Technology
TE Connectivity delivers 12% sales increase and over 20% EPS growth in fiscal fourth quarter
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2 days agoon
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Delivered strong full-year performance with sales growth of 15% and more than 20% EPS growth
Expects double digit sales growth in fiscal 2027
GALWAY, Ireland, Oct. 28, 2026 /PRNewswire/ — TE Connectivity plc (NYSE: TEL) today reported results for the fiscal fourth quarter and fiscal year ended September 25, 2026.
Fourth Quarter Highlights
Net sales were a record $5.3 billion, an increase of 12% on a reported basis and 13% organically year over year, driven by strong growth in both the Industrial and Transportation segments.Orders of $6.1 billion, an increase of 29% year over year and 6% sequentially.GAAP diluted earnings per share (EPS) from continuing operations was $3.10, up 39% year over year. Adjusted EPS was $3.14, an increase of 21% year over year.GAAP Operating margin was 21% and adjusted operating margin was 22%, driven by strong operational performance across both segments.Cash flow from operating activities was $1.5 billion and free cash flow was $1.2 billion, with approximately $800 million returned to shareholders.
Full Year Highlights
Company delivered full-year records for sales, orders, operating margin, EPS and cash generation.Net sales were $19.9 billion, up 15% on a reported basis and 12% organically, with broad growth across the portfolio due to customer needs for increased data and power connectivity.Orders of $22.2 billion, up 27%, supporting expected double-digit sales growth in fiscal 2027.GAAP operating margin was 20% and adjusted operating margin was 22%, driven by strong operational performance.GAAP EPS was $11.07, an increase of 80%, and adjusted EPS was $11.52, up 24%Cash flow from operating activities was $4.5 billion and free cash flow was $3.4 billion.Returned approximately $2.8 billion to shareholders and committed $1.6 billion for bolt-on acquisitions in the Industrial segment to broaden the optics and power filtering portfolios.
“Our teams delivered a strong fourth quarter to finish a year in which we set records in sales, earnings and cash generation,” said CEO Terrence Curtin. “Our growth is supported by our strategic positioning of TE around accelerating data and power trends that are driving customer demand for connectivity innovations that are essential to next generation architectures. In our Industrial Solutions segment, which grew 26% in 2026, we continue to benefit from our customers’ AI investments, which create opportunities extending from inside the rack in the data center to the networking edge all the way to the energy grid.
“Entering fiscal 2027, we expect that the strong momentum from 2026 will continue as we are well positioned to keep capitalizing on growth drivers and deliver value for our shareholders. With strong orders across our businesses, we expect first quarter sales to be up mid-teens and to deliver more than 20 percent EPS growth year over year. For the full fiscal year, we expect to deliver organic sales growth that is similar to our strong performance in fiscal 2026.”
First Quarter FY27 Outlook
For the first quarter of fiscal 2027, the company expects sales of approximately $5.35 billion, up 15% on a reported and organic basis year over year. GAAP EPS from continuing operations is expected to be approximately $3.04, an increase of 20% year over year, with adjusted EPS of approximately $3.30, up 21% 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.
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: 968971220.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 October 28.
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 100,000 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 Years Ended
September 25,
September 26,
September 25,
September 26,
2026
2025
2026
2025
(in millions, except per share data)
Net sales
$
5,312
$
4,749
$
19,885
$
17,262
Cost of sales
3,425
3,089
12,679
11,183
Gross margin
1,887
1,660
7,206
6,079
Selling, general, and administrative expenses
518
494
2,124
1,866
Research, development, and engineering expenses
250
227
942
829
Acquisition and integration costs
12
6
32
47
Restructuring and other charges, net
14
17
117
126
Operating income
1,093
916
3,991
3,211
Interest income
23
21
90
83
Interest expense
(31)
(29)
(124)
(77)
Other expense, net
(9)
(11)
(7)
(13)
Income from continuing operations before income taxes
1,076
897
3,950
3,204
Income tax expense
(175)
(233)
(695)
(1,361)
Income from continuing operations
901
664
3,255
1,843
Loss from discontinued operations, net of income taxes
(1)
(1)
(2)
(1)
Net income
$
900
$
663
$
3,253
$
1,842
Basic earnings per share:
Income from continuing operations
$
3.12
$
2.25
$
11.15
$
6.21
Loss from discontinued operations
—
—
(0.01)
—
Net income
3.11
2.25
11.14
6.20
Diluted earnings per share:
Income from continuing operations
$
3.10
$
2.23
$
11.07
$
6.16
Loss from discontinued operations
—
—
(0.01)
—
Net income
3.09
2.22
11.06
6.16
Weighted-average number of shares outstanding:
Basic
289
295
292
297
Diluted
291
298
294
299
TE CONNECTIVITY PLC
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 25,
September 26,
2026
2025
(in millions, except share data)
Assets
Current assets:
