Title

Earning Preview: Amphenol revenue is expected to increase by 39.79%, and institutional views are bullish

Abstract

Amphenol will report its quarterly results on January 28, 2026 Pre-Market, with expectations centered on strong year-over-year growth in revenue and earnings per share, while investors assess whether sequential trends and margins align with recent performance and forecast baselines.

Market Forecast

For the current quarter, expectations point to revenue of $5.67 billion and adjusted EPS of $0.80, alongside EBIT of $1.36 billion. The year-over-year growth rates implied by these estimates are 39.79% for revenue, 59.00% for adjusted EPS, and 54.29% for EBIT. Forecasts do not specify gross profit margin or net profit margin for the current quarter.

The main business is anchored by the scale demonstrated last quarter, with Communications Solutions contributing $3.31 billion, underpinning company-level execution and providing the foundation for delivering the forecast revenue. The most promising segment by scale remains Communications Solutions at $3.31 billion last quarter, positioned to drive the company’s projected 39.79% year-over-year revenue increase.

Last Quarter Review

In the previous quarter, Amphenol delivered revenue of $6.19 billion, gross profit margin of 38.09%, GAAP net profit attributable to the parent company of $1.25 billion, net profit margin of 20.11%, and adjusted EPS of $0.93; revenue grew 53.37% year-over-year and adjusted EPS rose 86.00% year-over-year.

A key highlight was quarter-on-quarter improvement in profitability, with net profit increasing by 14.15% versus the prior quarter, supported by resilient margin performance relative to the company’s product and customer mix. Main business contributions were broad-based: Communications Solutions generated $3.31 billion, Harsh Environment Solutions produced $1.52 billion, and Interconnect and Sensor Systems delivered $1.37 billion, reflecting respective revenue shares of 53.43%, 24.47%, and 22.10%.

Current Quarter Outlook

Communications Solutions

Communications Solutions is the company’s largest business and remains pivotal for meeting the current quarter’s expectations. With last quarter’s revenue of $3.31 billion and a 53.43% contribution to the total, execution in this area will be central to achieving the forecast revenue of $5.67 billion. Investors will monitor how the mix within this segment aligns with last quarter’s gross margin baseline of 38.09% and net margin of 20.11%, particularly as the current quarter’s EBIT estimate of $1.36 billion implies a company-level EBIT margin of 23.97% compared with 27.46% last quarter. The sequential comparison of revenue ($6.19 billion last quarter versus $5.67 billion forecast) suggests a moderation relative to the prior period’s high base, making consistency in deliveries and operational efficiency within Communications Solutions an important determinant for whether adjusted EPS meets the $0.80 estimate. The segment’s scale also means any positive or negative deviation will disproportionately influence consolidated outcomes, highlighting the importance of stable backlog conversion and disciplined cost control to preserve profitability.

Performance here will be assessed against the year-over-year benchmarks embedded in the forecast, which call for a 39.79% revenue increase and a 59.00% adjusted EPS increase. The interplay between volume and pricing within Communications Solutions, combined with operating leverage, will shape EBIT conversion in the quarter. Given last quarter’s net margin of 20.11%, investors will look for signs that margin resilience can be maintained as the company navigates product mix and timing of shipments, with particular attention to whether profitability trends remain close to last quarter’s levels despite a lower sequential revenue base.

Harsh Environment Solutions

Harsh Environment Solutions contributed $1.52 billion last quarter, representing 24.47% of the company’s revenue. Though smaller than Communications Solutions by dollar contribution, its absolute scale affords it meaningful influence on consolidated results. If Harsh Environment Solutions holds near last quarter’s revenue and mix, it can materially help bridge the gap between $6.19 billion last quarter and the $5.67 billion forecast this quarter, particularly if the segment’s margin dynamics align with the company’s overall historical baselines. The segment’s impact will likely be visible in EBIT and adjusted EPS performance, given the current quarter’s implied year-over-year growth rates of 54.29% for EBIT and 59.00% for adjusted EPS, which set a high bar for execution.

