What changed in this filing

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Item 1. Business

2025-11-10 compared with 2024-11-12 · 69 added, 80 removed, 148 unchanged (50% of the section changed)

We are a global industrial technology leader creating a safer, sustainable, productive, and connected future.

Our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, renewable energy, automated factories, data centers, medical technology, and more.

As a trusted innovation partner, our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, energy networks, automated factories, data centers enabling artificial intelligence, and more.

References in this report to “TE Connectivity,” the “Company,” “we,” “us,” or “our” refer to TE Connectivity Ltd.

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however, through our predecessor companies, we trace our foundations in the connectivity business back to 1941.

During fiscal 2024, we were organized under the laws of Switzerland and the rights of holders of our shares were governed by Swiss law, our Swiss articles of association, and our Swiss organizational regulations.

In fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland.

In connection with the change, we entered into a merger agreement with our wholly-owned subsidiary, TE Connectivity plc, a public limited company incorporated under Irish law.

Under the merger agreement, we were merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland.

The merger and change in jurisdiction of incorporation were completed on September 30, 2024.

During fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland.

In connection with the change, TE Connectivity Ltd., our former parent entity, entered into a merger agreement with TE Connectivity plc, its then wholly-owned subsidiary and a public limited company incorporated under Irish law.

Under the merger agreement, TE Connectivity Ltd.

merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland.

The merger was completed on September 30, 2024, thereby changing our jurisdiction of incorporation from Switzerland to Ireland.

Effective for fiscal 2025, we are organized under the laws of Ireland.

We do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.

See Notes 1 and 21 to the Consolidated Financial Statements for additional information regarding the change in place of incorporation.

We have not had and do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.

We acquired Richard Manufacturing Co.

(“Richards Manufacturing”) in fiscal 2025.

See Note 4 to the Consolidated Financial Statements for additional information regarding the acquisition.

We have a 52- or 53-week fiscal year that ends on the last Friday of September.

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Fiscal 2025, 2024, and 2023 were each 52 weeks in length.

Fiscal 2022 was 53 weeks in length.

For fiscal years in which there are 53 weeks, the fourth fiscal quarter includes 14 weeks.

During fiscal 2024, we operated through three reportable segments:

Transportation Solutions, Industrial Solutions, and Communications Solutions.

We believe our three segments served a combined market of approximately $190 billion as of fiscal year end 2024.

For fiscal years in which there are 53 weeks, the fourth fiscal quarter includes 14 weeks, with the next occurrence taking place in fiscal 2028.

Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy.

Prior period segment results have been recast to conform to the new segment structure.

See additional information regarding our segments in Notes 1 and 20 to the Consolidated Financial Statements.

We now operate through two reportable segments:

Transportation Solutions and Industrial Solutions.

We believe our two segments served a combined market of approximately $200 billion as of fiscal year end 2025.

Our net sales by segment as a percentage of our total net sales were as follows:

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Industrial Solutions

Communications Solutions

Below is a description of our reportable segments and the primary products, markets, and competitors of each segment.

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The Transportation Solutions segment is a leader in connectivity and sensor technologies.

The primary products sold by the Transportation Solutions segment include terminals and connector systems and components, sensors, relays, antennas, and application tooling.

The primary products sold by the Transportation Solutions segment include terminals and connector systems and components, sensors, heat shrink tubing, relays, and application tooling.

The Transportation Solutions segment’s products, which must withstand harsh conditions, are used in the following end markets:

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The Industrial Solutions segment is a leading supplier of products that connect and distribute power, data, and signals.

The primary products sold by the Industrial Solutions segment include terminals and connector systems and components, interventional medical components, relays, heat shrink tubing, and wire and cable.

The primary products sold by the Industrial Solutions segment include terminals and connector systems and components, interventional medical components, heat shrink tubing, relays, wire and cable, and filters.

The Industrial Solutions segment’s products are used in the following end markets:

● Industrial equipment (30% of segment’s net sales)— Our products are used in factory and warehouse automation and process control systems such as industrial controls, robotics, human machine interface, industrial communication, and power distribution.

