{"schemaVersion":1,"research":true,"symbol":"aph","name":"Amphenol","topic":"moat","path":"/stock/aph/moat","status":"published","version":6,"updatedAt":"2026-10-19T16:34:58.528Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Amphenol has a narrow moat supported by application-specific engineering capabilities and supplier qualification requirements that favor established, technically capable suppliers with global delivery capacity. Strong organic growth, cash generation and operating execution corroborate commercial relevance. The passages do not demonstrate exceptional competitive durability or realized pricing power: customers require competitive prices, order commitments are short, and technological change can reopen competition.","advantages":[{"mechanism":"intangible_assets","claim":"Application-specific engineering and system-integration capabilities support differentiated interconnect solutions. Actual organic growth corroborates demand for these capabilities, although claims of technological leadership remain issuer assertions.","durability":"Engineering knowledge and application experience provide a current advantage, but maintaining it requires continued innovation. The evidence supports a narrow advantage without establishing a protected multidecade franchise.","risks":"Technological changes can admit new competitors or alter customer requirements. AI investment contributes to current demand and could obscure weaker underlying competitive performance. Patent ownership alone does not establish protection.","invalidation":"Repeated losses of technically demanding customer programs to alternative suppliers, sustained organic underperformance during healthy end-market demand, or demonstrated product interchangeability without meaningful engineering differentiation would invalidate this advantage.","competitors":[],"evidenceIds":["e1","e2","e5","e6"],"counterEvidenceIds":["e7","e8","e9"]},{"mechanism":"switching_costs","claim":"Customers' consolidation of qualified suppliers around technical, quality, delivery and geographic requirements creates a qualification hurdle favoring established suppliers such as Amphenol. This supports moderate switching friction, rather than proven contractual lock-in.","durability":"Supplier qualification and application requirements can sustain relationships across successive orders. Short contractual durations do not eliminate qualification friction, but neither qualification costs nor customer relationship persistence are quantified.","risks":"Customers also require competitive prices and can reconsider suppliers as technology changes. Most performance obligations are fulfilled quickly, limiting contractual demand protection. Global presence is a management-claimed advantage rather than a demonstrated exclusive capability.","invalidation":"Evidence that customers routinely replace Amphenol with newly qualified suppliers without material testing, integration or delivery disruption, or sustained removal from qualified supplier lists, would invalidate the switching-friction thesis.","competitors":[],"evidenceIds":["e1","e3","e4","e5"],"counterEvidenceIds":["e7","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business—application-specific industrial engineering capabilities","excerpt":"Amphenol’s core competencies include application-specific industrial interconnect solutions utilizing integrated assemblies, including with both cable and flexible printed circuits, as well as high-power interconnects requiring advanced engineering and system integration."},{"id":"e2","sourceId":"filing-1","location":"Business—issuer assessment of IT datacom technology and market position","excerpt":"With our industry-leading high-speed, power and active and passive fiber optic interconnect technologies, together with superior simulation and testing capability and cost effectiveness, Amphenol is a market leader in interconnect development for the information technology and data communications (“IT datacom”) market."},{"id":"e3","sourceId":"filing-1","location":"MD&A—qualified supplier consolidation and competitive pricing requirements","excerpt":"For many years, customers have generally been consolidating their lists of qualified suppliers to companies that have the ability to meet certain technical, quality, delivery and other standards while maintaining geographic flexibility and competitive prices."