Cash and cash equivalents
$
1,697
$
1,255
Accounts receivable, net of allowance for doubtful accounts of $55 and $44, respectively
3,839
3,403
Inventories
2,962
2,699
Prepaid expenses and other current assets
785
609
Total current assets
9,283
7,966
Property, plant, and equipment, net
4,637
4,312
Goodwill
7,420
7,126
Intangible assets, net
2,031
2,227
Deferred income taxes
2,128
2,507
Other assets
1,173
943
Total assets
$
26,672
$
25,081
Liabilities, redeemable noncontrolling interests, and shareholders’ equity
Current liabilities:
Short-term debt
$
502
$
852
Accounts payable
2,455
2,021
Accrued and other current liabilities
2,407
2,247
Total current liabilities
5,364
5,120
Long-term debt
5,137
4,842
Long-term pension and postretirement liabilities
625
767
Deferred income taxes
246
198
Income taxes
346
414
Other liabilities
1,231
1,010
Total liabilities
12,949
12,351
Commitments and contingencies
Redeemable noncontrolling interests
150
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, 296,288,773 and 302,889,075
shares issued, respectively
3
3
Accumulated earnings
15,244
13,932
Ordinary shares held in treasury, at cost, 8,788,224 and 8,330,931 shares, respectively
(1,892)
(1,356)
Accumulated other comprehensive income
218
6
Total shareholders’ equity
13,573
12,585
Total liabilities, redeemable noncontrolling interests, and shareholders’ equity
$
26,672
$
25,081
TE CONNECTIVITY PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Quarters Ended
For the Years Ended
September 25,
September 26,
September 25,
September 26,
2026
2025
2026
2025
(in millions)
Cash flows from operating activities:
Net income
$
900
$
663
$
3,253
$
1,842
Loss from discontinued operations, net of income taxes
1
1
2
1
Income from continuing operations
901
664
3,255
1,843
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Depreciation and amortization
275
244
1,033
838
Deferred income taxes
60
166
321
938
Non-cash lease cost
41
39
159
145
Provision for losses on accounts receivable and inventories
10
(4)
71
58
Share-based compensation expense
38
44
168
149
Other
14
20
(37)
80
Changes in assets and liabilities, net of the effects of acquisitions and
divestitures:
Accounts receivable, net
(227)
50
(582)
(341)
Inventories
49
139
(316)
(160)
Prepaid expenses and other current assets
54
60
92
91
Accounts payable
162
(8)
595
290
Accrued and other current liabilities
132
41
(108)
(35)
Income taxes
14
(25)
(80)
147
Other
5
(9)
(46)
96
Net cash provided by operating activities
1,528
1,421
4,525
4,139
Cash flows from investing activities:
Capital expenditures
(290)
(271)
(1,122)
(936)
Proceeds from sale of property, plant, and equipment
3
4
9
11
Acquisition of businesses, net of cash acquired
(12)
—
(212)
(2,628)
Other
(3)
(3)
(9)
(15)
Net cash used in investing activities
(302)
(270)
(1,334)
(3,568)
Cash flows from financing activities:
Net increase (decrease) in commercial paper
—
—
100
(255)
Proceeds from issuance of debt
—
—
750
2,231
Repayment of debt
(1)
—
(852)
(580)
Proceeds from exercise of share options
3
81
82
182
Repurchase of ordinary shares
(544)
(437)
(1,892)
(1,347)
Payment of ordinary share dividends to shareholders
(226)
(209)
(869)
(803)
Other
(1)
(1)
(68)
(57)
Net cash used in financing activities
(769)
(566)
(2,749)
(629)
Effect of currency translation on cash
1
(2)
—
(6)
Net increase (decrease) in cash, cash equivalents, and restricted cash
458
583
442
(64)
Cash, cash equivalents, and restricted cash at beginning of period
1,239
672
1,255
1,319
Cash, cash equivalents, and restricted cash at end of period
$
1,697
$
1,255
$
1,697
$
1,255
Supplemental cash flow information:
Interest paid on debt, net
$
28
$
21
$
110
$
34
Income taxes paid, net of refunds
101
92
454
276
TE CONNECTIVITY PLC
RECONCILIATION OF FREE CASH FLOW (UNAUDITED)
For the Quarters Ended
For the Years Ended
September 25,
September 26,
September 25,
September 26,
2026
2025
2026
2025
(in millions)
Net cash provided by operating activities
$
1,528
$
1,421
$
4,525
$
4,139
Capital expenditures, net
(287)
(267)
(1,113)
(925)
Free cash flow (1)
$
1,241
$
1,154
$
3,412
$
3,214
(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 Years Ended
September 25,
September 26,
September 25,
September 26,
2026
2025
2026
2025
($ in millions)
Net Sales
Net Sales
Net Sales
Net Sales
Transportation Solutions
$
2,600
$
2,413
$
10,069
$
9,388
Industrial Solutions
2,799
2,336
9,903
7,874
Reconciling item (1)
(87)
—
(87)
—
Total
$
5,312
$
4,749
$
19,885
$
17,262
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Income
Margin
Income
Margin
Income
Margin
Income
Margin
Transportation Solutions
$
521
20.0
%
$
465
19.3
%
$
1,969
19.6
%
$
1,818
19.4
%
Industrial Solutions
568
20.3
451
19.3
2,018
20.4
1,393
17.7
Reconciling item (2)
4
—
4
—
Total
$
1,093
20.6
%
$
916
19.3
%
$
3,991
20.1
%
$
3,211
18.6
%
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Operating
Income (3)
Margin (3)
Income (3)
Margin (3)
Income (3)
Margin (3)
Income (3)
Margin (3)
Transportation Solutions
$
545
21.0
%
$
487
20.2
%
$
2,131
21.2
%
$
1,963
20.9
%
Industrial Solutions
627
22.4
514
22.0
2,235
22.6
1,621
20.6
Reconciling item (2)
4
—
4
—
Total
$
1,176
22.1
%
$
1,001
21.1
%
$
4,370
22.0
%
$
3,584
20.8
%
(1) Reconciling item relates to IEEPA tariff refunds received in fiscal 2026 that are expected to be returned to customers.
