What changed in this filing

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Item 1. Business

2026-02-11 compared with 2025-02-07 · 74 added, 71 removed, 283 unchanged (34% of the section changed)

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 and specialty cable.

The Company estimates, based on recent reports of industry analysts, that worldwide sales of interconnect and sensor-related products were approximately $250 billion in 2024.

The Company estimates, based on recent reports of industry analysts, that worldwide sales of interconnect, value-add cable assembly, antenna, cable and sensor-related products were approximately $500 billion in 2025.

Certain predecessor businesses of the Company were founded in 1932, and the Company was incorporated under the laws of the State of Delaware in 1986.

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The Company aligns its businesses into three reportable business segments:

(i) Harsh Environment Solutions , (ii) Communications Solutions and (iii) Interconnect and Sensor Systems .

(i) Communications Solutions , (ii) Harsh Environment Solutions and (iii) Interconnect and Sensor Systems .

This alignment and segment structure reinforces the Company’s entrepreneurial culture and enables clear accountability of each of our business unit general managers, while enhancing the scalability of Amphenol’s business for the future.

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A description of each of our reportable business segments is as follows:

● Communications Solutions – the Communications Solutions segment designs, manufactures and markets a broad range of connector and interconnect systems, including high speed, radio frequency, power, fiber optic and other interconnect products;

coaxial, fiber optic, power and high-speed cable;

and other products.

● Harsh Environment Solutions – the Harsh Environment Solutions segment designs, manufactures and markets a broad range of ruggedized interconnect products, including connectors and interconnect systems, specialty cable, printed circuits and printed circuit assemblies and other products.

● Interconnect and Sensor Systems – the Interconnect and Sensor Systems segment designs, manufactures and markets a broad range of sensors, sensor-based systems, connectors and value-add interconnect systems.

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Reporting Segment

Harsh Environment Solutions

Communications Solutions

Harsh Environment Solutions

Interconnect and Sensor Systems

% of 2025 Net Sales:

● Automotive

● Commercial Aerospace

● Communications Networks

● Industrial

● Information Technology and Data Communications

● Mobile Networks

● Broadband Communications

● Mobile Devices

● Automotive

● Commercial Aerospace

● Communications Networks

● Industrial

● Information Technology and Data Communications

● Mobile Devices

● Mobile Networks

● Automotive

● Commercial Aerospace

● Communications Networks

● Industrial

● Information Technology and Data Communications

● Mobile Networks

Connectors and Connector Systems:

● harsh environment data, power, fiber optic and radio frequency interconnect products

Value-Add Products:

● backplane interconnect systems

● cable assemblies and harnesses

● cable management products

● coaxial cable

● flexible and rigid printed circuit boards

Connectors and Connector Systems:

● fiber optic interconnect products

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● network infrastructure antennas

● coaxial, power and specialty cable

● coaxial, fiber optic, power and specialty cable

● hinges and other mechanical products

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Connectors and Connector Systems:

● harsh environment data, power, fiber optic and radio frequency interconnect products

Value-Add Products:

● backplane interconnect systems

● cable assemblies and harnesses

● cable management products

● coaxial and specialty cable

● flexible and rigid printed circuit boards

Connectors and Connector Systems:

● busbars and power distribution systems

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● gas and moisture

● position

● pressure

● temperature

For further details related to the Company’s reportable business segments, information regarding the Company’s operations and results by reportable segment, as well as the Company’s net sales and long-lived assets by geographic area, refer to Note 13 of the Notes to Consolidated Financial Statements, which is incorporated herein by reference.

● vibration

The Company’s overall strategy is to provide our customers with comprehensive design capabilities, a broad selection of products and a high level of quality and service on a worldwide basis, while maintaining continuing programs of productivity improvement and cost control.

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We seek to enhance the performance of acquired companies by leveraging Amphenol’s position with customers across our diverse end markets, our leading technologies and our access to low-cost manufacturing around the world.

In 2024, the Company invested approximately $2.2 billion to fund two acquisitions, while in 2023, the Company invested approximately $970 million to fund 10 acquisitions.

In 2025, the Company invested approximately $3.8 billion to fund five acquisitions, while in 2024, the Company invested approximately $2.2 billion to fund two acquisitions.

Our acquisitions in 2025 and 2024 have strengthened our customer base and product offerings in many of our end markets and have brought new, high-performing management teams into the Company.

In particular, the acquisition in May 2024 of Carlisle Interconnect Technologies (“CIT”), a leading global supplier of harsh environment interconnect solutions, primarily to the commercial aerospace, defense and industrial end markets, with a wide range of products, including wire and cable, cable assemblies, contacts, connectors and sensors, represents one of the largest acquisitions in the Company’s history.

