ON Semiconductor Corporation earnings overview

ON FY2026 Q1 · Calendar Q2 2026

ON Semiconductor Corporation

ON Semiconductor's Q1 2026 results mark a meaningful step in its transformation from a broad-line power semiconductor supplier toward a higher-margin, AI- and automotive-driven platform company. Revenue of $1.51 billion and non-GAAP EPS of $0.64 both exceeded guidance and consensus, while gross margin expanded for a third consecutive quarter to 38.5%. The standout was a 30% sequential increase in AI data-center revenue, signaling that the PowerTree portfolio is gaining commercial traction with hyperscalers. Management guided Q2 revenue to $1.535-$1.635 billion with non-GAAP EPS of $0.65-$0.77, implying continued momentum. The market's initial reaction was muted with shares slightly underperforming the benchmark, but subsequent drift of roughly +30% suggests investors have increasingly embraced the AI-driven growth narrative. With analyst consensus targets at $117 versus a current…