ON Semiconductor Corporation Earnings Recaps
Q2 2026
Aug 6, 2026
Shares declined 4.3% after earnings due to cautious outlook signals and uneven execution despite some growth areas, with investors likely disappointed by signs of deceleration and margin pressure hinted in the commentary.
Key takeaways
- Revenue reached $1.6 billion with a non-GAAP gross margin of 39.3% and diluted EPS of $0.74, all stated above midpoint guidance but insufficient to offset investor concerns.
- AI data center remains the fastest-growing segment, with silicon carbide revenue expected to grow nearly 60% in 2026, reflecting strong demand and expanded customer wins.
- Automotive revenue in China grew 13% year-over-year in H1 2026 despite a 4% decline in vehicle sales, driven by increased content per vehicle and market share gains.
- Energy storage system (ESS) revenue expected to rise 40% in 2026, supported by new product introductions such as the 99.3% efficiency EliteSiC hybrid ESS module.
- While leadership emphasized expanding roles and product innovation, the cautious tone and absence of clear upward guidance revisions likely pressured the stock amid ongoing market skepticism.
Q1 2026
May 5, 2026
ON Semiconductor’s shares declined modestly by 0.3% following Q1 results, reflecting a market assessment of largely in-line execution without significant surprises in guidance or outlook.
Key takeaways
- Q1 revenue reached $1.51 billion, and non-GAAP EPS was $0.64, both near the midpoint of guidance.
- Gross margin expanded sequentially to 38.5%, marking the third consecutive quarter of improvement.
- AI data center revenue grew more than 30% sequentially, indicating strong momentum in this high-growth segment.
- Automotive revenue in China grew year over year despite a 6% decline in the domestic passenger vehicle market.
- The company maintains a cautious outlook with no explicit upgrades or cuts to guidance, consistent with a view that the recovery cycle has bottomed.
Q3 2025
Nov 5, 2025
onsemi delivered a strong Q3 2025, exceeding revenue expectations with $1.55 billion, a non-GAAP gross margin of 38%, and EPS of $0.63 while positioning for future growth in AI and power efficiency.
Key takeaways
- Revenue grew by 7% sequentially in Automotive and 5% in Industrial, indicating positive market stabilization.
- AI-related revenue doubled year-over-year, driven by a significant increase in customer demand, with expectations to reach nearly $250 million by 2025.
- The launch of the vGaN platform enhances onsemi’s capabilities in high-efficiency power delivery, targeting sectors such as AI data centers and electric vehicles.
- Strategic acquisitions, including Vcore, bolster the company's advanced analog and mixed-signal portfolio and support next-generation AI deployments.