(2) Reconciling item relates to the net impact of IEEPA tariff refunds received in fiscal 2026.
(3) 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 September 25, 2026
versus Net Sales for the Quarter Ended September 26, 2025
Net Sales
Organic Net Sales
Translation
Growth (Decline)
Growth (Decline) (1)
and Other (2)
Acquisitions
($ in millions)
Transportation Solutions:
Automotive
$
127
7.0
%
$
107
5.9
%
$
20
$
—
Commercial transportation
65
17.9
64
17.8
1
—
Sensors
(5)
(2.0)
(4)
(1.7)
(1)
—
Total Transportation Solutions
187
7.7
167
6.9
20
—
Industrial Solutions:
Digital data networks
242
34.2
246
34.4
(4)
—
Automation and connected living
103
17.6
101
17.6
2
—
Energy
55
11.8
54
11.7
1
—
Aerospace, defense, and marine
61
15.2
63
16.0
(2)
—
Medical
2
1.1
3
1.3
(1)
—
Total Industrial Solutions
463
19.8
467
20.0
(4)
—
Reconciling item (3)
(87)
—
(87)
—
Total
$
563
11.9
%
$
634
13.4
%
$
(71)
$
—
Change in Net Sales for the Year Ended September 25, 2026
versus Net Sales for the Year Ended September 26, 2025
Net Sales
Organic Net Sales
Translation
Growth (Decline)
Growth (Decline) (1)
and Other (2)
Acquisitions
($ in millions)
Transportation Solutions:
Automotive
$
417
5.9
%
$
212
3.0
%
$
205
$
—
Commercial transportation
264
19.3
233
17.1
31
—
Sensors
—
—
(22)
(2.4)
22
—
Total Transportation Solutions
681
7.3
423
4.5
258
—
Industrial Solutions:
Digital data networks
975
44.2
961
43.5
14
—
Automation and connected living
333
15.5
281
13.1
51
1
Energy
543
40.4
243
18.1
29
271
Aerospace, defense, and marine
187
12.6
163
11.0
24
—
Medical
(9)
(1.3)
(9)
(1.3)
—
—
Total Industrial Solutions
2,029
25.8
1,639
20.8
118
272
Reconciling item (3)
(87)
—
(87)
—
Total
$
2,623
15.2
%
$
2,062
11.9
%
$
289
$
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 and IEEPA tariff refunds.
(3) Reconciling item relates to IEEPA tariff refunds received in fiscal 2026 that are expected to be returned to customers.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended September 25, 2026
(UNAUDITED)
Adjustments
Acquisition-
Restructuring
Related
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
$
521
$
1
$
5
$
18
$
—
$
545
Industrial Solutions
568
11
9
39
—
627
Reconciling item (4)
4
—
—
—
—
4
Total
$
1,093
$
12
$
14
$
57
$
—
$
1,176
Operating margin
20.6
%
22.1
%
Income tax expense
$
(175)
$
(2)
$
2
$
(11)
$
(59)
$
(245)
Effective tax rate
16.3
%
21.1
%
Income from continuing operations
$
901
$
10
$
16
$
46
$
(59)
$
914
Diluted earnings per share from
continuing operations
$
3.10
$
0.03
$
0.05
$
0.16
$
(0.20)
$
3.14
(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 $59 million income tax benefit related to a decrease in the valuation allowance for certain tax loss and credit carryforwards.
(3) See description of non-GAAP financial measures.
(4) Reconciling item relates to the net impact of IEEPA tariff refunds received in fiscal 2026.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended September 26, 2025
(UNAUDITED)
Adjustments
Acquisition-
Restructuring
Related
and Other
Amortization
Adjusted
U.S. GAAP
Charges (1)
Charges, Net (1)
Expense (1)
Tax Items (2)
(Non-GAAP) (3)
($ in millions, except per share data)
Operating income:
Transportation Solutions
$
465
$
—
$
3
$
19
$
—
$
487
Industrial Solutions
451
10
14
39
—
514
Total
$
916
$
10
$
17
$
58
$
—
$
1,001
Operating margin
19.3
%
21.1
%
Income tax expense
$
(233)
$
(2)
$
6
$
(11)
$
31
$
(209)
Effective tax rate
26.0
%
21.3
%
Income from continuing operations
$
664
$
8
$
23
$
47
$
31
$
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 $13 million related to the revaluation of deferred tax liabilities as a result of a decrease in the corporate tax rate in a non-U.S. jurisdiction.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 25, 2026
(UNAUDITED)
Adjustments
Acquisition-
Restructuring
Related
and Other
Amortization
Adjusted
U.S. GAAP
Charges (1)
Charges, Net (1)
Expense (1)
Tax Items (2)
(Non-GAAP) (3)
($ in millions, except per share data)
Operating income:
Transportation Solutions
$
1,969
$
2
$
89
$
71
$
—
$
2,131
Industrial Solutions
2,018
33
28
156
—
2,235
Reconciling item (4)
4
—
—
—
—
4
Total
$
3,991
$
35
$
117
$
227
$
—
$
4,370
Operating margin
20.1
%
22.0
%
Income tax expense
$
(695)
$
(7)
$
(21)
$
(45)
$
(173)
$
(941)
Effective tax rate
17.6
%
21.7
%
Income from continuing operations
$
3,255
$
28
$
96
$
182
$
(173)
$
3,388
Diluted earnings per share from
continuing operations
$
11.07
$
0.10
$
0.33
$
0.62
$
(0.59)
$
11.52
(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 $114 million net income tax benefit related primarily to the settlement of prior period tax matters and a $59 million income tax benefit related to a
decrease in the valuation allowance for certain tax loss and credit carryforwards.
