8-K
TE Connectivity plc (TEL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) ofthe Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 20, 2025

TE CONNECTIVITY PLC
(Exact name of registrant as specified in its charter)
| Ireland | 98-1779916 |
|---|---|
| (Jurisdiction of Incorporation) | (IRS Employer Identification Number) |
001-33260
(Commission File Number)
Parkmore Business Park West
Parkmore, Ballybrit
Galway, H91VN2T, Ireland
(Address of Principal Executive Offices, including Zip Code)
+353 91 378 040
(Registrant’s telephone number, including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) ofthe Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
| Ordinary Shares, Par Value $0.01 | TEL | New York Stock Exchange |
| 2.50% Senior Notes due 2028* | TEL/28 | New York Stock Exchange |
| 0.00% Senior Notes due 2029* | TEL/29 | New York Stock Exchange |
| 3.25% Senior Notes due 2033* | TEL/33 | New York Stock Exchange |
* Issued by Tyco Electronics Group S.A., an indirect wholly-owned subsidiary of TE Connectivity plc
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01. Regulation FD Disclosure
TE Connectivity plc (the “Company”) is furnishing under Item 7.01 of this Current Report on Form 8-K a presentation that will be made by the Company at its investor day meeting being held today, November 20, 2025, beginning at 9:30 a.m. EST in Philadelphia, Pennsylvania. A copy of the presentation is being furnished pursuant to Regulation FD as Exhibit 99.1 and is incorporated herein by reference. A live webcast of the event will be available at the investor relations section of the Company’s website: www.te.com.
The information presented in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01.
Financial Statements and Exhibits
(d) Exhibits
| ExhibitNo. | Description |
|---|---|
| 99.1 | Presentation at TE Connectivity plc’s Investor Meeting on November 20, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 20, 2025 | TE CONNECTIVITY PLC | |
|---|---|---|
| By: | /s/ Harold G. Barksdale | |
| Harold G. Barksdale | ||
| Vice President and Corporate Secretary |
Exhibit 99.1
| 2025<br>The next chapter of value creation | ||
|---|---|---|
| Welcome<br>Sujal Shah<br>VP, Investor Relations<br>TE Connectivity 2025 Investor Day | ||
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| Agenda<br>3<br>Welcome<br>Next Chapter of TE<br>Industrial Solutions<br>Transportation Solutions<br>Shareholder Value Creation<br>Sujal Shah<br>VP, Investor Relations<br>Terrence Curtin<br>Chief Executive Officer<br>Shad Kroeger<br>President, Industrial Solutions<br>Aaron Stucki<br>President, Transportation Solutions<br>Heath Mitts<br>EVP & CFO<br>Break<br>Lunch<br>Q&A | ||
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| Forward-looking statements<br>and Non-GAAP Financial Measures<br>4<br>Forward-Looking Statements<br>This presentation contains certain "forward-looking statements" within the<br>meaning of the U.S. Private Securities Litigation Reform Act of 1995. These<br>statements are based on management's current expectations and are subject to<br>risks, uncertainty and changes in circumstances, which may cause actual results,<br>performance, financial condition or achievements to differ materially from<br>anticipated results, performance, financial condition or achievements. All<br>statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and<br>similar expressions are generally intended to identify forward-looking statements.<br>We have no intention and are under no obligation to update or alter (and expressly<br>disclaim any such intention or obligation to do so) our forward-looking statements<br>whether as a result of new information, future events or otherwise, except to the<br>extent required by law. The forward-looking statements in this presentation<br>include statements addressing our future financial condition and operating<br>results. Examples of factors that could cause actual results to differ materially<br>from those described in the forward-looking statements include, among others,<br>the extent, severity and duration of business interruption negatively affecting our<br>business operations; business, economic, competitive and regulatory risks, such<br>as conditions affecting demand for products in the automotive and other<br>industries we serve; competition and pricing pressure; fluctuations in foreign<br>currency exchange rates and commodity prices; natural disasters and political,<br>economic and military instability in countries in which we operate, including<br>continuing military conflict in certain parts of the world; developments in the credit<br>markets; future goodwill impairment; compliance with current and future<br>environmental and other laws and regulations; and the possible effects on us of<br>changes in tax laws, tax treaties and other legislation. More detailed information<br>about these and other factors is set forth in TE Connectivity plc's Annual Report on<br>Form 10-K for the fiscal year ended Sept. 26, 2025 as well as in our Quarterly<br>Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us<br>with the U.S. Securities and Exchange Commission.<br>Non-GAAP Financial Measures<br>Where we have used non-GAAP financial measures, reconciliations to the most<br>comparable GAAP measure are provided, along with a disclosure on the<br>usefulness of the non-GAAP financial measure, in this presentation. | ||
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| VIDEO | ||
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| Terrence Curtin<br>CEO<br>The Next Chapter<br>of Value Creation<br>TE Connectivity 2025 Investor Day | ||
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| WHAT YOU<br>WILL BE<br>HEARING<br>TODAY<br>Business Strategy<br> • Co-creating on next generation architectures with our customers to<br>drive value creation<br> • Positioned to deliver 6-8% growth through cycle with further margin expansion<br> • Broadening secular growth with organic and inorganic opportunities<br> • Capitalizing on market recovery and operational excellence<br>Industrial / Shad Kroeger<br> • Driving 30%+ incremental operating margins with double-digit adjusted<br>EPS growth<br> • Cash generation model with 100%+ conversion of adjusted net income<br>with a disciplined capital strategy focused on best return opportunities<br>Financial Strategy / Heath Mitts<br>7<br> • Global Auto leadership with a defensible moat and strong position in Asia<br> • Broader content drivers to deliver 4-6% Auto growth over market<br>Transportation / Aaron Stucki | ||
