Amphenol Surpasses Records in Q1 2026 with 58% Revenue Growth and Robust Book-to-Bill Ratio
Amphenol, a leading global designer, manufacturer, and marketer of electrical, electronic, and interconnect products, has announced record-breaking results for the first quarter of 2026. The company's revenue reached $7.6 billion in GAAP, up 58% in US dollars and 57% in local currencies compared to the same period last year.
In a conference call held on April 29th, Amphenol's CFO, Craig A. Lampo, and CEO, R. Adam Norwitt, provided an overview of the company's performance for the quarter. According to them, the first quarter sales were up 18% sequentially in US dollars and local currencies and 4% organically compared to the previous quarter.
Notably, Amphenol's orders for the quarter reached a record $9.435 billion, representing a strong 78% increase from the same period last year and a 12% sequential rise. This impressive book-to-bill ratio of 1.24:1 was driven by robust bookings across all end markets, with every segment reporting a positive book-to-bill for the quarter.
The company's GAAP operating income reached $1.8 billion in the quarter, while the GAAP operating margin was 24%. However, excluding acquisition-related costs, adjusted operating income and adjusted operating margin were $2.1 billion and 27.3%, respectively. This represents a year-over-year increase of 380 basis points, primarily driven by robust operating leverage on significantly higher sales volumes.
Amphenol's segment results showed strong growth across all divisions. The Communication Solutions segment reported sales of $4.5 billion, up 80% in US dollars and 47% organically compared to the same period last year. The Harsh Environment Solutions segment saw sales increase by 34% in US dollars and 23% organically, while the Interconnect and Sensor Systems segment recorded a 23% growth in US dollars and 17% organically.
However, Amphenol's effective tax rate for the first quarter was impacted by an unfavorable tax determination from certain tax authorities in China. The company has accrued $430 million to cover this matter, which resulted in an adjusted effective tax rate of 27%. This increased tax rate is expected to remain for the remainder of 2026.
According to Adam Norwitt, "I am very proud of the company's operating margin performance in the first quarter, which reflects continued strong execution by our team." The company's robust financial performance and growth prospects make it an attractive player in the global electronics industry.
