TE CONNECTIVITY PLC, 10-Q filed on 7/25/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 9 Months Ended
Jun. 27, 2025
Jul. 18, 2025
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 27, 2025  
Document Transition Report false  
Securities Act File Number 001-33260  
Entity Registrant Name TE CONNECTIVITY PLC  
Entity Central Index Key 0001385157  
Entity Incorporation, State or Country Code L2  
Entity Tax Identification Number 98-1779916  
Country Region +353  
City Area Code 91  
Local Phone Number 378 040  
Entity Address, Address Line One Parkmore Business Park West  
Entity Address, Address Line Two Parkmore  
Entity Address, Postal Zip Code H91VN2T  
Entity Address, City or Town Galway  
Entity Address, Country IE  
Amendment Flag false  
Current Fiscal Year End Date --09-26  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   295,481,491
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Ordinary Shares    
Title of 12(b) Security Ordinary Shares, Par Value $0.01  
Trading Symbol TEL  
Security Exchange Name NYSE  
2.50% senior notes due 2028    
Title of 12(b) Security 2.50% Senior Notes due 2028*  
Trading Symbol TEL/28  
Security Exchange Name NYSE  
0.00% Senior Notes due 2029    
Title of 12(b) Security 0.00% Senior Notes due 2029*  
Trading Symbol TEL/29  
Security Exchange Name NYSE  
3.25% Senior Notes due 2033    
Title of 12(b) Security 3.25% Senior Notes due 2033*  
Trading Symbol TEL/33  
Security Exchange Name NYSE  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS        
Net sales $ 4,534 $ 3,979 $ 12,513 $ 11,777
Cost of sales 2,934 2,593 8,094 7,704
Gross margin 1,600 1,386 4,419 4,073
Selling, general, and administrative expenses 491 431 1,372 1,299
Research, development, and engineering expenses 211 189 602 546
Acquisition and integration costs 27 5 41 16
Restructuring and other charges, net 14 6 109 67
Operating income 857 755 2,295 2,145
Interest income 17 20 62 61
Interest expense (28) (18) (48) (55)
Other expense, net   (3) (2) (11)
Income from continuing operations before income taxes 846 754 2,307 2,140
Income tax (expense) benefit (208) (181) (1,128) 778
Income from continuing operations 638 573 1,179 2,918
Loss from discontinued operations, net of income taxes       (1)
Net income $ 638 $ 573 $ 1,179 $ 2,917
Basic earnings per share:        
Income from continuing operations (in dollars per share) $ 2.16 $ 1.87 $ 3.96 $ 9.47
Net income (in dollars per share) 2.16 1.87 3.96 9.47
Diluted earnings per share:        
Income from continuing operations (in dollars per share) 2.14 1.86 3.93 9.41
Net income (in dollars per share) $ 2.14 $ 1.86 $ 3.93 $ 9.41
Weighted-average number of shares outstanding:        
Basic (in shares) 296 306 298 308
Diluted (in shares) 298 308 300 310
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME        
Net income $ 638 $ 573 $ 1,179 $ 2,917
Other comprehensive income (loss):        
Currency translation 89 (45) (56) 5
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes 1   (6) (12)
Gains (losses) on cash flow hedges, net of income taxes (8) 15 21 53
Other comprehensive income (loss) 82 (30) (41) 46
Comprehensive income 720 543 1,138 2,963
Less: comprehensive (income) loss attributable to noncontrolling interests (11) 1 (7) (1)
Comprehensive income attributable to TE Connectivity plc $ 709 $ 544 $ 1,131 $ 2,962
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 27, 2025
Sep. 27, 2024
Current assets:    
Cash and cash equivalents $ 672 $ 1,319
Accounts receivable, net of allowance for doubtful accounts of $43 and $32, respectively 3,431 3,055
Inventories 2,832 2,517
Prepaid expenses and other current assets 670 740
Total current assets 7,605 7,631
Property, plant, and equipment, net 4,213 3,903
Goodwill 7,251 5,801
Intangible assets, net 2,286 1,174
Deferred income taxes 2,624 3,497
Other assets 887 848
Total assets 24,866 22,854
Current liabilities:    
Short-term debt 851 871
Accounts payable 2,024 1,728
Accrued and other current liabilities 2,113 2,147
Total current liabilities 4,988 4,746
Long-term debt 4,846 3,332
Long-term pension and postretirement liabilities 817 810
Deferred income taxes 223 199
Income taxes 426 411
Other liabilities 1,042 870
Total liabilities 12,342 10,368
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests 143 131
Shareholders' equity:    
Preferred shares, $1.00 par value, 2 shares authorized, none outstanding as of June 27, 2025
Ordinary/Common shares 3 139
Accumulated earnings 13,337 14,533
Ordinary shares and common shares held in treasury, at cost, 6,147,743 and 16,656,681 shares, respectively (916) (2,322)
Accumulated other comprehensive income (loss) (43) 5
Total shareholders' equity 12,381 12,355
Total liabilities, redeemable noncontrolling interests, and shareholders' equity 24,866 22,854
Ordinary class A    
Shareholders' equity:    
Ordinary/Common shares
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)
$ in Millions
Jun. 27, 2025
USD ($)
$ / shares
shares
Sep. 27, 2024
USD ($)
shares
Accounts receivable, allowance for doubtful accounts (in dollars) | $ $ 43 $ 32
Preferred shares, par value (in currency per share) | $ / shares $ 1  
Preferred shares, shares authorized 2  
Preferred shares, shares outstanding 0  
Ordinary shares, par value (in currency per share) | (per share) $ 0.01  
Ordinary shares, shares authorized 1,500,000,000 316,574,781
Ordinary shares, shares issued 301,987,708 316,574,781
Ordinary shares and common shares held in treasury 6,147,743 16,656,681
Ordinary class A    
Ordinary shares, shares authorized 25,000  
Ordinary shares, shares outstanding 0  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Common/Ordinary Shares
Common/Ordinary Shares Held in Treasury
Contributed Surplus
Accumulated Earnings
Accumulated Other Comprehensive Income (Loss)
Total
Balance at Sep. 29, 2023 $ 142 $ (1,380)   $ 12,947 $ (158) $ 11,551
Balance (in shares) at Sep. 29, 2023 322,000,000          
Ordinary Shares Held in Treasury (in shares) at Sep. 29, 2023   (10,000,000)        
Increase (Decrease) in Shareholders' Equity:            
Cancellation of treasury shares $ (3) $ 747   (744)    
Cancellation of treasury shares (in shares) (6,000,000) 6,000,000        
Net income       2,917   2,917
Other comprehensive income (loss)         45 45
Share-based compensation expense     $ 100     100
Dividends       (789)   (789)
Exercise of share options   $ 52       52
Exercise of share options (in shares)   1,000,000        
Restricted share award vestings and other activity   $ 169 (100) (78)   (9)
Repurchase of ordinary/common shares   $ (1,235)       $ (1,235)
Repurchase of ordinary/common shares (in shares)   (9,000,000)       (9,000,000)
Balance at Jun. 28, 2024 $ 139 $ (1,647)   14,253 (113) $ 12,632
Ordinary Shares Held in Treasury (in shares) at Jun. 28, 2024   (12,000,000)        
Balance (in shares) at Jun. 28, 2024 316,000,000          
Balance at Mar. 29, 2024 $ 139 $ (1,295)   13,689 (84) 12,449
Balance (in shares) at Mar. 29, 2024 316,000,000          
Ordinary Shares Held in Treasury (in shares) at Mar. 29, 2024   (10,000,000)        
Increase (Decrease) in Shareholders' Equity:            
Net income       573   573
Other comprehensive income (loss)         (29) (29)
Share-based compensation expense     31     31
Dividends       6   6
Exercise of share options   $ 19       19
Exercise of share options (in shares)   1,000,000        
Restricted share award vestings and other activity   $ 38 (31) (15)   (8)
Repurchase of ordinary/common shares   $ (409)       (409)
Repurchase of ordinary/common shares (in shares)   (3,000,000)        
Balance at Jun. 28, 2024 $ 139 $ (1,647)   14,253 (113) 12,632
Ordinary Shares Held in Treasury (in shares) at Jun. 28, 2024   (12,000,000)        
Balance (in shares) at Jun. 28, 2024 316,000,000          
Balance at Sep. 27, 2024 $ 139 $ (2,322)   14,533 5 $ 12,355
Balance (in shares) at Sep. 27, 2024 316,000,000          
Ordinary Shares Held in Treasury (in shares) at Sep. 27, 2024   (17,000,000)       (16,656,681)
Increase (Decrease) in Shareholders' Equity:            
Change in place of incorporation $ (136)     136    
Cancellation of treasury shares   $ 2,322   (2,322)    
Cancellation of treasury shares (in shares) (17,000,000) 17,000,000        
Net income       1,179   $ 1,179
Other comprehensive income (loss)         (48) (48)
Share-based compensation expense     105     105
Dividends       (419)   (419)
Exercise of share options     103     103
Exercise of share options (in shares) 1,000,000          
Restricted share award vestings and other activity     (208) 230   22
Restricted share award vestings and other activity (in shares) 2,000,000          
Repurchase of ordinary/common shares   $ (916)       $ (916)
Repurchase of ordinary/common shares (in shares)   (6,000,000)       (6,000,000)
Balance at Jun. 27, 2025 $ 3 $ (916)   13,337 (43) $ 12,381
Ordinary Shares Held in Treasury (in shares) at Jun. 27, 2025   (6,000,000)       (6,147,743)
Balance (in shares) at Jun. 27, 2025 302,000,000          
Balance at Mar. 28, 2025 $ 3 $ (615)   12,811 (114) $ 12,085
Balance (in shares) at Mar. 28, 2025 301,000,000          
Ordinary Shares Held in Treasury (in shares) at Mar. 28, 2025   (4,000,000)        
Increase (Decrease) in Shareholders' Equity:            
Net income       638   638
Other comprehensive income (loss)         71 71
Share-based compensation expense     36     36
Dividends       (210)   (210)
Exercise of share options     44     44
Restricted share award vestings and other activity     $ (80) 98   18
Restricted share award vestings and other activity (in shares) 1,000,000          
Repurchase of ordinary/common shares   $ (301)       (301)
Repurchase of ordinary/common shares (in shares)   (2,000,000)        
Balance at Jun. 27, 2025 $ 3 $ (916)   $ 13,337 $ (43) $ 12,381
Ordinary Shares Held in Treasury (in shares) at Jun. 27, 2025   (6,000,000)       (6,147,743)
Balance (in shares) at Jun. 27, 2025 302,000,000          
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Cash flows from operating activities:    
Net income $ 1,179 $ 2,917
Loss from discontinued operations, net of income taxes   1
Income from continuing operations 1,179 2,918
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:    
Depreciation and amortization 594 594
Deferred income taxes 772 (1,190)
Non-cash lease cost 106 100
Provision for losses on accounts receivable and inventories 62 70
Share-based compensation expense 105 100
Other 60 53
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:    
Accounts receivable, net (391) 82
Inventories (299) (127)
Prepaid expenses and other current assets 31 12
Accounts payable 298 99
Accrued and other current liabilities (76) (324)
Income taxes 172 28
Other 105 20
Net cash provided by operating activities 2,718 2,435
Cash flows from investing activities:    
Capital expenditures (665) (467)
Proceeds from sale of property, plant, and equipment 7 12
Acquisition of businesses, net of cash acquired (2,628) (339)
Proceeds from divestiture of business, net of cash retained by business sold   59
Other (12) (9)
Net cash used in investing activities (3,298) (744)
Cash flows from financing activities:    
Net decrease in commercial paper (255) (21)
Proceeds from issuance of debt 2,231  
Repayment of debt (580) (2)
Proceeds from exercise of share options 101 52
Repurchase of ordinary/common shares (910) (1,301)
Payment of ordinary/common share dividends to shareholders (594) (564)
Other (56) (39)
Net cash used in financing activities (63) (1,875)
Effect of currency translation on cash (4) (8)
Net decrease in cash, cash equivalents, and restricted cash (647) (192)
Cash, cash equivalents, and restricted cash at beginning of period 1,319 1,661
Cash, cash equivalents, and restricted cash at end of period $ 672 $ 1,469
v3.25.2
Basis of Presentation and Accounting Policies
 9 Months Ended
Jun. 27, 2025
Basis of Presentation and Accounting Policies  
Basis of Presentation and Accounting Policies

1. Basis of Presentation and Accounting Pronouncement

The unaudited Condensed Consolidated Financial Statements of TE Connectivity plc (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) have been prepared in United States (“U.S.”) dollars, in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and the instructions to Form 10-Q under the Securities Exchange Act of 1934. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire fiscal year or any subsequent interim period.

