TE Connectivity F3Q26 Review: Robust DDN Orders Build Backlog; Broader End-Market Strength Supports Near-Term Results

研报英文原文证据摘录

TE Connectivity F3Q26 Review: Robust DDN Orders Build Backlog; Broader End-Market Strength Supports Near-Term Results

J P M O R G A N North America Equity Research

22 July 2026

TE Connectivity

F3Q26 Review: Robust DDN Orders Build Backlog; Neutral

Broader End-Market Strength Supports Near-Term TEL, TEL US

Results Price (22 Jul 26):$200.28

Price Target (Dec-27):$235.00

Broad-based acceleration across most end-markets helped TE Connectivity IT Hardware/ Telecom & Networking

deliver a modest beat relative to F3Q (Jun-end) revenue and earnings, while the Equipment

quarter was less eventful in relation to the AI-linked DDN sub-segment. Organic Manmohanpreet Singh AC

revenue growth accelerated across most of the end-markets, particularly (1-212) 622-4527

Automotive, Automation and Connected Living, Aerospace, Defense and Marine, manmohanpreet.singh@jpmchase.com

and Energy, but investor focus remained squarely on DDN revenue trajectory Joseph Cardoso

which tracked only in line with prior guidance of a +$100 mn q/q increase. (1-212) 622-9036

However, order trends highlight a more favorable set up for DDN, with robust joseph.cardoso@jpmchase.com

order growth tracking ahead of revenue growth for at least the past few quarters, Marc Vitenzon

(1-212) 622-3342

including 1) F3Q26 order growth of ~80% y/y (JPMe) vs. revenue growth of +34% marc.vitenzon@jpmchase.com

y/y; or 2) order growth of 70% y/y on a YTD basis vs. revenue growth of only ~50%

Akanksh Chauhan

y/y. We believe investors are focused on evaluating the momentum in AI revenues (1-212) 622-0045

on a quarter-to-quarter basis, while hyperscale customers are known for the akanksh.chauhan@jpmorgan.com

lumpiness of their purchasing trends, and the momentum in customer spending is J.P. Morgan Securities LLC