● Digital data networks (28% of segment’s net sales)— We deliver products and solutions that are used in a variety of equipment architectures within the networking, data center, and wireless infrastructure industries.

Additionally, we deliver a range of connectivity solutions for the Internet of Things, smartphones, tablet computers, virtual reality, and artificial intelligence/machine learning applications to help our customers meet their current challenges and future innovations.

● Automation and connected living (27% of segment’s net sales)— Our products are used in factory and warehouse automation and process control systems such as industrial controls, robotics, human machine interface, industrial communication, and power distribution.

Our building automation and smart city infrastructure products are used to connect lighting and offer solutions in HVAC, elevators/escalators, and security.

Our rail products are used in high-speed trains, metros, light rail vehicles, locomotives, and signaling switching equipment.

Additionally, we provide both standard products and custom-designed solutions to meet the daily demands of home appliances, including washers, dryers, refrigerators, air conditioners, dishwashers, cooking appliances, water heaters, air purifiers, floor care devices, and microwaves.

● Aerospace, defense, and marine (19% of segment’s net sales)— We design, develop, and manufacture a comprehensive portfolio of critical electronic components and systems for the harsh operating conditions of the commercial aerospace, defense, and marine industries.

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Key markets served include cardiovascular, peripheral vascular, structural heart, endoscopy, electrophysiology, and neurovascular therapies.

The Industrial Solutions segment competes primarily against Amphenol, Hubbell, Carlisle Companies, Integer Holdings, Esterline, Molex, and Omron.

Communications Solutions

The Communications Solutions segment is a leading supplier of electronic components for the data and devices and the appliances markets.

The primary products sold by the Communications Solutions segment include terminals and connector systems and components, antennas, and heat shrink tubing.

The Communications Solutions segment’s products are used in the following end markets:

Data and devices (65% of segment’s net sales)— We deliver products and solutions that are used in a variety of equipment architectures within the networking equipment, data center equipment, and wireless infrastructure industries.

Additionally, we deliver a range of connectivity solutions for the Internet of Things, smartphones, tablet computers, virtual reality and artificial intelligence/machine learning applications to help our customers meet their current challenges and future innovations.

Appliances (35% of segment’s net sales)— We provide solutions to meet the daily demands of home appliances.

Our products are used in many household appliances, including washers, dryers, refrigerators, air conditioners, dishwashers, cooking appliances, water heaters, air purifiers, floor care devices, and microwaves.

Our expansive range of standard products is supplemented by an array of custom-designed solutions.

The Communications Solutions segment’s major competitors include Amphenol, Molex, JST, and Korea Electric Terminal (KET).

New Segment Structure Effective for Fiscal 2025

Effective for the first quarter of fiscal 2025, we will reorganize our management and segments to align the organization around our fiscal 2025 strategy.

In this Annual Report, results for fiscal 2024 and prior periods are reported on the basis under which we managed our business in fiscal 2024 and do not reflect the fiscal 2025 segment reorganization.

See Note 21 to the Consolidated Financial Statements for additional information regarding our new segment structure.

The Industrial Solutions segment competes primarily against Amphenol, Hubbell, Carlisle Companies, Integer Holdings, Molex, Omron, JST, and Korea Electric Terminal (KET).

As an industry leader, we have established close working relationships with many of our customers.

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Also, our sales in the energy market typically increase in the third and fourth fiscal quarters as customer activity increases.

Customer orders and demand may fluctuate as a result of economic and market conditions, including supply chain disruptions and inflationary cost pressures.

Customer orders and demand may fluctuate as a result of economic and market conditions.

Backlog by reportable segment was as follows:

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Industrial Solutions

Communications Solutions

We expect that the majority of our backlog at fiscal year end 2025 will be filled during fiscal 2026.

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We have experienced, and expect to continue to experience, downward pressure on prices.

However, as a result of increased costs, certain of our businesses implemented price increases in recent years.

However, as a result of increased costs and tariffs, certain of our businesses implemented price increases in recent years.

Raw Materials

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The prices of these materials are driven by global supply and demand.

