Amphenol
APH · NYSEElectronic Connectors · Fiscal year ends Dec 31
Amphenol reported revenue of $23.1B in the fiscal year ended Dec 2025, up 51.7% from the year before. Operating income was $5.9B, an operating margin of 25.4%, and net income was $4.3B. Operating cash flow of $5.4B less capital expenditure of $997M left free cash flow of $4.4B. Net debt was $3.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $10.9B | $12.6B | $12.6B | $15.2B | $23.1B |
| Cost of revenue | $7.5B | $8.6B | $8.5B | $10.1B | $14.6B |
| Gross profit | $3.4B | $4B | $4.1B | $5.1B | $8.5B |
| Research & development | $318M | $324M | $342M | $453M | $647M |
| Selling, general & admin | $1.2B | $1.4B | $1.5B | $1.9B | $2.5B |
| Operating income | $2.1B | $2.6B | $2.6B | $3.2B | $5.9B |
| Interest expense | $116M | $128M | $140M | $217M | $368M |
| Pre-tax income | $2B | $2.5B | $2.5B | $3B | $5.6B |
| Income tax | $409M | $551M | $509M | $570M | $1.3B |
| Net income | $1.6B | $1.9B | $1.9B | $2.4B | $4.3B |
| Diluted EPS | 2.54 | 1.53 | 1.55 | 1.92 | 3.34 |
| Diluted shares | 626M | 1,242M | 1,241M | 1,264M | 1,278M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.2B | $1.4B | $1.5B | $3.3B | $11.1B |
| Receivables | $2.5B | $2.6B | $2.6B | $3.3B | $4.7B |
| Inventory | $1.9B | $2.1B | $2.2B | $2.5B | $3.4B |
| Current assets | $6B | $6.5B | $6.8B | $9.7B | $20.3B |
| Net PP&E | $1.2B | $1.2B | $1.3B | $1.7B | $2.3B |
| Goodwill | $6.4B | $6.4B | $7.1B | $8.2B | $10.6B |
| Total assets | $14.7B | $15.3B | $16.5B | $21.4B | $36.2B |
| Payables | $1.3B | $1.3B | $1.4B | $1.8B | $2.7B |
| Current liabilities | $2.4B | $2.7B | $3.2B | $4.1B | $6.8B |
| Long-term debt | $4.8B | $4.6B | $4B | $6.5B | $14.6B |
| Total liabilities | $8.3B | $8.2B | $8.1B | $11.6B | $22.7B |
| Shareholders' equity | $6.3B | $7B | $8.3B | $9.8B | $13.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $2.2B | $2.5B | $2.8B | $5.4B |
| Capital expenditure | $360M | $384M | $373M | $665M | $997M |
| Free cash flow | $1.2B | $1.8B | $2.2B | $2.1B | $4.4B |
| Depreciation & amortisation | $396M | $393M | $406M | $573M | $922M |
| Stock-based compensation | $83M | $90M | $99M | $110M | $135M |
| Acquisitions | $2.2B | $288M | $970M | $2.2B | $3.8B |
| Share buybacks | $662M | $731M | $585M | $689M | $665M |
| Dividends paid | $347M | $477M | $501M | $595M | $802M |
| Dividend per share | 0.64 | 0.41 | 0.42 | 0.55 | 0.74 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.1% | −0.5% | 21.3% | 51.7% |
| Operating income growth (YoY) | – | 22.8% | −1.0% | 23.3% | 85.9% |
| EPS growth (YoY) | – | −39.8% | 1.3% | 23.9% | 74.0% |
| Gross margin | 31.3% | 31.9% | 32.5% | 33.8% | 36.9% |
| Operating margin | 19.4% | 20.5% | 20.4% | 20.7% | 25.4% |
| Net margin | 14.6% | 15.1% | 15.4% | 15.9% | 18.5% |
| Return on equityBlank when equity is negative | 25.2% | 27.1% | 23.1% | 24.8% | 31.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.2% | 20.4% | 19.1% | 18.2% | 19.9% |
| Free cash flow margin | 10.8% | 14.2% | 17.2% | 14.1% | 19.0% |
| Cash conversion (CFO ÷ net income) | 0.97x | 1.14x | 1.31x | 1.16x | 1.26x |
| Receivable days | 82 | 76 | 76 | 79 | 75 |
| Inventory days | 92 | 89 | 93 | 92 | 86 |
| Payable days | 64 | 56 | 58 | 66 | 67 |
| Interest cover | 18.2x | 20.1x | 18.3x | 14.5x | 16.0x |
| Debt ÷ equity | 0.76x | 0.65x | 0.48x | 0.66x | 1.09x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.6B | $3.2B | $2.5B | $3.2B | $3.4B |
| Current ratio | 2.43x | 2.42x | 2.17x | 2.37x | 2.98x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.