Q1 26 EPS
$0.64
BEAT +4.03%
Est. $0.62
Q1 26 Revenue
$1.51B
BEAT +1.72%
Est. $1.49B
vs S&P Since Q1 26
+10.9%
BEATING MARKET
ON +13.4% vs S&P +2.5%
Market Reaction
Did ON Beat Earnings? Q1 2026 Results
ON Semiconductor delivered a clean beat to open 2026, posting Q1 revenue of $1.51 billion, up 4.7% year-over-year and ahead of the $1.49 billion consensus by 1.72%, while non-GAAP diluted EPS of $0.64 topped the $0.62 estimate by 4.03%. The standout … Read more ON Semiconductor delivered a clean beat to open 2026, posting Q1 revenue of $1.51 billion, up 4.7% year-over-year and ahead of the $1.49 billion consensus by 1.72%, while non-GAAP diluted EPS of $0.64 topped the $0.62 estimate by 4.03%. The standout driver was the company's AI data center business, where revenue more than doubled year-over-year as onsemi broadened its presence across the power tree with multiple chip vendors and leading hyperscalers, with sequential growth exceeding 30%. The Power Solutions Group anchored segment results with $736.60 million in revenue, up 14% year-over-year. Non-GAAP gross margins held at 38.5%, a sharp recovery from the restructuring-heavy 20.3% reported a year ago, though GAAP results remained pressured by $329.30 million in restructuring and impairment charges. For investors watching the stock's momentum, the Q2 outlook offers further encouragement, with revenue guided at $1.54 billion to $1.64 billion and non-GAAP EPS of $0.65 to $0.77.
Key Takeaways
- • AI data center revenue more than doubled year-over-year driven by broader adoption across the power tree with multiple chip vendors and leading hyperscalers
- • AI data center revenue grew more than 30% sequentially
- • Demand strengthened through the quarter, moving beyond the cyclical trough
- • Year-over-year operating income growth outpaced revenue growth by 2x
- • Power Solutions Group revenue grew 14% year-over-year
ON Forward Guidance & Outlook
For Q2 2026, onsemi projects GAAP revenue of $1,535 million to $1,635 million (same for non-GAAP). GAAP gross margin is expected at 37.9% to 39.9%, with non-GAAP gross margin of 38.0% to 40.0%. GAAP operating expenses of $302 million to $317 million; non-GAAP operating expenses of $287 million to $302 million. GAAP diluted EPS of $0.60 to $0.72; non-GAAP diluted EPS of $0.65 to $0.77. GAAP diluted shares outstanding approximately 401 million; non-GAAP diluted shares outstanding approximately 394 million.
ON YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ON Revenue by Segment
With YoY comparisons, source: SEC Filings
“We exceeded expectations as demand strengthened through the quarter and we have moved beyond the cyclical trough on a path to recovery. Our AI data center business accelerated, growing more than 30% sequentially.”
— Hassane El-Khoury, Q1 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |