Technology

TE Connectivity delivers results above guidance with 14% sales growth and 19% EPS growth in third quarter of fiscal 2026

Published

1 day ago

July 22, 2026

Fourth quarter guidance reflects another quarter of double-digit sales and EPS growth

GALWAY, Ireland, July 22, 2026 /PRNewswire/ — TE Connectivity plc (NYSE: TEL) today reported results for the fiscal third quarter ended June 26, 2026.

Third Quarter Highlights

Net sales were a record $5.16 billion, an increase of 14% on a reported basis and 12% organically year over year, driven by growth in both the Industrial and Transportation segments.GAAP diluted earnings per share (EPS) from continuing operations was $2.55, an increase of 19% year over year. Adjusted EPS was a record $2.94, an increase of 22% year over year.GAAP operating margin was 19%, an increase of 10 basis points year over year. Adjusted operating margin expanded by 90 basis points year over year to 22%, driven by strong operational performance.Record orders in both segments totaling $5.7 billion, an increase of 27% year over year with double-digit order growth in all businesses.Cash flow from operating activities was $1.2 billion for the quarter and $3.0 billion year to date. Free cash flow was $883 million for the quarter and $2.2 billion year to date.Returned $2.0 billion to shareholders year to date.Entered agreement to acquire Astrodyne TDI, expanding TE’s power portfolio in the Industrial segment.

“Our teams delivered record third quarter results above guidance, with strong growth performance in both segments, as we continued to capitalize on customer demand for our innovative interconnect technologies,” said CEO Terrence Curtin. “Our Industrial team delivered sales growth of over 20 percent, while Transportation increased sales by five percent organically by growing content with customers and outperforming end markets. Orders in the third quarter increased by more than $1 billion year over year to $5.7 billion, reinforcing broad growth across the portfolio and increased momentum in AI in both the data center and across the broader energy infrastructure. Our strong margin performance continues to reflect our resiliency while also investing for growth. We also continue to deliver on our cash generation model, with strong capital returns for shareholders.

“We are significantly outperforming our business model outlined during our Investor Day, setting us up for double-digit increases in sales and EPS for fiscal 2026 as well as strong growth and operating momentum as we head towards 2027.”

Fourth Quarter FY26 Outlook

For the fourth quarter of fiscal 2026, the company expects sales of approximately $5.25 billion, an increase of 11% year over year on both a reported and organic basis. Adjusted EPS is expected to be approximately $3.05, an increase of 18% year over year. GAAP EPS from continuing operations is expected to be approximately $2.84, an increase of 27% year over year.

Information about TE Connectivity’s use of non-GAAP financial measures is provided below. For reconciliations of these non-GAAP financial measures, see the attached tables.

TE Connectivity to Acquire Astrodyne TDI

TE also announced today it has entered into a definitive agreement to acquire Astrodyne TDI, a leading provider of advanced power management and filtering solutions for mission critical industrial applications, from Tinicum L.P. The acquired company is expected to contribute annual sales of more than $250 million and will be reported as part of the Industrial Solutions segment. The transaction, at an approximate purchase price of $1.4 billion, is subject to customary regulatory approvals and closing conditions and is expected to close by the end of this calendar year.

Conference Call and Webcast

The company will hold a conference call for investors today beginning at 8:30 a.m. ET. The conference call may be accessed in the following ways:

At TE Connectivity’s website: investors.te.comBy telephone: For both “listen-only” participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (833) 461-5787 and for international callers, the dial-in number is (585) 542-9983; meeting ID: 628904516.A replay of the conference call will be available on TE Connectivity’s investor website at investors.te.com at 11:30 a.m. ET on July 22.

About TE Connectivity

TE Connectivity plc (NYSE: TEL) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. As a trusted innovation partner, our broad range of connectivity and sensor solutions enable the distribution of power, signal and data to advance next-generation transportation, energy networks, automated factories, data centers enabling artificial intelligence, and more. Our more than 90,000 employees, including 10,000 engineers, work alongside customers in approximately 130 countries. In a world that is racing ahead, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat and Instagram.

Non-GAAP Financial Measures

We present non-GAAP performance and liquidity measures as we believe it is appropriate for investors to consider adjusted financial measures in addition to results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP financial measures provide supplemental information and should not be considered replacements for results in accordance with GAAP. Management uses non-GAAP financial measures internally for planning and forecasting purposes and in its decision-making processes related to the operations of our company. We believe these measures provide meaningful information to us and investors because they enhance the understanding of our operating performance, ability to generate cash, and the trends of our business. Additionally, we believe that investors benefit from having access to the same financial measures that management uses in evaluating our operations. The primary limitation of these measures is that they exclude the financial impact of items that would otherwise either increase or decrease our reported results. This limitation is best addressed by using these non-GAAP financial measures in combination with the most directly comparable GAAP financial measures in order to better understand the amounts, character, and impact of any increase or decrease in reported amounts. These non-GAAP financial measures may not be comparable to similarly-titled measures reported by other companies.

The following provides additional information regarding our non-GAAP financial measures:

Organic Net Sales Growth (Decline) – represents net sales growth (decline) (the most comparable GAAP financial measure) excluding the impact of foreign currency exchange rates, and acquisitions and divestitures that occurred in the preceding twelve months, if any. Organic Net Sales Growth (Decline) is a useful measure of our performance because it excludes items that are not completely under management’s control, such as the impact of changes in foreign currency exchange rates, and items that do not reflect the underlying growth of the company, such as acquisition and divestiture activity. This measure is a significant component in our incentive compensation plans.
Adjusted Operating Income and Adjusted Operating Margin – represent operating income and operating margin, respectively, (the most comparable GAAP financial measures) before special items including restructuring and other charges, acquisition-related charges, amortization expense on intangible assets, impairment of goodwill, and other income or charges, if any. We utilize these adjusted measures in combination with operating income and operating margin to assess segment level operating performance and to provide insight to management in evaluating segment operating plan execution and market conditions. Adjusted Operating Income is a significant component in our incentive compensation plans.
Adjusted Income Tax (Expense) Benefit and Adjusted Effective Tax Rate – represent income tax (expense) benefit and effective tax rate, respectively, (the most comparable GAAP financial measures) after adjusting for the tax effect of special items including restructuring and other charges, acquisition-related charges, amortization expense on intangible assets, impairment of goodwill, other income or charges, and certain significant tax items, if any.
Adjusted Income from Continuing Operations – represents income from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, amortization expense on intangible assets, impairment of goodwill, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects.
Adjusted Earnings Per Share – represents diluted earnings per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, amortization expense on intangible assets, impairment of goodwill, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects. This measure is a significant component in our incentive compensation plans.
Free Cash Flow (FCF) – is a useful measure of our ability to generate cash. The difference between net cash provided by operating activities (the most comparable GAAP financial measure) and Free Cash Flow consists mainly of significant cash outflows and inflows that we believe are useful to identify. We believe Free Cash Flow provides useful information to investors as it provides insight into the primary cash flow metric used by management to monitor and evaluate cash flows generated from our operations. Free Cash Flow is defined as net cash provided by operating activities excluding voluntary pension contributions and the cash impact of special items, if any, minus net capital expenditures. Voluntary pension contributions are excluded from the GAAP financial measure because this activity is driven by economic financing decisions rather than operating activity. Certain special items, including cash paid (collected) pursuant to collateral requirements related to cross-currency swap contracts, are also excluded by management in evaluating Free Cash Flow. Net capital expenditures consist of capital expenditures less proceeds from the sale of property, plant, and equipment. These items are subtracted because they represent long-term commitments. In the calculation of Free Cash Flow, we subtract certain cash items that are ultimately within management’s and the Board of Directors’ discretion to direct and may imply that there is less or more cash available for our programs than the most comparable GAAP financial measure indicates. It should not be inferred that the entire Free Cash Flow amount is available for future discretionary expenditures, as our definition of Free Cash Flow does not consider certain non-discretionary expenditures, such as debt payments. In addition, we may have other discretionary expenditures, such as discretionary dividends, share repurchases, and business acquisitions, that are not considered in the calculation of Free Cash Flow.

Forward-Looking Statements

This release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this release include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, the extent, severity and duration of business interruptions negatively affecting our business operations; business, economic, competitive and regulatory risks, such as conditions affecting demand for products in the automotive and other industries we serve; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate, including continuing military conflict in certain parts of the world; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in TE Connectivity plc’s Annual Report on Form 10-K for the fiscal year ended Sept 26, 2025, as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.

TE CONNECTIVITY PLC

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

For the Quarters Ended

For the Nine Months Ended

June 26,

June 27,

June 26,

June 27,

2026

2025

2026

2025

(in millions, except per share data)

Net sales

5,160

4,534

14,573

12,513

Cost of sales

3,325

2,934

9,254

8,094

Gross margin

1,835

1,600

5,319

4,419

Selling, general, and administrative expenses

532

491

1,606

1,372

Research, development, and engineering expenses

230

211

692

602

Acquisition and integration costs

Restructuring and other charges, net

103

109

Operating income

981

857

2,898

2,295

Interest income

Interest expense

(31)

(28)

(93)

(48)

Other income (expense), net

—

(2)

Income from continuing operations before income taxes

971

846

2,874

2,307

Income tax expense

(223)

(208)

(520)

(1,128)

Income from continuing operations

748

638

2,354

1,179

Loss from discontinued operations, net of income taxes

—

(1)

—

Net income

748

638

2,353

1,179

Basic earnings per share:

Income from continuing operations

2.57

2.16

8.03

3.96

Loss from discontinued operations

—

Net income

2.57

2.16

8.03

3.96

Diluted earnings per share:

Income from continuing operations

2.55

2.14

7.98

3.93

Loss from discontinued operations

—

Net income

2.55

2.14

7.98

3.93

Weighted-average number of shares outstanding:

Basic

291

296

293

298

Diluted

293

298

295

300

TE CONNECTIVITY PLC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 26,

September 26,

2026

2025

(in millions, except share data)

Assets

Current assets:

Cash and cash equivalents

1,239

1,255

Accounts receivable, net of allowance for doubtful accounts of $51 and $44, respectively

3,749

3,403

Inventories

3,027

2,699

Prepaid expenses and other current assets

728

609

Total current assets

8,743

7,966

Property, plant, and equipment, net

4,529

4,312

Goodwill

7,403

7,126

Intangible assets, net

2,081

2,227

Deferred income taxes

2,233

2,507

Other assets

1,081

943

Total assets

26,070

25,081

Liabilities, redeemable noncontrolling interests, and shareholders’ equity

Current liabilities:

Short-term debt

102

852

Accounts payable

2,409

2,021

Accrued and other current liabilities

2,149

2,247

Total current liabilities

4,660

5,120

Long-term debt

5,530

4,842

Long-term pension and postretirement liabilities

737

767

Deferred income taxes

176

198

Income taxes

320

414

Other liabilities

1,254

1,010

Total liabilities

12,677

12,351

Commitments and contingencies

Redeemable noncontrolling interests

147

145

Shareholders’ equity:

Preferred shares, $1.00 par value, 2 shares authorized, none outstanding

—

Ordinary class A shares, €1.00 par value, 25,000 shares authorized, none outstanding

—

Ordinary shares, $0.01 par value, 1,500,000,000 shares authorized, 296,097,014 and 302,889,075
shares issued, respectively

Accumulated earnings

14,500

13,932

Ordinary shares held in treasury, at cost, 6,156,342 and 8,330,931 shares, respectively

(1,350)

(1,356)

Accumulated other comprehensive income

Total shareholders’ equity

13,246

12,585

Total liabilities, redeemable noncontrolling interests, and shareholders’ equity

26,070

25,081

TE CONNECTIVITY PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Quarters Ended

For the Nine Months Ended

June 26,

June 27,

June 26,

June 27,

2026

2025

2026

2025

(in millions)

Cash flows from operating activities:

Net income

748

638

2,353

1,179

Loss from discontinued operations, net of income taxes

—

Income from continuing operations

748

638

2,354

1,179

Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:

Depreciation and amortization

256

216

758

594

Deferred income taxes

102

261

772

Non-cash lease cost

118

106

Provision for losses on accounts receivable and inventories

Share-based compensation expense

130

105

Other

(26)

(51)

Changes in assets and liabilities, net of the effects of acquisitions and
divestitures:

Accounts receivable, net

(296)

(220)

(355)

(391)

Inventories

(34)

(167)

(365)

(299)

Prepaid expenses and other current assets

(109)

Accounts payable

256

152

433

298

Accrued and other current liabilities

222

(240)

(76)

Income taxes

(10)

117

(94)

172

Other

149

(51)

105

Net cash provided by operating activities

1,185

1,187

2,997

2,718

Cash flows from investing activities:

Capital expenditures

(304)

(230)

(832)

(665)

Proceeds from sale of property, plant, and equipment

Acquisition of businesses, net of cash acquired

—

(2,307)

(200)

(2,628)

Other

(6)

(5)

(6)

(12)

Net cash used in investing activities

(308)

(2,537)

(1,032)

(3,298)

Cash flows from financing activities:

Net increase (decrease) in commercial paper

—

(1,500)

100

(255)

Proceeds from issuance of debt

—

1,458

750

2,231

Repayment of debt

—

(1)

(851)

(580)

Proceeds from exercise of share options

101

Repurchase of ordinary shares

(529)

(301)

(1,348)

(910)

Payment of ordinary share dividends to shareholders

(226)

(212)

(643)

(594)

Other

(9)

(23)

(67)

(56)

Net cash used in financing activities

(749)

(537)

(1,980)

(63)

Effect of currency translation on cash

(1)

(4)

Net increase (decrease) in cash, cash equivalents, and restricted cash

129

(1,882)

(16)

(647)

Cash, cash equivalents, and restricted cash at beginning of period

1,110

2,554

1,255

1,319

Cash, cash equivalents, and restricted cash at end of period

1,239

672

1,239

672

Supplemental cash flow information:

Income taxes paid, net of refunds

130

353

184

TE CONNECTIVITY PLC

RECONCILIATION OF FREE CASH FLOW (UNAUDITED)

For the Quarters Ended

For the Nine Months Ended

June 26,

June 27,

June 26,

June 27,

2026

2025

2026

2025

(in millions)

Net cash provided by operating activities

1,185

1,187

2,997

2,718

Capital expenditures, net

(302)