Management believes that CIT’s wide range of products are highly complementary to Amphenol’s existing interconnect and sensor solutions.

On January 31, 2025, the Company completed the acquisition of the Outdoor Wireless Networks segment (“OWN”) and Distributed Antenna Systems (“DAS”) business (collectively, “Andrew”) from Vistance Networks, Inc.

(“Vistance,” formerly known as CommScope Holding Company, Inc.).

The acquisition of Andrew provides a wide range of products, technologies and capabilities such as communications networks solutions, with advanced technologies in the area of base station antennas and related interconnect solutions, as well as distributed antenna systems, that are highly complementary to Amphenol’s existing product portfolio for next-generation wireless networks.

Additionally, on January 9, 2026, the Company completed the acquisition of Vistance’s Connectivity and Cable Solutions business (which we now refer to collectively as “CommScope”) for an aggregate purchase price of approximately $10.5 billion, which to date is the largest acquisition in the Company’s history.

The acquisition of CommScope adds significant fiber optic interconnect capabilities for the IT datacom and communications networks markets as well as a diverse range of industrial interconnect products for the building infrastructure connectivity market.

● Foster collaborative, entrepreneurial management - Amphenol’s management system is designed to provide clear income statement and balance sheet responsibility in a flat organizational structure.

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Sales into the automotive market represented approximately 15% of the Company’s net sales in 2025, with sales into the following primary end applications:

● antennas

● lighting

● charging stations

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● infotainment and communications

Broadband Communications - Amphenol is a world leader in broadband communication products for cable, satellite and telecommunications-based video and data networks, with industry-leading engineering, design and manufacturing expertise.

The Company offers a wide range of products to service the broadband market, including customer premises and distribution cable, connectors and value-add interconnect products, passive components, active and passive fiber optic interconnect components, interconnect enclosures, as well as interconnect products integrated into headend equipment.

Sales into the broadband communications market represented approximately 3% of the Company’s net sales in 2024, with sales into the following primary end applications:

● cable, satellite & telecommunications networks

● network switching equipment

● customer premises equipment

● satellite interface devices

● high-speed internet hardware

● set-top boxes

Commercial Aerospace - Amphenol is a leading provider of high-performance interconnect systems and components to the commercial aerospace market.

In addition to connector and interconnect assembly products, the Company also provides rigid and flexible printed circuits, high-technology cable management products as well as sensors.

In addition to connector and interconnect assembly products, the Company also provides rigid and flexible printed circuits, specialty cable, high-technology cable management products as well as sensors.

Our products are specifically designed to operate in the harsh environments of commercial aerospace, while also providing substantial weight reduction, simplified installation and/or minimal maintenance.

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● in-flight entertainment

● avionics

● in-flight internet connectivity

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● wire bundling and cable management

Communications Networks - Amphenol is a leading global provider to the communications networks market and offers a wide product portfolio to support wireline and wireless service providers.

The Company’s products include antennas, cables, connectors and interconnect systems that are used in current and next-generation wireline and wireless communications standards, including 5G networks.

Sales into the communications networks market represented approximately 10% of the Company’s net sales in 2025, with sales into the following primary end applications:

● antenna systems

● fiber management systems

● base stations

● mobile switches

● cable, satellite & telecommunications networks

● network switching equipment

● customer premises equipment

● satellite interface devices

● distributed antenna systems (DAS)

● small cells

Defense - Amphenol is a world leader in the design, manufacture and supply of high-performance interconnect systems for harsh environment aerospace and defense applications.

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Sales into the defense market represented approximately 9% of the Company’s net sales in 2025, with sales into the following primary end applications:

● airframe

● avionics

● ordnance and missile systems

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● radar systems

● rotorcraft

● ground vehicles and tanks

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● transportation

Information Technology and Data Communications - Amphenol is a global provider of interconnect solutions to designers, manufacturers and operators of internet-enabling systems.

Information Technology and Data Communications - Amphenol is a global provider of interconnect solutions to designers, manufacturers and operators of internet and artificial intelligence (“AI”)-enabling systems.

With our industry-leading high-speed, power and active and passive fiber optic interconnect technologies, together with superior simulation and testing capability and cost effectiveness, Amphenol is a market leader in interconnect development for the information technology and data communications (“IT datacom”) market.

Our products enable a broad array of IT datacom systems and applications, including a growing range of systems to power artificial intelligence and machine learning.

