Analyst Consensus ?
ConsensusHold29 ratings
Bullish1655.2%
Neutral1241.4%
Bearish13.4%
Amphenol Corporation · APH · FY2026 Q1 · Calendar Q2 2026
Amphenol Q1 2026: Record $7.6B Revenue, EPS Beats by 13% as AI Demand Accelerates
Amphenol's Q1 2026 results materially exceeded guidance on both revenue and EPS, driven by accelerating AI-related data-center demand and strong contributions from the CommScope acquisition. The 58% revenue increase and 68% EPS growth, combined with a record $9.4B order book, signal that the company's growth trajectory has shifted meaningfully higher. However, a significant tax dispute in China clouds earnings quality and raises the effective tax rate to 27%, warranting close monitoring.
Reported Before market openNYSETechnology
$183.65B market cap
100quality score
Company context
Snapshot as of publicationAmphenol Corporation, alongside its numerous subsidiaries, operates globally as a prominent designer, manufacturer, and distributor of electrical, electronic, and fiber optic connectors. Its market reach extends across the United States, China, and various international territories. The company is organized into three primary operational divisions: Harsh Environment Solutions, Communications Solutions, and Interconnect and Sensor Systems. Amphenol's comprehensive product lineup features an extensive array of connectors and integrated connector systems. These include specialized interconnects engineered for demanding conditions (covering data, power, high-speed, fiber optic, and radio frequency applications), in addition to busbars and complete power distribution systems. Beyond these core offerings, the company provides value-added products such as backplane interconnect systems, bespoke cable assemblies and harnesses, and cable management solutions.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.06
Consensus $1
EPS surprise
+12.6%
Reported versus consensus
Reported revenue
$7.62B
Consensus $7.08B
Revenue surprise
+7.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$83.92Current
$42.5Low
$124.65Average
$215High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Sep 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 8, 2026 |
| UBS | Buy | Buy | Maintain | Jul 30, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 30, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Jul 30, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 9, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 30, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 30, 2026 |
| Jefferies | Buy | Hold | Upgrade | Mar 31, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 23, 2025 |
| Baird | Outperform | Outperform | Maintain | Oct 10, 2025 |
| TD Securities | Hold | Hold | Maintain | May 1, 2025 |
| Stifel | Hold | Hold | Maintain | Jun 13, 2024 |
| Credit Suisse | Neutral | Outperform | Downgrade | May 19, 2023 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 28, 2022 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Jul 1, 2022 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 10, 2022 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 23, 2020 |
| Cross Research | Sell | Hold | Downgrade | Jan 21, 2020 |
| Longbow Research | Neutral | Buy | Downgrade | Jun 17, 2019 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Apr 2, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 26, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 26, 2017 |
| Bank of America | Buy | Neutral | Upgrade | Sep 29, 2017 |
| Macquarie | Outperform | Outperform | Maintain | Sep 4, 2014 |
| Cantor Fitzgerald | Hold | Hold | Maintain | Sep 19, 2013 |
| Topeka | Hold | Hold | Maintain | May 7, 2012 |
| KeyBanc | Hold | Hold | Maintain | Apr 10, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $83.92. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Guy Hardwick | $100 | $82.78 | +19.2% | Sep 8, 2026 |
| UBS | Joseph Spak | $197 | $155.61 | +134.7% | Jul 30, 2026 |
| Barclays | Guy Hardwick | $200 | $159.06 | +138.3% | Jul 13, 2026 |
| UBS | Analyst unavailable | $185 | $164.16 | +120.4% | Jul 9, 2026 |
| Barclays | Analyst unavailable | $198 | $138.81 | +135.9% | Jun 8, 2026 |
| Barclays | Analyst unavailable | $180 | $142.3 | +114.5% | May 4, 2026 |
| Seaport Global | Analyst unavailable | $215 | $146.36 | +156.2% | Apr 30, 2026 |
| UBS | Joseph Spak | $178 | $144.02 | +112.1% | Apr 30, 2026 |
| Truist Financial | Analyst unavailable | $200 | $148.38 | +138.3% | Apr 30, 2026 |
| Robert W. Baird | Luke Junk | $177 | $148.38 | +110.9% | Apr 30, 2026 |
| UBS | Analyst unavailable | $170 | $145.27 | +102.6% | Apr 14, 2026 |
| Piper Sandler | Analyst unavailable | $165 | $135.18 | +96.6% | Mar 17, 2026 |
| Seaport Global | Analyst unavailable | $210 | $149.52 | +150.2% | Jan 29, 2026 |
| Barclays | Guy Hardwick | $175 | $145.96 | +108.5% | Jan 29, 2026 |
| Evercore ISI | Analyst unavailable | $165 | $152.54 | +96.6% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $183 | $146.75 | +118.1% | Jan 15, 2026 |