The year-end balance sheet data was derived from audited financial statements, but does not include all of the information and disclosures required by GAAP. These financial statements should be read in conjunction with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024.

Unless otherwise indicated, references in the Condensed Consolidated Financial Statements to fiscal 2025 and fiscal 2024 are to our fiscal years ending September 26, 2025 and ended September 27, 2024, respectively.

Change in Place of Incorporation

The merger between TE Connectivity Ltd., our former parent entity, and TE Connectivity plc, its wholly-owned subsidiary, was completed on September 30, 2024. TE Connectivity plc, a public limited company incorporated under Irish law, was the surviving entity and, as a result, our jurisdiction of incorporation changed from Switzerland to Ireland. Shareholders received one ordinary share of TE Connectivity plc for each common share of TE Connectivity Ltd. held immediately prior to the merger and change in place of incorporation. Effective for fiscal 2025, we are organized under the laws of Ireland. We do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.

New Segment Structure

Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy. Our businesses in the former Communications Solutions segment have been moved into the Industrial Solutions segment. Also, the appliances and industrial equipment businesses have been combined to form the automation and connected living business. In addition, we realigned certain product lines and businesses from the Industrial Solutions and former Communications Solutions segments to the Transportation Solutions segment. The following represents the new segment structure:

●Transportation Solutions—This segment contains our automotive, commercial transportation, and sensors businesses.
●Industrial Solutions—This segment contains our aerospace, defense, and marine; medical; energy; digital data networks (historically referred to as data and devices); and automation and connected living businesses.

Recently Issued Accounting Pronouncement

In March 2024, the U.S. Securities and Exchange Commission (“SEC”) issued its final climate disclosure rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which require all registrants to provide certain climate-related information in their registration statements and annual reports. The rules require disclosure of, among other things, material climate-related risks, activities to mitigate or adapt to such risks, governance and oversight of such risks, material climate targets and goals, and Scope 1 and/or Scope 2 greenhouse gas emissions, on a phased-in basis, when those emissions are material. In addition, the final rules require certain disclosures in the notes to the financial statements, including the effects of severe weather events and other natural conditions. The rules are effective for us on a phased-in timeline starting in fiscal 2026; however, in April 2024, the SEC issued an order to voluntarily stay its final climate rules pending the completion of judicial review thereof by the U.S. Court of Appeals for the Eighth Circuit. Also, the SEC has informed the Eighth Circuit that although the SEC has ended its defense of the climate disclosure rules, it would like the Court to rule on the merits of the pending challenges to the adopted climate disclosure rules. We continue to monitor developments pertaining to the rules and any potential impacts on our Consolidated Financial Statements.
v3.25.2
Restructuring and Other Charges, Net
 9 Months Ended
Jun. 27, 2025
Restructuring and Other Charges, Net  
Restructuring and Other Charges, Net

2. Restructuring and Other Charges, Net

Net restructuring and other charges consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Restructuring charges, net

​

$

10

​

$

16

​

$

97

​

$

57

​

Gain on divestiture

​

​

(1)

​

​

(21)

​

​

(1)

​

​

(10)

​

Costs related to change in place of incorporation

​

​

—

​

​

3

​

​

11

​

​

11

​

Other charges, net

​

 

5

​

 

8

​

 

2

​

 

9

​

Restructuring and other charges, net

​

$

14

​

$

6

​

$

109

​

$

67

​

​

Restructuring Charges, Net

Net restructuring charges by segment were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions

​

$

7

​

$

9

​

$

66

​

$

26

​

Industrial Solutions

​

 

3

​

 

7

​

 

31

​

 

31

​

Restructuring charges, net

​

$

10

​

$

16

​

$

97

​

$

57

​

​

Activity in our restructuring reserves was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at

​

​

​

​

​

​

​

​

​

​

Currency

​

Balance at

  

​

​

September 27,

​

​

​

​

Changes in

​

Cash

​

Non-Cash

​

Translation

​

June 27,

​

​

    

2024

    

Charges

    

Estimate

    

Payments

    

Items

    

and Other

    

2025

    

​

​

(in millions)

​

Fiscal 2025 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

$

—

​

$

77

​

$

—

​

$

(15)

​

$

—

​

$

5

​

$

67

​

Property, plant, and equipment

​

​

—

​

​

3

​

​

—

​

​

—

​

​

(3)

​

​

—

​

​

—

​

Total

​

​

—

​

​

80

​

​

—

​

​

(15)

​

​

(3)

​

​

5

​

​

67

​

Fiscal 2024 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

​

72

​

​

2

​

​

(2)

​

​

(35)

​

​

—

​

​

1

​

​

38

​

Property, plant, and equipment

​

​

—

​

​

1

​

​

2

​

​

—

​

​

(3)

​

​

—

​

​

—

​

Total

​

​

72

​

​

3

​

​

—

​

​

(35)

​

​

(3)

​

​

1

​

​

38

​

Pre-Fiscal 2024 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

​

186

​

​

11

​

​

(6)

​

​

(85)

​

​

—

​

​

(3)

​

​

103

​

Facility and other exit costs

​

​

15

​

​

8

​

​

—

​

​

(14)

​

​

—

​

​

—

​

​

9

​

Property, plant, and equipment

​

​

—

​

​

1

​

​

—

​

​

—

​

​

(1)

​

​

—

​

​

—

​

Total

​

​

201

​

​

20

​

​

(6)

​

​

(99)

​

​

(1)

​

​

(3)

​

​

112

​

Total Activity

​

$

273

​

$

103

​

$

(6)

​

$

(149)

​

$

(7)

​

$

3

​

$

217

​

​

Fiscal 2025 Actions

During fiscal 2025, we initiated a restructuring program associated with footprint consolidation and cost structure improvements in both of our segments. During the nine months ended June 27, 2025, we recorded restructuring charges of $80 million in connection with this program. We expect to complete all restructuring actions commenced during the nine months ended June 27, 2025 by the end of fiscal 2032 and to incur additional charges of approximately $15 million related primarily to facility exit costs in the Industrial Solutions segment.

Fiscal 2024 Actions

During fiscal 2024, we initiated a restructuring program to optimize our manufacturing footprint and improve the cost structure of the organization. In connection with this program, during the nine months ended June 27, 2025 and June 28, 2024, we recorded restructuring charges of $3 million and $24 million, respectively. We expect to complete all restructuring actions commenced during fiscal 2024 by the end of fiscal 2025 and anticipate that additional charges related to actions commenced during fiscal 2024 will be insignificant.

Pre-Fiscal 2024 Actions

During the nine months ended June 27, 2025 and June 28, 2024, we recorded net restructuring charges of $14 million and $33 million, respectively, related to pre-fiscal 2024 actions. We expect to incur additional charges of approximately $10 million in connection with the restructuring actions commenced prior to fiscal 2024.

​

Total Restructuring Reserves

Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows:

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Accrued and other current liabilities

​

$

185

​

$

233

​

Other liabilities

​

 

32

​

 

40

​

Restructuring reserves

​

$

217

​

$

273

​

​

Divestiture

During the nine months ended June 28, 2024, we sold one business for net cash proceeds of $59 million. In connection with the divestiture, we recorded a pre-tax gain on sale of $10 million in the nine months ended June 28, 2024. The business sold was reported in our Transportation Solutions segment.

Change in Place of Incorporation

During both the nine months ended June 27, 2025 and June 28, 2024, we incurred costs of $11 million related to our change in place of incorporation from Switzerland to Ireland. See Note 1 for additional information regarding the change.
v3.25.2
Acquisitions
 9 Months Ended
Jun. 27, 2025
Acquisitions  
Acquisitions

3. Acquisitions

Richards Manufacturing Co.

On April 1, 2025, we acquired 100% of Richards Manufacturing Co. (“Richards Manufacturing”), a U.S.-based producer of overhead and underground electrical and gas distribution products, for cash of approximately $2.3 billion, net of cash acquired. The transaction is subject to customary post-closing adjustments. The acquired business has been reported as part of the energy business within our Industrial Solutions segment from the date of acquisition.

The Richards Manufacturing acquisition was accounted for under the provisions of Accounting Standards Codification 805, Business Combinations. We have preliminarily allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. We are in the process of completing the valuation of identifiable intangible assets, fixed assets, and pre-acquisition contingencies and, therefore, the fair values set forth below are subject to adjustment upon finalizing the valuations. The amount of these potential adjustments could be significant. We expect to complete the purchase price allocation during the third quarter of fiscal 2026.

​

The following table summarizes the preliminary allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:

​

​

​

​

​

​

​

    

(in millions)

    

Cash and cash equivalents

​

$

41

​

Accounts receivable

​

​

47

​

Inventories

​

​

167

​

Other current assets

​

 

6

​

Property, plant, and equipment

​

​

62

​

Goodwill

​

 

1,142

​

Intangible assets

​

​

1,120

​

Other noncurrent assets

​

 

4

​

Total assets acquired

​

 

2,589

​

Accounts payable

​

​

18

​

Other current liabilities

​

​

15

​

Deferred income taxes

​

 

204

​

Other noncurrent liabilities

​

 

4

​

Total liabilities assumed

​

 

241

​

Net assets acquired

​

 

2,348

​

Cash and cash equivalents acquired

​

 

(41)

​

Net cash paid

​

$

2,307

​

​

The fair values assigned to intangible assets were preliminarily determined through the use of the income approach, specifically the relief from royalty and the multi period excess earnings methods. Both valuation methods rely on management judgment, including expected future cash flows resulting from existing customer relationships, customer attrition rates, contributory effects of other assets utilized in the business, peer group cost of capital and royalty rates, and other factors. The valuation of tangible assets was derived using a combination of the income, market, and cost approaches. Significant judgments used in valuing tangible assets include estimated selling prices, costs to complete, and reasonable profit. Useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows.

Intangible assets acquired consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

​

​

Amortization

​

​

    

​

Amount

    

Period

    

​

​

(in millions)

​

(in years)

​

Customer relationships

​

$

1,000

​

20

​

Developed technology

​

 

90

​

16

​

Trade names and trademarks

​

 

30

​

10

​

Total

​

$

1,120

​

19

​

​

The acquired intangible assets are being amortized on a straight-line basis over their expected useful lives.

Goodwill of $1,142 million was recognized in the transaction, representing the excess of the purchase price over the fair value of the tangible and intangible assets acquired and liabilities assumed. This goodwill is attributable primarily to cost savings and other synergies related to operational efficiencies including the consolidation of manufacturing, marketing, and general and administrative functions. The goodwill has been allocated to the Industrial Solutions segment and is not deductible for tax purposes. However, prior to being acquired by us, Richards Manufacturing completed certain acquisitions that resulted in goodwill with an estimated value of $156 million that is deductible primarily for U.S. tax purposes, which we will deduct through 2036.

​

During the quarter ended June 27, 2025, Richards Manufacturing contributed net sales of $73 million and an operating loss of $8 million to our Condensed Consolidated Statement of Operations. The operating loss included acquisition costs of $21 million, charges of $3 million associated with the amortization of acquisition-related fair value adjustments related to acquired inventories, and integration costs of $1 million.

Pro Forma Financial Information

The following unaudited pro forma financial information reflects our consolidated results of operations had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pro Forma for the

​

Pro Forma for the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

​

2025

  

2024

​

2025

  

2024

​

​

​

(in millions, except per share data)

​

Net sales

​

$

4,534

​

$

4,077

​

$

12,695

​

$

12,030

​

Net income

​

​

650

​

 

575

​

​

1,182

​

 

2,887

​

Diluted earnings per share

​

$

2.18

​

$

1.87

​

$

3.94

​

$

9.31

​

​

The pro forma financial information is based on our preliminary allocation of the purchase price and therefore subject to adjustment upon finalizing the purchase price allocation. The significant pro forma adjustments, which are described below, are net of income tax expense (benefit) at the statutory rate.