(3) See description of non-GAAP financial measures.
(4) Reconciling item relates to the net impact of IEEPA tariff refunds received in fiscal 2026.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Year Ended September 26, 2025
(UNAUDITED)
Adjustments
Acquisition-
Restructuring
Related
and Other
Amortization
Adjusted
U.S. GAAP
Charges (1)
Charges, Net (1)
Expense (1)
Tax Items (2)
(Non-GAAP) (3)
($ in millions, except per share data)
Operating income:
Transportation Solutions
$
1,818
$
—
$
75
$
70
$
—
$
1,963
Industrial Solutions
1,393
57
51
120
—
1,621
Total
$
3,211
$
57
$
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
$
45
$
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 $44 million related to an increase in the valuation allowance for certain U.S.
tax loss and credit carryforwards.
(3) See description of non-GAAP financial measures.
TE CONNECTIVITY PLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
For the Quarter Ended December 26, 2025
(UNAUDITED)
Adjustments
Acquisition-
Restructuring
Related
and Other
Amortization
Adjusted
U.S. GAAP
Charges (1)
Charges, Net (1)
Expense (1)
(Non-GAAP) (2)
($ in millions, except per share data)
Operating income:
Transportation Solutions
$
501
$
—
$
4
$
18
$
523
Industrial Solutions
462
6
6
39
513
Total
$
963
$
6
$
10
$
57
$
1,036
Operating margin
20.6
%
22.2
%
Income tax expense
$
(210)
$
(1)
$
(3)
$
(11)
$
(225)
Effective tax rate
21.9
%
21.8
%
Income from continuing operations
$
751
$
5
$
7
$
46
$
809
Diluted earnings per share from
continuing operations
$
2.53
$
0.02
$
0.02
$
0.15
$
2.72
(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 FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES
TO FORWARD-LOOKING GAAP FINANCIAL MEASURES
As of October 28, 2026
(UNAUDITED)
Outlook for
Quarter Ending
December 25,
2026
Diluted earnings per share from continuing operations
$
3.04
Acquisition-related charges
0.06
Restructuring and other charges, net
0.05
Amortization expense
0.15
Adjusted diluted earnings per share from continuing operations (1)
$
3.30
Net sales growth
14.6
%
Translation and other (2)
0.7
(Acquisitions) divestitures, net
—
Organic net sales growth (1)
15.3
%
(1) See description of non-GAAP financial measures.
(2) Includes IEEPA tariff refunds expected to be received in fiscal 2027 and returned to customers.
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SOURCE TE Connectivity plc
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Technology
LEO Satellite Market worth $43.37 billion by 2031 – Exclusive Report by MarketsandMarkets™
Published
50 minutes agoon
October 30, 2026By
DELRAY BEACH, Fla., Oct. 30, 2026 /PRNewswire/ — According to MarketsandMarkets™, the LEO satellites market is estimated at USD 12.82 billion in 2026 and is projected to reach USD 43.37 billion by 2031 at a CAGR of 27.6% during the forecast period.
Browse 300 market data Tables and 100 Figures spread through 350 Pages and in-depth TOC on ‘LEO Satellite Market – Global Forecast to 2031’
LEO Satellite Market Size & Forecast:
Market Size Available for Years: 2021–20312026 Market Size: USD 12.82 billion2031 Projected Market Size: USD 43.37 billionCAGR (2026–2031): 27.6%
LEO Satellite Market Trends & Insights:
The LEO satellites market is growing as satellite networks expand for communication, Earth observation, navigation, and defense applications. Developments in small satellite platforms, software-defined payloads, optical communication, and onboard data processing are helping operators improve coverage, reduce latency, and support a wider range of missions in low Earth orbit.By satellite mass, Small satellites are the fastest-growing segment due to the increasing deployment of LEO constellations for broadband communication, Earth observation, and defense applications. Their lower development and launch costs, shorter manufacturing cycles, and ability to be deployed in large constellations are supporting adoption among commercial operators, government agencies, and defense organizations.By application, Navigation satellites are the fastest-growing segment due to the rising demand for more accurate positioning, navigation, and timing services across transportation, defense, aviation, maritime, and autonomous systems. Increasing deployment of LEO-based navigation and PNT augmentation systems, along with the need for lower latency, stronger signal availability, and greater resilience than traditional navigation architectures, is supporting segmental growth.By customer type, Defense is the fastest-growing segment due to the increasing use of LEO satellites for secure communications, ISR, navigation support, and persistent monitoring. Rising defense investment in resilient space architectures, proliferated LEO constellations, and low-latency satellite networks is supporting adoption across military forces and defense agencies.By region, the Middle East is the fastest-growing region in the LEO satellites market, driven by rising investment in satellite communications, Earth observation, defense surveillance, and national space programs. Growing demand for secure connectivity across remote areas, expanding defense and border-monitoring requirements, and new satellite initiatives in countries such as the UAE and Saudi Arabia are supporting regional market growth due to increasing investment in drone detection across military bases, airports, borders, and critical infrastructure. Growing concerns around unauthorized drone activity and continued deployment of radar, RF, EO/IR, and multi-sensor systems are supporting regional growth.