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| FY 2025 FINANCIALS<br>SALES<br>$17B+ ~21%<br>ADJUSTED<br>OPERATING MARGIN<br>TE CONNECTIVITY AT A GLANCE<br>Leading Industrial Technology Company<br>with a Strong Financial Foundation<br>SALES BY SEGMENT<br>~$8B<br>Digital Data<br>Networks<br>(DDN)<br>Aerospace,<br>Defense &<br>Marine (AD&M)<br>Automation<br> & Connected<br>Living (ACL)<br>Energy Medical Automotive Commercial<br>Transportation<br>(ICT)<br>Sensors<br>Industrial<br>NYSE: TEL<br>$9.27<br>ADJUSTED EPS<br>~115%<br>FCF CONVERSION OF<br>ADJUSTED NET INCOME<br>~$9BTransportation<br>Serving a ~$130B* Connectivity Market<br>Two segments focused on connectivity solutions in harsh environments<br>* Internal company analysis<br>Adjusted Operating Margin, Adjusted EPS, Free Cash Flow, and Free Cash Flow Conversion are non-GAAP financial measures; see Appendix for descriptions and reconciliations. 8 | ||
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| Creating a Safer, Sustainable,<br>Productive, and Connected Future<br>Engineering and Operations create a moat with our customers<br>Co-creating<br>with Customers<br>In-region Engineering<br>and Design Expertise<br>Global Footprint Core Process<br>Excellence<br>Agile Development Powered<br>by AI and Simulation<br>Embedded in Customers’ Roadmaps<br>70%+ Local for Local<br>Manufacturing with 120 Factories<br>10,000 Engineers<br>5,000 New Development Projects<br>Manufacturing Advantage Driving<br>Innovation and Quality<br>Speed to Market<br>Our moat with our customers drives value for shareholders<br>Responsiveness<br>to External Factors<br>(trade, geopolitics)<br>Resilience Through-Cycle<br>9 | ||
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| TE Connectivity’s Journey<br>Growth Through Focus & Execution<br>Benefiting from secular growth drivers, cost reduction and footprint consolidation<br>From Transformation to Acceleration<br>10<br>FREE CASH FLOW<br>18.3%<br>20.8%<br>2019 2025<br>$13.4B<br>$17.3B<br>2019 2025<br>SALES GROWTH ADJUSTED OPERATING<br>MARGIN EXPANSION<br>Portfolio<br>Transformation<br>Strategic portfolio<br>rationalization<br>$1.6B<br>$3.2B<br>2019 2025<br>2007 2019<br>+4% CAGR +250 BPS Doubled FCF<br>Adjusted Operating Margin and Free Cash Flow are non-GAAP financial measures; see Appendix for descriptions and reconciliations. | ||
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| Strategic Positioning Leading to a<br>STRONGER TE<br>Past Today<br>Business Model Focus Self Help Profitable growth with a widening moat<br>Portfolio Secular Growth Concentrated Broadening growth across the portfolio<br>Adjusted Operating Margins Mid-teens Over 20% with 30%+ incremental margins<br>Free Cash Flow < 90% conversion* 100%+ conversion*<br>Capital Strategy • 2/3 returned to shareholders<br> • 1/3 M&A<br> • 1/3 Dividends<br> • 2/3 best return opportunity<br>Restructuring • Repositioning of cost base<br> • Factory footprint consolidation<br>Create efficiencies from bolt-on acquisitions<br>* Conversion of Adjusted Net Income<br>Adjusted Operating Margin, Free Cash Flow, and Free Cash Flow Conversion are non-GAAP financial measures; see Appendix for descriptions. 11 | ||
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| Technology is Evolving Rapidly<br>in the Markets Where We Have Positioned TE<br>Artificial Intelligence Data Connectivity E-mobility Energy Scale-up<br>GPU-GPU SPEED DATA SPEEDS IN CARS<br>Factory Automation<br>RACK POWER<br>TOP 4 HYPERSCALER CAPEX<br>L2 - L4 ADAS ADOPTION<br>XEV LIGHT VEHICLES<br>VOLTAGE ARCHITECTURE<br>DC FAST CHARGING<br>GLOBAL INSTALLED<br>RENEWABLE CAPACITY<br>ELECTRICITY<br>CONSUMPTION IN US<br>GLOBAL ROBOT<br>INSTALLATIONS (IN YEAR)<br>PLC SHIPMENTS (IN YEAR)<br>NUMBERS:<br>56Gbps → 224Gbps→ 448Gbps<br>25kW → ~125kW → ~1MW<br>$100B → ~$350B → ~$450B<br>~0.1Gbps → ~1Gbps →10–20Gbps<br>~30% → ~70%<br>2020 → 2025 → 2030<br>~5M → ~30M → 50M+<br>400V → 800V → 1000V<br>500A → 1000A+<br>~3TW → ~6TW → 10TW+<br>~3800TWh → ~4200TWh → ~5000TWh<br>400K → 550K+ → 650K+<br>~11M → ~13M → 15M+<br>ZONAL ARCHITECTURE<br>ADOPTION US TRANSMISSION &<br>DISTRIBUTION<br>$80B →$115B → $155B<br>~2M → ~15M+<br>Data Power Signal<br>12 | ||
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| Portfolio Investments Driving Strong Content Growth<br>13<br>Artificial<br>Intelligence Next Generation Energy Factory<br>Automation Next Generation Vehicles<br>AI & Cloud NA Hardening &<br>Grid Intelligence Renewables Digital & Robotics E-mobility<br>High Voltage Data Connectivity<br>2019 $150M $80M $45M $300M $325M $275M<br>2025 $1.4B $500M $275M $400M $1.1B $650M<br>Growth (vs. 2019) 9x 6x 6x 1.3x 3x 2x<br>Industrial Transportation<br> >$4B incremental revenue opportunity<br>over the next 5 years | ||
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| FY25 SALES MIX GROWTH DRIVERS OVER NEXT 5 YEARS<br>Auto<br>ICT Sensors<br>Medical<br>ACL<br>DDN<br>AD&M<br>Energy<br>Broadening Growth Across Our Portfolio<br>14<br>Digital Data<br>Networks<br>Energy (DDN)<br>OUTSIZED GROWTH<br>Sensors Medical<br>RETURN TO GROWTH<br>Transportation<br>Industrial<br>Automation &<br>Connected<br>Living (ACL)<br>Commercial<br>Transportation<br>(ICT) Automotive<br>PORTFOLIO ALIGNED TO DELIVER 6-8% GROWTH THROUGH CYCLE<br>Aerospace,<br>Defense &<br>Marine (AD&M)<br>Transportation<br>Industrial | ||
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| 6-8% 30%+ Double-digit<br>Growth Incremental Margins<br>through cycle<br>Growth<br>~ 1/3<br>Dividends For M&A<br> & Share<br>Buyback<br>~ 2/3<br>Revenue Adj. Operating Margin Adjusted EPS Capital Strategy Adjusted ROIC<br>Our Business Model Going Forward<br>Defining the Next Phase<br>of Value Creation<br>15<br>100%+ FCF Conversion<br>Adjusted Operating Margin, Adjusted EPS, Free Cash Flow, Free Cash Flow Conversion, and Adjusted ROIC are non-GAAP financial measures; see Appendix for descriptions.<br>Mid-teens | ||
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| Industrial<br>Solutions<br>Shad Kroeger<br>President<br>TE Connectivity 2025 Investor Day | ||
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| OUTSIZED<br>GROWTH<br>CONVICTION<br>MOMENTUM:<br>Accelerating strong performance to deliver<br>mid-to-high single digit growth<br>TRUST:<br>Long-standing customer relationships with<br>architecture influence<br>17<br>INDUSTRIAL SOLUTIONS<br>SCALE:<br>Organic innovation + acquisition discipline<br>BREADTH:<br>Broad portfolio with durable content growth<br>drivers | ||
