Companies /Technology

ON Semiconductor Corp

NASDAQ: ON Semiconductors
$72.65
▼ $1.44 (−1.94%) today
Markets closed · 9:52pm ET

Q1 2026 Earnings

Reported May 4, 2026, 4:10pm ET · SEC source
$0.64
Beat +4.03%
EPS · est. $0.62
$1.5B
Beat +1.72%
Revenue · est. $1.5B
+12.3%
Beating market
ON vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%May 4May 5report 4:10pm ETearnings+1.2%+2.1%
−6%−3%0+3%May 4May 5earnings+1.2%+2.1%
ON +2.1%S&P 500 +1.2%
−6%−3%0+3%May 4May 5report 4:10pm ETearnings+2.2%+2.1%
−6%−3%0+3%May 4May 5earnings+2.2%+2.1%
ON +2.1%NASDAQ +2.2%
0+4%+8%May 4May 12report 4:10pm ETearnings+2.8%+6.6%
0+4%+8%May 4May 12earnings+2.8%+6.6%
ON +6.6%S&P 500 +2.8%
0+4%+8%May 4May 12report 4:10pm ETearnings+5.1%+6.6%
0+4%+8%May 4May 12earnings+5.1%+6.6%
ON +6.6%NASDAQ +5.1%
+0.62%
Day of report
+3.02%
Next session
+1.40%
One week
+14.21%
30 days

S&P 500 over the same 30 days: +1.90%.

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 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 <a href="https://247wallst.com/investing/2026/05/04/live-onsemi-q1-earnings-tonight-can-the-stock-continue-its-90-ytd-rally/">watching the stock's momentum</a>, 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

“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.”

ON Semiconductor CEO, on the earnings call

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 · SEC filings Q1 2025 Q1 2026
$0$500.0M$1.0B$1.5B$1.4B$1.5BRevenue$293.8M$583.1MGross Profit$-28,003,566$-53,400,000Operating Income$-17,294,051$-33,400,000Net Income
$0$500.0M$1.0B$1.5BRevenueGross ProfitOperating IncomeNet Income

ON Revenue by Segment

Power Solutions Group$736.6M+14.0%
Analog and Mixed-Signal Group$540.4M−5.0%
Intelligent Sensing Group$236.3M+1.0%

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