World Headquarters 358 Hall Avenue Wallingford, CT 06492 Telephone (203)
World Headquarters 358 Hall Avenue Wallingford, CT 06492 Telephone (203) 265-8900 AMPHENOL REPORTS RECORD THIRD QUARTER 2026 RESULTS AND ANNOUNCES DIVIDEND INCREASE AND NEW STOCK REPURCHASE PROGRAM Third Quarter 2026 Highlights:
● Sales of $10.2 billion, up 65% in U.S. dollars and 37% organically compared to the third quarter of 2025
● Acquired Empire Electronics and signed definitive agreements to acquire AdvancedPCB, Dexgreen Limited and Humanetics Sensors
Wallingford, Connecticut, October 28, 2026. Amphenol Corporation (NYSE: APH) today reported record third quarter 2026 results. “We are pleased to have closed the third quarter of 2026 with record sales and Adjusted Diluted EPS, both exceeding the high end of our guidance,” said Amphenol Chairman and Chief Executive Officer, R. Adam Norwitt. “Sales increased from prior year by 65%, driven by strong organic growth in most of our end markets, including continued exceptional organic growth in the IT datacom market, as well as contributions from the Company’s acquisition program. We also booked record orders in the quarter, resulting in a book-to-bill of 1.19:1. The Company realized strong profitability during the quarter with Adjusted Operating Margin reaching 29.7%. We are extremely proud of the Company’s outstanding performance.” The Company continues to deploy its financial strength in a variety of ways to increase shareholder value. During the third quarter, the Company purchased 3.0 million shares of its common stock for $245 million and paid dividends of $308 million, resulting in total capital returned to shareholders of $553 million. Amphenol remains focused on expanding its growth opportunities through a deep commitment to developing enabling technologies for customers across our served end markets, an ongoing strategy of market and geographic diversification as well as an active and successful acquisition program. To that end, Amphenol is excited to have closed on the acquisition of Empire Electronics at the beginning of September. Empire Electronics is a leading manufacturer of complex interconnect assemblies for the Automotive market, with a particular focus on automotive lighting-related products. Headquartered in Michigan, Empire Electronics is expected to generate full-year 2026 sales of approximately $320 million. The business is included in the Interconnect and Sensor Systems segment. In addition, Amphenol signed definitive agreements to acquire three additional companies: AdvancedPCB, Dexgreen Limited (Dexgreen) and the sensor business from Humanetics (Humanetics Sensors). AdvancedPCB is a U.S. manufacturer of high- technology printed circuit boards for the Defense and Industrial markets. Headquartered in Colorado, AdvancedPCB is expected to have full-year 2026 sales of approximately $270 million and will be included in the Harsh Environment Solutions segment post-closing. Dexgreen is a leading provider of fiber optic connectivity products primarily for European fiber-to-the-home applications in the Communications Networks market. Headquartered in Ireland, Dexgreen is expected to generate full-year 2026 sales of approximately $90 million and will be included in the Communications Solutions segment post-closing. Humanetics Sensors, a division of Humanetics, is a leading provider of precision force sensors, specialty fiber optic sensing products and micro-machining solutions for the Commercial Air, Defense and Industrial markets. Humanetics Sensors is expected to generate full-year 2026 sales of approximately $70 million and will be included in the Interconnect and Sensor Systems segment post-closing. The acquisitions of both AdvancedPCB and Humanetics Sensors are expected to close in the fourth quarter of 2026 and the acquisition of Dexgreen is expected to close in the first quarter of 2027, all subject to customary regulatory approvals and other closing conditions. The combined purchase price for AdvancedPCB, Dexgreen, Empire Electronics and Humanetics Sensors is approximately $1.6 billion and the purchases will be financed through a combination of cash on hand and debt. Increase in Quarterly Dividend On October 27, 2026, Amphenol’s Board of Directors approved a 20% increase in the Company’s quarterly dividend, to $0.15 per share from $0.125 per share. The new dividend amount will be paid on January 13, 2027 to shareholders of record as of December 22, 2026. New Stock Repurchase Program The Company expects to complete all repurchases remaining under the existing three-year, $2 billion stock repurchase plan by December 31, 2026. On October 27, 2026, the Board of Directors approved a new three-year $4 billion stock repurchase plan which will become effective on January 1, 2027.
Assuming the continuation of current market conditions as well as constant exchange rates, for the fourth quarter of 2026, Amphenol expects sales to be in the range of $10.3 to $10.5 billion, representing an approximately 60% increase over the prior year quarter. Adjusted Diluted EPS is expected to be in the range of $0.81 to $0.83, representing a 65% to 69% increase from the fourth quarter of 2025. For the full year 2026, Amphenol expects sales to be in the range of $36.9 billion to $37.1 billion, representing an approximately 60% increase over prior year, while Adjusted Diluted EPS is expected to be in the range of $2.82 to $2.84, representing an approximately 70% increase over prior year. This guidance does not include the impact of acquisitions that have not yet closed, and therefore, does not include AdvancedPCB, Dexgreen and Humanetics Sensors.
In addition, given the continued better-than-expected performance of the CommScope business, Amphenol now expects the business to generate full-year sales of $5.1 billion and to be $0.18 accretive to the Company’s Adjusted Diluted EPS in 2026 which is reflected in our outlook. This is above our prior expectations for sales and accretion of $4.6 billion and $0.15, respectively.
Mr. Norwitt continued, “I am very pleased with the Company’s outstanding third quarter 2026 results The revolution in electronics continues to accelerate, with new innovations creating exciting growth opportunities for Amphenol across each of our diversified end markets. In turn, we have expanded our range of high- technology interconnect products, both through our organic innovation efforts as well as through our successful acquisition program. This expanded technology position coupled with our unique entrepreneurial culture has strengthened our competitive advantage. Our ongoing drive to leverage that competitive advantage and thereby create sustained financial strength has established an excellent base for the Company’s future performance. I am confident in the ability of our outstanding entrepreneurial management team to continue to dynamically adjust to changing market conditions, to capitalize on the wide array of growth opportunities that arise in all market cycles and to continue to generate sustainable long-term value.”
As announced on August 6, 2026, the Company’s Board of Directors approved a 2-for-1 stock split, which was paid in the form of a stock dividend to shareholders of record as of the close of business on August 17, 2026. The additional shares were distributed on September 2, 2026 and the Company’s common stock began trading on a split-adjusted basis on September 3, 2026. The effect of the stock split on the Company’s financial results, including all share and per share data for both the current and prior year periods, as well as the quarterly dividend is reflected in this press release.
The Company will host a conference call to discuss its third quarter results at 1:00 PM (EDT) on Wednesday, October 28, 2026. The toll-free dial-in number is 1-833-461-5787 and the International toll number is +1-585-542-9983; Access code: 775404490.
A live webcast as well as a replay of the call can be accessed through the Investor Relations section of the Company’s website at .
Amphenol Corporation is one of the world’s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable. Amphenol designs, manufactures and assembles its products at facilities in approximately 40 countries around the world and sells its products through its own global sales force, independent representatives and a global network of electronics distributors. Amphenol has a diversified presence as a leader in high-growth areas of the interconnect market including: Automotive, Commercial Aerospace, Communications Networks, Defense, Industrial, Information Technology and Data Communications and Mobile Devices. For more information, visit.
The financial statements included within this press release are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). This press release also contains certain non- GAAP financial measures, including book-to-bill, Constant Currency Net Sales Growth, Organic Net Sales Growth, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income attributable to Amphenol Corporation, Adjusted Effective Tax Rate, Adjusted Diluted EPS and Free Cash Flow (collectively, “non- GAAP financial measures”), which are intended to supplement the reported GAAP results. Management utilizes these non-GAAP financial measures as part of its internal reviews for purposes of monitoring, evaluating and forecasting the Company’s financial performance, communicating operating results to the Company’s Board of Directors and assessing related employee compensation measures. Management believes that such non-GAAP financial measures may be helpful to investors in assessing the Company’s overall financial performance, trends and period-over-period comparative results. The Company’s book-to-bill is the ratio of orders received to net sales during the period. Constant Currency Net Sales Growth excludes the impact of foreign currency exchange rate changes. Organic Net Sales Growth excludes the impact of foreign currency exchange rate changes and acquisitions. Non-GAAP financial measures related to operating income, operating margin, net income attributable to Amphenol Corporation, effective tax rate and diluted EPS exclude income and expenses that are not directly related to the Company’s operating performance during the periods presented. Items excluded in the presentation of these non-GAAP financial measures in any period may consist of, without limitation, acquisition-related expenses, refinancing-related costs, the excess tax benefits related to stock- based compensation and certain other discrete tax items including, but not limited to, (i) the impact of tax audits relating to prior periods and (ii) significant changes in tax law. Free Cash Flow is defined as Net Cash Provided by Operating Activities less capital expenditures net of proceeds from disposals. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included at the end of this press release. However, such non-GAAP financial measures are included for supplemental purposes only and should not be considered in isolation or as a substitute for or superior to the related U.S. GAAP financial measures. In addition, these non- GAAP financial measures are not necessarily the same or comparable to similar measures presented by other companies as such measures may be calculated differently or may exclude different items. The non-GAAP financial measures are defined within the “Supplemental Financial Information” table at the end of this press release and should be read in conjunction with the Company’s financial statements presented in accordance with U.S. GAAP.