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LEO satellite operators are creating sustained demand through frequent replenishment and replacement of spacecraft. Satellites in low Earth orbit usually have shorter operating lives than larger satellites in higher orbits. Constellations therefore require regular launches to replace aging satellites, to maintain coverage and introduce upgraded payloads. Operators can also refresh technology faster as communication, processing and sensing requirements change. Planned deorbiting and debris mitigation requirements further increase the need for replacement satellites over time. This creates recurring demand for satellite platforms, propulsion systems, power systems, antennas and payloads. Large constellations also support repeat production, which allows manufacturers to maintain continuous assembly lines and improve production efficiency globally.
By customer type, the commercial segment is estimated to hold the second-largest market share in 2026.
The segment is supported by the growing deployment of LEO constellations for broadband, Earth observation, direct-to-device connectivity and data services. Commercial operators are benefiting from the scalable networks that allow capacity to be added as demand grows. Moreover, they also use standardized satellite buses and high-rate production to reduce costs and shorten deployment timelines. Large programs such as SpaceX Starlink and Amazon Project Kuiper are increasing satellite volumes and replacement demand. Earth observation companies are also deploying smaller satellites with shorter refresh cycles. These factors are supporting steady commercial demand across LEO satellite platforms, payloads, and related subsystems.
By frequency band, laser/optical band is expected to be the fastest-growing segment between 2026 and 2031.
The segment is expected to grow rapidly as LEO operators increase the use of optical inter-satellite links for high-capacity data transfer. Laser links allow satellites to exchange data directly in space without routing every transmission through ground stations. This reduces latency and improves network resilience. Optical links also avoid congestion in traditional RF spectrum and support higher data rates. Large constellations are increasingly adopting this architecture to move traffic across the network more efficiently. For instance, SpaceX Starlink is launching newer satellites using laser crosslinks for satellite-to-satellite communication.
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Europe is projected to be the largest LEO satellites industry during the forecast period.
Europe is expected to hold the largest market share due to strong government support, established satellite manufacturing capabilities, as well as growing sovereign connectivity programs. The region has a well-developed space ecosystem which is led by companies like Airbus, Thales Alenia Space, OHB, and Eutelsat OneWeb. Programs such as IRIS² are supporting the development of resilient satellite connectivity across the region. Europe also benefits from strong participation in ESA programs and a mature network of satellite subsystem suppliers. These factors are supporting sustained demand for LEO satellite platforms, payloads, and related subsystems.
Key Players in LEO satellites companies such as SpaceX (US), L3Harris Technologies (US), Lockheed Martin (US), Northrop Grumman (US), and Airbus Defence and Space (Netherlands).
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Technology
General Dynamics Reports Third-Quarter 2026 Financial Results
Published
50 minutes agoon
October 30, 2026By
Revenue $14.6 billion, up 12.9% versus prior yearDiluted EPS $4.49, up 15.7% versus prior year$1.7 billion cash from operating activities, 139% of net earnings6.8-to-1 book-to-bill, $220 billion backlog
RESTON, Va., Oct. 30, 2026 /PRNewswire/ — General Dynamics (NYSE: GD) today reported third-quarter 2026 operating earnings of $1.5 billion, and $4.49 per diluted share (EPS), on revenue of $14.6 billion. Compared with the year-ago quarter, revenue increased 12.9%, operating earnings increased 14.7%, and diluted EPS increased 15.7%. Operating margin of 10.5% was a 20-basis-point expansion from the year-ago quarter.
“Our business had exceptional third quarter results, with revenue growth across all four segments, robust bookings and solid operational performance,” said Phebe Novakovic, chairman and chief executive officer. “With the consistent growth in our backlog and our significant investment in our businesses over the last decade, we are poised to drive continued performance in the years to come.”
Cash and Capital Deployment
Cash provided by operating activities in the quarter totaled $1.7 billion, or 139% of net earnings. During the quarter, the company paid $429 million in dividends, invested $481 million in capital expenditures, and reduced total debt by $500 million. The company ended the quarter with $7 billion in total debt and $4.4 billion in cash and equivalents on hand.
Orders and Backlog
Orders received in the quarter totaled $93.8 billion in the defense segments, driven by large orders in the Marine Systems segment for Virginia- and Columbia-class submarines, and $5 billion in the Aerospace segment, for a total of $98.8 billion. Book-to-bill ratio, defined as orders divided by revenue, was 8.5-to-1 for the quarter for the defense segments, 1.4-to-1 for the Aerospace segment, and 6.8-to-1 on a company-wide basis.
Backlog at the end of the quarter was $220.3 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $270.7 billion.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics’ financial results conference call will be held on Friday, October 30, 2026, at 9:00 a.m. EDT. A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.
