4M | 63.55M | 59.61M | 43.03M | 44.44M | 36.59M | 39.63M | 36.88M | 38.8M | 24.09M | 22.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -451.5M | -371.3M | -272.4M | -139.4M | -139.9M | -186.3M | -123.3M | -148.7M | -107M | -79.3M | -99.1M | -58M | -77.4M | -56.15M | -51.5M | -40.59M | -36.67M | -42.39M | -39.66M | -41.36M | -66.07M | -40.08M | -26.17M | -46.86M | -51.28M | -61.67M | -71.2M | -84.56M | -85.7M | -68.3M | -28.3M |
| Pretax Income | 6.28B | 5.6B | 3.01B | 2.45B | 2.47B | 1.99B | 1.53B | 1.5B | 1.59B | 1.35B | 1.14B | 1.05B | 972.5M | 846.64M | 778.84M | 716.75M | 663.69M | 446.53M | 592.58M | 511.5M | 379.27M | 312.05M | 250.47M | 157.56M | 122.66M | 135.35M | 173.22M | 76.2M | 64M | 87.1M | 109.7M |
| Pretax Margin % | 24.26% | 24.25% | 19.79% | 19.55% | 19.55% | 18.29% | 17.75% | 18.19% | 19.37% | 19.29% | 18.15% | 18.91% | 18.19% | 18.35% | 18.15% | 18.19% | 18.67% | 15.83% | 18.31% | 17.94% | 15.35% | 17.26% | 16.37% | 12.71% | 11.55% | 12.26% | 12.74% | 7.54% | 6.96% | 9.85% | 14.13% |
| Income Tax | 1.78B | 1.3B | 570.3M | 509.3M | 550.6M | 409.1M | 313.3M | 331.9M | 371.5M | 691.7M | 308.5M | 280.5M | 257.3M | 207.9M | 219.33M | 187.91M | 161.28M | 119.31M | 163M | 147.79M | 117.58M | 101.63M | 84.13M | 53.57M | 42.32M | 51.65M | 65.31M | 31.9M | 27.5M | 35.9M | 42.1M |
| Effective Tax Rate % | 28.31% | 23.13% | 18.93% | 20.75% | 22.31% | 20.57% | 20.52% | 22.19% | 23.39% | 51.15% | 27.04% | 26.64% | 26.46% | 24.56% | 28.16% | 26.22% | 24.3% | 26.72% | 27.51% | 28.89% | 31% | 32.57% | 33.59% | 34% | 34.5% | 38.16% | 37.71% | 41.86% | 42.97% | 41.22% | 38.38% |
| Net Income | 4.48B | 4.27B | 2.42B | 1.93B | 1.9B | 1.59B | 1.2B | 1.16B | 1.21B | 650.5M | 822.9M | 763.5M | 709.1M | 635.67M | 555.32M | 524.19M | 496.4M | 317.83M | 419.15M | 353.19M | 255.69M | 206.34M | 163.31M | 103.99M | 80.34M | 83.71M | 107.9M | 35.6M | 36.5M | 26.7M | 67.6M |
| Net Margin % | 17.28% | 18.49% | 15.92% | 15.36% | 15.07% | 14.63% | 13.99% | 14.04% | 14.69% | 9.28% | 13.09% | 13.71% | 13.27% | 13.78% | 12.94% | 13.31% | 13.97% | 11.27% | 12.95% | 12.39% | 10.35% | 11.41% | 10.67% | 8.39% | 7.57% | 7.58% | 7.94% | 3.52% | 3.97% | 3.02% | 8.71% |
| Net Income Growth % | 71.28% | 76.17% | 25.73% | 1.35% | 19.58% | 32.19% | 4.19% | -4.15% | 85.24% | -20.95% | 7.78% | 7.67% | 11.55% | 14.47% | 5.94% | 5.6% | 56.18% | -24.17% | 18.67% | 38.13% | 23.92% | 26.35% | 57.04% | 29.43% | -4.02% | -22.42% | 203.1% | -2.47% | 36.7% | -60.5% | 7.47% |
| Net Income (Continuing) | 4.5B | 4.31B | 2.44B | 1.95B | 1.92B | 1.58B | 1.21B | 1.16B | 1.22B | 660.7M | 832.6M | 772.3M | 715.2M | 638.75M | 559.51M | 528.84M | 502.41M | 327.22M | 429.58M | 363.71M | 261.69M | 210.42M | 166.34M | 103.99M | 80.34M | 83.71M | 107.9M | 44.3M | 36.5M | 51.2M | 67.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 21.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 114.7M | 96.6M | 64.1M | 80M | 78.5M | 77.1M | 67M | 65.9M | 47.2M | 53.6M | 48.2M | 39.9M | 30.5M | 20.56M | 12.22M | 13.02M | 21.86M | 16.74M | 19.1M | 14.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.47 | 3.34 | 1.92 | 1.56 | 1.53 | 1.27 | 0.98 | 0.94 | 0.96 | 0.52 | 0.66 | 0.61 | 0.56 | 0.49 | 0.43 | 0.38 | 0.36 | 0.23 | 0.30 | 0.25 | 0.18 | 0.14 | 0.12 | 0.08 | 0.06 | 0.06 | 0.08 | 0.03 | 0.03 | 0.01 | 0.02 |
| EPS Growth % | 68.93% | 73.96% | 23.08% | 1.96% | 20.47% | 29.59% | 4.26% | -2.08% | 84.62% | -21.21% | 8.2% | 8.93% | 14.29% | 13.95% | 13.16% | 5.56% | 56.52% | -23.33% | 20% | 38.89% | 28.57% | 16.67% | 60% | 25% | 0% | -25% | 164.03% | -4.42% | 112.75% | -34.36% | 8.1% |
| EPS (Basic) | - | 3.51 | 2.01 | 1.62 | 1.60 | 1.33 | 1.01 | 0.97 | 1.00 | 0.54 | 0.67 | 0.62 | 0.56 | 0.50 | 0.43 | 0.39 | 0.36 | 0.23 | 0.30 | 0.25 | 0.18 | 0.14 | 0.12 | 0.08 | 0.06 | 0.07 | 0.08 | 0.03 | 0.03 | 0.02 | 0.02 |
| Diluted Shares Outstanding | 1.29B | 1.28B | 1.26B | 1.24B | 1.24B | 1.25B | 1.23B | 1.23B | 1.25B | 1.27B | 1.26B | 1.27B | 1.28B | 1.3B | 1.31B | 1.37B | 1.41B | 1.39B | 1.43B | 1.46B | 1.47B | 1.45B | 1.44B | 1.41B | 1.39B | 1.38B | 1.37B | 1.17B | 1.15B | 1.79B | 3.8B |