(225)

(826)

(658)

Free cash flow (1)

883

962

2,171

2,060

(1) Free cash flow is a non-GAAP financial measure. See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

SEGMENT DATA (UNAUDITED)

For the Quarters Ended

For the Nine Months Ended

June 26,

June 27,

June 26,

June 27,

2026

2025

2026

2025

($ in millions)

Net Sales

Transportation Solutions

2,580

2,418

7,469

6,975

Industrial Solutions

2,580

2,116

7,104

5,538

Total

5,160

4,534

14,573

12,513

Operating

Income

Margin

Income

Margin

Income

Margin

Income

Margin

Transportation Solutions

444

17.2

462

19.1

1,448

19.4

1,353

19.4

Industrial Solutions

537

20.8

395

18.7

1,450

20.4

942

17.0

Total

981

19.0

857

18.9

2,898

19.9

2,295

18.3

Adjusted

Operating

Income (1)

Margin (1)

Income (1)

Margin (1)

Income (1)

Margin (1)

Income (1)

Margin (1)

Transportation Solutions

541

21.0

486

20.1

1,586

21.2

1,476

21.2

Industrial Solutions

588

22.8

467

22.1

1,608

22.6

1,107

20.0

Total

1,129

21.9

953

21.0

3,194

21.9

2,583

20.6

(1) Adjusted operating income and adjusted operating margin are non-GAAP financial measures. See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

RECONCILIATION OF NET SALES GROWTH (DECLINE) (UNAUDITED)

Change in Net Sales for the Quarter Ended June 26, 2026

versus Net Sales for the Quarter Ended June 27, 2025

Net Sales

Organic Net Sales

Growth (Decline)

Growth (Decline) (1)

Translation (2)

Acquisitions

($ in millions)

Transportation Solutions:

Automotive

5.2

2.9

—

Commercial transportation

19.6

17.8

—

Sensors

(3)

(1.3)

(6)

(2.8)

—

Total Transportation Solutions

162

6.7

110

4.5

—

Industrial Solutions:

Digital data networks

207

34.2

205

34.0

—

Automation and connected living

16.3

14.3

—

Aerospace, defense, and marine

12.0

11.5

—

Energy

132

34.4

126

32.7

—

Medical

(13)

(7.2)

(13)

(7.2)

—

Total Industrial Solutions

464

21.9

444

21.0

—

Total

626

13.8

554

12.2

—

Change in Net Sales for the Nine Months Ended June 26, 2026

versus Net Sales for the Nine Months Ended June 27, 2025

Net Sales

Organic Net Sales

Growth (Decline)

Growth (Decline) (1)

Translation (2)

Acquisitions

($ in millions)

Transportation Solutions:

Automotive

290

5.5

105

2.0

185

—

Commercial transportation

199

19.7

169

16.9

—

Sensors

0.7

(18)

(2.7)

—

Total Transportation Solutions

494

7.1

256

3.7

238

—

Industrial Solutions:

Digital data networks

733

48.8

715

47.7

—

Automation and connected living

230

14.7

180

11.5

Aerospace, defense, and marine

126

11.6

100

9.2

—

Energy

488

55.5

189

21.5

271

Medical

(11)

(2.1)

(12)

(2.3)

—

Total Industrial Solutions

1,566

28.3

1,172

21.2

122

272

Total

2,060

16.5

1,428

11.4

360

272

(1) Organic net sales growth (decline) is a non-GAAP financial measure. See description of non-GAAP financial measures.

(2) Represents the change in net sales resulting from changes in foreign currency exchange rates.

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended June 26, 2026

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

and Other

Amortization

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Expense (1)

(Non-GAAP) (2)

($ in millions, except per share data)

Operating income:

Transportation Solutions

444

541

Industrial Solutions

537

588

Total

981

1,129

Operating margin

19.0

21.9

Income tax expense

(223)

(2)

(22)

(11)

(258)

Effective tax rate

23.0

23.1

Income from continuing operations

748

861

Diluted earnings per share from
continuing operations

2.55

0.02

0.21

0.15

2.94

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in
effect for each such jurisdiction.

(2) See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended June 27, 2025

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

and Other

Amortization

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Expense (1)

(Non-GAAP) (2)

($ in millions, except per share data)

Operating income:

Transportation Solutions

462

—

486

Industrial Solutions

395

467

Total

857

953

Operating margin

18.9

21.0

Income tax expense

(208)

(7)

(11)

(225)

Effective tax rate

24.6

23.9

Income from continuing operations

638

717

Diluted earnings per share from
continuing operations

2.14

0.08

0.05

0.14

2.41

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in
effect for each such jurisdiction.