Pro forma results for the quarter ended June 27, 2025 were adjusted to exclude $16 million of acquisition costs. Pro forma results for the quarter ended June 27, 2025 were also adjusted to include $6 million of interest expense based on pro forma changes in our capital structure.

Pro forma results for the quarter ended June 28, 2024 were adjusted to include $14 million of interest expense based on pro forma changes in our capital structure and $8 million of charges related to the amortization of the fair value of acquired intangible assets.

Pro forma results for the nine months ended June 27, 2025 were adjusted to exclude $18 million of acquisition costs. Pro forma results for the nine months ended June 27, 2025 were also adjusted to include $34 million of interest expense based on pro forma changes in our capital structure and $17 million of charges related to the amortization of the fair value of acquired intangible assets.

Pro forma results for the nine months ended June 28, 2024 were adjusted to include $43 million of interest expense based on pro forma changes in our capital structure, $25 million of charges related to the amortization of the fair value of acquired intangible assets, $18 million of acquisition costs, and $8 million of charges related to the fair value adjustment to acquisition-date inventories.

Pro forma results do not include any anticipated synergies or other anticipated benefits of the acquisition. Accordingly, the unaudited pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024.

​

Other Acquisitions

During the nine months ended June 27, 2025, we acquired two additional businesses for a combined cash purchase price of $321 million, net of cash acquired. The acquired businesses have been reported as part of our Industrial Solutions segment from the date of acquisition. Our valuation of identifiable intangible assets, assets acquired, and liabilities assumed is currently in process; therefore, the current allocation is subject to adjustment upon finalization of the valuations. The amount of these potential adjustments could be significant.

During the quarter ended December 29, 2023, we acquired approximately 98.7% of the outstanding shares of Schaffner Holding AG (“Schaffner”), a leader in electromagnetic solutions based in Switzerland, for CHF 505.00 per share in cash for a purchase price of CHF 294 million (equivalent to $339 million), net of cash acquired. The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition. During the quarter ended June 28, 2024, we completed a squeeze-out of the remaining minority shareholders for $5 million and the Schaffner shares were delisted from the SIX Swiss Exchange.
v3.25.2
Inventories
 9 Months Ended
Jun. 27, 2025
Inventories  
Inventories

4. Inventories

Inventories consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Raw materials

​

$

441

​

$

328

​

Work in progress

​

 

1,167

​

 

1,063

​

Finished goods

​

 

1,224

​

 

1,126

​

Inventories

​

$

2,832

​

$

2,517

​

​
v3.25.2
Goodwill
 9 Months Ended
Jun. 27, 2025
Goodwill.  
Goodwill

5. Goodwill

The changes in the carrying amount of goodwill by segment were as follows(1):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Transportation

    

Industrial

    

​

​

    

​

​

Solutions

​

Solutions

​

Total

​

​

​

(in millions)

​

September 27, 2024(2)

​

$

1,584

​

$

4,217

​

$

5,801

​

Acquisitions and purchase accounting adjustments

​

​

—

​

​

1,345

​

​

1,345

​

Currency translation

​

 

27

​

 

78

​

 

105

​

June 27, 2025(2)

​

$

1,611

​

$

5,640

​

$

7,251

​

(1)In connection with the reorganization of our segments, goodwill was reallocated to reporting units using a relative fair value approach. See Note 1 for additional information regarding our new segment structure.
(2)At June 27, 2025 and September 27, 2024, accumulated impairment losses for the Transportation Solutions and Industrial Solutions segments were $3,091 million and $1,158 million, respectively.

​

During the quarter ended June 27, 2025, we completed the acquisition of Richards Manufacturing and recognized $1,142 million of goodwill which benefits the Industrial Solutions segment. Also, during the nine months ended June 27, 2025, we recognized goodwill in the Industrial Solutions segment in connection with other recent acquisitions. See Note 3 for additional information regarding acquisitions.
v3.25.2
Intangible Assets, Net
 9 Months Ended
Jun. 27, 2025
Intangible Assets, Net  
Intangible Assets, Net

6. Intangible Assets, Net

Net intangible assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 27, 2025

​

September 27, 2024

​

​

    

Gross

    

​

​

    

Net

    

Gross

    

​

​

    

Net

​

​

​

Carrying

​

Accumulated

​

Carrying

​

Carrying

​

Accumulated

​

Carrying

​

​

​

Amount

​

Amortization

​

Amount

​

Amount

​

Amortization

​

Amount

    

​

​

(in millions)

​

Customer relationships

​

$

3,036

​

$

(1,077)

​

$

1,959

​

$

1,901

​

$

(948)

​

$

953

​

Intellectual property

​

​

790

​

​

(478)

​

​

312

​

​

686

​

​

(481)

​

​

205

​

Other

​

 

23

​

 

(8)

​

 

15

​

 

23

​

 

(7)

​

 

16

​

Total

​

$

3,849

​

$

(1,563)

​

$

2,286

​

$

2,610

​

$

(1,436)

​

$

1,174

​

​

During the nine months ended June 27, 2025, the gross carrying amount of intangible assets increased by $1,120 million as a result of the acquisition of Richards Manufacturing. Intangible asset amortization expense was $52 million and $41 million for the quarters ended June 27, 2025 and June 28, 2024, respectively, and $132 million and $126 million for the nine months ended June 27, 2025 and June 28, 2024, respectively.

At June 27, 2025, the aggregate amortization expense on intangible assets is expected to be as follows:

​

​

​

​

​

​

    

(in millions)

  

Remainder of fiscal 2025

​

$

58

​

Fiscal 2026

​

​

228

​

Fiscal 2027

​

 

209

​

Fiscal 2028

​

 

172

​

Fiscal 2029

​

 

165

​

Fiscal 2030

​

 

157

​

Thereafter

​

 

1,297

​

Total

​

$

2,286

​

​
v3.25.2
Debt
 9 Months Ended
Jun. 27, 2025
Debt  
Debt

7. Debt

During the quarter ended June 27, 2025, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, issued €500 million aggregate principal amount of 2.50% senior notes due in May 2028, $450 million aggregate principal amount of 4.50% senior notes due in February 2031, and $450 million aggregate principal amount of 5.00% senior notes due in May 2035. In connection with the issuance of these senior notes, we voluntarily elected to terminate the $1.5 billion 364-day credit agreement, dated as of March 14, 2025. The net proceeds from these senior notes were used for general corporate purposes, including the repayment of indebtedness incurred in connection with the acquisition of Richards Manufacturing. See Note 3 for additional information regarding this acquisition.

​

During the nine months ended June 27, 2025, TEGSA issued €750 million aggregate principal amount of 3.25% senior notes due in January 2033.

The notes issued during the quarter and nine months ended June 27, 2025 are TEGSA’s unsecured senior obligations and rank equally in right of payment with all existing and any future senior indebtedness of TEGSA and senior to any subordinated indebtedness that TEGSA may incur.

During the nine months ended June 27, 2025, TEGSA repaid, at maturity, €550 million of 0.00% senior notes due in February 2025.

During the nine months ended June 27, 2025, we reclassified $500 million of 4.50% senior notes and $350 million of 3.70% senior notes, both due in February 2026, from long-term debt to short-term debt on the Condensed Consolidated Balance Sheet.

At September 27, 2024, TEGSA had $255 million of commercial paper outstanding at a weighted-average interest rate of 4.95%. TEGSA had no commercial paper outstanding at June 27, 2025.

Payment obligations under TEGSA’s senior notes, commercial paper, and five-year unsecured senior revolving credit facility are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s parent, TE Connectivity Switzerland Ltd., and its parent, TE Connectivity plc.

The fair value of our debt, based on indicative valuations, was approximately $5,679 million and $4,190 million at June 27, 2025 and September 27, 2024, respectively.
v3.25.2
Leases
 9 Months Ended
Jun. 27, 2025
Leases  
Leases

8. Leases

The components of lease cost were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

    

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

    

(in millions)

    

Operating lease cost

​

$

37

​

$

33

​

$

106

​

$

100

​

Variable lease cost

​

​

14

​

​

13

​

​

43

​

​

38

​

Total lease cost

​

$

51

​

$

46

​

$

149

​

$

138

​

​

Cash flow information, including significant non-cash transactions, related to leases was as follows:

​

​

​

​

​

​

​

​

​

​

​

For the

​

​

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

​

    

(in millions)

    

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

​

Payments for operating leases(1)

​

$

108

​

$

105

​

​

​

​

​

​

​

​

​

Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities

​

​

125

​

​

144

​

(1)These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.
v3.25.2
Commitments and Contingencies
 9 Months Ended
Jun. 27, 2025
Commitments and Contingencies.  
Commitments and Contingencies

9. Commitments and Contingencies

Legal Proceedings

In the normal course of business, we are subject to various legal proceedings and claims, including patent infringement claims, product liability matters, employment disputes, disputes on agreements, other commercial disputes, environmental matters, antitrust claims, and tax matters, including non-income tax matters such as value added tax, sales and use tax, real estate tax, and transfer tax. Although it is not feasible to predict the outcome of these proceedings, based upon our experience, current information, and applicable law, we do not expect that the outcome of these proceedings, either individually or in the aggregate, will have a material effect on our results of operations, financial position, or cash flows.

Environmental Matters

We are involved in various stages of investigation and cleanup related to environmental remediation matters at a number of sites. The ultimate cost of site cleanup is difficult to predict given the uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations, and alternative cleanup methods. As of June 27, 2025, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $18 million to $44 million, and we accrued $21 million as the probable loss, which was the best estimate within this range. We believe that any potential payment of such estimated amounts will not have a material adverse effect on our results of operations, financial position, or cash flows.

Guarantees

In disposing of assets or businesses, we often provide representations, warranties, and/or indemnities to cover various risks including unknown damage to assets, environmental risks involved in the sale of real estate, liability for investigation and remediation of environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal fees related to periods prior to disposition. We do not expect that these uncertainties will have a material adverse effect on our results of operations, financial position, or cash flows.

At June 27, 2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $217 million.

Supply Chain Finance Program

We have an agreement with a financial institution that allows participating suppliers the ability to finance payment obligations. The financial institution has separate arrangements with the suppliers and provides them with the option to request early payment for invoices. We do not determine the terms or conditions of the arrangement between the financial institution and suppliers. Our obligation to suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangement and we are not required to post collateral with the financial institution. The outstanding payment obligations under our supply chain finance program, which are included in accounts payable on our Condensed Consolidated Balance Sheets, were $95 million and $105 million at June 27, 2025 and September 27, 2024, respectively.

v3.25.2
Financial Instruments
 9 Months Ended
Jun. 27, 2025
Financial Instruments  
Financial Instruments

10. Financial Instruments

Foreign Currency Exchange Rate Risk

As part of managing the exposure to changes in foreign currency exchange rates, we utilize cross-currency swap contracts and foreign currency forward contracts, a portion of which are designated as cash flow hedges. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in foreign currency exchange rates on intercompany and other cash transactions. We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with the cash flow hedge-designated instruments addressing foreign exchange risks will be reclassified into the Condensed Consolidated Statement of Operations within the next twelve months.

Hedge of Net Investment

We hedge our net investment in certain foreign operations using intercompany loans and external borrowings denominated in the same currencies. The aggregate notional value of these hedges was $4,206 million and $2,417 million at June 27, 2025 and September 27, 2024, respectively.

We also use a cross-currency swap program to hedge our net investment in certain foreign operations. The aggregate notional value of the contracts under this program was $5,665 million and $5,367 million at June 27, 2025 and September 27, 2024, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 2.0% per annum and pay no interest. Upon the maturity of these contracts at various dates through fiscal 2029, we will pay the notional value of the contracts in the designated foreign currency and receive U.S. dollars from our counterparties. We are not required to provide collateral for these contracts.