In recent years, raw material prices and availability have been affected by worldwide economic conditions, including supply chain disruptions and inflationary cost pressures.

In recent years, raw material prices and availability have been affected by worldwide economic conditions, including supply chain disruptions, trade wars, and inflationary cost pressures.

Intellectual Property

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As of fiscal year end 2025, we employed approximately 93,000 people worldwide, including 13,000 contract employees.

Approximately 35,000 were in the EMEA region, 26,000 were in the Asia–Pacific region, and 26,000 were in the Americas region.

Approximately 34,000 were in the Asia–Pacific region, 34,000 were in the EMEA region, and 25,000 were in the Americas region.

Of our total employees, approximately 55,000 were employed in manufacturing.

Our strong employee base, along with their commitment to uncompromising values, provides the foundation of our company’s success.

Our core values—integrity, accountability, inclusion, teamwork, and innovation—govern us.

Our strong employee base, along with their commitment to uncompromising values, provides the foundation of our success.

We are governed by our core values of integrity, accountability, inclusion, teamwork, and innovation.

They guide our decisions and our actions, both individually and as an organization.

Additionally, our employees are responsible for upholding our purpose—to create a safer, sustainable, productive, and connected future.

We track and report internally on key talent metrics including workforce demographics, critical role pipeline data, diversity data, and engagement and inclusion indices.

As part of its charter, the management development and compensation committee of our board of directors oversees our policies and practices related to the management of human capital resources including talent management, culture, diversity, and inclusion.

We embrace diversity and inclusion.

A truly innovative workforce needs to be diverse and leverage the skills and perspectives of a wealth of backgrounds and experiences.

We are committed to a work environment where all employees are engaged, feel differences are valued and mutually-respected, and believe that all opinions count.

To drive our business outcomes globally, we believe we must build a workforce and supplier network that represents our global markets and the customers we serve.

As such, our people reflect our customers and markets.

Our employees are in over 50 countries representing approximately 145 nationalities, and our total employee population is approximately 40% women.

Additionally, during fiscal 2024, we achieved our fiscal 2026 goal of having at least 30% of leadership roles filled by women.

Our employee resource groups (“ERGs”) are company-sponsored, voluntary, employee-led groups that focus on diverse talent segments or shared experiences of employees.

We track and report internally on key talent metrics including workforce demographics, critical role pipeline data, global diversity data, and engagement and inclusion indices.

We are committed to leveraging the skills and perspectives of a wealth of backgrounds and experiences, and building a workforce and supplier network that represents our global markets and the customers we serve.

We strive to maintain a work environment where all employees are engaged, feel their differences are valued and mutually-respected, and believe that all opinions count.

Our people reflect our customers and markets.

Our employees work in over 50 countries and represent approximately 150 nationalities, and our total employee population is over 40% women.

Our employee resource groups (“ERGs”) are company-sponsored, employee-led groups that focus on shared identities or experiences of employees.

These groups apply those perspectives to create value for our company as a whole.

The ERGs provide a space where employees can foster connections and develop in a supportive environment.

As of fiscal year end 2024, we had eight ERGs—ALIGN (lesbian, gay, bisexual, transgender, and queer employees (LGBTQ+) and their allies), Women in Networking, TE Young Professionals, African Heritage, Asian Heritage, Latin Heritage, THRIVE (employees with mental, emotional, and physical disabilities and their allies), and TE Veterans.

Our ERGs have over 10,500 members worldwide.

During fiscal 2024, we conducted our fifth annual employee engagement survey, which was a fully digital, enterprise-wide survey available in 21 languages and focused on measuring engagement, inclusion, wellbeing, and leadership effectiveness.

We had a participation rate of 87% in fiscal 2024 and year over year improvement in all four indices of engagement, inclusion, wellbeing, and leadership effectiveness.

Our engagement and inclusion scores were once again favorable when compared to Glint Inc.’s external global manufacturing benchmark .

By fiscal 2025, we aspire to be in the top tier of this benchmark on engagement and inclusion.

We continue to emphasize employee development and training to support engagement and retention.

