Companies /Technology
ON Semiconductor Corp
NASDAQ: ON Semiconductors
$77.53
▼ $1.88 (−2.37%) today
Markets closed · 2:28pm ET

ON Semiconductor (ON) Q2 2026 Earnings

Reported Aug 3, 2026, 4:54pm ET · SEC source
$0.74
Beat +3.45%
EPS · est. $0.72
$1.6B
Beat +0.89%
Revenue · est. $1.6B
−9.1%
Trailing market
ON vs S&P since report
4 quarters
Consecutive EPS beats

How Did ON Stock React to Q2 2026 Earnings?

% change · around the report
−3%0+3%Aug 3Aug 4report 4:54pm ETearnings+1.9%−3.3%
−3%0+3%Aug 3Aug 4earnings+1.9%−3.3%
ON −3.3%S&P 500 +1.9%
−3%0+3%Aug 3Aug 4report 4:54pm ETearnings+3.2%−3.3%
−3%0+3%Aug 3Aug 4earnings+3.2%−3.3%
ON −3.3%NASDAQ +3.2%
−8%−4%0+4%Aug 3Aug 11report 4:54pm ETearnings+1.7%−2.3%
−8%−4%0+4%Aug 3Aug 11earnings+1.7%−2.3%
ON −2.3%S&P 500 +1.7%
−8%−4%0+4%Aug 3Aug 11report 4:54pm ETearnings+2.6%−2.3%
−8%−4%0+4%Aug 3Aug 11earnings+2.6%−2.3%
ON −2.3%NASDAQ +2.6%
+0.47%
Day of report
−4.79%
Next session
+0.41%
One week
−8.83%
30 days

S&P 500 over the same 30 days: +0.24%.

Did ON Beat Earnings? Q2 2026 Results

Yes. ON Semiconductor reported Q2 2026 earnings of $0.74 a share on Aug 3, 2026, beating the $0.72 consensus estimate by 3.5%. Revenue was $1.6B against a $1.6B estimate.

ON Semiconductor delivered a clean beat across the board in Q2 2026, reporting non-GAAP EPS of $0.74 against a consensus estimate of $0.72, a 3.45% beat, while revenue of $1.60 billion edged past the $1.59 billion estimate and grew 9.2% year over year. The standout driver was the company's AI data center business, which management now expects to more than double in full-year 2026 revenue, fueled by expanding wins in the NVIDIA MGX ecosystem and a strategic platform deal with Great Wall for EliteSiC and silicon MOSFETs. Operating leverage was equally notable, with non-GAAP gross margin expanding to 39.3% and free cash flow quadrupling year over year to $425.40 million. Shares rose more than 5% in extended trading following the report. Looking ahead, onsemi guided Q3 2026 revenue of $1.65 billion to $1.75 billion and non-GAAP diluted EPS of $0.81 to $0.93, signaling that demand momentum, particularly in power solutions and AI infrastructure, is expected to carry into the back half of the year.

Key Takeaways
  • Strengthening demand across AI-driven applications
  • Growing customer adoption of Treo and high voltage power solutions
  • AI data center as fastest-growing business
  • Gross margin expansion and disciplined cost management
  • Operating leverage in business model with EPS growing four times faster than revenue
  • Free cash flow margin expansion from approximately 7% to 27% year-over-year

“We delivered revenue, gross margin and earnings per share above the midpoint of guidance, reflecting strengthening demand, particularly across AI-driven applications, and growing customer adoption of our differentiated solutions, including Treo and our high voltage power solutions.”

ON Semiconductor CEO, on the earnings call

What Is ON Semiconductor's Outlook?

For Q3 2026, onsemi projects GAAP revenue of $1,650 million to $1,750 million, GAAP gross margin of 39.9% to 41.9%, non-GAAP gross margin of 40.0% to 42.0%, GAAP diluted EPS of $0.79 to $0.91, and non-GAAP diluted EPS of $0.81 to $0.93. Non-GAAP operating expenses are expected to be $303 million to $318 million. The company expects AI data center revenue to more than double in 2026 and expresses increasing confidence in driving profitable growth and long-term shareholder value as demand continues to improve.

ON YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$500.0M$1.0B$1.5B$1.5B$1.6BRevenue$551.9M$616.3MGross Profit$193.4M$258.6MOperating Income$170.3M$226.8MNet Income
$0$500.0M$1.0B$1.5BRevenueGross ProfitOperating IncomeNet Income
ON income statement, Q2 2026 versus Q2 2025
Metric Q2 2026 Q2 2025 Year over year
Revenue $1.6B $1.5B +9.2%
Gross Profit $616.3M $551.9M +11.7%
Operating Income $258.6M $193.4M +33.7%
Net Income $226.8M $170.3M +33.2%

ON Revenue by Segment

Power Solutions Group$829.0M+19.0%
Analog and Mixed-Signal Group$545.7M−2.0%
Intelligent Sensing Group$228.8M+7.0%

When Does ON Semiconductor Report Next?

Expected report date

Figures from SEC filings and company reports. Not investment advice.