$220.36+2.60 (+1.19%)
At close: Oct 2, 2026, 4:00 PM ET
TE Connectivity plc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~3.4%/yr (FY21→FY25), net margin 10.8%, and free cash flow (~$3.2B) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY21–FY25
Revenue ($B)▲7.9%
17.1
FY21→FY25CAGR +3.4%/yr
Net income ($B)▼42.3%
1.8
one-off year: see footnoteCAGR −5.0%/yr
Free cash flow ($B)▲14.5%
3.2
FY21→FY25CAGR +12.7%/yr
Diluted EPS▼40.4%
6.16
buyback-liftedCAGR −2.4%/yr
What the receipts whisper · what a headline number hides
Stock comp vs FCF
4.7%
of free cash flow goes to stock comp (was 4.7% in FY21). Owner-earnings math treats it as a real cost.
Share count
−10.2%
333.0mn → 299.0mn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$936.0M
+37.6% YoY in FY25 · 5.5% of revenue.
Returns vs FCF
67%
$2.1B returned vs $3.2B of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
11¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 31.7% → 34.6%. Net margin 10.8% is above the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 17,089.0 | 15,845.0 | 16,034.0 | 16,281.0 | 14,923.0 | ▲7.9% | +3.4% |
Cost of revenue | 11,183.0 | 10,389.0 | 11,055.0 | 11,151.0 | 10,193.0 | ▲7.6% | +2.3% |
Gross profit | 5,906.0 | 5,456.0 | 4,979.0 | 5,130.0 | 4,730.0 | ▲8.2% | +5.7% |
Research & development | 829.0 | 741.0 | 593.0 | 610.0 | 612.0 | ▲11.9% | +7.9% |
Selling, general & admin | 1,866.0 | 1,732.0 | 1,670.0 | 1,654.0 | 1,506.0 | ▲7.7% | +5.5% |
Total operating expenses | 2,695.0 | 2,660.0 | 2,263.0 | 2,264.0 | 2,118.0 | ▲1.3% | +6.2% |
Operating incomefeeds ROC rank | 3,211.0 | 2,796.0 | 2,716.0 | 2,866.0 | 2,612.0 | ▲14.8% | +5.3% |
Other income, net | −7.0 | 1.0 | −448.0 | −133.0 | −234.0 | — | — |
Pretax income | 3,204.0 | 2,797.0 | 2,268.0 | 2,733.0 | 2,378.0 | ▲14.6% | +7.7% |
Income tax | 1,361.0 | −397.0 | 364.0 | 306.0 | 123.0 | — | +82.4% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 1,842.0 | 3,193.0 | 1,910.0 | 2,428.0 | 2,261.0 | ▼42.3% | −5.0% |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 6.16 | 10.33 | 6.03 | 7.47 | 6.79 | ▼40.4% | −2.4% |
Diluted shares (mn) | 299.00 | 309.00 | 317.00 | 325.00 | 333.00 | ▼3.2% | −2.7% |
| Margins | |||||||
Gross margin22nd pct in Technology | 34.6% | 34.4% | 31.1% | 31.5% | 31.7% | ▲0.1pp | +2.9pp |
Operating margin | 18.8% | 17.6% | 16.9% | 17.6% | 17.5% | ▲1.1pp | +1.3pp |
Net margin61st pct in Technology | 10.8% | 20.2% | 11.9% | 14.9% | 15.2% | ▼9.4pp | −4.4pp |
FY24 effective tax rate was −14% vs a 11% norm for this window, likely a one-time item; see the filing.FY25 effective tax rate was 42% vs a 11% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2025-11-10 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.