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• Connectors: Devices that join electrical conductors, creating an electrical circuit in various applications.
• Sensors: Devices that detect and respond to physical input from the environment, converting it into electrical signals or data.
• Cable Assemblies: Pre-assembled cables with connectors, designed for specific applications and ready for installation.
• Relays: Electrically operated switches used to open or close circuits electromechanically or electronically.
• Antennas: Devices that convert electrical power into radio waves and vice versa, enabling wireless communication.

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TE Connectivity (TEL) primarily sells to other companies (B2B).

Its major customers are generally original equipment manufacturers (OEMs) and Tier 1 suppliers across its key segments. While specific customer revenue percentages are not typically disclosed for component suppliers, the following are examples of major companies that are either direct customers or for whom TE Connectivity's components are critical:

• Automotive Industry:
  • Ford Motor Company (F)
  • General Motors Company (GM)
  • Volkswagen AG (VWAGY)
  • Tesla, Inc. (TSLA)
• Industrial Industry:
  • The Boeing Company (BA)
  • Siemens AG (SIEGY)
• Communications and Data Industry:
  • Cisco Systems, Inc. (CSCO)
  • Hewlett Packard Enterprise Company (HPE)

TE Connectivity's components are integral to a vast array of products manufactured by these and many other global industrial and technology leaders.

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Terrence R. Curtin, Chief Executive Officer and Board Member

Terrence R. Curtin became Chief Executive Officer of TE Connectivity in March 2017, having joined the company in 2001. Prior to this role, he served as President, overseeing all of the company's connectivity and sensor businesses and mergers and acquisition activities. He also led TE's Industrial Solutions segment and held positions as Chief Financial Officer and Corporate Controller. Before joining TE Connectivity, Mr. Curtin was employed by Arthur Andersen LLP. He is a Director of DuPont de Nemours, Inc. and a member of the US-China Business Council. Mr. Curtin holds a Bachelor's degree in Accounting from Albright College.

Heath A. Mitts, Executive Vice President and Chief Financial Officer

Heath A. Mitts joined TE Connectivity in September 2016 as Executive Vice President and Chief Financial Officer, responsible for the company's financial strategy and infrastructure. Before joining TE, Mr. Mitts served as Senior Vice President and Chief Financial Officer of IDEX Corporation from March 2011. His prior experience includes working as Chief Financial Officer of PerkinElmer Asia in Singapore from 2001 to 2005, and holding various senior financial leadership positions at Honeywell International (formerly Allied Signal) from 1996 to 2001. He is a Director at Veralto Corporation since October 2023 and was previously a Director at Columbus McKinnon Corporation. Mr. Mitts earned Bachelor's degrees in Finance and Political Science from Southern Methodist University and an MBA in Finance from Pennsylvania State University.

Vish Ananthan, President, Automation and Connected Living (ACL) sector

Vish Ananthan serves as the President of TE Connectivity's Automation and Connected Living (ACL) sector. In this role, he leads the sector in providing solutions for connectivity, safety, comfort, energy efficiency, and productivity across diverse areas such as Factories and Process Industries, Commercial and Residential Buildings, Intralogistics, Rail Transportation, and Smart City Infrastructure. His work focuses on advancing Automation, Electrification, Urbanization, and Digitalization trends.

John S. Jenkins Jr., Executive Vice President, General Counsel

John S. Jenkins Jr. is the Executive Vice President and General Counsel of TE Connectivity, a position he has held since joining the company in October 2012. He is responsible for the company's global legal, compliance, corporate governance, government affairs, intellectual property, security and risk management, and corporate social responsibility activities. Additionally, Mr. Jenkins plays a role in extending TE's connectivity solutions, engineering, and operations expertise into emerging markets, with a particular focus on India, China, and South America.

Teresa Dickerson, Vice President and Chief Supply Chain Officer

Teresa Dickerson has served as Vice President and Chief Supply Chain Officer for TE Connectivity since January 2023. In this capacity, she is responsible for leading the long-term strategic planning and near-term business initiatives related to procurement and logistics functions. Her responsibilities include executing strategy and establishing suitable supplier partnerships to optimize performance across all procured products and services. Prior to this role, Ms. Dickerson was the Vice President and Chief Procurement Officer for TE Connectivity.