},{"id":"e4","sourceId":"filing-1","location":"MD&A—management assessment of global presence","excerpt":"The Company believes that its global presence is an important competitive advantage, as it allows the Company to provide quality products on a timely and worldwide basis to its multinational customers, while at the same time offering a level of resiliency and diversification against local risks and challenges that may emerge in any single geography."},{"id":"e5","sourceId":"filing-3","location":"Proxy statement—2025 operating achievements and ten-year growth record","excerpt":"dollars and 38% organically compared to the full year 2024 ​ • GAAP Diluted EPS of $3.34, up 74% compared to prior year ​ • Adjusted Diluted EPS of $3.34, up 77% compared to prior year ​ • GAAP and Adjusted Operating Margin of 25.4% and 26.2%, respectively ​ • Operating and Free Cash Flow of $5.4 billion and $4.4 billion, respectively ​ • Completed five acquisitions ​ • Signed agreement to acquire CommScope’s CCS business, and closed on the acquisition in January 2026 ​ • Returned nearly $1.5 billion to shareholders ​ Over the past ten years, Amphenol has grown Net sales by 315%, Adjusted Diluted EPS by 457% and Operating Cash Flow by 422%, a significant long-term achievement that reflects the Company’s ongoing track record of creating long-term value for our shareholders."},{"id":"e6","sourceId":"filing-6","location":"MD&A—Communications Solutions organic volume growth and operating leverage","excerpt":"The increase in operating margin for the Communications Solutions segment relative to the comparable period in 2025 was primarily driven by strong operating leverage on the significantly higher organic sales volumes, partially offset by the negative impact on operating margin related to acquisitions completed within the prior 12 months that are currently operating below the average operating margin of the Company."},{"id":"e7","sourceId":"filing-1","location":"Risk factors—technological change and potential new competition","excerpt":"Rapid technological changes could also lead to the entry of new competitors of various sizes, against whom we may not be able to successfully compete."},{"id":"e8","sourceId":"filing-1","location":"Business—limited dependence on individual patents or related patent groups","excerpt":"While we consider our patents and trademarks to be valuable assets, we do not believe that our competitive position or our operations are dependent upon or would be materially impacted by the loss of any single patent or group of related patents, or by a third party’s successful enforcement of its patents against us or any of our products."},{"id":"e9","sourceId":"filing-1","location":"Risk factors—AI investment driving current product demand","excerpt":"For example, some of our customers are making significant investments in AI, and these investments are driving robust demand for certain of the Company’s products."},{"id":"e10","sourceId":"filing-2","location":"Revenue recognition—timing of remaining performance obligations","excerpt":"It is generally expected that a substantial portion of our remaining performance obligations will be fulfilled within three months, and nearly all of our performance obligations are fulfilled within one year."},{"id":"e11","sourceId":"filing-2","location":"Revenue recognition—contracts generally lasting one year or less","excerpt":"Since our performance obligations are part of contracts that generally have original durations of one year or less, we have not disclosed the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations as of June 30, 2026."},{"id":"e12","sourceId":"filing-1","location":"Risk factors—potential customer commitment changes in downturns","excerpt":"Periodic downturns in any of our customers’ end markets can significantly reduce demand for certain of our products and result in customers canceling, delaying, reducing or otherwise modifying their purchase commitments, which could have a material adverse effect on the Company’s business, financial condition and results of operations."},{"id":"e13","sourceId":"filing-2","location":"MD&A—first-half 2026 operating income and margin comparison","excerpt":"Operating income was $4,416.4 or 27.0% of net sales, for the six months ended June 30, 2026, compared to $2,443.6, or 23.4% of net sales, for the six months ended June 30, 2025."