This press release may contain forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue
$ 14,566
$ 12,907
$ 1,659
12.9 %
Operating costs and expenses
(13,039)
(11,576)
(1,463)
Operating earnings
1,527
1,331
196
14.7 %
Other, net
4
15
(11)
Interest, net
(45)
(74)
29
Earnings before income tax
1,486
1,272
214
16.8 %
Provision for income tax, net
(257)
(213)
(44)
Net earnings
$ 1,229
$ 1,059
$ 170
16.1 %
Earnings per share—basic
$ 4.55
$ 3.93
$ 0.62
15.8 %
Basic weighted average shares outstanding
270.2
269.2
Earnings per share—diluted
$ 4.49
$ 3.88
$ 0.61
15.7 %
Diluted weighted average shares outstanding
273.8
272.6
EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Nine Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue
$ 42,141
$ 38,171
$ 3,970
10.4 %
Operating costs and expenses
(37,734)
(34,267)
(3,467)
Operating earnings
4,407
3,904
503
12.9 %
Other, net
18
51
(33)
Interest, net
(163)
(251)
88
Earnings before income tax
4,262
3,704
558
15.1 %
Provision for income tax, net
(748)
(637)
(111)
Net earnings
$ 3,514
$ 3,067
$ 447
14.6 %
Earnings per share—basic
$ 13.01
$ 11.41
$ 1.60
14.0 %
Basic weighted average shares outstanding
270.2
268.8
Earnings per share—diluted
$ 12.83
$ 11.29
$ 1.54
13.6 %
Diluted weighted average shares outstanding
273.8
271.8
EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue:
Aerospace
$ 3,536
$ 3,234
$ 302
9.3 %
Marine Systems
4,960
4,096
864
21.1 %
Combat Systems
2,386
2,252
134
6.0 %
Technologies
3,684
3,325
359
10.8 %
Total
$ 14,566
$ 12,907
$ 1,659
12.9 %
Operating earnings:
Aerospace
$ 513
$ 430
$ 83
19.3 %
Marine Systems
391
291
100
34.4 %
Combat Systems
330
335
(5)
(1.5) %
Technologies
346
327
19
5.8 %
Corporate
(53)
(52)
(1)
(1.9) %
Total
$ 1,527
$ 1,331
$ 196
14.7 %
Operating margin:
Aerospace
14.5 %
13.3 %
Marine Systems
7.9 %
7.1 %
Combat Systems
13.8 %
14.9 %
Technologies
9.4 %
9.8 %
Total
10.5 %
10.3 %
EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue:
Aerospace
$ 10,340
$ 9,322
$ 1,018
10.9 %
Marine Systems
13,963
11,905
2,058
17.3 %
Combat Systems
6,959
6,711
248
3.7 %
Technologies
10,879
10,233
646
6.3 %
Total
$ 42,141
$ 38,171
$ 3,970
10.4 %
Operating earnings:
Aerospace
$ 1,516
$ 1,265
$ 251
19.8 %
Marine Systems
1,049
832
217
26.1 %
Combat Systems
958
950
8
0.8 %
Technologies
1,024
987
37
3.7 %
Corporate
(140)
(130)
(10)
(7.7) %
Total
$ 4,407
$ 3,904
$ 503
12.9 %
Operating margin:
Aerospace
14.7 %
13.6 %
Marine Systems
7.5 %
7.0 %
Combat Systems
13.8 %
14.2 %
Technologies
9.4 %
9.6 %
Total
10.5 %
10.2 %
EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
(Unaudited)
October 4, 2026
December 31, 2025
ASSETS
Current assets:
Cash and equivalents
$ 4,388
$ 2,333
Accounts receivable
2,529
2,406
Unbilled receivables
8,906
8,380
Inventories
9,124
9,232
Other current assets
1,926
1,897
Total current assets
26,873
24,248
Noncurrent assets:
Property, plant and equipment, net
7,853
7,525
Intangible assets, net
1,231
1,375
Goodwill
20,849
21,009
Other assets
3,399
3,092
Total noncurrent assets
33,332
33,001
Total assets
$ 60,205
$ 57,249
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt
$ 756
$ 1,006
Accounts payable
3,166
2,678
Customer advances and deposits
11,083
9,824
Other current liabilities
3,821
3,288
Total current liabilities
18,826
16,796
Noncurrent liabilities:
Long-term debt
6,260
7,007
Other liabilities
7,827
7,824
Total noncurrent liabilities
14,087
14,831
Shareholders’ equity:
Common stock
482
482
Surplus
4,646
4,403
Retained earnings
46,299
44,080
Treasury stock
(23,403)
(22,860)
Accumulated other comprehensive loss
(732)
(483)
Total shareholders’ equity
27,292
25,622
Total liabilities and shareholders’ equity
$ 60,205
$ 57,249
EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS – (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months Ended
October 4, 2026
September 28, 2025
Cash flows from operating activities—continuing operations:
Net earnings
$ 3,514
$ 3,067
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment
525
490
Amortization of intangible and finance lease right-of-use assets
173
182
Equity-based compensation expense
169
146
Deferred income tax provision
335
151
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable
(123)
(314)
Unbilled receivables
(480)
(415)
Inventories
108
(131)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable
488
119
Customer advances and deposits
1,232
45
Other, net
(196)
219
Net cash provided by operating activities
5,745
3,559
Cash flows from investing activities:
Capital expenditures
(918)
(552)
Other, net
18
130
Net cash used by investing activities
(900)
(422)
Cash flows from financing activities:
Dividends paid
(1,263)
(1,188)
Repayment of fixed-rate notes
(1,000)
(1,500)
Purchases of common stock
(604)
(600)
Proceeds from fixed-rate notes
—
747
Other, net
87
235
Net cash used by financing activities
(2,780)
(2,306)
Net cash used by discontinued operations
(10)
(8)
