Amphenol

Amphenol designs and makes connectors, cables, antennas and sensors. Its products carry power and data inside AI servers and data centers, cars, airplanes, factory equipment, phones and communication networks. It reports three segments: Communications Solutions, Harsh Environment Solutions, and Interconnect and Sensor Systems.

Communications Solutions is the largest, with $6.6 billion of the $10.2 billion of sales in Q3 2026. The IT datacom market, which includes AI data centers, gave $3.8 billion of sales in Q2 2026. Amphenol grows partly by buying companies.

In Q1 2026, it completed the purchase of CommScope's Connectivity and Cable Solutions (CCS) business, and it expects this business to bring about $5.1 billion of sales in 2026. In September 2026, it bought Empire Electronics, a maker of interconnect assemblies for cars, and in October 2026 it had agreements to buy three more companies. Amphenol did a 2-for-1 stock split in September 2026, and the per-share figures in this profile are adjusted for the split.

Amphenol trades at a discount because investors fear that its growth depends on AI data center spending that can slow. In Q2 2026, IT datacom sales grew 63% on an organic basis to $3.8 billion, about 43% of total sales. If the large cloud companies cut their AI budgets, these orders can fall fast. Investors also watch the cost of the CommScope CCS purchase, which Amphenol paid for with cash and new debt.

Debt was $17.9 billion at September 30, 2026, against $5.3 billion of cash and short-term investments. Amphenol also keeps buying companies: the four purchases it announced in its Q3 2026 report cost about $1.6 billion in total. The Q3 2026 report on October 28, 2026 passed the first test. Sales of $10.2 billion and adjusted EPS of $0.80 were above the guidance, and the book-to-bill was 1.19.

Amphenol now expects $5.1 billion of 2026 sales from CommScope, more than the $4.6 billion it expected in July. For the gap to close, orders must keep staying above sales, Amphenol must reach its Q4 2026 guidance of $10.3 to $10.5 billion of sales and $0.81 to $0.83 of adjusted EPS, and growth must spread beyond IT datacom to markets such as defense, industrial and automotive. The next test is the Q4 2026 report, expected in late January 2027, with the first view of 2027. If orders stay strong, the gap can close over the next two to four quarters.

The main risk is a cut in AI data center spending that reduces orders.

1. Oct 28, 2026Passed

   Q3 2026 results: orders and IT datacomSales within or above $9.3 to $9.4 billion, split-adjusted adjusted EPS of at least $0.70, and a book-to-bill above 1 pass; a book-to-bill below 1 or lower IT datacom orders fail.Outcome: Sales of $10.23 billion and adjusted EPS of $0.80 were above the guidance, and record orders of $12.2 billion gave a book-to-bill of 1.19.
2. Jan 28, 2027 · est.Pending

   Q4 2026 results and 2027 viewOrganic growth in markets beyond IT datacom and CommScope sales near $5.1 billion for 2026 pass; falling orders or weak CommScope sales fail.

Every passed and failed checkpoint across all picks

• October 28, 2026Amphenol reported record Q3 2026 results. Sales were $10.23 billion, up 65%, and up 37% on an organic basis. Orders were $12.2 billion, with a book-to-bill of 1.19. The adjusted operating margin was 29.7%, and adjusted EPS was $0.80, up 74%. Sales and adjusted EPS were both above the top of the guidance. Amphenol raised its 2026 sales expectation for the CommScope CCS business to $5.1 billion from $4.6 billion. It guided Q4 2026 sales of $10.3 to $10.5 billion and adjusted EPS of $0.81 to $0.83.
• October 28, 2026Amphenol said that it bought Empire Electronics, a maker of interconnect assemblies for cars, at the start of September 2026. It also agreed to buy AdvancedPCB, Dexgreen and the sensor business of Humanetics. The four purchases cost about $1.6 billion in total, paid with cash and debt. The board raised the quarterly dividend 20% to $0.15 per share and approved a new three-year, $4 billion share buyback from January 1, 2027.
• October 6, 2026Amphenol said that Ryan Fisher, head of its North American Military Group, will become President of the Harsh Environment Solutions Division on January 1, 2027. He follows Luc Walter, who moves to a new role as Senior Vice President, Strategic Programs, after 43 years at Amphenol.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · aph-20260930x10q
• 8-KEarnings release and Other company newsFiled October 28, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled October 6, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 4, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 6, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · aph-20260630x10q
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 22, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled May 12, 2026 · Read it on sec.gov
• 8-KNew material agreement and Other company newsFiled May 6, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 820313)

• IT datacom sales were $3.8 billion in Q2 2026, about 43% of total sales, and grew 63% on an organic basis from AI demand. A small number of large cloud companies drive this spending. If they cut their AI budgets, orders can fall fast.
• Amphenol paid about $10.6 billion, net of cash acquired, for acquisitions in Q1 2026, mainly CommScope CCS, and issued $3.6 billion of new debt. Debt was $17.9 billion at September 30, 2026. In October 2026, Amphenol said that four more purchases cost about $1.6 billion in total. If CommScope or the new companies do not reach their expected sales, the purchases can earn a low return.
• Part of the margin in Q2 2026 came from an $80 million benefit from IEEPA tariff refunds, and about $15 million in Q3 2026. New tariffs on parts that Amphenol makes outside the US can raise its costs.
• Tax costs rise. In the first nine months of 2026, Amphenol recorded $290 million of tax charges for China, after unfavorable decisions by Chinese tax authorities and a review of tax rates for earlier years. It raised its adjusted tax rate to 27.0%.
• Amphenol sells into cyclical markets, such as automotive, industrial and mobile devices. A slowdown in these markets can lower sales when AI growth slows too.

At September 30, 2026, Amphenol had $4.2 billion of cash and $1.1 billion of short-term investments. Debt was $17.9 billion, of which $0.7 billion was due within one year. Read more

Yield at the current rate

0.6% (current annual rate, at today’s price)

Dividend yield

0.6% (last 12 months, at today’s price of $79.31)

Paid per share

$0.50 in the last 12 months (4 payments)

Current annual rate

$0.50 ($0.125 × 4 a year)

Payout ratio

22% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 22, 2026, $0.125 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 23.4% a year. From 2015 to 2025, the dividend grew by about 18.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.