TE Connectivity 10-Q 2026-03-27

Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 27, 2026
or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

001-33260

(Commission File Number)

TE CONNECTIVITY PLC

(Exact name of registrant as specified in its charter)

Ireland (Jurisdiction of Incorporation)	98-1779916 (I.R.S. Employer Identification No.)	+353 91 378 040 (Registrant’s telephone number)
Parkmore Business Park West, Parkmore, Ballybrit, Galway, H91VN2T, Ireland (Address and postal code of principal executive offices)

Securities registered pursuant to Section 12(b) of the 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of ordinary shares outstanding as of April 20, 2026 was 291,895,799.

TE CONNECTIVITY PLC

INDEX TO FORM 10-Q



				Page
Part I.		Financial Information
Item 1.		Financial Statements		1
		Condensed Consolidated Statements of Operations for the Quarters and Six Months Ended March 27, 2026 and March 28, 2025 (unaudited)		1
		Condensed Consolidated Statements of Comprehensive Income for the Quarters and Six Months Ended March 27, 2026 and March 28, 2025 (unaudited)		2
		Condensed Consolidated Balance Sheets as of March 27, 2026 and September 26, 2025 (unaudited)		3
		Condensed Consolidated Statements of Shareholders’ Equity for the Quarters and Six Months Ended March 27, 2026 and March 28, 2025 (unaudited)		4
		Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 27, 2026 and March 28, 2025 (unaudited)		6
		Notes to Condensed Consolidated Financial Statements (unaudited)		7
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		21
Item 3.		Quantitative and Qualitative Disclosures About Market Risk		35
Item 4.		Controls and Procedures		35

Part II.		Other Information
Item 1.		Legal Proceedings		36
Item 1A.		Risk Factors		36
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		36
Item 5.		Other Information		37
Item 6.		Exhibits		38
Signatures				39

i

PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


		For the						For the
		Quarters Ended						Six Months Ended
		March 27,			March 28,			March 27,			March 28,
		2026			2025			2026			2025

		(in millions, except per share data)
Net sales		$	4,744		$	4,143		$	9,413		$	7,979
Cost of sales			2,999			2,684			5,929			5,160
Gross margin			1,745			1,459			3,484			2,819
Selling, general, and administrative expenses			536			454			1,074			881
Research, development, and engineering expenses			237			203			462			391
Acquisition and integration costs			8			9			11			14
Restructuring and other charges, net			10			45			20			95
Operating income			954			748			1,917			1,438
Interest income			21			22			46			45
Interest expense			(32)			(14)			(62)			(20)
Other income (expense), net			(1)			(1)			2			(2)
Income from continuing operations before income taxes			942			755			1,903			1,461
Income tax expense			(87)			(742)			(297)			(920)
Income from continuing operations			855			13			1,606			541
Loss from discontinued operations, net of income taxes			—			—			(1)			—
Net income		$	855		$	13		$	1,605		$	541

Basic earnings per share:
Income from continuing operations		$	2.92		$	0.04		$	5.46		$	1.81
Loss from discontinued operations			—			—			—			—
Net income			2.92			0.04			5.46			1.81

Diluted earnings per share:
Income from continuing operations		$	2.90		$	0.04		$	5.43		$	1.80
Loss from discontinued operations			—			—			—			—
Net income			2.90			0.04			5.42			1.80

Weighted-average number of shares outstanding:
Basic			293			298			294			299
Diluted			295			300			296			301

See accompanying Notes to Condensed Consolidated Financial Statements.

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


		For the						For the
		Quarters Ended						Six Months Ended
		March 27,			March 28,			March 27,			March 28,
		2026			2025			2026			2025

		(in millions)
Net income		$	855		$	13		$	1,605		$	541
Other comprehensive income (loss):
Currency translation			15			21			108			(145)
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes			1			2			2			(7)
Gains (losses) on cash flow hedges, net of income taxes			(73)			85			31			29
Other comprehensive income (loss)			(57)			108			141			(123)
Comprehensive income			798			121			1,746			418
Less: comprehensive (income) loss attributable to noncontrolling interests			3			(5)			2			4
Comprehensive income attributable to TE Connectivity plc		$	801		$	116		$	1,748		$	422

See accompanying Notes to Condensed Consolidated Financial Statements.

