AMPHENOL CORP /DE/ FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$23.1B
Gross margin	36.9%
Operating income	$5.9B
Net income	$4.3B
Diluted EPS	$3.34
Cash & equivalents	$11.1B
Total assets	$36.2B
Long-term debt	$14.6B

Key takeaway

Revenue of $23.09 billion and net income of $4.27 billion reflect continued growth, aided by a large debt-funded acquisition (CommScope) that expanded goodwill by $2.16 billion.

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Beneath the surface

Despite $14.56 billion in long-term debt, the company holds $11.13 billion in cash, resulting in a much smaller net debt position than the headline debt figure suggests, though debt is expected to rise further with post-year-end Delayed Draw Term Loan borrowings.

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