These cross-currency swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows:

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Prepaid expenses and other current assets

​

$

16

​

$

31

​

Other assets

​

 

9

​

 

11

​

Accrued and other current liabilities

​

​

108

​

​

51

​

Other liabilities

​

​

251

​

​

99

​

​

The impacts of our hedge of net investment programs were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Foreign currency exchange gains (losses) on intercompany loans and external borrowings(1)

​

$

(228)

​

$

29

​

$

(189)

​

$

7

​

Gains (losses) on cross-currency swap contracts designated as hedges of net investment(1)

​

 

(336)

​

 

48

​

 

(158)

​

 

10

​

(1)Recorded as currency translation, a component of accumulated other comprehensive income (loss), and offset by changes attributable to the translation of the net investment.

Commodity Hedges

As part of managing the exposure to certain commodity price fluctuations, we utilize commodity swap contracts. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in prices of commodities used in production. These contracts had an aggregate notional value of $527 million and $488 million at June 27, 2025 and September 27, 2024, respectively, and were designated as cash flow hedges. These commodity swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows:

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Prepaid expenses and other current assets

​

$

74

​

$

52

​

Other assets

​

 

7

​

 

4

​

Accrued and other current liabilities

​

​

2

​

​

1

​

Other liabilities

​

​

2

​

​

—

​

​

The impacts of our commodity swap contracts were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Gains recorded in other comprehensive income (loss)

​

$

7

​

$

23

​

$

59

    

$

62

​

Gains reclassified from accumulated other comprehensive income (loss) into cost of sales

​

​

16

​

​

8

​

​

38

​

​

4

​

​

We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with commodity hedges will be reclassified into the Condensed Consolidated Statement of Operations within the next twelve months.
v3.25.2
Retirement Plans
 9 Months Ended
Jun. 27, 2025
Retirement Plans  
Retirement Plans

11. Retirement Plans

The net periodic pension benefit cost for all non-U.S. and U.S. defined benefit pension plans was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-U.S. Plans

​

U.S. Plans

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Quarters Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Operating expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

7

​

$

6

​

$

1

​

$

2

​

Other (income) expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest cost

​

 

16

​

 

16

​

 

9

​

 

10

​

Expected returns on plan assets

​

 

(14)

​

 

(12)

​

 

(11)

​

 

(10)

​

Amortization of net actuarial loss

​

 

2

​

 

1

​

 

1

​

 

1

​

Amortization of prior service credit

​

 

(1)

​

 

(1)

​

 

—

​

 

—

​

Net periodic pension benefit cost

​

$

10

​

$

10

​

$

—

​

$

3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-U.S. Plans

​

U.S. Plans

​

​

​

For the

​

For the

​

​

​

Nine Months Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Operating expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

23

​

$

20

​

$

5

​

$

6

​

Other (income) expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest cost

​

 

47

​

 

46

​

 

25

​

 

29

​

Expected returns on plan assets

​

 

(44)

​

 

(37)

​

 

(33)

​

 

(29)

​

Amortization of net actuarial loss

​

 

6

​

 

3

​

 

3

​

 

3

​

Amortization of prior service credit

​

 

(3)

​

 

(3)

​

 

—

​

 

—

​

Net periodic pension benefit cost

​

$

29

​

$

29

​

$

—

​

$

9

​

​

During the nine months ended June 27, 2025, we contributed $36 million and $15 million to our non-U.S. and U.S. pension plans, respectively.

v3.25.2
Income Taxes
 9 Months Ended
Jun. 27, 2025
Income Taxes  
Income Taxes

12. Income Taxes

We recorded income tax expense of $208 million and $181 million for the quarters ended June 27, 2025 and June 28, 2024, respectively. We recorded income tax expense of $1,128 million and an income tax benefit of $778 million for the nine months ended June 27, 2025 and June 28, 2024, respectively. The income tax expense for the nine months ended June 27, 2025 included $574 million of income tax expense 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. See “Global Minimum Tax” below for additional information regarding the impact of guidance issued by the Organisation for Economic Co-operation and Development (“OECD”) in January 2025 on the ten-year tax credit obtained by a Swiss subsidiary. In addition, the income tax expense for nine months ended June 27, 2025 included $13 million of income tax expense related to the revaluation of deferred tax assets as a result of a decrease in the corporate tax rate in a non-U.S. jurisdiction. The income tax benefit for the nine months ended June 28, 2024 included an $874 million net income tax benefit associated with the same ten-year tax credit obtained by a Swiss subsidiary mentioned above and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. In addition, the income tax benefit for the nine months ended June 28, 2024 included a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA includes significant changes to U.S. tax law, including modifications to international tax provisions, making bonus depreciation permanent, enabling domestic research cost expensing, and adjusting the business interest expense limitation. We are in the process of evaluating the impact of the OBBBA on our Consolidated Financial Statements.

Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that, as of June 27, 2025, approximately $30 million of unrecognized income tax benefits, excluding the impact relating to accrued interest and penalties, could be resolved within the next twelve months.

We are not aware of any other matters that would result in significant changes to the amount of unrecognized income tax benefits reflected on the Condensed Consolidated Balance Sheet as of June 27, 2025.

Global Minimum Tax

The OECD and participating countries continue to enact the 15% global minimum tax. The global minimum tax is a significant structural change to the international taxation framework and more than 50 countries have thus far enacted some or all of the elements of the global minimum tax. Ireland has implemented elements of the OECD’s global minimum tax rules which were effective for us beginning in fiscal 2025.

In January 2025, the OECD released new guidance for the global minimum tax rules which impacted the realizability of certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024. The January 2025 OECD guidance was enacted into law in Switzerland and as a result, as discussed above, during the nine months ended June 27, 2025, we recorded income tax expense of $574 million related to a net increase in the valuation allowance for deferred tax assets representing the amount of the Swiss subsidiary’s tax credits not expected to be realized.

We anticipate further legislative activity and administrative guidance throughout fiscal 2025. We continue to monitor evolving tax legislation in the jurisdictions within which we operate.
v3.25.2
Earnings Per Share
 9 Months Ended
Jun. 27, 2025
Earnings Per Share  
Earnings Per Share

13. Earnings Per Share

The weighted-average number of shares outstanding used in the computations of basic and diluted earnings per share were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Basic

​

296

​

306

​

298

​

308

​

Dilutive impact of share-based compensation arrangements

​

2

​

2

​

2

​

2

​

Diluted

​

298

​

308

​

300

​

310

​

​

The following share options were not included in the computation of diluted earnings per share because the instruments’ underlying exercise prices were greater than the average market prices of our ordinary/common shares and inclusion would be antidilutive:

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Antidilutive share options

 

1

​

1

​

1

​

1

​

​
v3.25.2
Shareholders' Equity
 9 Months Ended
Jun. 27, 2025
Shareholders' Equity  
Shareholders' Equity

14. Shareholders’ Equity

Ordinary Shares

Effective for fiscal 2025, we are organized under the laws of Ireland. The rights of holders of our shares are governed by Irish law and our Irish articles of association. The par value of our ordinary shares is stated in U.S. dollars.

As discussed in Note 1, pursuant to the terms of a merger agreement between TE Connectivity Ltd. and TE Connectivity plc, shareholders received one ordinary share in the share capital of TE Connectivity plc for each common share of TE Connectivity Ltd. held immediately prior to the merger and change in place of incorporation.

Our articles of association authorize our board of directors to allot and issue shares up to the maximum of our authorized but unissued share capital for a period of five years from September 30, 2024. This authorization will need to be renewed by ordinary resolution upon its expiration and at periodic intervals thereafter.

The authorized but unissued share capital may be increased or reduced by way of an ordinary resolution of shareholders. The shares comprising the authorized share capital may be divided into shares of such par value as the resolution shall prescribe.

Ordinary Shares Held in Treasury

All treasury shares held as of September 27, 2024 were cancelled at the beginning of fiscal 2025 in connection with our change in place of incorporation. See Note 1 for additional information regarding our change in place of incorporation.

Authorized Share Capital

In connection with our merger and change in place of incorporation, we converted 25,000 ordinary shares to ordinary class A shares and issued certain preferred shares to facilitate the merger. The ordinary class A shares and preferred shares were re-acquired and cancelled following the merger. No preferred shares and no ordinary class A shares were outstanding at June 27, 2025.

Our authorized share capital consisted of 1,500,000,000 ordinary shares with a par value of $0.01 per share, two preferred shares with a par value of $1.00 per share, and 25,000 ordinary class A shares with a par value of €1.00 per share as of June 27, 2025. The authorized share capital includes 25,000 ordinary class A shares with a par value of €1.00 per share in order to satisfy statutory requirements for the incorporation of all Irish public limited companies.

Contributed Surplus

As a result of cumulative equity transactions, including dividend activity and treasury share cancellations, our contributed surplus balance was reduced to zero with residual activity recorded against accumulated earnings as reflected on the Condensed Consolidated Statement of Shareholders’ Equity. To the extent that the contributed surplus balance continues to be zero, the impact of future transactions that normally would have been recorded as a reduction of contributed surplus will be recorded in accumulated earnings.

Dividends

We paid cash dividends to shareholders as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

 

​

​

Quarters Ended

​

Nine Months Ended

 

​

    

June 27,

    

June 28,

    

June 27,

    

June 28,

 

​

    

2025

    

2024

    

2025

    

2024

    

Dividends paid per ordinary/common share

​

$

0.71

​

$

0.65

​

$

2.01

​

$

1.83

​

​

In June 2025, our board of directors declared a regular quarterly dividend of $0.71 per ordinary share, payable on September 12, 2025, to shareholders of record on August 22, 2025. As a result of our change in place of incorporation, dividends on our ordinary shares, if any, are now declared on a quarterly basis by our board of directors, as provided by Irish law. Shareholder approval is no longer required. As an Irish company, dividends will be made from accumulated earnings as defined under accounting practices generally accepted in Ireland (“Irish GAAP”).

Share Repurchase Program

During the nine months ended June 27, 2025, our board of directors authorized an increase of $2.5 billion in our share repurchase program. Ordinary/common shares repurchased under the share repurchase program were as follows:

​

​

​

​

​

​

​

​

​

​

​

For the

​

​

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Number of ordinary/common shares repurchased

 

​

6

 

​

9

​

Repurchase value

 

$

916

 

$

1,235

​

​

At June 27, 2025, we had $1.8 billion of availability remaining under our share repurchase authorization.
v3.25.2
Share Plans
 9 Months Ended
Jun. 27, 2025
Share Plans  
Share Plans

15. Share Plans

Share-based compensation expense, which was included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Operations, was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Share-based compensation expense

 

$

36

 

$

31

​

$

105

 

$

100

​

​

As of June 27, 2025, there was $172 million of unrecognized compensation expense related to share-based awards, which is expected to be recognized over a weighted-average period of 1.7 years.

During the quarter ended December 27, 2024, we granted the following share-based awards as part of our annual incentive plan grant:

​

​

​

​

​

​

​

​

​

​

​

Grant-Date

​

​

    

Shares

    

Fair Value

    

​

​

(in millions)

​

​

​

​

Share options

​

0.7

​

$

46.45

​

Restricted share awards

​

0.4

​

 

153.25

​

Performance share awards

​

0.1

​

​

153.25

​

​

As of June 27, 2025, we had 18 million shares available for issuance under the TE Connectivity plc 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024.