Our products enable a broad array of IT datacom systems and applications, including a growing range of systems to power AI and machine learning.

Whether industry standard or application-specific designs are required, Amphenol provides customers with products that enable performance at the leading edge of next-generation, high-speed, power and fiber optic technologies.

Sales into the IT datacom market

represented approximately 24% of the Company’s net sales in 2024, with sales into the following primary end applications:

● artificial intelligence (“AI”)

● cloud computing and data centers

Sales into the IT datacom market represented approximately 36% of the Company’s net sales in 2025, with sales into the following primary end applications:

● cloud computing

● storage systems

● gaming systems

● data centers

● transmission

● networking equipment

● web service providers

Mobile Devices - Amphenol designs and manufactures an extensive range of interconnect products, antennas and electromechanical components, including hinges, found in a wide array of mobile computing devices.

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● mobile computing devices, including laptops, tablets and e-readers

Mobile Networks - Amphenol is a leading global interconnect solutions provider to the mobile networks market and offers a wide product portfolio, including antennas, cable, connectors and interconnect systems.

The Company’s products are used in current and next generation wireless communications standards, including in 5G networks.

In addition, the Company works with service providers around the world to offer an array of antennas and installation-related site solution interconnect products.

Sales into the mobile networks market represented approximately 3% of the Company’s net sales in 2024, with sales into the following primary end applications:

● antenna systems

● mobile switches

● base stations

● radio links

● core network controllers

● small cells

● distributed antenna systems (DAS)

Customers and Geographies

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The Company’s sales to distributors represented approximately 19% and 18% of the Company’s net sales in 2025 and 2024, respectively.

In addition to product design teams and collaborative initiatives with customers, the Company uses key account managers to manage certain customer relationships on a global basis so that it can bring to bear its total resources to meet the worldwide needs of its multinational customers.

In addition to product design teams and collaborative initiatives

with customers, the Company uses key account managers to manage certain customer relationships on a global basis so that it can bring to bear its total resources to meet the worldwide needs of its multinational customers.

Manufacturing

The Company is a global manufacturer employing advanced manufacturing processes including molding, stamping, plating, turning, computer numerical control (CNC) machining, 3D printing, extruding, die casting, certain other manufacturing, automation and assembly operations and proprietary process technology for connectors, specialty and coaxial cable production, antenna and sensor fabrication.

The Company is a global manufacturer employing advanced manufacturing processes including molding, stamping, plating, turning, computer numerical control (CNC) machining, 3D printing, extruding, die casting, certain other manufacturing, automation and assembly operations and proprietary process technology for connectors, specialty, fiber optic and coaxial cable production, antenna and sensor fabrication.

Outsourcing of certain manufacturing processes is used when cost-effective.

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Many of our facilities are certified to quality management systems, primarily ISO9001, but also may include ISO13485, AS9100, and IATF16949.

In addition, approximately half of our facilities are also certified to environmental or occupational health and safety management systems, including ISO14001 and ISO45001.

In addition, approximately half of our facilities are also certified to environmental, energy management or occupational health and safety management systems, including ISO14001, ISO45001 and ISO50001.

The Company’s manufacturing facilities are generally vertically integrated operations from the initial design stage through final design and manufacturing.

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In addition, the Company generally relies on local management in every region, which we believe creates a high degree of organizational stability and operational agility, as well as a deeper understanding of local markets.

We believe our broad and balanced geographic distribution lowers our exposure to particular geographies.

This was evident in recent years, as we were generally able to support our customers even if pandemic-related restrictions and other challenges were present in a particular geography.

We believe our broad and balanced geographic distribution lowers our exposure to particular geographies, while allowing us to support our customers when challenges arise in a particular geography.

The Company believes that its global presence is an important competitive advantage, as it allows the Company to provide quality products on a timely and worldwide basis to its multinational customers, while at the same time offering a level of resiliency and diversification against local risks and challenges that may emerge in any single geography.

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Raw Materials

The Company purchases a wide variety of raw materials for the manufacture of its products, including (i) precious metals such as gold, silver and palladium, (ii) aluminum, steel, copper, titanium and metal alloy products and (iii) plastic materials.

The Company also purchases a wide variety of mechanical and electronic components for the manufacturing of its products.

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The Company competes primarily on the basis of technology innovation, product quality and performance, price, customer service and delivery time.

Primary competitors include Aptiv, Belden, CommScope, Eaton, Foxconn, Glenair, HARTING, Hirose, HUBER+SUHNER, ICT Luxshare, JAE, Jonhon, JST, Molex, Phoenix Contact, Radiall, Rosenberger, Sensata, TE Connectivity and Yazaki, among others.

