Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue | $10.2 billion | up 65% YoY |
| Adjusted Diluted EPS | $0.80 | up 74% YoY |
| Orders | $12.17 billion | up 99% YoY |
| Adjusted Operating Margin | 29.7% | up 220 basis points YoY |
| Operating Cash Flow | $2.1 billion | Not stated |
Guidance and outlook
- Q4 2026 sales are expected in the range of $10.3 billion to $10.5 billion.
- Q4 2026 adjusted diluted EPS is expected in the range of $0.81 to $0.83.
- Full year 2026 sales are expected to be $36.9 billion to $37.1 billion.
- Full year 2026 adjusted diluted EPS is expected to be $2.82 to $2.84.
How management sounded
Positive (+7 on our -10 to +10 scale). Management delivered record results, raised full-year guidance, and highlighted strong execution across all end markets, particularly in AI-related IT datacom. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
CommScope Performance
Asked: An analyst asked about the guidance raise for CommScope and their supply chain flexibility.
Answer: Management credited the CommScope team for strong execution and supply chain diversification, noting they are successfully leveraging Amphenol's capital and scale.
IT Datacom and AI Demand
Asked: An analyst asked if the 30% sequential growth in IT datacom was driven by customer demand or fulfillment speed.
Answer: Management stated they satisfied customer demand and are seeing continued high procurement levels, noting no signs of project-based lumpiness.
EBIT Margins
Asked: An analyst asked about the potential to exceed the 30% incremental margin target.
Answer: Management noted they are proud of the 29.7% margin and expect to expand margins over time as revenue grows, though they are not changing long-term targets yet.
Defense Market Outlook
Asked: An analyst asked about the long-term outlook for the defense market and the impact of current conflicts.
Answer: Management highlighted strong growth across all defense segments and noted that while they hope for peace, they expect a multi-year replenishment cycle and continued investment in next-generation technology.
What to watch before the next call
- Integration progress of the four newly announced acquisitions.
- Sustainability of AI-driven demand in the IT datacom segment.
- Potential margin impact from future acquisitions.