From an operational standpoint, maintaining last quarter’s margin architecture—38.09% gross margin and 20.11% net margin—would support the case for achieving the forecast EBIT of $1.36 billion. The degree to which Harsh Environment Solutions delivers consistent throughput and stable cost absorption will influence how total margins evolve, especially as the company is measured against a prior quarter EBIT margin of 27.46% versus the current forecast’s implied 23.97%. The segment’s steady contribution provides optionality to offset any mix effects elsewhere in the portfolio, so investors will be alert to signals of continuity or shifts that could affect consolidated profitability.

Key Stock Price Drivers

The primary stock price driver for the current quarter will be whether Amphenol meets or exceeds the forecast revenue of $5.67 billion and adjusted EPS of $0.80, and how these compare sequentially to last quarter’s $6.19 billion revenue and $0.93 adjusted EPS. Markets are highly sensitive to the trajectory of margins; with last quarter’s gross margin at 38.09% and net margin at 20.11%, commentary and reported outcomes related to margin pressures or relief will be closely parsed. Equally important is EBIT delivery relative to the $1.36 billion forecast and its implied margin of 23.97%, against last quarter’s $1.70 billion and 27.46% margin, because the degree of operating leverage achieved will directly affect adjusted EPS versus expectations.

Segment mix will play a crucial role: Communications Solutions at 53.43% of last quarter revenue is likely to remain the anchor, while Harsh Environment Solutions at 24.47% and Interconnect and Sensor Systems at 22.10% provide meaningful second- and third-largest contributions. If segment performance remains broadly consistent with last quarter’s mix, the company would be well-positioned to deliver the forecast year-over-year revenue increase of 39.79%. Any deviation in mix—either toward or away from higher-margin categories—will impact the conversion of revenue into EBIT and net income and thus shape investor reaction to the print. Finally, the pace of sequential normalization from last quarter’s strong base will be judged against the magnitude of year-over-year gains implied in the estimates, dictating how the market interprets the balance of growth and profitability.

Analyst Opinions

Bullish opinions constitute 100.00% of the current coverage set within the reviewed period, with no bearish views observed. Evercore ISI’s Amit Daryanani maintained a Buy rating with a $165.00 price target, and Citi’s Asiya Merchant maintained a Buy rating with a $175.00 price target. These positions align with the company’s forecasted year-over-year expansion in revenue and earnings, indicating confidence that the upcoming release can validate execution strength and a supportive growth profile across the company’s portfolio.

The bullish stance is supported by the forecast revenue of $5.67 billion, adjusted EPS of $0.80, and EBIT of $1.36 billion, which imply year-over-year increases of 39.79%, 59.00%, and 54.29%, respectively. The analysts’ targets suggest a view that the company’s recent performance and upcoming quarter could continue to demonstrate consistent delivery on growth and profitability metrics, even as sequential comparisons reflect normalization from last quarter’s high base. This perspective is coherent with last quarter’s 38.09% gross margin and 20.11% net margin, as well as net profit growth of 14.15% quarter-on-quarter, all of which establish a strong baseline for judging this quarter’s margin trajectory and conversion to adjusted EPS.

In assessing these views, investors are likely to focus on whether reported results and guidance commentary corroborate the forecast year-over-year trends and stabilize sequential dynamics. A key litmus test will be whether segment executions—led by Communications Solutions at $3.31 billion last quarter—produce consolidated outcomes consistent with the implied EBIT margin of 23.97% for the current quarter. Should the company demonstrate margins near last quarter’s levels while delivering the forecast revenue and adjusted EPS, the majority bullish stance could be reinforced, supporting the view embedded in the $165.00 to $175.00 price target range that the company’s earnings power remains robust.

On balance, the aggregation of analyst opinions, the strength of last quarter’s metrics, and the magnitude of year-over-year forecasts point to a constructive setup for the release on January 28, 2026 Pre-Market. The market will be attentive to whether the company’s segment mix and margin performance substantiate the bullish consensus, with the degree of alignment between reported figures and the $5.67 billion revenue and $0.80 adjusted EPS benchmarks likely determining the direction and durability of the stock’s post-report reaction.