Amphenol Corporation
Financial Performance
Amphenol Revenue & Financials
Revenue
$23.1B (FY2025)
Market Cap
$208.6B
Net Income
$4.3B
Employees
170,000
What is Amphenol's revenue?
Amphenol had $23.1B in revenue for fiscal year 2025, up 51.7% from 2024. Net income was $4.3B.
- Latest revenue
- $23.1B (FY2025)
- Year-over-year
- +51.7%
- Growth rate (CAGR)
- 15.6% over 9 years
- Peak revenue
- $23.1B (FY2025)
- Years of data
- 10
- Employees
- 170,000
Financial Analysis
Amphenol compounds through acquisition in a fragmented industry. Net sales rose from $12.55 billion in 2023 to $15.22 billion in 2024 and $23.09 billion in 2025, and net income rose from $1.93 billion to $2.42 billion and then $4.27 billion across the same three years. Fiscal 2025 produced a 25.4% GAAP operating margin, $5.4 billion of operating cash flow and $4.4 billion of free cash flow, and the company returned nearly $1.5 billion to shareholders while completing five acquisitions. The pattern is consistent: buy niche connector, cable and sensor makers, leave their management and brands in place, add purchasing scale, and fund the next deal from cash flow and investment grade debt. Amphenol Corporation is a major global manufacturer of electronic interconnect systems, sustaining a strong market valuation frequently above $60 billion.
Revenue Trend Analysis
YoY Change
+51.7%
9-Year CAGR
+15.6%
Peak Year
2025
Trend
Consistent Growth
Amphenol Corporation has 10 full fiscal year figures on this page, compounding at +15.6% annually over 9 years. The most recent year saw a 51.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $23.1B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
Amphenol Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $5.4B | $996.6M | $36.2B | $22.7B | $13.4B | $4.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.8B | $665.4M | $21.4B | $11.6B | $9.8B | $2.1B | Form 10-K |
| FY2023ended Dec 31, 2023 | $2.5B | $372.8M | $16.5B | $8.1B | $8.3B | $2.2B | Form 10-K |
| FY2022ended Dec 31, 2022 | $2.2B | $383.8M | $15.3B | $8.2B | $7B | $1.8B | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.5B | $360.4M | $14.7B | $8.3B | $6.3B | $1.2B | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.6B | $276.8M | $12.3B | $6.9B | $5.4B | $1.3B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.5B | $295M | $10.8B | — | $4.5B | $1.2B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.1B | $310.6M | $10B | — | $4B | $802.1M | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.1B | $226.6M | $10B | — | $4B | $917.6M | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.1B | $190.8M | $8.5B | — | $3.7B | $886.8M | Form 10-K |
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Amphenol Revenue and Financial FAQ
What is Amphenol's annual revenue scale and growth trajectory?
Amphenol Corporation reported revenue of $23.1 billion for fiscal year 2025, up from $15.2 billion in fiscal 2024.
What is Amphenol's operating margin profile and target benchmark?
Amphenol reported a record GAAP operating margin of 25.4% and an adjusted operating margin of 26.2% in fiscal 2025, up from the low twenties in prior years, helped by Communications Solutions segment margin of 31.1%.
What is Amphenol's Free Cash Flow generation and conversion rate?
Fiscal 2025 operating cash flow was $5.4 billion and free cash flow was $4.4 billion, against net income of $4.27 billion, with capital expenditure running at a low single digit percentage of sales.
What is Amphenol's capital allocation strategy regarding M&A, dividends, and share buybacks?
Amphenol splits cash between acquisitions and shareholder returns. In 2025 it completed five acquisitions and returned nearly $1.5 billion to shareholders through dividends and buybacks, then raised the quarterly dividend 52% to $0.25 per share in February 2026.
What is Amphenol's balance sheet liquidity and debt profile?
Amphenol funds acquisitions with investment grade debt. Total debt was about $18.8 billion on its most recent balance sheet after the $10.5 billion CCS purchase, equal to roughly two times EBITDA.
What credit ratings do S&P and Moody's assign to Amphenol?
Moody's rates Amphenol A3 and S&P Global Ratings rates it A-, both with stable outlooks, as disclosed in the company's 2026 senior notes offering documents.
How does end-market diversification protect Amphenol's financial stability?
Amphenol's balanced revenue exposure across eight distinct end markets ensures that cyclical downturns in consumer mobile devices or broadband are offset by secular growth in AI data centers, defense, and aerospace.
What is Amphenol's historical Return on Invested Capital (ROIC)?
Amphenol consistently generates an exceptional Return on Invested Capital (ROIC) exceeding 18% to 22%, reflecting superior capital discipline when integrating acquired interconnect companies.
Is Amphenol profitable?
Yes, despite operating in a highly cyclical hardware industry, Amphenol is renowned for maintaining incredibly stable, high operating margins across economic cycles.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Amphenol Revenue & Financials." CorpDigest, https://corpdigest.com/company/amphenol/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Amphenol reported $23.1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/amphenol/financials" target="_blank" rel="noopener">CorpDigest — Amphenol financials</a></div>Related Financial Audits
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