To empower employees to unleash their potential, we provide a range of development programs and opportunities, skills, and resources they need to be successful.

As of fiscal year end 2025, we had eight ERGs—African Heritage, ALIGN (lesbian, gay, bisexual, transgender, and queer employees (LGBTQ+) and their allies), Asian Heritage, Latin Heritage, TE Veterans, TE Young Professionals, THRIVE (employees with mental, emotional, and physical disabilities and their allies), and Women in Networking—with over 12,000 members worldwide.

Our ERGs welcome any employee interested in supporting their mission and participation is optional.

Employee Engagement

Our annual employee engagement survey explores how employees feel about their experience at our company and enables us to develop tailored actions to enhance the working environment.

Focused on measuring engagement, inclusion, well-being, and leadership effectiveness, this fully digital, enterprise-wide survey is available to all employees in 22 languages.

In fiscal 2025, we had a participation rate of 88% and year over year improvement in all four indices of engagement, inclusion, well-being, and leadership effectiveness.

Our engagement and inclusion scores were once again favorable when compared to external global manufacturing benchmark s.

Training and Development

We provide employees with a range of development programs, opportunities, skills, and resources, empowering them to unleash their potential.

Also, we emphasize employee development and training to support engagement and retention.

Our LEARN@TE platform supplements our talent development strategies.

It is an online portal that enables employees to access instructor-led classroom or virtual courses and self-directed web-based courses.

Strategy, execution, and talent (“SET”) leadership expectations, which focus on how we drive strategy, effectively execute, and build talent, have been rolled out to all employees and are embedded in all of our leadership programs.

Strategy, execution, and talent (“SET”) leadership expectations, which focus on how we drive strategy, effectively execute, and build talent, are expectations of all employees and are embedded in all of our leadership programs.

We integrate these behavioral expectations into the way we assess and select talent, manage performance, and develop and reward our people.

We are committed to identifying and developing our next generation of leaders.

We have a robust talent and succession planning process and have established specialized programs to support the development of our talent pipeline for critical roles in general management, engineering, and operations, as well as the diversity of our talent.

We are focused on both the recruitment of diverse candidates and the development of our diverse employees to provide the opportunity to advance their careers and move into leadership positions within the company.

On an annual basis, we conduct an organization and leadership review process with our chief executive officer and all segment, business unit, and function leaders focusing on our high-performing and high-potential talent, diverse talent, and the succession for our most critical roles.

Also, our board of directors reviews and assesses management development plans for senior executives and the succession plans relating to those positions.

We are committed to the safety, health, well-being, and human rights of our employees.

We continuously evaluate opportunities to raise safety and health standards through our environmental, health, and safety teams.

Our All in on Safety initiative asks employees to complete training, review our safety policies, and sign a personal commitment to uphold a safe work environment.

We aspire to be an incident-free workplace and, as such, we have compliance audits and internal processes in place to stay ahead of workplace hazards.

We reduced our Occupational Safety and Health Administration (“OSHA”) total recordable incident rate—a rate equivalent to the number of incidents per 100 employees or 200,000 work hours—to 0.11 in fiscal 2024.

We remain focused on the protection of global human rights and have instituted several policies to guide us including our global human rights policy and our human trafficking and modern slavery policy.

During fiscal 2024, we created a Human Rights Steering Committee of cross-functional leaders to assess and mitigate the areas of greatest risk for our operations and value chain, and we have developed a roadmap to strengthen our human rights approach.

We apply high standards of human rights and require that our suppliers do the same.

We have a robust talent and succession planning process, and we offer programs to support the development of leaders at all levels and those in critical roles, general management, engineering, and operations.

We are focused on recruiting top candidates, developing employees at all levels, and providing opportunities for career advancement.

On an annual basis, we conduct an organization and leadership review process with our Chief Executive Officer and all segment, business unit, and function leaders focusing on our high-performing and high-potential talent, globally diverse talent, and the succession for our most critical roles.

board of directors reviews and assesses management development plans for senior executives and the succession plans relating to those positions.

We believe our management team has the experience necessary to effectively execute our strategy and advance our product and technology leadership.