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on our management’s assumptions and beliefs about future events or circumstances using information currently available, and as a result, they are subject to risks and uncertainties. Forward-looking statements address events or developments that Amphenol Corporation expects or
believes may or will occur in the future. These forward-looking statements, which address the Company’s expected business and financial performance and financial condition, among other matters, may contain words and terms such as: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “look ahead,” “may,” “ongoing,” “optimistic,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other words and terms of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about expected earnings, revenues, growth, liquidity, effective tax rate, interest rates, anticipated benefits of certain acquisitions, financing sources, the expected timing for the closing of certain acquisitions or other matters. Although the Company believes the expectations reflected in all forward-looking statements, including those we may make regarding fourth quarter and full year 2026 sales and Adjusted Diluted EPS for the Company, full year 2026 sales and accretion for the CommScope business as well as the expected timing for the closing of the AdvancedPCB, Dexgreen and Humanetics Sensors acquisitions, among other matters, are based upon reasonable assumptions, the expectations may not be attained or there may be material deviation. Readers and investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.
There are risks and uncertainties that could cause actual results to differ materially from these forward-looking statements, which include, but are not limited to, the following: (A) in the case of the acquisitions mentioned above: (i) the risk that the acquisitions may not be completed in a timely manner or at all, or if they are completed, that the expected benefits of the acquisitions may not be realized, (ii) the failure to satisfy the conditions to the consummation of the acquisitions, including the receipt of certain regulatory and other approvals, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreements between the parties to the acquisitions and (iv) unanticipated difficulties or expenditures relating to the acquisitions, the response of business partners and competitors to the announcement of the acquisitions, potential disruptions to current plans and operations and/or potential difficulties in employee retention as a result of the announcement and pendency of the acquisitions; and (B) in the case of the other forward looking statements mentioned above: political, economic, military and other risks related to operating in countries outside the United States, as well as changes in general economic conditions, geopolitical conditions, U.S. and other country’s trade and tax policies, export control laws, sanctions, legislation, treaties and tariffs and other factors beyond the Company’s control; uncertainties associated with an economic slowdown or recession in any of the Company’s end markets that could negatively affect the financial condition of our customers and could result in reduced demand; risks associated with our inability to obtain certain raw materials and components, as well as the increasing cost of certain of the Company’s raw materials and components; cybersecurity threats and techniques used to disrupt operations and gain unauthorized access to our and third-party providers’ information technology systems, including, but not limited to, malware, social engineering/phishing, credential harvesting, ransomware, malfeasance by insiders, human or technological error and other increasingly sophisticated attacks, that continue to expand and evolve, including through the use of artificial intelligence and machine learning, which could, among other things, impair our information technology systems and disrupt business operations, result in reputational damage that may cause the loss of existing or future customers, loss of our intellectual property, the loss of or inability to access confidential information and critical business, financial or other data, and/or cause the release of highly sensitive confidential or personal information, and potentially lead to litigation and/or governmental investigations, fines and other penalties, among other risks, and risks and impacts associated with an increasingly demanding regulatory environment surrounding information security and privacy, including significant fines, penalties and other related costs; negative impacts caused by extreme weather conditions and natural catastrophic events, including those caused or intensified by climate change; risks associated with the improper conduct by any of our employees, customers, suppliers, distributors or any other business partners which could impair our business reputation and financial results and could result in our non-compliance with anti-corruption laws and regulations of the U.S. government and various foreign jurisdictions; changes in exchange rates of the various currencies in which the Company conducts business; the risks associated with the Company’s dependence on attracting, recruiting, hiring and retaining skilled employees, including as part of our various management teams; risks and difficulties in trying to compete successfully on the basis of technology innovation, product quality and performance, price, customer service and delivery time; the Company’s dependence on end market dynamics to sell its products, particularly certain end markets that are subject to cyclical and at times rapid periods of reduced demand; difficulties and unanticipated expenses in connection with purchasing and integrating newly acquired businesses, including the potential for the impairment of goodwill and other intangible assets; events beyond the Company’s control that could lead to an inability to meet its financial and other covenants and requirements, which could result in a default under the Company’s credit agreements or any of our various senior notes; risks associated with increased debt and interest expense as a result of the CommScope acquisition; risks associated with the Company’s inability to access the global capital markets on favorable terms, including as a result of significant deterioration of general economic or capital market conditions, or as a result of a downgrade in the Company’s credit rating; changes in interest rates; government contracting risks that the Company may be subject to, including laws and regulations governing reporting obligations, performance of government contracts and related risks associated with conducting business with the U.S. and other foreign governments or their suppliers (both directly and indirectly); governmental export and import controls as well as sanctions and trade embargoes that certain of our products may be subject to, including export licensing, customs regulations, economic sanctions and other laws; changes in fiscal and tax policies, audits and examinations by taxing authorities, laws, regulations and guidance in the United States and foreign jurisdictions, as well as challenges from tax authorities on the Company’s tax positions; any difficulties in enforcing and protecting the Company’s intellectual property rights; litigation, customer claims, voluntary or forced product recalls, governmental investigations, criminal liability or environmental matters including changes to laws and regulations to which the Company may be subject; and incremental costs, risks and regulations associated with efforts to combat the negative effects of climate change and other sustainability matters.
A further description of these uncertainties and other risks can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and the Company’s other reports filed with the Securities and Exchange Commission. These or other uncertainties not identified in these documents (that we either currently do not expect to have an adverse effect on our business or that we are unable to predict or identify at this time) may cause the Company’s actual future results to be materially different from those expressed in any forward-looking statements. Our forward-looking statements may also be impacted by, among other things, future tax, regulatory and other legal changes that may arise in any of the jurisdictions in which we operate. The Company undertakes no obligation to update or revise any forward- looking statements except as required by law. Contact:
203-265-8820 AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (dollars and shares in millions, except per share data)
Note 1 For the nine months ended September 30, 2026, Cost of sales includes the a mortization of acquisition-related inventory step-up costs of $132.0 million ($101.1 million after-tax, or $0.04 per share) associated with the acquisition of the Connectivity and Cable Solutions business (which we now refer to collectively as “CommScope”) from Vistance Networks, Inc. (“Vistance,” formerly known as CommScope Holding Company, Inc.) that closed during the first quarter of 2026. For the nine months ended September 30, 2025, Cost of sales includes the amortization of acquisition-related inventory step-up costs of $77.8 million ($59.6 million after-tax, or $0.02 per share) associated with the Andrew acquisition that closed during the first quarter of 2025. Note 2 Provision for income taxes for the three months ended September 30, 2026 and 2025 includes excess tax benefits related to stock-based compensation of $52.2 million ($0.02 per share) and $57.1 million ($0.02 per share), respectively. Provision for income taxes for the three months ended September 30, 2026 also includes a discrete tax item of $60.0 million ($0.02 per share) related to settlements of foreign tax matters. Provision for income taxes for the nine months ended September 30, 2026 and 2025 includes excess tax benefits related to stock-based compensation of $183.6 million ($0.07 per share) and $162.6 million ($0.06 per share), respectively. Provision for income taxes for the nine months ended September 30, 2026 also includes discrete tax items of $389.0 million ($0.15 per share) comprised of (i) $39.0 million related to reserves for potential settlement of various foreign tax matters, (ii) $60.0 million related to settlements of foreign tax matters, (iii) an accrual of $130.0 million resulting from unfavorable determinations received from relevant tax authorities in China regarding the previously disclosed tax inquiries into certain of the Company’s prior period tax positions and (iv) $160.0 million in additional tax obligations related to China resulting from the Company’s reassessment of certain tax rate assumptions applied to prior years’ results not subject to the tax inquiries. Note 3 Net income per share for the three months ended September 30, 2026 and 2025 includes the excess tax benefits related to stock-based compensation discussed in Note 2. Net income per share for the three months ended September 30, 2026 also includes the discrete tax items discussed in Note 2 and acquisition-related expenses of $15.5 million ($14.2 million after-tax, or $0.01 per share), comprised of external transaction costs related to acquisitions, which are presented separately in the Condensed Consolidated Statements of Income. Net income per share for the nine months ended September 30, 2026 and 2025 includes the excess tax benefits related to stock-based compensation discussed in Note 2. Net income per share for the nine months ended September 30, 2026 also includes the discrete tax items discussed in Note 2 acquisition- related expenses of $287.9 million ($232.8 million after-tax, or $0.09 per share), comprised primarily of (i) external transaction costs and the amortization related to the value associated with acquired backlog primarily associated with the CommScope acquisition (such acquisition-related expenses aggregating $155.9 million are presented separately in the Condensed Consolidated Statements of Income) and (ii) the amortization of acquisition- related inventory step-up costs discussed in Note 1. Net income per share for the nine months ended September 30, 2025 also includes acquisition-related expenses of $133.8 million ($106.3 million after-tax, or $0.04 per share), comprised primarily of (i) the amortization of acquisition-related inventory step-up costs discussed in Note 1 and (ii) external transaction costs related to acquisitions and the amortization related to the value associated with acquired backlog resulting from the Andrew acquisition (such acquisition-related expenses aggregating $56.0 million are presented separately in the Condensed Consolidated Statements of Income). Excluding these effects and the impact of rounding, Adjusted Diluted EPS, a non-GAAP financial measure which is defined and reconciled to its most comparable GAAP financial measure in this press release, was $0.80 and $0.46 for the three months ended September 30, 2026 and 2025, respectively, and $2.01 and $1.18 for the nine months ended September 30, 2026 and 2025, respectively.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (dollars in millions)
AMPHENOL CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (dollars in millions, except per share data) Management utilizes the non-GAAP financial measures defined below as part of its internal reviews for purposes of monitoring, evaluating and forecasting the Company’s financial performance, communicating operating results to the Company’s Board of Directors and assessing related employee compensation measures. Management believes that such non-GAAP financial measures may be helpful to investors in assessing the Company’s overall financial performance, trends and period-over-period comparative results. Constant Currency Net Sales Growth excludes the impact of foreign currency exchange rate changes. Organic Net Sales Growth excludes the impact of foreign currency exchange rate changes and acquisitions. Non-GAAP financial measures related to operating income, operating margin, net income attributable to Amphenol Corporation, effective tax rate and diluted EPS exclude income and expenses that are not directly related to the Company’s operating performance during the periods presented. Items excluded in the presentation of these non-GAAP financial measures in any period may consist of, without limitation, acquisition-related expenses, refinancing- related costs,the excess tax benefits related to stock-based compensation and certain other discrete tax items including, but not limited to, (i) the impact of tax audits relating to prior periods and (ii) significant changes in tax law. Free Cash Flow is defined as Net Cash Provided by Operating Activities less capital expenditures net of proceeds from disposals. The following non-GAAP financial information is included for supplemental purposes only and should not be considered in isolation or as a substitute for or superior to the related U.S. GAAP financial measures. In addition, these non-GAAP financial measures are not necessarily the same or comparable to similar measures presented by other companies as such measures may be calculated differently or may exclude different items. Such non-GAAP financial measures should be read in conjunction with the Company’s financial statements presented in accordance with U.S. GAAP. The following are reconciliations of non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures for the periods presented: NET SALES
Percentages in this table were calculated using actual, unrounded (1) results; therefore, the sum of the components may not add due to rounding.
Net sales growth in U.S. dollars is calculated based on Net sales as reported in the Condensed Consolidated Statements of Income. While the (2) term “net sales growth in U.S. dollars” is not considered a U.S. GAAP financial measure, for purposes of this table, we derive the reported (GAAP) measure based on GAAP results, which serves as the basis for the reconciliation to its comparable non-GAAP financial measures.
Foreign currency translation impact, a non-GAAP measure, represents the percentage impact on net sales resulting from foreign currency exchange rate changes in the current reporting period(s) compared to the same (3) respective period(s) in the prior year. Such amount is calculated by subtracting net sales for the current reporting period(s) translated at average foreign currency exchange rates for the respective prior year period(s) from net sales for the current reporting period(s), taken as a percentage of the respective prior year period(s) net sales.
Acquisition impact, a non-GAAP measure, represents the percentage impact on net sales resulting from acquisitions that have not been included in the Company’s consolidated results for the full current (4) period(s) and/or prior comparable period(s) presented. Such net sales related to these acquisitions do not reflect the underlying growth of the Company on a comparative basis. Acquisition impact is calculated as a percentage of the respective prior year period(s) net sales.
The following are definitions of certain non-GAAP financial measures presented in the table(s) above, which may be referred to within this (5) press release. For purposes of this press release, the terms “constant currencies” and “organically” have the same meaning as the following non-GAAP financial measures, respectively:
Constant Currency Net Sales Growth is defined as the period-over-period percentage change in net sales growth, excluding the impact of changes in foreign currency exchange rates. The Company’s results are subject to volatility related to foreign currency translation fluctuations. As such, management evaluates the Company’s sales performance based on actual sales growth in U.S. dollars, as well as Organic Net Sales Growth (defined below) and Constant Currency Net Sales Growth, and believes that such information is useful to investors to assess the underlying sales trends. Organic Net Sales Growth is defined as the period-over-period percentage change in net sales growth resulting from operating volume, pricing changes and sales mix and excludes (i) the foreign currency translation impact, which is outside the control of the Company, and (ii) the acquisition impact, both as described above and which do not reflect the underlying growth of the Company on a comparative basis. Management evaluates the Company’s sales performance based on actual sales growth in U.S. dollars, as well as Constant Currency Net Sales Growth (defined above) and Organic Net Sales Growth, and believes that such information is useful to investors to assess the underlying sales trends.
AMPHENOL CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (Unaudited) (dollars in millions, except per share data) OPERATING RESULTS
While the terms “operating margin” and “effective tax rate” are not considered U.S. GAAP financial measures, for purposes of this table, we (i) derive the reported (GAAP) measures based on GAAP results, which serve as the basis for the reconciliation to their comparable non-GAAP financial measures.
Amortization of acquisition-related inventory step-up costs is (ii) reported within Cost of sales in the Condensed Consolidated Statements of Income.
For the three and nine months ended September 30, 2026, the Company recorded income tax related accruals of $60.0 million and $389.0 million, respectively. The amounts recorded during the three months ended September 30, 2026 primarily relate to settlements of foreign tax matters. The amounts recorded during the nine months ended September 30, 2026 is comprised of (i) $39.0 million related to reserves for potential settlement of various foreign tax matters, (ii) $60.0 million related to settlements of foreign tax matters, (iii) (iii) an accrual of $130.0 million primarily resulting from unfavorable determinations received from relevant tax authorities in China regarding certain of the Company’s prior period tax positions and, (iv) $160.0 million in additional tax obligations related to China resulting from the Company’s reassessment of certain tax rate assumptions applied to prior years’ results not subject to the tax inquiries. As a result of this matter, as well as a continued shift in income to higher-tax jurisdictions, the Company increased its Adjusted Effective Tax Rate to 27.0%.
GAAP and Adjusted Operating Income for the three and nine months ended (iv) September 30, 2026 included approximately $15.0 million, or $0.00 per share, and $95.0 million, or $0.03 per share, net benefit related to the recovery of IEEPA tariffs, respectively.
All percentages and per share amounts in this table were calculated (v) using actual, unrounded results; therefore, the sum of the components may not add due to rounding.
The following are definitions of non-GAAP financial measures presented (vi) in the tables above, which may be referred to within this press release:
Adjusted Operating Income is defined as Operating income (as reported in the Condensed Consolidated Statements of Income), excluding income and expenses that are not directly related to the Company’s operating performance during the periods presented. Adjusted Operating Margin is defined as Adjusted Operating Income (as defined above) expressed as a percentage of Net sales (as reported in the Condensed Consolidated Statements of Income). Adjusted Net Income attributable to Amphenol Corporation is defined as Net income attributable to Amphenol Corporation (as reported in the Condensed Consolidated Statements of Income), excluding income and expenses and their specific tax effects that are not directly related to the Company’s operating performance during the periods presented. Adjusted Effective Tax Rate is defined as Provision for income taxes (as reported in the Condensed Consolidated Statements of Income) expressed as a percentage of Income before income taxes (as reported in the Condensed Consolidated Statements of Income), each excluding income and expenses and their specific tax effects that are not directly related to the Company’s operating performance during the periods presented. Adjusted Diluted EPS is defined as diluted earnings per share (as reported in accordance with U.S. GAAP), excluding income and expenses and their specific tax effects that are not directly related to the Company’s operating performance during the periods presented. Adjusted Diluted EPS is calculated as Adjusted Net Income attributable to Amphenol Corporation, as defined above, divided by the weighted average outstanding diluted shares (as reported in the Condensed Consolidated Statements of Income). Free Cash Flow is defined as (i) Net cash provided by operating activities (“Operating Cash Flow” - as reported in accordance with U.S. GAAP) less (ii) capital expenditures (as reported in accordance with U.S. GAAP), net of proceeds from disposals of property, plant and equipment (as reported in accordance with U.S. GAAP), all of which are derived from the Condensed Consolidated Statements of Cash Flow. Free Cash Flow is an important liquidity measure for the Company, as we believe it is useful for management and investors to assess our ability to generate cash, as well as to assess how much cash can be used to reinvest in the growth of the Company or to return to stockholders through either stock repurchases or dividends.
AMPHENOL CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - GUIDANCE (Unaudited) (dollars in millions, except per share data) Management utilizes the non-GAAP financial measures defined earlier as part of its internal reviews for purposes of monitoring, evaluating and forecasting the Company’s financial performance, communicating operating results to the Company’s Board of Directors and assessing related employee compensation measures. Management believes that such non-GAAP financial measures may be helpful to investors in assessing the Company’s overall financial performance, trends and period-over-period comparative results. Adjusted Diluted EPS, a non-GAAP financial measure, excludes income and expenses that are not directly related to the Company’s operating performance during the periods presented. Items excluded from such non-GAAP financial measures in any period may consist of, without limitation, acquisition-related expenses, refinancing-related costs, the excess tax benefits related to stock-based compensation , and certain other discrete tax items including, but not limited to, (i) the impact of tax audits relating to prior periods and (ii) significant changes in tax law. Adjusted Diluted EPS is not necessarily the same or comparable to similar measures presented by other companies as such measures may be calculated differently or may exclude different items. Such non-GAAP financial measures should be read in conjunction with the Company’s financial statements presented in accordance with U.S. GAAP. The following are reconciliations of current guidance for GAAP Diluted earnings per share (Diluted EPS) to Adjusted Diluted EPS (non-GAAP) for both the fourth quarter and the full year 2026:
Forward-looking Adjusted Diluted EPS reflected in our guidance excludes certain income and expenses, described above, that are not directly related to the Company’s operating performance. Such items are excluded from our guidance for the forward-looking periods only to the extent that such items have either (i) already been reflected in periods reported and are therefore included in the forward-looking full-year period or (ii) the Company reasonably expects to record such (1) items in the forward-looking periods presented and such amounts are estimable. The Company estimates acquisition-related costs in the fourth quarter of 2026 of approximately $0.01 per share primarily related to external transaction costs. As such, the fourth quarter and full year 2026 guidance reflects the expected impact of these costs, and, in the case of the full year guidance, also includes the impact of the items that were recognized during the nine months ended September 30, 2026.
Per share amounts in this table were calculated using actual, unrounded (2) results; therefore, the sum of the components may not add due to rounding.
Full text with the tables
Exhibit 99.1
Amphenol News Release
World Headquarters 358 Hall Avenue Wallingford, CT 06492 Telephone (203)
265-8900 AMPHENOL REPORTS RECORD THIRD QUARTER 2026 RESULTS AND ANNOUNCES
DIVIDEND INCREASE AND NEW STOCK REPURCHASE PROGRAM Third Quarter 2026
Highlights:
● Sales of $10.2 billion, up 65% in U.S. dollars and 37% organically
compared to the third quarter of 2025
● Orders of $12.2 billion, resulting in a book-to-bill of 1.19:1
● GAAP Diluted EPS of $0.79, up 61% compared to prior year
● Adjusted Diluted EPS of $0.80, up 74% compared to prior year
● GAAP and Adjusted Operating Margin of 29.5% and 29.7%, respectively
● Operating and Free Cash Flow of $2.1 billion and $1.6 billion,
respectively
● Acquired Empire Electronics and signed definitive agreements to acquire
AdvancedPCB, Dexgreen Limited and Humanetics Sensors
● Increases quarterly dividend by 20% to $0.15 per share
● Announces a new three-year, $4 billion stock repurchase program
Wallingford, Connecticut, October 28, 2026. Amphenol Corporation (NYSE: APH)
today reported record third quarter 2026 results. “We are pleased to have closed
the third quarter of 2026 with record sales and Adjusted Diluted EPS, both
exceeding the high end of our guidance,” said Amphenol Chairman and Chief
Executive Officer, R. Adam Norwitt. “Sales increased from prior year by 65%,
driven by strong organic growth in most of our end markets, including continued
exceptional organic growth in the IT datacom market, as well as contributions
from the Company’s acquisition program. We also booked record orders in the
quarter, resulting in a book-to-bill of 1.19:1. The Company realized strong
profitability during the quarter with Adjusted Operating Margin reaching 29.7%.
We are extremely proud of the Company’s outstanding performance.” The Company
continues to deploy its financial strength in a variety of ways to increase
shareholder value. During the third quarter, the Company purchased 3.0 million
shares of its common stock for $245 million and paid dividends of $308 million,
resulting in total capital returned to shareholders of $553 million. Amphenol
remains focused on expanding its growth opportunities through a deep commitment
to developing enabling technologies for customers across our served end markets,
an ongoing strategy of market and geographic diversification as well as an
active and successful acquisition program. To that end, Amphenol is excited to
have closed on the acquisition of Empire Electronics at the beginning of
September. Empire Electronics is a leading manufacturer of complex interconnect
assemblies for the Automotive market, with a particular focus on automotive
lighting-related products. Headquartered in Michigan, Empire Electronics is
expected to generate full-year 2026 sales of approximately $320 million. The
business is included in the Interconnect and Sensor Systems segment. In
addition, Amphenol signed definitive agreements to acquire three additional
companies: AdvancedPCB, Dexgreen Limited (Dexgreen) and the sensor business from
Humanetics (Humanetics Sensors). AdvancedPCB is a U.S. manufacturer of high-
technology printed circuit boards for the Defense and Industrial markets.
Headquartered in Colorado, AdvancedPCB is expected to have full-year 2026 sales
of approximately $270 million and will be included in the Harsh Environment
Solutions segment post-closing. Dexgreen is a leading provider of fiber optic
connectivity products primarily for European fiber-to-the-home applications in
the Communications Networks market. Headquartered in Ireland, Dexgreen is
expected to generate full-year 2026 sales of approximately $90 million and will
be included in the Communications Solutions segment post-closing. Humanetics
Sensors, a division of Humanetics, is a leading provider of precision force
sensors, specialty fiber optic sensing products and micro-machining solutions
for the Commercial Air, Defense and Industrial markets. Humanetics Sensors is
expected to generate full-year 2026 sales of approximately $70 million and will
be included in the Interconnect and Sensor Systems segment post-closing. The
acquisitions of both AdvancedPCB and Humanetics Sensors are expected to close in
the fourth quarter of 2026 and the acquisition of Dexgreen is expected to close
in the first quarter of 2027, all subject to customary regulatory approvals and
other closing conditions. The combined purchase price for AdvancedPCB, Dexgreen,
Empire Electronics and Humanetics Sensors is approximately $1.6 billion and the
purchases will be financed through a combination of cash on hand and debt.
Increase in Quarterly Dividend On October 27, 2026, Amphenol’s Board of
Directors approved a 20% increase in the Company’s quarterly dividend, to $0.15
per share from $0.125 per share. The new dividend amount will be paid on January
13, 2027 to shareholders of record as of December 22, 2026. New Stock Repurchase
Program The Company expects to complete all repurchases remaining under the
existing three-year, $2 billion stock repurchase plan by December 31, 2026. On
October 27, 2026, the Board of Directors approved a new three-year $4 billion
stock repurchase plan which will become effective on January 1, 2027.
Fourth Quarter and Full Year 2026 Outlook
Assuming the continuation of current market conditions as well as constant
exchange rates, for the fourth quarter of 2026, Amphenol expects sales to be in
the range of $10.3 to $10.5 billion, representing an approximately 60% increase
over the prior year quarter. Adjusted Diluted EPS is expected to be in the range
of $0.81 to $0.83, representing a 65% to 69% increase from the fourth quarter of
2025. For the full year 2026, Amphenol expects sales to be in the range of $36.9
billion to $37.1 billion, representing an approximately 60% increase over prior
year, while Adjusted Diluted EPS is expected to be in the range of $2.82 to
$2.84, representing an approximately 70% increase over prior year. This guidance
does not include the impact of acquisitions that have not yet closed, and
therefore, does not include AdvancedPCB, Dexgreen and Humanetics Sensors.
In addition, given the continued better-than-expected performance of the
CommScope business, Amphenol now expects the business to generate full-year
sales of $5.1 billion and to be $0.18 accretive to the Company’s Adjusted
Diluted EPS in 2026 which is reflected in our outlook. This is above our prior
expectations for sales and accretion of $4.6 billion and $0.15, respectively.
Mr. Norwitt continued, “I am very pleased with the Company’s outstanding third
quarter 2026 results The revolution in electronics continues to accelerate, with
new innovations creating exciting growth opportunities for Amphenol across each
of our diversified end markets. In turn, we have expanded our range of high-
technology interconnect products, both through our organic innovation efforts as
well as through our successful acquisition program. This expanded technology
position coupled with our unique entrepreneurial culture has strengthened our
competitive advantage. Our ongoing drive to leverage that competitive advantage
and thereby create sustained financial strength has established an excellent
base for the Company’s future performance. I am confident in the ability of our
outstanding entrepreneurial management team to continue to dynamically adjust to
changing market conditions, to capitalize on the wide array of growth
opportunities that arise in all market cycles and to continue to generate
sustainable long-term value.”
2-for-1 Stock Split
As announced on August 6, 2026, the Company’s Board of Directors approved a
2-for-1 stock split, which was paid in the form of a stock dividend to
shareholders of record as of the close of business on August 17, 2026. The
additional shares were distributed on September 2, 2026 and the Company’s common
stock began trading on a split-adjusted basis on September 3, 2026. The effect
of the stock split on the Company’s financial results, including all share and
per share data for both the current and prior year periods, as well as the
quarterly dividend is reflected in this press release.
Conference Call and Webcast Details
The Company will host a conference call to discuss its third quarter results at
1:00 PM (EDT) on Wednesday, October 28, 2026. The toll-free dial-in number is
1-833-461-5787 and the International toll number is +1-585-542-9983; Access
code: 775404490.