| Basic Shares Outstanding | 1.23B | 1.22B | 1.2B | 1.19B | 1.19B | 1.2B | 1.19B | 1.19B | 1.2B | 1.22B | 1.23B | 1.24B | 1.25B | 1.27B | 1.29B | 1.36B | 1.39B | 1.37B | 1.41B | 1.43B | 1.43B | 1.42B | 1.41B | 1.38B | 1.36B | 1.34B | 1.33B | 1.15B | 1.13B | 1.78B | 2.99B |
| Dividend Payout Ratio | - | 18.79% | 24.55% | 25.96% | 25.1% | 21.79% | 24.73% | 24.2% | 21.05% | 31.51% | 20.99% | 20.86% | 14.37% | 15.22% | 12.63% | 1.96% | 2.1% | 3.23% | 2.53% | 3.03% | 4.19% | 3.89% | - | - | - | - | - | - | - | - | - |
Geopolitical manufacturing concentration risk
According to the provided quarterly data, Amphenol achieved a remarkable 58.4% year-over-year revenue growth in 2026Q1, marking a significant acceleration from the 2.7% growth observed in 2023Q4 and suggesting a potential shift toward large-scale inorganic expansion or a major surge in data center infrastructure demand.
The rapid climb in top-line figures from $3.3 billion to $7.6 billion over ten quarters indicates that the company is likely benefiting from a transformative market tailwind or a series of material acquisitions. Investors should monitor whether this growth trajectory remains sustainable or if it represents a temporary consolidation of market share that may face difficult year-over-year comparisons in future periods.
As reported in the financial statements, Amphenol has successfully expanded its gross margin from 33.1% in 2023Q4 to 36.7% in 2026Q1, demonstrating a robust ability to maintain pricing power despite the significant scale of its recent revenue growth and potential shifts in product mix.
The consistent gross margin profile suggests that the company's decentralized operational model effectively mitigates the typical margin dilution associated with rapid scaling. This performance implies that the firm's specialized interconnect components retain high value-add status, allowing for effective pass-through of input cost volatility to end-market customers.
Based on the company's reported figures, operating income scaled from $706.3 million in 2023Q4 to $1.8 billion in 2026Q1, reflecting an impressive ability to manage overhead costs while simultaneously driving substantial top-line growth across its diverse business segments.
The operating margin expansion to 24.0% in the most recent quarter highlights the efficiency of the company's autonomous P&L structure, which appears to prevent corporate bloat during periods of rapid expansion. This suggests that the firm is well-positioned to convert incremental revenue into bottom-line profit more effectively than centralized competitors.
Data from the latest income statements indicates that the 58.4% revenue growth rate in 2026Q1 significantly outpaces historical norms, raising questions about whether this performance is driven by sustainable organic demand or a one-time event that may lead to future volatility in earnings quality.
Short-term observers may focus on the potential for margin compression if the recent growth is tied to lower-margin, high-volume acquisitions that have not yet been fully integrated. Furthermore, the massive surge in cash reserves warrants investigation into whether management is shifting toward a riskier capital allocation strategy that could impact long-term shareholder returns.
Quick answers to the most common questions about buying APH stock.
For fiscal year 2025, Amphenol Corporation (APH) reported total revenue of $23.09B. This represents a 2875.4% increase compared to $776.2M in 1996.
Amphenol Corporation (APH) is profitable, generating $4.27B in net income for the fiscal year ending 2025 with a net profit margin of 18.5%.
Amphenol Corporation (APH) reported an operating income of $5.97B, resulting in an operating profit margin of 25.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Amphenol Corporation (APH) generated $8.52B in gross profit for the year, representing a gross profit margin of 36.9%. This demonstrates the company's core pricing power and production efficiency.