Amphenol vs Oracle: Revenue, Profit and Business Model
Amphenol reported $23.1B of revenue in FY2025 and $4.3B of net income. Oracle reported $67.4B of revenue in FY2026 and $17.1B of net income.
Latest financial snapshot
Financial summary
Amphenol
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.
Oracle
Oracle's revenue grew from $39.1 billion in FY2020 to $57.4 billion in FY2025 and $67.36 billion in FY2026, when net income was $17.09 billion. Growth is now driven by cloud: Q1 FY2027 cloud revenue (IaaS plus SaaS) was $11.6 billion, up 62%, and operating cash flow was a record $23 billion for the quarter. The other side of the ledger is capex. FY2026 capital spending of $55.7 billion pushed free cash flow negative, and Oracle has funded the gap with bond issuance and equity sales. Management guides to at least $90 billion of FY2027 revenue and non-GAAP EPS of $8.10.
Revenue and profit by year
Amphenol
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $23.1B | $4.3B | 18.5% | +51.7% | Source |
| FY2024 | $15.2B | $2.4B | 15.9% | +21.3% | Source |
| FY2023 | $12.6B | $1.9B | 15.4% | -0.5% | Source |
| FY2022 | $12.6B | $1.9B | 15.1% | +16.1% | Source |
| FY2021 | $10.9B | $1.6B | 14.6% | +26.5% | Source |
| FY2020 | $8.6B | $1.2B | 14.0% | +4.5% | Source |
| FY2019 | $8.2B | $1.2B | 14.0% | +0.3% | Source |
| FY2018 | $8.2B | $1.2B | 14.7% | +17.0% | Source |
| FY2017 | $7B | $650.5M | 9.3% | +11.5% | Source |
| FY2016 | $6.3B | $822.9M | 13.1% | — | Source |
Oracle
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $67.4B | $17.1B | 25.4% | +17.3% | Source |
| FY2025 | $57.4B | $12.4B | 21.7% | +8.4% | Source |
| FY2024 | $53B | $10.5B | 19.8% | +6.0% | Source |
| FY2023 | $50B | $8.5B | 17.0% | +17.7% | Source |
| FY2022 | $42.4B | $6.7B | 15.8% | +4.8% | Source |
| FY2021 | $40.5B | $13.7B | 34.0% | +3.6% | Source |
| FY2020 | $39.1B | $10.1B | 25.9% | -1.1% | Source |
| FY2019 | $39.5B | $11.1B | 28.1% | +0.3% | Source |
| FY2018 | $39.4B | $3.6B | 9.1% | +4.2% | Source |
| FY2017 | $37.8B | $9.5B | 25.0% | — | Source |
Where the revenue comes from
Amphenol
- Communications Solutions~52%
High-speed board-to-board and backplane connectors, fiber optic interconnects, RF and microwave connectors, antennas, and cable assemblies for IT datacom, mobile networks, mobile devices, automotive, and broadband communications. FY2025 revenue of $12.1 billion, up 91% YoY, driven by $4.6 billion in incremental AI datacom sales.
- Harsh Environment Solutions~25%
Ruggedized connectors, cable assemblies, and interconnect systems for defense, commercial aerospace, industrial, and automotive applications that must withstand extreme temperatures, vibration, moisture, and electromagnetic interference. FY2025 revenue of $5.9 billion, up 33% YoY, with significant contributions from the Carlisle Interconnect Technologies acquisition.
- Interconnect and Sensor Systems~22%
Sensor technologies, value-added cable assemblies, and specialized interconnect products for automotive, industrial, IT datacom, and medical applications. FY2025 revenue of $5.2 billion, up 15% YoY, with growth in industrial sensors and the August 2025 acquisition of Rochester Sensors.
Oracle
- Cloud Services and License SupportLargest
OCI, SaaS, database services, and recurring support revenue.
- Cloud License and On-Premise LicenseMaterial
New licenses and cloud license rights for enterprise software.
- ServicesMaterial
Consulting, support, and implementation work.
- HardwareSmaller
Exadata, engineered systems, and related hardware products.
Business model and strategy
Amphenol
How it makes money
The business model is high volume, highly specialized B2B component manufacturing. Amphenol sells hundreds of thousands of connector, cable, antenna and sensor variants to thousands of customers, and no single end market dominates: in 2025, data centers and information technology accounted for 36% of sales, industrial 19%, automotive 15%, communications networks 10%, defense 9%, mobile devices 6% and commercial aeros…
Growth strategy
Amphenol's growth strategy has two parts: sell into secular demand and buy specialized suppliers. On the first, it builds high speed copper and optical interconnects for AI clusters, including the Celerity mezzanine connector family rated to 224 Gb/s PAM4 and XtremePass co-packaged copper interconnects aimed at 448G class links, plus high voltage connectors and sensors for electric vehicles, which carry more wiring a…
Competitive advantage
Amphenol's competitive advantage rests on switching costs and the cost of failure. A connector may cost a few cents, but if it fails the aircraft, satellite or server rack around it stops working, so buyers qualify suppliers rather than shop on price.
Oracle
How it makes money
Oracle sells to businesses and governments, not consumers. Its largest revenue line is cloud services and license support: customers pay recurring fees for OCI compute, storage, GPUs and database services, for Fusion Cloud ERP, HCM, SCM and NetSuite subscriptions, and for annual support on licensed Oracle Database and middleware.
Growth strategy
Oracle's growth plan rests on renting AI training and inference capacity at very large scale. It is building data centers for OpenAI under the Stargate program (a partnership OpenAI describes as over $300 billion across five years and up to 4.5 gigawatts), and it also serves xAI, Meta, NVIDIA and AMD workloads.
Competitive advantage
Oracle's edge comes from its installed base. Oracle Database runs core financial, telecom and government systems, and moving those workloads is slow, expensive and risky, which keeps support revenue recurring. OCI adds a price-performance pitch built on bare-metal servers and RDMA networking for large GPU clusters, and Oracle can offer the same database inside rival clouds.
Questions about Amphenol vs Oracle
Which company has higher revenue — Amphenol Corporation or Oracle Corporation?
Amphenol Corporation reported $23.1B (FY2025), while Oracle Corporation reported $67.4B (FY2026). By last reported revenue, Oracle Corporation is the larger business, with Amphenol Corporation reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Amphenol Corporation vs Oracle Corporation?
Amphenol Corporation's market capitalisation stands at $208.6B, while Oracle Corporation's is $393.6B. Oracle Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Amphenol Corporation.
Which is more financially efficient — Amphenol Corporation or Oracle Corporation?
Amphenol Corporation generates $136k / employee in revenue per employee, while Oracle Corporation generates $478k / employee. Oracle Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Amphenol Corporation and Oracle Corporation make money?
Amphenol Corporation and Oracle Corporation generate revenue in fundamentally different ways. Amphenol Corporation: The business model is high volume, highly specialized B2B component manufacturing. Oracle Corporation: Oracle sells to businesses and governments, not consumers.
Which company is valued higher relative to revenue — Amphenol Corporation or Oracle Corporation?
On a price-to-sales (P/S) basis, Amphenol Corporation trades at 9.0x P/S and Oracle Corporation at 5.8x P/S. Amphenol Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Oracle Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amphenol Corporation bigger than Oracle Corporation?
By last reported revenue, Oracle Corporation ($67.4B (FY2026)) is the larger company compared to Amphenol Corporation ($23.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Amphenol vs Oracle overview