ON Semiconductor faced a challenging Q4 2024 and anticipates a difficult Q1 2025, with significant revenue declines and market volatility impacting automotive and industrial segments. Despite these challenges, the company achieved record free cash flow, continued to invest in strategic acquisitions and innovations, and maintained strong shareholder returns. However, the negative trends in revenue and market conditions suggest cautious optimism for future recovery.

Company Guidance

In the fourth quarter of 2024, ON Semiconductor Corporation reported a non-GAAP gross margin of 45.3% on a revenue of $1.72 billion, with non-GAAP earnings per share at $0.95. Full-year revenue reached $7.1 billion with a non-GAAP gross margin of 45.5%. Despite facing a challenging market environment, the company saw an 8% sequential increase in automotive revenue, notably driven by a 18% quarter-over-quarter growth in China. The industrial segment saw a 5% sequential decline, while smaller sectors like AI data centers and aerospace and defense experienced revenue growth over 40% and 50%, respectively. For Q1 2025, ON Semiconductor anticipates revenue between $1.35 billion and $1.45 billion, with non-GAAP gross margin projected between 39% and 41%. The company aims to maintain operational efficiency and profitability through strategic cost management, including Fabrite strategy implementation and ongoing R&D investments, despite geopolitical uncertainties and inventory digestion challenges across core markets.

Record-Free Cash Flow

Generated $1.2 billion of free cash flow in 2024, representing a 3x increase year over year, achieving a free cash flow margin of 25% in Q4.

Silicon Carbide Revenue Growth

Fourth-quarter revenue increased sequentially, resulting in a 22% increase for the second half over the first half of 2024, driven by design wins and ramping demand.

Acquisition of Corbus Silicon Carbide JFET Business

Closed the acquisition to enhance the silicon carbide portfolio, targeting a $1.3 billion TAM with 30% revenue CAGR through 2030.

Introduction of Treo Platform

Launched the Treo platform built on 65-nanometer technology, unlocking a $36 billion TAM opportunity with up to 70% gross margins.

Shareholder Returns

Returned 54% of free cash flow to shareholders in 2024, exceeding the 50% target, including $200 million of share repurchases in Q4.

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ON Semiconductor (ON) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ON Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 05, 2025	2025 (Q1)	0.52 / -	1.08	―	―	―
Feb 10, 2025	2024 (Q4)	0.97 / 0.95	1.25	-24.00% (-0.30)
Oct 28, 2024	2024 (Q3)	0.97 / 0.99	1.39	-28.78% (-0.40)
Jul 29, 2024	2024 (Q2)	0.92 / 0.96	1.33	-27.82% (-0.37)
Apr 29, 2024	2024 (Q1)	1.04 / 1.08	1.19	-9.24% (-0.11)
Feb 05, 2024	2023 (Q4)	1.21 / 1.25	1.32	-5.30% (-0.07)
Oct 30, 2023	2023 (Q3)	1.34 / 1.39	1.45	-4.14% (-0.06)
Jul 31, 2023	2023 (Q2)	1.21 / 1.33	1.34	-0.75% (-0.01)
May 01, 2023	2023 (Q1)	1.08 / 1.19	1.22	-2.46% (-0.03)
Feb 06, 2023	2022 (Q4)	1.26 / 1.32	1.09	21.10% (+0.23)

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

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ON Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 10, 2025	$51.25	$47.04	-8.21%
Oct 28, 2024	$71.25	$72.24	+1.39%
Jul 29, 2024	$70.17	$78.27	+11.54%
Apr 29, 2024	$68.06	$70.82	+4.06%

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.

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