A live webcast as well as a replay of the call can be accessed through the
Investor Relations section of the Company’s website at .
About Amphenol
Amphenol Corporation is one of the world’s largest designers, manufacturers and
marketers of electrical, electronic and fiber optic connectors and interconnect
systems, antennas, sensors and sensor-based products and coaxial, high-speed,
fiber optic and specialty cable. Amphenol designs, manufactures and assembles
its products at facilities in approximately 40 countries around the world and
sells its products through its own global sales force, independent
representatives and a global network of electronics distributors. Amphenol has a
diversified presence as a leader in high-growth areas of the interconnect market
including: Automotive, Commercial Aerospace, Communications Networks, Defense,
Industrial, Information Technology and Data Communications and Mobile Devices.
For more information, visit.
Non-GAAP Financial Measures
The financial statements included within this press release are prepared in
accordance with accounting principles generally accepted in the United States of
America (“GAAP” or “U.S. GAAP”). This press release also contains certain non-
GAAP financial measures, including book-to-bill, Constant Currency Net Sales
Growth, Organic Net Sales Growth, Adjusted Operating Income, Adjusted Operating
Margin, Adjusted Net Income attributable to Amphenol Corporation, Adjusted
Effective Tax Rate, Adjusted Diluted EPS and Free Cash Flow (collectively, “non-
GAAP financial measures”), which are intended to supplement the reported GAAP
results. Management utilizes these non-GAAP financial measures as part of its
internal reviews for purposes of monitoring, evaluating and forecasting the
Company’s financial performance, communicating operating results to the
Company’s Board of Directors and assessing related employee compensation
measures. Management believes that such non-GAAP financial measures may be
helpful to investors in assessing the Company’s overall financial performance,
trends and period-over-period comparative results. The Company’s book-to-bill is
the ratio of orders received to net sales during the period. Constant Currency
Net Sales Growth excludes the impact of foreign currency exchange rate changes.
Organic Net Sales Growth excludes the impact of foreign currency exchange rate
changes and acquisitions. Non-GAAP financial measures related to operating
income, operating margin, net income attributable to Amphenol Corporation,
effective tax rate and diluted EPS exclude income and expenses that are not
directly related to the Company’s operating performance during the periods
presented. Items excluded in the presentation of these non-GAAP financial
measures in any period may consist of, without limitation, acquisition-related
expenses, refinancing-related costs, the excess tax benefits related to stock-
based compensation and certain other discrete tax items including, but not
limited to, (i) the impact of tax audits relating to prior periods and (ii)
significant changes in tax law. Free Cash Flow is defined as Net Cash Provided
by Operating Activities less capital expenditures net of proceeds from
disposals. Reconciliations of non-GAAP financial measures to the most directly
comparable GAAP financial measures are included at the end of this press
release. However, such non-GAAP financial measures are included for supplemental
purposes only and should not be considered in isolation or as a substitute for
or superior to the related U.S. GAAP financial measures. In addition, these non-
GAAP financial measures are not necessarily the same or comparable to similar
measures presented by other companies as such measures may be calculated
differently or may exclude different items. The non-GAAP financial measures are
defined within the “Supplemental Financial Information” table at the end of this
press release and should be read in conjunction with the Company’s financial
statements presented in accordance with U.S. GAAP.
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and the provisions of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking statements are
based on our management’s assumptions and beliefs about future events or
circumstances using information currently available, and as a result, they are
subject to risks and uncertainties. Forward-looking statements address events or
developments that Amphenol Corporation expects or
believes may or will occur in the future. These forward-looking statements,
which address the Company’s expected business and financial performance and
financial condition, among other matters, may contain words and terms such as:
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,”
“guidance,” “intend,” “look ahead,” “may,” “ongoing,” “optimistic,” “plan,”
“potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would”
and other words and terms of similar meaning. Forward-looking statements by
their nature address matters that are, to different degrees, uncertain, such as
statements about expected earnings, revenues, growth, liquidity, effective tax
rate, interest rates, anticipated benefits of certain acquisitions, financing
sources, the expected timing for the closing of certain acquisitions or other
matters. Although the Company believes the expectations reflected in all
forward-looking statements, including those we may make regarding fourth quarter
and full year 2026 sales and Adjusted Diluted EPS for the Company, full year
2026 sales and accretion for the CommScope business as well as the expected
timing for the closing of the AdvancedPCB, Dexgreen and Humanetics Sensors
acquisitions, among other matters, are based upon reasonable assumptions, the
expectations may not be attained or there may be material deviation. Readers and
investors are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
There are risks and uncertainties that could cause actual results to differ
materially from these forward-looking statements, which include, but are not
limited to, the following: (A) in the case of the acquisitions mentioned above:
(i) the risk that the acquisitions may not be completed in a timely manner or at
all, or if they are completed, that the expected benefits of the acquisitions
may not be realized, (ii) the failure to satisfy the conditions to the
consummation of the acquisitions, including the receipt of certain regulatory
and other approvals, (iii) the occurrence of any event, change or other
circumstance that could give rise to the termination of the purchase agreements
between the parties to the acquisitions and (iv) unanticipated difficulties or
expenditures relating to the acquisitions, the response of business partners and
competitors to the announcement of the acquisitions, potential disruptions to
current plans and operations and/or potential difficulties in employee retention
as a result of the announcement and pendency of the acquisitions; and (B) in the
case of the other forward looking statements mentioned above: political,
economic, military and other risks related to operating in countries outside the
United States, as well as changes in general economic conditions, geopolitical
conditions, U.S. and other country’s trade and tax policies, export control
laws, sanctions, legislation, treaties and tariffs and other factors beyond the
Company’s control; uncertainties associated with an economic slowdown or
recession in any of the Company’s end markets that could negatively affect the
financial condition of our customers and could result in reduced demand; risks
associated with our inability to obtain certain raw materials and components, as
well as the increasing cost of certain of the Company’s raw materials and
components; cybersecurity threats and techniques used to disrupt operations and
gain unauthorized access to our and third-party providers’ information
technology systems, including, but not limited to, malware, social
engineering/phishing, credential harvesting, ransomware, malfeasance by
insiders, human or technological error and other increasingly sophisticated
attacks, that continue to expand and evolve, including through the use of
artificial intelligence and machine learning, which could, among other things,
impair our information technology systems and disrupt business operations,
result in reputational damage that may cause the loss of existing or future
customers, loss of our intellectual property, the loss of or inability to access
confidential information and critical business, financial or other data, and/or
cause the release of highly sensitive confidential or personal information, and
potentially lead to litigation and/or governmental investigations, fines and
other penalties, among other risks, and risks and impacts associated with an
increasingly demanding regulatory environment surrounding information security
and privacy, including significant fines, penalties and other related costs;
negative impacts caused by extreme weather conditions and natural catastrophic
events, including those caused or intensified by climate change; risks
associated with the improper conduct by any of our employees, customers,
suppliers, distributors or any other business partners which could impair our
business reputation and financial results and could result in our non-compliance
with anti-corruption laws and regulations of the U.S. government and various
foreign jurisdictions; changes in exchange rates of the various currencies in
which the Company conducts business; the risks associated with the Company’s
dependence on attracting, recruiting, hiring and retaining skilled employees,
including as part of our various management teams; risks and difficulties in
trying to compete successfully on the basis of technology innovation, product
quality and performance, price, customer service and delivery time; the
Company’s dependence on end market dynamics to sell its products, particularly
certain end markets that are subject to cyclical and at times rapid periods of
reduced demand; difficulties and unanticipated expenses in connection with
purchasing and integrating newly acquired businesses, including the potential
for the impairment of goodwill and other intangible assets; events beyond the
Company’s control that could lead to an inability to meet its financial and
other covenants and requirements, which could result in a default under the
Company’s credit agreements or any of our various senior notes; risks associated
with increased debt and interest expense as a result of the CommScope
acquisition; risks associated with the Company’s inability to access the global
capital markets on favorable terms, including as a result of significant
deterioration of general economic or capital market conditions, or as a result
of a downgrade in the Company’s credit rating; changes in interest rates;
government contracting risks that the Company may be subject to, including laws
and regulations governing reporting obligations, performance of government
contracts and related risks associated with conducting business with the U.S.
and other foreign governments or their suppliers (both directly and indirectly);
governmental export and import controls as well as sanctions and trade embargoes
that certain of our products may be subject to, including export licensing,
customs regulations, economic sanctions and other laws; changes in fiscal and
tax policies, audits and examinations by taxing authorities, laws, regulations
and guidance in the United States and foreign jurisdictions, as well as
challenges from tax authorities on the Company’s tax positions; any difficulties
in enforcing and protecting the Company’s intellectual property rights;
litigation, customer claims, voluntary or forced product recalls, governmental
investigations, criminal liability or environmental matters including changes to
laws and regulations to which the Company may be subject; and incremental costs,
risks and regulations associated with efforts to combat the negative effects of
climate change and other sustainability matters.
