On this page of StockholderLetter.com we present the latest annual shareholder letter from AMPHENOL CORP /DE/ — ticker symbol APH. Reading current and past APH letters to shareholders can bring important insights into the investment thesis.
Enabling the Electronics Revolution 2025 ANNUAL REPORT
About Amphenol Amphenol is one of the world s largest providers of high-technology interconnect, sensor, antenna and cable solutions. Our products Enable the Electronics Revolution across virtually every end market, including Automotive, Commercial Aerospace, Communications Networks, Defense, Industrial, Information Technology and Data Communications, and Mobile Devices. Headquartered in Wallingford, Connecticut USA, Amphenol had approximately 170,000 talented and driven employees worldwide at the end of 2025. How We Create Value High Performance Culture Balanced End Market Exposure Commercial Aerospace 5% COST CONTROL relentless cost management ENTREPRENEURIAL approximately 145 GMs worldwide Industrial 19% Automo ve 15% Defense 9% NO EXCUSES clear accountability for results Mobile Devices 6% Communica omv Networks 10% AGILE & FLEXIBLE quick response to changing markets IT Datacom 36% Global Presence and Reach More than 50 companies acquired in the last 10 years Manufacturing in approximately 40 countries across six continents Europe 15% SHORTER CYCLE Disciplined Acquisition Strategy Asia 42% North America 41% LONGER CYCLE Acquirer of choice Focused on high-quality management teams with complementary technology Successful acquisition program in a fragmented but consolidating market Rest of World 2% CUMULATIVE 5-YEAR TOTAL SHAREHOLDER RETURN $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 2020 Amphenol Corporation 2021 2022 2023 2024 Dow Jones U.S. Electrical Components & Equipment Index 2025 S&P 500 Index The graph compares the cumulative total shareholder return of Amphenol over a period of five years ending December 31, 2025 with the performance of the Standard & Poor s 500 ( S&P 500 ) Stock Index and the Dow Jones U.S. Electrical Components & Equipment Index. This graph assumes that $100 was invested in the common stock of Amphenol and each index on December 31, 2020, reflects reinvested dividends, and is weighted on a market capitalization basis as of the beginning of each year. Each reported data point represents the last trading day of each calendar year. The comparisons in the graph are based upon historical data and are not indicative of, nor intended to forecast, future performance.
2025 Financial Highlights For the Years Ended December 31 2025 2024 2023 $23,095 $15,223 $12,555 Operating income $5,869 $3,157 $2,560 Net income from continuing operations attributable to stockholders $4,270 $2,424 $1,928 Diluted earnings from continuing operations per common share (GAAP) $3.34 $1.92 $1.55 Adjusted diluted earnings from continuing operations per common share (non-GAAP) $3.34 $1.89 $1.51 Cash flow provided by operating activities from continuing operations (GAAP) $5,375 $2,815 $2,529 Free cash flow (non-GAAP) $4,393 $2,157 $2,160 Dividends declared per common share $0.745 $0.55 $0.425 In millions, except per share data Net sales Sales $23.1B Adjusted Operating Margin Adjusted Diluted EPS 26.2% $3.34 23.1 26.2% 20.0% 20.7% 20.7% Free Cash Flow $4.4B 4.4 $3.34 21.7% 15.2 12.6 12.6 $1.89 10.9 2.2 $1.50 $1.51 2.2 1.8 $1.24 1.2 2021 2022 2023 2024 2025 $ In Billions 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 $ In Billions Financial Highlights are based on continuing operations only and exclude results associated with discontinued operations. Refer to Page 8 herein and Part II, Item 7. Management s Discussion and Analysis of Financial Condition and Results of Operations of the Company s Form 10-K included in this Annual Report for further discussion of the definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures. 2025 ANNUAL REPORT 1
Dear Fellow Shareholders: 2025 was an exceptional year for Amphenol. Our global team delivered record-breaking performance, with outstanding sales growth and industry-leading profitability, all while strengthening and remaining true to our entrepreneurial culture. Key highlights of our success this year include: Sales of $23.1 billion grew 52% as reported and 38% organically from 2024 Adjusted Operating Margin of 26.2% expanded 450 basis points versus last year Adjusted Diluted EPS of $3.34 increased 77% from 2024 Completed five acquisitions, including Andrew, our largest acquisition at the time, and signed an agreement to acquire CommScope s CCS business, which closed in early 2026 Returned $1.5 billion to shareholders through dividends and share buybacks Our strength this year was truly broad based. While we realized uniquely high growth in our IT Datacom segment, we drove robust organic growth in every one of our seven diversified end markets. In addition, we expanded operating margins through