Share-Based Compensation Assumptions

The assumptions we used in the Black-Scholes-Merton option pricing model for the options granted as part of our annual incentive plan grant were as follows:

​

​

​

​

​

​

Expected share price volatility

    

 

31

%

    

Risk-free interest rate

​

 

4.5

%

​

Expected annual dividend per share

​

$

2.60

​

​

Expected life of options (in years)

​

 

5.3

​

​

​
v3.25.2
Segment and Geographic Data
 9 Months Ended
Jun. 27, 2025
Segment and Geographic Data  
Segment and Geographic Data

16. Segment and Geographic Data

Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy. See Note 1 for additional information regarding our new segment structure. The following segment information reflects the new segment reporting structure. Prior period segment results have been recast to conform to the new segment structure.
​

Net sales by segment(1) and industry end market(2) were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Automotive

​

$

1,805

​

$

1,748

​

$

5,262

​

$

5,316

​

Commercial transportation

​

 

377

​

 

363

​

 

1,046

​

 

1,103

​

Sensors

​

 

236

​

 

240

​

 

667

​

 

732

​

Total Transportation Solutions

​

​

2,418

​

​

2,351

​

​

6,975

​

​

7,151

​

Industrial Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Automation and connected living

​

​

571

​

​

519

​

​

1,562

​

​

1,483

​

Aerospace, defense, and marine

​

 

374

​

 

345

​

 

1,082

​

 

977

​

Digital data networks

​

​

606

​

​

329

​

​

1,501

​

​

881

​

Energy

​

 

384

​

 

226

​

 

879

​

 

665

​

Medical

​

​

181

​

​

209

​

​

514

​

​

620

​

Total Industrial Solutions

​

​

2,116

​

​

1,628

​

​

5,538

​

​

4,626

​

Total

​

$

4,534

​

$

3,979

​

$

12,513

​

$

11,777

​

(1)Intersegment sales were not material.
(2)Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.

Net sales by geographic region(1) and segment were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Europe/Middle East/Africa (“EMEA”):

​

​

​

​

​

​

​

​

​

​

​

​

​

Transportation Solutions

​

$

886

​

$

882

​

$

2,425

​

$

2,725

​

Industrial Solutions

​

 

659

​

 

584

​

 

1,762

​

 

1,704

​

Total EMEA

​

 

1,545

​

 

1,466

​

 

4,187

​

 

4,429

​

Asia–Pacific:

​

​

​

​

​

​

​

​

​

​

​

​

​

Transportation Solutions

​

​

1,016

​

​

901

​

​

3,110

​

​

2,803

​

Industrial Solutions

​

 

644

​

 

432

​

 

1,695

​

 

1,166

​

Total Asia–Pacific

​

 

1,660

​

 

1,333

​

 

4,805

​

 

3,969

​

Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

Transportation Solutions

​

​

516

​

​

568

​

​

1,440

​

​

1,623

​

Industrial Solutions

​

 

813

​

 

612

​

 

2,081

​

 

1,756

​

Total Americas

​

 

1,329

​

 

1,180

​

 

3,521

​

 

3,379

​

Total

​

$

4,534

​

$

3,979

​

$

12,513

​

$

11,777

​

(1)Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.

Operating income by segment was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions

​

$

462

​

$

506

​

$

1,353

​

$

1,470

​

Industrial Solutions

​

​

395

​

​

249

​

​

942

​

​

675

​

Total

​

$

857

​

$

755

​

$

2,295

​

$

2,145

​

​

Segment assets and a reconciliation of segment assets to total assets were as follows:

​

​

​

​

​

​

​

​

​

​

​

Segment Assets

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions

​

$

6,113

​

$

5,758

​

Industrial Solutions

​

 

4,363

​

 

3,717

​

Total segment assets(1)

​

 

10,476

​

 

9,475

​

Other current assets

​

 

1,342

​

 

2,059

​

Other non-current assets

​

 

13,048

​

 

11,320

​

Total assets

​

$

24,866

​

$

22,854

​

(1)Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 638 $ 573 $ 1,179 $ 2,917
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 27, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Accounting Policies (Policies)
 9 Months Ended
Jun. 27, 2025
Basis of Presentation and Accounting Policies  
Recently Issued Accounting Pronouncement

Recently Issued Accounting Pronouncement

In March 2024, the U.S. Securities and Exchange Commission (“SEC”) issued its final climate disclosure rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which require all registrants to provide certain climate-related information in their registration statements and annual reports. The rules require disclosure of, among other things, material climate-related risks, activities to mitigate or adapt to such risks, governance and oversight of such risks, material climate targets and goals, and Scope 1 and/or Scope 2 greenhouse gas emissions, on a phased-in basis, when those emissions are material. In addition, the final rules require certain disclosures in the notes to the financial statements, including the effects of severe weather events and other natural conditions. The rules are effective for us on a phased-in timeline starting in fiscal 2026; however, in April 2024, the SEC issued an order to voluntarily stay its final climate rules pending the completion of judicial review thereof by the U.S. Court of Appeals for the Eighth Circuit. Also, the SEC has informed the Eighth Circuit that although the SEC has ended its defense of the climate disclosure rules, it would like the Court to rule on the merits of the pending challenges to the adopted climate disclosure rules. We continue to monitor developments pertaining to the rules and any potential impacts on our Consolidated Financial Statements.
v3.25.2
Restructuring and Other Charges, Net (Tables)
 9 Months Ended
Jun. 27, 2025
Restructuring and Other Charges, Net  
Schedule of net restructuring and other charges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Restructuring charges, net

​

$

10

​

$

16

​

$

97

​

$

57

​

Gain on divestiture

​

​

(1)

​

​

(21)

​

​

(1)

​

​

(10)

​

Costs related to change in place of incorporation

​

​

—

​

​

3

​

​

11

​

​

11

​

Other charges, net

​

 

5

​

 

8

​

 

2

​

 

9

​

Restructuring and other charges, net

​

$

14

​

$

6

​

$

109

​

$

67

​
Net restructuring charges by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions

​

$

7

​

$

9

​

$

66

​

$

26

​

Industrial Solutions

​

 

3

​

 

7

​

 

31

​

 

31

​

Restructuring charges, net

​

$

10

​

$

16

​

$

97

​

$

57

​
Summary of activity in restructuring reserves

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at

​

​

​

​

​

​

​

​

​

​

Currency

​

Balance at

  

​

​

September 27,

​

​

​

​

Changes in

​

Cash

​

Non-Cash

​

Translation

​

June 27,

​

​

    

2024

    

Charges

    

Estimate

    

Payments

    

Items

    

and Other

    

2025

    

​

​

(in millions)

​

Fiscal 2025 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

$

—

​

$

77

​

$

—

​

$

(15)

​

$

—

​

$

5

​

$

67

​

Property, plant, and equipment

​

​

—

​

​

3

​

​

—

​

​

—

​

​

(3)

​

​

—

​

​

—

​

Total

​

​

—

​

​

80

​

​

—

​

​

(15)

​

​

(3)

​

​

5

​

​

67

​

Fiscal 2024 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

​

72

​

​

2

​

​

(2)

​

​

(35)

​

​

—

​

​

1

​

​

38

​

Property, plant, and equipment

​

​

—

​

​

1

​

​

2

​

​

—

​

​

(3)

​

​

—

​

​

—

​

Total

​

​

72

​

​

3

​

​

—

​

​

(35)

​

​

(3)

​

​

1

​

​

38

​

Pre-Fiscal 2024 Actions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee severance

​

​

186

​

​

11

​

​

(6)

​

​

(85)

​

​

—

​

​

(3)

​

​

103

​

Facility and other exit costs

​

​

15

​

​

8

​

​

—

​

​

(14)

​

​

—

​

​

—

​

​

9

​

Property, plant, and equipment

​

​

—

​

​

1

​

​

—

​

​

—

​

​

(1)

​

​

—

​

​

—

​

Total

​

​

201

​

​

20

​

​

(6)

​

​

(99)

​

​

(1)

​

​

(3)

​

​

112

​

Total Activity

​

$

273

​

$

103

​

$

(6)

​

$

(149)

​

$

(7)

​

$

3

​

$

217

​
Restructuring reserves included on Consolidated Balance Sheets

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Accrued and other current liabilities

​

$

185

​

$

233

​

Other liabilities

​

 

32

​

 

40

​

Restructuring reserves

​

$

217

​

$

273

​
v3.25.2
Acquisitions (Tables) - Richards Manufacturing Co.
 9 Months Ended
Jun. 27, 2025
Business acquisition information  
Allocation of purchase price to the fair value of identifiable assets acquired and liabilities assumed

​

​

​

​

​

​

​

    

(in millions)

    

Cash and cash equivalents

​

$

41

​

Accounts receivable

​

​

47

​

Inventories

​

​

167

​

Other current assets

​

 

6

​

Property, plant, and equipment

​

​

62

​

Goodwill

​

 

1,142

​

Intangible assets

​

​

1,120

​

Other noncurrent assets

​

 

4

​

Total assets acquired

​

 

2,589

​

Accounts payable

​

​

18

​

Other current liabilities

​

​

15

​

Deferred income taxes

​

 

204

​

Other noncurrent liabilities

​

 

4

​

Total liabilities assumed

​

 

241

​

Net assets acquired

​

 

2,348

​

Cash and cash equivalents acquired

​

 

(41)

​

Net cash paid

​

$

2,307

​
Acquired intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

​

​

Amortization

​

​

    

​

Amount

    

Period

    

​

​

(in millions)

​

(in years)

​

Customer relationships

​

$

1,000

​

20

​

Developed technology

​

 

90

​

16

​

Trade names and trademarks

​

 

30

​

10

​

Total

​

$

1,120

​

19

​
Pro forma financial information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pro Forma for the

​

Pro Forma for the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

​

2025

  

2024

​

2025

  

2024

​

​

​

(in millions, except per share data)

​

Net sales

​

$

4,534

​

$

4,077

​

$

12,695

​

$

12,030

​

Net income

​

​

650

​

 

575

​

​

1,182

​

 

2,887

​

Diluted earnings per share

​

$

2.18

​

$

1.87

​

$

3.94

​

$

9.31

​
v3.25.2
Inventories (Tables)
 9 Months Ended
Jun. 27, 2025
Inventories  
Schedule of inventories

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Raw materials

​

$

441

​

$

328

​

Work in progress

​

 

1,167

​

 

1,063

​

Finished goods

​

 

1,224

​

 

1,126

​

Inventories

​

$

2,832

​

$

2,517

​

​
v3.25.2
Goodwill (Tables)
 9 Months Ended
Jun. 27, 2025
Goodwill.  
Changes in the carrying amount of goodwill by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Transportation

    

Industrial

    

​

​

    

​

​

Solutions

​

Solutions

​

Total

​

​

​

(in millions)

​

September 27, 2024(2)

​

$

1,584

​

$

4,217

​

$

5,801

​

Acquisitions and purchase accounting adjustments

​

​

—

​

​

1,345

​

​

1,345

​

Currency translation

​

 

27

​

 

78

​

 

105

​

June 27, 2025(2)

​

$

1,611

​

$

5,640

​

$

7,251

​

(1)In connection with the reorganization of our segments, goodwill was reallocated to reporting units using a relative fair value approach. See Note 1 for additional information regarding our new segment structure.
(2)At June 27, 2025 and September 27, 2024, accumulated impairment losses for the Transportation Solutions and Industrial Solutions segments were $3,091 million and $1,158 million, respectively.
v3.25.2
Intangible Assets, Net (Tables)
 9 Months Ended
Jun. 27, 2025
Intangible Assets, Net  
Schedule of finite-lived intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 27, 2025

​

September 27, 2024

​

​

    

Gross

    

​

​

    

Net

    

Gross

    

​

​

    

Net

​

​

​

Carrying

​

Accumulated

​

Carrying

​

Carrying

​

Accumulated

​

Carrying

​

​

​

Amount

​

Amortization

​

Amount

​

Amount

​

Amortization

​

Amount

    

​

​

(in millions)

​

Customer relationships

​

$

3,036

​

$

(1,077)

​

$

1,959

​

$

1,901

​

$

(948)

​

$

953

​

Intellectual property

​

​

790

​

​

(478)

​

​

312

​

​

686

​

​

(481)

​

​

205

​

Other

​

 

23

​

 

(8)

​

 

15

​

 

23

​

 

(7)

​

 

16

​

Total

​

$

3,849

​

$

(1,563)

​

$

2,286

​

$

2,610

​

$

(1,436)

​

$

1,174

​
Schedule of finite-lived intangible assets, future amortization expense

At June 27, 2025, the aggregate amortization expense on intangible assets is expected to be as follows:

​

​

​

​

​

​

    

(in millions)

  

Remainder of fiscal 2025

​

$

58

​

Fiscal 2026

​

​

228

​

Fiscal 2027

​

 

209

​

Fiscal 2028

​

 

172

​

Fiscal 2029

​

 

165

​

Fiscal 2030

​

 

157

​

Thereafter

​

 