},{"id":"e14","sourceId":"filing-2","location":"MD&A—operating leverage, cost control, tariff recovery and acquisition effects","excerpt":"The decrease in Operating expenses as a percentage of net sales and increase in Operating income as a percentage of net sales for the six months ended June 30, 2026 was primarily driven by strong operating performance and disciplined cost control, which generated strong operating leverage on the significant growth experienced during the period, and to a lesser extent, due to a net benefit of $80.0 related to the recovery of IEEPA tariffs, partially offset by the effect of acquisitions, which currently have higher Operating expenses as a percentage of net sales compared to the Company average."},{"id":"e15","sourceId":"filing-1","location":"MD&A—2024 and 2023 operating income and margins","excerpt":"Operating income was $3,156.9, or 20.7% of net sales, in 2024, compared to $2,559.6, or 20.4% of net sales, in 2023."},{"id":"e16","sourceId":"filing-2","location":"Unaudited cash flow statement—cash generation, investment, financing and shareholder distributions","excerpt":"​ ​ 4 Table of Contents AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (dollars in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Cash from operating activities: ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 2,727.5 ​ $ 1,845.0 ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 827.2 ​ 445.7 ​ Stock-based compensation expense ​ 79.6 ​ 57.9 ​ Deferred income tax provision (benefit) ​ 279.9 ​ ​ (35.4) ​ Net change in components of working capital ​ ​ (1,176.4) ​ ​ (374.3) ​ Net change in other long-term assets and liabilities ​ ​ (59.1) ​ ​ 242.8 ​ Net cash provided by operating activities ​ 2,678.7 ​ 2,181.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash from investing activities: ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ (647.1) ​ (485.7) ​ Proceeds from disposals of property, plant and equipment ​ 5.1 ​ 5.7 ​ Purchases of investments ​ (701.0) ​ (12.6) ​ Sales and maturities of investments ​ 325.4 ​ 11.6 ​ Acquisitions, net of cash acquired ​ (10,684.0) ​ (2,483.2) ​ Other, net ​ ​ (2.0) ​ ​ — ​ Net cash used in investing activities ​ (11,703.6) ​ (2,964.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash from financing activities: ​ ​ ​ ​ ​ ​ ​ Proceeds from issuance of senior notes and other long-term debt ​ 4,927.2 ​ 1,430.0 ​ Repayments of senior notes and other long-term debt ​ (1,535.7) ​ ​ (400.9) ​ Borrowings (repayments) under commercial paper programs, net ​ ​ — ​ ​ — ​ Payment of costs related to debt financing ​ (11.7) ​ (9.1) ​ Purchase of treasury stock ​ (386.0) ​ (341.0) ​ Proceeds from exercise of stock options ​ ​ 200.6 ​ ​ 333.8 ​ Distributions to and purchases of noncontrolling interests ​ ​ (0.6) ​ ​ (1.9) ​ Dividend payments ​ (614.0) ​ (399.1) ​ Other, net ​ ​ 5.4 ​ ​ 0.5 ​ Net cash provided by financing activities ​ 2,585.2 ​ 612.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash and cash equivalents ​ 38.5 ​ 60.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net decrease in cash and cash equivalents ​ (6,401.2) ​ (110.0) ​ Cash and cash equivalents balance, beginning of period ​ 11,130.6 ​ 3,317.0 ​ Cash and cash equivalents balance, end of period ​ $ 4,729.4 ​ $ 3,207.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for: ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 375.8 ​ $ 139.3 ​ Income taxes, net ​ 1,158.3 ​ 502.4 ​ ​ See accompanying notes to condensed consolidated financial statements."},{"id":"e17","sourceId":"filing-1","location":"Risk factors—experienced acquisition difficulties and benefits falling short","excerpt":"From time to time, the Company experiences difficulty and unanticipated expenses associated with purchasing and assimilating acquisitions into the Company, and acquisitions do not always perform and deliver the financial benefits expected."},{"id":"e18","sourceId":"filing-2","location":"Note 9—weighted average shares, option dilution and earnings per share","excerpt":"The following is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding, which were used to calculate the earnings per share (basic and diluted) for the three and six months ended June 30, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (dollars and shares in millions, except per share data) ​ 2026 ​ ​ 2025 ​ ​ 2026 ​ ​ 2025 ​ ​ Net income attributable to Amphenol Corporation stockholders ​ $ 1,769.2 ​ $ 1,091.3 ​ $ 2,702.2 ​ $ 1,829.