disciplined cost management and thereby generated significant operating and free cash flow that was both reinvested in our business and returned to our shareholders. We secured our position as the world s leading provider of interconnect solutions, expanded our technology capabilities and invested to support our future growth in this exciting and always-evolving industry. Celebrating 35 Years of Value Creation 2026 will mark the 35th anniversary of Amphenol s listing on the New York Stock Exchange. Since our Initial Public Offering in 1991, our Company has created outstanding value for our shareholders, with our stock price delivering a compound annual return of 22% as of the end of 2025. Over these three and a half decades, we have also compounded our sales, expanded our operating margins, generated substantial free cash flow, consistently increased our dividend and delivered superior total shareholder returns. From a company with less than $500 million in revenue at the time of our NYSE listing, Amphenol has grown into the global interconnect leader with an unrivaled, sustainable track record of performance. Our long-term performance has been enabled by our consistent culture of entrepreneurial accountability together with our disciplined capital allocation. This 2 AMPHENOL CORPORATION culture and performance would not have been possible without the immeasurable contributions of our longserving Chairman of the Board and former Chief Executive Officer, Martin Loeffler, who will be retiring from the Board at our Annual Meeting this May. Nearly 40 years ago, Martin helped establish the foundation of Amphenol s entrepreneurial culture, which put decision making in the hands of the Company s General Managers, who were closest to their customers and markets, their product technologies and their local operations. Martin s adherence to this entrepreneurial vision and his supportive leadership over these many years have been key drivers of our long-term value creation. I have no doubt that my own success at Amphenol would not have been possible without Martin s invaluable support and mentorship. I would like to express my gratitude to Martin for his extraordinary contributions to Amphenol over the more than 50 years he has been affiliated with the Company, his steadfast support of me during our many years of working together and his unwavering commitment to the Amphenolian culture. I am humbled that the Board of Directors has selected me as Amphenol s next Chairman and am committed to doing everything in my power to continue the strong legacy that Martin has helped to forge. Leading Across Multiple Technology Revolutions Over the 35 years that Amphenol has been a public company, our markets and products have continued to evolve, as technology revolutions have spawned new opportunities and the scope of applications requiring high-technology interconnect solutions has further expanded. As these technology solutions become more complex, more powerful and more essential to everyday life, the need for Amphenol s high-technology solutions only increases.
Today, there are a multitude of generational technology revolutions that are reshaping our world and our industry, and interconnect products are at the center of enabling these technologies. New innovations in space exploration, electric aircraft, alternative energy, autonomous mobility, 6G wireless technology, advanced medical devices, robotics and artificial intelligence (AI) are just a few of the many areas where our businesses are developing innovative solutions to enable these technology revolutions. Among these many advances, our leadership in AI interconnect products stood out this year, as our customers made historic investments in building out this exciting, transformational technology. As a result, the demand for our high-technology AI interconnect solutions continued to grow exponentially, as these AI systems demand unprecedented levels of speed, bandwidth, power density and reliability. Amphenol s high-speed, fiber optic and power interconnect solutions are at the center of this transformation, enabling the infrastructure behind AI. Technology revolutions have also dramatically expanded our addressable market. Through our organic investments as well as acquisitions of new businesses and technologies, we have been able to expand our product capabilities from discrete interconnect and cable solutions to now include product technologies in the antennas, sensors, value-add cable assemblies and active and passive fiber optic interconnect markets. Our ability to capitalize on these new technologies and win share with both new and existing customers continues to be enabled by our agile and lean entrepreneurial structure, which allows us to react with a level of speed that our competitors simply cannot match. By combining the speed and agility of a start-up, with the balance sheet of the world s