Q2 26 EPS
$0.74
BEAT +3.45%
Est. $0.72
Q2 26 Revenue
$1.60B
BEAT +0.89%
Est. $1.59B
Did ON Beat Earnings? Q2 2026 Results
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 yea… Read more 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
ON Forward Guidance & 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, source: SEC Filings
ON Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Hassane El-Khoury, Q2 2026 Earnings Press Release
ON Earnings Trends
ON vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ON EPS Trend
Earnings per share: estimate vs actual
ON Revenue Trend
Quarterly revenue: estimate vs actual
ON Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.72 | $0.74 | +3.45% | $1.60B | +0.89% |
| Q1 26 BEAT | $0.62 | $0.64 | +4.03% | $1.51B | +1.72% |
| Q4 25 BEAT FY | $0.62 | $0.64 | +2.63% | $1.53B | -0.45% |
| FY Full Year | $2.34 | $2.35 | +0.32% | $6.00B | -0.12% |
| Q3 25 BEAT | $0.59 | $0.63 | +6.64% | $1.55B | +2.23% |
| Q2 25 MISS | $0.53 | $0.53 | -0.39% | $1.47B | +1.21% |
| Q1 25 BEAT | $0.50 | $0.55 | +9.58% | $1.45B | +3.13% |