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The key risks to TE Connectivity (TEL) are primarily centered around its significant exposure to cyclical end markets, the continuous need for technological innovation, and vulnerabilities within its global supply chain.

1. Dependence on Cyclical End Markets, Especially Automotive, and Associated Pricing Pressure: TE Connectivity's operating results are heavily influenced by the dynamics of its end markets. A substantial portion of its net sales, approximately 44% in fiscal 2024, comes from the automotive industry, which is characterized by cyclical demand and significant price pressure from large manufacturers. Downturns in customer industries can materially reduce demand for TE Connectivity's products, and persistent pressure to lower prices can lead to price erosion, impacting margins and financial performance if cost reductions do not keep pace.
2. Technological Disruption, Obsolescence, and the Need for Continuous Innovation: As a global technology leader, TE Connectivity faces the constant threat of rapid technological shifts and industry commoditization, which could disrupt or replace its core product offerings and market position. To mitigate this, the company must invest heavily in research and development to stay ahead of trends and avoid obsolescence, ensuring it maintains a competitive edge and continues to enable advancements in areas like autonomous vehicles, smart manufacturing, and renewable energy.
3. Global Supply Chain Disruptions and Geopolitical/Economic Volatility: TE Connectivity's extensive global operations expose it to various supply chain disruptions. Furthermore, global economic fluctuations and political instability, including currency volatility, tariffs, and trade barriers, can adversely affect the company's cost structures, market access, and overall business operations, particularly in international markets. Maintaining compliance with trade regulations is also crucial, as any failure could limit the ability to import and export goods.

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The clear emerging threat for TE Connectivity (TEL) is the fundamental shift towards highly integrated and simplified electronic architectures in key end markets, particularly the automotive and industrial sectors.

For example, the automotive industry is rapidly adopting zonal architectures and centralized computing platforms for electric vehicles and autonomous driving systems. This design philosophy aims to drastically reduce the number of electronic control units (ECUs) and the extensive, complex wiring harnesses traditionally found in vehicles. Instead, functionality is consolidated into fewer, more powerful, and highly integrated modules. While TE Connectivity supplies specialized connectors and sensors for these new, high-performance architectures (e.g., high-voltage connectors for EVs, high-speed data connectors for autonomous systems), the overall trend inherently seeks to minimize the total quantity of discrete connection points, sensors, and cable assemblies required per vehicle. This structural change in how customers design their products directly impacts the demand for individual components, potentially reducing TE Connectivity's addressable market for certain product categories as integration increases.

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TE Connectivity (NYSE: TEL) operates across three main segments: Transportation Solutions, Industrial Solutions, and Communications Solutions. The company's diverse portfolio addresses a combined market estimated at approximately $190 billion as of fiscal year-end 2024.

Below are the addressable market sizes for TE Connectivity's key product areas, along with their respective regions:

• Overall Connector Market: The global connector market was valued at USD 87.03 billion in 2024 and is projected to grow to USD 147.44 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.1%. The Asia Pacific region dominated this market in 2024 with a 45.16% share.
• Automotive Connectors: The global automotive connectors market was valued at USD 21.77 billion in 2024 and is expected to reach USD 23.08 billion in 2025, growing to USD 36.78 billion by 2033 with a CAGR of 6.0% from 2025 to 2033. The U.S. automotive connectors market is anticipated to experience substantial growth.
• Automotive Ethernet Market: This global market is estimated at USD 3.5 billion in 2025 and is expected to reach USD 9.97 billion by 2030, with a CAGR of 23.30% during the forecast period (2025-2030). Asia-Pacific accounted for 48% of the global demand in 2024, with the Chinese market projected to surpass USD 1.7 billion in 2025.
• Board-to-Board Connector Market: This global market was estimated at USD 14.3 billion in 2024 and is projected to grow from USD 15.89 billion in 2025 to USD 45.52 billion by 2035, demonstrating a CAGR of 11.1%. North America is identified as the largest market, while Asia-Pacific is the fastest-growing region.
• Circular Connector Market: The global circular connector market was valued at USD 10.5 billion in 2024 and is estimated to reach USD 14.3 billion by 2034, growing at a CAGR of 3.1% from 2025 to 2034. In 2024, the U.S. market was valued at USD 1.63 billion, and the European market was valued at USD 2 billion.
• Industrial Automation Market: The global industrial automation market is anticipated to grow at a CAGR of 8.5% from 2024 to 2033.
• Industrial Connectivity Market: The global industrial connectivity market is experiencing significant growth. In 2022, Asia Pacific held a significant market share (43%), followed by North America (24%), Europe (18%), the Middle East and Africa (9%), and South America (6%).
• IoT Sensor Market: The global IoT sensor market was valued at USD 13.24 billion in 2024 and is projected to reach USD 103.1 billion by 2032, with a substantial CAGR of 32.26% from 2024 to 2032. North America currently leads this market, and the Asia-Pacific region is expected to show the highest growth rate.
• Temperature Sensor Market: The global temperature sensor market is projected to reach $9.66 billion by 2030, growing at a CAGR of 6.3% from 2022 to 2030.
• Force Sensor Market: The global force sensor market size was valued at $2.16 billion in 2019 and is projected to reach $3.30 billion by 2027, registering a CAGR of 5.30%. North America and APAC collectively held over 58% of the market share in 2019.

