ON's beat-and-raise quarter, especially the AI data center inflection, signals a cyclical turnaround. Traders should watch for continued strength in PSG segment and margin expansion. The raised guidance supports a bullish stance in the near term.
Price Chart
Executive Summary
ON Semiconductor reported Q1 2026 non-GAAP EPS of $0.64, beating consensus of $0.62 by 3.2%, and revenue of $1,513M, marginally above the $1,490M estimate. The company guided Q2 2026 revenue to $1,535-$1,635M and non-GAAP EPS to $0.65-$0.77, implying sequential growth. AI data center revenue more than doubled YoY, supporting a cyclical recovery narrative.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $1,513.3M, +4.7% YoY from $1,445.7M
- Non-GAAP EPS $0.64 vs consensus $0.62 (beat)
- Q2 2026 guidance: revenue $1,535M-$1,635M, non-GAAP EPS $0.65-$0.77
- GAAP gross margin 38.5%, non-GAAP gross margin 38.5% (Q1 2025: 40.0% non-GAAP)
- Non-GAAP operating margin 19.1% vs 18.3% a year ago
- AI data center revenue more than doubled YoY
- Share repurchases of $346M in Q1, ~160% of free cash flow
- Free cash flow of $217.2M vs $454.7M in Q1 2025
Financial Impact
EPS beat by $0.02 (+3.2%), revenue beat by ~$23M (+1.6%); guidance midpoint implies 5% sequential revenue growth
Risk Factors
- GAAP net loss of $33.4M due to $329M restructuring charges
- AMG and ISG segments still declining YoY (down 5% and flat)
- Free cash flow down sharply to $217M from $455M a year ago
- Macro uncertainty and semiconductor cyclicality could slow recovery
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-018868 |
| Document: ef20072220_8k.htm | 0001140361-26-018868 |
| Document: 0001140361-26-018868-index-headers.html | 0001140361-26-018868 |
| Document: 0001140361-26-018868-index.html | 0001140361-26-018868 |
| Document: 0001140361-26-018868.txt | 0001140361-26-018868 |
| 8-K Data (Synthetic) | 0001140361-26-018868 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | S-4 | $74.21 $71.72 | ▼ −3.36% | ▼ −4.37% | $83.81 (+12.94%) |
Aug 13, 2026 7w ago | 425 | $81.56 $76.14 | ▼ −6.65% | ▼ −4.90% | $83.81 (+2.76%) |
Aug 13, 2026 7w ago | 8-K | $81.56 $76.14 | ▼ −6.65% | ▼ −4.90% | $83.81 (+2.76%) |
Aug 3, 2026 8w ago | 8-K | $80.78 $72.65 | ▼ −10.06% | ▼ −8.83% | $83.81 (+3.75%) |
Aug 3, 2026 8w ago | Press Release | $80.78 $72.65 | ▼ −10.06% | ▼ −8.83% | $83.81 (+3.75%) |
Jun 30, 2026 13w ago | 425 | $94.54 $89.04 | ▼ −5.82% | ▼ −4.79% | $83.81 (−11.35%) |
Jun 26, 2026 13w ago | 425 | $88.57 $86.81 | ▼ −1.99% | ▼ −1.71% | $83.81 (−5.37%) |
Jun 26, 2026 13w ago | 425 | $88.57 $86.81 | ▼ −1.99% | ▼ −1.71% | $83.81 (−5.37%) |
Jun 26, 2026 13w ago | 425 | $88.57 $86.81 | ▼ −1.99% | ▼ −1.71% | $83.81 (−5.37%) |
Jun 26, 2026 13w ago | 425 | $88.57 $86.81 | ▼ −1.99% | ▼ −1.71% | $83.81 (−5.37%) |
US Market Status
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