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| Well-Positioned to Unlock Exciting Megatrend Growth<br>ACROSS FIVE<br>BUSINESS UNITS<br>RECORD FINANCIAL<br>PERFORMANCE<br>FY25 SALES<br>$7.9B<br>MID-HIGH<br>SINGLE DIGITS<br>~21%<br>INDUSTRIAL SOLUTIONS<br>18<br>Strong Reputation<br>STRONG COMPETITIVE<br>ADVANTAGES<br>Customer Intimacy<br>Design Co-Creation<br>Operational Excellence<br>Quality<br>Outsized Growth<br>Digital Data<br>Networks<br>Energy<br>$2.2B<br>$1.4B<br>Aerospace<br>Defense & Marine<br>$1.5B<br>Automation and<br>Connected Living<br>$2.1B<br>Medical<br>$0.7B<br>LONG TERM ORGANIC GROWTH RATE %<br>FY25 ADJUSTED OPERATING MARGIN<br>Organic Net Sales Growth and Adjusted Operating Margin are non-GAAP financial measures; see Appendix for descriptions and reconciliations. | ||
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| 19<br>Capitalizing on Powerful Shifts<br>FAST EVOLVING SEGMENT<br>ALWAYS-ON SYSTEMS<br>ENERGY INTENSIVE<br>INTELLIGENT<br>Digital Data<br>Networks (DDN) Energy<br>OUTSIZED GROWTH<br>Medical<br>RETURN TO GROWTH<br>Automation &<br>Connected Living (ACL)<br>Aerospace, Defense<br> & Marine (AD&M)<br>OVER NEXT FIVE YEARS:<br> • Expect accelerating growth from<br>AI and Energy scale-up<br> • Fueled by diverse CAPEX drivers<br> • Bolstered by bolt-on acquisition opportunities<br>~2/3<br>Growth<br>AI / Cloud<br>Energy<br>Scale-up | ||
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| VIDEO | ||
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| Connectivity Solutions Empowering the AI Evolution<br>DIGITAL DATA NETWORKS<br>21<br>Massive surge in AI market<br>infrastructure investments<br>3 YEAR HYPERSCALER CAPEX<br>3X<br>TE AI / Cloud growth<br>trajectory<br>3 YEAR CONTENT/CHIP GROWTH<br>5X<br>$500M $1.4B $3B+<br>2023 2025 2 years 5 years Power Solutions<br>Backplane<br>Over-the-Board<br>and Interconnect<br>TE touches every part of the modern AI architecture<br>Powering a 10x<br>increase in wattage<br>and thermal load:<br>125KW→1MW<br>Doubling data density:<br>twice the compute in the<br>same footprint<br>Doubling data speed:<br>224G → 448G<br>High-Speed<br>Data Cables<br>Our Portfolio is<br>Enabling the Future<br>up to $400 per chip<br>up to $70 per chip<br>up to $250 per chip<br>up to $150 per chip | ||
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| Winning in the AI Era:<br>Trusted by Leaders, Technology Edge and Operating Leverage<br>CUSTOMERS ARE CHANGING THE WAY<br>THEY DO EVERYTHING<br>WE WIN BY ADAPTING +<br>ANTICIPATING THEIR NEEDS — FAST<br>Variability<br>Variable, steep ramps with geo-diverse<br>footprint needs<br>Scalable Manufacturing<br>Ability to rapidly ramp and maintain quality across<br>a geo-diverse footprint<br>Design Complexity<br>Need for processing density driving<br>custom architectures<br>Collaborative Engineering<br>Ecosystem co-design and adaptive portfolio<br>enables custom solutions for any architecture<br>Innovation Pace<br>50% faster innovation cycles<br>Technical Agility<br>Delivering 4x product innovation velocity and<br>rapid iteration with 24/7 engineering<br>22<br>DIGITAL DATA NETWORKS | ||
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| CASE STUDY: Delivering Next-Gen Solutions at Speed and Scale<br>23<br>ARTIFICIAL INTELLIGENCE<br> • Major U.S. hyperscaler rapidly<br>building out data centers and<br>AI models<br> • Looking for end-to-end connectivity<br>solutions to enable high-speed and<br>power<br>The Customer<br>Their Challenge<br>Our Solutions<br> • 11 customer iterations,<br>co-designed with<br>hyperscaler<br> • End-to-end 112G<br>interconnect solutions<br> • Geographic and supply<br>chain resilient<br>The Result<br> • Full-scale ramp within<br>6 months<br> • Volume + Precision: >60M<br>high-speed connections delivered<br>#1 Position with<br>the customer<br> • Architectural uncertainty drove $500M+<br>continuous engineering iteration<br> • Needed engineering agility and<br>ability to deliver steep ramps | ||
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| ENERGY<br>Increased<br>Electricity Demand<br>Generation<br>Capacity Increases<br>Aging<br>Infrastructure<br>Shortage of Certified<br>Technicians<br>Key Drivers of Growth<br>POSITIONED TO WIN<br>Grid Mon ito ring /<br>Grid Intell ig ence<br>MV U nd ergr ou nd &<br>Network Pro tectio n<br>Innovation focused on<br>Ease of Installation<br>Capacity Expansion<br>Customer Intimacy<br>+ Service<br>24<br>Powering the Future: Enabling an Intelligent, Reliable Grid<br>STRONG UTILITY CAPEX<br>CYCLE FUELS MULTI-YEAR<br>GROWTH OPPORTUNITY<br>BOLSTERED BY ACCRETIVE M&A<br>7% 12%<br>5 YEAR NA ENERGY CAPEX<br>5 YEAR TE NA GRID HARDENING CAGR | ||
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| CASE STUDY: Innovating a More Resilient Grid That’s Easier to Install<br>25<br>GRID HARDENING<br>One of the oldest U.S. utilities,<br>serving New York City<br>The Customer<br>Their Challenge<br> • Traditional underground<br>installs are complex,<br>slow and error-prone<br> • Need to harden the<br>grid: storms, growing<br>demand, aging<br>infrastructure<br>Our Solutions<br> • Proprietary cold shrink<br>technology enables<br>easier installation<br> • ~50% faster to install, with<br>safer and more reliable<br>underground connections<br>The Result<br>Top choice for<br>8/10<br>independent<br>U.S. utilities<br> • ~$125M revenue<br>unlocked<br> • Massive growth potential<br>with $1.5B TAM | ||
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| Confidence in mid-to-high single digit growth,<br>30%+ incremental margins, bolstered by<br>strategic acquisitions<br>Positioned to capture significant market upside<br>Long-standing customer relationships<br>where we co-create at the architecture-level<br>26<br>INDUSTRIAL SOLUTIONS<br>OUTSIZED<br>GROWTH<br>CONVICTION<br>Portfolio breadth with durable<br>content growth drivers | ||
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| Transportation<br>Solutions<br>Aaron Stucki<br>President<br>TE Connectivity 2025 Investor Day | ||
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| GLOBALLY<br>POSITIONED<br>FOR GROWTH<br>OUTPERFORMANCE:<br>Growth-over-market through-cycle<br>going forward<br>OPPORTUNITY:<br>Key megatrends driving significant<br>content expansion<br>28<br>TRANSPORTATION SOLUTIONS<br>ADVANTAGE:<br>TE is positioned to win with differentiation<br>in our markets | ||