1,297

​

Total

​

$

2,286

​

​
v3.25.2
Leases (Tables)
 9 Months Ended
Jun. 27, 2025
Leases  
Schedule of components of lease cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

    

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

    

(in millions)

    

Operating lease cost

​

$

37

​

$

33

​

$

106

​

$

100

​

Variable lease cost

​

​

14

​

​

13

​

​

43

​

​

38

​

Total lease cost

​

$

51

​

$

46

​

$

149

​

$

138

​
Schedule of Cash Flow information, including significant non-cash transactions, related to leases

​

​

​

​

​

​

​

​

​

​

​

For the

​

​

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

​

    

(in millions)

    

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

​

Payments for operating leases(1)

​

$

108

​

$

105

​

​

​

​

​

​

​

​

​

Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities

​

​

125

​

​

144

​

(1)These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.
v3.25.2
Financial Instruments (Tables)
 9 Months Ended
Jun. 27, 2025
Net investment hedges  
Schedule of impacts of hedging program

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Foreign currency exchange gains (losses) on intercompany loans and external borrowings(1)

​

$

(228)

​

$

29

​

$

(189)

​

$

7

​

Gains (losses) on cross-currency swap contracts designated as hedges of net investment(1)

​

 

(336)

​

 

48

​

 

(158)

​

 

10

​

(1)Recorded as currency translation, a component of accumulated other comprehensive income (loss), and offset by changes attributable to the translation of the net investment.
Cross-currency swap contracts | Net investment hedges  
Summary of fair value of derivative instruments

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Prepaid expenses and other current assets

​

$

16

​

$

31

​

Other assets

​

 

9

​

 

11

​

Accrued and other current liabilities

​

​

108

​

​

51

​

Other liabilities

​

​

251

​

​

99

​
Commodity swap contracts | Cash flow hedges  
Summary of fair value of derivative instruments

​

​

​

​

​

​

​

​

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Prepaid expenses and other current assets

​

$

74

​

$

52

​

Other assets

​

 

7

​

 

4

​

Accrued and other current liabilities

​

​

2

​

​

1

​

Other liabilities

​

​

2

​

​

—

​
Schedule of impacts of hedging program

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Gains recorded in other comprehensive income (loss)

​

$

7

​

$

23

​

$

59

    

$

62

​

Gains reclassified from accumulated other comprehensive income (loss) into cost of sales

​

​

16

​

​

8

​

​

38

​

​

4

​
v3.25.2
Retirement Plans (Tables)
 9 Months Ended
Jun. 27, 2025
Retirement Plans  
Net periodic pension benefit cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-U.S. Plans

​

U.S. Plans

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Quarters Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Operating expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

7

​

$

6

​

$

1

​

$

2

​

Other (income) expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest cost

​

 

16

​

 

16

​

 

9

​

 

10

​

Expected returns on plan assets

​

 

(14)

​

 

(12)

​

 

(11)

​

 

(10)

​

Amortization of net actuarial loss

​

 

2

​

 

1

​

 

1

​

 

1

​

Amortization of prior service credit

​

 

(1)

​

 

(1)

​

 

—

​

 

—

​

Net periodic pension benefit cost

​

$

10

​

$

10

​

$

—

​

$

3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-U.S. Plans

​

U.S. Plans

​

​

​

For the

​

For the

​

​

​

Nine Months Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Operating expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

23

​

$

20

​

$

5

​

$

6

​

Other (income) expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest cost

​

 

47

​

 

46

​

 

25

​

 

29

​

Expected returns on plan assets

​

 

(44)

​

 

(37)

​

 

(33)

​

 

(29)

​

Amortization of net actuarial loss

​

 

6

​

 

3

​

 

3

​

 

3

​

Amortization of prior service credit

​

 

(3)

​

 

(3)

​

 

—

​

 

—

​

Net periodic pension benefit cost

​

$

29

​

$

29

​

$

—

​

$

9

​
v3.25.2
Earnings Per Share (Tables)
 9 Months Ended
Jun. 27, 2025
Weighted-average number of shares outstanding:  
Schedule of weighted-average shares outstanding, basic and diluted

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Basic

​

296

​

306

​

298

​

308

​

Dilutive impact of share-based compensation arrangements

​

2

​

2

​

2

​

2

​

Diluted

​

298

​

308

​

300

​

310

​
Schedule of antidilutive securities excluded from computation of earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Antidilutive share options

 

1

​

1

​

1

​

1

​

​
v3.25.2
Shareholders' Equity (Tables)
 9 Months Ended
Jun. 27, 2025
Shareholders' Equity  
Schedule of cash dividends to shareholders

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

 

​

​

Quarters Ended

​

Nine Months Ended

 

​

    

June 27,

    

June 28,

    

June 27,

    

June 28,

 

​

    

2025

    

2024

    

2025

    

2024

    

Dividends paid per ordinary/common share

​

$

0.71

​

$

0.65

​

$

2.01

​

$

1.83

​
Schedule of ordinary/common shares repurchased

​

​

​

​

​

​

​

​

​

​

​

For the

​

​

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Number of ordinary/common shares repurchased

 

​

6

 

​

9

​

Repurchase value

 

$

916

 

$

1,235

​
v3.25.2
Share Plans (Tables)
 9 Months Ended
Jun. 27, 2025
Share Plans  
Share-based compensation expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Share-based compensation expense

 

$

36

 

$

31

​

$

105

 

$

100

​
Summary of share-based award activity

During the quarter ended December 27, 2024, we granted the following share-based awards as part of our annual incentive plan grant:

​

​

​

​

​

​

​

​

​

​

​

Grant-Date

​

​

    

Shares

    

Fair Value

    

​

​

(in millions)

​

​

​

​

Share options

​

0.7

​

$

46.45

​

Restricted share awards

​

0.4

​

 

153.25

​

Performance share awards

​

0.1

​

​

153.25

​
Weighted-average assumptions

The assumptions we used in the Black-Scholes-Merton option pricing model for the options granted as part of our annual incentive plan grant were as follows:

​

​

​

​

​

​

Expected share price volatility

    

 

31

%

    

Risk-free interest rate

​

 

4.5

%

​

Expected annual dividend per share

​

$

2.60

​

​

Expected life of options (in years)

​

 

5.3

​

​

​
v3.25.2
Segment and Geographic Data (Tables)
 9 Months Ended
Jun. 27, 2025
Segment and Geographic Data  
Schedule of net sales by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Automotive

​

$

1,805

​

$

1,748

​

$

5,262

​

$

5,316

​

Commercial transportation

​

 

377

​

 

363

​

 

1,046

​

 

1,103

​

Sensors

​

 

236

​

 

240

​

 

667

​

 

732

​

Total Transportation Solutions

​

​

2,418

​

​

2,351

​

​

6,975

​

​

7,151

​

Industrial Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Automation and connected living

​

​

571

​

​

519

​

​

1,562

​

​

1,483

​

Aerospace, defense, and marine

​

 

374

​

 

345

​

 

1,082

​

 

977

​

Digital data networks

​

​

606

​

​

329

​

​

1,501

​

​

881

​

Energy

​

 

384

​

 

226

​

 

879

​

 

665

​

Medical

​

​

181

​

​

209

​

​

514

​

​

620

​

Total Industrial Solutions

​

​

2,116

​

​

1,628

​

​

5,538

​

​

4,626

​

Total

​

$

4,534

​

$

3,979

​

$

12,513

​

$

11,777

​

(1)Intersegment sales were not material.
(2)Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.
Net sales by segment and geographic region

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Europe/Middle East/Africa (“EMEA”):

​

​

​

​

​

​

​

​

​

​

​

​

​

Transportation Solutions

​

$

886

​

$

882

​

$

2,425

​

$

2,725

​

Industrial Solutions

​

 

659

​

 

584

​

 

1,762

​

 

1,704

​

Total EMEA

​

 

1,545

​

 

1,466

​

 

4,187

​

 

4,429

​

Asia–Pacific:

​

​

​

​

​

​

​

​

​

​

​

​

​

Transportation Solutions

​

​

1,016

​

​

901

​

​

3,110

​

​

2,803

​

Industrial Solutions

​

 

644

​

 

432

​

 

1,695

​

 

1,166

​

Total Asia–Pacific

​

 

1,660

​

 

1,333

​

 

4,805

​

 

3,969

​

Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

Transportation Solutions

​

​

516

​

​

568

​

​

1,440

​

​

1,623

​

Industrial Solutions

​

 

813

​

 

612

​

 

2,081

​

 

1,756

​

Total Americas

​

 

1,329

​

 

1,180

​

 

3,521

​

 

3,379

​

Total

​

$

4,534

​

$

3,979

​

$

12,513

​

$

11,777

​

(1)Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.
Schedule of operating income by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Quarters Ended

​

Nine Months Ended

​

​

​

June 27,

​

June 28,

​

June 27,

​

June 28,

​

​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions

​

$

462

​

$

506

​

$

1,353

​

$

1,470

​

Industrial Solutions

​

​

395

​

​

249

​

​

942

​

​

675

​

Total

​

$

857

​

$

755

​

$

2,295

​

$

2,145

​
Segment assets and a reconciliation of segment assets to total assets

​

​

​

​

​

​

​

​

​

​

​

Segment Assets

​

​

​

June 27,

​

September 27,

​

​

    

2025

    

2024

    

​

​

(in millions)

​

Transportation Solutions

​

$

6,113

​

$

5,758

​

Industrial Solutions

​

 

4,363

​

 

3,717

​

Total segment assets(1)

​

 

10,476

​

 

9,475

​

Other current assets

​

 

1,342

​

 

2,059

​

Other non-current assets

​

 

13,048

​

 

