Amphenol Corporation stock research
FY2025 Q3
Amphenol (APH) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit and cost of revenue also increased, resulting in an improved gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit and cost of revenue also increased, resulting in an improved gross margin.
- The gross margin improvement was driven by a larger increase in revenue relative to cost of revenue, leading to a higher proportion of revenue retained as gross profit.
- Sequentially, gross margin strengthened from the prior quarter. Year-over-year, gross margin also showed improvement.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
38.1%
Gross profit
$2.4B
Revenue
$6.2B
Cost of revenue
$3.8B
Quarter-over-quarter change
+1.7 pts
Year-over-year change
+4.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $4.3B | $1.5B | $2.8B | 34.3% |
| Mar 31, 2025 | $4.8B | $1.6B | $3.2B | 34.2% |
| Jun 30, 2025 | $5.7B | $2.1B | $3.6B | 36.3% |
| Sep 30, 2025 | $6.2B | $2.4B | $3.8B | 38.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+1.7 pts
Year-over-year change
Sep 30, 2024
+4.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement was driven by a larger increase in revenue relative to cost of revenue, leading to a higher proportion of revenue retained as gross profit.
Sequentially, gross margin strengthened from the prior quarter. Year-over-year, gross margin also showed improvement.
Monitor the relationship between revenue growth and cost of revenue growth for any changes in margin trajectory.