(2) See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Nine Months Ended June 26, 2026

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

and Other

Amortization

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Expense (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

1,448

—

1,586

Industrial Solutions

1,450

117

—

1,608

Total

2,898

103

170

—

3,194

Operating margin

19.9

21.9

Income tax expense

(520)

(5)

(23)

(34)

(114)

(696)

Effective tax rate

18.1

22.0

Income from continuing operations

2,354

136

(114)

2,474

Diluted earnings per share from
continuing operations

7.98

0.06

0.27

0.46

(0.39)

8.39

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for
each such jurisdiction.

(2) Represents a net income tax benefit related primarily to the settlement of prior period tax matters.

(3) See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Nine Months Ended June 27, 2025

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

and Other

Amortization

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Expense (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

1,353

—

1,476

Industrial Solutions

942

—

1,107

Total

2,295

109

132

—

2,583

Operating margin

18.3

20.6

Income tax expense

(1,128)

(10)

(19)

(26)

587

(596)

Effective tax rate

48.9

23.0

Income from continuing operations

1,179

106

587

1,999

Diluted earnings per share from
continuing operations

3.93

0.12

0.30

0.35

1.96

6.66

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for
each such jurisdiction.

(2) Includes income tax expense of $574 million related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax
credit obtained by a Swiss subsidiary in fiscal 2024 as well as income tax expense of $13 million related to the revaluation of deferred tax assets as a result of a
decrease in the corporate tax rate in a non-U.S. jurisdiction.

(3) See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended September 26, 2025

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

and Other

Amortization

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Expense (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

465

—

487

Industrial Solutions

451

—

514

Total

916

—

1,001

Operating margin

19.3

21.1

Income tax expense

(233)

(2)

(11)

(209)

Effective tax rate

26.0

21.3

Income from continuing operations

664

773

Diluted earnings per share from
continuing operations

2.23

0.03

0.08

0.16

0.10

2.59

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for
each such jurisdiction.

(2) Represents income tax expense of $44 million related to an increase in the valuation allowance for certain U.S. tax loss and credit carryforwards and an income
tax benefit of $13 million related to the revaluation of deferred tax liabilities as a result of a decrease in the corporate tax rate in a non-U.S. jurisdiction.

(3) See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Year Ended September 26, 2025

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

and Other

Amortization

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Expense (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

1,818

—

1,963

Industrial Solutions

1,393

120

—

1,621

Total

3,211

126

190

—

3,584

Operating margin

18.6

20.8

Income tax expense

(1,361)

(12)

(13)

(37)

618

(805)

Effective tax rate

42.5

22.5

Income from continuing operations

1,843

113

153

618

2,772

Diluted earnings per share from
continuing operations

6.16

0.15

0.38

0.51

2.07

9.27

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for
each such jurisdiction.

(2) Represents income tax expense of $574 million related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax
credit obtained by a Swiss subsidiary in fiscal 2024 as well as income tax expense of $44 million related to an increase in the valuation allowance for certain U.S.
tax loss and credit carryforwards.

(3) See description of non-GAAP financial measures.

TE CONNECTIVITY PLC

RECONCILIATION OF FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES

TO FORWARD-LOOKING GAAP FINANCIAL MEASURES

As of July 22, 2026

(UNAUDITED)

Outlook for

Quarter Ending

September 25,

2026

Diluted earnings per share from continuing operations

2.84

Acquisition-related charges

0.02

Restructuring and other charges, net

0.04

Amortization expense

0.15

Adjusted diluted earnings per share from continuing operations (1)

3.05

Net sales growth

10.6

Translation

0.2

(Acquisitions) divestitures, net

—

Organic net sales growth (1)

10.8

(1) See description of non-GAAP financial measures.

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Technology

Autonomous Defense Technologies Set to Ignite a Nearly $200 Billion Global Market

Published

48 minutes ago

July 23, 2026

AI-Powered Military Drones, Autonomous Platforms, and Next-Generation Defense Systems Are Fueling One of the Fastest-Growing Opportunities in Aerospace and Defense

NEW YORK, July 23, 2026 /PRNewswire/ — Market News Updates News Commentary – Around the globe, the defense industry is quickly adopting autonomous technologies, with governments investing significantly in artificial intelligence, unmanned systems, advanced sensors, and self-directed decision-making capabilities. Military forces are on the lookout for technologies that can swiftly gather intelligence, function in dangerous settings without risking personnel, and respond promptly to threats. Unmanned aerial vehicles (UAVs) utilizing autonomous AI are increasingly crucial in modern military operations, proficient in various tasks such as reconnaissance, surveillance, target identification, electronic warfare, logistics support, and precision strike missions with minimal human intervention. As artificial intelligence advances, these sophisticated systems are expected to improve their efficiency in managing drone swarms, sharing battlefield information, and swiftly adjusting to changing combat situations. Companies leading the Autonomous and AI technology Defense Operations boom include: VisionWave Holdings Inc. (NASDAQ: VWAV), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), AeroVironment, Inc. (NASDAQ: AVAV), AEVEX Corp. (NYSE: AVEX), Sidus Space, Inc. (NASDAQ: SIDU).