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Risk Factors.”

Health, Safety, and Well-being

We are committed to the health, safety, well-being, and human rights of our employees, ensuring that all of our people can thrive both at work and beyond.

Our approach goes beyond compliance.

We strive to create an environment where everyone feels safe, respected, and supported, while providing the tools and resources needed to balance work and personal lives and take ownership of their well-being.

Our environmental, health, and safety teams continuously seek ways to raise the standards of safety, health, well-being, and human rights across our organization.

Our “Mission Zero” strategy engages all employees to review our safety policies, complete training, and sign a personal commitment to uphold a safe work environment.

We aspire to be an injury-free workplace and, as such, we have compliance audits and internal processes in place to stay ahead of workplace hazards.

In fiscal 2025, we reduced our Occupational Safety and Health Administration (“OSHA”) total recordable incident rate—a rate equivalent to the number of incidents per 100 employees or 200,000 work hours—to 0.06, with no employee or contractor fatalities.

Our Human Rights Committee of cross-functional leaders, which was established in fiscal 2024, assesses and mitigates the areas of greatest risk for our operations and value chain, and we have developed a roadmap to strengthen our human rights approach.

We apply high standards of human rights and require that our suppliers do the same.

Government Regulation and Supervision

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Any failure to maintain compliance with domestic and foreign trade regulation could limit our ability to import and export raw materials and finished goods into or from the relevant jurisdiction.

See Note 12 to the Consolidated Financial Statements for additional information regarding trade compliance matters.

Also, see “Part I.

Risk Factors” for discussion of the risks and uncertainties associated with trade regulations.

Environmental

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Our One Connected World strategy guides how we balance investor and customer expectations and drive improved environmental sustainability.

We support a safer, sustainable, productive, and connected future through the products that come out of our facilities.

Our sustainability initiatives began several years ago and have continued to evolve.

From fiscal 2020 to 2024, we achieved more than a 20% reduction in energy use intensity, more than a 20% reduction in total water withdrawal, and more than a 70% reduction in absolute GHG emissions for Scopes 1 and 2.

From fiscal 2020 to 2025, we achieved more than a 25% reduction in energy use intensity, more than a 25% reduction in total water withdrawal, and more than an 80% reduction in absolute GHG emissions for Scopes 1 and 2.

We have challenged ourselves to find new ways to continue to drive sustainability improvements.

We have also committed to near-term, company-wide GHG emissions reductions in line with climate science and Science Based Targets initiative (“SBTi”) objectives.

These reduction goals were validated by SBTi and we are currently listed on their “Companies Taking Action” target dashboard which shows companies and financial institutions that have set science-based targets, or have committed to developing such targets.

Our mid-term goals and long-term ambitions, certain of which have already been achieved, include the following:

These reduction goals were validated by the SBTi and we are currently listed on its “Companies Taking Action” target dashboard which shows companies and financial institutions that have set science-based targets, or have committed to developing such targets.

Our mid-term goals and long-term ambitions, many of which have already been achieved, include the following:

Targeted Fiscal Year

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While sustainability is embedded in our operations, we are exploring opportunities with our direct suppliers and logistics service providers to strengthen the environmental sustainability of our supply chain.

The majority of our GHG emissions are from the goods and services we use in our operations.

In addition to improving the sustainability of our operations and working with our suppliers to reduce their GHG emissions, we help our customers produce smaller, lighter, and more energy-efficient products, reducing the environmental impact of the products our customers make through the life of their products.

We support a safer, sustainable, productive, and connected future through the products that come out of our facilities.

Additional information regarding our sustainability initiatives and progress is available in our annual Corporate Responsibility Report located on our website at www.te.com under the heading “Corporate Responsibility.” The contents of our Corporate Responsibility Report are not incorporated by reference in this Annual Report on Form 10-K.

Additional information regarding our sustainability initiatives and progress is available in our annual Corporate Responsibility Report located on our website at www.te.com under the heading “About TE—Corporate Responsibility.” The contents of our Corporate Responsibility Report are not incorporated by reference in this Annual Report on Form 10-K.

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