Net increase in cash and equivalents
2,055
823
Cash and equivalents at beginning of period
2,333
1,697
Cash and equivalents at end of period
$ 4,388
$ 2,520
EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Non-GAAP Financial Measures:
Third Quarter
Nine Months
2026
2025
2026
2025
Free cash flow:
Net cash provided by operating activities
$ 1,710
$ 2,109
$ 5,745
$ 3,559
Capital expenditures
(481)
(212)
(918)
(552)
Free cash flow (a)
$ 1,229
$ 1,897
$ 4,827
$ 3,007
October 4, 2026
December 31, 2025
Net debt:
Total debt
$ 7,016
$ 8,013
Less cash and equivalents
4,388
2,333
Net debt (b)
$ 2,628
$ 5,680
Supplemental Aerospace Data:
Third Quarter
Nine Months
2026
2025
2026
2025
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft
35
33
101
95
Mid-cabin aircraft
5
6
18
18
Total
40
39
119
113
Aerospace Book-to-Bill:
Orders (c)
$ 4,970
$ 4,053
$ 14,091
$ 10,417
Revenue
3,536
3,234
10,340
9,322
Book-to-Bill Ratio
1.4x
1.3x
1.4x
1.1x
(a)
We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure
for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business
acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our
earnings and as a key performance measure in evaluating management.
(b)
We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for
investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an
important indicator of liquidity and financial position.
(c)
Excludes customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.
EXHIBIT H
BACKLOG – (UNAUDITED)
DOLLARS IN MILLIONS
Funded
Unfunded
Total
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
Third Quarter 2026:
Aerospace
$ 24,460
$ 925
$ 25,385
$ 1,374
$ 26,759
Marine Systems
47,289
99,576
146,865
7,644
154,509
Combat Systems
26,983
1,701
28,684
9,588
38,272
Technologies
13,064
6,341
19,405
31,724
51,129
Total
$ 111,796
$ 108,543
$ 220,339
$ 50,330
$ 270,669
Second Quarter 2026:
Aerospace
$ 22,992
$ 985
$ 23,977
$ 1,170
$ 25,147
Marine Systems
42,356
22,826
65,182
7,442
72,624
Combat Systems
27,507
1,843
29,350
10,847
40,197
Technologies
11,256
6,733
17,989
30,945
48,934
Total
$ 104,111
$ 32,387
$ 136,498
$ 50,404
$ 186,902
Third Quarter 2025:
Aerospace
$ 19,476
$ 1,131
$ 20,607
$ 1,147
$ 21,754
Marine Systems
38,757
14,854
53,611
14,839
68,450
Combat Systems
17,232
1,470
18,702
9,553
28,255
Technologies
10,269
6,668
16,937
32,341
49,278
Total
$ 85,734
$ 24,123
$ 109,857
$ 57,880
$ 167,737
*
The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and
unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase
new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.
For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract
value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.
EXHIBIT H-1
BACKLOG – (UNAUDITED)
DOLLARS IN MILLIONS
https://mmx.prnewswire.com/media/MS2023592/ExhibitH1.jpg?id=OA3047375
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SOURCE General Dynamics
Technology
Delta Electronics Hosts Inaugural Future Industry Summit in Singapore and Inks Collaboration with the College of Design and Engineering at NUS to Advance Sustainable Data Center Innovation
Published
50 minutes agoon
October 30, 2026By
SINGAPORE, Oct. 30, 2026 /PRNewswire/ — Today, Delta Electronics, a global leader in power management and smart green solutions, hosted the annual Delta SEAO Future Industry Summit 2026 for the first time in Singapore, after seven consecutive editions in Thailand. Held under the theme “Advancing Regional Infrastructure for AI and Energy Transformation Evolution”, the Summit brought together over 200 prominent government officials, industry executives, academics, and media stakeholders to discuss solutions that accelerate the adoption of sustainable digital and energy infrastructure. This is aimed at supporting AI-driven growth across the Southeast Asia and Oceania (SEAO) region. At the Summit, Delta also deepened its collaboration with National University of Singapore (NUS) College of Design and Engineering (CDE) by joining the Sustainable Tropical Data Center Testbed (STDCT) Phase 2.0 Consortium to foster sustainable AI data center innovation.
Shan-Shan Guo, Delta’s Chief Brand Officer, said, “The energy transition is essential to addressing climate change. The rise of electrification and AI infrastructure is making the need for resilient, energy-efficient power infrastructure increasingly urgent. Since its founding 55 years ago, Delta has been committed to driving sustainability through innovation and energy conservation. We are honored to share at the Delta SEAO Future Industry Summit some of Delta’s key sustainability endeavors, including the acceleration of the energy transition with our microgrid solutions, helping customers move toward net zero carbon emissions with our ESG consulting services, and our coral restoration journey in Singapore and other regions. Together with our customers and partners, we are building a smarter, greener tomorrow.”