largest interconnect company, we have been able to take advantage of significant opportunities while remaining ready to react quickly when changes arise. How We Outperform Amphenol s entrepreneurial, decentralized culture is the foundation of our sustained outperformance and consistent share gains. By placing full ownership and accountability in the hands of our General Managers, we empower those Amphenolians who are closest to their customers, markets and operations to make fast, informed decisions. This structure accelerates innovation and enables rapid responses to ever-changing customer demands and technologies. Ultimately, this localized ownership drives a relentless focus on efficiency and innovation, creating a virtuous cycle that allows us to consistently outpace the industry, capture market share and deliver superior value across diverse technological advancements. Despite our significant size and global reach, we are focused on remaining a big company that feels small to everyone who works for and interacts with us. Each of our business units benefits from the scale, financial strength and collaboration opportunities across our global operations, all while maintaining its entrepreneurial autonomy. This ability to combine the agility of a small company with the resources of a global leader allows us to tailor solutions precisely to customer needs, to consistently execute at a high level and to capture opportunities faster than competitors, ultimately driving above-market growth and expanding our leadership position across the interconnect industry. Retaining this small-company feel in a rapidly growing organization is not something that happens by accident; rather, it requires a top-to-bottom relentless commitment to our entrepreneurial culture. We have kept the Company feeling small by maintaining our focus on the autonomy of the Amphenol General Manager and ensuring they can quickly make the decisions needed to effectively grow their businesses. At the same time, we have thoughtfully Key Trends Driving Long-Term Growth Clean & Efficient Connected & Mobile High Speed Increased Complexity Harsh Environment 2025 ANNUAL REPORT 3
 • shareholder letter icon 4/8/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/10/2023 APH Stockholder Letter
 • stockholder letter icon 4/8/2024 APH Stockholder Letter
 • stockholder letter icon 4/4/2025 APH Stockholder Letter
 • stockholder letter icon More "Electronic Equipment & Products" Category Stockholder Letters
 • Benford's Law Stocks icon APH Benford's Law Stock Score = 45


APH Shareholder/Stockholder Letter Transcript:

Enabling the Electronics Revolution
2025
ANNUAL REPORT

About Amphenol
Amphenol is one of the world   s largest providers of high-technology interconnect, sensor, antenna and cable solutions. Our products
Enable the Electronics Revolution across virtually every end market, including Automotive, Commercial Aerospace, Communications
Networks, Defense, Industrial, Information Technology and Data Communications, and Mobile Devices. Headquartered in Wallingford,
Connecticut USA, Amphenol had approximately 170,000 talented and driven employees worldwide at the end of 2025.
How We Create Value
High Performance Culture
Balanced End Market Exposure
Commercial
Aerospace
5%
COST CONTROL
relentless cost
management
ENTREPRENEURIAL
approximately 145
GMs worldwide
Industrial
19%
Automo   ve
15%
Defense
9%
NO EXCUSES
clear accountability
for results
Mobile Devices
6%
Communica   omv
Networks
10%
AGILE & FLEXIBLE
quick response to
changing markets
IT Datacom
36%
Global Presence and Reach
More than 50 companies
acquired in the last 10 years
Manufacturing
in approximately
40 countries
across six
continents
Europe
15%
SHORTER
CYCLE
Disciplined Acquisition Strategy
Asia
42%
North America
41%
LONGER
CYCLE
    Acquirer of choice
    Focused on high-quality management
teams with complementary technology
    Successful acquisition program in a
fragmented but consolidating market
Rest of World
2%
CUMULATIVE 5-YEAR TOTAL SHAREHOLDER RETURN
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
2020
Amphenol Corporation
2021
2022
2023
2024
Dow Jones U.S. Electrical Components & Equipment Index
2025
S&P 500 Index
The graph compares the cumulative total
shareholder return of Amphenol over a
period of five years ending December 31,
2025 with the performance of the Standard
& Poor   s 500 (   S&P 500   ) Stock Index and
the Dow Jones U.S. Electrical Components
& Equipment Index. This graph assumes that
$100 was invested in the common stock of
Amphenol and each index on December 31,
2020, reflects reinvested dividends, and is
weighted on a market capitalization basis as
of the beginning of each year. Each reported
data point represents the last trading day of
each calendar year. The comparisons in the
graph are based upon historical data and are
not indicative of, nor intended to forecast,
future performance.

