Amphenol Corporation Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance
  • Q4 2025 sales reached a record $6.4B, up 49% year over year in USD and 37% organically versus Q4 2024. Sequential growth was 4% in USD and 3% organic.
  • Full-year 2025 sales were $23.1B, up 52% in USD, 51% in local currencies, and 38% organically versus 2024.
  • Orders in Q4 hit a record $8.4B, up 68% year over year and 38% sequentially, resulting in a book-to-bill ratio of 1.31. This was driven heavily by AI-related demand in the IT datacom market.
  • Full-year 2025 orders reached $25.4B, up 51% year over year with a book-to-bill of 1.1.
Profitability
  • Q4 GAAP operating income was $1.7B with a margin of 26.8%. Adjusted operating margin was 27.5%, up 510 basis points from Q4 2024 and flat sequentially.
  • Full-year GAAP operating income was $5.9B; adjusted operating margin was 26.2%, up 450 basis points from 2024.
  • Q4 GAAP and adjusted EPS were $0.97 and $0.93, respectively; full-year adjusted EPS was $3.34, up 77% from 2024.
Cash Flow & Balance Sheet
  • Q4 operating cash flow was $1.7B (144% of net income); free cash flow was $1.5B (123% of net income).
  • Full-year operating cash flow was a record $5.4B; free cash flow was $4.4B.
  • Amphenol repurchased 1.3M shares in Q4, with full-year capital return of $1.5B.

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Operator: Has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin. Craig Lampo: Great. Thank you so much. Afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. I would like to wish everyone a Happy New Year and welcome you to our 2025 conference call. Our fourth quarter 2025 results were released this morning. I'll provide some financial commentary, and then Adam will give an overview of the business and current market trends. Then we will take your questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements. Please refer to the relevant disclosures in our press release for further information. The company closed 2025 with record sales of $6.4 billion and GAAP and adjusted diluted EPS of $0.97 and $0.93, respectively. 48% local currencies, The fourth quarter sales were up 49% in US dollars, and 37% organically compared to 2024. Sequentially, sales were up 4% in US dollars and in local currencies, and up 3% organically. Adam will comment further on trends by market in a few minutes. For the full year 2025, sales were approximately $23.1 billion, up 52% in US dollars, 51% in local currencies, and 38% organically compared to 2024. We are very encouraged by our orders in the quarter, which were a record $8.4 billion, up a strong 68% compared to 2024 and up 38% se

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