There is also a rapid expansion in financial opportunities. Fortune Business Insights forecasts substantial growth in the global Autonomous Defense Platforms Market, with a projected increase from approximately US$69.77 billion in 2026 to US$198.87 billion by 2034, indicating a robust compound annual growth rate of 14.0%. Additionally, the firm anticipates a surge in the global Military Drone Market from US$22.49 billion in 2026 to US$52.31 billion by 2034, showing an 11.1% compound annual growth rate. With rising defense budgets and a focus on AI-enhanced military capabilities, companies specializing in autonomous aircraft, AI software, advanced sensors, cybersecurity platforms, navigation systems, and cutting-edge battlefield technologies are well positioned to capitalize on these expanding markets.

The widespread integration of autonomous AI UAVs is revolutionizing military strategies and operations. Instead of relying on individual aircraft, armed forces are increasingly deploying coordinated fleets of intelligent drones capable of monitoring vast areas, identifying targets, transmitting secure communications, and offering real-time situational awareness to ground troops. Advancements in machine learning, computer vision, edge computing, and secure battlefield networking are empowering these systems to autonomously process large amounts of data, thereby reducing the workload on operators and increasing mission success. As global tensions rise and defense modernization remains a top priority worldwide, autonomous defense technologies are expected to be one of the fastest-growing sectors in the military industry in the coming decade.

VisionWave (NASDAQ: VWAV) and Meteor Aerospace Leadership Advance Integration Planning for AI-Enabled Multi-Domain Defense Technologies Following Previously Announced Acquisition Agreement — VisionWave Holdings Inc. (“VisionWave” or the “Company”) a defense technology company developing advanced artificial intelligence, autonomous systems and next-generation security technologies, today announced that its executive leadership team has completed a strategic technology and integration working session with the leadership of Meteor Aerospace Ltd. in Israel following the Company’s previously announced acquisition agreement to acquire a controlling interest in Meteor Aerospace. Completion of the transaction remains subject to the closing conditions described below.

The executive meetings represent an important milestone in the transaction process as both companies continue advancing technical, operational and commercial integration planning while progressing toward satisfaction of the closing conditions described below.

During the visit, VisionWave executives conducted comprehensive reviews of Meteor Aerospace’s expanding portfolio of advanced defense technologies, including tactical and strategic unmanned aerial vehicles (UAVs), unmanned ground vehicles (UGVs), unmanned surface vessels (USVs), electronic warfare (EW) and SIGINT technologies, precision strike systems, C4ISR platforms and integrated sovereign defense architectures.

The working sessions included executive strategy meetings, engineering reviews, technology demonstrations, manufacturing assessments and product roadmap discussions focused on identifying opportunities to accelerate innovation, expand international commercialization and strengthen VisionWave’s multi-domain defense technology platform.

Meteor Aerospace presented video documentation of field tests and demonstrations of its products, including flights of the Impact-700 UAV at the Bar Yehuda airfield near the Dead Sea in Israel, that were done with the regulatory monitoring and approval of the Israeli Aviation Authority.

For operational security reasons, the meetings were conducted at a confidential location, and additional details regarding attendees and facilities are not being disclosed.

Douglas Davis, Executive Chairman and Chief Executive Officer of VisionWave Holdings, stated: “Visiting Meteor Aerospace and working directly alongside its leadership and engineering teams reinforced what we recognized when we entered into the acquisition agreement. Meteor has developed a highly differentiated portfolio of autonomous systems, electronic warfare technologies, and integrated battlefield capabilities supported by a team with decades of aerospace engineering experience. Seeing these technologies firsthand further strengthened our confidence in the strategic opportunity this transaction represents.”

Mr. Davis continued: “Our integration planning, in preparation for a potential closing, is well underway. By bringing together VisionWave’s expertise in artificial intelligence, advanced sensing and computational technologies with Meteor’s capabilities across autonomous platforms, C4ISR, precision defense technologies and sovereign defense architectures, we believe we are building a next-generation defense technology platform positioned to address rapidly growing global demand for integrated battlefield solutions, autonomous systems and national security modernization.”

Throughout the visit, executives from both organizations evaluated opportunities to align technology development, manufacturing capabilities, international business development initiatives and long-term product strategies as part of VisionWave’s integration planning process.

The meetings also provided both leadership teams with the opportunity to establish integration priorities across engineering, operations, commercialization and future product development while preparing for the successful completion of the proposed transaction.