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding — Basic ​ 1,230.4 ​ 1,215.3 ​ 1,229.7 ​ 1,212.5 ​ Effect of dilutive stock options ​ 58.8 ​ 56.9 ​ 59.7 ​ 56.7 ​ Weighted average common shares outstanding — Diluted ​ 1,289.2 ​ 1,272.2 ​ 1,289.4 ​ 1,269.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Amphenol Corporation per common share — Basic ​ $ 1.44 ​ $ 0.90 ​ $ 2.20 ​ $ 1.51 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Amphenol Corporation per common share — Diluted ​ $ 1.37 ​ $ 0.86 ​ $ 2.10 ​ $ 1.44 ​ ​ ​ Excluded from the computation above were anti-dilutive common shares (primarily related to outstanding stock options) of 4.3 million and 8.3 million for the three months ended June 30, 2026 and 2025, respectively."},{"id":"e19","sourceId":"filing-3","location":"Compensation discussion—five-year vesting of outstanding employee option grants","excerpt":"All currently outstanding employee stock option grants have a five-year vesting period, with 20% vesting each year."},{"id":"e20","sourceId":"filing-3","location":"Compensation discussion—historical incentive payouts and growth measures","excerpt":"The other at-risk compensation is annual incentive-plan compensation which historically has not paid out if Adjusted Diluted EPS declines, and rewards the Chief Executive Officer when Company revenues and Adjusted Diluted EPS grow."},{"id":"e21","sourceId":"filing-3","location":"Governance—prohibition on hedging, short sales, margin purchases and pledges","excerpt":"PROHIBITION ON SHORT SALES, TRANSACTIONS IN DERIVATIVE SECURITIES AND HEDGING The Company has a written policy prohibiting officers and directors from engaging in (i) short sales of the Company’s securities, (ii) transactions in puts, calls or other derivative securities involving the Company’s securities, (iii) hedging transactions involving the Company’s securities, (iv) purchases of the Company’s securities on margin (other than a cashless exercise of stock options under the Company’s equity plans), and (v) any pledges of the Company’s securities to secure margin or other loans."},{"id":"e22","sourceId":"filing-3","location":"Compensation discussion—actual 2025 incentive performance criteria","excerpt":"In 2025 the quantitative performance criteria for (i) participants with Company-wide responsibilities was based on Company revenue and Adjusted Diluted EPS growth in 2025 over 2024 and (ii) other participants was based on responsibility unit revenue and operating income growth in 2025 over 2024, adjusted for actual operating income in 2025 as compared to 2025 operating income budget."},{"id":"e23","sourceId":"filing-3","location":"Board committees—independence determinations","excerpt":"The Board has determined that all the members of the Audit Committee, the Compensation Committee and the Nominating/Corporate Governance Committee are independent and satisfy the relevant SEC and New York Stock Exchange independence requirements for the members of such committees."},{"id":"e24","sourceId":"filing-3","location":"Investor outreach—implemented shareholder governance rights","excerpt":"In prior years, the Company has taken a variety of other significant actions in response to investor feedback, such as adopting an 62 TABLE OF CONTENTS​​ amendment to the By-Laws to implement “proxy access”, which, subject to the requirements of the By-Laws, permits stockholders to nominate candidates for election to the Board, lowering the threshold to call special meetings of stockholders from 50% to 25%, declassifying the Board and providing for the annual election of directors, allowing stockholders to act by written consent and eliminating supermajority voting requirements in the Company’s Certificate of Incorporation and By-Laws."},{"id":"e25","sourceId":"filing-3","location":"Leadership structure—announced combined chair and CEO transition","excerpt":"Following Mr. Loeffler’s announcement that he would not stand for re-election to the Board, the Board determined that implementing a combined Chairman/Chief Executive Officer and Lead Independent Director structure is the appropriate leadership structure at this time to balance between the most effective operation of the Board and independent oversight of management."