A further description of these uncertainties and other risks can be found in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2025,
Quarterly Reports on Form 10-Q and the Company’s other reports filed with the
Securities and Exchange Commission. These or other uncertainties not identified
in these documents (that we either currently do not expect to have an adverse
effect on our business or that we are unable to predict or identify at this
time) may cause the Company’s actual future results to be materially different
from those expressed in any forward-looking statements. Our forward-looking
statements may also be impacted by, among other things, future tax, regulatory
and other legal changes that may arise in any of the jurisdictions in which we
operate. The Company undertakes no obligation to update or revise any forward-
looking statements except as required by law.
Contact:
Sherri Scribner
Vice President, Strategy and Investor Relations
203-265-8820
AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(dollars and shares in millions, except per share data)
Net
sales
Cost
of
sales
(1)
Gross
prof…
Acqu…
expe…
Sell…
gene…
and
admi…
expe…
Oper…
inco…
Inte…
expe… Three Nine
Other Months Months
inco… Ended Ended
(exp… Septe… Septe…
net 30, 30,
2026 10,22… 2025 6,194… 2026 26,6… 2025 16,65…
Inco…
befo… 6,213… 3,835… 16,2… 10,59…
inco…
taxes 4,016… 2,359… 10,3… 6,056…
Prov… 15.5 — 155.9 56.0
for
inco… 979.9 657.0 2,77… 1,854…
taxes
(2) 3,020… 1,702… 7,43… 4,145…
Net (212.… (80.7) (633… (238.…
inco… 20.7 19.3 59.9 44.1
Less:
Net 2,829… 1,640… 6,86… 3,951…
inco…
attr… (774.… (385.… (2,0… (851.…
to
nonc… 2,054… 1,255… 4,78… 3,100…
inte… (20.4) (9.4) (45.… (25.3)
──────────────────────────────────────────────────────────────────────────────
Net
inco…
attr… $ 2,034… $ 1,245… $ 4,73… $ 3,074…
to
Amph…
Corp…
Net
inco…
attr…
to
Amph…
Corp… $ 0.82 $ 0.51 $ 1.92 $ 1.26
per
comm…
share
—
Basic
Weig…
aver…
comm…
shar… 2,467… 2,443… 2,46… 2,431…
outs…
—
Basic
Net
inco…
attr…
to
Amph…
Corp… $ 0.79 $ 0.49 $ 1.84 $ 1.21
per
comm…
share
—
Dilu…
(3)
Weig…
aver…
comm…
shar… 2,582… 2,565… 2,58… 2,547…
outs…
—
Dilu…
Note 1 For the nine months ended September 30, 2026, Cost of sales includes the
a mortization of acquisition-related inventory step-up costs of $132.0 million
($101.1 million after-tax, or $0.04 per share) associated with the acquisition
of the Connectivity and Cable Solutions business (which we now refer to
collectively as “CommScope”) from Vistance Networks, Inc. (“Vistance,” formerly
known as CommScope Holding Company, Inc.) that closed during the first quarter
of 2026. For the nine months ended September 30, 2025, Cost of sales includes
the amortization of acquisition-related inventory step-up costs of $77.8 million
($59.6 million after-tax, or $0.02 per share) associated with the Andrew
acquisition that closed during the first quarter of 2025. Note 2 Provision for
income taxes for the three months ended September 30, 2026 and 2025 includes
excess tax benefits related to stock-based compensation of $52.2 million ($0.02
per share) and $57.1 million ($0.02 per share), respectively. Provision for
income taxes for the three months ended September 30, 2026 also includes a
discrete tax item of $60.0 million ($0.02 per share) related to settlements of
foreign tax matters. Provision for income taxes for the nine months ended
September 30, 2026 and 2025 includes excess tax benefits related to stock-based
compensation of $183.6 million ($0.07 per share) and $162.6 million ($0.06 per
share), respectively. Provision for income taxes for the nine months ended
September 30, 2026 also includes discrete tax items of $389.0 million ($0.15 per
share) comprised of (i) $39.0 million related to reserves for potential
settlement of various foreign tax matters, (ii) $60.0 million related to
settlements of foreign tax matters, (iii) an accrual of $130.0 million resulting
from unfavorable determinations received from relevant tax authorities in China
regarding the previously disclosed tax inquiries into certain of the Company’s
prior period tax positions and (iv) $160.0 million in additional tax obligations
related to China resulting from the Company’s reassessment of certain tax rate
assumptions applied to prior years’ results not subject to the tax inquiries.
Note 3 Net income per share for the three months ended September 30, 2026 and
2025 includes the excess tax benefits related to stock-based compensation
discussed in Note 2. Net income per share for the three months ended September
30, 2026 also includes the discrete tax items discussed in Note 2 and
acquisition-related expenses of $15.5 million ($14.2 million after-tax, or $0.01
per share), comprised of external transaction costs related to acquisitions,
which are presented separately in the Condensed Consolidated Statements of
Income. Net income per share for the nine months ended September 30, 2026 and
2025 includes the excess tax benefits related to stock-based compensation
discussed in Note 2. Net income per share for the nine months ended September
30, 2026 also includes the discrete tax items discussed in Note 2 acquisition-
related expenses of $287.9 million ($232.8 million after-tax, or $0.09 per
share), comprised primarily of (i) external transaction costs and the
amortization related to the value associated with acquired backlog primarily
associated with the CommScope acquisition (such acquisition-related expenses
aggregating $155.9 million are presented separately in the Condensed
Consolidated Statements of Income) and (ii) the amortization of acquisition-
related inventory step-up costs discussed in Note 1. Net income per share for
the nine months ended September 30, 2025 also includes acquisition-related
expenses of $133.8 million ($106.3 million after-tax, or $0.04 per share),
comprised primarily of (i) the amortization of acquisition-related inventory
step-up costs discussed in Note 1 and (ii) external transaction costs related to
acquisitions and the amortization related to the value associated with acquired
backlog resulting from the Andrew acquisition (such acquisition-related expenses
aggregating $56.0 million are presented separately in the Condensed Consolidated
Statements of Income). Excluding these effects and the impact of rounding,
Adjusted Diluted EPS, a non-GAAP financial measure which is defined and
reconciled to its most comparable GAAP financial measure in this press release,
was $0.80 and $0.46 for the three months ended September 30, 2026 and 2025,
respectively, and $2.01 and $1.18 for the nine months ended September 30, 2026
and 2025, respectively.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (dollars
in millions)
September 30, December 31,
2026 2025
ASSETS
Current Assets:
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 4,173.1 $ 11,130.6
equivalents
Short-term 1,128.3 303.6
investments
Total cash, cash
equivalents and 5,301.4 11,434.2
short-term
investments
Accounts
receivable, less
allowance for
doubtful accounts 7,782.0 4,717.1
of $99.8 and
$99.3,
respectively
Inventories 5,264.5 3,424.9
Prepaid expenses
and other current 1,133.5 691.0
assets
Total current 19,481.4 20,267.2
assets
Property, plant
and equipment,
less
accumulated 3,241.0 2,305.6
depreciation of
$3,675.3 and
$3,096.0,
respectively
Goodwill 17,695.6 10,575.4
Other intangible 5,344.0 2,241.4
assets, net
Other long-term 1,259.8 847.3
assets
Total Assets $ 47,021.8 $ 36,236.9
LIABILITIES,
REDEEMABLE
NONCONTROLLING
INTERESTS AND
EQUITY
Current
Liabilities:
Accounts payable $ 4,871.4 $ 2,661.9
Accrued salaries,
wages and 1,013.9 767.7
employee
benefits
Accrued income 513.6 482.9
taxes
Accrued dividends 308.5 306.7
Other accrued 2,630.2 1,646.4
expenses
Current portion 700.7 937.2
of long-term debt
Total current 10,038.3 6,802.8
liabilities
Long-term debt,
less current 17,170.1 14,564.8
portion
Accrued pension
and
postretirement 166.3 138.2
benefit
obligations
Deferred income 1,371.7 432.9
taxes
Other long-term 1,003.9 788.5
liabilities
Total Liabilities 29,750.3 22,727.2
Redeemable
noncontrolling 9.0 9.3
interests
Equity:
Common stock 2.5 2.5
