Adjusted operating income was $1.448 billion with a record adjusted operating margin of 25.6%, up 430 basis points year-over-year and 210 basis points sequentially.
Amphenol reported record second quarter 2025 sales of $5.650 billion, up 57% in U.S. dollars, 56% in local currencies, and 41% organically compared to Q2 2024.
GAAP diluted EPS was a record $0.86, up 110% year-over-year, and adjusted diluted EPS was $0.81, up 84%.
GAAP operating income was $1.419 billion with a GAAP operating margin of 25.1%, including $29 million acquisition-related costs.
Operating cash flow was a record $1.417 billion (130% of net income) and free cash flow was $1.122 billion (103% of net income).
Segment sales growth: Communications Solutions up 101% in USD and 78% organically; Harsh Environment Solutions up 38% USD and 18% organically; Interconnect Sensors & Systems up 16% USD and 14% organically.
Total debt was $8.1 billion with net debt of $4.8 billion and net leverage ratio of 0.9x at quarter end.
Adjusted OIBDA for the first half was $822 million, reflecting an 8% rebased year-over-year growth, including double-digit growth in Liberty Caribbean, Panama, and Puerto Rico.
Adjusted OIBDA in Q2 increased 7% to $415 million, with a 340 basis points margin expansion year-over-year.
Adjusted OIBDA less P&E additions expanded by 23% year-over-year, reaching a margin of 25% of revenue for the group and 29% excluding Puerto Rico.
Adjusted OIBDA less P&E additions in Q2 increased 26% to $265 million, representing 24% of revenue compared to 19% last year.
Liberty Latin America reported $2.2 billion in revenue for the first half of 2025, with residential revenue growth of 2% in Liberty Caribbean and Costa Rica and 8% in C&W Panama on a rebased basis year-over-year.
Q2 2025 revenue was $1.1 billion, down 3% on a rebased basis due to phasing of project-related B2B revenues, but residential revenue grew 1% year-over-year on a rebased basis.
Reported adjusted free cash flow before partner distributions was negative $41 million in Q2, impacted by working capital swings, with expectations of strong cash flow in the second half.
Segment highlights: Liberty Caribbean revenue flat rebased with 11% adjusted OIBDA growth; C&W Panama revenue down 10% rebased but adjusted OIBDA up 6%; Liberty Networks revenue and adjusted OIBDA down 3% rebased; Liberty Puerto Rico revenue down 5% rebased but adjusted OIBDA up 21%; Costa Rica revenue up 1% rebased with flat adjusted OIBDA.
Dafinchi