As previously announced, completion of the acquisition remains subject to a number of conditions for VisionWave’s satisfactory completion of legal, financial, operational, technical, aerospace, cybersecurity, export control, intellectual property and commercial due diligence, receipt of any applicable regulatory approvals and satisfaction of other customary closing conditions. There can be no assurance that the closing conditions will be satisfied, or that the transaction will be completed on the anticipated timeline or at all. Continued… Read this full release and additional news for VWAV by visiting: https://www.vwav.inc/newsroom/

Why Investors Are Watching the UAV / Autonomous / AI Military Operations Industries:

Autonomous AI-powered UAVs becoming standard assets for ISR and combat support missionsRising global defense spending focused on artificial intelligence and autonomous warfareGrowing adoption of autonomous drone swarms and collaborative mission capabilitiesIncreased demand for real-time intelligence, surveillance, and reconnaissance (ISR)Continued advances in machine learning, computer vision, edge computing, and autonomous navigationExpansion of electronic warfare, cybersecurity, and secure battlefield communicationsDefense modernization programs accelerating across North America, Europe, and the Indo-PacificGrowing opportunities for companies developing next-generation autonomous defense platforms

Other recent developments in the autonomous, defense/military/UAV/drone industries of note include:

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced it has been awarded a sole-source, single award Indefinite Delivery/Indefinite Quantity (IDIQ) contract for approximately $156 million, by the U.S. Department of Energy’s National Nuclear Security Administration (NNSA) Office of Secure Transportation (OST), in support of Project Solar Shield.

Under this new contract award, Kratos will provide mobile Counter-Unmanned Aircraft System (C-UAS) platforms designed to support OST’s critical National Security mission. The Office of Secure Transportation is responsible for the safe and secure ground and air transportation of nuclear weapons, weapon components, and special nuclear materials, as well as other missions supporting U.S. national security.

AeroVironment, Inc. (“AV”) (NASDAQ: AVAV), a global leader in intelligent, multi-domain autonomous systems, recently announced it has been awarded a $117.3 million contract by the U.S. Army for its P550™ electric vertical take-off and landing (eVTOL) unmanned aerial system in support of the Army’s Long Range Reconnaissance program, advancing the Army’s push to field scalable, adaptable capabilities for modern warfare.

The award was issued under a Basic Ordering Agreement (BOA) through a competitive Call for Solutions (C4S) under the U.S. Army’s Unmanned Aircraft Systems (UAS) Marketplace initiative, a centralized digital platform designed to accelerate the procurement of vetted drone technologies.

AEVEX Corp. (NYSE: AVEX) recently announced it has been awarded a $17.5 million follow-on contract under its Global Solutions portfolio to continue delivering critical services in support of U.S. national security objectives.

The contract reinforces the company’s role in providing mission focused, data-driven services and solutions that help decision makers act with speed and confidence. AEVEX’s Global Solutions capabilities integrate technology and multi-domain expertise to transform complex data into actionable insight for time sensitive missions.

“Our teams are trusted to support some of the nation’s most important missions,” said Roger Wells, Chief Executive Officer at AEVEX. “This award reflects continued confidence in AEVEX to deliver the specialized expertise required to advance essential national security interests.”

Sidus Space, Inc. (NASDAQ: SIDU) (“Sidus” or the “Company”), an innovative space and defense technology company, recently announced that its next LizzieSat® has successfully completed vibration testing, a key environmental qualification milestone for SpaceX’s Transporter-18 rideshare mission from Vandenberg Space Force Base in California, currently scheduled for launch no earlier than October 2026.

Vibration testing simulates the intense mechanical loads a spacecraft experiences during launch and ascent. The testing was conducted at Element U.S. Space & Defense’s facility in Orlando, Florida, an accredited independent provider of product qualification and environmental testing services. Completing this testing is designed to confirm that the satellite’s structure, components, and integrated payloads can withstand the stresses of liftoff and remain fully operational on orbit, a critical step in clearing the spacecraft for final integration and shipment to the launch site.

DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU’S market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This press release was distributed on behalf of VisionWave Holdings, Inc. For current services performed MNU was compensated forty nine hundred dollars for news coverage of the current press releases issued by VisionWave Holdings, Inc. by the Company. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

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Technology

atQor Earns Microsoft Frontier Partner Status for AI Delivery

Published

48 minutes ago

July 23, 2026

The recognition validates atQor’s ability to unite Cloud & AI Platforms, AI Business Solutions and Security for customers in financial services, manufacturing, retail, healthcare and public sector.

AHMEDABAD, India, MISSISSAUGA, ON and SANTA FE SPRINGS, Calif., July 23, 2026 /PRNewswire/ — atQor, a Microsoft-focused AI and data platform company, today announced it has achieved Microsoft Frontier Partner status, with its nomination led by Microsoft India and recognition extending across Canada, the United States and India.

atQor holds all six Microsoft Solutions Partner designations, the Support Services designation, Azure Expert MSP status, Microsoft Fabric Featured Partner recognition and ten Advanced Specializations.

“Our engineers do not wait for a mandate to use AI, they build with it every day, and that is what Microsoft recognized,” said Pushkaraj Kale, CEO of atQor India. “Earlier this year, our teams built and deployed more than two hundred production AI agents in a single seventy-two-hour engineering event, and twenty-five of those are now live on Microsoft Marketplace. This nomination was led by Microsoft India, and it reflects the discipline our customers see across every industry we serve.”

