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ON Semiconductor (ON)
NASDAQ:ON
Earnings Data
Report Date
May 04, 2026During Market Hours (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.61Last Year’s EPS
0.55Same Quarter Last Year
Moderate Buy
Based on 28 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented materially positive strategic and financial progress: record free cash flow, disciplined capital return, product and technology momentum (Treo, GaN/VGaN, VCORE), and clear AI data center traction (> $250M FY). Management also detailed concrete margin-improvement actions (FabRite, capacity rationalization) and provided constructive Q1 guidance. Near-term challenges include meaningful underutilization charges (~700 bps), planned exits of non-core revenue (~$50M in Q1 and ~ $300M implied for the year), and YoY declines in several legacy segments. Taken together, the positives — strong cash generation, share repurchases, technology/design wins, and a path to margin expansion — outweigh the near-term operational and demand headwinds, though execution and market recovery timing remain important.Company Guidance
Full-Year Revenue and Margin Strength
2025 revenue of $6.0 billion with full-year non-GAAP gross margin of 38.4%, demonstrating resilience in a challenging demand environment.
Quarterly Results Above Guidance
Q4 revenue of $1.53 billion, non-GAAP gross margin of 38.2%, and non-GAAP EPS of $0.64 — all at or above the midpoint of guidance.
Record Free Cash Flow and Capital Return
Record free cash flow of $1.4 billion (up 17% year-over-year) representing a 24% free cash flow margin. Returned ~$1.4 billion to shareholders in 2025 (including $450 million repurchased in Q4), and announced a new $6 billion share repurchase program.
AI Data Center Momentum
Delivered more than $250 million of AI data center revenue in 2025 with growing design wins across UPS, rack, XPU board and point-of-load. Management expects AI data center revenue to continue growing (Q1 AI revenue expected to grow in the high teens).
Product and Technology Progress (Treo, GaN, VGaN, VCORE)
Treo platform: doubled number of products sampling year-over-year and design funnel now over $1 billion. Announced plan to sample 30+ GaN devices across 40–1,200V in 2026 and commercial VGaN roadmaps with first VGaN revenue expected in 2027. Integrated VCORE assets being sampled (dual 5x5) to strengthen portfolio for next-gen architectures.
End-Market Wins and Share Leadership
Utility string ESS share >50% worldwide; ramping IGBT and SiC hybrid power modules with customers; aerospace, defense & security revenue grew ~70% year-over-year driven by North America and Europe with a strategic design win for a SiC JFET solid-state circuit breaker.
Improved Industrial and Automotive Trends
Industrial revenue of $442 million in Q4, up ~4% sequentially and +6% year-over-year (first YoY increase after eight quarters of declines). Automotive revenue stabilized at $798 million in Q4, up ~1% sequentially; company cites most automotive inventory digestion as 'largely behind us'.
Manufacturing Rationalization and Margin Actions
FabRite actions reduced fab capacity ~12% in 2025; additional measures expected to lower 2026 depreciation by $45–50 million. Management expects FabRite and other operational improvements to contribute to margin expansion through 2026 (Q1 midpoint includes ~30 bps benefit from FabRite).
Prudent Balance Sheet Metrics
Cash and short-term investments approximately $2.5 billion, total liquidity ~$4.0 billion (including $1.5 billion undrawn revolver). Inventory improved modestly (days decreased to 192 days from 194 days; strategic inventory down to 76 days).
ON Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ON Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 09, 2026 | $65.10 | $67.38 | +3.50% |
Nov 03, 2025 | $50.08 | $50.46 | +0.76% |
Aug 05, 2025 | $47.97 | $47.24 | -1.52% |
May 05, 2025 | $41.91 | $38.41 | -8.35% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does ON Semiconductor (ON) report earnings?
ON Semiconductor (ON) is schdueled to report earning on May 04, 2026, During Market Hours (Confirmed).
What is ON Semiconductor (ON) earnings time?
ON Semiconductor (ON) earnings time is at May 04, 2026, During Market Hours (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ON EPS forecast?
ON EPS forecast for the fiscal quarter 2026 (Q1) is 0.61.