2025 Financial Highlights
For the Years Ended December 31
2025
2024
2023
$23,095
$15,223
$12,555
Operating income
$5,869
$3,157
$2,560
Net income from continuing operations attributable to stockholders
$4,270
$2,424
$1,928
Diluted earnings from continuing operations per common share (GAAP)
$3.34
$1.92
$1.55
Adjusted diluted earnings from continuing operations per common share (non-GAAP)
$3.34
$1.89
$1.51
Cash flow provided by operating activities from continuing operations (GAAP)
$5,375
$2,815
$2,529
Free cash flow (non-GAAP)
$4,393
$2,157
$2,160
Dividends declared per common share
$0.745
$0.55
$0.425
In millions, except per share data
Net sales
Sales
$23.1B
Adjusted
Operating Margin
Adjusted
Diluted EPS
26.2%
$3.34
23.1
26.2%
20.0%
20.7% 20.7%
Free Cash Flow
$4.4B
4.4
$3.34
21.7%
15.2
12.6
12.6
$1.89
10.9
2.2
$1.50 $1.51
2.2
1.8
$1.24
1.2
2021 2022 2023 2024 2025
$ In Billions
2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
$ In Billions
Financial Highlights are based on continuing operations only and exclude results associated with discontinued operations. Refer to
Page 8 herein and Part II, Item 7. Management   s Discussion and Analysis of Financial Condition and Results of Operations of the Company   s
Form 10-K included in this Annual Report for further discussion of the definitions of non-GAAP financial measures and reconciliations of
non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.
2025 ANNUAL REPORT  1

Dear Fellow Shareholders:
2025 was an exceptional year for Amphenol. Our global
team delivered record-breaking performance, with
outstanding sales growth and industry-leading profitability,
all while strengthening and remaining true to our
entrepreneurial culture.
Key highlights of our success this year include:
    Sales of $23.1 billion grew 52% as reported and 38%
organically from 2024
    Adjusted Operating Margin of 26.2% expanded 450
basis points versus last year
    Adjusted Diluted EPS of $3.34 increased 77%
from 2024
    Completed five acquisitions, including Andrew, our
largest acquisition at the time, and signed an agreement
to acquire CommScope   s CCS business, which closed in
early 2026
    Returned $1.5 billion to shareholders through dividends
and share buybacks
Our strength this year was truly broad based. While we
realized uniquely high growth in our IT Datacom segment,
we drove robust organic growth in every one of our
seven diversified end markets. In addition, we expanded
operating margins through disciplined cost management
and thereby generated significant operating and free
cash flow that was both reinvested in our business
and returned to our shareholders. We secured our
position as the world   s leading provider of interconnect
solutions, expanded our technology capabilities and
invested to support our future growth in this exciting and
always-evolving industry.
Celebrating 35 Years of Value Creation
2026 will mark the 35th anniversary of Amphenol   s listing
on the New York Stock Exchange. Since our Initial Public
Offering in 1991, our Company has created outstanding
value for our shareholders, with our stock price delivering
a compound annual return of 22% as of the end of
2025. Over these three and a half decades, we have also
compounded our sales, expanded our operating margins,
generated substantial free cash flow, consistently increased
our dividend and delivered superior total shareholder
returns. From a company with less than $500 million
in revenue at the time of our NYSE listing, Amphenol
has grown into the global interconnect leader with an
unrivaled, sustainable track record of performance.
Our long-term performance has been enabled by our
consistent culture of entrepreneurial accountability
together with our disciplined capital allocation. This
2  AMPHENOL CORPORATION
culture and performance would not have been possible
without the immeasurable contributions of our longserving Chairman of the Board and former Chief
Executive Officer, Martin Loeffler, who will be retiring
from the Board at our Annual Meeting this May. Nearly
40 years ago, Martin helped establish the foundation of
Amphenol   s entrepreneurial culture, which put decision
making in the hands of the Company   s General Managers,
who were closest to their customers and markets, their
product technologies and their local operations. Martin   s
adherence to this entrepreneurial vision and his supportive
leadership over these many years have been key drivers
of our long-term value creation. I have no doubt that my
own success at Amphenol would not have been possible
without Martin   s invaluable support and mentorship.
I would like to express my gratitude to Martin for his
extraordinary contributions to Amphenol over the more
than 50 years he has been affiliated with the Company,
his steadfast support of me during our many years of
working together and his unwavering commitment to the
Amphenolian culture. I am humbled that the Board of
Directors has selected me as Amphenol   s next Chairman
and am committed to doing everything in my power to
continue the strong legacy that Martin has helped to forge.
Leading Across Multiple Technology Revolutions
Over the 35 years that Amphenol has been a public
company, our markets and products have continued to
evolve, as technology revolutions have spawned new
opportunities and the scope of applications requiring
high-technology interconnect solutions has further
expanded. As these technology solutions become more
complex, more powerful and more essential to everyday
life, the need for Amphenol   s high-technology solutions
only increases.

Today, there are a multitude of generational technology
revolutions that are reshaping our world and our
industry, and interconnect products are at the center
of enabling these technologies. New innovations in
space exploration, electric aircraft, alternative energy,
autonomous mobility, 6G wireless technology, advanced
medical devices, robotics and artificial intelligence (AI)
are just a few of the many areas where our businesses
are developing innovative solutions to enable these
technology revolutions. Among these many advances,
our leadership in AI interconnect products stood out
this year, as our customers made historic investments in
building out this exciting, transformational technology.
As a result, the demand for our high-technology AI
interconnect solutions continued to grow exponentially,
as these AI systems demand unprecedented levels
of speed, bandwidth, power density and reliability.
Amphenol   s high-speed, fiber optic and power
interconnect solutions are at the center of this
transformation, enabling the infrastructure behind AI.
Technology revolutions have also dramatically expanded
our addressable market. Through our organic investments
as well as acquisitions of new businesses and technologies,
we have been able to expand our product capabilities
from discrete interconnect and cable solutions to now
include product technologies in the antennas, sensors,
value-add cable assemblies and active and passive fiber
optic interconnect markets. Our ability to capitalize on
these new technologies and win share with both new and
existing customers continues to be enabled by our agile
and lean entrepreneurial structure, which allows us to react
with a level of speed that our competitors simply cannot
match. By combining the speed and agility of a start-up,
with the balance sheet of the world   s largest interconnect
company, we have been able to take advantage of
significant opportunities while remaining ready to react
quickly when changes arise.
How We Outperform
Amphenol   s entrepreneurial, decentralized culture is
the foundation of our sustained outperformance and
consistent share gains. By placing full ownership and
accountability in the hands of our General Managers,
we empower those Amphenolians who are closest
to their customers, markets and operations to make
fast, informed decisions. This structure accelerates
innovation and enables rapid responses to ever-changing
customer demands and technologies. Ultimately,
this localized ownership drives a relentless focus on
efficiency and innovation, creating a virtuous cycle that
allows us to consistently outpace the industry, capture
market share and deliver superior value across diverse
technological advancements.
Despite our significant size and global reach, we are
focused on remaining a big company that feels small
to everyone who works for and interacts with us. Each
of our business units benefits from the scale, financial
strength and collaboration opportunities across our
global operations, all while maintaining its entrepreneurial
autonomy. This ability to combine the agility of a small
company with the resources of a global leader allows us to
tailor solutions precisely to customer needs, to consistently
execute at a high level and to capture opportunities
faster than competitors, ultimately driving above-market
growth and expanding our leadership position across the
interconnect industry.
Retaining this small-company feel in a rapidly growing
organization is not something that happens by accident;
rather, it requires a top-to-bottom relentless commitment
to our entrepreneurial culture. We have kept the Company
feeling small by maintaining our focus on the autonomy
of the Amphenol General Manager and ensuring they can
quickly make the decisions needed to effectively grow
their businesses. At the same time, we have thoughtfully
Key Trends Driving Long-Term Growth
Clean &
Efficient
Connected
& Mobile
High
Speed
Increased
Complexity
Harsh
Environment
2025 ANNUAL REPORT  3


shareholder letter icon 4/8/2026 Letter Continued (Full PDF)
 

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