APH FY2026 Q1 Improving

Amphenol Corporation earnings call

Apr 29, 2026 · 13:00 ET Adam NorwoodCraig Lampo earningscall_biz

Buzzberg read

AI interconnect demand broadens across copper, power, and fiber

Amphenol reported a record Q1 with sales up 58% and adjusted EPS up 68%, driven overwhelmingly by AI-related IT Datacom growth plus the newly closed CommScope acquisition. Management guided Q2 to another strong sequential step-up and maintained a clearly bullish tone across most end markets. Q1 FY2026 sales of $7.6B grew 33% organically; adjusted EPS was $1.06, +68% y/y.

Buzzberg read AI interconnect demand broadens across copper, power, and fiber Amphenol reported a record Q1 with sales up 58% and adjusted EPS up 68%, driven overwhelmingly by AI-related IT Datacom growth plus the newly closed CommScope acquisition. Management guided Q2 to another strong sequential step-up and maintained a clearly bullish tone across most end markets. Q1 FY2026 sales of $7.6B grew 33% organically; adjusted EPS was $1.06, +68% y/y. Read full analysisCollapse analysis

Orders were a record $9.435B with 1.24 book-to-bill; every end market was above 1.0.
IT Datacom was 41% of sales, up 81% organically; Q2 expected to grow low-teens sequentially.
CommScope closed January 1, grew at roughly Amphenol's organic pace, and remains guided to ~$4.1B FY2026 revenue with $0.15 accretion.

Revenue$7.6201B+18% QoQ

EPS$1.06+9% QoQ

Gross margin36.75%Reported

Operating margin24.04%Reported

6 grounded callouts

What matters now

The highest-signal changes from the call.

AI interconnect demand broadens across copper, power, and fiber

M&A

CommScope growth running ahead of original deal expectations

Defense

Global defense demand shifting to next-generation technologies

Show 3 more callouts

Capex

Customers increasingly back Amphenol capacity investments with commitments

Demand

Book-to-bill positive across every end market

Demand

Broad industrial reacceleration across harsh-environment electronics

Reported period

Actuals

Metric	Reported	Change
Revenue	$7.6201B	+18% QoQ
EPS	$1.06	+9% QoQ
Gross margin	36.75%	Reported
Operating margin	24.04%	Reported
Free cash flow	$0.8299B	-43% QoQ
Capex	$0.2916B	Reported

Forward-looking

Forward guidance

Metric	Period	Range	Midpoint	Status
EPS	FY2026 Q2	$1.14–$1.16	$1.15	Guided
RevenueCOMMSCOPE	FY2026	$4.1B	$4.1B	Maintained
Revenue	FY2026 Q2	$8.1B–$8.2B	$8.15B	Guided

AI, capex & demand read

Management read

Tone

Upbeat

Management repeatedly described the quarter as outstanding, exceeded guidance, highlighted record orders, and framed AI, defense, and industrial as long-term structural growth opportunities.

Management AI read

Management said AI data-center investments are accelerating and driving strong demand for Amphenol's high-speed copper, power, and fiber interconnect products. They see continued sequential IT Datacom growth in Q2 and expect to remain relevant across future architectures, including co-packaged optics, because customers ultimately need more interconnect either way.

Capex

Investment and capacity

Amphenol is increasing capacity and automation to support the AI ramp and defense demand, with capital spending rising substantially as the company scales. Customers are increasingly providing order commitments or co-investment to give Amphenol security around these capacity investments, though no explicit capex target was given.

all 1 named companies below

Companiesreturns since call

Supply chain

COMM

Supply chain

CommScope, closed at the beginning of January, is tracking to roughly $4.1B of FY2026 sales and grew in Q1 at a pace similar to Amphenol's 33% organic growth, well above the mid-teens expectation at deal announcement. — This suggests the fiber/optical and building-connectivity side of the AI and networking buildout is ramping faster than originally modeled, with implications for the broader optical interconnect supply chain.

Evidence

“on a like-for-like basis in the first quarter, Comscope growth was largely similar to the organic growth that we had across Amphenol.”

Adam Norwood

External signals

Supply-chain alpha · 2returns since call

CommScope, closed at the beginning of January, is tracking to roughly $4.1B of FY2026 sales and grew in Q1 at a pace similar to Amphenol's 33% organic growth, well above the mid-teens expectation at deal announcement.

Adam Norwood

COMM

Evidence

“we continue to expect the company to deliver this year, as we said, roughly $4.1 billion in in sales and $0.15 of accretion”

Customers are opening order apertures and making capacity commitments around Amphenol's AI-related capacity investments, giving management increased confidence to add automation and capacity for high-precision interconnect products.

Adam Norwood

Evidence

“we work with customers when we make these kind of investments to make sure that we have security around those investments... it can also mean opening the aperture of orders and the commitments that they make to us.”

Methodology & coverage

Management-only analysis. All 1 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.