Primary competitors include Aptiv, Belden, Corning, Foxconn Interconnect Technology, Glenair, HUBER+SUHNER, ICT Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE Connectivity and Yazaki, among others.

In addition, the Company competes with a large number of smaller companies who compete in specific geographies, markets or products.

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Each of our general managers operates in a flat organizational structure and is enabled and incented to grow and develop their business, with the support of the resources of the larger organization.

We believe this structure, with approximately 140 general managers running unique, independent businesses, creates an environment and

culture where each of our general managers has a more direct link to the success of their individual businesses and a more personal connection to the employees they oversee and the communities in which they operate.

We believe this structure, with more than 140 general managers running unique, independent businesses, creates an environment and culture where each of our general managers has a more direct link to the success of their individual businesses and a more personal connection to the employees they oversee and the communities in which they operate.

As of December 31, 2025, the Company had approximately 170,000 employees worldwide, of which approximately 15,000 were located in the United States.

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This oversight is conducted both directly and through certain of the Board’s committees.

At each of its regularly scheduled quarterly meetings, the Board reviews changes in key personnel and, at least once a year, meets with management to discuss various human resources related topics.

At each of its regularly scheduled quarterly meetings, the Board reviews changes in key personnel and, at least once a year, meets with management to discuss various human resources related topics including succession planning.

We believe the Company’s culture has been a critical component of the Company’s success and reinforcing that culture is a key responsibility of our executive management.

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A key hallmark of our structure is our entrepreneurial culture that creates clear accountability for each of our general managers, who are our key business leaders.

Our core management team is comprised of these general managers and their controllers, as well as our group general managers and executive management team.

Women represented 22% of this core management team at the end of 2024.

Of our total employees worldwide, approximately half are women.

The safety and well-being of our employees is critical to the successful operation of our business.

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The Company publishes an annual sustainability report (“Sustainability Report”) to highlight our goals and areas of progress and success in sustainability matters, including climate-related topics.

The Sustainability Report discusses our approach and progress on the environmental, social and governance (“ESG”) issues most significant to our business, including ESG-related strategies, programs, goals and metrics that demonstrate our commitment to our stakeholders.

The Sustainability Report discusses our approach and progress on the environmental, social and governance issues most significant to our business, including related strategies, programs, goals and metrics that demonstrate our commitment to our stakeholders.

The Sustainability Report is designed to inform and engage the Company’s broad range of stakeholders, such as investors, customers, suppliers, employees and members of the communities in which we operate, among others.

Our 2023 Sustainability Report was prepared in accordance with the Global Reporting Initiative (“GRI”) Standards

framework and topics identified under the Sustainability Accounting Standards Board (“SASB”) standards and outlines board and executive-level oversight of climate-related risks and opportunities identified in the Task Force on Climate-Related Financial Disclosures (“TCFD”) recommendations.

The SASB standards and GRI and TCFD frameworks encourage companies to disclose climate-related topics that are important to certain interested stakeholders, even if not material for purposes of the U.S.

Our 2024 Sustainability Report was prepared in accordance with the Global Reporting Initiative (“GRI”) Standards framework and topics identified under the Sustainability Accounting Standards Board (“SASB”) standards and outlines board and executive-level oversight of climate-related risks and opportunities identified in the International Sustainability Standards Board (“ISSB”) and Climate Scenario Analysis recommendations.

The SASB standards and GRI and ISSB frameworks encourage companies to disclose climate-related topics that are important to certain interested stakeholders, even if not material for purposes of the U.S.

securities laws.

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The items discussed in our 2024 Sustainability Report have not required material capital expenditures or operating expenses, nor caused material operational challenges or risks to the Company’s business or results of operations beyond those items disclosed in Item 1A.

Risk Factors within the risk factors titled “ The Company may be negatively impacted by extreme weather conditions and natural catastrophic events, including those caused or intensified by climate change and global warming ,” and “ The Company is subject to, and may continue to be subject to, incremental costs, risks and regulations associated with efforts to combat the negative effects of climate change.

Risk Factors within the risk factors titled “ The Company may be negatively impacted by extreme weather conditions and natural catastrophic events, including those caused or intensified by climate change ,” and “ The Company is subject to, and may continue to be subject to, incremental costs, risks and regulations associated with efforts to combat the negative effects of climate change and other sustainability matters.

” Information included in our 2024 Sustainability Report and our website is not incorporated by reference in, and does not form part of, this Annual Report.

Our 2024 Sustainability Report is expected to be released during the second quarter of 2025.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business