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| Robust Portfolio Driving Content Growth<br>Along Key Megatrends<br>ACROSS THREE<br>BUSINESS UNITS<br>BROADENING OF GROWTH<br>DRIVERS FROM MEGATRENDS<br>$9.4B<br>MID-SINGLE<br>DIGIT<br>~21%<br>$7.1B<br>$0.9B<br>$1.4B<br>Data Connectivity<br>E-mobility<br>TRANSPORTATION SOLUTIONS<br>Electronification<br>29<br>Driving 4-6 points of content growth over the next 5 years<br>through cycle<br>INDUSTRIAL & COMMERCIAL<br>TRANSPORTATION<br>SENSORS<br>AUTOMOTIVE<br>~50/50 Revenue Distribution<br>Between Asia and Western Countries<br>z<br>STRONG FINANCIAL<br>PERFORMANCE<br>FY25 SALES<br>LONG TERM ORGANIC GROWTH RATE %<br>FY25 ADJUSTED OPERATING MARGIN<br>Organic Net Sales Growth and Adjusted Operating Margin are non-GAAP financial measures; see Appendix for descriptions and reconciliations. | ||
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| $6.4B<br>$7.9B<br>$9.4B<br>TRANSPORTATION REVENUE & AUTO PRODUCTION VOLUME GROWTH<br>Auto Production<br>Volumes<br>Transportation<br>Revenue<br>Transportation<br>Revenue CAGR<br>Delivering Growth Despite Flat Automotive Production<br>2015 2019 2025 2030 P<br>TRANSPORTATION SOLUTIONS<br>30<br>Mid Single<br>Digit<br>+4%<br>+0% +1%<br>Auto Growth<br>over Market +4% +4-6% | ||
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| SMART & SOFTWARE DEFINED VEHICLE<br>Vehicles Evolving to Far More Than Just Transportation<br>WHAT IS A VEHICLE?<br>Smartphone<br>on wheels<br>Drivable<br>data center<br>Mobile office<br>and theatre<br>Node within a<br>mobile ecosystem<br>Experience<br>pod<br>Advanced Driver Assistance<br>Systems (ADAS) and Infotainment<br>Integration of ADAS / Autonomous features<br>and Infotainment<br>Electronic Systems & Connections<br>Electronic systems throughout the vehicle,<br>connected to and centrally managed by software<br>Electric Powertrain<br>Electrical Propulsion and Battery System<br>~30%<br>HIGH BANDWIDTH DATA PRODUCTS<br>~70%<br>LEVEL 2-4 AUTONOMY<br>DATA CONNECTIVITY ELECTRONIFICATION E-MOBILITY<br>~2M<br>LOW VOLTAGE SIGNAL & POWER PRODUCTS<br>~15M ~30%<br>HIGH VOLTAGE PRODUCTS<br>~60%<br>2025 2030 2025 2030 2025 2030<br>31<br>ZONAL ARCHITECTURE xEV<br>OF VEHICLES PRODUCED NUMBER OF VEHICLES PRODUCED OF VEHICLES PRODUCED | ||
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| CONTENT-DRIVEN MARKET<br>OUTPERFORMANCE<br>STRONG CONTENT PER<br>VEHICLE (CPV) GROWTH<br>Data Connectivity<br>Electronification<br>E-mobility<br>FUELING 4% to 6% GROWTH OVER MARKET THROUGH 2030<br>Next-Generation Vehicles Broaden Our Growth<br>2025-2030 GROWTH<br>CONTRIBUTION BY MEGATREND<br>Vehicle Evolution Driving<br>Increased Content Demand<br>Data<br>Connectivity<br>E-mobility<br>Electronification<br>~1/3<br>~1/3<br>~1/3<br>Automotive &<br>Commercial Transportation<br>Balanced growth with<br>Data Connectivity and Electronification<br>increasing contribution<br>$60 $80<br>$105<br>2019 2025 2030<br>Automotive<br>2019 2025 2030<br>Commercial Transportation<br>~$185 $230<br>$305<br>32 | ||
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| Growth of Data Applications Drives Demand for TE Technology<br>DATA CONNECTIVITY<br>GROWING HIGH BANDWIDTH DATA<br>CONNECTIVITY APPLICATIONS<br>33<br>High Performance<br>High speed to over 20 Gbps<br>Hybrid Innovation<br>Integrate data, signal & power<br>Miniaturization<br>Up to 75% reduced PCB footprint<br>AUTO ICT<br>2025 to 2030<br>Data Connectivity<br>CPV increase<br>~2x ~4x<br>INDUSTRY-LEADING PORTFOLIO<br>AND TECHNOLOGY<br>INFOTAINMENT<br>AND IN-CABIN<br>EXPERIENCE<br>SAFETY /<br>ADAS<br>CONVENIENCE<br>AND<br>COMFORT<br>Radar<br>LiDAR<br>Autonomous<br>Driving Camera<br>Interior<br>Camera<br>Satellite<br>Forward Camera<br>Collision<br>Warning<br>Adaptive<br>Cruise Control<br>Over-the-Air<br>Updates<br>V2X<br>Wi-Fi<br>Hotspot<br>Streaming<br>Media<br>Remote<br>Controls | ||
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| VIDEO | ||
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| The world’s top-selling<br>electric vehicle company<br>CASE STUDY: BYD Selects TE for ADAS Data Connectivity<br>Across Portfolio<br>The Customer<br>35<br>DATA CONNECTIVITY<br>Their Challenge<br>4.3M<br>vehicles sold in 2024<br> • Ultra-reliable, real-time high-speed data<br>connectivity and transmission to enable ADAS<br> • Strict vibration specifications<br> • Rapid delivery and quick launch capability<br> • Breadth of solutions for less-complex sourcing<br>Our Solutions<br>TE was the first<br>supplier to meet BYD’s<br>complete functional,<br>technical, and<br>commercial criteria<br>The Result<br>~$1B<br>Total Expected<br>Revenue through<br>2030<br>~$50<br>Avg. DC CPV BYD DC CPV<br>10x<br>~$5 | ||
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| Growing Electronification Content Across All Powertrains<br>36<br>NEXT GEN ARCHITECTURE<br>Source: KPIT<br>Computing Hardware<br>(ECUs)<br>Telemetry<br>(OTA, V2X)<br>Cabin & Comfort<br>(Climate, Doors, Acoustics)<br>Electronic Controlled Drive<br>(Throttle, Steer, Brake, Traction)<br>Safety<br>(Airbag, Collision sensors)<br>Central Compute + Electronification of systems<br>allows for more vehicle functionality and content<br>ELECTRONIFICATION<br>ELECTRONIFICATION DRIVING VEHICLE<br>CONTENT GROWTH<br>INDUSTRY-LEADING<br>PORTFOLIO AND TECHNOLOGY<br>48V Portfolio<br>Hybrid & Modular<br>In-device Connectivity<br>Flat Flexible Cable<br>ELECTRONIC SYSTEMS<br>AUTO ICT<br>2025 to 2030<br>Electronification<br>CPV increase<br>~10% ~10%<br>Central<br>Compute<br>Zonal<br>Gateway<br>Zonal<br>Gateway<br>Zonal<br>Gateway<br>Zonal<br>Gateway | ||
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| CASE STUDY:<br>Market Share Increase Enabled by New Architecture Solutions<br>37<br>ELECTRONIFICATION<br>Zonal architecture<br>improves vehicle<br>functionality and<br>simplified design to<br>enable OEM assembly<br>automation<br>Trend<br>Their Challenge<br>More complex technical<br>requirements at each<br>connection point — bundling<br>and system interference<br>Our Solutions<br>Broad and complete portfolio<br>combined with design expertise<br> • Hybrid connectors for Signal,<br>Power, and Data<br> • Innovative technology to address<br>need for high pin count<br>The Result<br>New content and<br>share gain through<br>broad portfolio<br>Current Platform Next Platform<br> >2X Market Share Increase<br>*Example from Major OEM Customer*<br>40%<br>90% | ||