11,320

​

Total assets

​

$

24,866

​

$

22,854

​

(1)Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.
v3.25.2
Basis of Presentation and Accounting Pronouncement - Change in Place of Incorporation (Details)
Sep. 30, 2024
shares
Merger Agreement | TE Connectivity plc  
Ordinary shares received in connection with merger agreement 1
v3.25.2
Restructuring and Other Charges, Net - Restructuring and Other Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Restructuring and other charges, net        
Restructuring charges, net $ 10 $ 16 $ 97 $ 57
Gain on divestiture (1) (21) (1) (10)
Costs related to change in place of incorporation   3 11 11
Other charges, net 5 8 2 9
Restructuring and other charges, net 14 6 109 67
Transportation Solutions        
Restructuring and other charges, net        
Restructuring charges, net 7 9 66 26
Industrial Solutions        
Restructuring and other charges, net        
Restructuring charges, net $ 3 $ 7 $ 31 $ 31
v3.25.2
Restructuring and Other Charges, Net - Restructuring Reserve Activity (Details)
$ in Millions
 9 Months Ended
Jun. 27, 2025
USD ($)
Restructuring reserve  
Restructuring reserve at the beginning of the period $ 273
Charges $ 103
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Restructuring and Asset Impairment Charges (Credits) and Disposal Group Not Discontinued Operation Loss (Gain) on Disposal
Changes in Estimate $ (6)
Cash Payments (149)
Non-Cash Items (7)
Currency Translation and Other 3
Restructuring reserve at the end of the period 217
Fiscal 2025 Actions  
Restructuring reserve  
Charges 80
Cash Payments (15)
Non-Cash Items (3)
Currency Translation and Other 5
Restructuring reserve at the end of the period 67
Fiscal 2025 Actions | Employee severance  
Restructuring reserve  
Charges 77
Cash Payments (15)
Currency Translation and Other 5
Restructuring reserve at the end of the period 67
Fiscal 2025 Actions | Property, plant, and equipment  
Restructuring reserve  
Charges 3
Non-Cash Items (3)
Fiscal 2024 Actions  
Restructuring reserve  
Restructuring reserve at the beginning of the period 72
Charges 3
Cash Payments (35)
Non-Cash Items (3)
Currency Translation and Other 1
Restructuring reserve at the end of the period 38
Fiscal 2024 Actions | Employee severance  
Restructuring reserve  
Restructuring reserve at the beginning of the period 72
Charges 2
Changes in Estimate (2)
Cash Payments (35)
Currency Translation and Other 1
Restructuring reserve at the end of the period 38
Fiscal 2024 Actions | Property, plant, and equipment  
Restructuring reserve  
Charges 1
Changes in Estimate 2
Non-Cash Items (3)
Pre-Fiscal 2024 Actions  
Restructuring reserve  
Restructuring reserve at the beginning of the period 201
Charges 20
Changes in Estimate (6)
Cash Payments (99)
Non-Cash Items (1)
Currency Translation and Other (3)
Restructuring reserve at the end of the period 112
Pre-Fiscal 2024 Actions | Employee severance  
Restructuring reserve  
Restructuring reserve at the beginning of the period 186
Charges 11
Changes in Estimate (6)
Cash Payments (85)
Currency Translation and Other (3)
Restructuring reserve at the end of the period 103
Pre-Fiscal 2024 Actions | Facility and other exit costs  
Restructuring reserve  
Restructuring reserve at the beginning of the period 15
Charges 8
Cash Payments (14)
Restructuring reserve at the end of the period 9
Pre-Fiscal 2024 Actions | Property, plant, and equipment  
Restructuring reserve  
Charges 1
Non-Cash Items $ (1)
v3.25.2
Restructuring and Other Charges, Net - Actions (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Restructuring and other charges, net        
Charges Incurred $ 10 $ 16 $ 97 $ 57
Fiscal 2025 Actions        
Restructuring and other charges, net        
Charges Incurred     80  
Restructuring Charges        
Remaining Expected Charges 15   15  
Fiscal 2024 Actions        
Restructuring and other charges, net        
Charges Incurred     3 24
Pre-Fiscal 2024 Actions        
Restructuring and other charges, net        
Charges Incurred     14 $ 33
Restructuring Charges        
Remaining Expected Charges $ 10   $ 10  
v3.25.2
Restructuring and Other Charges, Net - Restructuring Reserve Balances (Details) - USD ($)
$ in Millions
Jun. 27, 2025
Sep. 27, 2024
Restructuring reserves included on the Consolidated Balance Sheets    
Accrued and other current liabilities $ 185 $ 233
Other liabilities 32 40
Restructuring reserves $ 217 $ 273
v3.25.2
Restructuring and Other Charges, Net - Divestitures (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
USD ($)
Jun. 28, 2024
USD ($)
Jun. 27, 2025
USD ($)
Jun. 28, 2024
USD ($)
item
Divestitures, Not Discontinued Operations        
Proceeds from divestiture of business, net of cash retained by business sold       $ 59
Pre-tax gain on divestiture $ 1 $ 21 $ 1 $ 10
Fiscal 2024 Divestitures | Transportation Solutions        
Divestitures, Not Discontinued Operations        
Number of Businesses Sold | item       1
Proceeds from divestiture of business, net of cash retained by business sold       $ 59
Pre-tax gain on divestiture       $ 10
v3.25.2
Acquisitions - Narrative (Details)
SFr / shares in Units, SFr in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Apr. 01, 2025
USD ($)
Jun. 27, 2025
USD ($)
Jun. 28, 2024
USD ($)
Jun. 27, 2025
USD ($)
item
Jun. 28, 2024
USD ($)
Jun. 28, 2024
CHF (SFr)
SFr / shares
Sep. 27, 2024
USD ($)
Acquisitions              
Net cash paid       $ 2,628 $ 339    
Goodwill   $ 7,251   7,251     $ 5,801
Net sales   4,534 $ 3,979 12,513 11,777    
Operating loss   (857) (755) $ (2,295) (2,145)    
Richards Manufacturing Co.              
Acquisitions              
Percentage of voting interest acquired 100.00%            
Net cash paid $ 2,307            
Goodwill 1,142            
Goodwill deductible from prior acquisitions $ 156            
Net sales   73          
Operating loss   8          
Amortization of fair value adjustments to acquired inventories   3          
Acquisition costs   21          
Integration costs   $ 1          
Additional Fiscal 2025 Acquisitions              
Acquisitions              
Number of Businesses Acquired | item       2      
Net cash paid       $ 321      
Schaffner Holding AG              
Acquisitions              
Percentage of voting interest acquired           98.70%  
Net cash paid         $ 339 SFr 294  
Per share value of the purchase (in dollars per share) | SFr / shares           SFr 505  
Squeeze-out of remaining minority shareholders interest     $ 5        
v3.25.2
Acquisitions - Allocation of Purchase Price (Details) - USD ($)
$ in Millions
 9 Months Ended
Apr. 01, 2025
Jun. 27, 2025
Jun. 28, 2024
Sep. 27, 2024
Allocation of the purchase price        
Goodwill   $ 7,251   $ 5,801
Net cash paid   2,628 $ 339  
Richards Manufacturing Co.        
Allocation of the purchase price        
Cash and cash equivalents $ 41      
Accounts receivable 47      
Inventories 167      
Other current assets 6      
Property, plant, and equipment 62      
Goodwill 1,142      
Intangible assets 1,120 $ 1,120    
Other noncurrent assets 4      
Total assets acquired 2,589      
Accounts payable 18      
Other current liabilities 15      
Deferred income taxes 204      
Other noncurrent liabilities 4      
Total liabilities assumed 241      
Net assets acquired 2,348      
Cash and cash equivalents acquired (41)      
Net cash paid $ 2,307      
v3.25.2
Acquisitions - Intangibles (Details) - Richards Manufacturing Co.
$ in Millions
Apr. 01, 2025
USD ($)
Acquired intangible assets  
Acquired intangible assets, fair value amount $ 1,120
Acquired intangible assets, Weighted-Average Amortization Period 19 years
Customer relationships  
Acquired intangible assets  
Acquired intangible assets, fair value amount $ 1,000
Acquired intangible assets, Weighted-Average Amortization Period 20 years
Developed technology  
Acquired intangible assets  
Acquired intangible assets, fair value amount $ 90
Acquired intangible assets, Weighted-Average Amortization Period 16 years
Trade names and trademarks  
Acquired intangible assets  
Acquired intangible assets, fair value amount $ 30
Acquired intangible assets, Weighted-Average Amortization Period 10 years
v3.25.2
Acquisitions - Pro Forma (Details) - Richards Manufacturing Co. - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Pro forma financial information        
Net sales $ 4,534 $ 4,077 $ 12,695 $ 12,030
Net income $ 650 $ 575 $ 1,182 $ 2,887
Diluted earnings per share $ 2.18 $ 1.87 $ 3.94 $ 9.31
v3.25.2
Acquisitions - Pro Forma Adjustments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Pro-Forma adjustments        
Interest expense $ 28 $ 18 $ 48 $ 55
Amortization of the fair value of acquired intangible assets 52 41 132 126
Richards Manufacturing Co.        
Pro-Forma adjustments        
Acquisition costs 21      
Richards Manufacturing Co. | Pro Forma        
Pro-Forma adjustments        
Interest expense 6 14 34 43
Amortization of the fair value of acquired intangible assets   $ 8 17 25
Acquisition costs $ (16)   $ (18) 18
Fair value adjustments to acquisition-date inventories       $ 8
v3.25.2
Inventories (Details) - USD ($)
$ in Millions
Jun. 27, 2025
Sep. 27, 2024
Inventories    
Raw materials $ 441 $ 328
Work in progress 1,167 1,063
Finished goods 1,224 1,126
Inventories $ 2,832 $ 2,517
v3.25.2
Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 27, 2025
Sep. 27, 2024
Goodwill:      
Goodwill, beginning balance   $ 5,801  
Acquisitions and purchase accounting adjustments   1,345  
Currency translation   105  
Goodwill, ending balance $ 7,251 7,251  
Transportation Solutions      
Goodwill:      
Goodwill, beginning balance   1,584  
Currency translation   27  
Goodwill, ending balance 1,611 1,611  
Accumulated impairment losses 3,091 3,091 $ 3,091
Industrial Solutions      
Goodwill:      
Goodwill, beginning balance   4,217  
Acquisitions and purchase accounting adjustments   1,345  
Currency translation   78  
Goodwill, ending balance 5,640 5,640  
Accumulated impairment losses 1,158 $ 1,158 $ 1,158
Industrial Solutions | Richards Manufacturing Co.      
Goodwill:      
Acquisitions $ 1,142    
v3.25.2
Intangible Assets, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Apr. 01, 2025
Sep. 27, 2024
Finite-Lived Intangible Assets            
Gross Carrying Amount $ 3,849   $ 3,849     $ 2,610
Accumulated Amortization (1,563)   (1,563)     (1,436)
Net Carrying Amount 2,286   2,286     1,174
Finite-lived intangible assets, amortization expense 52 $ 41 132 $ 126    
Aggregate amortization expense on intangible assets            
Remainder of fiscal 2025 58   58      
Fiscal 2026 228   228      
Fiscal 2027 209   209      
Fiscal 2028 172   172      
Fiscal 2029 165   165      
Fiscal 2030 157   157      
Thereafter 1,297   1,297      
Net Carrying Amount 2,286   2,286     1,174
Customer relationships            
Finite-Lived Intangible Assets            
Gross Carrying Amount 3,036   3,036     1,901
Accumulated Amortization (1,077)   (1,077)     (948)
Net Carrying Amount 1,959   1,959     953
Aggregate amortization expense on intangible assets            
Net Carrying Amount 1,959   1,959     953
Intellectual property            
Finite-Lived Intangible Assets            
Gross Carrying Amount 790   790     686
Accumulated Amortization (478)   (478)     (481)
Net Carrying Amount 312   312     205
Aggregate amortization expense on intangible assets            
Net Carrying Amount 312   312     205
Other            
Finite-Lived Intangible Assets            
Gross Carrying Amount 23   23     23
Accumulated Amortization (8)   (8)     (7)
Net Carrying Amount 15   15     16
Aggregate amortization expense on intangible assets            
Net Carrying Amount 15   15     $ 16
Richards Manufacturing Co.            
Finite-Lived Intangible Assets            
Increase in intangible assets from acquisition $ 1,120   $ 1,120   $ 1,120  
v3.25.2
Debt - Summary (Details)
€ in Millions, $ in Millions
 9 Months Ended
Jun. 27, 2025
USD ($)
Jun. 27, 2025
EUR (€)
Jun. 28, 2024
USD ($)
Jun. 27, 2025
EUR (€)
Sep. 27, 2024
USD ($)
Debt          
Repayment of debt $ 580   $ 2    
Short-term debt 851       $ 871
Long-term debt 4,846       3,332
Commercial paper          
Debt          
Commercial paper $ 0       $ 255
Weighted-average interest rate (as a percent)         4.95%
0.00% euro-denominated senior notes due 2025          
Debt          
Repayment of debt | €   € 550      
Debt instrument, interest rate (as a percent) 0.00%     0.00%  
2.50% senior notes due 2028          
Debt          
Debt instrument principal amount | €       € 500  
Debt instrument, interest rate (as a percent) 2.50%     2.50%  
4.50% senior notes due 2031          
Debt          
Debt instrument principal amount $ 450        
Debt instrument, interest rate (as a percent) 4.50%     4.50%  
3.25% Senior Notes due 2033          
Debt          
Debt instrument principal amount | €       € 750  
Debt instrument, interest rate (as a percent) 3.25%     3.25%  
5.00% senior notes due 2035          
Debt          
Debt instrument principal amount $ 450        
Debt instrument, interest rate (as a percent) 5.00%     5.00%  
Reclassification | 4.50% senior notes due 2026          
Debt          
Short-term debt $ 500        
Long-term debt $ (500)        
Debt instrument, interest rate (as a percent) 4.50%     4.50%  
Reclassification | 3.70% senior notes due 2026          
Debt          
Short-term debt $ 350        
Long-term debt $ (350)        
Debt instrument, interest rate (as a percent) 3.70%     3.70%  