},{"id":"e26","sourceId":"filing-6","location":"Income taxes—unfavorable China determinations and reassessed prior-year obligations","excerpt":"In addition, for the three months ended March 31, 2026, the Company recorded an accrual of $130.0 resulting from unfavorable determinations received from relevant tax authorities in China regarding the previously disclosed tax inquiries into certain of the Company’s prior period tax positions, as well as $160.0 in additional tax obligations related to China resulting from the Company’s reassessment of certain tax rate assumptions applied to prior years’ results not subject to the tax inquiries as further discussed below."},{"id":"e27","sourceId":"filing-2","location":"Non-GAAP definitions—organic growth combines volume and pricing","excerpt":"​ ● Organic Net Sales Growth is defined as the period-over-period percentage change in net sales growth resulting from operating volume and pricing changes, and excludes the impact of (i) changes in foreign currency exchange rates (described above), which is outside the control of the Company, and (ii) acquisitions, both of which are taken as a percentage of the respective prior period(s) net sales."},{"id":"e28","sourceId":"filing-3","location":"Compensation discussion—items excluded from adjusted financial measures","excerpt":"Items excluded in the presentation of such non-GAAP financial measures in any period may consist of, without limitation, acquisition-related expenses, refinancing-related costs, gains associated with bargain purchase acquisitions, the excess tax benefits related to stock-based compensation and certain other discrete tax items including but not limited to (i) the impact of tax audits relating to prior periods and (ii) significant changes in tax law."},{"id":"completion-15c54b9ee39c-e1","sourceId":"filing-2","location":"Organic Net Sales Growth definition","excerpt":"​ ● Organic Net Sales Growth is defined as the period-over-period percentage change in net sales growth resulting from operating volume and pricing changes, and excludes the impact of (i) changes in foreign currency exchange rates (described above), which is outside the control of the Company, and (ii) acquisitions, both of which are taken as a percentage of the respective prior period(s) net sales."},{"id":"completion-15c54b9ee39c-e2","sourceId":"filing-6","location":"Communications Solutions operating-margin discussion","excerpt":"The increase in operating margin for the Communications Solutions segment relative to the comparable period in 2025 was primarily driven by strong operating leverage on the significantly higher organic sales volumes, partially offset by the negative impact on operating margin related to acquisitions completed within the prior 12 months that are currently operating below the average operating margin of the Company."},{"id":"completion-15c54b9ee39c-e3","sourceId":"filing-2","location":"Revenue recognition—customer orders","excerpt":"​ The Company receives customer orders negotiated with multiple delivery dates that may extend across more than one reporting period until the contract is fulfilled, the end of the order period is reached, or a pre-determined maximum order value has been reached."},{"id":"completion-15c54b9ee39c-e4","sourceId":"filing-2","location":"Revenue recognition—performance obligation duration","excerpt":"Since our performance obligations are part of contracts that generally have original durations of one year or less, we have not disclosed the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations as of June 30, 2026."},{"id":"completion-15c54b9ee39c-e5","sourceId":"filing-1","location":"Qualified supplier requirements","excerpt":"For many years, customers have generally been consolidating their lists of qualified suppliers to companies that have the ability to meet certain technical, quality, delivery and other standards while maintaining geographic flexibility and competitive prices."},{"id":"completion-15c54b9ee39c-e6","sourceId":"filing-8","location":"First-quarter 2026 operating highlights","excerpt":"dollars and 33% organically compared to the first quarter of 2025\n●\nOrders of $9.4 billion, resulting in a book-to-bill of 1.24:1\n●\nGAAP Diluted EPS of $0.72, up 24% compared to prior year\n●\nAdjusted Diluted EPS of $1.06, up 68% compared to prior year\n●\nGAAP and Adjusted Operating Margin of 24.0% and 27.3%, respectively\n●\nOperating and Free Cash Flow of $1.1 billion and $831 million, respectively\n●\nCompleted the acquisition of CommScope’s CCS business as previously announced"},{"id":"completion-15c54b9ee39c-e7","sourceId":"filing-7","location":"Second-quarter 2026 