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| 38<br>Continued Shift to Electric Powertrains Drives TE Content Growth<br>E-MOBILITY<br>CONTINUED GROWTH OF<br>E-MOBILITY APPLICATIONS<br>INDUSTRY-LEADING<br>PORTFOLIO AND TECHNOLOGY<br>Direct high-voltage E-drive<br>Ultra-fast charging path<br>EV battery connectors<br>Auxiliary systems<br>POWER TRANSFER PROTECTION SENSORS<br>xEV INCREASING SHARE OF PRODUCTION<br>E-DRIVE<br>PROPULSION<br>CHARGING<br>AUXILIARY<br>AUTO ICT<br>2025 to 2030<br>E-mobility<br>CPV increase<br>~2x ~7x<br>60%<br>30% 2025<br>2030<br>BATTERY<br>HIGH VOLTAGE CONNECTIVITY<br>15%<br>60% of growth<br>in APAC<br>CAGR | ||
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| CASE STUDY: Major European OEM Standardizes<br>on TE for HV Solutions<br>39<br>E-MOBILITY<br>Major Leading<br>BEV OEM<br>in Europe<br>The Customer<br>Their Challenge<br>Our Solutions<br>End-to-end high-voltage<br>drivetrain connectivity –<br>Ultra-fast, Safe, Global<br>standards<br>The Result<br>Platform penetration<br>with TE as sole<br>supplier &<br>significant lifetime<br>revenue potential<br>3.5X E-mobility<br>CPV Growth with this Customer<br>~$15<br>~$55<br>FY25 FY28<br> • Standardized full-suite drivetrain connectivity<br>across EV platforms<br> • Safety and reliability<br> • Enabling ultra-fast charging, high-voltage architecture<br> • Features sustainable, recyclable materials<br> • Scalable manufacturing globally | ||
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| Strong TE Position and Performance in the World’s Largest<br>Automotive Market<br>CHINA<br>% OF TE AUTO FY25 REVENUE<br>STRONG CONTENT PER<br>VEHICLE (CPV) GROWTH<br>POISED TO GROW WITH CHINESE<br>OEMS AS THEY EXPAND GLOBALLY<br>2019 2025<br>$50 $87<br>OEM Vehicle Sales Outside China<br>2025 2030<br>3M 9M<br>Fully Localized Design and Production Ability<br>7 Auto Plants and 1100 Engineers in China<br>Serving Every Leading and Emerging Local OEM<br>10 Sales Offices Close to Customers<br>Continued Design Win Success<br>~40% of Design Wins Coming from China<br>Innovating in Step with the Market’s Rapid Pace<br>N+2 Strategy Matching China’s 1-year Design Cycle<br>ADVANTAGES DEFENDING CURRENT<br>POSITION AND ENABLING FUTURE GROWTH<br>40<br>CHINA<br>~35% | ||
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| GLOBALLY<br>POSITIONED<br>FOR GROWTH<br>Confidence in 4% to 6% growth-over-market<br>through-cycle going forward<br>41<br>TRANSPORTATION SOLUTIONS<br>Balanced set of growth drivers supported<br>by key megatrends, driving significant<br>content opportunities<br>Well positioned to win due to leading market<br>share, strong customer intimacy, and global<br>footprint paired with local execution | ||
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| Positioned for our next phase of<br>Shareholder<br>Value Creation<br>Heath Mitts<br>CFO<br>TE Connectivity 2025 Investor Day | ||
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| Consistent operational performance<br>to achieve 30%+ incremental margins<br>and double-digit adjusted EPS growth<br>Strategically positioned our portfolio<br>to achieve strong growth above attractive<br>markets<br>Strong cash generation model and balance<br>sheet flexibility for capital deployment<br>POSITIONED<br>FOR OUR NEXT<br>PHASE OF<br>SHAREHOLDER<br>VALUE<br>CREATION<br>43 | ||
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| $2.93<br>$5.97<br>$9.27<br>FY13 FY19 FY25<br>$0.92<br>$1.80<br>$2.72<br>FY13 FY19 FY25<br>3X EPS ~600bps<br>increase<br>3X Dividends<br>Per Share<br>Delivered on Our Business Model<br>44<br>14.9%<br>18.3%<br>20.8%<br>FY13 FY19 FY25<br>$1.2B<br>$1.6B<br>$3.2B<br>FY13 FY19 FY25<br>2.5X FCF<br>ADJUSTED EARNINGS<br>PER SHARE<br>ADJUSTED<br>OPERATING MARGIN<br>DIVIDENDS<br>PER SHARE<br>FREE CASH<br>FLOW<br>2013-2025<br>Results for FY13 have not been recast to reflect our former Subsea Communications business as a discontinued operation. This business became a discontinued operation in FY18 and was sold in FY19.<br>Adjusted Operating Margin, Adjusted Earnings Per Share, and Free Cash Flow are non-GAAP financial measures; see Appendix for descriptions and reconciliations. | ||
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| Multiple Levers for<br>Operating Margin<br>Expansion<br>45<br> • Investing for growth in high-growth platforms<br> • Continue local for local manufacturing<br>strategy<br> • Leverage global planning and logistics<br>capabilities<br>Positioned for Resilient Margins Through Economic Cycles<br>GOING FORWARD,<br>Expect Incremental Margin in the 30%+ range<br> • Continue driving productivity<br>through TEOA initiatives<br> • Agility to handle external factors,<br>trade, and geopolitical disruptions | ||
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| Disciplined Approach to M&A<br>46<br> • Strong secular trends drive GDP+ growth rates<br> • Customers value engineering content<br> • Expands addressable market opportunity<br> • Aligned with strategy, why TE is the best owner<br> • Sustainable position with engineering driven moats<br> • Bolt-on that strengthens portfolio<br> • Value creation levers<br> • Attractive financial profile<br> • Valuation balances risk with upside<br> • Mid-teens cash-on-cash ROIC by year 5<br>Bolt-on acquisitions that strengthen our portfolio, primarily in the Industrial Segment<br>Target Filtering Criteria<br>Attractive<br>Markets<br>Attractive<br>Targets<br>Strong<br>Returns | ||
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| Examples of Our Successful M&A Process<br>47<br>ACQUISITION ATTRACTIVE MARKETS ATTRACTIVE TARGETS STRONG RETURNS<br> • Aligned to high-growth grid<br>hardening trends in North<br>America<br> • Expands energy transmission<br>and distribution TAM ~$2.5B<br> • Deep relationships with US<br>utility customers<br> • US capacity aligned with<br>localization<br> • Adds scale benefits and<br>unlocks US tax attributes<br> • Sustainable mid-30%<br>EBITDA margin<br> • Expecting > 15%<br>ROIC by year 5<br> • Engineered solutions for<br>factory automation<br> • Expands portfolio for<br>industrial applications and<br>broadens market by ~$1B<br> • Leading manufacturer of<br>signal connectors in growing<br>market<br> • Synergies from go-to-market,<br>scale, and manufacturing<br>(plating capabilities)<br> • Delivered significant<br>margin expansion<br> • ROIC expansion ahead<br>of target<br>CLOSED APRIL 2025<br>CLOSED AUGUST 2021<br>Adjusted EBITDA and Adjusted ROIC are non-GAAP financial measures; see Appendix for descriptions. | ||
