Amphenol Corporation: Record orders and book-to-bill supported by positive-booking momentum across every end market

Amphenol Corporation 2026 Q2: Financial Performance summary

• Adjusted operating margin increased +24 bps YoY (primarily operating leverage and tariff recovery benefit) and +250 bps sequentially (conversion on higher sales and acquisition profitability progress).
• Capital return/position: repurchased 1.5M shares at avg. $141; total capital return ~$515M; net debt $13.4B; liquidity $8.4B; EBITDA $3B; net leverage 1.3x at quarter end.
• Cash generation: operating cash flow of $1.6B (88% of net income) and free cash flow of $1.2B (68% of net income).
• GAAP diluted EPS was $1.37 (+59% YoY); adjusted diluted EPS was a record $1.35 (+67% YoY vs. $0.81 in Q2 2025).
• GAAP operating income was $2.6B with GAAP operating margin of 29.5%; adjusted operating income/margin were $2.6B/29.8%.
• Orders were a record $10.7B, +94% YoY and +14% sequentially, resulting in a book-to-bill of 1.23x; all end markets had positive book-to-bill.
• Record Q2 2026 sales of $8.8B, up 55% in U.S. dollars, 54% in local currencies, and 30% organically vs. Q2 2025.
• Segment performance: Communication Solutions sales $5.4B (+85% USD, +42% organic) with 33.6% operating margin; Harsh Environment Solutions sales $1.9B (+28% USD, +22% organic) with 30.1% operating margin; Interconnect & Sensor Systems sales $1.5B (+17% USD, +13% organic) with 21% operating margin.