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1. Growth in Artificial Intelligence (AI) Applications: TE Connectivity anticipates significant revenue growth from its solutions for AI applications, particularly within cloud data centers. The company reported $300 million in AI-related sales in fiscal 2024 and projects this to double in fiscal 2025, with a potential to annualize over $1 billion if the current momentum continues into fiscal year 2026. This growth is driven by the increasing demand for high-performance connectivity, more content per rack, and higher average selling prices (ASPs) for specialized interconnects and thermal management in GPU-intensive compute environments.
2. Electrification and Data Connectivity in Transportation: The ongoing global trend of electrification, especially in the automotive sector, is a key growth driver. TE Connectivity is well-positioned to benefit from the increasing content per vehicle due to the proliferation of electric vehicles (EVs), particularly in Asian markets. Additionally, the broader increase in data connectivity within the transportation segment contributes to revenue expansion.
3. Expansion in Renewable Energy and Grid Modernization: TE Connectivity is capitalizing on secular growth trends in renewable energy and the modernization of energy grids. The acquisition of Richards has enhanced its position in the energy sector, allowing the company to become a "program partner" rather than just a component supplier. This strategic move is expected to drive double-digit growth through fiscal year 2026, transforming energy into a platform generating over $1 billion in revenue.
4. Increased Content and Advanced Solutions: Across various segments, a significant driver of revenue growth is the increasing "content per unit" or "content per rack," alongside higher ASPs for TE Connectivity's advanced connectivity and sensor solutions. This means that even if the number of end products (e.g., cars, data center racks) does not dramatically increase, the value of TE Connectivity's components within each product is growing due to the demand for more sophisticated and higher-performing solutions. Once TE Connectivity secures a design win, these solutions tend to remain in subsequent product refresh cycles.

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Share Repurchases

• TE Connectivity authorized an additional $2.5 billion increase in its share repurchase program in October 2024.
• The company's board authorized additional $1.5 billion share repurchase programs in both December 2023 and June 2022.
• TE Connectivity returned approximately $1.35 billion to shareholders through share repurchases in fiscal year 2025, and $2.062 billion in 2024.

Outbound Investments

• TE Connectivity agreed to acquire Richards Manufacturing Co. for approximately $2.3 billion in cash in February 2025, a transaction intended to strengthen its position in serving North American electrical utilities.
• In fiscal year 2025, the company deployed approximately $2.6 billion for bolt-on acquisitions.
• During fiscal year 2024, TE Connectivity acquired one business for a cash purchase price of $339 million.

Capital Expenditures

• Capital expenditures were $680 million in fiscal 2024 and $732 million in fiscal 2023.
• Fiscal 2025 capital spending levels are expected to be approximately 5% of net sales, with a continued focus on investing in manufacturing infrastructure to enhance productivity and capabilities.
• A significant portion of the company's research and development budget, including approximately $700 million in fiscal year 2024, was allocated to autonomous systems and innovative, sustainable solutions.