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| Our Business Model Going Forward<br>Defining the Next Phase of Value Creation<br>48<br>6 – 8% 30%+ Double-digit ~1/3 Mid-teens<br>Dividends<br>~2/3<br>Revenue Adj. Operating Margin Adjusted EPS Capital Strategy Adjusted ROIC<br>100%+ FCF Conversion<br>Balancing<br>investments for<br>organic growth<br>with deployment<br>of capital<br>For M&A<br> & Share<br>Buyback<br>Focused<br>on best<br>return<br>Growth<br>Consistent<br>growth with<br>operational<br>levers<br>Incremental Margins<br>on volume growth<br>Resilient<br>performance<br>through cycle<br>Broadening<br>growth vectors<br>Bolt-on M&A<br>in Industrial<br>Segment<br>Adjusted Operating Margin, Adjusted EPS, Free Cash Flow, Free Cash Flow Conversion, and Adjusted ROIC are non-GAAP financial measures; see Appendix for descriptions. | ||
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| TE Connectivity 2025 Investor Day<br>Looking Ahead<br>Terrence Curtin<br>CEO | ||
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| Key Takeaways<br>50<br>1 Broadening our growth drivers to benefit from secular trends<br>2<br>Co-creating with our customers, widening our moat through<br>engineering engagement & operational excellence<br>3<br>Global leadership and manufacturing strategy providing<br>resilience through-cycle<br>4<br>Margin expansion with double-digit adjusted EPS growth &<br>strong cash generation model<br>5 TE is positioned to drive shareholder value creation<br>Adjusted EPS is a non-GAAP financial measure; see Appendix for description. | ||
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| BREAK | ||
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| Q&A | ||
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| ADDITIONAL<br>INFORMATION | ||
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| 54<br>AD&M Provides Mission-Critical Solutions<br>for Air, Sea, Land and Space<br>AEROSPACE & DEFENSE<br>High-Speed, High-Power<br>Designed-in Solutions<br>Ruggedization + Light Weight<br>More connections | Larger data transfers<br>56Gb speed | Harsher environments<br>lifetime revenue of<br>next-gen multi-gig<br>$1B<br>~$450K<br>Content per unit<br>Wide Body Refresh<br>Market recovery<br> & shift to wide<br>body<br>Data & Power<br>Inter-connect<br>Modernization<br>Increasing European<br>defense investments<br>Rugged Solutions for<br>Defense & Space<br>Electrification<br>2X Market Growth<br>Leading position in<br>COMMERCIAL AIR<br>Winning next generation<br>DEFENSE & SPACE<br>Defining the<br>INDUSTRY STANDARD<br>Built-in Moat:<br>TECHNICAL EDGE & INNOVATION |
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| 55<br>Enabling the Factory of the Future<br>AUTOMATION & CONNECTED LIVING<br>1<br>2<br>Robotics &<br>Motion Control<br>From<br>$60<br>Automation<br>Sensors &<br>Controls<br>To<br>$100<br>From<br>$43<br>To<br>$85<br>1<br>2<br>Key Trends Driving Growth<br>Content Growth in Automation<br>TOP 3 SUPPLIER<br>FOR GROWING MARKETS<br>Demographics<br>Aging workforce →<br>accelerating automation<br>Decarbonization<br>Focus on energy savings<br>and sustainability<br>Deglobalization<br>Re-shoring of supply chains | ||
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| WINNING THROUGH STRONG COMPETITIVE POSITION AND ADVANTAGES<br>The Global Leader in Automotive Connectivity<br>With Drivers to Grow 4-6% Over Vehicle Production<br>56<br>APAC EMEA AMERICAS GLOBAL TOTAL CHINA ONLY<br>% OF TE AUTO<br>FY25 REVENUE 50% 33% 17% 100% 35%<br>FY25 CONTENT PER<br>VEHICLE (CPV) ~$65 ~$104 ~$95 ~$80 ~$87<br>Customer Intimacy<br>With Virtually<br>Every OEM<br>Global Footprint<br>Localized<br>Production<br>Engineering Excellence<br>3,200 Engineers<br>Worldwide | ||
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| Commercial Transportation (ICT)<br>~2x Market Growth 2025 - 2030<br>Leadership Position in Heavy-Duty Trucks, Buses, and Agricultural,<br>Construction and Recreational Vehicles<br>57<br>INDUSTRY-LEADING PORTFOLIO SERVING MARKET LEADERS GROWTH TRENDS<br>Terminals &<br>Connectors<br>Sensors Cable<br>Assembly<br>Switches<br>Relays &<br>Contactors<br>Power<br>Distribution Unit<br>Fuse &<br>Relay Boxes<br>Wireless<br>Stricter emission<br>requirements<br>ADAS enhancing fleet<br>operator productivity<br>High Voltage | ||
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| APPENDIX | ||
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| Non-GAAP Financial Measures<br>59<br>We present non-GAAP performance and liquidity measures as we<br>believe it is appropriate for investors to consider adjusted financial<br>measures in addition to results in accordance with accounting<br>principles generally accepted in the U.S. (“GAAP”). These non-GAAP financial measures provide supplemental information and<br>should not be considered replacements for results in accordance<br>with GAAP. Management uses non-GAAP financial measures<br>internally for planning and forecasting purposes and in its<br>decision-making processes related to the operations of our<br>company. We believe these measures provide meaningful<br>information to us and investors because they enhance the<br>understanding of our operating performance, ability to generate<br>cash, and the trends of our business. Additionally, we believe that<br>investors benefit from having access to the same financial<br>measures that management uses in evaluating our operations.<br>The primary limitation of these measures is that they exclude the<br>financial impact of items that would otherwise either increase or<br>decrease our reported results. This limitation is best addressed by<br>using these non-GAAP financial measures in combination with the<br>most directly comparable GAAP financial measures in order to<br>better understand the amounts, character, and impact of any<br>increase or decrease in reported amounts. These non-GAAP<br>financial measures may not be comparable to similarly-titled<br>measures reported by other companies.