Revenue: As of FY2026 Q2, the actual value is USD 8.758 B, beating the estimate of USD 8.317 B.

EPS: As of FY2026 Q2, the actual value is USD 1.37, beating the estimate of USD 1.208.

EBIT: As of FY2026 Q2, the actual value is USD 2.567 B.

Consolidated Financial Performance

Net Sales

Amphenol Corporation’s consolidated net sales for the second quarter of 2026 increased by 55% in U.S. dollars, 54% in constant currencies, and 30% organically, reaching $8,758.1 million, compared to $5,650.3 million in the second quarter of 2025. For the first six months of 2026, consolidated net sales rose by 57% in U.S. dollars, 55% in constant currencies, and 32% organically, totaling $16,378.2 million, up from $10,461.3 million in the prior year period. The weaker U.S. dollar positively impacted sales by approximately $46.5 million in Q2 2026 and $136.4 million in H1 2026 .

Operating Expenses

Consolidated operating expenses were $6,150.0 million (70.2% of net sales) for Q2 2026, compared to $4,219.5 million (74.7% of net sales) for Q2 2025. For H1 2026, operating expenses were $11,821.4 million (72.2% of net sales), versus $7,961.7 million (76.1% of net sales) for H1 2025 .

Operating Income

Consolidated operating income for Q2 2026 was $2,584.6 million (29.5% of net sales), an increase from $1,418.8 million (25.1% of net sales) in Q2 2025. For H1 2026, operating income was $4,416.4 million (27.0% of net sales), up from $2,443.6 million (23.4% of net sales) in H1 2025. The operating income for both Q2 and H1 2026 included an $80.0 million net benefit from the recovery of International Emergency Economic Powers Act (IEEPA) tariffs .

Acquisition-Related Expenses

Acquisition-related expenses for Q2 2026 were $23.5 million, and for H1 2026, they totaled $272.4 million, comprising non-cash amortization of acquired backlog and inventory step-up costs, and external transaction costs .

Interest Expense

Interest expense significantly increased to $213.7 million for Q2 2026 and $421.6 million for H1 2026, up from $80.9 million and $157.4 million, respectively, in the prior year periods. This was mainly due to higher average borrowing levels from new Senior Notes issuances and Delayed Draw Term Loans to fund acquisitions .

Provision for Income Taxes

The provision for income taxes was 25.3% for Q2 2026 and 32.4% for H1 2026, compared to 18.3% and 20.2%, respectively, for the prior year periods. These rates were impacted by excess tax benefits from stock-based compensation, acquisition-related expenses, and discrete tax items, including $39.0 million in income tax related accruals for Q2 2026 and $169.0 million for H1 2026, as well as an additional $160.0 million in tax obligations related to China in H1 2026 .

Segmented Performance

Communications Solutions Segment

Net sales increased by 85% in U.S. dollars, 84% in constant currencies, and 42% organically in Q2 2026, and by 86% in U.S. dollars, 86% in constant currencies, and 44% organically in H1 2026. This growth was primarily driven by outsized organic growth in the IT datacom market, particularly in AI-related applications, as well as strong organic growth in the industrial, mobile devices, and automotive markets. Operating income for this segment was $1,808.3 million (33.6% of net sales) in Q2 2026 and $3,197.7 million (32.2% of net sales) in H1 2026, showing increased operating margins due to strong operating leverage. Depreciation and amortization for this segment were $218.3 million in Q2 2026 and $429.7 million in H1 2026 .

Harsh Environment Solutions Segment

Net sales grew by 28% in U.S. dollars, 28% in constant currencies, and 22% organically in Q2 2026, and by 31% in U.S. dollars, 30% in constant currencies, and 22% organically in H1 2026. Growth was supported by strong organic performance in the defense, industrial, commercial aerospace, IT datacom, and automotive markets. Operating income was $559.3 million (30.1% of net sales) in Q2 2026 and $1,032.6 million (29.1% of net sales) in H1 2026, also reflecting improved operating margins. Depreciation and amortization for this segment were $51.1 million in Q2 2026 and $98.9 million in H1 2026 .

Interconnect and Sensor Systems Segment

Net sales increased by 17% in U.S. dollars, 16% in constant currencies, and 13% organically in Q2 2026, and by 20% in U.S. dollars, 18% in constant currencies, and 15% organically in H1 2026. This segment saw strong organic growth in the IT datacom market, particularly in AI-related applications. Operating income was $318.9 million (21.0% of net sales) in Q2 2026 and $600.6 million (20.6% of net sales) in H1 2026, with higher operating margins driven by operating leverage. Depreciation and amortization for this segment were $40.9 million in Q2 2026 and $80.9 million in H1 2026 .

Cash Flow

Net cash provided by operating activities (Operating Cash Flow) was $2,678.7 million for H1 2026, an increase from $2,181.7 million for H1 2025, primarily due to higher net income and non-cash addbacks of depreciation and amortization. Free Cash Flow was $2,036.7 million for H1 2026, compared to $1,701.7 million for H1 2025. Net cash used in investing activities was -$11,703.6 million for H1 2026, mainly due to $10,684.0 million for the 2026 Acquisitions (primarily the CommScope acquisition), capital expenditures of -$647.1 million, and net purchases of short-term investments of -$375.6 million. Net cash provided by financing activities was $2,585.2 million for H1 2026, driven by $4,927.2 million in proceeds from borrowings (Delayed Draw Term Loans and Euro Notes issuances) and $200.6 million from stock option exercises, partially offset by -$1,535.7 million in debt repayments, -$614.0 million in dividend payments, and -$386.0 million in stock repurchases .

Acquisitions and Capital Management

Amphenol Corporation completed three acquisitions in H1 2026, including the CommScope acquisition for approximately $10,684.0 million, net of cash acquired, funded through debt and cash on hand. The company repurchased 1.5 million shares of its Common Stock for $208.0 million in Q2 2026 and 2.8 million shares for $386.0 million in H1 2026 under the 2024 Stock Repurchase Program. As of July 29, 2026, $411.1 million remained authorized for repurchases under this program. Quarterly dividends increased from $0.165 per share to $0.25 per share, effective Q4 2025 .

Outlook

Amphenol Corporation believes its primary sources of liquidity, including internally generated cash, cash on hand, and available credit facilities, are adequate to meet both short-term and long-term requirements. The full impact of the Inflation Reduction Act of 2022 and H.R. 1 is not currently expected to be material, though the company continues to evaluate potential impacts. The company intends to continue evaluating future earnings for repatriation and will accrue for distributions where appropriate, while indefinitely reinvesting all other foreign earnings .