✦ Orders of $10.7 Billion a QuarterNarrow moat

Amphenol (APH) — the future bets

Amphenol booked $10.7 billion of orders in the June 2026 quarter, 23% more than it shipped, and guided sales up another 50% for September.

The clearest bet on Amphenol's next year is already written in its orders. Orders were $8.4 billion in the fourth quarter of 2025, at a book-to-bill ratio of 1.311; $9.4 billion in the first quarter of 2026, "resulting in a book-to-bill of 1.24:1"2; and $10.7 billion in the second, "resulting in a book-to-bill of 1.23:1"3, a 94% rise on a year earlier4. For 2025 as a whole orders were $25.4 billion, up 51%, at a book-to-bill of 1.15.

Amphenol orders by quarter ($bn)8.4 (1.31x)Q4 20259.4 (1.24x)Q1 202610.7 (1.23x)Q2 2026Amphenol Q4 2025 call; Q1 and Q2 2026 results releases (book-to-bill in brackets)
Orders up $2.3 billion in two quarters.

A book-to-bill above one means the company is receiving orders faster than it ships, so sales should keep rising. The guidance for the September quarter is sales of $9.3 billion to $9.4 billion, a rise of 50% to 52%6, and adjusted earnings of $0.70 to $0.71 a share after the split7.

Two cautions apply. Some of the order strength is timing: the chief executive said in January that "We have seen customers open their order window a bit in certain cases"8, which pulls orders forward. And orders can be cancelled before shipment9.

Amphenol guides only one quarter at a time; it gives no full-year forecast. The orders are therefore the only forward signal the company provides, and they are the one this bet rests on.

The full year set the pattern. Orders of $25.4 billion in 202510 were about 1.1 times sales of $23,094.7 million11, and the difference went into the backlog, which rose from $6.1 billion to $8.9 billion12. Every quarter since has booked more than it shipped, which means the backlog is still rising; the company does not disclose it quarterly, so the ratio is the only running check. The June-quarter orders were a record13. Orders rose 94% on the June quarter of 202514, far faster than sales, up 55%15. That gap is the backlog building. Book-to-bill has been above 1.2 for three quarters running161718.

A book-to-bill below 1.0 in any quarter while sales are still rising would mean shipments were catching up with a slowing order stream, the point at which a supplier's growth rate turns.

Moat trajectory: Widening

Book-to-bill 1.31, 1.24 and 1.23 in the last three quarters.

The number that tests this moat
Reported
Book-to-bill, latest quarter
1.23 (Q2 2026: $10.7bn of orders)

Whether demand still runs ahead of shipments; below 1.0 while sales rise would mark the turn.

Source: Amphenol Q2 2026 results release ↗
References
  1. ReportedOrders were $8.4 billion in the fourth quarter of 2025, at a book-to-bill ratio of 1.31; $9.4 billion in the first quarter of 2026, "resulting in a book-to-bill of 1.24:1"; and $10.7 billion in the second, "resulting in a book-to-bill of 1.23:1", a 94% rise on a year earlier.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
  2. ReportedOrders were $8.4 billion in the fourth quarter of 2025, at a book-to-bill ratio of 1.31; $9.4 billion in the first quarter of 2026, "resulting in a book-to-bill of 1.24:1"; and $10.7 billion in the second, "resulting in a book-to-bill of 1.23:1", a 94% rise on a year earlier.
    Amphenol first-quarter 2026 results release, Form 8-K exhibit 99.1 - segment results, orders and the China tax items. — Q1 2026 · publ. 29 April 2026 · source ↗
  3. ReportedOrders were $8.4 billion in the fourth quarter of 2025, at a book-to-bill ratio of 1.31; $9.4 billion in the first quarter of 2026, "resulting in a book-to-bill of 1.24:1"; and $10.7 billion in the second, "resulting in a book-to-bill of 1.23:1", a 94% rise on a year earlier.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  4. ReportedOrders were $8.4 billion in the fourth quarter of 2025, at a book-to-bill ratio of 1.31; $9.4 billion in the first quarter of 2026, "resulting in a book-to-bill of 1.24:1"; and $10.7 billion in the second, "resulting in a book-to-bill of 1.23:1", a 94% rise on a year earlier.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - CommScope, orders, segments and outlook. — Q2 2026 · publ. August 2026 · source ↗
  5. ReportedFor 2025 as a whole orders were $25.4 billion, up 51%, at a book-to-bill of 1.1.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
  6. ReportedThe guidance for the September quarter is sales of $9.3 billion to $9.4 billion, a rise of 50% to 52%, and adjusted earnings of $0.70 to $0.71 a share after the split.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  7. ReportedThe guidance for the September quarter is sales of $9.3 billion to $9.4 billion, a rise of 50% to 52%, and adjusted earnings of $0.70 to $0.71 a share after the split.
    Amphenol release of 6 August 2026, Form 8-K exhibit 99.1 - two-for-one stock split and third-quarter guidance restated on the post-split basis. — August 2026 · publ. 6 August 2026 · source ↗
  8. ReportedSome of the order strength is timing: the chief executive said in January that "We have seen customers open their order window a bit in certain cases", which pulls orders forward.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
  9. ReportedAnd orders can be cancelled before shipment.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1A risk factors: acquisitions, AI demand, trade, China and taxes. — FY2025 · publ. 11 February 2026 · source ↗
  10. ReportedOrders of $25.4 billion in 2025 were about 1.1 times sales of $23,094.7 million, and the difference went into the backlog, which rose from $6.1 billion to $8.9 billion.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
  11. ReportedOrders of $25.4 billion in 2025 were about 1.1 times sales of $23,094.7 million, and the difference went into the backlog, which rose from $6.1 billion to $8.9 billion.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 7 MD&A: sales growth, margins, working capital, backlog and long-lived assets. — FY2025 · publ. 11 February 2026 · source ↗
  12. ReportedOrders of $25.4 billion in 2025 were about 1.1 times sales of $23,094.7 million, and the difference went into the backlog, which rose from $6.1 billion to $8.9 billion.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 7 MD&A: sales growth, margins, working capital, backlog and long-lived assets. — FY2025 · publ. 11 February 2026 · source ↗
  13. ReportedThe June-quarter orders were a record.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - CommScope, orders, segments and outlook. — Q2 2026 · publ. August 2026 · source ↗
  14. ReportedOrders rose 94% on the June quarter of 2025, far faster than sales, up 55%.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - CommScope, orders, segments and outlook. — Q2 2026 · publ. August 2026 · source ↗
  15. ReportedOrders rose 94% on the June quarter of 2025, far faster than sales, up 55%.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  16. ReportedBook-to-bill has been above 1.2 for three quarters running.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  17. ReportedBook-to-bill has been above 1.2 for three quarters running.
    Amphenol first-quarter 2026 results release, Form 8-K exhibit 99.1 - segment results, orders and the China tax items. — Q1 2026 · publ. 29 April 2026 · source ↗
  18. ReportedBook-to-bill has been above 1.2 for three quarters running.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
Sources
Generated September 28, 2026