| UBS | Analyst unavailable | $174 | $148.97 | +107.3% | Jan 14, 2026 |
| Truist Financial | Analyst unavailable | $182 | $144.16 | +116.9% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $156 | $140.16 | +85.9% | Jan 12, 2026 |
| US Capital Advisors | Steven Fox | $165 | $140.14 | +96.6% | Jan 9, 2026 |
| Truist Financial | William Stein | $180 | $129.61 | +114.5% | Dec 19, 2025 |
| Truist Financial | Analyst unavailable | $147 | $135.03 | +75.2% | Oct 23, 2025 |
| UBS | Joseph Spak | $152 | $128.93 | +81.1% | Oct 23, 2025 |
| Goldman Sachs | Analyst unavailable | $154 | $128.93 | +83.5% | Oct 23, 2025 |
| Robert W. Baird | Luke Junk | $139 | $126.25 | +65.6% | Oct 10, 2025 |
| UBS | Analyst unavailable | $120 | $124.53 | +43.0% | Oct 7, 2025 |
| UBS | Joseph Spak | $145 | $124.2 | +72.8% | Oct 6, 2025 |
| Goldman Sachs | Analyst unavailable | $139 | $122.6 | +65.6% | Sep 29, 2025 |
| Industrial Alliance Securities | Mark Delaney | $115 | $98.31 | +37.0% | Jul 11, 2025 |
| UBS | Joseph Spak | $85 | $75.16 | +1.3% | Apr 24, 2025 |
| US Capital Advisors | Steven Fox | $85 | $74.18 | +1.3% | Apr 24, 2025 |
| Seaport Global | Scott Graham | $80 | $69.48 | -4.7% | Oct 24, 2024 |
| Truist Financial | William Stein | $82 | $68.47 | -2.3% | Oct 24, 2024 |
| Bank of America Securities | Wamsi Mohan | $74 | $68.47 | -11.8% | Oct 23, 2024 |
| Seaport Global | Scott Graham | $76 | $64.24 | -9.4% | Jul 26, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $66 | $68.69 | -21.4% | Jun 12, 2024 |
| Evercore ISI | Amit Daryanani | $75 | $68.69 | -10.6% | Jun 12, 2024 |
| Robert W. Baird | Luke Junk | $68.5 | $66.68 | -18.4% | May 21, 2024 |
| Evercore ISI | Amit Daryanani | $75 | $65.98 | -10.6% | May 16, 2024 |
| Truist Financial | William Stein | $68 | $58.39 | -19.0% | Apr 25, 2024 |
| UBS | Chris Snyder | $69 | $58.16 | -17.8% | Apr 25, 2024 |
| Robert W. Baird | Luke Junk | $62 | $58.16 | -26.1% | Apr 25, 2024 |
| Evercore ISI | Amit Daryanani | $65 | $58.16 | -22.5% | Apr 24, 2024 |
| Jefferies | Saree Boroditsky | $62.5 | $58.31 | -25.5% | Apr 9, 2024 |
| Credit Suisse | Analyst unavailable | $93 | $80.19 | +10.8% | Dec 13, 2022 |
| Goldman Sachs | Mark Delaney | $83 | $65.06 | -1.1% | Jun 13, 2022 |
| Citigroup | Analyst unavailable | $90 | $71.28 | +7.2% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $79 | $68.74 | -5.9% | Apr 25, 2022 |
| Citigroup | Jim Suva | $100 | $87.71 | +19.2% | Dec 29, 2021 |
| J.P. Morgan | Samik Chatterjee | $42.5 | $41.59 | -49.4% | Dec 13, 2021 |
| UBS | Christopher Snyder | $82 | $68.02 | -2.3% | Apr 29, 2021 |
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What changed
Revenue of $7.62B surpassed prior guidance of $6.9-7.0B and consensus of $7.08B by 7.6%. Adjusted EPS of $1.06 beat estimates of $0.94 by 12.6%, representing 68% year-over-year growth. Order intake reached a record $9.435B, up 78% YoY, with a book-to-bill ratio of 1.24:1. The CommScope acquisition matched Amphenol's organic growth rate in its first full quarter, confirming immediate strategic value. A China tax inquiry resulted in a $130M tax accrual and $160M additional tax provision, raising the effective tax rate to 27% for 2026. The stock reacted positively, gaining 3.24% on 2.0x baseline volume.
Guidance delta
Management maintained guidance sentiment, projecting Q2 2026 sales of $8.1-8.2B and adjusted EPS of $1.14-1.16, implying continued sequential acceleration from the already-strong Q1 results. Capex outlook increased to support AI-driven capacity ramps. The prior quarter's Q1 guidance of $6.9-7.0B in sales and $0.91-0.93 EPS was exceeded by a wide margin, suggesting either management conservatism or genuinely stronger-than-anticipated demand across AI datacom, defense, and industrial end markets.
Key takeaways
- Revenue and EPS delivered record growth, far exceeding prior guidance and consensus estimates.
- The CommScope acquisition is integrating smoothly and already contributing comparable organic growth in its first full quarter.
- AI-driven data-center demand, especially for co-package optics and high-speed interconnects, is the primary growth engine.
- Defense and industrial segments showed double-digit organic growth, supporting business diversification beyond AI.
- Tax issues in China materially impacted the effective tax rate to 27% but are being managed by the company.
Management priorities
- Target Q2 2026 sales of $8.1-8.2 billion and adjusted EPS of $1.14-1.16
- Increase capital spending to support AI-driven capacity ramps
- Further integrate CommScope's product lines and distribution network
- Expand antenna, sensor, and building-connectivity offerings
- Invest in product development for CPO, silicon-photonic, and active optical solutions
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T14:21:56.056400+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T14:21:56.053531+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.