APH US S&P 500Russell 1000 Earnings call
Amphenol (APH) · Q2 2026 results and valuation
Share price: $79.31 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter
Net income up 89.6% on the previous quarter, guidance raised. Tone in line with last period.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+89.6%
Net income vs Q1 2026
Guidance raised
Net income 1.77B vs 933.0M
Revenue +14.9%
Against the same quarter last year (Q2 2025) it is +62.1%, so it is not just seasonal.
Why Net income rose primarily because of the strong conversion of higher sales levels and profit progress from improvements at recent acquisitions.
2 · How management spoke
Unchanged
Language tone vs last period
Language: restrained — about as upbeat as in Q1 2026.
3 · What stood out
Key theme
Mobile devices grew to 4% of sales while U.S. revenue jumped 17%, with organic growth reaching 14% quarter-over-quarter.
Valuation
Is Amphenol undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $164.09 a share — the stock trades 52% below it. Today's price assumes 11.0% growth a year.
Current price
$79.31
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.0% for 10 yrs
Fair value / share
$164.09
Buy below
$123.07
Price vs fair value
Undervalued 52%
Price vs buy-below price
Undervalued 36%
Read between the lines
-
Guidance
Full-year 2026 guidance is set at $4.6 billion in sales and $0.30 of accretion.
Source quote
“Indeed, we now expect CommScope to deliver $4.6 billion of sales and $0.30 of accretion for the full year 2026.”
-
Guidance ↑
This is a sharp increase from prior guidance of $4.1 billion and $0.15.
Source quote
“And this represents a significant upgrade from our previous expectations of $4.1 billion and $0.15.”
-
Figure
APH hit record Q2 sales of $8.8 billion, marking its strongest quarterly revenue performance to date.
Source quote
“The company closed the second quarter of 2026 with record sales of $8.8 billion and GAAP and adjusted diluted EPS...”
-
Fading
Global tensions are driving countries to invest more in defense and next-generation systems, supporting a leading position in defense interconnect.
Source quote
“Amidst the current dynamic geopolitical environment, countries around the world are increasing their investments in both current and especially next-generation... We remain encouraged by the company's leading position in the defense interconnect market, where we continue to offer the industry's widest range of high-technology products. With our expanded product offerings, both in discrete connectors as well as value-add interconnect, as well as the significant capacity...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Restrained — about as upbeat as in Q1 2026.
Sentences that drove the tone
“On a sequential basis, the increase in adjusted operating margin reflected the strong conversion on the higher sales levels as well as profit progress on profitability improvement actions at recent...”
“I remain confident in the ability of our outstanding management team to adapt to the many opportunities and challenges in the current environment and to continue to expand Amphenol's market...”
“But now you know, we have strung together, I do not know, 2.5 straight years of really strong organic growth, and we see that accelerating here in the quarter growing...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 8.76B | 7.62B | +14.9% | 5.65B | +55.0% |
| Gross profit | 3.55B | 2.80B | +26.7% | 2.05B | +72.8% |
| Operating income | 2.58B | 1.83B | +41.1% | 1.42B | +82.2% |
| Net income | 1.77B | 933.0M | +89.6% | 1.09B | +62.1% |
| EPS | 1.37 | 0.72 | +90.3% | 0.86 | +59.3% |
| P/E today 21.8 | 22.0 | 18.2 | +3.8 | 19.7 | +2.3 |
Topics
Most discussed now
- New Amphenol is not frontier training versus inference dependent.
- With respect to the second quarter, I am just really proud of the Amphenol organization who drove excellent performance once...
- Very pleased to have delivered record adjusted operating margins of 29.8% in the quarter, which was an increase of...
- Amphenol is seeing great growth there, and great progress with what they do.
- All of what they do in IT datacom, is in fact optics, advanced complex optical interconnect solutions, for customers doing...
Faded since Q1 2026
- Dropped Team of extraordinary capable individuals who want to win
- Fading GAAP operating income was $1.8 billion in the quarter and GAAP operating margin was 24%.
- Fading Amphenol looks at the CommScope business today and its performance.
- Fading Amphenol has good momentum really across the board and including in IT datacom.
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Material agreement; Other events · SEC 8-K
- Results of operations · SEC 8-K