operating highlights","excerpt":"dollars and 30% organically compared to the second quarter of 2025\n●\nOrders of $10.7 billion, resulting in a book-to-bill of 1.23:1\n●\nGAAP Diluted EPS of $1.37, up 59% compared to prior year\n●\nAdjusted Diluted EPS of $1.35, up 67% compared to prior year\n●\nGAAP and Adjusted Operating Margin of 29.5% and 29.8%, respectively\n●\nGAAP and Adjusted Operating Income include an $80 million ($0.04 per share) net benefit related to the recovery of IEEPA tariffs\n●\nOperating and Free Cash Flow of $1.6 billion and $1.2 billion, respectively\n●\nCompleted two acquisitions: El.Com and Wilder Technologies"},{"id":"completion-15c54b9ee39c-e8","sourceId":"filing-3","location":"2025 performance and ten-year operating achievements","excerpt":"dollars and 38% organically compared to the full year 2024 ​ • GAAP Diluted EPS of $3.34, up 74% compared to prior year ​ • Adjusted Diluted EPS of $3.34, up 77% compared to prior year ​ • GAAP and Adjusted Operating Margin of 25.4% and 26.2%, respectively ​ • Operating and Free Cash Flow of $5.4 billion and $4.4 billion, respectively ​ • Completed five acquisitions ​ • Signed agreement to acquire CommScope’s CCS business, and closed on the acquisition in January 2026 ​ • Returned nearly $1.5 billion to shareholders ​ Over the past ten years, Amphenol has grown Net sales by 315%, Adjusted Diluted EPS by 457% and Operating Cash Flow by 422%, a significant long-term achievement that reflects the Company’s ongoing track record of creating long-term value for our shareholders."},{"id":"completion-15c54b9ee39c-e9","sourceId":"filing-7","location":"Cash-flow reconciliation—three and six months ended June 30, 2026 and 2025","excerpt":"​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nThree Months Ended \n​\nSix Months Ended \n​\n​\nJune 30, \n​\nJune 30, \n​\n ​ ​ ​\n2026\n ​ ​ ​\n2025\n ​ ​ ​\n2026\n ​ ​ ​\n2025\nOperating Cash Flow (GAAP)\n \n$\n 1,557.2\n \n$\n 1,416.8\n \n$\n 2,678.7\n \n$\n 2,181.7\nCapital expenditures (GAAP)\n​\n \n (355.5)\n​\n \n (297.1)\n​\n \n (647.1)\n​\n \n (485.7)\nProceeds from disposals of property, plant and equipment (GAAP)\n​\n \n 3.8\n​\n \n 1.6\n​\n \n 5.1\n​\n \n 5.7\nFree Cash Flow (non-GAAP) (v)\n​\n$\n 1,205.5\n​\n$\n 1,121.3\n​\n$\n 2,036.7\n​\n$\n 1,701.7\n(i)\nWhile the terms “operating margin” and “effective tax rate” are not considered U.S."},{"id":"completion-15c54b9ee39c-e10","sourceId":"filing-2","location":"CommScope acquisition purchase-price allocation","excerpt":"​ ​ ​ ​ ​ ASSETS ​ ​ ​ Cash and cash equivalents ​ $ 204.4 Accounts receivable ​ ​ 720.6 Inventories ​ 650.1 Prepaid expenses and other current assets ​ 64.9 Property, plant and equipment, net ​ 317.0 Goodwill ​ 6,958.0 Other intangible assets, net ​ 3,289.0 Other long-term assets ​ 319.8 Assets acquired ​ 12,523.8 ​ ​ ​ ​ LIABILITIES ​ ​ ​ Accounts payable ​ 416.8 Accrued salaries, wages and employee benefits ​ ​ 135.7 Other accrued expenses ​ ​ 296.9 Deferred income taxes ​ ​ 716.5 Other long-term liabilities ​ ​ 215.2 Noncontrolling interests ​ ​ 6.9 Liabilities assumed ​ 1,788.0 ​ ​ ​ ​ Net assets acquired $ 10,735.8 ​ The $3,289.0 of acquired intangible assets is comprised of $1,449.0, $1,248.0, $545.0 and $47.0 assigned to proprietary technology, customer relationships, trade names and backlog, respectively, all of which are subject to amortization."},{"id":"completion-15c54b9ee39c-e11","sourceId":"filing-2","location":"Delayed Draw Term Loans","excerpt":"9 Table of Contents Delayed Draw Term Loans ​ On August 22, 2025, the Company entered into (i) a three-year, $2,000.0 unsecured delayed draw term loan credit agreement among the Company, certain subsidiaries of the Company, a syndicate of financial institutions, and JPMorgan Chase Bank, N.A., acting as the administrative agent (the “Three-Year Delayed Draw Term Loan”), which is scheduled to mature on the three-year anniversary of the funding date, and (ii) a 364-day, $2,000.0 unsecured delayed draw term loan credit agreement among the Company, certain subsidiaries of the Company, a syndicate of financial institutions and JPMorgan Chase Bank, N.A., acting as the administrative agent (the “364-Day Delayed Draw Term Loan” and, together with the Three-Year Delayed Draw Term Loan, the “Delayed Draw Term Loans,” and individually, a “Delayed Draw Term Loan”), which is scheduled to mature on the date that is 364 days after the funding date."