<br>The following provides additional information regarding our non-GAAP financial measures:<br> • Organic Net Sales Growth (Decline) – represents net sales<br>growth (decline) (the most comparable GAAP financial<br>measure) excluding the impact of foreign currency exchange<br>rates, and acquisitions and divestitures that occurred in the<br>preceding twelve months, if any. Organic Net Sales Growth<br>(Decline) is a useful measure of our performance because it<br>excludes items that are not completely under management’s<br>control, such as the impact of changes in foreign currency<br>exchange rates, and items that do not reflect the underlying<br>growth of the company, such as acquisition and divestiture<br>activity. This measure is a significant component in our<br>incentive compensation plans.<br> • Adjusted Operating Income and Adjusted Operating Margin –<br>represent operating income and operating margin, respectively,<br>(the most comparable GAAP financial measures) before<br>special items including restructuring and other charges,<br>acquisition-related charges, amortization expense on<br>intangible assets, impairment of goodwill, and other income or<br>charges, if any. We utilize these adjusted measures in<br>combination with operating income and operating margin to<br>assess segment level operating performance and to provide<br>insight to management in evaluating segment operating plan<br>execution and market conditions. Adjusted Operating Income<br>is a significant component in our incentive compensation<br>plans.<br> • Adjusted Other Income (Expense), Net – represents net other<br>income (expense) (the most comparable GAAP financial<br>measure) before special items including tax sharing income<br>related to adjustments to prior period tax returns and other<br>items, if any.<br> • Adjusted Income Tax (Expense) Benefit and Adjusted<br>Effective Tax Rate – represent income tax (expense) benefit<br>and effective tax rate, respectively, (the most comparable<br>GAAP financial measures) after adjusting for the tax effect of<br>special items including restructuring and other charges,<br>acquisition-related charges, amortization expense on<br>intangible assets, impairment of goodwill, other income or<br>charges, and certain significant tax items, if any.<br> • Adjusted Income from Continuing Operations – represents<br>income from continuing operations (the most comparable<br>GAAP financial measure) before special items including<br>restructuring and other charges, acquisition-related charges,<br>amortization expense on intangible assets, impairment of<br>goodwill, other income or charges, and certain significant tax<br>items, if any, and, if applicable, the related tax effects. | ||
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| Non-GAAP Financial Measures<br>60<br> • Adjusted Earnings Per Share – represents diluted earnings per<br>share from continuing operations (the most comparable GAAP<br>financial measure) before special items including restructuring<br>and other charges, acquisition-related charges, amortization<br>expense on intangible assets, impairment of goodwill, other<br>income or charges, and certain significant tax items, if any,<br>and, if applicable, the related tax effects. This measure is a<br>significant component in our incentive compensation plans.<br> • Adjusted EBITDA and Adjusted EBITDA Margin – represent<br>net income and net income as a percentage of net sales,<br>respectively, (the most comparable GAAP financial measures)<br>before interest expense, interest income, income taxes, and<br>depreciation, as adjusted for net other income (expense),<br>income (loss) from discontinued operations, and special items<br>including restructuring and other charges, acquisition-related<br>charges, amortization expense on intangible assets,<br>impairment of goodwill, and other income or charges, if any.<br> • Free Cash Flow (FCF) – is a useful measure of our ability to<br>generate cash. The difference between net cash provided by<br>operating activities (the most comparable GAAP financial<br>measure) and Free Cash Flow consists mainly of significant<br>cash outflows and inflows that we believe are useful to identify.<br>We believe Free Cash Flow provides useful information to<br>investors as it provides insight into the primary cash flow metric<br>used by management to monitor and evaluate cash flows<br>generated from our operations. Free Cash Flow is defined as<br>net cash provided by operating activities excluding voluntary<br>pension contributions and the cash impact of special items, if<br>any, minus net capital expenditures. Voluntary pension<br>contributions are excluded from the GAAP financial measure<br>because this activity is driven by economic financing decisions<br>rather than operating activity. Certain special items, including<br>cash paid (collected) pursuant to collateral requirements<br>related to cross-currency swap contracts, are also excluded by<br>management in evaluating Free Cash Flow. Net capital<br>expenditures consist of capital expenditures less proceeds<br>from the sale of property, plant, and equipment. These items<br>are subtracted because they represent long-term<br>commitments. In the calculation of Free Cash Flow, we<br>subtract certain cash items that are ultimately within<br>management’s and the Board of Directors’ discretion to direct<br>and may imply that there is less or more cash available for our<br>programs than the most comparable GAAP financial measure<br>indicates. It should not be inferred that the entire Free Cash<br>Flow amount is available for future discretionary expenditures,<br>as our definition of Free Cash Flow does not consider certain<br>non-discretionary expenditures, such as debt payments. In<br>addition, we may have other discretionary expenditures, such<br>as discretionary dividends, share repurchases, and business<br>acquisitions, that are not considered in the calculation of Free<br>Cash Flow.<br> • Free Cash Flow Conversion – represents Free Cash Flow as a<br>percentage of Adjusted Income from Continuing Operations.<br>We use Free Cash Flow Conversion as an indicator of our ability<br>to convert earnings to cash.<br> • Adjusted Return on Invested Capital (ROIC) – represents<br>adjusted net operating profit after tax divided by average<br>invested capital. We use Adjusted Return on Invested Capital<br>as an indicator of our capital efficiency. Adjusted Return on<br>Invested Capital is not a measure defined by GAAP. It is<br>calculated by us, in part, using non-GAAP financial measures.<br>We are providing our calculation of Adjusted Return on<br>Invested Capital as this measure may not be defined and<br>calculated by other companies in the same manner. | ||