v3.25.2
Debt - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 27, 2025
Sep. 27, 2024
Debt    
Fair value of debt $ 5,679 $ 4,190
364-Day Credit Agreement    
Debt    
Terminated credit agreement amount $ 1,500  
Revolving credit facility term 364 days  
v3.25.2
Leases - Components of Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Leases        
Operating lease cost $ 37 $ 33 $ 106 $ 100
Variable lease cost 14 13 43 38
Total lease cost $ 51 $ 46 $ 149 $ 138
v3.25.2
Leases - Cash Flow Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Leases    
Payments for operating leases $ 108 $ 105
Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities $ 125 $ 144
v3.25.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jun. 27, 2025
Sep. 27, 2024
Loss Contingencies    
Accrual environmental loss contingency, estimate of probable loss $ 21  
Supplier Finance Program, Obligation    
Supply Chain Finance Program 95 $ 105
Minimum    
Loss Contingencies    
Accrual environmental loss contingency, estimate of probable loss 18  
Maximum    
Loss Contingencies    
Accrual environmental loss contingency, estimate of probable loss 44  
Outstanding letters of credit, letters of guarantee and surety bonds    
Guarantees    
Guarantor obligations, maximum exposure $ 217  
v3.25.2
Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Sep. 27, 2024
Cash flow hedges | Commodity swap contracts          
Financial Instruments          
Notional amount $ 527   $ 527   $ 488
Gains recorded in other comprehensive income (loss) 7 $ 23 59 $ 62  
Gains reclassified from accumulated other comprehensive income (loss) into cost of sales 16 8 38 4  
Net investment hedges | Intercompany loans and external borrowings          
Financial Instruments          
Notional amount of non-derivative instruments 4,206       2,417
Foreign currency exchange gains (losses) on intercompany loans and external borrowings (228) 29 (189) 7  
Net investment hedges | Cross-currency swap contracts          
Financial Instruments          
Notional amount $ 5,665   $ 5,665   5,367
Interest paid in foreign currency, fixed interest rate 0.00%   0.00%    
Interest received in U.S. dollars, weighted-average fixed interest rate 2.00%   2.00%    
Gains (losses) on cross-currency swap contracts designated as hedges of net investment $ (336) $ 48 $ (158) $ 10  
Prepaid expenses and other current assets | Cash flow hedges | Commodity swap contracts          
Financial Instruments          
Fair Value of Asset Positions 74   74   52
Prepaid expenses and other current assets | Net investment hedges | Cross-currency swap contracts          
Financial Instruments          
Fair Value of Asset Positions 16   16   31
Other assets | Cash flow hedges | Commodity swap contracts          
Financial Instruments          
Fair Value of Asset Positions 7   7   4
Other assets | Net investment hedges | Cross-currency swap contracts          
Financial Instruments          
Fair Value of Asset Positions 9   9   11
Accrued and other current liabilities | Cash flow hedges | Commodity swap contracts          
Financial Instruments          
Fair Value of Liability Positions 2   2   1
Accrued and other current liabilities | Net investment hedges | Cross-currency swap contracts          
Financial Instruments          
Fair Value of Liability Positions 108   108   51
Other liabilities | Cash flow hedges | Commodity swap contracts          
Financial Instruments          
Fair Value of Liability Positions 2   2    
Other liabilities | Net investment hedges | Cross-currency swap contracts          
Financial Instruments          
Fair Value of Liability Positions $ 251   $ 251   $ 99
v3.25.2
Retirement Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Non-U.S. Plans        
Net Periodic Postretirement Benefit Cost        
Service cost $ 7 $ 6 $ 23 $ 20
Interest cost $ 16 $ 16 $ 47 $ 46
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Expected returns on plan assets $ (14) $ (12) $ (44) $ (37)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Amortization of net actuarial loss $ 2 $ 1 $ 6 $ 3
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Amortization of prior service credit $ (1) $ (1) $ (3) $ (3)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Net periodic pension benefit cost $ 10 $ 10 $ 29 $ 29
Defined benefit plan, contributions by employer     36  
U.S. Plans        
Net Periodic Postretirement Benefit Cost        
Service cost 1 2 5 6
Interest cost $ 9 $ 10 $ 25 $ 29
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Expected returns on plan assets $ (11) $ (10) $ (33) $ (29)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Amortization of net actuarial loss $ 1 $ 1 $ 3 $ 3
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Net periodic pension benefit cost   $ 3   $ 9
Defined benefit plan, contributions by employer     $ 15  
v3.25.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Income Taxes        
Income tax expense (benefit) $ 208 $ 181 $ 1,128 $ (778)
Income tax expense relating to revaluation of deferred tax assets resulting from corporate tax rate decrease in non-U.S. jurisdiction     13  
Increase in valuation allowance for deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary     $ 574  
Income tax benefit associated with a ten-year tax credit obtained by a Swiss subsidiary       $ 874
Duration of income tax benefit associated with a tax credit obtained by a Swiss subsidiary     10 years 10 years
Income tax benefit relating to revaluation of deferred tax assets resulting from corporate tax rate increase in Switzerland       $ 262
Income tax benefit associated with the tax impacts of a legal entity restructuring       118
Non-income tax expense related to a legal entity restructuring       $ 4
Unrecognized income tax benefits, approximate amount that could be resolved in next twelve months $ 30   $ 30  
v3.25.2
Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Weighted-average number of shares outstanding:        
Basic (in shares) 296 306 298 308
Dilutive impact of share-based compensation arrangements (in shares) 2 2 2 2
Diluted (in shares) 298 308 300 310
Employee Stock Option        
Antidilutive shares excluded from computation of earnings per share        
Antidilutive share options 1 1 1 1
v3.25.2
Shareholders' Equity (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Jun. 27, 2025
USD ($)
$ / shares
Jun. 28, 2024
USD ($)
$ / shares
Jun. 27, 2025
USD ($)
$ / shares
shares
Jun. 28, 2024
USD ($)
$ / shares
shares
Jun. 27, 2025
€ / shares
Jun. 27, 2025
USD ($)
$ / shares
shares
Sep. 27, 2024
SFr / shares
shares
Period that the board of directors can allot and issue shares in accordance with articles of incorporation. 5 years              
Preferred shares, shares outstanding             0  
Ordinary shares, shares authorized             1,500,000,000 316,574,781
Ordinary shares, par value (in currency per share) | (per share)             $ 0.01 SFr 0.57
Preferred shares, shares authorized             2  
Preferred shares, par value (in currency per share) | $ / shares             $ 1  
Dividends paid per ordinary/common share | $ / shares   $ 0.71 $ 0.65 $ 2.01 $ 1.83      
Share repurchase program, increase in authorized amount | $       $ 2,500        
Number of ordinary/common shares repurchased       6,000,000 9,000,000      
Repurchase value | $   $ 301 $ 409 $ 916 $ 1,235      
Amount available for repurchase, at end of period | $             $ 1,800  
Ordinary Shares                
Number of ordinary shares converted to ordinary class A shares 25,000              
Ordinary class A                
Number of ordinary class A shares converted from ordinary shares 25,000              
Ordinary shares, shares outstanding             0  
Ordinary shares, shares authorized             25,000  
Ordinary shares, par value (in currency per share) | € / shares           € 1    
2025 Q3 Dividends                
Dividends Payable, Date Declared   Jun. 30, 2025            
Dividend declared (in currency per share) | $ / shares   $ 0.71            
Dividends Payable, Date to be Paid   Sep. 12, 2025            
Dividends Payable, Date of Record   Aug. 22, 2025            
Merger Agreement | TE Connectivity plc                
Ordinary shares received in connection with merger agreement 1              
v3.25.2
Share Plans (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Dec. 27, 2024
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Share Based Compensation Arrangements:          
Share-based compensation expense $ 36   $ 31 $ 105 $ 100
Shares available for issuance 18.0     18.0  
Share Based Compensation Expenses Not Recognized          
Share-based compensation, share-based awards, total compensation expense not yet recognized $ 172     $ 172  
Share-based compensation, share-based awards, total compensation expense not yet recognized, expected period for recognition 1 year 8 months 12 days        
Employee Stock Option          
Share Based Compensation Arrangements:          
Share options granted   0.7      
Options granted, grant-date fair value (in dollars per share)   $ 46.45      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology          
Expected share price volatility (as a percent)   31.00%      
Risk-free interest rate (as a percent)   4.50%      
Expected annual dividend per share   $ 2.6      
Expected life of options (in years)   5 years 3 months 18 days      
Restricted share awards          
Share Based Compensation Arrangements:          
Shares granted   0.4      
Shares granted, grant-date fair value (in dollars per share)   $ 153.25      
Performance share awards          
Share Based Compensation Arrangements:          
Shares granted   0.1      
Shares granted, grant-date fair value (in dollars per share)   $ 153.25      
v3.25.2
Segment and Geographic Data - Net Sales by Segment and Industry End Market (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Segment and Geographic Data        
Net sales $ 4,534 $ 3,979 $ 12,513 $ 11,777
Transportation Solutions        
Segment and Geographic Data        
Net sales 2,418 2,351 6,975 7,151
Transportation Solutions | Automotive        
Segment and Geographic Data        
Net sales 1,805 1,748 5,262 5,316
Transportation Solutions | Commercial transportation        
Segment and Geographic Data        
Net sales 377 363 1,046 1,103
Transportation Solutions | Sensors        
Segment and Geographic Data        
Net sales 236 240 667 732
Industrial Solutions        
Segment and Geographic Data        
Net sales 2,116 1,628 5,538 4,626
Industrial Solutions | Automation and connected living        
Segment and Geographic Data        
Net sales 571 519 1,562 1,483
Industrial Solutions | Aerospace, defense, and marine        
Segment and Geographic Data        
Net sales 374 345 1,082 977
Industrial Solutions | Digital data networks        
Segment and Geographic Data        
Net sales 606 329 1,501 881
Industrial Solutions | Energy        
Segment and Geographic Data        
Net sales 384 226 879 665
Industrial Solutions | Medical        
Segment and Geographic Data        
Net sales $ 181 $ 209 $ 514 $ 620
v3.25.2
Segment and Geographic Data - Net Sales by Geographic Region and Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Segment and Geographic Data        
Net sales $ 4,534 $ 3,979 $ 12,513 $ 11,777
Transportation Solutions        
Segment and Geographic Data        
Net sales 2,418 2,351 6,975 7,151
Industrial Solutions        
Segment and Geographic Data        
Net sales 2,116 1,628 5,538 4,626
Total Europe/Middle East/Africa        
Segment and Geographic Data        
Net sales 1,545 1,466 4,187 4,429
Total Europe/Middle East/Africa | Transportation Solutions        
Segment and Geographic Data        
Net sales 886 882 2,425 2,725
Total Europe/Middle East/Africa | Industrial Solutions        
Segment and Geographic Data        
Net sales 659 584 1,762 1,704
Total Asia-Pacific        
Segment and Geographic Data        
Net sales 1,660 1,333 4,805 3,969
Total Asia-Pacific | Transportation Solutions        
Segment and Geographic Data        
Net sales 1,016 901 3,110 2,803
Total Asia-Pacific | Industrial Solutions        
Segment and Geographic Data        
Net sales 644 432 1,695 1,166
Total Americas        
Segment and Geographic Data        
Net sales 1,329 1,180 3,521 3,379
Total Americas | Transportation Solutions        
Segment and Geographic Data        
Net sales 516 568 1,440 1,623
Total Americas | Industrial Solutions        
Segment and Geographic Data        
Net sales $ 813 $ 612 $ 2,081 $ 1,756
v3.25.2
Segment and Geographic Data - Operating Income by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2025
Jun. 28, 2024
Jun. 27, 2025
Jun. 28, 2024
Segment and Geographic Data        
Operating income $ 857 $ 755 $ 2,295 $ 2,145
Transportation Solutions        
Segment and Geographic Data        
Operating income 462 506 1,353 1,470
Industrial Solutions        
Segment and Geographic Data        
Operating income $ 395 $ 249 $ 942 $ 675
v3.25.2
Segment and Geographic Data - Assets (Details) - USD ($)
$ in Millions
Jun. 27, 2025
Sep. 27, 2024
Segment and Geographic Data    
Assets $ 24,866 $ 22,854
Total segment assets    
Segment and Geographic Data    
Assets 10,476 9,475
Reconciling items    
Segment and Geographic Data    
Other current assets 1,342 2,059
Other non-current assets 13,048 11,320
Transportation Solutions    
Segment and Geographic Data    
Assets 6,113 5,758
Industrial Solutions    
Segment and Geographic Data    
Assets $ 4,363 $ 3,717