“Southeast Asia’s infrastructure needs are evolving rapidly as AI and electrification reshape the region. With its long-term development in power and thermal management, Delta brings deep expertise across power, cooling, automation and energy management,” said Jason Yuan, President of Delta Electronics Southeast Asia & Oceania. “Our strength lies in bringing these capabilities together to help build future-ready infrastructure that is reliable, scalable, efficient and adaptable to the region’s needs. That is the conversation we want to advance by bringing our annual SEAO Summit to Singapore.”
The program included executive keynotes and two panel discussions focused on energy infrastructure readiness for the region’s data centers and the role of industrial and building automation in sustainable manufacturing. The Singapore edition builds on Delta’s growing engagement across Southeast Asia, following the opening of its new Johor Bahru office and the Solutions Day forum in Kuala Lumpur in July. Together, these initiatives reflect Delta’s continued investment in the region and its focus on supporting the infrastructure demands created by AI, electrification and industrial transformation.
The Summit arrives as Southeast Asia’s data center power demand grows faster than any other region in the world. According to an IDC study commissioned by Delta (*), surveyed Southeast Asian operators reported 26-50% year-on-year growth in power demand, against 11-20% in the United States and Europe. 60% here are also already deploying, planning, or evaluating direct liquid cooling, the highest adoption rate of the three regions surveyed. The same study found that 24-26% of Southeast Asian operators cite cluster around power, grid, cooling capacity and equipment lead-time risks as their single biggest constraint on scaling.
Singapore is also investing in the infrastructure and research capabilities needed to support the next generation of data centers. The country is developing new approaches to tropical data center design and testing, including through the STDCT, hosted at the NUS CDE.
Collaboration with NUS to Advance Sustainable Data Center Innovation
Against this backdrop, Delta formalized today, at the Delta SEAO Future Industry Summit 2026, its deepening collaboration with NUS CDE through its participation in the Sustainable Tropical Data Centre Testbed Phase 2.0 (STDCT 2.0) Consortium. As part of the collaboration, Delta will provide NUS CDE with an AI Containerized Data Center and related equipment, to support research and testing of data center technologies suited to tropical conditions. The collaboration brings together Delta’s expertise in power, cooling, and data center infrastructure with NUS CDE’s research capabilities in tropical data center design and testing.
“AI is fundamentally changing the design envelope for data centers, with much higher power densities and thermal loads placing new demands on power, cooling and infrastructure efficiency,” said Professor Lee Poh Seng, Programme Director of STDCT 2.0 and Head of the Department of Mechanical Engineering at NUS CDE. “STDCT 2.0 is designed to bridge the gap between innovation and real-world deployment by providing a live environment in which next-generation technologies can be integrated, tested and validated under tropical operating conditions. Delta brings deep capabilities across power electronics, thermal management and data center infrastructure, and this collaboration will enable us to explore these technologies at system level and demonstrate measurable improvements in energy efficiency, water efficiency, reliability and climate resilience. Our goal is to generate solutions and evidence that can accelerate the deployment of more sustainable AI infrastructure in Singapore and across the wider region.”
As AI and electrification reshape infrastructure needs across Southeast Asia, the Delta SEAO Future Industry Summit 2026, held at Pan Pacific Orchard, brings these stakeholders together to fulfil the region’s infrastructure needs.
ABOUT DELTA ELECTRONICS INT’L (Singapore)
The company is a wholly owned subsidiary of Delta Electronics, Inc.
ABOUT DELTA
Delta, founded in 1971, and listed on the Taiwan Stock Exchange (code:2308), is a global leader in switching power supplies and thermal management products with a thriving portfolio of IoT-based smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, “To provide innovative, clean and energy-efficient solutions for a better tomorrow,” Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents.
Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to ESG. Since 2011, Delta has been listed on the Dow Jones Best-in-Class World Index (formerly the DJSI World Index of Dow Jones Sustainability™ Indices) for 15 consecutive years. Delta has also won CDP with double A List for 4 times for its substantial contribution to climate change and water security issues and has been named Supplier Engagement Leader for its continuous development of a sustainable value chain for 8 consecutive years.
For detailed information about Delta, please visit: www.deltaww.com
About the Sustainable Tropical Data Centre Testbed (STDCT 2.0)
The Sustainable Tropical Data Centre Testbed (STDCT) is a joint research initiative led by the National University of Singapore (NUS) and hosted by its College of Design and Engineering, in collaboration with leading industry partners.
STDCT 2.0 focuses on developing energy-efficient data centre designs that can operate reliably in tropical climates. The programme serves as a live testbed to evaluate, validate, and deploy sustainable innovations that reduce energy and water consumption while supporting dense, AI-driven operations.
For more information, visit https://cde.nus.edu.sg/stdct/
*IDC InfoBrief, sponsored by Delta, Powering AI Growth: From Grid Constraints to Rack Readiness, #AP242570-IB, September 2026
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SOURCE Delta Electronics
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Delta Electronics Hosts Inaugural Future Industry Summit in Singapore and Inks Collaboration with the College of Design and Engineering at NUS to Advance Sustainable Data Center Innovation
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