AI Takeaway
APH delivered exceptional FY2025 results with revenue surging 51.7% to $23.1B and net income jumping 76.2% to $4.3B, driven by strong organic growth and acquisitions, while expanding gross margin to 36.9% and generating $5.4B in operating cash flow.
Revenue
$23.09B
++51.71% YoY
EPS (Basic)
$3.51
++74.63% YoY
Gross Margin
36.9%
++3.12% YoY
Operating Income
$5.87B
++85.90% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
APH's revenue grew 51.7% year-over-year to $23.1B in FY2025, up from $15.2B in the prior year, reflecting a combination of robust organic demand across end markets and the contribution of strategic acquisitions that significantly expanded the company's revenue base.
Source: Source: 10-K Income Statement
Gross margin improved 310 basis points to 36.9% (from 33.8%), while operating margin expanded 470 basis points to 25.4% (from 20.7%), indicating strong operating leverage as revenue growth outpaced cost increases and the company achieved better absorption of fixed costs.
Source: Source: 10-K Income Statement & Key Ratios
Cash and equivalents more than tripled to $11.1B (from $3.3B), supported by $7.4B in financing cash flows, suggesting significant debt or equity issuance likely tied to acquisition financing, while operating cash flow nearly doubled to $5.4B.
Source: Source: 10-K Balance Sheet & Cash Flow Statement
2 more insights available
Upgrade to unlockTotal assets surged 69% to $36.2B and total liabilities nearly doubled to $22.7B, strongly suggesting large-scale acquisitions were completed in FY2025. Integrating acquired businesses carries execution risk including cultural misalignment, customer attrition, and failure to realize expected synergies, which could pressure future margins and returns.
Source: Source: 10-K Balance Sheet
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.97 versus the $0.94 analyst consensus — a +2.9% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $23.09B | $15.22B | +51.71% |
Cost of Revenue | $14.58B | $10.08B | +44.57% |
Gross Profit | $8.52B | $5.14B | +65.72% |
Operating Income | $5.87B | $3.16B | +85.90% |
Net Income | $4.27B | $2.42B | +76.17% |
EPS (Basic) | $3.51 | $2.01 | +74.63% |
EPS (Diluted) | $3.34 | $1.92 | +73.96% |
R&D Expense | $647M | $453M | +42.83% |
SG&A Expense | $2.55B | $1.86B | +37.20% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $36.24B | $21.44B | +69.01% |
Current Assets | $20.27B | $9.69B | +109.24% |
Total Liabilities | $22.73B | $11.58B | +96.19% |
Current Liabilities | $6.8B | $4.08B | +66.58% |
Stockholders' Equity | $13.41B | $9.79B | +36.98% |
Cash & Equivalents | $11.13B | $3.32B | +235.56% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $5.37B | $2.81B | +90.95% |
Investing Cash Flow | $-5.08B | $-2.65B | -91.88% |
Financing Cash Flow | $7.42B | $1.73B | +329.11% |
Share Buybacks | $665.2M | $689.3M | -3.50% |
D&A | $922.4M | $572.5M | +61.12% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Gross Margin | 36.9% | 33.8% | +3.12% |
Operating Margin | 25.4% | 20.7% | +4.67% |
Net Margin | 18.5% | — | — |
ROE | 31.8% | — | — |
ROA | 11.8% | — | — |
Current Ratio | $2.979 | — | — |
Debt to Equity | $1.694 | — | — |
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APH's revenue grew 51.7% year-over-year to $23.1B in FY2025, up from $15.2B in the prior year. This exceptional growth was driven by a combination of strong organic demand across APH's diversified end markets and the contribution of strategic acquisitions completed during the fiscal year.
APH delivered record results in FY2025 with revenue of $23.1B (+51.7%), net income of $4.3B (+76.2%), and diluted EPS of $3.34 (+74.0%). Gross margin expanded to 36.9% and operating margin reached 25.4%, while cash and equivalents surged to $11.1B, reflecting both strong profitability and significant capital activity.
Yes, APH significantly improved its margins in FY2025, with gross margin expanding 310 basis points to 36.9% and operating margin improving 470 basis points to 25.4%. This margin expansion reflects strong operating leverage as revenue growth of 51.7% substantially outpaced growth in operating costs.
Based on the financial data, key risks for APH include acquisition integration risk given the near-doubling of total liabilities to $22.7B, elevated financial leverage with a debt-to-equity ratio of 1.69x, and exposure to cyclical end markets that could make the exceptional FY2025 growth rate difficult to sustain in a macroeconomic downturn.
APH's financial health appears strong, with a current ratio of 2.98x, $11.1B in cash, and operating cash flow of $5.4B demonstrating robust liquidity and earnings quality. However, the debt-to-equity ratio of 1.69x and total liabilities of $22.7B warrant monitoring, as the balance sheet has expanded significantly due to acquisition activity.