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


		March 27,			September 26,
		2026			2025

		(in millions, except share
		data)
Assets
Current assets:
Cash and cash equivalents		$	1,110		$	1,255
Accounts receivable, net of allowance for doubtful accounts of $52 and $44, respectively			3,454			3,403
Inventories			2,995			2,699
Prepaid expenses and other current assets			682			609
Total current assets			8,241			7,966
Property, plant, and equipment, net			4,473			4,312
Goodwill			7,437			7,126
Intangible assets, net			2,145			2,227
Deferred income taxes			2,337			2,507
Other assets			1,046			943
Total assets		$	25,679		$	25,081
Liabilities, redeemable noncontrolling interests, and shareholders' equity
Current liabilities:
Short-term debt		$	102		$	852
Accounts payable			2,224			2,021
Accrued and other current liabilities			2,039			2,247
Total current liabilities			4,365			5,120
Long-term debt			5,553			4,842
Long-term pension and postretirement liabilities			750			767
Deferred income taxes			198			198
Income taxes			306			414
Other liabilities			1,125			1,010
Total liabilities			12,297			12,351
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests			148			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, 295,773,

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Item 5. OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

In the quarter ended March 27, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement for the purchase or sale of our securities, within the meaning of Item 408 of Regulation S-K except the following:

	●	In the quarter ended March 27, 2026, Aaron Stucki, President, Transportation Solutions, adopted a plan for the sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Stucki’s plan was adopted on February 4, 2026 and expires on December 31, 2026, and provides for the potential (i) exercise of stock options and associated sale representing up to 27,500 ordinary shares, with such sale to occur no earlier than May 6, 2026, (ii) sale of up to 3,000 ordinary shares, with such sale to occur no earlier than May 6, 2026, (iii) sale of up to 1,000 ordinary shares, with such sale to occur no earlier than June 1, 2026, (iv) sale of up to 1,000 ordinary shares, with such sale to occur no earlier than July 1, 2026, (v) sale of up to 1,000 ordinary shares, with such sale to occur no earlier than August 1, 2026, (vi) sale of up to 1,000 ordinary shares, with such sale to occur no earlier than October 1, 2026, (vii) sale of up to 1,000 ordinary shares, with such sale to occur no earlier than November 1, 2026, and (viii) sale of up to 1,000 ordinary shares, with such sale to occur no earlier than December 1, 2026.

The trading plan described above was entered into during an open insider trading window and was in compliance with our insider trading policies and procedures. Actual sale transactions will be disclosed publicly in filings with the SEC in accordance with applicable securities laws, rules, and regulations.

ITEM 6. EXHIBITS


Exhibit Number		Exhibit
4.1		Fifth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 9, 2026 (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed with the SEC on February 9, 2026)
4.2		Sixth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated February 9, 2026 (incorporated by reference to Exhibit 4.2 of our Current Report on Form 8-K, filed with the SEC on February 9, 2026)
10.1		Five-Year Senior Credit Agreement by and among Tyco Electronics Group S.A., as borrower, TE Connectivity Switzerland Ltd., as intermediate guarantor, TE Connectivity plc, as parent guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent, dated February 13, 2026 (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K, filed with the SEC on February 17, 2026)
22.1	*	Guaranteed Securities
31.1	*	Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	*	Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	**	Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	*	Inline XBRL Instance Document(1)
101.SCH	*	Inline XBRL Taxonomy Extension Schema Document
101.CAL	*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	*	Cover Page Interactive Data File(2)

*Filed herewith

**	Furnished herewith

(1)	The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

(2)	Formatted in Inline XBRL and contained in exhibit 101

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, thereunto duly authorized.


	TE CONNECTIVITY PLC

	By:	/s/ Heath A. Mitts Heath A. Mitts Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Date: April 24, 2026