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| Reconciliation of Non-GAAP Financial Measures to GAAP<br>Financial Measures for the Year Ended September 26, 2025<br>61<br><br>Operating income:<br>Transportation Solutions $ 1,818 $ — $ 75 $ 70 $ — $ 1,963<br>Industrial Solutions 1,393 57 51 120 — 1,621<br>Total $ 3,211 $ 57 $ 126 $ 190 $ — $ 3,584<br>Operating margin 18.6 % 20.8 %<br>Income tax expense $ (1,361) $ (12) $ (13) $ (37) $ 618 $ (805)<br>Effective tax rate 42.5 % 22.5 %<br>Income from continuing operations $ 1,843 $ 45 $ 113 $ 153 $ 618 $ 2,772<br>Diluted earnings per share from<br>continuing operations $ 6.16 $ 0.15 $ 0.38 $ 0.51 $ 2.07 $ 9.27<br>($ in millions, except per share data)<br>(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<br>jurisdiction.<br>(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<br>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<br>credit carryforwards.<br>(3) See description of non-GAAP financial measures.<br>Adjusted<br>U.S. GAAP Charges (1) Charges, Net (1) Expense (1) Tax Items (2) (Non-GAAP) (3)<br>Related and Other Amortization<br>Acquisition- Restructuring<br>Adjustments | ||
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| Reconciliation of Non-GAAP Financial Measures to GAAP<br>Financial Measures for the Year Ended September 27, 2019<br>62<br><br>Operating income $ 1,978 $ 47 $ 255 $ 177 $ — $ 2,457<br>Operating margin 14.7 % 18.3 %<br>Income tax (expense) benefit $ 15 $ (9) $ (61) $ (34) $ (291) $ (380)<br>Effective tax rate (0.8) % 15.8 %<br>Income from continuing operations $ 1,946 $ 38 $ 194 $ 143 $ (291) $ 2,030<br>Diluted earnings per share from<br>continuing operations $ 5.72 $ 0.11 $ 0.57 $ 0.42 $ (0.86) $ 5.97<br>($ in millions, except per share data)<br>(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<br>jurisdiction.<br>(2) Includes acquisition-related charges of $30 million and a write-off of spare parts of $17 million.<br>(3) Includes a $216 million income tax benefit related to the tax impacts of certain measures of Swiss tax reform, a $90 million income tax benefit related to the effective<br>settlement of a tax audit in a non-U.S. jurisdiction, and $15 million of income tax expense associated with the tax impacts of certain legal entity restructurings and<br>intercompany transactions.<br>(4) See description of non-GAAP financial measures.<br>Adjusted<br>U.S. GAAP Items (1)(2) Charges, Net (1) Expense (1) Tax Items (3) (Non-GAAP) (4)<br>Amortization<br>Related Charges Restructuring<br>and Other and Other<br>Acquisition-Adjustments | ||
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| Reconciliation of Non-GAAP Financial Measures to GAAP<br>Financial Measures for the Year Ended September 27, 2013<br>63<br><br>Operating income $ 1,385 $ 14 $ 222 $ 80 $ — $ 1,701<br>Operating margin 12.2 % 14.9 %<br>Other income (expense), net $ (183) $ — $ — $ — $ 213 $ 30<br>Income tax (expense) benefit $ 75 $ (5) $ (62) $ (21) $ (354) $ (367)<br>Effective tax rate (6.9) % 22.8 %<br>Income from continuing operations<br> attributable to TE Connectivity plc $ 1,154 $ 9 $ 160 $ 59 $ (141) $ 1,241<br>Diluted earnings per share from<br> continuing operations attributable<br> to TE Connectivity plc $ 2.73 $ 0.02 $ 0.38 $ 0.14 $ (0.33) $ 2.93<br>($ in millions, except per share data)<br>(1) Results for the year ended September 27, 2013 have not been recast to reflect our former Subsea Communications business as a discontinued operation. This business<br>became a discontinued operation in fiscal 2018 and was sold in fiscal 2019.<br>(2) 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<br>jurisdiction.<br>(3) Includes $331 million of income tax benefits associated with the settlement of an audit of prior year income tax returns as well as the related impact of $231 million to<br>other expense pursuant to the tax sharing agreement with Tyco International and Covidien. Also includes income tax expense related to adjustments to prior year income<br>tax returns, income tax benefits recognized in connection with a reduction in the valuation allowance associated with certain tax loss carryforwards, and income tax<br>benefits recognized in connection with the lapse of statutes of limitations for examinations of prior year income tax returns. In addition, the other income adjustment<br>includes amounts related to reimbursements by Tyco International and Covidien in connection with pre-separation tax matters.<br>(4) See description of non-GAAP financial measures.<br>Adjusted<br>U.S. GAAP (1) Charges (2) Charges, Net (2) Expense (2) Tax Items (3) (Non-GAAP) (4)<br>Amortization<br>Acquisition- Restructuring<br>Related and Other<br>Adjustments | ||
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| Reconciliation of Free Cash Flow<br>64<br><br>Net cash provided by operating activities:<br>Net cash provided by continuing operating activities $ 4,139 $ 2,454 $ 1,775<br>Net cash provided (used) by discontinued operating activities — (32) 271<br> 4,139 2,422 2,046<br>Net cash used in investing activities (3,568) (692) (545)<br>Net cash used in financing activities (629) (1,643) (1,678)<br>Effect of currency translation on cash (6) (8) (9)<br>Net increase (decrease) in cash, cash equivalents, and restricted cash $ (64) $ 79 $ (186)<br>Net cash provided by continuing operating activities $ 4,139 $ 2,454 $ 1,775<br>Excluding:<br>Payments related to pre-separation U.S. tax matters, net — — 28<br>Cash collected pursuant to collateral requirements related to cross-currency swap contracts — (132) —<br>Capital expenditures, net (925) (706) (559)<br>Free cash flow (2) $ 3,214 $ 1,616 $ 1,244<br>(in millions)<br>2025 2019 2013 (1)<br>(2) Free cash flow is a non-GAAP financial measure. See description of non-GAAP financial measures.<br>(1) Cash flow information for the year ended September 27, 2013 has not been recast to reflect our former Subsea Communications business as a discontinued operation. This<br>business became a discontinued operation in fiscal 2018 and was sold in fiscal 2019.<br>September 26, September 27,<br>For the Years Ended<br>September 27, | ||
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| Free Cash Flow Conversion<br>65<br><br>Free cash flow (1) $ 3,214<br>Adjusted income from continuing operations (1) $ 2,772<br>Free cash flow conversion (1)<br>115.9 %<br>(1) See description of non-GAAP financial measures.<br>($ in millions)<br>Ended<br>For the Year<br>September 26,<br>2025 | ||
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