Additional 4,618.1 4,231.6
paid-in capital
Retained earnings 13,089.4 9,854.3
Treasury stock, -210.7 -195.8
at cost
Accumulated other
comprehensive -375.7 -479.5
loss
Total
stockholders’
equity 17,123.6 13,413.1
attributable
to Amphenol
Corporation
Noncontrolling 138.9 87.3
interests
Total Equity 17,262.5 13,500.4
Total
Liabilities,
Redeemable $ 47,021.8 $ 36,236.9
Noncontrolling
Interests and
Equity
AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)
(dollars in millions)
Three Nine
Months Months
Ended Ended
Cash Septe… Septe…
from 30, 30,
oper… 2026 2025 2026 2025
acti…
──────────────────────────────────────────────────────────────────────────────
Net $ 2,054… $ 1,255… $ 4,78… $ 3,100…
inco…
Adju…
to
reco…
net
inco…
to
net
cash
prov…
by
oper…
acti…
Depr…
and 347.8 227.7 1,17… 673.4
amor…
Stoc…
comp… 47.0 36.9 126.6 94.8
expe…
Defe…
inco…
tax -38.2 -5.1 241.7 -40.5
(ben…
prov…
Net
chan…
in
comp… -415.9 -60.9 -1,5… -435.2
of
work…
capi…
Net
chan…
in
other 83.1 17.1 24.2 259.9
long…
asse…
and
liab…
Net
cash
prov… 2,078… 1,470… 4,75… 3,652…
by
oper…
acti…
Cash
from
inve…
acti…
Capi… -457.2 -257.2 -1,1… -742.9
expe…
Proc…
from
disp…
of 1.4 1.9 6.5 7.6
prop…
plant
and
equi…
Purc…
of -837.0 -74.8 -1,5… -87.4
inve…
Sales
and
matu… 398.5 4.7 723.9 16.3
of
inve…
Acqu…
net
of -371.8 -289.0 -11,… -2,77…
cash
acqu…
Othe… -9.5 — -11.5 —
net
Net
cash
used -1,27… -614.4 -12,… -3,57…
in
inve…
acti…
Cash
from
fina…
acti…
Proc…
from
issu…
of
seni… — — 4,92… 1,430…
notes
and
other
debt
faci…
Repa…
of
seni…
notes -937.9 -0.4 -2,4… -401.3
and
other
debt
faci…
Borr…
(rep…
under
comm… — — — —
paper
prog…
net
Paym…
of
costs
rela… — -20.0 -11.7 -29.1
to
debt
fina…
Purc…
of -244.7 -152.9 -630… -493.9
trea…
stock
Proc…
from
exer… 97.1 111.6 297.7 445.4
of
stock
opti…
Dist…
to
and
purc… -3.9 -3.6 -4.5 -5.5
of
nonc…
inte…
Divi… -308.0 -201.2 -922… -600.3
paym…
Othe… 5.2 0.2 10.5 0.7
net
Net
cash
(used
in) -1,39… -266.3 1,19… 346.0
prov…
by
fina…
acti…
Effe…
of
exch…
rate
chan… 33.0 2.2 71.5 62.4
on
cash
and
cash
equi…
Net
(dec…
incr…
in -556.3 592.3 -6,9… 482.3
cash
and
cash
equi…
Cash
and
cash
equi… 4,729… 3,207… 11,1… 3,317…
bala…
begi…
of
peri…
Cash
and
cash
equi… $ 4,173… $ 3,799… $ 4,17… $ 3,799…
bala…
end
of
peri…
Cash
paid
for:
Inte… $ 145.2 $ 49.5 $ 521.0 $ 188.8
Inco…
taxe… 645.0 325.0 1,80… 827.4
net
AMPHENOL CORPORATION SEGMENT INFORMATION (Unaudited) (dollars in millions)
Three Nine
Months Months
Ended Ended
Septe… Septe…
30, 30,
Net 2026 2025 2026 2025
sale…
──────────────────────────────────────────────────────────────────────────────
Comm… $ 6,583… $ 3,30… $ 16,5… $ 8,633…
Solu…
Harsh
Envi… 2,042… 1,51… 5,59… 4,229…
Solu…
Inte…
and 1,604… 1,36… 4,51… 3,793…
Sens…
Syst…
Cons…
Net $ 10,22… $ 6,19… $ 26,6… $ 16,65…
sales
Oper…
inco…
Comm… $ 2,180… $ 1,08… $ 5,37… $ 2,632…
Solu…
Harsh
Envi… 615.0 410.9 1,64… 1,085…
Solu…
Inte…
and 320.7 274.4 921.3 731.2
Sens…
Syst…
Stoc…
comp… -47.0 -36.9 -126… -94.8
expe…
Amor…
of
acqu… — — -132… -77.8
inve…
step…
costs
Acqu… -15.5 — -155… -56.0
expe…
Other
oper… -32.8 -27.4 -95.2 -75.3
expe…
Cons…
Oper… $ 3,020… $ 1,70… $ 7,43… $ 4,145…
inco…
Oper…
marg…
(%):
Comm… 33.1% 32.7% 32.6% 30.5%
Solu…
Harsh
Envi… 30.1% 27.1% 29.5% 25.7%
Solu…
Inte…
and 20.0% 20.0% 20.4% 19.3%
Sens…
Syst…
Stoc…
comp… -0.5% -0.6% -0.5% -0.6%
expe…
Amor…
of
acqu… 0.0% 0.0% -0.5% -0.5%
inve…
step…
costs
Acqu… -0.2% 0.0% -0.6% -0.3%
expe…
Other
oper… -0.3% -0.4% -0.4% -0.5%
expe…
Cons…
Oper… 29.5% 27.5% 28.0% 24.9%
marg…
(%)
AMPHENOL CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATIONS OF GAAP
TO NON-GAAP FINANCIAL MEASURES (Unaudited) (dollars in millions, except per
share data) Management utilizes the non-GAAP financial measures defined below as
part of its internal reviews for purposes of monitoring, evaluating and
forecasting the Company’s financial performance, communicating operating results
to the Company’s Board of Directors and assessing related employee compensation
measures. Management believes that such non-GAAP financial measures may be
helpful to investors in assessing the Company’s overall financial performance,
trends and period-over-period comparative results. Constant Currency Net Sales
Growth excludes the impact of foreign currency exchange rate changes. Organic
Net Sales Growth excludes the impact of foreign currency exchange rate changes
and acquisitions. Non-GAAP financial measures related to operating income,
operating margin, net income attributable to Amphenol Corporation, effective tax
rate and diluted EPS exclude income and expenses that are not directly related
to the Company’s operating performance during the periods presented. Items
excluded in the presentation of these non-GAAP financial measures in any period
may consist of, without limitation, acquisition-related expenses, refinancing-
related costs,the excess tax benefits related to stock-based compensation and
certain other discrete tax items including, but not limited to, (i) the impact
of tax audits relating to prior periods and (ii) significant changes in tax law.
Free Cash Flow is defined as Net Cash Provided by Operating Activities less
capital expenditures net of proceeds from disposals. The following non-GAAP
financial information is included for supplemental purposes only and should not
be considered in isolation or as a substitute for or superior to the related
U.S. GAAP financial measures. In addition, these non-GAAP financial measures are
not necessarily the same or comparable to similar measures presented by other
companies as such measures may be calculated differently or may exclude
different items. Such non-GAAP financial measures should be read in conjunction
with the Company’s financial statements presented in accordance with U.S. GAAP.
The following are reconciliations of non-GAAP financial measures to the most
directly comparable U.S. GAAP financial measures for the periods presented: NET
SALES
Pe…
Gr…
(r…
to
sa…
pr…
ye…
pe…
(1)
T… Net
M… sa… Co…
E… gr… Cu… Or…
S… in F… Net Net
3… U.… c… Sa… A… Sa…
N… Do… i… Gr… i… Gr…
s… (2) (… (5) (… (5)
by 20… 20… (G… (… (n… (… (n…
s…
──────────────────────────────────────────────────────────────────────────────
C… $ 6,… $ 3,… 99 % 1 % 98 % 48 % 51 %
S…
H…
E… 2,… 1,… 35 % — % 35 % 5 % 29 %
S…
I…
a… 1,… 1,… 17 % — % 17 % 6 % 11 %
S…
S…
C… $ 10… $ 6,… 65 % — % 65 % 28 % 37 %
N…
M…
E…
S…
3…
N…
s…
by
s…
C… $ 16… $ 8,… 91 % 1 % 90 % 44 % 47 %
S…
H…
E… 5,… 4,… 32 % 1 % 31 % 7 % 25 %
S…
I…
a… 4,… 3,… 19 % 2 % 17 % 4 % 13 %
S…
S…
C… $ 26… $ 16… 60 % 1 % 59 % 25 % 34 %
Percentages in this table were calculated using actual, unrounded
(1) results; therefore, the sum of the components may not add due to
rounding.
Net sales growth in U.S. dollars is calculated based on Net sales as
reported in the Condensed Consolidated Statements of Income. While the
(2) term “net sales growth in U.S. dollars” is not considered a U.S. GAAP
financial measure, for purposes of this table, we derive the reported
(GAAP) measure based on GAAP results, which serves as the basis for the
reconciliation to its comparable non-GAAP financial measures.
Foreign currency translation impact, a non-GAAP measure, represents the
percentage impact on net sales resulting from foreign currency exchange
rate changes in the current reporting period(s) compared to the same
(3) respective period(s) in the prior year. Such amount is calculated by
subtracting net sales for the current reporting period(s) translated at
average foreign currency exchange rates for the respective prior year
period(s) from net sales for the current reporting period(s), taken as
a percentage of the respective prior year period(s) net sales.
Acquisition impact, a non-GAAP measure, represents the percentage
impact on net sales resulting from acquisitions that have not been
included in the Company’s consolidated results for the full current
(4) period(s) and/or prior comparable period(s) presented. Such net sales
related to these acquisitions do not reflect the underlying growth of
the Company on a comparative basis. Acquisition impact is calculated
as a percentage of the respective prior year period(s) net sales.
