Amphenol reported that total sales rose 55% year-on-year including acquisitions during its presentation at Citigroup's 2026 Global TMT Conference, while organic growth came in at 30%. Revenue over the last twelve months through Q2 2026 reached $29 billion, representing 54% year-over-year growth, and the company's market capitalization stands at approximately $200 billion.
The firm's IT data comm and AI segment was the standout performer, growing 63% organically or 89% including acquisitions. Chief Executive Officer Adam Norvell said the business is now four times the size it was two years ago. Norvell described the role of connectors in AI infrastructure: "The central nervous system of AI is the interconnect," adding that the company expects more content per system as AI architectures become increasingly complex and accurate.
Book-to-bill ratios remained above 1.0 for several consecutive quarters across nearly all end markets, with the sole exception of communication networks, which saw a slight organic decline. The mobile devices segment grew 14% organically in the quarter, with management expecting 20% sequential growth in the third quarter. Automotive sales rose 6% organically.
Norvell also addressed the performance of the CommScope acquisition, completed in January 2024. At the time of the deal, the unit was expected to be a roughly $3.5 billion business; it is now projected to generate more than $4.5 billion in 2024 sales. More than three-quarters of CommScope's revenue comes from optics-focused operations. Norvell noted that the CommScope team has adopted Amphenol's culture of "humility and hunger" since the integration began.
On capital allocation, Amphenol has a $2 billion share repurchase program ending at year-end that is expected to be renewed. The company typically directs approximately 50% of free cash flow toward acquisitions over time.
Amphenol operates in 45 countries, with its largest industry footprint in India and significant presence across Southeast Asia, Mexico, and Eastern Europe. In the United States, it runs 50 facilities employing 25,000 people. China remains an important manufacturing hub for both local and contract manufacturing clients. The average general manager at Amphenol has been with the company for 17 years, and Norvell characterized the operational philosophy as having "one foot on gas, one on brake."
CFO Craig Lampo and moderator Asiya from Citigroup also participated in the conference session.
