ON Semiconductor Q3 2026: AI data center revenue surges 175%, outlook raised
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AI data center revenue grew 175% year over year, enough for onsemi to lift its 2030 target for that business above $3 billion after agreeing to buy Ferric. Results topped expectations on both lines, and Q4 guidance points higher again.
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ON Semiconductor's pivot to AI infrastructure is now carrying the whole business: AI data center revenue grew 175% year over year, lifting total revenue past expectations.
The Power Solutions Group, which captures most of that data center demand, grew 21% year over year, and non-GAAP EPS beat expectations for a fourth consecutive quarter.
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After agreeing to acquire Ferric, a specialist in AI processor power delivery, onsemi raised its 2030 AI data center revenue target to greater than $3 billion. The planned Synaptics acquisition was restructured to cash and is expected to be immediately accretive to non-GAAP EPS.
Fourth quarter guidance sits above prior-quarter results, with CEO Hassane El-Khoury pointing to rising power requirements at AI data centers as customers ramp differentiated onsemi products. Gross margin has now expanded for a fifth straight quarter.
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