The following are definitions of certain non-GAAP financial measures
presented in the table(s) above, which may be referred to within this
(5) press release. For purposes of this press release, the terms “constant
currencies” and “organically” have the same meaning as the following
non-GAAP financial measures, respectively:
Constant Currency Net Sales Growth is defined as the period-over-period
percentage change in net sales growth, excluding the impact of changes in
foreign currency exchange rates. The Company’s results are subject to volatility
related to foreign currency translation fluctuations. As such, management
evaluates the Company’s sales performance based on actual sales growth in U.S.
dollars, as well as Organic Net Sales Growth (defined below) and Constant
Currency Net Sales Growth, and believes that such information is useful to
investors to assess the underlying sales trends. Organic Net Sales Growth is
defined as the period-over-period percentage change in net sales growth
resulting from operating volume, pricing changes and sales mix and excludes (i)
the foreign currency translation impact, which is outside the control of the
Company, and (ii) the acquisition impact, both as described above and which do
not reflect the underlying growth of the Company on a comparative basis.
Management evaluates the Company’s sales performance based on actual sales
growth in U.S. dollars, as well as Constant Currency Net Sales Growth (defined
above) and Organic Net Sales Growth, and believes that such information is
useful to investors to assess the underlying sales trends.
AMPHENOL CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATIONS OF GAAP
TO NON-GAAP FINANCIAL MEASURES (continued) (Unaudited) (dollars in millions,
except per share data) OPERATING RESULTS
…
…
…
…
…
… … …
… … …
… … … …
… … … … … … …
… … … … … … … … … …
… … … … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … … % $ … … % $ … $ … … % $ … … $
… … … … … — — — —
— — … … … — — … …
— — … … … — — — —
$ … … % $ … … % $ … $ … … % $ … … $
…
…
…
…
…
…
… … …
… …
… … … …
… … … … … … …
… … … … … … … … … …
… … … … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … … % $ … … % $ … $ … … % $ … … $
… … … … … … … … —
… … … … … … … … …
— — … … … — — … …
— — … … … — — — —
$ … … % $ … … % $ … $ … … % $ … … $
FREE CASH FLOW
Three Nine
Mont… Months
Ended Ended
Sept… Septe…
30, 30,
2026 2025 2026 2025
Ope…
Cash $ 2,07… $ 1,47… $ 4,75… $ 3,652…
Flow
(GA…
Cap…
exp… -457… -257… -1,1… -742.9
(GA…
Pro…
from
dis…
of
pro… 1.4 1.9 6.5 7.6
pla…
and
equ…
(GA…
Free
Cash
Flow $ 1,62… $ 1,21… $ 3,65… $ 2,917…
(no…
(v)
While the terms “operating margin” and “effective tax rate” are not
considered U.S. GAAP financial measures, for purposes of this table, we
(i) derive the reported (GAAP) measures based on GAAP results, which serve
as the basis for the reconciliation to their comparable non-GAAP
financial measures.
Amortization of acquisition-related inventory step-up costs is
(ii) reported within Cost of sales in the Condensed Consolidated Statements
of Income.
For the three and nine months ended September 30, 2026, the Company
recorded income tax related accruals of $60.0 million and $389.0
million, respectively. The amounts recorded during the three months
ended September 30, 2026 primarily relate to settlements of foreign
tax matters. The amounts recorded during the nine months ended
September 30, 2026 is comprised of (i) $39.0 million related to
reserves for potential settlement of various foreign tax matters,
(ii) $60.0 million related to settlements of foreign tax matters,
(iii) (iii) an accrual of $130.0 million primarily resulting from
unfavorable determinations received from relevant tax authorities in
China regarding certain of the Company’s prior period tax positions
and, (iv) $160.0 million in additional tax obligations related to
China resulting from the Company’s reassessment of certain tax rate
assumptions applied to prior years’ results not subject to the tax
inquiries. As a result of this matter, as well as a continued shift
in income to higher-tax jurisdictions, the Company increased its
Adjusted Effective Tax Rate to 27.0%.
GAAP and Adjusted Operating Income for the three and nine months ended
(iv) September 30, 2026 included approximately $15.0 million, or $0.00 per
share, and $95.0 million, or $0.03 per share, net benefit related to
the recovery of IEEPA tariffs, respectively.
All percentages and per share amounts in this table were calculated
(v) using actual, unrounded results; therefore, the sum of the components
may not add due to rounding.
The following are definitions of non-GAAP financial measures presented
(vi) in the tables above, which may be referred to within this press
release:
Adjusted Operating Income is defined as Operating income (as reported in the
Condensed Consolidated Statements of Income), excluding income and expenses that
are not directly related to the Company’s operating performance during the
periods presented. Adjusted Operating Margin is defined as Adjusted Operating
Income (as defined above) expressed as a percentage of Net sales (as reported in
the Condensed Consolidated Statements of Income). Adjusted Net Income
attributable to Amphenol Corporation is defined as Net income attributable to
Amphenol Corporation (as reported in the Condensed Consolidated Statements of
Income), excluding income and expenses and their specific tax effects that are
not directly related to the Company’s operating performance during the periods
presented. Adjusted Effective Tax Rate is defined as Provision for income taxes
(as reported in the Condensed Consolidated Statements of Income) expressed as a
percentage of Income before income taxes (as reported in the Condensed
Consolidated Statements of Income), each excluding income and expenses and their
specific tax effects that are not directly related to the Company’s operating
performance during the periods presented. Adjusted Diluted EPS is defined as
diluted earnings per share (as reported in accordance with U.S. GAAP), excluding
income and expenses and their specific tax effects that are not directly related
to the Company’s operating performance during the periods presented. Adjusted
Diluted EPS is calculated as Adjusted Net Income attributable to Amphenol
Corporation, as defined above, divided by the weighted average outstanding
diluted shares (as reported in the Condensed Consolidated Statements of Income).
Free Cash Flow is defined as (i) Net cash provided by operating activities
(“Operating Cash Flow” - as reported in accordance with U.S. GAAP) less (ii)
capital expenditures (as reported in accordance with U.S. GAAP), net of proceeds
from disposals of property, plant and equipment (as reported in accordance with
U.S. GAAP), all of which are derived from the Condensed Consolidated Statements
of Cash Flow. Free Cash Flow is an important liquidity measure for the Company,
as we believe it is useful for management and investors to assess our ability to
generate cash, as well as to assess how much cash can be used to reinvest in the
growth of the Company or to return to stockholders through either stock
repurchases or dividends.
AMPHENOL CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION RECONCILIATIONS OF GAAP
TO NON-GAAP FINANCIAL MEASURES - GUIDANCE (Unaudited) (dollars in millions,
except per share data) Management utilizes the non-GAAP financial measures
defined earlier as part of its internal reviews for purposes of monitoring,
evaluating and forecasting the Company’s financial performance, communicating
operating results to the Company’s Board of Directors and assessing related
employee compensation measures. Management believes that such non-GAAP financial
measures may be helpful to investors in assessing the Company’s overall
financial performance, trends and period-over-period comparative results.
Adjusted Diluted EPS, a non-GAAP financial measure, excludes income and expenses
that are not directly related to the Company’s operating performance during the
periods presented. Items excluded from such non-GAAP financial measures in any
period may consist of, without limitation, acquisition-related expenses,
refinancing-related costs, the excess tax benefits related to stock-based
compensation , and certain other discrete tax items including, but not limited
to, (i) the impact of tax audits relating to prior periods and (ii) significant
changes in tax law. Adjusted Diluted EPS is not necessarily the same or
comparable to similar measures presented by other companies as such measures may
be calculated differently or may exclude different items. Such non-GAAP
financial measures should be read in conjunction with the Company’s financial
statements presented in accordance with U.S. GAAP. The following are
reconciliations of current guidance for GAAP Diluted earnings per share (Diluted
EPS) to Adjusted Diluted EPS (non-GAAP) for both the fourth quarter and the full
year 2026:
GUIDANCE (1)
FOURTH QUARTER 2026 FULL YEAR 2026
Diluted EPS (GAAP) $0.80 - $0.82 $2.64 - $2.66
Amortization of
acquisition-related - $0.04
inventory step-up costs
Acquisition-related costs, net $0.01 $0.06
of tax
Excess tax benefits related to - -$0.07
stock-based compensation
Discrete tax items - $0.15
Adjusted Diluted EPS (non-GAAP) $0.81 - $0.83 $2.82 - $2.84
(2)
_____________________________________
Forward-looking Adjusted Diluted EPS reflected in our guidance excludes
certain income and expenses, described above, that are not directly
related to the Company’s operating performance. Such items are
excluded from our guidance for the forward-looking periods only to the
extent that such items have either (i) already been reflected in
periods reported and are therefore included in the forward-looking
full-year period or (ii) the Company reasonably expects to record such
(1) items in the forward-looking periods presented and such amounts are
estimable. The Company estimates acquisition-related costs in the
fourth quarter of 2026 of approximately $0.01 per share primarily
related to external transaction costs. As such, the fourth quarter and
full year 2026 guidance reflects the expected impact of these costs,
and, in the case of the full year guidance, also includes the impact of
the items that were recognized during the nine months ended September
30, 2026.
Per share amounts in this table were calculated using actual, unrounded
(2) results; therefore, the sum of the components may not add due to
rounding.