“The Frontier Partner designation recognizes organizations that are helping customers move beyond AI experimentation and into business transformation. atQor has consistently invested across Microsoft’s AI, data, cloud, and security stack while building the Go-To-Market and delivery capabilities required to create measurable customer outcomes. We are pleased to see atQor join this distinguished group of partners and look forward to their continued contribution to AI adoption across industries,” said Om Batra, Channel Partner Sales Leader, India and South Asia, Microsoft.

“The most successful AI partners are those that can bridge innovation with operational excellence. atQor has built competencies spanning Microsoft Fabric, Azure AI, Security, and Copilot while maintaining a strong focus on delivery quality and governance. Their Frontier Partner recognition reflects the technical maturity and execution capability needed to help customers scale AI with confidence,” said Sanjeev Sharma, Director Tech Sales and Partner CTO, India and South Asia, Microsoft.

For customers, the recognition means fewer handoffs: one firm carrying the work from the first Microsoft Fabric workshop through the AI agent in production, instead of a customer coordinating several vendors to get there. atQor applies this across financial services, manufacturing, retail, healthcare and public sector organizations in Canada, the United States and India, continuing the relationship through managed Azure operations once systems are live.

Pushkaraj and the India team led this global recognition, according to Kartik Shah, Founder of atQor, who said Canada and U.S. teams, led by Co-Founder and Global COO Greg Kachhadiya, already hold themselves to that same standard.

About atQor: atQor is a Microsoft-focused AI and data platform company that helps enterprises move AI from pilot to production. Founded in 2002, the company operates across Canada, the United States and India, and holds CSP Direct authorization including Azure Gov Cloud in US. atQor maintains ISO 9001, ISO 20000, ISO 27001 and ISO 22301 certifications. Learn more at atQor.com.

Media Contact: Ramanuj Zawar, 419311@email4pr.com. United States: +1-844-294-5383. Canada: +1-289-290-4490. India: +91-706-904-3269.

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Technology

Carrier Accelerates Intelligent Building Strategy with Acquisition of 75F

Published

48 minutes ago

July 23, 2026

Cloud-native building automation strengthens Carrier’s digital ecosystem to enable increasingly intelligent and autonomous buildings

PALM BEACH GARDENS, Fla., July 23, 2026 /PRNewswire/ — Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced it has acquired 75F, a leading innovator in cloud-native, wireless, AI-enabled building automation systems. The acquisition strengthens Carrier’s intelligent building capabilities across applications — from complex applied systems and high-growth data centers to light commercial and retrofits.

“Buildings are becoming intelligent and autonomous systems that continuously learn, adapt and optimize performance,” said David Gitlin, Chairman & CEO, Carrier. “Through Carrier ClimaVision™, we have already seen firsthand the power of 75F’s cloud-native, AI-enabled platform. This acquisition accelerates our strategy to create increasingly autonomous and self-optimizing buildings by bringing together connected equipment, intelligent controls and digital solutions in a unified platform that simplifies deployment, connects building data and enables agentic AI.”

The combination of Carrier’s WebCTRL® building controls install base, Abound™ predictive analytics capability and the Nlyte® operational intelligence platform with 75F’s unified data layer and AI capabilities will create a differentiated end-to-end offering spanning equipment, controls, analytics and outcomes for buildings globally. Together, these integrated capabilities enable building operators to transition from traditional building management to fully autonomous operations that proactively identify maintenance opportunities, optimize energy consumption, intelligently manage assets and improve occupant comfort.

“75F was founded to fundamentally rethink building automation using cloud-native software, AI and wireless technologies,” said Deepinder Singh, founder and CEO, 75F. “Joining Carrier enables us to accelerate that vision on a global scale. Together, we can help make intelligent buildings simpler to deploy, easier to operate and more accessible to customers everywhere.”

75F’s platform combines wireless sensors, intuitive controls, cloud software and AI-enabled automation designed to reduce installation time and simplify commissioning while optimizing energy efficiency and indoor air quality. Carrier plans to integrate 75F’s generative and agentic AI as well as auto-commissioning capabilities into its large commercial platforms, including its Carrier QuantumLeap™ thermal management suite, improving deployment and real-time thermal performance for the rapidly growing data center market.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to Carrier in connection with the transaction. Avisen Legal, PA acted as external legal counsel to 75F in connection with the transaction.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share.

Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for Carrier’s future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “scenario” and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to the acquisition of the 75F business, the integration of such business into Carrier’s existing operations, strategies or transactions of Carrier, Carrier’s plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier’s reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

CARR-IR

Contact:

Media Inquiries

Rob Six

561-281-2362

Robert.Six@Carrier.com

Investor Relations

Michael Rednor

561-365-2020

InvestorRelations@Carrier.com

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