},{"id":"completion-15c54b9ee39c-e12","sourceId":"filing-2","location":"Stock-option activity and vesting through June 30, 2026","excerpt":"​ 18 Table of Contents Stock option activity for the three and six months ended June 30, 2026 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Aggregate ​ ​ ​ ​ Weighted ​ Remaining ​ Intrinsic ​ ​ ​ ​ Average ​ Contractual ​ Value ​ ​ ​ Options ​ ​ Exercise Price ​ ​ Term (in years) ​ ​ (in millions) Options outstanding at January 1, 2026 ​ 88,821,121 ​ $ 36.62 5.43 ​ $ 8,753.6 ​ Options granted ​ 41,924 ​ 138.11 ​ ​ ​ ​ ​ ​ Options exercised ​ (4,082,462) ​ 23.52 ​ ​ ​ ​ ​ ​ Options forfeited ​ (67,835) ​ 53.92 ​ ​ ​ ​ ​ ​ Options outstanding at March 31, 2026 ​ 84,712,748 ​ ​ 37.29 ​ 5.29 ​ ​ 7,545.2 ​ Options granted ​ 6,289,205 ​ 132.37 ​ ​ ​ ​ ​ ​ Options exercised ​ (4,840,469) ​ 26.10 ​ ​ ​ ​ ​ ​ Options forfeited ​ (150,233) ​ 66.80 ​ ​ ​ ​ ​ ​ Options outstanding at June 30, 2026 ​ 86,011,251 ​ $ 44.82 5.51 ​ $ 11,310.6 ​ Vested and non-vested options expected to vest at June 30, 2026 ​ 84,418,678 ​ $ 44.09 5.45 ​ $ 11,163.0 ​ Exercisable options at June 30, 2026 ​ 61,262,658 ​ $ 30.70 4.40 ​ $ 8,921.1 ​ ​ A summary of the status of the Company’s non-vested options as of June 30, 2026 and changes during the three and six months then ended is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Fair Value at ​ ​ ​ Options ​ Grant Date Non-vested options at January 1, 2026 29,426,936 ​ $ 15.58 ​ Options granted 41,924 ​ 37.69 ​ Options vested (411,059) ​ 11.68 ​ Options forfeited (67,835) ​ 14.88 ​ Non-vested options at March 31, 2026 28,989,966 ​ ​ 15.67 ​ Options granted 6,289,205 ​ 39.40 ​ Options vested (10,383,345) ​ 12.57 ​ Options forfeited (147,233) ​ 19.26 ​ Non-vested options at June 30, 2026 24,748,593 ​ $ 22.98 ​ ​ During the three and six months ended June 30, 2026 and 2025, the following activity occurred under the Company’s option plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ 2025 ​ 2026 ​ 2025 ​ Total intrinsic value of stock options exercised ​ $ 615.6 ​ $ 761.4 ​ $ 1,120.0 ​ $ 901.7 ​ Total fair value of stock options vested ​ 130.5 ​ 110.6 ​ 135.3 ​ 112.9 ​ ​ As of June 30, 2026, the total compensation cost related to non-vested options not yet recognized was approximately $522.4 with a weighted average expected amortization period of 3.87 years."},{"id":"completion-15c54b9ee39c-e13","sourceId":"filing-3","location":"Executive compensation—granted stock options","excerpt":"These at-risk elements include stock options granted with an exercise price equal to the closing price of the Common Stock on the date of grant which only generate value if the Company’s share price increases after the grant date."},{"id":"completion-15c54b9ee39c-e14","sourceId":"filing-3","location":"2025 incentive-plan performance criteria","excerpt":"In 2025 the quantitative performance criteria for (i) participants with Company-wide responsibilities was based on Company revenue and Adjusted Diluted EPS growth in 2025 over 2024 and (ii) other participants was based on responsibility unit revenue and operating income growth in 2025 over 2024, adjusted for actual operating income in 2025 as compared to 2025 operating income budget."},{"id":"completion-15c54b9ee39c-e15","sourceId":"filing-3","location":"Officer and director hedging, margin and pledging prohibitions","excerpt":"PROHIBITION ON SHORT SALES, TRANSACTIONS IN DERIVATIVE SECURITIES AND HEDGING The Company has a written policy prohibiting officers and directors from engaging in (i) short sales of the Company’s securities, (ii) transactions in puts, calls or other derivative securities involving the Company’s securities, (iii) hedging transactions involving the Company’s securities, (iv) purchases of the Company’s securities on margin (other than a cashless exercise of stock options under the Company’s equity plans), and (v) any pledges of the Company’s securities to secure margin or other loans."},{"id":"completion-15c54b9ee39c-e16","sourceId":"filing-3","location":"Audit, Compensation and Nominating/Corporate Governance Committee independence","excerpt":"The Board has determined that all the members of the Audit Committee, the Compensation Committee and the Nominating/Corporate Governance Committee are independent and satisfy the relevant SEC and New York Stock Exchange independence requirements for the members of such 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